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JANUARY 2010
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COVER STORY Ten tips for 2010: David Letterman gained TV fame with his nightly “Top Ten” list, but business people are looking for profits instead of laughs. Forecasts call for another tough year, but the region’s business leaders and experts believe there are certain strategies and practices that will help start the new year on the right foot. You might be surprised to see some of the recommendations that involve spending in a tight economy, but the suggestions are accompanied by good long-term expectations for the bottom line. Pages 4-6
ENTREPRENEUR’S MAILBAG Looking for fresh perspective: It’s a good time to look at the performance of a business over the past year and determine what steps worked well — and which were less successful. Business people who are seeking new ideas, added energy or a unique perspective might consider the creation of an advisory board. Not to be confused with a board of directors, a business advisory board can boost credibility and open new doors, if it is organized and operated properly. Page 9
INDICATORS Latest unemployment statistics: The jobless rate rose in all but three of the
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18 Southern Illinois counties during October, the last month for which complete statistics are available. Franklin County had the highest unemployment rate at 15 percent; Jackson County had the lowest at 7.8 percent. In other measures, some counties experienced increases in home and vehicle sales, while air travel at Williamson County Regional Airport grew significantly over the prior year. Pages 10-11
EMPLOYMENT LAW Amendments add to numbers of disabled: Under the Americans with Disabilities Act, a person is considered to be disabled if he or she has a mental or physical impairment that “substantially limits a major life activity.” Major battles have been fought in court over the terms “substantially limits” and “major life activity.” Bottom line: The amendments’ definitions of these terms are intended to increase the number of people in the workforce considered to be disabled. Page 12
Carbondale Civic Center ...................... 6 Egyptian Electric Cooperative................ 3 Feirich, Mager, Green & Ryan.............. 18 Henry Printing ...................................... 9 Jackson & Gray Insurance .................... 9 Jim’s Mobile Offices & Homes ............ 9 John A. Logan College ........................ 16 Leading Lawyers .................................. 7
ACHIEVEMENTS Catch up: Find out who has been hired, who has been promoted or who has received an award for their efforts in business. If you know of a business or business person who deserves special recognition for advanced training, a unique honor or an expansion of business, please let us know at sbj@ thesouthern.com. Page 18
Contact us The Southern Business Journal (USPS #019988) is a publication of The Southern Illinoisan. Contact us via mail at 710 N. Illinois Ave., Carbondale, IL, 62901, or at P.O. Box 2108, Carbondale, IL, 62903. Also reach us on the Web at www.sbj.biz and via e-mail at SBJ@thesouthern.com. The Journal is published 12 times per year monthly, and mailed to businesses, community development leaders, chambers of commerce members and other professionals in Southern Illinois. Periodicals Postage Paid at Carbondale, IL. Copyright 2004 by The Southern Illinoisan, all rights reserved. Postmaster: Send address changes to: Southern Business Journal, P.O. Box 2108, Carbondale, IL 62902. A subscription may be obtained by calling 618-529-5454 or 618-997-3356, or by visiting our Web site.
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Publisher: Dennis M. DeRossett 618-351-5038 Editor: Gary Metro 618-351-5033
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Advertising: Abby Hatfield 618-351-5024
Southern Illinois Healthcare................ 20
Circulation: Trisha Woodside 618-351-5035
Southern Illinois University ................ 13
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JANUARY 2010
SOUTHERN BUSINESS JOURNAL
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‘Leaders’ speaker focuses on building relationships in business, life THE SOUTHERN BUSINESS JOURNAL
Byrd Baggett plans to bring a positive message of reaching for significance – instead of focusing solely on success – to community and business leaders in Southern Illinois. Baggett, a nationally known speaker and author, will be returning as the keynote speaker at the Community Leaders Breakfast on Baggett Friday, Jan. 22, 2010, at John A. Logan College in Carterville. The event is sponsored by the Southern Business Journal and The Southern Illinoisan. “To start the New Year, we wanted to have a message that is motivational, inspirational, and Byrd Baggett is certain to deliver just that. He has spoken before at one of these events, and everyone went away very touched and very moved by his
message,” said Dennis DeRossett, publisher of SBJ and the newspaper. “In these tough economic times, at the start of a New Year, it is important that our business and community leaders hear this message so that we begin 2010 with the right attitude, focus and cooperative effort to make this region a better place.” Baggett expects his presentation to help people on more than one level. “It will help people as much personally as professionally,” Baggett said of his planned presentation, which is titled, “Drought Proof: How to Keep Your Business Green and Growing during Turbulent Times.” With negative news dominating news headlines, 2009 has been a depressing year for many. Some believe it’s a time to renew their focus on the basics of business, including business relationships. Baggett said building successful relationships will always be the key to expanding any business. SEE BAGGETT / PAGE 18
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SOUTHERN BUSINESS JOURNAL
JANUARY 2010
Cover Story Get the new year started right with our 10 business-savvy tips for 2010 BY LES O’DELL SBJ CORRESPONDENT
Regardless of the sector, size or structure, and almost without exception, business owners and leaders are entering 2010 with guarded hopes that the new year will be better for their companies than the previous 12 months. As in any year, the changing of the calendar will bring new challenges, new developments and new avenues for business to expand, change and succeed. What should the savvy business person do to profit in the year ahead? Here are 10 strategies offered to The Southern Business Journal by regional business leaders and experts. 1. Watch the bottom line If business leaders learned anything during 2009, it was how to survive during economically challenging times. In many cases, organizations that make it through a recession emerge more streamlined and efficient by keeping a vigilant watch on expenses, according to Southern Illinois Healthcare Chief Executive Officer Rex Budde. “We always see massive layoffs from huge corporations during tough economic times, but I never have understood how you could have thousands of people more than you needed in your organization in the first place,” Budde says. He says those situations are the result of companies forfeiting a sort of self-control when times are good. “I think they get caught up in the euphoria of success and lose focus on cost control. That hurts them when things slow down.” Instead, Budde recommends that companies strive for fiscal responsibility, but not at the expense of customers. “You have to be financially responsible, but people look for quality and they look for service. Those organizations which are successful figure out how to be all three.” 2. Be prepared It may be the Boy Scouts’ motto, but financial planner Jeff Rose of Alliance Investment Planning Group in Carbondale says the mantra should be maintained by any business that wants to be successful in 2010. “I think cash is king for all businesses, but especially when it comes to the world
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‘In the spirit of the United States as a country and as a people, we always find a way. And with the spirit of the entrepreneur, we’ll make it improve,’ says Jeff Rose of Alliance Investment Planning Group in Carbondale.
of small business owners,” Rose explains. “In a recession, things can get slim and you have to make sure you have a backup plan to keep you afloat.” Rose says that a cash reserve also can allow businesses to grow even during economic downturns. “Having money in the bank allows you to take advantage of opportunities. Whether it’s a new marketing strategy or maybe the chance to buy out a competitor, you have to have cash in order to do that.” 3. Tap into outside dollars To be successful in 2010, some experts encourage area businesses to target people who live outside of Southern Illinois for business. In some cases, that means catering to tourists. Russ Ward directs Southern Illinois Tourism Development Office. He says that the slower economy has more people visiting Southern Illinois; he expects the trend to continue this year. “Tourism is one part of our local economy that is doing a little bit better. People in the Midwest that would normally go to New York, Chicago or Florida are staying closer to home. Once they do that, they tend to come back again
and again,” he says. Ward says tourism can be a big boost to area businesses. “In Illinois, travelers spend on average $125 per person per day. With so much money coming into our area, businesses need to make sure they get a part of it,” he adds. “Business owners need to develop a plan or idea to attract visitors into their business, no matter what their business is.” Growing businesses should look outside the region and nation for new customers, explains Suzanne Nasco, an associate professor of marketing at Southern Illinois University Carbondale. She says globalization should not be ignored by businesses working to increase sales. “Look beyond local markets for your products and services,” she says. “The U.S. population is only 5 percent of the world population. There is a lot of business potential growth beyond our borders.” 4. Prepare for emergencies The year 2009 will be remembered in Southern Illinois as one of the natural disasters. February ice storms wreaked havoc in the southernmost counties. Downpours in March caused millions of
dollars of damage to Saline County businesses alone. Many residents and businesses are still recovering from the severe storms and related straight-line winds of May 8. Despite these setbacks, some businesses were able to thrive because they had emergency plans in place. “Contingency plans are key for everything from having emergency phone trees to communicate with employees to savings plans to ‘what if’ procedures,” says Lori Cox, director of Workforce and Illinois Small Business Development Center at Southeastern Illinois College. “There’s nothing wrong with being ready,” she adds. Cox says business owners should go so far as to know where to turn for financing or other special needs following an emergency. 5. Expand now “Even though we’re not out of the national economic crisis yet, businesses need to be ready to expand now,” recommends George Trammel, executive director of Marion Chamber of Commerce. “There may be more capital available for business this year, so businesses need to have a plan for what they’re going to do.” Trammel, who predicts 2010 is going to be a better year for small businesses, says business must always look at the possibility to expand. “I believe we’re moving from a time of just surviving to one of growth. I am telling business leaders to be ready to take advantage of opportunities to grow your business,” he explains. The bottom line, according to Trammel, is simple. “Be ready, have your capital and have a plan,” he says. 6. Be proactive in marketing and customer service A key to growing business in the new year is to go against conventional wisdom, according to George Sheffer, owner of Murdale True Value in Carbondale. “When times get slower or tougher, if you’re a good company, you don’t hold back,” he says. “Instead, don’t panic and don’t cut back on the things that are so easy to cut back on.” Sheffer says it’s the best time to increase advertising, improvements to your
JANUARY 2010
