17 Dec 2013

Treasurer Fitzgerald Reminds Investors to Ring in the New Year with Tax Savings

By Karen Austin

Contributions to College Savings Iowa accounts must be made by December 31, 2013

DES MOINES, IA (12/17/2013)(readMedia)-- State Treasurer Michael L. Fitzgerald has an important reminder about College Savings Iowa before the big ball drops on New Year's Eve. "Don't forget to make your final contributions to your College Savings Iowa account," Fitzgerald said. "You can wrap up the year by helping a child in your life with their future plans and take advantage of the tax benefits for yourself."

Contributions to College Savings Iowa must be made by the end of the year to qualify for the 2013 Iowa state tax deduction. Account holders can deduct up to $3,045 for each open account and can contribute online at www.collegesavingsiowa.com.* Contributions sent by mail must postmark checks by December 31, 2013.

College Savings Iowa is designed to provide families a tax-advantaged way to save money for their children's higher education. It only takes $25 to open an account, and anyone - parents, grandparents, friends and relatives - can invest in College Savings Iowa on behalf of a child. Earnings grow tax free and investors can withdraw their investment federally and Iowa state tax-free to pay for qualified higher education expenses including tuition, books, supplies and certain room and board costs at any eligible college, university, community college or accredited technical training school in the United States or abroad.**

. Also Like College Savings Iowa on Facebook and Follow the Plan on Twitter (@Iowa529Plan) to stay up to date on all current news and giveaways.

* Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income.

** Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.

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Investment returns are not guaranteed and you could lose money by investing in the plan. Participants assume all investment risks as well as the responsibility for any federal and state tax consequences. If you are not an Iowa taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.

For more information about the College Savings Iowa 529 Plan, call 1-888-332-7545, or visit www.my529iowaplan.com to obtain a Program Description. Investment objectives, risks, charges, expenses, and other important information are included in the Program Description; read and consider it carefully before investing. Vanguard Marketing Corporation, Distributor.

College Savings Iowa is an Iowa trust sponsored by the Iowa State Treasurer's Office. The Treasurer of the State of Iowa sponsors and is responsible for overseeing the administration of the College Savings Iowa 529 Plan. The Vanguard Group, Inc., serves as Investment Manager and Vanguard Marketing Corporation, an affiliate of The Vanguard Group, Inc., assists the Treasurer with marketing and distributing the Plan. Upromise Investment Advisors, LLC, provides records administration services. The Plan's portfolios, although they invest in Vanguard mutual funds, are not mutual funds.

16 Dec 2013

Why Was Your Credit Card Transaction Denied?

By Steve Burke

By Jason Alderman

We've all had these moments: You're at a romantic restaurant and the evening went great. But just as you and your date are readying to leave, an embarrassed waiter appears and whispers, "I'm afraid your card has been denied." So much for romance.

The same thing can happen at the grocery store, when shopping online or worst of all, when you're traveling and don't have a back-up means of payment. Why do credit card transactions get denied and what can you do to prevent it?

Banks and other credit card issuers have developed complex algorithms that track credit card behavior and highlight unusual usage patterns commonly associated with card theft or fraud.

"Unusual activities" that jump out to card issuers include :

  • When you ordinarily use your card only rarely, but suddenly make several charges in one day.
  • Making multiple purchases at the same store (or website) within a few minutes of each other.
  • An unusually large purchase - say for a major appliance, furniture or jewelry. Alert your card issuer before making large purchases.
  • One small purchase quickly followed by larger ones. Thieves will test the waters to see if a small purchase is denied; if it's not, they'll quickly run up major charges.
  • Exceeding daily spending limits. Some cards limit how much you can charge per day, even if you have sufficient remaining credit.
  • Making large purchases outside your geographic area.
  • Multiple out-of-town purchases in short succession. (Always tell your card issuer when you'll be traveling.)
  • International purchases, whether online or while traveling. In fact, some card issuers automatically decline international transactions because of the high potential for fraud, so learn your issuer's policy before attempting one.

