Delaware County Regional News 16.1

SPRING 2016 DELAWARE COUNTY REGIONAL NEWS

1

DelawareCounty REGIONAL NEWS FROM THE DESK OF TRISH MCFARLAND

P U B L I S H E D Q U A R T E R LY ______________________________________________________

Greetings on behalf of the Delaware County Chamber!

Inside every successful business is a strong financial model. At the Chamber, we are dedicated to providing our county’s companies with the information they need to make decisions that keep them on a strong fiscal footing. We’ve gathered up the experience and expertise of our members and compiled this “Financially Focused” edition of the Delaware County Regional News.

The content provides advice and information on programs that assist in the ongoing stabilization and growth of our businesses and local economy.

We know you will enjoy getting to know our member Bob Simpson, and his company Brinker Simpson. They are tremendous supporters of the Delaware County Chamber. We couldn’t be more proud of his community contributions and guidance to us as a board member, sponsor and collaborator throughout Delaware County. To meet the terrific team at Brinker Simpson – all you need to do is attend our upcoming Small Business Awards!

You’ll find them as approachable as they are knowledgeable.

Each spring, the Delaware Country Chamber is proud to recognize five recipients at the Small Business Awards. The recipients, selected from hundreds of nominations, stand out for their exceptional business practices and community involvement. The following companies and individuals will be recognized on Thursday, March 31st at The Drexelbrook Events Center in Drexel Hill at an award dinner and networking reception from 5:30 - 8:00pm.

Burns’ Family Neighborhood Markets, Small Family Business Award – Over 30 years of serving the Delaware County community as the neighborhood grocery store of choice, including the ShopRite stores of Drexeline, and Brookhaven, and Fresh Grocer in Upper Darby. JB Braun, Small Business Person of the Year Award – JB is has served as Publisher for Main Line Today Magazine for five years. JB and his team at Main Line Today devotes itself to the communities, traditions and lifestyles of the area, providing insight into its people, history, culture and more. CASA Youth Advocates, Nonprofit of the Year Award – CASA champions abused and neglected young people in our region's heavily burdened child welfare system. Oliver Heating, Cooling, Plumbing & Electrical, Small Business Award – Over 40 years of service in the community, recognized as the Best Contractor to Work For in the Eastern US by the ACHR News. Action Potential, SCORE Delaware County Business of the Year Award – Providing exemplary physical and emotional care for each of their clients and clients’ families to improve their quality of life.

Of course, today, one of the top ways that businesses stay abreast of changes and trends is through technology. Companies are expected to have websites that legitimize their business, social media strategies for advertising and branding, online applications and forms for job openings, and more. The Delaware County Chamber recognizes that technology and innovation touch all sectors of personal and professional life, and therefore we embrace it and look for ways to further integrate technology in our local economic landscape. For the second year in a row, we are the only chamber to partner with Philly Tech Week – Philly’s sixth annual week-long celebration of technology and innovation happening April 29 - May 7. In 2015, more than 25,000 people attended 150+ events organized by 300 partners. Take a look at our roster of Philly Tech Week events on the events page of the Delaware County Regional News, and help us celebrate and highlight suburban innovation!

Best regards,

Trish McFarland, President Delaware County Chamber of Commerce

2

DELAWARE COUNTY REGIONAL CHAMBER OF COMMERCE – OFFICIAL MAGAZINE

Distributed by

Delaware County Chamber of Commerce 1001 Baltimore Pike, Suite 9LL Springfield, PA 19064 610-565-3677 Fax: 484-472-7809 www.delcochamber.org Trish McFarland, President Contact Suzanne Cody, Marketing & Events Director, for editorial content ______________________________________________________

For advertising opportunities in Delaware County Regional News, contact our Sales Manager: Bob Dahlhausen, 610-644-0202 BobD@delcochamber.org ______________________________________________________

Produced & Published by

Atlantic Communications Group, Inc. Proud to be a member of the Delaware County Chamber of Commerce 800-832-3747 www.atlantic4us.com www.KnowThisPlace.com Hayden M. Wilbur, CEO Gretchen Lindberg, Art Director Bob Dahlhausen, Advertising Sales COVER PHOTO: Thomas McGarrigle, CPA; Erik Klein, Accounting Analyst; Kristen McCabe, CPA; Anne McPeake, Firm Administrator; Robert Simpson, CPA, MST, Managing Partner Cover Photo: INSITE PHOTOGRAPHY

©2016 Atlantic Communications Group, Inc., all rights reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any format or by any means, electronic, mechanical, photo copying, recording or otherwise, without written permission from the publisher. The information in this publication has been gathered and carefully compiled to ensure maximum accuracy. However, because completeness cannot be guaranteed, the Delaware County Chamber of Commerce and Atlantic Communications Group, Inc. cannot accept responsibility for omissions and errors.

Scan with your tablet or smartphone to visit www.delcochamber.org

Contents DELAWARE COUNTY REGIONAL NEWS MAGAZINE SPRING 2016

2 FROM THE DESK OF TRISH MCFARLAND 4 DELAWARE COUNTY COUNCIL STAYS “FINANCIALLY FOCUSED” 7 FEDERAL WOMAN-OWNED SMALL BUSINESS PROGRAM: OPPORTUNITY TO LEVEL THE PLAYING FIELD 8 SMALL BUSINESS FINANCIAL SUCCESS 9 HOW CAN YOU ESTABLISH YOUR CHARITABLE LEGACY? 10 THE TRUSTED BUSINESS ADVISORS AT BRINKER SIMPSON, CPAS 12 THREE BASIC FINANCIAL DOCUMENTS YOUR BUSINESS CAN’T IGNORE 13 2016 IS AN IMPORTANT ELECTION YEAR 14 PROTECTING YOUR MEDICAL IDENTITY 14 WELCOME NEW MEMBERS 16 YOUTH LEADERSHIP ACADEMY 17 DELICIOUS DELCO – RECIPE 18 UPCOMING EVENTS 20 DOWNLOAD BUSINESS MAGAZINES FROM YOUR LIBRARY

SPRING 2016 DELAWARE COUNTY REGIONAL NEWS

3

DELAWARE COUNTY COUNCIL STAYS

“FINANCIALLY FOCUSED” AS IT MAINTAINS STRONG RATINGS, LOW TAXES AND A BALANCED BUDGET

No government organization can do right by its citizens without constantly watching its bottom line as the financial landscape is constantly shifting.