storefront and involvement in the community. “You want to position yourself so you’ll do better not just in the rough times, but you’ll also be in a better position when times improve. Move on and forward and don’t hold back,” he says. He also recommends increased training of employees both in product knowledge and in customer service techniques. “The more you train, the more you have your people serving at a higher level, and the better you’ll do,” he says. Cox says that in many ways success comes with a return to basics. “Do what you do and do it well. Make your customers happy and give them a quality product,” she says. “That, in turn, will keep your business growing slowly and steadily.” 7. Take advantage of technology From telephones that provide instant information on practically any topic to customers connecting with businesses and with one another through social networks, businesses must keep pace with changing technology. “In Southern Illinois, I think we’re way behind the mark in terms of businesses embracing technology. Compared to large cities, we seem to be three to four years
SOUTHERN BUSINESS JOURNAL
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behind,” explains Curtis Baird, co-founder of SchoolCenter, a Carbondale-based educational Web site development company. “In the cities you can do pretty much anything online from making an appointment for an oil change to ordering food.” Baird said that he believes people, in general, want to do business locally, but they also want to access services and merchandise online. “That’s a huge opportunity for growth in ways that many local people haven’t yet thought about,” he says. One online avenue that is gaining a foothold across the region is social networking — Web sites such as Facebook, MySpace, Twitter and LinkedIn, where users are able to connect with friends, relatives, associates and favorite businesses through the Internet. “Social media is basically a catch-phrase for any promotional communications that encourage a two-way dialogue between the company and its customers,” Nasco explains. What started as a means for high school and college students to keep tabs on one another is becoming a “must” for SEE COVER / PAGE 6
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SOUTHERN BUSINESS JOURNAL
COVER FROM PAGE 5 businesses and organizations to reach the general population. “It’s not just for young audiences anymore,” she says. Baird agrees. “I think in 2010 we’ll see the mainstream adoption of Facebook, Twitter and the like by people of all ages,” he says. “The key for business will be how to get your customers to talk about you on their sites or pages, because every time they do, it will help drive business to you.” 8. Strengthen local ties Expanding businesses overseas and online can bring completely new customers to Southern Illinois companies, but several experts remind businesses to also think locally. “Don’t ignore your local base. With the recession, many consumers are looking for deals, but also want to support local businesses,” Nasco explains. She says she encourages businesses to work with organizations that promote business on the local level such as chambers of commerce for a variety of reasons, including the groups’ willingness to help businesses with marketing and technology. Ward says businesses desiring to tap into the tourism market should turn to organizations that will work in tandem with them to get the word out. “Help us make sure that visitors know about your business,” he says. “Businesses advertising on their own is important, but there are many other strategies and they need to make sure to take advantage of programs that are free to them.” 9. Be green Going green is not a new idea. Many businesses have been promoting products and services that are environmentally
JANUARY 2010 friendly for some time. It’s a way of doing business that will continue, according to local business analyst Cavanaugh L. Gray of The Entrepreneur Café in Carbondale. He says it also is an area of business with some new opportunities. For example, Gray says he can envision 2010 to be a banner year for automotive innovations. “With the government taking a personal interest in the U.S. auto industry, I think there will be continued opportunities for entrepreneurs and other business owners who are spearheading energy efficiency and technology efforts for automobiles,” he says. “With the Department of Energy making some $40 billion available for clean technologies, we should see a lot more of these experimental ideas being commercialized in 2010.” Gray says many consumers will continue to search out green products from cars to cleaning products as part of a more ecologically conscious lifestyle. 10. Stay positive All of the experts expect the economy to improve in 2010, although perhaps slowly. Some say a rebound will be because of small- to mid-size businesses. “I think in the spirit of the U.S. as a country and as a people, we always find a way. And with the spirit of the entrepreneur, we’ll make it improve,” Rose says. Budde says it is likely that improvements stem from an upbeat attitude. “It’s important to maintain a positive outlook toward the future, and not get up in the troubles of the present. If you get caught up, you lose your spirit to innovate and your desire to serve. Instead, you have to do everything you can to build your organization and build up positive momentum.” — Les O’Dell of Carbondale is a freelance writer who regularly contributes to Southern Business Journal.
Major worries cloud business skies for 2010 Three concerns are weighing heavily on the minds of many Southern Illinois business leaders entering 2010. Uncertainty about national health care reform, the Illinois state budget and the financial stability of Southern Illinois University Carbondale has many business people, in a word, worried. “I think there is a great deal of uncertainty right now. Until the picture out of Washington becomes more defined and we all know what the rules are, so to speak, people are sitting and waiting before responding,” says Southern Illinois Healthcare CEO Rex Budde. “Certainly there is a need for more services and a need to expand facilities, but we have to be cautious in meeting those demands because the rules might change.” Budde says health care reform may not only affect his industry. “It could impact any business that purchases health insurance or pays taxes and there is just a lot of unknown on how it is going to affect businesses,” he says. “I’m sure that businesses are worried about the expenses and if there are going to be new mandates. There are ramifications all across the spectrum.” George Sheffer of Murdale True Value in Carbondale says he is concerned about what health care legislation may do to an already sluggish economy. “If the federal government starts billing businesses for health insurance, that’s a great concern. I’m afraid that many companies’ first response may be to cut back on team members, so that will hurt everyone and slow the economy. Of equal concern to Sheffer and other business leaders are ongoing problems with the Illinois state budget. “The state is in disarray because of financing and they’re making it harder for businesses to do business,” he explains. “They want us to pay our bills, but if they do business with you, they’re taking longer and longer to pay us. Businesses are financing the debt of the state of Illinois.” Political analyst John Jackson of the Paul Simon Public Policy Institute at SIUC says the state budget woes affect everyone in the region. “We in Southern Illinois are practically dependent on a variety of state institutions and other agencies,” he says. “When hospitals, doctors, the university and other agencies are unfunded, it takes a terrible toll on Southern Illinois. Unless Springfield gets its act together, it’s gloom and doom.”
Jackson says that in some cases the state government is more than four months behind in paying bills, to the tune of $4.5 billion. With 2010 as an election year, he says he thinks the voters will make some changes. “I think we may see changes in the constitutional offices of state government, but probably no wholesale changes in the General Assembly,” he explains. Jackson says voters tend to blame most legislators except their own for problems in the capital, and that results in the reelection of incumbents despite dissatisfaction among the electorate. After the election, Jackson says a tax increase may be inevitable. “Anyone who knows anything about the state budget knows that we are going to have to raise taxes. It is just a matter of when, what taxes and how much,” he says. While opponents of a tax increase point to the negative effects in attracting business, Jackson says it is not only taxes that keep businesses out of Illinois. “Business and industry looking for places to locate look for a state that has low taxes, yes; but they also look for a trained workforce, a solid infrastructure and an honest and transparent government. They’re not seeing any of that in Illinois,” Jackson says. The state budget deficit is also affecting SIUC. Spending and hiring freezes have been implemented to make up for late payments from the state, and there have even been rumors of a complete closure of SIUC if things do not improve. University Chancellor Samuel Goldman says not only do late and partial payments hurt the institution, but the economy as a whole has not been kind to SIUC. “Everything in the economy impacts us. Because of where we are, we have to bring students to us,” he says. “When the economy is tough, students tend to stay closer to home, and that affects the university as well as the local economy.” Equally importantly, the economy and budget crisis is changing the way SIUC administrators look at the university. “We have to become more like a private university than a public one. We have to go out into our alumni and to others to raise money. We have to find our money somewhere, whether through grants or contributions. We have to either draw more students to the area or become self sufficient,” he says. — Les O’Dell
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Workplace Balance occupational domains: SMART goals to keep resolutions BY DENA KIRK SBJ CONTRIBUTOR
Happy New Year! Many of you are kicking off 2010 with New Year’s resolutions. According to a study at the University of Scranton, only 46 percent of those who make New Kirk Year’s resolutions will fulfill them. Surprised? Research has proven that it takes 21 days to form a habit; and habits are essential if we want to accomplish our goals. If we want to be successful in this endeavor, balance is a must. As an occupational therapist, my job is to focus on the prevention of illness and disability and promote wellness in order to keep a
balanced lifestyle. So how do we do this? The AOTA (American Occupational Therapy Association) promotes safety, healthy lifestyles and quality services for people with and without disabilities to improve independence and quality of life. Occupational therapists work with individuals across the life span to address the environmental, physical and behavioral issues that can improve independence while decreasing disability and illness. In my field, we address the three domains of occupation: work, selfmaintenance and leisure. In order to accomplish that New Year’s resolution, it is important to have a balance. Within a 24-hour day, you are engaged in one of those three occupational domains. How you define the domains is up to you. For example, I consider my morning commute to work as work. However, at 4 p.m. Friday, my commute home may be considered leisure if I’m
anxious to get my weekend started and I am singing along with a favorite 1980s song. Sleep, shower and eating fall into the self-maintenance category. Balancing your occupational domains is often difficult because of our fast-paced lifestyles. Most of us spend too much time in work. We just can’t turn it off. We don’t get enough sleep and we don’t have time for exercise. We want to spend more time with family and friends. So why don’t we? As we push through 2010, here are some important tips to consider when establishing your own SMART goals to get a handle on your occupational domains. Set specific goals: Something you can achieve. Don’t just say “lose weight.” Be specific: “I want to lose 15 pounds.” Make sure your goal is measurable: What’s the time line? “I want to lose 15 pounds by May 1.” Make your goal achievable: Obviously,
you wouldn’t set your goal date to lose 15 pounds by Jan. 21, because it’s highly unlikely that you will achieve that. Set a realistic goal: There are only 24 hours in a day, so is it more realistic to lose 15 pounds in four months or walk on the treadmill five days a week? Obviously the first one, because it is specific, measurable, achievable and realistic. Timely: Look at the timeline. Give 12 months to accomplish your goal? Keeping a well-balanced lifestyle will assist you with accomplishing the goals. With 2010 in full swing, I challenge you to look within and make sure you are wellbalanced with work, self-maintenance and leisure. — If you are interested in learning more about how to balance the occupational domains in your life, please contact Dena Kirk at FIT FOR WORK in Herrin at 618942-3088 or dena.kirk@sih.net.
