Kensington Company & Affiliates Has Won the HIA-LI Business Achievement Awards for Small Business!

The HIA-LI, Hauppauge Industrial Association, is the recognized voice for business on Long Island and a powerful force and economic engine for regional development. They provide a forum for business leaders to problem solve and network and have developed a series of initiatives and programs to support future growth of Long Island businesses.

Each year the HIA-LI recognizes business excellence in a number of categories.  The Business Achievement Awards are given to a Large Business (100 or more employees), Small Business (less than 100 employees), Rookie of the Year ( companies that have been operating less than five years), and a Not-for -Profit Organization.

The award criteria is a) positive employer/employee relations, b) commitment to the growth or betterment of the Long Island business community, and c) the three to five year vision for the company's future. Also considered is a) recent outstanding accomplishments, b) technical innovation or innovative processes, c) expansion into new markets, and d) industry leadership.

The 2012 finalists have been announced and Kensington Company & Affiliates has won the Business Achievement Award for Small Business! The winners will be honored at a gala held at the Crest Hollow Country Club on September 12th. We are honored to be recognized for our dedication to Long Island business.

The Business Achievement Awards Gala draws over 400 business leaders from across the Island making it a valuable networking opportunity. If you would like to attend, and possibly meet your next client, click here for the registration page. We hope to see you there and we look forward to building better business on Long Island!

Returning Veterans Make Excellent Franchise Owners

Economic times are difficult, layoffs are common, and unemployment is high. People with jobs worry about losing them and those without jobs are fervently searching for one.  Times are difficult and especially so for the brave men and women who left our job market to fight for our country.  They sacrificed income and time with their families only to return home to a new fight.  The fight for employment.


Kensington Company & Affiliates may be able to help find the solution for veterans returning home by educating them on franchise opportunities. The same skill set that makes a good soldier is often the same skill set thats make a franchisee.


What makes a good franchisee?

• Passion
• Drive
• Self-motivation
• Work well within a team environment
• Work well with detailed systems

Franchisors recognize the value in working with veterans and many times will offer incentives to help a veteran get started in the business.  Call us to schedule a FREE consultation and learn if franchising may be the solution for you!

What to Plan for in a Buy Sell Agreement to Prevent Loss of Business & Litigation.

The Kensington Company & Affiliates would like to thank Jeanne Brutman, LUTCF, CBFS, CFS for submitting this informative article.

 

What to Plan for in a Buy Sell Agreement to Prevent Loss of Business & Litigation.

The Goal:  Transfer of Business shares in a life event to those who wish to keep the business and cash to those that need to be bought out due to the following circumstances:

• Death:  The premature passing of a shareholder.  Usually Funded with Life Buyout Insurance, assuming all involved are insurable.

• Disability:  The Unplanned accident or illness of shareholder.  Usually Funded with Disability Buyout Insurance, assuming all involved are insurable.

• Divorce:  Prevention of spouse of shareholder from causing undue stress on other business partners during separation or divorce proceedings.

• Discontent:  The inability of partners to co-exist in one corporation for any reason not related to legal or ethical violations.

• Marriage:  Prevention of future spouses of shareholders from making claim to partial ownership of business in future.

• Retirement:  The ability for any shareholder to leave at agreed upon time amicably.  Usually funded through combination of cash value life insurance, corporate retirement plans and possibly installment payments from Annuity products or ongoing business revenue (least practical).

• Felony:  The removal of shareholder that has legally or ethically endangered the company through their inappropriate actions. 

It is usually recommended to go through some level of third party business evaluation of  your business (not done by your cpa) every two to three years to substantiate the value of the business for IRS taxation purposes.   Business valuation can be done from 3 different perspectives. sale of business to outside parties, estimation of estate taxes or internal buy sell agreement. This should be done as soon as possible to get a base line of the business value as it hits profitability.  Flat value amounts can be used, but run the risk of out-dating rapidly and increased scrutiny from the IRS upon business transfer.  Business valuation formula’s are more useful, but also have to be reviewed and possibly revised as the business changes structure over time.  As mentioned above ,it is considered in good form to review the entire buy sell agreement and it’s formula’s or stated business value every 2-3 years, but. if the business is expanding or shrinking more rapidly, perhaps more often is advisable.

Why Corporate Executives Make Good Franchise Owners

Today's economy has caused fear and stress to become a part of our daily routine.  People are worried about finding jobs, keeping jobs, and pay cuts.  We worry about providing for ourselves and our families and watch our quality of life diminish.  It is even more difficult when we feel a lack of control over our financial future.

For some, taking control is a real option. How?  By becoming your own boss and making the decisions which directly affect your finances.  Purchasing a franchise allows you to take the risk of owning your business with the benefits of a built in support system and proven successful business model.

Corporate executives make especially good franchisees because of their business background.  Franchisors typically do not look for candidates that are skilled in their service, but rather look for candidates with good business acumen.   

So what traits make corporate executives good franchisees?

• Long term vision for the business.  

• Good leadership skills

• Quality decision making skills

• Reliable

• Good at delegating

• Hard working

• Financial savvy

 Kensington Company & Affiliates offers FREE consultations which can help you determine if franchise ownership is right for you.  Call us today to set your appointment!