Other common triggers for credit card denials include :

  • Outdated or incorrect personal information - for example, when you're asked to enter your zip code at a gas station. Always alert your card issuer whenever you move.
  • Also, make sure you don't mistype your credit card number, expiration date, security code, address or other identifying information.
  • Expired card. Always check the card's expiration date. You should receive a replacement card several weeks beforehand. It's often mailed in a plain envelope, so be careful what you toss. If the new card doesn't arrive, contact the issuer to ensure it hasn't been stolen.
  • You've reached your credit limit. For the sake of your credit score, try to keep your overall and individual card credit utilization ratios (credit available divided by amount used) as low as possible - ideally below 50, or even 30, percent.
  • A temporary hold has been placed on your card - say for a rental car or hotel reservation - that puts you over your credit limit. Always ask whether a hold will be placed, how much and for how long, and factor that into your remaining balance calculations.
  • You miss a monthly payment. Card issuers may let this slide once or twice, depending on your history with them, but eventually if you don't make at least the minimum payment due, your card will probably be frozen.
  • The primary cardholder made changes on the account and forgot to tell other authorized users - for example, reporting his or her card stolen, lowering credit limits or removing you from the account.

On last thought: If your card is denied, don't shoot the messenger - he's only following instructions. Rather, call the card issuer and find out what happened. Embarrassment aside, it's nice to know that someone is trying to ensure your card isn't being used fraudulently.

13 Dec 2013

Q&A on the IRS Commissioner with U.S. Senator Chuck Grassley

By Sen. Charles Grassley

Q:        Will new leadership at the IRS fix the agency's recent problems?

A:        As the tax collector-in-chief for the federal treasury, the Internal Revenue Service and its commissioner bear a Herculean task to administer and enforce a tax code blanketing a nation of 300-plus million citizens.  Regrettably, the agency's efforts to uphold the public trust have fallen far short of heroism by any definition.  Considering its core mission is to serve the taxpaying public, the beleaguered agency has substantial fence-mending to tend to after a number of self-inflicted scandals.  These include the flagrant misuse of tax dollars for lavish conferences and repressive targeting of taxpayers during the 2010 and 2012 election cycles.  That extra scrutiny was directed towards groups seeking tax-exempt status and whose political views primarily differed from the current administration.  Now the IRS has proposed new rules that would impose new restrictions on political speech by these same tax-exempt social welfare organizations, while providing an exemption for tax-exempt labor unions.  The proposal ought to raise a red flag to all those interested in engaging and educating the public about elections. Throughout my decades of public service, I have worked to foster greater participation among the electorate, not less.  The next commissioner of the IRS should not allow the agency to undermine constitutional principles of free speech and civic engagement.

With its thicket of tax laws, rules and regulations covering individuals, households, businesses, non-profit charities and tax-exempt organizations, the federal agency by any measure has a tall order to fill.  Unfortunately, the IRS has flunked fundamental metrics of accountability and transparency.  In an era of federal deficits lined up as far as the eye can see, the IRS must work effectively to help close the fiscal gap through principles of good governance, sound stewardship of tax dollars and faithful execution of collecting taxes owed.  Due to its spate of scandals, the IRS now also must work to close the credibility gap with the taxpaying public.  Our system of voluntary compliance depends upon it.  During a recent congressional hearing held to vet the next IRS Commissioner, I used the opportunity to get the nominee's views and demeanor on the public record.  As we've learned from the botched rollout of the Affordable Care Act, style and substance matter.  It's critical to have a leader at the helm who will take a hands-on approach to trouble-shoot and address problems, not a feigned hands-off approach that believes ignorance somehow will whitewash incompetence.  As a senior lawmaker on the tax-writing Senate Finance Committee, I will continue making good use of my constitutional oversight authority to hold the IRS accountable.  Considering our current fiscal challenges and the IRS' expansive new role to implement and enforce the Affordable Care Act, the IRS can expect regular check-ups from this U.S. Senator to restore integrity and service to the Internal Revenue Service.