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Entrepreneur’s Mailbag For good counsel, don’t skip advisory boards BY CAVANAUGH L. GRAY SBJ CONTRIBUTOR
Every year at this time I evaluate The Entrepreneur Café, LLC business plan. I assess what has and hasn’t worked over the past year and what’s on the horizon for the upcoming year. Gray One of the areas that stood out this year was a need to upgrade my roster of advisers. As entrepreneurs, we often lack the full insight or objectivity it takes to move our businesses forward. If you feel your business is in need of some new ideas or new energy, now may be a good time to establish an advisory board.
What is an advisory board? One thing to keep in mind is that an advisory board differs from a board of directors, which is a legal entity that has an obligation to the organization it is serving. A board of directors is responsible for the partial or full governing of that organization. An advisory board is more of an informal collective of business people willing to donate their time and energy to help your company take the next step. The right advisory board can give your company instant credibility and open doors to opportunities. This group has limited power, offering mainly advice on some of your company’s most pressing issues versus wielding an iron fist over company decisions.
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terms of recruiting advisers, but your organization may be better served by people with the proper level and type of industry experience. A good next step would be to develop a list of five to 10 people who have the skills most needed by your organization. Most advisory boards are comprised of (but not limited to) individuals with finance, marketing, legal and administrative expertise. Be sure to approach the right candidate with the right information by putting together a one- to two-page prospectus outlining your company’s business details, how it will operate and any financial compensation for participating, if any. Be sure to put into writing what is expected of each advisory member. Next, remember that quality advisers rarely waste time on less than stellar business concepts, so make sure that your ideas are of substance. Just having an advisory
board doesn’t automatically ensure success; an entrepreneur must be receptive to the advice given and be willing to work hard to implement that advice. Be prepared to address company issues by scheduling to meet with your advisers two to four times a year. Meetings should be no more than two to three hours each. Lastly, be sure to focus on a few core strategies at each meeting, and get all agenda items to each member at least two weeks in advance. — Cavanaugh L. Gray is the director of business development for The Entrepreneur Café, L.L.C. in Carbondale. He can be contacted at cgray@ecafell.com or 618-2067013. For more information on establishing an advisory board or for daily tips on how to start, grow and succeed in small business, follow The Entrepreneur Café, L.L.C. on Twitter at www.twitter.com/TheECafe.
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H
E
Retail sales for Southern Illinois cities City Anna Benton Carbondale Carterville Chester Du Quoin Harrisburg Herrin Jonesboro Marion Metropolis Mount Vernon Murphysboro Nashville Pinckneyville Red Bud Sparta Vienna West City West Frankfort REGION ILLINOIS
YTD Sept 2009
2008
2007
2006
2005
2004
86.2 52.6 420.1 29.5 39.7 75.6 145.0 110.3 9.2 511.3 57.2 359.3 97.4 67.4 28.0 51.9 95.0 27.6 69.5 83.2 $2,285.5 $104,160.6
113.3 71.4 587.7 40.1 51.5 91.9 179.3 135.9 12.4 673.4 75.9 482.8 117.1 101.8 39.0 77.7 130.5 40.5 89.6 111.2 $3,223.0 $237,438.0
112.3 72.4 607.4 40.3 51.7 94.4 173.6 134.4 11.3 662.4 79.8 461.5 94.9 105.2 35.8 73.7 129.5 39.8 82.8 111.4 $3,174.7 $180,162.7
111.7 75.0 610.4 39.9 54.0 103.1 168.5 137.5 11.5 592.7 74.8 501.0 93.0 105.7 41.7 82.5 133.1 36.9 77.7 106.8 $3,157.6 $173,362.8
109.7 70.4 579.4 32.7 51.1 95.0 164.9 127.9 11.5 545.9 69.4 475.3 94.6 101.1 38.0 82.5 127.7 32.7 70.8 102.3 $2,983.0 $167,459.0
112.2 71.6 544.9 32.4 50.8 99.9 160.2 122.4 10.7 525.3 73.4 462.4 90.5 103.6 37.9 75.9 121.7 32.7 70.9 105.9 $2,905.3 $159,201.4
R
N I L L I Chicago Fed Midwest % change 04-08 Manufacturing Index
0.98% 0.28% 7.85% 23.77% 1.38% 8.01% 11.92% 11.03% 15.89% 28.19% 3.41% 4.41% 29.39% 1.74% 2.90% 2.37% 7.23% 23.85% 26.38% 5.00% 10.94% 49.14%
The CFMMI is a monthly estimate by major industry of manufacturing output in the Seventh Federal Reserve District states of Illinois, Indiana, Iowa, Michigan and Wisconsin. It is a composite index of 15 manufacturing industries, including auto and steel, that uses electrical power and hours worked data to measure monthly changes in regional activity. It is compared here to the national Industrial Production index for Manufacturing (IPMFG). Base year is 2002. Starting in November 2005, the index excluded the electricity component. 115 114 113 112 111 110 109
IPMFG Oct 09 99.1
108 107 106 105 104 103 102 100
SOURCE: LATEST STATISTICS AVAILABLE FROM THE ILLINOIS DEPARTMENT OF REVENUE. FIGURES ARE IN MILLIONS.
98 94
Unemployment rates for Southern Illinois counties, state and nation Labor force Alexander Franklin Gallatin Hamilton Hardin Jackson Jefferson Johnson Massac Perry Pope Pulaski Randolph Saline Union Washington White Williamson .,REGION ILLINOIS U.S.
3448 17,460 2,664 4,014 1,765 32,313 20,230 5,025 7,314 9,321 1,898 2,949 15,135 12,571 8,390 8,030 7,661 34,767 194,955 6,633,769 153,975,000
Jobless 399 2,616 290 389 222 2,510 2,144 536 621 1,181 218 352 1,472 1,451 946 670 665 3,435 20,117 697,903 15,700,000
Oct 2009 11.6% 15.0% 10.9% 9.7% 12.6% 7.8% 10.6% 10.7% 8.5% 12.7% 11.5% 11.9% 9.7% 11.5% 11.3% 8.3% 8.7% 9.9% 11.3% 10.5% 10.2%
Sept 2009 11.3% 14.6% 11.0% 9.3% 12.7% 7.3% 10.0% 10.4% 8.0% 11.9% 10.7% 11.9% 9.4% 11.2% 10.8% 8.0% 8.5% 9.6% 10.7% 10.2% 9.8%
Oct 2008 8.2% 11.3% 8.5% 7.2% 9.4% 6.3% 6.9% 8.6% 7.1% 10.5% 8.5% 9.8% 7.0% 9.0% 8.7% 6.2% 6.5% 7.7% 8.2% 6.5% 6.6%
SOURCE: ILLINOIS DEPARTMENT OF EMPLOYMENT SECURITY, U.S. DEPARTMENT OF LABOR. FIGURES ARE NOT SEASONALLY ADJUSTED.
Change month
0.3 0.4 0.1 0.4 0.1 0.5 0.6 0.3 0.5 0.8 0.8 0.0 0.3 0.3 0.5 0.3 0.2 0.3 0.6 0.3 0.4
90 88
Change year
86 84 82
CFMMI Oct 09 82.9
O
I S I N Consumer credit score
D
SOURCE: EXPERIAN
Alexander Franklin Gallatin Hamilton Hardin Jackson Jefferson Johnson Massac Perry Pope Pulaski Randolph Saline Union Washington White Williamson REGION
13 81 21 15 9 97 53 27 28 39 8 10 64 62 39 35 46 151 798
12 101 22 16 12 158 82 26 24 39 9 17 73 90 34 31 56 186 988
A
T
698
Anna
Region
699
692
State
O R S U of I Flash Index
U. S.
Total cars, trucks sold based on title applications filed. Excludes motorcycles, trailers.
New vehicle sales Oct 08
C
694
Credit scores are numeric reflections of financial behavior and credit worthiness, and they are based on information included in a credit report. Ranging from 330 to 830, a higher score means a lower credit risk. Scores are from November 2009.
Oct 09
I
Change
2008
8.3% 19.8% 4.5% 6.3% 25.0% 38.6% 35.4% 3.8% 16.7% 0.0% 11.1% 41.1% 12.3% 31.1% 14.7% 12.9% 17.9% 18.8% 19.2%
169 1,341 294 287 109 1,969 1,270 481 422 689 123 221 1,208 1,064 596 621 721 2,515 14,100
2007 195 1,247 225 260 135 1,622 1,105 419 407 638 111 199 1,126 920 534 595 664 2,292 12,694
Change
13.3% 7.5% 30.7% 10.4% 19.3% 21.4% 14.9% 14.8% 3.7% 8.0% 10.8% 11.1% 7.3% 15.7% 11.6% 4.4% 8.6% 9.7% 11.1%
’09
Williamson County Regional Airport passengers
108 107 106 105 104 103 102 101 100 99 98 97 96 95 94 93 92 91 90 89
The Flash Index is an early indicator of the Illinois economy’s expected performance. It is a weighted average of growth rates in corporate earnings, consumer spending and personal income. An index above 100 indicates expected growth; an index below 100 indicates the economy is contracting.
Nov 09 91.0
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
Q3 09 Alexander Franklin Gallatin Hamilton Hardin Jackson Jefferson Johnson Massac Perry Pope Pulaski Randolph Saline Union Williamson ILLINOIS
6 67 7 1 4 128 81 16 13 23 2 2 34 28 27 186 32,460
Q3 08 4 84 6 2 1 137 98 22 27 36 3 3 34 33 26 168 32,358
SOURCE: ILLINOIS ASSOCIATION OF REALTORS
Change
50.0% 20.2% 16.7% 50.0% 300.0% 6.6% 17.3% 27.3% 51.9% 36.1% 33.3% 33.3% 0.0% 15.2% 3.8% 10.7% 0.3%
2008 17 276 NA 7 0 383 332 78 112 126 10 13 149 80 101 639 107,075
2007 32 332 NA 8 0 467 381 92 128 149 9 4 136 78 91 705 140,378
J
A
S
O
N
Hotel/motel stats
Consumer Price Index The CPI measures average price changes of goods and services over time, with a reference base of 100 in 1982-84.To put into context, a current CPI of 194.5 means a market basket of goods and services that cost $100 in 1982-84 now costs $194.50.