STATE BUDGET IMPASSE PUTS CHILDREN AND ELDERLY AT RISK Delaware County Councilman Dave White, (center) Council’s liaison to the Department of Human Services, detailed the dire impact that the five-month state budget impasse has on vulnerable individuals in Delaware County, particularly children threatened by abuse or neglect, the elderly and individuals with mental health conditions. White was joined by, from left, Council Vice Chair Colleen Morrone, Mike Culp, Chairman Mario J. Civera Jr. and John McBlain in calling on the state governor to pass a budget now.

Just like individuals have to balance their checkbook and watch their spending every day, so do government officials.

In Delaware County, residents can be assured that Delaware County Council and its staff work every day to ensure that quality services are available to residents, particularly individuals who are elderly, disabled or vulnerable, while being fiscally prudent with people’s tax dollars.

For people “financially focused” on their personal income, household budgets, and the need to save, it’s good to know that County Council is just as focused on the financial health of the overall county so that it benefits all residents, at all income levels.

In 2016, county government has several tangible indicators that are positive including: • Balanced Budget: Delaware County passed a budget on time that holds the line on taxes for 2016, while maintaining all crucial services. As Councilman John McBlain pointed out when the 2016 4

DELAWARE COUNTY REGIONAL CHAMBER OF COMMERCE – OFFICIAL MAGAZINE

budget was announced last fall, “a great deal of effort is put forth to ensure the lowest responsible budget, not just at budget time, but all year around.”

The current state budget impasse puts enormous financial constraints on all local government entities and Delaware County was positioned to withstand those challenges until funds are forthcoming. Delaware County is still weathering that challenge, but managed to do so without incurring additional debt.

“County Council understands the pressures faced by small businesses and residents in meeting their expenses, so it was important for Council not to raise taxes,” McBlain said.

• Great Ratings: Delaware County also maintained its high-grade ratings from Moody’s Investors Service and Standard & Poor’s Ratings Services.

“We are extremely The S&P report states: “The county’s pleased that we maincharacter combines residential communitained our high-grade ties, rural areas, and commercial and rating of Aa1 from industrial developments. It is served by an Moody’s and AA from extensive rail, air, and interstate transportaS&P, even during the diftion network that contributes to its ficult state budget commercial and industrial growth. An econimpasse,” said County omy of light industry and service sector Council Chairman Mario firms has slowly replaced heavy manufacDELAWARE COUNTY’S ON STRONG FINANCIAL GROUND J. Civera Jr. “Our county turing which once dominated the county’s Delaware County Council Chairman Mario J. Civera Jr. (center) economy.” was pleased to join fellow Council members, from left, Mike Culp, team works very hard Vice Chair Colleen Morrone, John McBlain and Dave White in and makes some tough The S&P report attributed a strong ecoannouncing top-notch rating scores from Moody’s and Standard decisions to achieve these nomic forecast based on revitalization in and Poor’s based on Delaware County’s economic development financial ratings. Both Chester, development of the Ellis Preserve and strong fiscal management. reports show smart planin Newtown Square, and the success of Ongoing economic development, strong ning and sound management in county Monroe Energy and Sunoco Logistics Partfiscal management, and wealth and income government and they show confidence in ners in boosting the county’s presence in levels that exceed the state and national the vitality of the county’s economic future.” the U.S. shale and gas industries. averages are factors that contributed to Delaware County’s top-notch rating scores from the nation’s leading ratings agencies.

Moody’s cited the county’s strengths including a Delaware County Council announced large and diverse tax base with above-average earlier this year that the county maintained its high-grade rating of Aa1 from Moody’s wealth indicators, solid reserve levels, and and AA from Standard & Poor’s Ratings strong budgetary management.

Services. At its Jan. 6 meeting, Council reported that both ratings agencies affirmed the county’s ratings after extensive reviews In a report issued Dec. 17, Moody’s “We expect the county will benefit from with County Council in December. affirmed the Aa1 rating on Delaware Counongoing developments that are expected to ty’s $56.3 million in general obligation debt. continue over the next several years and Moody’s cited the county’s strengths includincrease the tax base and further diversify ing a large and diverse tax base with the economy,” the report states. above-average wealth indicators, solid “We hope these reports instill confidence reserve levels, and strong budgetary manin our residents, our businesses and our agement. service agencies,” Chairman Civera said.

According to the report: “The county • Excellent Financial Reporting: Anothhas continued to attract residents and busier accomplishment is a Certificate of nesses given convenient transportation Achievement for Excellence in Financial options,” and sites new commercial develReporting, awarded to the County of opment in Newtown Square plus expanding Delaware by the Government Finance Offigrowth on the Chester waterfront. cers Association of the United States and The Moody’s report commended CounCanada. ty Council and county management for According to Controller Ed O’Lone, the expanding the care options and increasing Certificate of Achievement is the highest revenue at Fair Acres, the county’s skilled form of recognition in the area of governcare facility. They also cited the implemenmental accounting and financial reporting.

EXCELLENCE IN tation of the county’s Employee Wellness Each year, the county submits a comFINANCIAL REPORTING Program, estimating the program resulted prehensive financial report (CAFR) and the Delaware County Controller Edward O’Lone in an annual savings of $500,000 in insurdisplays the most recent Certificate of CAFR was judged by an impartial panel to Achievement for Excellence in Financial ance costs. meet the high standards of the program, Reporting, awarded to the County of Delaware In a report issued Dec. 23, Standard & including demonstrating a “constructive in December, 2015 by the Government Finance Poor’s affirmed its AA rating based on the spirit of full disclosure to clearly commuOfficers Association of the United States and county’s “strong management with good Canada. O’Lone said the Certificate of nicate its financial story.”