Q:        What issues did you raise at the nomination hearing?

A:        For starters, I wanted to clear the air about a common misconception in Washington, D.C.  That is the mistaken notion that Washington knows best.  The Affordable Care Act provides a perfect illustration of this misguided belief.  The President's health care law redirects one-sixth of the U.S. economy and assigns vast new responsibilities to an already bloated federal bureaucracy.  As we witnessed on Oct. 1, the Department of Health and Human Services (HHS) exposed embarrassing incompetence after toiling for three and a half and spending hundreds of millions of tax dollars to create an infamously flawed website.  And not yet so visible to the public's eye is that the IRS will play a central role in administering the new health care law, such as issuing refundable tax credits to insurers that would offset the costs of insurance premiums and administering the employer and individual mandates and penalties.  Already the IRS has delayed for one year the employer mandate and reporting requirements for insurers and employers.  The IRS must still issue these regulations and install reliable software systems to determine eligibility and compliance.  In addition, the IRS confronts notorious challenges rooting out waste, fraud and abuse in improper payments under the Earned Income Tax Credit program.  In fact, the EITC improper payment rate has exceeded 20 percent for the last decade.  The Affordable Care Act has created yet another federal spigot from which to siphon tax dollars.  That's why it's even more important for the next IRS commissioner to welcome as many partners to the policy and enforcement table as possible.  Whistleblowers and private debt collection companies offer very useful tools to add to the IRS arsenal to collect taxes that are owed and to fight waste, fraud and abuse.  The IRS has been slow to take advantage of whistleblowers who highlight tax cheating, to my disappointment as the author of beefed-up whistleblower incentives.  Considering the IRS is taking on more responsibilities than ever before, the Commissioner of Internal Revenue needs all the help he can get.

Friday, December 13, 2013
13 Dec 2013

Governor Quinn Announces Illinois Manufacturing Lab

By Grant Klinzman

Innovative Hub Will Keep Illinois at the Cutting Edge of Advanced Manufacturing, Create 21st Century Jobs

CHICAGO - Governor Pat Quinn today was joined by officials from the University of Illinois and UI LABS to launch the Illinois Manufacturing Lab (IML) - a key initiative to increase the competitiveness, productivity and profitability of Illinois' manufacturers. Proposed by the Governor in his 2013 State of the State address, the IML is launching its initial efforts today with pilot projects at ten Illinois companies to identify and solve advanced manufacturing challenges. Today's announcement is a part of Governor Quinn's agenda to create 21st century jobs and drive Illinois' economy forward.

"The Illinois Manufacturing Lab is going to help our state remain a national leader in making quality products and creating good jobs," Governor Quinn said. "The IML will be a marquee attraction for companies around the globe to come to Illinois so they can work with cutting-edge techniques and technologies to drive our economy forward."

The IML brings an innovative, public-private approach to implementing advanced manufacturing technology applications for Illinois small and medium-sized manufacturers. It brings together top-flight research capabilities, technical resources and commercialization expertise, and will serve as a hub for companies to learn the world's most sophisticated tools and software.

"IML's pilot projects in advanced manufacturing technology are an important component of UI LABS' broader efforts to spur economic development and job creation in Chicago, the state of Illinois and the Midwest region," UI LABS Board Chairman Warren Holtsberg said. "By tackling big problems with leading partners in academia, industry and government, UI LABS will prove to be an engine for prosperity and innovation."

"Public-private partnerships like the IML are the key to progress and economic growth, forging collaboration that harnesses the University's research power to help solve real-world challenges," University of Illinois President Robert Easter said. "I'm grateful to Governor Quinn for launching this initiative, and the University of Illinois is proud to be a partner."