June 09 June 08 MONTHLY TOTALS $722,378
Change
$1,298,545 44.4%
YTD TOTALS $3,793,841
220
U.S. city average Oct 09 216.2
218
$6,900,380 45.0%
2007 ANNUAL TOTALS
2006
Change
$7,330,500
Change
MEDIAN SALES PRICE Q3 09 Q3 08
46.9% 16.9% NA 12.5% 0% 18.0% 12.9% 15.2% 12.5% 15.4% 11.1% 225.0% 9.6% 2.6% 11.0% 9.4% 23.7%
$37,450 $59,500 $40,000 $142,500 $76,500 $104,500 $84,200 $44,000 $56,500 $42,500 $75,750 $47,500 $68,500 $54,200 $79,000 $98,750 $165,000
Total units sold, including condominiums
J
Total amount of revenue generated in Carbondale by hotels and motels for room rentals only.
216
214
212
2.6% 210
Home sales
M
SOURCE: INSTITUTE OF GOVERNMENT AND PUBLIC AFFAIRS, UNIVERSITY OF ILLINOIS
$7,520,985
SOURCE: ILLINOIS SECRETARY OF STATE’S OFFICE. LATEST DATA AVAILABLE.
3.4 81 3.7 80 2.4 2.5 78 3.2 76M A M J J A S O N D J F M A M J J A S O 1.5 3.7 SOURCE: FEDERAL RESERVE BANK OF CHICAGO 2.1 1.4 2.2 2.2 1.9 Nov 09 Nov 08 Change 2.7 2.5 MONTHLY TOTALS 2.6 343 201 70.7% 2.1 YTD TOTALS 2.2 2.2 1,062 1,073 1.0% 3.1 2008 2007 Change 4.0 ANNUAL TOTALS 3.6 2,636 2,521 4.6% ’08
N
$30,240 $48,000 $42,500 $117,450 $30,000 $104,500 $70,000 $86,250 $68,000 $56,500 $73,000 $75,000 $74,250 $35,000 $70,250 $99,500 $189,500
Midwest urban Oct 09 205.7
208
Change 23.8% 24.0% 5.9% 21.3% 155.0% 0.0% 20.3% 49.0% 16.9% 24.8% 3.8% 36.7% 7.7% 54.9% 12.5% 0.8% 12.9%
206
204 200 O
N ’08
D
J
F
M
A
M J ’09
J
A
S
O
SOURCE: U.S. DEPARTMENT OF LABOR
Prices at the pump Average price per gallon of regular, unleaded gas as of Dec. 10 and Nov. 17, 2009.
Dec 09 Metro East Springfield Illinois U.S. SOURCE: AAA
$2.69 $2.60 $2.68 $2.63
Nov 09 Dec 08 $2.61 $2.58 $2.69 $2.63
$1.60 $1.62 $1.66 $1.68
S
O
U
T
H
E
Retail sales for Southern Illinois cities City Anna Benton Carbondale Carterville Chester Du Quoin Harrisburg Herrin Jonesboro Marion Metropolis Mount Vernon Murphysboro Nashville Pinckneyville Red Bud Sparta Vienna West City West Frankfort REGION ILLINOIS
YTD Sept 2009
2008
2007
2006
2005
2004
86.2 52.6 420.1 29.5 39.7 75.6 145.0 110.3 9.2 511.3 57.2 359.3 97.4 67.4 28.0 51.9 95.0 27.6 69.5 83.2 $2,285.5 $104,160.6
113.3 71.4 587.7 40.1 51.5 91.9 179.3 135.9 12.4 673.4 75.9 482.8 117.1 101.8 39.0 77.7 130.5 40.5 89.6 111.2 $3,223.0 $237,438.0
112.3 72.4 607.4 40.3 51.7 94.4 173.6 134.4 11.3 662.4 79.8 461.5 94.9 105.2 35.8 73.7 129.5 39.8 82.8 111.4 $3,174.7 $180,162.7
111.7 75.0 610.4 39.9 54.0 103.1 168.5 137.5 11.5 592.7 74.8 501.0 93.0 105.7 41.7 82.5 133.1 36.9 77.7 106.8 $3,157.6 $173,362.8
109.7 70.4 579.4 32.7 51.1 95.0 164.9 127.9 11.5 545.9 69.4 475.3 94.6 101.1 38.0 82.5 127.7 32.7 70.8 102.3 $2,983.0 $167,459.0
112.2 71.6 544.9 32.4 50.8 99.9 160.2 122.4 10.7 525.3 73.4 462.4 90.5 103.6 37.9 75.9 121.7 32.7 70.9 105.9 $2,905.3 $159,201.4
R
N I L L I Chicago Fed Midwest % change 04-08 Manufacturing Index
0.98% 0.28% 7.85% 23.77% 1.38% 8.01% 11.92% 11.03% 15.89% 28.19% 3.41% 4.41% 29.39% 1.74% 2.90% 2.37% 7.23% 23.85% 26.38% 5.00% 10.94% 49.14%
The CFMMI is a monthly estimate by major industry of manufacturing output in the Seventh Federal Reserve District states of Illinois, Indiana, Iowa, Michigan and Wisconsin. It is a composite index of 15 manufacturing industries, including auto and steel, that uses electrical power and hours worked data to measure monthly changes in regional activity. It is compared here to the national Industrial Production index for Manufacturing (IPMFG). Base year is 2002. Starting in November 2005, the index excluded the electricity component. 115 114 113 112 111 110 109
IPMFG Oct 09 99.1
108 107 106 105 104 103 102 100
SOURCE: LATEST STATISTICS AVAILABLE FROM THE ILLINOIS DEPARTMENT OF REVENUE. FIGURES ARE IN MILLIONS.
98 94
Unemployment rates for Southern Illinois counties, state and nation Labor force Alexander Franklin Gallatin Hamilton Hardin Jackson Jefferson Johnson Massac Perry Pope Pulaski Randolph Saline Union Washington White Williamson .,REGION ILLINOIS U.S.
3448 17,460 2,664 4,014 1,765 32,313 20,230 5,025 7,314 9,321 1,898 2,949 15,135 12,571 8,390 8,030 7,661 34,767 194,955 6,633,769 153,975,000
Jobless 399 2,616 290 389 222 2,510 2,144 536 621 1,181 218 352 1,472 1,451 946 670 665 3,435 20,117 697,903 15,700,000
Oct 2009 11.6% 15.0% 10.9% 9.7% 12.6% 7.8% 10.6% 10.7% 8.5% 12.7% 11.5% 11.9% 9.7% 11.5% 11.3% 8.3% 8.7% 9.9% 11.3% 10.5% 10.2%
Sept 2009 11.3% 14.6% 11.0% 9.3% 12.7% 7.3% 10.0% 10.4% 8.0% 11.9% 10.7% 11.9% 9.4% 11.2% 10.8% 8.0% 8.5% 9.6% 10.7% 10.2% 9.8%
Oct 2008 8.2% 11.3% 8.5% 7.2% 9.4% 6.3% 6.9% 8.6% 7.1% 10.5% 8.5% 9.8% 7.0% 9.0% 8.7% 6.2% 6.5% 7.7% 8.2% 6.5% 6.6%
SOURCE: ILLINOIS DEPARTMENT OF EMPLOYMENT SECURITY, U.S. DEPARTMENT OF LABOR. FIGURES ARE NOT SEASONALLY ADJUSTED.
Change month
0.3 0.4 0.1 0.4 0.1 0.5 0.6 0.3 0.5 0.8 0.8 0.0 0.3 0.3 0.5 0.3 0.2 0.3 0.6 0.3 0.4
90 88
Change year
86 84 82
CFMMI Oct 09 82.9
O
I S I N Consumer credit score
D
SOURCE: EXPERIAN
Alexander Franklin Gallatin Hamilton Hardin Jackson Jefferson Johnson Massac Perry Pope Pulaski Randolph Saline Union Washington White Williamson REGION
13 81 21 15 9 97 53 27 28 39 8 10 64 62 39 35 46 151 798
12 101 22 16 12 158 82 26 24 39 9 17 73 90 34 31 56 186 988
A
T
698
Anna
Region
699
692
State
O R S U of I Flash Index
U. S.
Total cars, trucks sold based on title applications filed. Excludes motorcycles, trailers.
New vehicle sales Oct 08
C
694
Credit scores are numeric reflections of financial behavior and credit worthiness, and they are based on information included in a credit report. Ranging from 330 to 830, a higher score means a lower credit risk. Scores are from November 2009.
Oct 09
I
Change
2008
8.3% 19.8% 4.5% 6.3% 25.0% 38.6% 35.4% 3.8% 16.7% 0.0% 11.1% 41.1% 12.3% 31.1% 14.7% 12.9% 17.9% 18.8% 19.2%
169 1,341 294 287 109 1,969 1,270 481 422 689 123 221 1,208 1,064 596 621 721 2,515 14,100
2007 195 1,247 225 260 135 1,622 1,105 419 407 638 111 199 1,126 920 534 595 664 2,292 12,694
Change
13.3% 7.5% 30.7% 10.4% 19.3% 21.4% 14.9% 14.8% 3.7% 8.0% 10.8% 11.1% 7.3% 15.7% 11.6% 4.4% 8.6% 9.7% 11.1%
’09
Williamson County Regional Airport passengers
108 107 106 105 104 103 102 101 100 99 98 97 96 95 94 93 92 91 90 89
The Flash Index is an early indicator of the Illinois economy’s expected performance. It is a weighted average of growth rates in corporate earnings, consumer spending and personal income. An index above 100 indicates expected growth; an index below 100 indicates the economy is contracting.