Achievement is the highest form of recognition financial policies, budgetary flexibility, and in the area of governmental accounting and strong liquidity.”

financial reporting.

6

DELAWARE COUNTY REGIONAL CHAMBER OF COMMERCE – OFFICIAL MAGAZINE

Federal Woman-Owned Small Business Program: Opportunity to Level the Playing Field By: Jennifer Tilden, Lead Business Opportunity Specialist, U.S. Small Business Administration Eastern Pennsylvania District

As Martha Stewart said, “I admire the courage and selfreliance it takes to start your own business and make it succeed.”

The entrepreneurial spirit is alive and well today within America’s women! As a female contracting instructor, this is an exciting time to be engaged in federal marketing. Opportunely, the federal government has made it easier than ever for procurement officials to help women get their slice of the federal spending “pie.”

The entrepreneurial spirit is alive and well today within America’s women!

There are two ways to become certified as a WOSB. There are four recognized third-party certifiers firms can join, assemble and mail off their paperwork to receive their certification. Alternatively, women can register in the System for Award Management as an EDWOSB or WOSB and then compile and upload their required documentation to the U.S. Small Business Administration’s General Login System, the secure online portal. While there is no “suitable for framing” certificate, you and your business have entered the potentially lucrative field of federal contracting.

For more information on the WOSB program, please visit www.sba.gov/wosb.

The newest government set-aside program is the Woman-Owned Small Business program (WOSB), an effort to balance the traditionally gender-skewed playing field of federal contracting.

Concentrated on fields women have been denied equal access to procurement, the WOSB program provides a 5% goal for contracting officers to award contracts to firms owned and controlled by American women.

The WOSB program authorizes contracting officers to set aside certain federal contracts for eligible WOSBs or economically-disadvantaged woman-owned small businesses (EDWOSBs). Women aren’t a minority in the United States – technically, there are more of us. Despite this fact, historically we haven’t had a fair chance in every industry. This disparity lead to the foundation of the WOSB set-aside.

While other set-aside programs allow for any type of award – from tortillas to tanks – the WOSB program specifies certain North American Industrial Classification System (NAICS) codes, meaning only some products and services fall under the program.

For industries where women have traditionally been “substantially underrepresented,” contracting officers may consider setting aside awards in 38 different NAICS codes. Similarly, in fields where women are “underrepresented,” 45 codes are available to EDWOSBs. This number will soon increase to more than 100.

In order to qualify as a WOSB a firm must: qualify as a small business; be at least 51% owned and controlled by a US citizen woman (or women); a woman must hold the highest officer position and make both the long term and day-to-day decisions for the business; and she must work at the business during “normal working hours.” There is no minimum amount of time the business must have been operational to qualify. To be eligible as an EDWOSB, the female owner(s) must additionally have a personal net worth of less than $750K. Owners must have a gross average income of $350K or less, and the fair market value of their assets must be $6M or less.

SPRING 2016 DELAWARE COUNTY REGIONAL NEWS

7

Small Business Financial Success By: Bruce D Downing, PhD, Business Consultant, Widener University SBDC

The Small Business Development Center (SBDC) at Widener University offers education and consulting services to small businesses at no charge. The majority of our efforts with our business clients are focused on improving business strategies in marketing, business operations and financial management. Based on our experience with hundreds of small businesses, we see a number of areas where most small business owners can improve financial performance.

Measuring Financial Success

Marketing and Sales Success

Most business owners know that the primary goal is to increase income, manage expenses and establish sufficient profits to sustain and grow a business. At the heart of measuring financial success is the use of an adequate accounting system. A good accounting system provides the tools to record details of sources of income and categories of expenses, along with current cash requirements. Basic financial statements are generated by accounting systems and all managers should understand how to use those statements to measure the effects of strategies to reach acceptable profits.

When a business has an adequate set of financial measurement tools and has cut expenses to those that are absolutely necessary, profits may still not be sufficient to meet the owners’ goals. The most difficult and often most important part of the profit puzzle is to increase sales through an adequate marketing and sales strategy.

Successful marketing is a process of establishing a dialog with potential customers who value what you offer and have sufficient funds to purchase. The most successful marketing and sales strategies will be based on the following practices.

Managing Operating Expenses With all businesses, cash is king in terms of being able to sustain operations. Early stage companies often struggle with understanding expenses and managing those expenses as part of maintaining profits and avoiding substantial debts. Again, financial/accounting tools will help record those expenses and a continuing review is critical to determine what business operating expenses are necessary.

Know your prospective customers. What do they value? What needs do your products and services meet? How do they find information for selecting products or services? Who has the authority to purchase? These and other factors will help you select the most appropriate marketing media and methods to establish a relationship with prospective customers.

Establish a compelling marketing message. Once you know what your customers value it is possible to develop a marketing message that focuses on the customers’ perceived requirements and buying habits, not on the features and benefits of products and services that you think are important.

Establish pricing based on profit goals. A marketing strategy based mostly on low prices is usually a loser for small businesses. If you emphasize that the products and services you provide are focused on customers’ needs, sales and marketing efforts based on those factors will minimize the importance of prices. Low prices often generate more volume but with unacceptable profits.

If you want to discuss your business strategies and plans with our counselors please visit our web site to register as a client (www.widenersbdc.org) or call 610-619-8490.

8

DELAWARE COUNTY REGIONAL CHAMBER OF COMMERCE – OFFICIAL MAGAZINE

How can you

ESTABLISH YOUR CHARITABLE LEGACY? By: Iris Leon, Executive Director, Delaware County Community Foundation

What are some ways people just like you have worked with DCCF to impact the community?

Most of us give to charity at least once a year. We give because it has a transformational impact on organizations, communities, and ourselves.

But how can you ensure that your favorite causes are supported for the long-term? How can you establish your charitable legacy?

The Delaware County Community Foundation (DCCF) is proud to serve as the premier provider of philanthropic services in our community. As your community foundation, DCCF plays an important role in harnessing the collective power of philanthropy, ensuring charitable assets are available to meet your personal charitable goals, and that our community’s evolving needs are cared for today – and forever.