The ten pilot projects announced today are the IML's initial venture. They are focused on increasing the productivity of manufacturers' design, testing, and/or manufacturing process by using modeling, simulation and high-performance computing (HPC). The projects fall in three areas, CFD (computational fluid dynamics), FEA (finite element analysis) and virtual machining. Gold Eagle Co., an IML partner which has been an industry pioneer in the production and distribution of aftermarket fluids and additives for more than 80 years, hosted today's event.

"Gold Eagle is thrilled to host the IML's launch event today," Gold Eagle Company President and CEO Marc Blackman said. "The resources and expertise of IML will help Gold Eagle increase productivity, in turn strengthening our competitive advantage and spurring new opportunities for growth in the state of Illinois."

The following Illinois manufacturing companies are partnering with the IML on the initial pilot projects:

·         Gold Eagle - Bottle Drop Testing FEA Modeling and Simulation

·         SWD, Inc. - Dip Spin Coating Process MultiPhysics (FEA and CFD) Modeling and Simulation

·         Transco Products - Metal Reflective Insulation Testing CFD Modeling and Simulation

·         Raynor Manufacturing - Garage Door Testing FEA Modeling and Simulation

·         Premier Fabrication - Dust Opacity and Control CFD Modeling and Simulation

·         Excel Foundry - Bronze Stress Relief FEA Modeling and Simulation

·         Tek Pak - Aluminum Virtual Machining Modeling and Simulation

·         Trelleborg Sealing Solutions - Composite Material Virtual Machining Modeling and Simulation

·         Morgan Bronze Products - Bronze Virtual Machining Modeling and Simulation

·         Numerical Precision - Titanium Virtual Machining Modeling and Simulation

The IML is supported by the State of Illinois and the University of Illinois. Leveraging the UI LABS platform, the IML works closely with a statewide network of partners, including the Illinois Department of Commerce and Economic Opportunity (DCEO), the Illinois Science and Technology Coalition (ISTC) and National Center for Supercomputing Applications (NCSA) at the University of Illinois.

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13 Dec 2013

Loebsack Statement on Bipartisan Budget Act of 2013

By Joe Hand

Washington, D.C. - Congressman Dave Loebsack released the following statement after the House voted on the Budget Act of 2013.

"The legislation that passed the House today is not perfect and certainly would not have been what I would have written. However, it serves as a compromise to finally break the cycle of lurching from budget crisis to budget crisis. I am pleased that this legislation takes steps to partially stop the irresponsible, across the board cuts, known as sequester that have hurt middle-class families, jobs, research, and economic development in Iowa. Though I do have serious concerns about several provisions, including extending sequestration for Medicare payments and changes to military retirement COLAs, voting against this proposal is ultimately a vote in favor of shutting down the government and allowing our economy to again be subjected to a manufactured crisis. It is my hope that this agreement is the beginning of the end for all the reckless gamesmanship and political posturing that have plagued Washington.

"Now that Congress has taken this first step, it must remain in session for as long as it takes to achieve bipartisan compromise on the farm bill, jobs initiatives, extension of unemployment benefits, and extension of critical tax credits for the wind industry, employers, and middle class families."

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13 Dec 2013

USDA Announces Grants to Help Small Business Strengthen Innovation in Private Industry

By USDA Office of Communications

WASHINGTON, Dec. 12, 2013 - The U.S. Department of Agriculture (USDA) today announced more than $18 million in grants to small businesses to conduct research and development that will lead to technological innovations in the agriculture industry. The awards were made by USDA's National Institute of Food and Agriculture (NIFA).

"USDA grants to small businesses have spurred the development of hundreds of technologies and products that help make American agriculture successful," said Agriculture Secretary Tom Vilsack. "Today's announcement is another example of USDA's focus on science and research that can strengthen the economy and create jobs across the nation. Innovative agricultural research has helped make agriculture one of the two most productive industries in the U.S. economy since 1980, but we need a new Food, Farm and Jobs Bill passed if we are to sustain it."