Nov 09 91.0
M
J
J
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D
J
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A
M
J
J
A
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D
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A
Q3 09 Alexander Franklin Gallatin Hamilton Hardin Jackson Jefferson Johnson Massac Perry Pope Pulaski Randolph Saline Union Williamson ILLINOIS
6 67 7 1 4 128 81 16 13 23 2 2 34 28 27 186 32,460
Q3 08 4 84 6 2 1 137 98 22 27 36 3 3 34 33 26 168 32,358
SOURCE: ILLINOIS ASSOCIATION OF REALTORS
Change
50.0% 20.2% 16.7% 50.0% 300.0% 6.6% 17.3% 27.3% 51.9% 36.1% 33.3% 33.3% 0.0% 15.2% 3.8% 10.7% 0.3%
2008 17 276 NA 7 0 383 332 78 112 126 10 13 149 80 101 639 107,075
2007 32 332 NA 8 0 467 381 92 128 149 9 4 136 78 91 705 140,378
J
A
S
O
N
Hotel/motel stats
Consumer Price Index The CPI measures average price changes of goods and services over time, with a reference base of 100 in 1982-84.To put into context, a current CPI of 194.5 means a market basket of goods and services that cost $100 in 1982-84 now costs $194.50.
June 09 June 08 MONTHLY TOTALS $722,378
Change
$1,298,545 44.4%
YTD TOTALS $3,793,841
220
U.S. city average Oct 09 216.2
218
$6,900,380 45.0%
2007 ANNUAL TOTALS
2006
Change
$7,330,500
Change
MEDIAN SALES PRICE Q3 09 Q3 08
46.9% 16.9% NA 12.5% 0% 18.0% 12.9% 15.2% 12.5% 15.4% 11.1% 225.0% 9.6% 2.6% 11.0% 9.4% 23.7%
$37,450 $59,500 $40,000 $142,500 $76,500 $104,500 $84,200 $44,000 $56,500 $42,500 $75,750 $47,500 $68,500 $54,200 $79,000 $98,750 $165,000
Total units sold, including condominiums
J
Total amount of revenue generated in Carbondale by hotels and motels for room rentals only.
216
214
212
2.6% 210
Home sales
M
SOURCE: INSTITUTE OF GOVERNMENT AND PUBLIC AFFAIRS, UNIVERSITY OF ILLINOIS
$7,520,985
SOURCE: ILLINOIS SECRETARY OF STATE’S OFFICE. LATEST DATA AVAILABLE.
3.4 81 3.7 80 2.4 2.5 78 3.2 76M A M J J A S O N D J F M A M J J A S O 1.5 3.7 SOURCE: FEDERAL RESERVE BANK OF CHICAGO 2.1 1.4 2.2 2.2 1.9 Nov 09 Nov 08 Change 2.7 2.5 MONTHLY TOTALS 2.6 343 201 70.7% 2.1 YTD TOTALS 2.2 2.2 1,062 1,073 1.0% 3.1 2008 2007 Change 4.0 ANNUAL TOTALS 3.6 2,636 2,521 4.6% ’08
N
$30,240 $48,000 $42,500 $117,450 $30,000 $104,500 $70,000 $86,250 $68,000 $56,500 $73,000 $75,000 $74,250 $35,000 $70,250 $99,500 $189,500
Midwest urban Oct 09 205.7
208
Change 23.8% 24.0% 5.9% 21.3% 155.0% 0.0% 20.3% 49.0% 16.9% 24.8% 3.8% 36.7% 7.7% 54.9% 12.5% 0.8% 12.9%
206
204 200 O
N ’08
D
J
F
M
A
M J ’09
J
A
S
O
SOURCE: U.S. DEPARTMENT OF LABOR
Prices at the pump Average price per gallon of regular, unleaded gas as of Dec. 10 and Nov. 17, 2009.
Dec 09 Metro East Springfield Illinois U.S. SOURCE: AAA
$2.69 $2.60 $2.68 $2.63
Nov 09 Dec 08 $2.61 $2.58 $2.69 $2.63
$1.60 $1.62 $1.66 $1.68
12
SOUTHERN BUSINESS JOURNAL
JANUARY 2010
Employment Law R ESU LTS
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R ESU LTS
Amendments to Americans with Disabilities Act expand the number of disabled BY ED RENSHAW SBJ CONTRIBUTOR
As of Jan. 1, 2009, amendments to the Americans with Disabilities Act (ADA) made several changes to the way employers must view potential disability issues in the Renshaw workplace. The amendments and regulations to follow will likely have a great impact on how employers must deal with job applicants and employees claiming disabilities. Remember, the ADA applies only to employers with 15 or more employees. If you have 15 or more employees, you cannot discriminate against a job applicant or an employee based on that person’s disability or your perception of a disability. And, you may have to provide a disabled employee with a reasonable accommodation if the disability limits his ability to perform the essential functions of the job. Under the ADA, a person is considered to be disabled if he or she has a mental or physical impairment that “substantially limits a major life activity.” That definition is unchanged by the amendments; however, since the ADA’s enactment in 1990, major battles have been fought in the courts over the terms “substantially limits” and “major life activity.” The amendments clarify what these terms mean and overturn a great number of court decisions. Simply stated, the amendments’ definitions of these terms are intended to increase the number of people in the workforce who are considered to be disabled. In amending the ADA, Congress determined that the term “substantially” should not mean that
AT A GLANCE
an impairment must significantly or severely restrict an employee. The Equal Employment Opportunity Commission (EEOC) states that determining whether an impairment substantially limits a person is “a common-sense assessment based on comparing an individual’s ability to perform a major life activity with that of most people in the general population.” While this is hardly a clear definition, it is clear that employees will now have a much easier time showing they have a “substantial” limitation. Next comes the question of what things in employees’ lives are “major life activities.” The amendments again expand the definition of the term. Major life activities now include “caring for oneself, performing manual tasks, seeing, hearing, eating, sleeping, walking, standing, sitting, reaching, lifting, bending, speaking, breathing, learning, reading, concentrating, thinking, communicating, interacting with others and working.” In addition to these activities that humans engage in, the amendments also include “bodily functions” in the definition of major life activities. So, the functions of the “immune system, normal cell growth, digestive, bowel, bladder, neurological, brain, circulatory, respiratory, endocrine and respiratory systems” are now considered major life activities. The amendments will further expand the number of people considered disabled by prohibiting employers from considering any “mitigating measures” used by a person to reduce the effects of an impairment. So, although an employee’s medication might permit him to perform his job and live his life with no limitations, the employer must ignore the medication and determine if the employee’s condition without the medication would substantially limit a major life activity. If so, the person is
disabled even though his impairment has little or no effect on any major life activity. The only exceptions to the “mitigating measures” analysis are ordinary eyeglasses and contact lenses that fully correct a person’s vision. If an employee’s vision is fine with glasses, you don’t have to determine what his vision would be like without glasses. Unlike the original ADA, the new regulations also provide examples of conditions that are virtually always considered to be a disability without analyzing how the condition affects each individual. The list includes deafness, blindness, intellectual disability (formerly called mental retardation), missing limbs, impairments requiring a wheelchair, autism, cancer, cerebral palsy, diabetes, epilepsy, HIV/AIDS, multiple sclerosis, muscular dystrophy, major depression, bipolar disorder, post-traumatic stress disorder, obsessive-compulsive disorder and schizophrenia. While this list should simplify the determination of whether a person is disabled, it will likely expand the number of people in the nation qualifying as disabled. All in all, the ADA amendments and regulations will expand the number of people in the work force who must be considered disabled. If a job applicant or employee claims a disability, be prepared to evaluate the claim to determine if the person needs some type of accommodation. While you might not consider the condition to be a disability, the law may have a different opinion. — Edward Renshaw is a partner with the Carbondale law firm of Feirich /Mager/ Green /Ryan. F/M/G/R is a general practice law firm offering a full range of legal services, including labor and employment law, real estate, workers’ compensation, municipal law and estate planning.
BUSINESS OPENINGS Old Southern Country Supply Old Southern Country Supply opened Nov. 2 at 101 Oliver St. in Vienna. Owners Randy and Carolyn Pieroni hosted a ribbon cutting ceremony Nov. 9. The store offers a line of animal feed, pet supplies, bird feeders, horse supplies and various other lines to cater to the needs of local and surrounding communities. The business also offers men’s, women’s and children’s clothing, footwear, accessories, outerwear, hunting, riding and work apparel. Old Southern Country Supply is open from 8 a.m. to 6 p.m. Monday through Friday and 9 a.m. to 1 p.m. Saturday. For more information, call 618-658-4000.
Keegan’s Carnival Keegan’s Carnival opened recently in the food court at Illinois Centre mall in Marion. The restaurant features classic fair food, including corndogs, chicken on a stick, nachos with cheese, caramel apples, cotton candy, ice cream, lemon shake-ups, funnel cakes and more. For delivery, call 618-997-1919.
Uncle Rick’s Auction Barn and Flea Market Uncle Rick’s Auction Barn and Flea Market recently opened at 14209 Illinois 34 east of Benton. Richard Vail is owner. Auctions are conducted at 6:30 p.m. Thursdays and Saturdays with new merchandise Thursdays and new and used merchandise Saturdays. Plans are under way for conducting antique auctions. Flea markets are hosted every Saturday and Sunday. Free outdoor seller spots are available until April. An indoor market barn features booths filled with an array of merchandise by various sellers. A Toys for Tots drive and a coat drive are ongoing this month, and plans are being made to conduct charity auctions. The business is open throughout the week. For more information, call 618-922-3391.