The Lansdowne High School Class of 1953 Scholarship Fund Alumni from the 1953 graduating class of Lansdowne High School established this fund to grant college scholarships for high achieving students from Penn Wood High School (formerly Lansdowne High School). The scholarship fund serves as a way for alumni to support future generations in their quest to access higher education.

Is giving through your community foundation right for you?

• Do you care deeply about your community?

• Are you interested in creating a personal or family legacy?

• Are you considering establishing a private foundation, but concerned about the cost and administrative complexity?

• Do you want to receive maximum tax benefits for your contributions?

• Do you place a priority on sound financial management of your contributions?

DCCF can work with you to establish charitable funds that offer maximum tax deductibility under the law, are low cost, and are responsibly invested. A wide range of assets are also accepted, including cash, publicly traded securities, closely held stock, IRA rollovers, and more!

What are the different ways you can give?

• Support Delaware County’s greatest needs by contributing any amount to DCCF’s Invest in Delaware County Fund.

• Establish and name your own fund, a family fund, a scholarship fund, or a memorial fund with a gift of $10,000 or more.

• Make a planned gift to support a thriving, healthy Delaware County community for years to come.

• Give to an existing Field of Interest Fund, or establish your own (such as for arts & culture, health, education, the environment).

• Give anonymously.

The Logue Family Remembrance Fund Through a planned gift left in his will, Mr. Joseph R. Logue established a permanent endowed fund to support St. Katharine Drexel Parish in Chester, PA. Through this fund, the St. Katharine Drexel Parish is able to support scholarships for students in the parish attending Catholic school.

Hope for Children Fund The Hope for Children Fund is a field of interest fund that supports children of Delaware County who have been impacted by abuse or neglect. Every year, DCCF funds high impact programs through a competitive grant applications process.

To open a fund or for more information, contact the Delaware County Community Foundation today!

Delaware County Community Foundation 102 Chesley Drive, Suite 1A, Media, PA 19063 610-892-8620 | info@delcocf.org | www.delcocf.org

SPRING 2016 DELAWARE COUNTY REGIONAL NEWS

9

The TRUSTED BUSINESS ADVISORS at

BRINKER SIMPSON, CPAs

Photos by: INSITE PHOTOGRAPHY

Helping Small and Medium Sized Businesses with Financing Guidance

Brinker Simpson professional team, Donna Stilwell, CPA, MBA; Kellie McShane-Harris, Client Services Coordinator; James Delizzio, CPA, CFE, Director of Fraud and Forensic Services; Partner Bob Pomante, CPA scheduling tax season work.

OBTAINING A COMMERCIAL LOAN can be one of the biggest challenges facing a growing business. Even experienced small business owners can feel overwhelmed and under-prepared when seeking outside financing. Bank loans can be a flexible source of capital for businesses, but don't underestimate the need to make a strong case. Your ability to secure a loan greatly depends on how well you present yourself and your company to prospective lenders.

We advise our clients to establish a “relationship” with their bankers. They are, in a way, partners in the business. It is important to be transparent with your banker, be sure they are well informed about your plans for growth and the anticipated needs for bank financing. Let them know the good things in your company and the not so good as well.

Occasionally our clients need to make a banking change because their current banker, who may have been brought in to open bank accounts when the company was formed, does not share the same vision the owners have as to the strategic direction of the company. You and your banker need to be on the same page.

You want your banker to be engaged in the process, not just a person collecting data who offers no ideas or options. Sometimes your banker is only as good as his last “yes”.

When bankers say no, without options, their customers will certainly leave and seek a new banking relationship.

Once you’ve established a relationship with a bank and are ready to present a lending opportunity, be very organized. Coming to your banker meeting with professionally prepared tax returns, CPA financial statements, and personal financial statements will make a strong impression with the banker and help expedite the loan process.

Creating success in borrowing for your company is easy…tell the banker..

“How much we need”…”What we need it for”…. “How are we going to secure it”….and “How are we going to pay it back”.

Your “borrowing story’ needs to be complete when you go to meet your new banker and convince him you are a great risk.

Create a file with multiple copies that your bankers can take with them to help ensure success. Be sure to include the following: 10

DELAWARE COUNTY REGIONAL CHAMBER OF COMMERCE – OFFICIAL MAGAZINE

Partner Linda Scafiro, CPA and Tax Manager Andrew Brenner, CPA.

•

My “borrowing story”…How much, what for, collateral, and payback.

• Your company’s history, always include color pictures, where you were and now look at you.

• Key executive summary, show the skills of the management team, include pictures of your group.

• Three years of tax returns, company and personal for the owners.

• Three years of CPA prepared financial statements, if you have them, if not prepare nice internal statements…but make sure they are correct in every aspect. Too often we see sloppy work that kills deals.

• Current personal financial statements for each owner.

Bankers who receive a file like this are very pleased…they don’t have to do a lot of work digging. Make sure you deliver an electronic version as well so they can easily share information with those who will need to review the deal.

A FEW RECENT SUCCESS STORIES….

You want to excite your bankers…show them what a great company you are…you are asking them to convince their bank to lend you money so you are able to achieve success at the next level….so MAKE A GOOD IMPRESSION. Finally remember Delaware County is a banking mecca. From the single branch banks, to the international banks, they are all vying for a slice of the pie locally….banks need to lend money to make money. Banks want to lend money to credit-worthy businesses. To demonstrate that you and your business are a good credit risk, consult with a CPA who specializes in small and medium businesses. They can provide valuable advice about how to present key financial and business information accurately and competently.

A restaurant owner looking to open a second, completely different concept eatery, was denied financing from their current bank due to cash flow concerns. They connected with a Delaware County community bank that created a mixed program of commercial lending, backed by the SBA, and personal refinancing to garner the necessary funds to open, and the restaurant became an immediate success.

A company in the entertainment and marketing space was looking to purchase its competitor in Virginia, but wanted to conserve cash. Their Delaware County bank stepped up with financing for the deal equal to 80% of the purchase price, which was almost entirely intangibles, with SBA guarantee backing, and allowed the seller’s hold back of 20% of the purchase price as the down payment. The lending package allowed the buyer to negotiate a better price with a larger down payment, and the bank also stepped up to provide a working capital line of credit to support cash flow shortfalls in the transition. The buyer needed none of his own cash to close the deal!

