Category Archives: Business

New Gig

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If you're a regular reader of this blog (I think there's about four of you) you might have noticed a drop in volume of posts this week.  There's a good reason. Actually, from my perspective there's a great reason.  After spending the last eight-ish years as a consultant I've re-entered the world of the gainfully employed.  On Monday I was offered, and accepted, the position of Executive Director of the Triad Apartment Association.  Since then I've been scrambling to get my ducks in a row before I start on Monday.  I'm very excited about the opportunity, although it means some fundamental changes in lifestyle.  To wit:

  • No more working in pajamas or sweats from the home office. 
  • Commuting to Greensboro. 
  • Shaving every day. 

Seriously, this is a very good thing for me.  I've long thought about taking on an Executive Director position and this is a great opportunity.  Wish me luck!

Health Insurance Relief for Laid Off Workers Thanks to Stimulus Package

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My wife Celeste is a bookkeeper by trade and as a result receives a lot of publications that, quite frankly, make my eyes gloss over.  However, today she forwarded me a newsletter from the American Institute of Professional Bookkeepers that contained an article about "hidden traps" in the new stimulus law that definitely had my eyes wide open.  Here's part of what the article said:

The new law includes a 65% federally funded COBRA continuation subsidy that lasts up to 9 months for workers (and their families) involuntarily terminated from Sept. 1, 2008-Dec. 31, 2009. The subsidy terminates when the former employeeis offered employer-sponsored health care coverage by a new employer; orbecomes eligible for Medicare; or has COBRA coverage that has expired.  
Notify within 60 days of Feb. 17 former employees involuntarily separated between Sept. 1, 2008-Feb. 17, 2009. Notify those who elected COBRA that they are entitled to a lower premium starting in the first coverage period after Feb. 17. Notify those who rejected COBRA that they have 60 days to elect COBRA and receive the subsidy. You can let former employees choose a less expensive plan. No subsidy is available to former employees whose income is over $125,000 a year or a family income over $250,000 a year, but employers are not required to monitor for the income phaseout.

Later on the article mentions that the employers are responsible for paying 65% of the health benefits up front and then getting reimbursed by the federal government by reducing their federal income tax contributions.  If the amount of healthcare subsidies exceed what the company owes in taxes then the company will have to apply for a reimbursement from the US Treasure, and there's no telling how long that will take.  Can we say cash flow problems?  Also, the first subsidies can come due as soon as March 1, 2009 so companies literally need to move on this now.

If you've been laid off and are paying COBRA or paying for insurance as an individual this could save you some serious money.  For instance if you're using your employer's health plan via COBRA to cover your family, which means you're paying 100% of the cost, then you could easily be spending over $1,000 per month for your premiums.  With the government picking up 65% of the tab that payment drops to $350 which is some serious savings.

Keep an eye out for a notice from your former employer and if you don't get one within about 45 days then contact the human resources department or whoever at the company is responsible for administering benefits and ask them to send you more information.

 

Is Duke Energy Taking Lewisville Trailer Denizens for a Ride?

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WXII is reporting that some residents at Lazy Acres Mobile Home Park here in Lewisville may have been overcharged for years by Duke Energy.  Apparently Duke charges a higher rate to homes that aren't 100% electric, and some of the mobile home residents say they were charged that rate despite being entirely electric.  The difference is less than a penny a kilowatt hour, but for people on a fixed income that can make a big difference.  One resident said she'd lived at Lazy Acres for 25 years and had been paying the higher amount the entire time.  If that's true then Duke could be ponying up a hefty refund for her.

According to the story Duke has set up a special phone number for Lazy Acres residents to call.  I wonder if the state regulators will have anything to say? 

Now pardon me while I go check my bill.

Apples and Oranges

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We had to know this was coming; now that the President and some in Congress are seeking to limit executive pay at companies that received bailout funds, and since many of these same executives are being criticized for perks like flying on corporate jets, there are some who are comparing those perks to what POTUS gets.  They point out that he gets to use a bigger jet than they do, that he has a fleet of cars at his disposal, that he gets free lodging, that he has an entourage, etc.  Hmm, what could be different about their situations?

BTW, did you know that the President and his family have to pay for their own groceries?  The White House chef will prepare the meals for them (nice perk for sure), but they have to pay for the food themselves.  Learn something new every day.

I Really Hope They Ignore Me

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StarbucksStrategy
Earlier today I looked at the traffic reports for this little ol blog and noticed quite a few people visiting my post that offered tongue-in-cheek strategic advice to Starbucks.  Basically I said they should play up the recent study that showed that coffee consumed in large quantities helps prevent dementia, and then also claim that their coffee is a male enhancement treatment just like Enzyte does.  It appears that Google loves my post because if you search on the term "starbucks strategy" I appear on the first page of results.  It probably won't last long (I fell from the #9 result to #10 as I typed this) but I truly hope that for their own sake the folks at Starbucks totally ignore me.  Either that or put me on some sort of mega-dollar strategic consulting retainer.  (Picture is the screen shot of the search results).