Southern Illinois University Carbondale Congratulates Operation Bootstrap #3 Graduates Alto Pass, James Earles Benton, Kenneth Jones Cambria, Anthony Anderson Donna Hammonds Carbondale, Callie Glasco Sorrel Kunath Evelyn Love Tasha Kimbrough Michael Phillip Jason Willenborg Patricia Littlepage Alicia Oakley Carterville, Charlie Campbell Cobden, Jeff Wallin Creal Springs, Laura Moore Francoise Booton Jerry Moore Du Quoin, Michael Samples Clarence Van Hoorebeke Ellis Grove, Mary Hudson Grand Tower, Doris Alley Herrin, John Skinion Christine Pullen Mary Periman Johnston City, Karyn Golliher Makanda, Rosa Murillo Kelly Drew Marion, Karen Brown Vicky Oakley and Jacinta Alstat Murphysboro, Marquitis Baldwin and Stafania Payton Heather Karg Pinckneyville, Jon McClurken Steeleville, Elaine Haertling Ullin, Terrance Hunt Alka Johnson
www.operationbootstrap.biz Operation Bootstrap is an entrepreneurship training program, hosted through a partnership between the Delta Regional Authority and Southern Illinois University, designed to help train, fund, and launch 102 new companies throughout the southern Illinois region in 2009. For more information about the program, please contact Operation Bootstrap at 618-453-2070 or startbiz@siu.edu.
14
SOUTHERN BUSINESS JOURNAL
JANUARY 2010
Health Care Court cases in Illinois and Florida offer protections for seniors in financial matters BY RICHARD HABIGER SBJ CONTRIBUTOR
Two recent court cases, one in Illinois and the other in Florida, have given seniors protections that have been sorely lacking when banks arbitrarily refuse to honor powers of attorney and when Habiger friends or family seek to undo carefully crafted estate planning documents.
Limitation on power to change estate planning documents not void An Illinois court of appeals has found that a provision in estate planning documents that requires an attorney’s client to consult with the drafting attorney before making changes to the documents does not violate public policy and is in fact “admirable.” In 2006, Charles and Charlotte Dunn hired attorney Lawrence Patterson to draft estate planning documents for them, including a trust, powers of attorney and living wills. Each of the documents contained a provision that required the Dunns to consult with Patterson before amending or changing the documents. A few months later, Patterson received a
letter from attorney Timothy McJoynt saying that he represented the Dunns and that they wished to remove his name from their documents. Patterson responded in writing, stating he would have to meet with the Dunns before agreeing to the modifications or obtain a court order. A lawsuit followed. In court, McJoynt argued that an attorney must follow the direction of his or her client even if the attorney deems the client action to be unwise, illconceived or imprudent. Patterson argued that the consent requirement was designed to protect the Dunns from undue influence or other abuse as they age. The trial court agreed with McJoynt, found the consent requirement void as violating public policy, and imposed sanctions on Patterson. On appeal, the Court of Appeals reversed, finding that the limitation was a reasonable measure designed to protect the Dunns from abuse as they age. Further, the court held that the revocation and amendment provisions of the documents are consistent with the fiduciary duty an attorney owes a client. As a fiduciary, it was not unreasonable for Patterson to insist on a meeting with the Dunns before consenting to modification of their estate plan. The appellate court noted that the elderly are often taken advantage of and the provisions in question were tailored to reduce the risk of undue influence. The
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decks on the back-partially covered with ceiling fans. Garages are 30x22. Stainless steel appliances. Priced to sell. Leased until August 2010. MLS#280607. Offered at $155,000.
HERRIN: This is a unique and beautiful property with SO many potential uses!!! Features are too many to list. The downtown property currently houses 1 LUXURY apartment and 2 businesses. The finished basement also has a full kitchen and bath. EXTREMELY well-cared for!! Please call more information. MLS#276046.
HERRIN: Commercial corner location on Park Avenue. Rear 2 Bays have floor drains, 3 inside water faucets, all utilities new in 1996, Built in 1990. Offered at $90,000. ENERGY COMMERCIAL: Great commercial location! Room to expand in back and on North side. Offered at $99,000. MLS#280439 MLS#273667.
201 N. Park Ave, Herrin • 618-988-1739 109 E. Egyptian Ave., Christopher • 618-724-2600 www.propertywithtlc.com
court held that Patterson’s conduct was not sanctionable; instead, the court found “it admirable and consistent with the highest ideals of the bar.”
Bank pays for refusing to honor power of attorney request In a recent Florida case, Bank of America rebuffed the request of an agent under a durable power of attorney (POA) to withdraw funds from a jointly held account. The agent fought back in court and just won a $64,000 judgment against the bank. Clarence Smith Sr. named his son, Clarence Smith Jr., as his agent under a POA. When his father no longer wanted to manage his own finances, he asked Clarence Jr. to step in as his agent. Clarence Jr. reviewed his father’s account activity and became suspicious about some withdrawals from a bank account that Clarence Sr. owned jointly with a friend from his retirement community. Acting as his father’s agent under the POA, Clarence Jr. asked Bank of America to transfer $65,000 from the account into a new account that listed only his father as the owner. Before doing so, Bank of America contacted the other person named on the account. When she told the bank that she did not want the funds withdrawn and also accused Clarence Jr. of stealing his father’s money,
Bank of America refused to honor Clarence Jr.’s request. The other account owner then withdrew all of the funds from the account and placed them into her own account. Clarence Sr. died several weeks later. Clarence Jr. sued Bank of America under a Florida law that imposes penalties on financial institutions that refuse to honor reasonable requests from agents named in properly executed POAs. In November 2009, after a week-long trial, a Florida jury returned a verdict against the bank and awarded $64,142 to Clarence Sr.’s estate. The jury found that Bank of America had not acted reasonably when it rejected Clarence Jr.’s request, even though the joint owner of the bank account had not agreed to the release of the funds. Bank of America said it plans to appeal. “We believe that neither the facts nor the law support the verdict,” said spokeswoman Shirley Norton. Author’s note: Illinois has a similar law that provides for damages in similar circumstances: 755 Illinois Compiled Statutes 45/2-8. — Richard Habiger is an elder care attorney, who focuses on estate protection, Medicaid and VA benefits, Alzheimer’s and life care planning — all in collaboration with a multi-disciplinary team dedicated to helping seniors and their families. You may contact him at 618-549-4529.
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Retirement Plans, Retirement Planning, Minimum Distributions, etc.
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JANUARY 2010
Wood to serve on board
SOUTHERN BUSINESS JOURNAL
15
Achievements AWA R DS
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P RO M OT I O N S
Commission for Early Care and Education Programs. David Wood of Wood The center at 1007 W. California St. is Forensic/Valuation Services in Mount licensed for 122 children and serves Vernon has been elected to serve on the National Association of Certified Valuation children ages 6 weeks to 12 years old. Parents and community members are Analysts’ Ethics Oversight Board. The entire NACVA membership had the being surveyed to see if there is a need to offer services on nights and weekends. opportunity to vote in the nationwide For more information, call owner Robin election. Wood was one of nine people Moore at 618-922-8445. nominated to serve on one of two available spots on the board. Wood will serve a three-year term on the board. Myers earns career car Mary Kay independent sales director Adrienne Myers of Zeigler recently Hughes opens Allstate office earned the use of a new Chevy Equinox as a Allstate exclusive agent Laura Hughes opened an insurance office Nov. 2 at 305 S. result of her outstanding achievements in operating her Mary Kay business. University Ave. in Carbondale. This is the second career car Myers has The Laura Hughes Agency is open from earned since she began her independent 8:30 a.m. to 5:30 p.m. Monday through Mary Kay business in October 2007. Thursday, 9 a.m. to 5 p.m. Friday and 9 a.m. to noon Saturday. Hughes can be reached at Advocacy center accepted 618-549-2299. Perry-Jackson Child Advocacy Center in Pinckneyville has been accepted as an accredited member of National Children’s Five Star Industries reaccredited Five Star Industries Inc. in Du Quoin has Alliance, joining more than 450 other member programs across the U.S. been reaccredited by the Council on Organizations can be recommended for Accreditation. membership following an extensive The COA reaccreditation process application and site review process to involves a detailed review and analysis of an organization’s administrative operations determine compliance with NCA standards. and its service delivery practices. All are measured against national standards of best practice. USDA honors Old National Bank Old National Bank recently was recognized as one of the state’s top lenders Monchino accepts award Holiday Inn Hotel & Conference Center in utilizing guaranteed home loans to make home purchases more affordable in rural in Carbondale has received the 2009 Illinois. InterContinental Hotels Group Quality The U.S. Department of Agriculture Excellence Award. Rural Development annually honors The hotel was recognized during the lenders that excel in using the federal 2009 IHG Americas Investors and agency’s guaranteed loan program to Leadership Conference Nov. 11 to 13 in increase home ownership. Washington, D.C. Mike Monchino of Monchino Management, LLC accepted the award. Twenhafel joins John Deere, Polaris IHG is the world’s largest hotel group by William Nobbe & Co., Inc., the area’s number of rooms. Holiday Inn Hotel & John Deere and Polaris organization, has Conference Center in Carbondale is one of recently hired Roger Twenhafel of 107 properties selected from the Murphysboro to work in its John Deere company’s more than 4,300 hotels in Turf division. recognition of overall quality excellence. Twenhafel’s responsibilities will include lawn and garden and ATV sales, along with John Deere Consumer Work Products Robin’s Nest earns accreditation (CWP) such as skid steers, excavators and Robin’s Nest Learning Center in Carterville has been awarded accreditation backhoes. William Nobbe & Co., Inc. is a fourthrough the National Accreditation
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generation company that has additional facilities in Waterloo, Jerseyville and soon in Scott City, Mo. Twenhafel can be reached at the store, 5665 Illinois 4, in Steeleville.
Coracy attends conference David Coracy of B and A Travel Service recently attended the 2009 Authorized Disney Vacation Planners conference at Walt Disney World Resort in Orlando, Fla. Information on all of Disney’s vacation destinations may be obtained by contacting B and A Travel Service in Carbondale or Marion or online at www.bandatravel.com.
as well as Southeast Missouri. Founded in 1997 by CEO Chip Wilson, Lighthouse Leadership Solutions specializes in four basic services: open forum workshops, high performance training, consulting and e-learning. For more information, call 800-5926510.