A Delaware County contractor looking to create a generational sale to their children, teamed with a local bank to refinance all the existing debt for the company with more favorable terms and rates, reducing existing debt service cash flow by $7,000 a month, which provided for an easy transition of the business to the children with added cash for the buy out.

WHEN WEIGHING YOUR FINANCING OPTIONS, IT PAYS TO KNOW THE VALUE OF YOUR BUSINESS Whether you lead a large corporation or own a small business, chances are at some point you will need to know how much your business is worth. Most often businesses seek valuations at the time of a purchase or sale, but understanding the value of the business may also be needed when seeking financing.

Brinker Simpson’s Valuation Services team recently helped a local retail home furnishings & equipment store that needed a quick answer to what the business was worth. Within a few days of receiving all the relevant financial information, we were able to estimate the fair market value of the business, which provided enough information to assist them in making a sound financial decision.

In any business transaction, it is important to be well informed. A business valuation triangulates the value, including factoring in market conditions, past performance, and intangibles. Whether you are buying or selling a business, or seeking additional financing, it is important to come to the table with a solid valuation to speed negotiations and act in good faith.

BRINKER SIMPSON’S

Al Lazo, CVA, MBA, Director of Valuation Services.

TOP 10 FACTS ON BANK FINANCING:

1 Delaware County banks are aggressively

5 Don’t limit your options. Speak to a

looking for more customers, and increasing their footprint in the county.

2 Rates are at historic lows and banks are using these low rates to provide nice deals for their customers.

3 There has been a flurry of merger activity in the banks, with big banks looking for a local presence.

4 When business is good…contact your banker, make sure he knows, increase your leverage…it’s easier to secure financing for growth when you have strong numbers.

few banks; many bankers are active members of the Delaware County Chamber. Some can become very creative to get deals done, so just talk to them.

Media is a hot bed for banks…

6 everyone wants a presence in the county seat.

7 There are many negotiating points that you can use…amount to be borrowed, guarantees, collateral, payment terms, rates, fees, financial covenants, so compare all aspects of the deal.

8 SBA is very active in Delaware County, be sure to use a bank that has a strong SBA program, or contracts with an outsourced SBA group.

9 Secondary loans, those with higher rates and fees, can be an alternative for quick financing needs, be sure to ask your banker about them.

Keep your personal credit scores 10 strong….banks are going to look at the personal integrity of the key people in a company.

For more information about Brinker Simpson, visit www.brinkersimpson.com or call 610-544-5900.

SPRING 2016 DELAWARE COUNTY REGIONAL NEWS

11

THREE BASIC FINANCIAL DOCUMENTS YOUR BUSINESS CAN’T IGNORE In many ways, money is the language of business – but often it takes some time before entrepreneurs feel comfortable speaking that language. If you don’t develop some basic financial knowledge and understanding, you risk missing red flags that might indicate problems with how you’re managing your business and its money.

With the help of three key financial statements – Balance Sheet, Profit and Loss (P&L) Statement, and Cash Flow Statement – business owners can stay in tune with the financial health of their businesses. According to SCORE mentor and retired CPA Frank Curtis, “These financial statements are the keys to understanding any business. In a very precise way, you can determine if your business is growing and succeeding or failing.”

BALANCE SHEET

This financial statement lists the assets, liabilities and equity of your company at a specific point in time. Its purpose is to provide a view of your company's financial position (its net worth) through displaying what your business owns and owes.

P&L (PROFIT AND LOSS STATEMENT)

Also known as an income statement, the profit and loss statement is a financial statement that summarizes your business’s revenues and expenses during a period of time – typically a year or fiscal quarter. By reviewing your P&L, you can gain a better understanding of how your revenues and costs affect your profitability.

CASH FLOW STATEMENT

This financial statement enables you to see your company's sources – and uses – of cash over a specified period of time. It can be used to understand your business’s performance trends, which might not be evident using just your balance sheets and P&L statements.

12

DELAWARE COUNTY REGIONAL CHAMBER OF COMMERCE – OFFICIAL MAGAZINE

As a small business owner, your company’s success can depend on you paying attention to these key financial statements. “If you review your company Balance Sheet, you can learn how much cash you have on hand, how much you owe, and how much equity you have in the business. Your annual Profit and Loss Statement will tell you if you have made a profit and how much. It will also assist you in preparing your income tax return,” explains Curtis. “Good financial statements are essential if you need additional funding for your business. Any lender will require these documents before providing additional funds.” You don’t necessarily need to be an expert in financials to successfully manage and grow your business. In fact, you should consider periodic consultations with an accounting professional to put you on – and make sure you stay on – the right track.

But as a small business owner, you should have a basic understanding of what these financial statements are telling you about the well-being of your company.

About Chester and Delaware County SCORE

Chester and Delaware County SCORE is a non-profit organization that provides free counseling to entrepreneurs and small business.

They have more than 100 experienced counselors with expertise in almost every facet of business. Of the more than 300 SCORE chapters across the nation, the Chester and Delaware County SCORE chapter was named “Best Chapter in America” in 2015. The chapter also teaches more than 50 seminars and workshops. Their Advisory Boards were created to help existing businesses to grow. Call today to schedule a personal session with a counselor at any one of our 13 counseling locations, or to learn more about our small business education programs. Call us at 610-344-6910 or visit us online at www.chesterdelco.score.org.

2016 IS AN IMPORTANT ELECTION YEAR A crucial election is heading our way in 2016. For businesses in the region this new election cycle is key with anti-business organizations increasingly spending more money every election. These candidates and their agenda, if elected, could stunt our local economy’s growth and hurt the future of our business in Pennsylvania.

SEPAC’s mission is simple, support pro-business candidates in their elections. The Chamber staff and Advocacy Committee members do an excellent job developing policy agendas and delivering that message to the state legislative delegation and other key decision makers.