USDA made the grants through the Small Business Innovation Research (SBIR) program, with the goal to stimulate technological innovations in the private sector and to strengthen the role of small businesses in meeting federal research and development needs. The program also fosters and encourages participation by women-owned and socially- or economically-disadvantaged small business firms.

Companies initially apply for Phase I feasibility studies, which may be followed by Phase II research and development projects. Phase I grants are limited to $100,000 and a duration of eight months, while Phase II grants are limited to $450,000 and a duration of 24 months. Approximately 50 percent of Phase I projects continue onto Phase II.

In fiscal year 2013, USDA awarded $5,862,650 in Phase I grants and $12,417,504 in Phase II grants. A complete list of fiscal year 2013 SBIR awards is available online: www.nifa.usda.gov/newsroom/news/2013news/sbir_grantees.html

Since 1983, the USDA SBIR program has awarded more than 2,000 research and development grants to American-owned, independently operated, for-profit businesses with 500 employees or fewer.

USDA NIFA administers the SBIR program, with funding provided by the Animal and Plant Health Inspection Service, the Agricultural Research Service, NIFA, the Economic Research Service, the National Agricultural Statistics Service, and the U.S. Forest Service.

Through federal funding and leadership for research, education and extension programs, NIFA focuses on investing in science and solving critical issues impacting people's daily lives and the nation's future. More information is at www.nifa.usda.gov.

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USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users).


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12 Dec 2013

Trident University Names George Harbison Executive Vice President And Chief Financial Officer

By Randy Stalsberg
December 11, 2013 - Cypress, CA - Trident University International (TUI), a leader in online education offering Bachelors, Masters, and Doctoral degrees, has announced that Mr. George Harbison has been appointed Executive Vice President and Chief Financial Officer. Mr. Harbison has an extensive finance background, including many years of CFO-level experience in the education services sector. Andy Vaughn, President and CEO, states, "Trident is fortunate to have secured the services of such an experienced and well-respected financial executive. I look forward to working with George and the rest of TUI's team to grow the University by successfully providing academic excellence and compassionate commitment to 8,000 students currently enrolled in one of Trident's three Ph.D. programs, seven graduate programs, five undergraduate degrees, or 21 certificate programs."

Most recently, Mr. Harbison served as Chief Financial Officer of I Drive Safely, LLC, a Carlsbad, CA based eLearning company that provides online driver's education, traffic school, and automobile safety programs nationally.

In 2003, Mr. Harbison entered the education services sector when he was named Chief Financial Officer of U.S. Education Corporation (USEC), a newly formed, private-equity backed company involved in the acquisition and operation of postsecondary schools. From 2003 to 2008, USEC grew from seven to sixteen campuses, with annual revenue growing from $32 million to over $170 million. In September 2008, USEC was sold to Chicago-based DeVry Inc. for $290 million.

In 2010, Mr. Harbison was promoted to the position of Chief Financial Officer of DeVry's Healthcare Group, consisting of USEC (subsequently renamed Carrington Colleges Group, Inc.), Ross University (owner of Ross University School of Medicine and Ross University School of Veterinary Medicine, both located in the Caribbean), Chamberlain School of Nursing, and American University of the Caribbean (located on the island of St. Maarten). DeVry Healthcare Group revenue exceeded $550 million in the fiscal year ended June 30, 2011.

Earlier in his career, Mr. Harbison was CFO of Real Mex Restaurants (owner of the El Torito, Acapulco, and Chevy's Mexican restaurant brands). He was also CFO of London-based Hilton Group PLC's U.S. gaming company (Ladbrokes USA). At the time, Ladbrokes USA was the largest operator of pari-mutuel gaming venues in the United States with annual handle in excess of $1 billion.

Mr. Harbison is an honor graduate of Kenyon College, and holds an MBA (with honors) from the University of Michigan.