Sievers opens SI Elder Law
Tiffanny Sievers has opened SI Elder Law at 411 1/2 N. Court St. in Marion to help protect the assets of seniors needing long-term care. The firm’s managing attorney, Sievers has a Juris Doctorate from Southern Illinois University and is accredited by the Veterans Administration. The firm provides estate protection and Wilbanks joins MetLife Steve Wilbanks has joined MetLife as a disability, VA and Medicaid assistance. Sievers has years of elder law experience financial services representative in working for Habiger and Associates Elder Edwardsville. Law Office in Carbondale. She also has Wilbanks has more than 10 years of service and experience in the financial and practiced workers compensation and personal injury law in Springfield and insurance industries. He is a former member of the Du Quoin and Pinckneyville Marion. For more information, call 618-997Chambers of Commerce. 3500.
Garden of Eden Learning Center Garden of Eden Learning Center recently opened at 2315 N. Park Ave. in Herrin. Christine Pullen is director. The learning center, which offers a Christian-based curriculum, is licensed by DCFS and serves children ages 2 to 5 years old. It is open from 6:30 a.m. to 6 p.m. Monday through Friday. For more information, call Pullen at 618-988-9700.
Rushing celebrates 30 years Country Financial representative Dan Rushing of Metropolis is celebrating 30 years of service for customers in the Shawnee Agency area. During Rushing’s career with Country Financial, he has been named an All American 10 times and was Agency Manager of the Year for District 5 in 2004. He serves clients from his office at 1436 W. 10th St., in Metropolis. He can be reached at 618-524-2629.
Business serves Southern Illinois Lighthouse Leadership Solutions, a new training and consulting business based in Jackson, Mo., is serving Southern Illinois
ISP District 19 conducts auction Illinois State Police District 19 headquarters in Carmi recently conducted its annual in-house charity auction. Retired District 19 troopers and current staff members, along with local business owners and vendors, donated the various items that were auctioned off. More than $4,350 was raised. As a result of the auction, District 19 will be able to donate $625 to a charitable organization already identified in each of the seven counties the district serves. The donations are being made to organizations coordinating programs for underprivileged children in the area this holiday season.
Let the region know Have you been promoted? Has a colleague at work completed an intensive continuing education program? Others in the business community will want to know it, so please consider passing on your milestone employment news to Southern Business Journal. Feel free to e-mail the information to sbj@thesouthern.com or fax a written update to 618-457-2935.
JANUARY 2010
Building permits Carbondale DG Rentals, 801 W. Walnut St., $1,800 Stephen Shappard, 707 W. Pecan St., $5,000 Gerlad Oslance, 601 N. Almond St., $500 Jim Foerster, 802 N. Bridge St., $4,000 Charles Vaught, 620 S. Glenview Drive, $4,000 American Eagle Homes, 405 Deer Trail, $185,000 Absolute Auto Body, 2211 Sweets Drive, $175,000 Sur yanarayaniah Rajan, 112 S. Lark Lane, $45,000 Ellen Schmulbach, 3170 W. Chautauqua St., $10,000 Hangar 9, 511 S. Illinois Ave., $300,000 Clarence and Barbara Dillinger, 808 N. Bridge St., $700 Hess Properties, 1245 E. Walnut St., $411,000 Sam Burruss Properties, 1241 E. Walnut St., $411,000 Frank Owens, 209 W. Willow St., $59,000 Bernard and Jane Jones, 3010 W. Alveria Drive, $1,600 Daryl and Jennifer Kroner, 1430 Bradford Lane, $30,000 Sherpa Group, LLC, 901 S. Oakland Ave., $500 Verizon Wireless, 601 S. Lewis Lane, $5,000 Southern Illinois University, Arena and Athletic Building, $23,745,788 Southern Illinois University, Stadium, $11,085,049 Southern Illinois University, Parkinson Hall, $150,000 Southern Illinois University, Faner Hall, $2,500,000 John Hoke, 201 W. Park Lane, $25,000 Anh Duyen Luong, 110 Archelle Drive, $4,100 Reginald Wilson, 1038 N. Robert A. Stalls Avenue, $32,000 Monica Spiegel, 516 N. Oakland Avenue, $2,500 James May, 606 N. Almond Street, $10,000 Marguerite Bowen Trust, 207 N. University Avenue, $700 E.H. Shay, 1601 E. Walnut Street, $500 Lucien Emery Dervan, 1608 W. Briarwood Drive, $15,000 Cathy A. Loomis, 614 S. Glenview Drive, $7,000 Robert J. Brown, 404 W. Pecan Street, $1,000 Bud Goeke, 504 W. Mill Street, $500 The Quads Apartments, 1207 S. Wall Street, $69,000
Murphysboro Bruce Martin, 1919 Walnut Street, $9,500 Darrell Eastwood, 2401 Illinois Avenue, $10,296 Cathy Norton, 502 Murphy Street, $800 Eric Reeves, 2143 Edith Street, $1,500 Dave and Vicky Ardrey, 2003 Walnut, $6,000 Jacob and Suzette Povolish, 1022 Steven Lane, $5,735 Jacob and Suzette Povolish, 2024 Hortense, $5,000
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Business Fine Print PERMITS | LIENS | BANKRUPTCIES Bizzell, Robert, 2021 Walnut Street, $30 Mark Phoenix, 14 Louis Wides Drive, $150,000 Jennifer Flynn, 2128 Elm Street, $23,000 Vicki Ardrey, 2234 Dewey Street, $138
Bankruptcies Chapter 7 Edith Alonzo, 673 Berkley Road, Carbondale Lewis Beggs, 43 Marys Lane, Metropolis Carl Broskie, 101 W. Ninth St., West Frankfort Jennifer Arning, 12525 Cypress Road, Richview Michael Allen, 606 N. Adams St., West Frankfort Rebecca Eickmeyer, 806 N. Walnut St., Sesser Jason Alexander, 513 S. 25th St., Herrin Tiffany Hicks, P.O. Box 423, Carrier Mills Stephen Shea, 1025 W. Robinson St., Harrisburg Jami Mathis, 301 S. Maple St., Du Quoin Joshua Jones and Karyn Jones, 7610 Otten Road, Evansville Bruce McCall and Cynthia McCall, 510 W. Barnett St., Harrisburg Robert Ackley, P.O. Box 166, New Haven Rebecca Houston, 2027 Jackson St., Murphysboro Darian Godwin and Scarlet Godwin, 5674 Arctic Fox Drive, Carterville Randall Carmickle and Cynthia Carmickle, 2814 Jones St., Eldorado Paul Taylor and Mildred Taylor, 1609 W. Adams St., Herrin Dorothy Jones, 4490 Gilead Church Road, Simpson Daniel Goins and Shawnenia Goins, P.O. Box 202, Goreville Angela Drumheller, 1003 Strawberry Drive, West Frankfort Rodney Zettler and Carolyn Zettler, 805 E. Florence St., Sesser Thomas Gregory, 25 Emery Lane, New Burnside Dale McCormick and Donna McCormick, 615 E. Buena Vista St., Chester David Minor and Amber Minor, 217 E. Second Street, Ina Chad Reeder and Rachel Reeder, P.O. Box 195, Percy Charles Houseworth and Linda Houseworth, 2511 S. Illinois Ave., Carbondale Harry Tippy and Dianna Tippy, 13051 N. Shoreland Drive, Marion Paul Pyle and Dee Pyle, 1429 S. Ledford St., Harrisburg Jona Rush, 415 Wilson St., Benton Audrey Rudloff, 47 Park Estates, Sparta Evelyn Burnett, 1908 Simmons St., Metropolis Billy Boyster, 503 W. Main St., Sparta Tjuaina Westley, 307 S. Birchlane Drive, Carbondale Carl Lewis, 105 S. Oak St., Sparta Thomas Keener and Lisa Keener, 16763 Mount Zion Road, Benton Tomara Gholson, 12182 Cedar Grove Road, Marion Angela Hall, 211 N. McDyby St., Buckner Charles Gilmore, 171 Hickory Ridge Road, Pomona Steven Kent and Jessica Kent, 201 N. Plum St., De Soto Katrina Phillips, 1216 A. N. Van Buren St., Marion Carol Wahl, 2403 E. Main St., West Frankfort
Stephen Moore and Angela Moore, 103 Cinnamon Lane, Murphysboro Brad Mann, 749 W. Broadway St., Richview Bryan Russell, 12573 Jochum Lane, Pittsburg Debra Gosnell, 621 S. Seventh St., Herrin Lee Bayless, 8289 Bolen Store Road, Thompsonville Melba Easterly, 1002 S. 24th St., Murphysboro Jennilee Schroeder, 206 N. Fourth St., Grayville Robert Butler and Brenda Butler, Route 1, Box 280, Brookport Helen Curry, 896 Airport Road, Metropolis Betty Fleshner, P.O. Box 185, New Haven Brooke Darden, 400 Orange St., Mount Vernon Graham Tamplin, 606 Nora Lane, Mount Vernon Brent Dozier, R.R. 5 Box 141, Fairfield Kim Burmester, 413 E. Pine St., Red Bud Donna Copple, 4456 Gilia Road, Cutler Andrew Brown and Josie Brown, P.O. Box 35, Eddyville Christina Pereida, 403 N. Main St., Zeigler Bertha Acree, 1100 S. Liberty St., Marion Robert Shabazz, P.O. Box 897, Marion Lewellyn Hughes, P.O. Box 11, Mounds Frederick Sappington and Patricia Sappington, P.O. Box 368, Marion Darrell Ward, 1500 Feazel Road, Harrisburg Rayla Griffith, 210 N. Hancock St., McLeansboro Michael Rasberry, 1440 Belknap Road, Belknap Sabrina Wilburn, P.O. Box 219, Jonesboro Crystal Frizzell, 719 N. Illinois Ave., West Frankfort Steven Brannan and Carrie Brannan, 54 S. Thompsonville Road, Thompsonville Travis Roosevelt, 130 W. Walnut St., Albion Gregory Smolley, 15001 White Swan Lane, Woodlawn Steven Kelley and Linda Kelley, P.O. Box 82, Benton Kevin Travelstead, 382 Kelly Lane, Goreville Shannon Wilson and Christy Wilson, 2526 College St., Mount Vernon Judy Levan, 779 Lower Chute Road, Grand Tower Rick Campbell, 1146 CR 2210 N., Carmi Raymond Gorman, 1016 S. Granger St., Harrisburg Ray Farris and Doris Farris, 104 NW Seventh St., Fairfield Ricky Smith and Tracy Smith, 13296 E. Idlewood Road, Mount Vernon Daniel Wilson and Jennifer Wilson, 15 N. Highland Place, Mount Vernon Danette Beers, 810 Maple St., Zeigler James Galiher, 1806 Forest Ave., Mount Vernon Christain Eisenhauer, 2461 S. Illinois Ave., Carbondale