Though this year has several tight elections, especially in Southeastern PA, ad campaign contributions can make or break an election. The pro-business candidates can use those contributions to fight back against anti-business agendas and ensure that they can prevail during tough political campaigns.

Thus, your support of SEPAC this year will work to make sure that projobs, pro-growth legislators are there to hear the Chamber’s message by targeting contributions to those elected officials who best meet the business communities’ legislative goals.

SEPAC and the Chamber will keep you informed of several upcoming fundraisers for the PAC and please feel free to donate at any time by contacting Alex Rahn at 717-236-2050 or arahn@wannerassoc.com.

SPRING 2016 DELAWARE COUNTY REGIONAL NEWS

13

PROTECTING YOUR MEDICAL IDENTITY By: Bernice Manallo Ho, Director, Marketing Communications, Mercy Fitzgerald Hospital & Mercy Philadelphia Hospital

YOUR INSURANCE COMPANY sends you an Explanation of Benefits listing healthcare services that you did not receive.

Was it an honest mistake?

Or a red flag that someone has stolen your medical identity?

Medical identity theft is defined as using someone else’s name and personal identity to receive medical services, goods, or prescription drugs, including attempts to commit fraudulent billing. According to the 2013 Survey of Medical Identity Theft by the Ponemon Institute, cases of medical identity theft were up by nearly 20 percent than in the previous year, affecting an estimated 1.84 million Americans and costing approximately $12.3 billion.

The financial damages of identity theft can be severe. In situations of medical identity theft, the consequences can also be life-threatening if wrong information – such as allergies, medications or diagnoses – end up in the victim’s medical records.

“Protecting a patient’s identity is part of providing safe and quality healthcare,” says Mary Kelso, director of business administration at Mercy Fitzgerald Hospital. “We confirm a patient’s identity – name, birthdate and photo identification – to help ensure that their medical records are accurate.”

Kelso, who oversees the Patient Access Department at Mercy Fitzgerald, explains that registration staff and any clinician who treats a patient during their care, are required to verify the patient’s name and date of birth at every encounter.

Welcome New Members A warm welcome to our newest Members! Membership in the Chamber is a savvy business investment. Through Membership, you gain a dedicated partner who is committed to the support and growth of your regional business environment. We look forward to seeing you around the Chamber.

14

DELAWARE COUNTY REGIONAL CHAMBER OF COMMERCE – OFFICIAL MAGAZINE

“While it might seem repetitive for the patient, this step is an important precaution to correctly identify them and match them with the care they are supposed to receive, before they receive it.”

Kelso advises that everyone should take careful measure in protecting their identity, even before they find themselves needing medical attention, such as:

Protect your personal information and keep it in a safe place, including Social Security, Medicare, and insurance numbers.

Don’t let anyone borrow your insurance card or identity so they can receive medical care, including relatives. It’s illegal anyway and not worth the complications it can cause.

Monitor your health records. Check bills, explanation of benefits and insurance statements.

Contact your insurance or medical provider right away about charges for care that you did not have – even when there is no money owed.

Beware of scams. For example, don’t give your information over the phone to someone who is offering you a product for free, but then asks for your Medicare or insurance number.

For more about medical identity theft, visit www.ftc.gov/idtheft.

ABOUT MERCY HEALTH SYSTEM A diverse, integrated system providing comprehensive health care services, Mercy Health System, a part of Trinity Health, comprises four acute care hospitals, a home healthcare organization, several wellness centers, physician practices, a federal PACE program, and co-owner of managed care plan, Gateway Health Plan. With 250 primary care and specialty physicians, Mercy Health System is a teaching community health system affiliated with Drexel University School of Medicine and the Philadelphia College of Osteopathic Medicine (PCOM). As a mission-driven regional health ministry, we will become the recognized leader in improving the health of our communities and each person we serve. We will be known as the most trusted health partner for life.

To learn more about Mercy Health System, visit www.mercyhealth.org.

Active Image Media, LLC American National Brandywine Conservancy & Museum of Art Cohen Metals Group, LLC Converge HR Solutions Dove Healthcare Services Everyday Beau, LLC GetPhound Heat-n-Air Guys, Inc. John Barker Designs Law Office of Tony Orr Main Line Health Fitness & Wellness

McCausland Keen & Buckman mDev Solutions LLC Medina Kenpo Karate MOD Pizza Pettaway Pursuit Foundation Raymond Stengel Consulting, LLC Regus Scout and Molly's of Glen Eagle Streamline Payroll, LLC The Law Office of Yvonne Thomas Holden Thornbury Wood WSFS Bank

SPRING 2016 DELAWARE COUNTY REGIONAL NEWS

15

Students interested in applying for the Youth Leadership Academy (YLA) must meet the following criteria: • Delaware County resident • Good academic standing • Demonstrated Leadership abilities • Currently enrolled in • Involved in extracurricular the 10th grade activities For further information and to download application packet, go to: www.delcochamber.org/chamber-foundation/leadership-academics.aspx APPLICATIONS DUE APRIL 1, 2016

Spotlight:

BROOKE LAUGINIGER Grade Level: Junior

School: Chichester High School

Brooke is a junior at Chichester High School. On top of being a dedicated and motivated student, Brooke participates in numerous clubs and activities such as the choir, National Honor Society, Rho Kappa Honor Society, Spanish Honor Society, and Student Council. She has also participated in several school musicals over the past 7 years. Brooke participates actively in the Student Council at her high school, and makes every effort to participate in community fundraisers for several organizations. Brooke’s afterschool activities consist of co-teaching dance and drama classes at Dance Fusion Performance center, and she plans on attending the Nemours volunteer summer program at DuPont Children’s Hospital.

I built lifelong friendships, and made connections I never thought would be possible.

Brooke loves to take every opportunity she can to be involved, within and outside of, the school community. Recently, Brooke attended the 2015 Youth Leadership Academy at Penn State Brandywine Campus.

Her thoughts on the academy reveal the opportunity to be “truly life changing. This leadership academy helped me obtain the confidence to lead, and engages you with several business, media, and governmental opportunities within our community.”

Personally, she says “YLA was by far the best experience for me in 2015. I built lifelong friendships, and made connections I never thought would be possible. We still have the same group chat with each other to this day!!”