True Cost of Credit

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Most of us know how much our credit card is costing us, although as I posted before many of us don't know how the credit card companies can "trap" us into paying higher fees and interest rates.  What a lot of us don't know is how much the seller of what we're buying is paying to the credit card company.  Now there's a website called truecostofcredit.com where you can plug in the first six numbers of your card (the first six numbers don't identify you in any way, but do identify the issuer of the card) and it will spit out what the credit card company charges the seller.  I think you'll be surprised at how much they charge.

I should note that what the credit card companies charge is perfectly legal and the sellers enter into the arrangement with eyes wide open.  I also think that credit card companies should make money for the service they provide.  My problem with many of the card issuers are some of their practices, like changing your interest rate for no good reason and charging some interest rates that can fairly be described as usury, and the fact that they are not transparent in their business practices.  That's why I'm glad to see some sunlight being shined on their business practices.

The Big Eat, Tuesdays in Winston-Salem

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The Downtown Winston-Salem Partnership is sponsoring The Big Eat: Tuesday Nights Downtown an event that features 15 dowtown restaurants offering 50% off of a signature dish every Tuesday night between February 3 and March 31.  A list of participating restaurants and a Google map I threw together is below; more details, including a list of signature dishes, and printable PDF versions of downtown maps for the restaurants and parking are available at the Partnership's website.

  • 6th & Vine: 209 W. Sixth St. – 725-5577
  • Bayberry Bistro: 420 High St. – 397-8302 
  • Celtic Cafe: 924 S. Marshall St. – 703-0641 
  • Chelsee's Coffee Shop & More: 533 N. Trade St. – 703-1503
  • Downtown Thai: 219 W. Fourth St. – 777-1422 
  • Foothills Brewing: 638 W. Fourth St. – 777-3348 
  • Hutch & Harris: 424 W. Fourth St. – 721-1336 
  • Mellow Mushroom: 314 W. Fourth St. – 245-2820 
  • Meridian Restaurant: 411 S. Marshall St. – 722-8889 
  • Noma Urban Bar & Grill: 321 W. Fourth St. – 703-5112 
  • Quiznos Subs: 310 W. Fourth St. – 725-3423
  • Sweet Potatoes… a restaurant: 529 N. Trade St. – 727-4844
  • Wolfie's Frozen Custard: 420 W. Fourth St. – 245-2400
  • WS Prime Steakhouse: 425 N. Cherry St. – 722-5232
  • The Garage: 110 W. Seventh St. – 777-1277
  • Camel City:  401 W. Fourth St. – 734-1797

  

View Larger Map

My Strategy for Starbucks

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So Starbucks is closing 300 more stores and cutting 6,700 jobs.  Obviously things are dire, so I have a recommendation for the purveyors of strong coffee, strange teas and liquid candy bars: re-brand yourself as a healthcare and male enhancement company.  After all just this last week we've heard that coffee helps lower the risk of dementia so that's a start.  The next step is to take on Enzyte in the male enhancement category.  After all if Enzyte can claim natural male enhancement with absolutely no proof why can't Starbucks?  And I'm telling you, if you can get guys to think that drinking a cup of coffee will enhance their maleness and their ability to remember it you'll have lines around the block.

Wanna Buy a Gas Station in Lewisville?

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There's a gas station – conveniene store – car wash for sale in Lewisville.  Asking price is $675,000.  With the credit market in the state it is I don't know if there are many people out there that are able, or willing, to pull the trigger on that kind of purchase.  Hopefully that doesn't mean we'll be down another small business in Lewisville in a few months.

Abasto

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This is kind of cool: I just read a press release about a new business-to-business magazine being launched by Hispanic Marketing Consultants here in Winston-Salem and targeted to Hispanic store owners and at the bottom I see that a buddy of mine is their contact for buying ad space.  Danny Gelatt is a good guy and we've mixed it up on the tennis courts over the last couple of years.  Here's the scoop on Abasto:

The idea for Abasto magazine came from entrepreneur Dan Calhoun, principal of Hispanic Marketing Consultants. "Our company has worked with a lot of Hispanic business owners who work very hard and have been successful. But we found that there was a knowledge gap for them, one that prohibited them to grow their businesses into greater profitability. First and foremost, our job is to give them the essentials of best business practices that they can apply to their companies. 

"But we also paid attention to the fact that many manufacturers and distributors of Hispanic foods have not had a way to communicate efficiently to this large and growing Hispanic population of business owners," Calhoun continues. "These groups have been virtually untapped — and now this magazine becomes the platform to connect. It's a perfect way to accelerate sales to this significant audience." 

For more information, contact Francisco Camara at editor@abasto.us or 877.817.3674. To discuss advertising opportunities, contact Danny Gelatt at dannyg@abasto.us or 877.817.3674.