About Trident University International
Founded in 1998, Trident University International (TUI) is a leading online postsecondary university serving all adult learners. Trident uses traditional case-based learning in a proven online setting to teach critical thinking skills so students earn high-quality baccalaureate, master's and doctoral degrees. TUI offers academic excellence: over 90% of its faculty members have doctoral degrees. TUI offers a real-world, practical curriculum that provides students with the tools to enhance their lives and help further their careers. Please visit www.trident.edu, join our Facebook page or call Trident University International at (877) 664-1202 to learn more about Trident's wide range of bachelor's, master's and Ph.D. programs.

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11 Dec 2013

New Gift Card Mall™ Program Offers Mall Visa® Gift Cards and Other Popular Retailer Gift Cards

By Rick Martin

DAVENPORT, IA, Dec. 11, 2013 - Adding choice and convenience to everyone's holiday list, NorthPark & SouthPark Malls have launched a new gift card program just in time for the holiday season. Shoppers can now purchase a new Mall Visa Gift Cards, plus at NorthPark shoppers can choose from a variety of popular retailer gift cards including iTunes, The Children's Place and GameStop, to name a few. All of the gift cards are available at Guest Services at NorthPark or at the Management Office at SouthPark Mall.

"Today shoppers want convenience and they want great selection, especially during the busy holiday season," said Aleshia Chiesa, Marketing Manager, NorthPark & SouthPark Malls. "Our new program offers one-stop-shopping for gift cards, along with greater brand selection, which makes gift-buying at NorthPark or SouthPark easier than ever."

The new program is a partnership between NorthPark and SouthPark's parent company, Macerich® (NYSE:MAC), and Blackhawk Network, Inc., a leading prepaid payment network that supports a large variety of physical and digital prepaid products including gift cards, general purpose reloadable and prepaid telecom.
NorthPark and SouthPark Malls deliver convenience, beautiful seasonal décor and a festive holiday experience, including: Santa, Special Holiday Hours, Entertainment, and a New Mobile App.

NorthPark Mall is located in Davenport and has five anchors, including JCPenney, Von Maur, Younkers, Dillard's and Sears, plus over 130 shops and restaurants including Barnes and Noble, Talbots, Chicos and j.jill. SouthPark Mall is located in Moline and has four anchors including JCPenney, Von Maur, Younkers and Dillard's, plus over 120 shops and restaurants including Book World, Habanero's, The Children's Place and many more. For more information, visit us at north-park-mall-ia.com or shopsouthparkmall-il.com and like us on Facebook.

Visa Gift Cards are issued by Sunrise Banks, N.A. pursuant to a license from Visa U.S.A. Inc. and may be used in the U.S. and District of Columbia wherever Visa debit cards, are accepted. The card may not be used at any merchant, including Internet and mail or telephone order merchants, outside of the U.S. or the District of Columbia. Sunrise Banks, N.A.; Member FDIC.

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10 Dec 2013

Governor Quinn Statement on S&P's Improved Outlook

By Rick Martin

CHICAGO - Governor Quinn issued the following statement regarding today's announcement that Standard & Poor's ratings agency has improved its outlook on the state of Illinois' bonds from "negative" to "developing."

This is the first positive movement for Illinois bonds in years and is the direct result of the bipartisan, comprehensive pension reform legislation that Governor Quinn signed into law last week. On Friday, Moody's called the new pension reform law a "credit positive" and said it "may be the largest reform package implemented by any U.S. state."

"I am pleased the ratings agencies are recognizing that Illinois is moving in the right direction," Governor Quinn said. "As I've always made clear, one of the many reasons to resolve Illinois' pension crisis was the negative impact it had on our bond rating, which cost taxpayers more money to finance critical repairs and improvements to roads, bridges and schools.

"This improved outlook will be the first of many positive developments towards a revitalized and stronger Illinois," the Governor said.

Attached is Standard & Poor's revised outlook. In the document, Standard & Poor's credit analyst Robin Prunty said, "The change reflects the consensus reached on pension reform, which we believe could contribute to a sustainable path to fiscal stability."

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10 Dec 2013

Transition: the Blind Spot for Many Business Owners

By Ginny Grimsley
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.

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