Brooke says “Discussing and exploring real-world topics with peers from all over Delaware County has opened up my confidence and allowed me to become a completely revised person.”

From her experiences from YLA she has become Vice President of the Student Council, and Choir, using her new found confidence and leadership skills. She also plans to use some networking connections through the student council to organize a Comcast Cares Day with the entire student government in the upcoming spring months.

16

DELAWARE COUNTY REGIONAL CHAMBER OF COMMERCE – OFFICIAL MAGAZINE

ERIC BILBROUGH Grade Level: Junior

School: Penncrest High School

Since I represented Penncrest at Youth Leadership Academy in May, I have been extremely busy with leadership positions and extra-curricular activities. I finished up my term as class president in June, capping off a successful year of increasing school spirit with pep rallies, school dances and fundraisers. Although I did not win reelection, I still serve on the class council and remain very active in planning class events.

In August, I worked on staff at National Youth Leadership Training in Harleysville, PA, a week long leadership training course run every year by the Boy Scouts. This was my second year on staff and first year as a senior staff member, allowing me to teach more advanced topics to our participants. Staffing NYLT is one of my favorite events of the year and I am looking forward to returning in August 2016 with the same position.

In my home Boy Scout troop, Troop 430 out of Upper Providence, I have served as Senior Patrol Leader, which is the highest leadership position in the troop, and I currently serve as troop guide, helping the younger scouts learn skills so they can advance in rank. I hope to be an Eagle Scout this time next year.

The school year rolled around and brought with it a new marching season. I have been marching with the Penncrest High School Roaring Lions Marching Band since my freshman year as a trumpet player. Not having a leadership position brought forth the opportunity of seeing how I can lead without a title and work on smaller problems with individuals while my section leaders focused on big picture issues. The band was able to achieve third place at Atlantic Coast Championships in October.

For the indoor season, I play trumpet in the Penncrest Wind Ensemble and the Penncrest Jazz Band.

This year I have also taken on the role as Rose Tree Media School District School Board Student Representative. This mostly involves me informing the board on the activities the district’s six schools do each month. However, many students come to me with questions about the board’s operations and it is my responsibility to report those to the board and give the student an appropriate answer.

It is through all of these activities that I have been nominated and will receive the NBC 10 and Widener University High School Leadership Award in March. The people who I met at Youth Leadership Academy are some of the nicest and down to earth people I've ever met, let alone fantastic leaders. It was and still is an honor to be a part of that group.

DELICIOUS DELCO

CHILI LENTIL SOUP

By Doug Eddy, Martindale’s Natural Market

INGREDIENTS ¼ cup olive oil 1 whole onion (yellow or white) 1 bell pepper (any color) 2 orange carrots 4 garlic cloves 1 teaspoon cumin 1 tablespoon chili powder 1 teaspoon smoked paprika 1 teaspoon cayenne (add 1 teaspoon more for extra spicy) 1 28 oz can of diced tomatoes (or crushed) 1 cup yellow lentils (or any color) 6 cups organic beef broth 1 teaspoon salt 1 juiced organic lime

Procedure: 1. Cook onions, carrots, bell pepper and garlic in olive oil until they are caramelized, once caramelized add the spices (chili powder, smoked paprika, cayenne, cumin) and cook until aromatics are released.

The birth of a baby or the start of a new year inspires folk traditions around the world to feast on lentils for good luck and prosperity.

Why? Round, disc-like lentils resemble coins and swell when you cook them. Try this Chili Lentil Soup and prosper in 2016!

2. Next add the tomatoes to the sautéed mixture and stir for a few minutes. Next add the lentils and the beef broth and bring the soup to a boil then cook for about 30+ minutes or until the lentils are soft enough to chew but still hold their shape.

3. Season with salt and pepper and squeeze the lime juice in for some added acidity and flavor, add some more cayenne if you like it spicy or omit it completely for a mild chili taste.

SPRING 2016 DELAWARE COUNTY REGIONAL NEWS

17

INTERESTED IN TRYING OUT NETWORKING OPPORTUNITIES? New! PROMO CODES are available for Future Members for many of our networking events.

Contact the Chamber for more information on a complimentary admission promo code.

MAR 14 TALEN ENERGY STADIUM: UNVEILING CEREMONY AND NETWORKING EVENT 8:00 AM – 10:00 AM

Philadelphia Union, 1 Stadium Dr. Chester, PA 19013 MAR 15 MEET & GREET: VILLANOVA, SCORE AND THE DELAWARE COUNTY CHAMBER 5:30 PM - 7:30 PM

Villanova ICE: Innovation, Creativity, & Entrepreneurship Institute, Villanova University Idea Accelerator @ Falvey Library, lower level, Villanova, PA 19085 MAR 16 COFFEE CONNECTIONS: MERIDIAN BANK 8:00 AM - 10:00 AM

Meridian Bank, 100 E. State Street Media, PA 19063 MAR 22 BASICS OF SOCIAL MEDIA MARKETING — THEY’RE OUT THERE – HOW DO YOU REACH THEM? 10:00 AM - 12:00 PM

Delaware County Chamber of Commerce 1001 Baltimore Pike Ste. 9LL Springfield, PA 19064 MAR 23 WOMEN IN BUSINESS: FRIENDS OF THE DELAWARE COUNTY WOMEN'S COMMISSION 12:00 PM - 1:30 PM

Delaware County Chamber of Commerce 1001 Baltimore Pike Ste. 9LL Springfield, PA 19064 MAR 24 SERVICE PROJECT: EASTER BASKET PACKING FOR FAMILIES IN NEED 1:30 PM - 3:30 PM

CityTeam Ministries, 634 Sproul St. Chester, PA 19013 MAR 31 2016 SMALL BUSINESS AWARDS 5:30 PM - 8:00 PM

Drexelbrook, Drexelbrook Events Center Drexel Hill, PA 19026 APR 5 STATE OF THE COUNTY 2016 11:30 AM - 1:30 PM

Llanerch Country Club 950 West Chester Pike Havertown, PA 19083

PHILLY TECH WEEK EVENTS APR 29 ONLINE APPLICATION WORKSHOP WITH PA CAREERLINK 8:30 AM - 10:30 AM

Upper Darby Municipal Library 501 Bywood Avenue Upper Darby, PA 19082 MAY 3 ONLINE APPLICATION WORKSHOP WITH PA CAREERLINK 8:30 AM - 10:30 AM

Media Firehouse 11 S. Jackson Street 2nd floor Media, PA 19063 MAY 3 DATA MANAGEMENT FOR NONPROFITS: TURNING INFORMATION INTO SHAREABLE KNOWLEDGE 8:30 AM - 10:30 AM

Delaware County Chamber of Commerce 1001 Baltimore Pike Ste. 9LL Springfield, PA 19064 MAY 3 THE SOCIAL + MOBILE EQUATION 12:00 PM - 1:30 PM

Newtown Public Library 201 Bishop Hollow Rd. Newtown Square, PA 19073 MAY 4 CREATIVE PARTNERSHIPS: IMMIGRATION LAW, BUSINESS, STEM & THE FOREIGN NATIONAL 5:30 PM - 7:30 PM

Upper Darby Community Outreach 7240 Walnut St. Upper Darby, PA 19082 MAY 4 ONLINE APPLICATION WORKSHOP WITH PA CAREERLINK 9:00 AM - 11:00 AM

Lansdowne Public Library 55 S. Lansdowne Avenue Lansdowne, PA 19050 MAY 5 ONLINE APPLICATION WORKSHOP WITH PA CAREERLINK 8:00 AM - 10:00 AM

Newtown Public Library 201 Bishop Hollow Rd. Newtown Square, PA 19073

APR 6 SPRINGTIME MEMBER ORIENTATION 8:30 AM - 10:00 AM

APR 21 COFFEE CONNECTIONS: BENEFICIAL BANK 8:00 AM - 10:00 AM

Beneficial Bank 1200 W. Township Line Rd. Havertown, PA 19083 APR 27 WOMEN IN BUSINESS: CROZER-KEYSTONE AT BROOMALL 12:00 PM - 1:30 PM

18

335 W. Front Street Media, PA 19063 MAY 5 THE CTC REMIX: CAREERS, TECHNOLOGY, & CODING 5:30 PM - 8:30 PM

Delaware County Technical Schools Aston Campus Birney Highway & Crozerville Road, Aston, PA 19014 MAY 6 ONLINE APPLICATION WORKSHOP WITH PA CAREERLINK 8:30 AM - 10:30 AM

Upper Darby Municipal Library 501 Bywood Avenue Upper Darby, PA 19082 MAY 6 SOCIAL MEDIA 7:30 AM - 9:30 AM

335 W. Front Street Media, PA 19063

MAY 12 WOMEN IN BUSINESS: ROSEMONT 12:00 PM - 1:30 PM

Rosemont - A Community of Presyby's Inspired Life, 404 Cheswick Pl. Rosemont, PA 19010 MAY 17 BUSINESS AFTER HOURS: PHILADELPHIA UNION 5:00 PM - 7:00 PM

Philadelphia Union, 2501 Seaport Dr. Switch House, Ste. 500, Chester, PA 19013 MAY 23 CONSTANT CONTACT SEMINAR PRESENTED

BY SCORE 10:00 AM - 12:00 PM

Llanerch Country Club 950 West Chester Pike Havertown, PA 19083 MAY 24 YOUNG PROFESSIONALS: HAPPY HOUR 5:00 PM - 8:00 PM

Tavola Restaurant & Bar 400 W. Sproul Rd., Springfield, PA 19064

Register to attend these events and other business boosting opportunities at

www.delcochamber.org.

PHILLY TECH WEEK

Delaware County Chamber of Commerce 1001 Baltimore Pike Ste. 9LL Springfield, PA 19064

Crozer-Keystone at Broomall 30 Lawrence Road Broomall, Pennsylvania 19008

MAY 5 HEADROOM STARTUP STORY SLAM 6:00 PM - 8:00 PM

Philly Tech Week in Delaware County on Veteran’s Square under the Innovation Tent in 2015.

DELAWARE COUNTY REGIONAL CHAMBER OF COMMERCE – OFFICIAL MAGAZINE

Showcasing Delaware County’s Technology & Innovation Community Philly Tech Week is a week-long celebration of technology and innovation in Greater Philadelphia. Last year, over 150 events were hosted drawing 25,000 attendees – including one in Delaware County. As the only Chamber expanding the borders of the festival into the suburbs, we have collaborated with Delaware County Presenting Sponsor, AT&T and our highly regarded members, to bring you a week of programming that strives to make a better region through technology. Join us on the fast track of innovation at one of these events!

SPRING 2016 DELAWARE COUNTY REGIONAL NEWS

19

DOWNLOAD BUSINESS MAGAZINES FROM YOUR LIBRARY More timely than books and more in-depth than websites, business magazines are an important resource for keeping your competitive edge. Delaware County Libraries offer five of the most important business magazines available to download directly to your computer or portable device.

The magazines are part of the Zinio service available by visiting www.delcolibraries.org. Just click the Zinio icon to set up your account and then browse any of the 118 titles available. All it takes is a free DCL library card.

20

BUSINESS TITLES AVAILABLE: The Economist is a global weekly magazine written for those interested in being well informed. Each issue explores domestic and international issues, business, finance, current affairs, science, technology and the arts.

Fast Company takes you inside the minds of the most progressive business leaders. Meet the real innovators of our age and see the latest in design, sustainability, marketing, and social responsibility.

Beyond its famed lists, Forbes has a unique voice in its coverage of global business stories. Forbes covers stories with uncanny insight and conciseness.

Inc. Magazine is the only major business magazine written for the journey from startup to a fully managed company. Every issue of Inc. delivers real solutions for today's innovative company creators.

Kiplinger’s Personal Finance – Written to help you manage your personal and family financial affairs and to help you get more for your money.

DELAWARE COUNTY REGIONAL CHAMBER OF COMMERCE – OFFICIAL MAGAZINE