Chapter 13 Karen Miles, P.O. Box 583, Coulterville Terry Conner and Lucinda Conner, 912 Country Road, Pinckneyville Melvin Dysart, 401 W. Kennicott, Carbondale James Rendleman, 6360 Old Illinois 13, Carbondale Jeff Williams and Julia Williams, 25512 Greg Hollow Road, Thebes Marilyn Morris, 1702 E. Picket Lane, Marion Danny Wright and Debra Wright, 536 Fairfield Road, Mount Vernon Deborah Bell, P.O. Box 93, Alto Pass Stanley Newby and Georgia Newby, 5 Trails End, Chester
Herman Ray and Cynthia Ray, 21127 Merryman St., Olive Branch Kess Roberson, 1411 S. Mechanic St., Marion Keith Darter, 3045 Eden Park, Herrin Joshua Foster and Sara Foster, 535 Hiser Road, Murphysboro Paula Huggins, 428 S. Front St., Cobden Dwayne Corzine and Kandi Corzine, 814 Market St., Metropolis Stephen Jordan, 21100 Old Delta Mine Road, Marion Robert Wheat and Michelle Wheat, 52 E. Kaskaskia St., Chester Tyrone Oliver, 2026 Jackson St., Murphysboro David Bloodworth and Shandale Bloodworth, 520 N. Eighth St., Herrin Marilyn McRoberts, P.O. Box 312, Harrisburg Melissa Doody, 1370 Old U.S. 51 North, Anna Frances Klink, 81 Our Lane, Murphysboro Arvel Bradley and Linda Bradley, 800 N. Green St., Anna Joey Williams and Rayna McGee Williams, 1506 Springs St., Chester Lawrence Compton and Bobbi Compton, 66 Squirrel Lane, Ava Adam Sherwood and Tonia Sherwood, 290 Tollgate Road, Anna Donna Serafin, 104 E. Charles St., West Frankfort Mary Jones, 6137 N. Illinois 37, Bonnie Rebecca Smith, 5500 Saline Mine Road, Shawneetown Lillard Warden and Frances Warden, 219 S. Third St., Mound City Gary Webb, 400 Lou Ann Drive, Herrin Charles Tidwell and Carolyn Tidwell, P.O. Box 46, New Burnside Linda Wagoner, 195 Jones Road, Harrisburg Forest Shearer and Holli Shearer, 204 W. Grand Ave., Pinckneyville John Wilson, P.O. Box 1093, Marion Jerry Combs and Nancy Combs, 137 Budd Road, Alto Pass Walter Zeschke and Lisa Zeschke, 1290 Lake Road, Dongola Larry Matheny and Kathryn Matheny, 2225 Ozark Road, Ozark Tracy Heern, 11218 Shadow Road, Marion Randall Demarest and Cheryl Demarest, P.O. Box 182, Norris City Russell High and Dianna High, P.O. Box 236, De Soto John Spring and Kimberly Spring, P.O. Box 235, Grand Tower Randy Muench and Lisa Muench, 308 S. Main St., Red Bud Philippe Sipes and Carman Sipes, 108 Robin Road, Benton Conrad Etherton and Melissa Etherton, 3204 Eagle Drive, Herrin Darrell Shepard and Deborah Shepard, 18708 County Line Road, Jonesboro Brian Orella, 424 Nashville Road, Coulterville Mary Hoppes, 609 S. Sunny Slope St., West Frankfort Ruth Gurley, 807 W. Broadway St., Johnston City Victor Whaley and Nikkole Whaley, 231 Illinois 13, Coulterville
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SOUTHERN BUSINESS JOURNAL
BAGGETT FROM PAGE 3 Despite the fact the Internet has made today the “most connected time in history,” it has also become a period of time when personal communication has hit a low, Baggett said. “That’s all there is to life,” he said of building personal relationships. Baggett last spoke to a Community Leaders Breakfast crowd in February 2007, drawing from hardships in his own life to
JANUARY 2010 deliver an inspirational message. The author of more than a dozen books, Baggett stressed the need for honesty and open communication between leaders and their teams. “First, you have to believe in yourself, and then you must believe in your teammates and community. If not, you’re doomed for failure,” Baggett said. Advance registration is required to attend the Community Leaders Breakfast. Reservations will be taken until Jan. 18. To register, call 618-351-5002 or register online at www.sbj.biz.
RESERVE YOURS TO DAY
JANUARY 2010
SOUTHERN BUSINESS JOURNAL
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Money Matters Want to improve your financial life? Here are some things to think about BY SCOTT MCCLATCHEY SBJ CONTRIBUTOR
This is the year! Yes, you can make 2010 the year you alter your financial life for a better financial future. Let’s look at some steps you might think of taking with the goal of financial McClatchey freedom in mind. No, I’m not talking about those ridiculously obvious steps the usual articles recommend, like “write your goals down” and “set a budget.” Let’s go past the clichés and get into the real issues. Look at your income source, your expenses and your debt. How do you earn income? If you earn it from one source, is there effectively a ceiling on it, or is there real potential for your income to rise in the next few years? Now look at your core living expenses, the ones you can’t avoid (such as a mortgage payment, car payment, etc.). Can any core expenses be reduced? Investing aside, you position yourself to gain ground financially when income rises, debt diminishes and
expenses stay (relatively) the same. Maybe you should pay your debt first, maybe not. If you are a business owner or a professional, for example, you’ll likely always have some debt. Your ultimate goal should be to build wealth – and you can plan to build wealth and minimize debt at the same time. Some debt is “good” debt. A debt is “good” if it brings you income. If you buy a rental property, you’re paying a mortgage, but that’s considered a “good” debt because you’re getting passive income from the rent payments. Credit cards are “bad” debts. If you’ll be carrying a debt for a while, put it to a test. Weigh the interest rate on that specific debt against your potential income growth rate and your potential investment returns over the term of the debt. If the interest rate on that debt looks like it will outpace your income growth and investment returns, then you really should think about paying that debt down fast, because you can’t afford that interest rate. Of course, paying off your debts, paying down balances and restricting new debts all work toward improving your FICO credit score, another tool you can use in pursuit of financial freedom (we’re talking
“good” debts). Implement or refine an investment strategy. You can’t refrain from investing, even when the bears are out. You’re not going to retire on the relatively small elective deferrals from your paycheck; you’re going retire on the interest that those accumulated assets earn over time, plus the power of compounding. Investing can also potentially bring you investment and passive income. Consistent investing, this year and in years to come, has the potential to help you improve your financial life. Manage the money you make on your way to financial freedom. It’s amusing: all these Internet gurus tell you they have a method to make you “financially free” or “debt free,” but few tell you how to manage the money you make. Their notso-subtle message seems to be “succeed and live lavishly” – if you make it financially, you’ve earned the freedom to blow it all on cars, boats and luxuries. How many (former) sports or movie stars can you think of who quickly blew through their cash windfalls and are now poor, or at least not financially independent? This is a classic nouveau riche mistake. If you simply accumulate unmanaged assets, you have money just sitting there
open to risk – inflation risk, market risk, even legal risks. Don’t forget taxes; while not technically a “risk,” they are a threat to your money. The greater your wealth, the more long-range potential you have to accomplish some profound things, provided your wealth is directed. If you want to build more wealth this year or in the near future, don’t neglect the risk management strategy that could be instrumental in helping you retain it. Your after-tax return matters even more than your investment return, so risk management should be an integral part of your overall financial picture. Request professional guidance for the wealth you are growing. A good financial professional will really help to educate you about the principles of wealth building, or wealth preservation if you should be so fortunate to have already accumulated significant assets. You can draw on that professional knowledge and guidance this year and for years to come. — Scott McClatchey is a founder and LPL Financial Adviser with Alliance Investment Planning Group, a Carbondale-based investment firm at 115 S. Washington St. He can be reached at 618-519-9344 or scott@allianceinvestmentplanning.com.
Mark Your Calendar Jan. 6 Beginning Access 2007: 8:30 a.m. to 4 p.m., Room F112, John A. Logan College Center for Business & Industry, 700 College Road, Carterville.
Jan. 7 Beginning Excel 2007: 8:30 a.m. to 4 p.m., Room F112, John A. Logan College Center for Business & Industry, 700 College Road, Carterville. Intermediate Word 2007: 8:30 a.m. to 4 p.m., Room F111, John A. Logan College Center for Business & Industry, 700 College Road, Carterville.
Jan. 19 Beginning Word 2007: 8:30 a.m. to
4 p.m., Room F112, John A. Logan College Center for Business & Industry, 700 College Road, Carterville.
Jan. 20 Intermediate Access 2007: 8:30 a.m. to 4 p.m., Room F112, John A. Logan College Center for Business & Industry, 700 College Road, Carterville. Beginning Access 2003: 8:30 a.m. to 4 p.m., Room F112, John A. Logan College Center for Business & Industry, 700 College Road, Carterville. Time & Stress Management: 8:30 a.m. to 4 p.m., Room F110, John A. Logan College Center for Business & Industry, 700 College Road, Carterville. Cost is $90.
Jan. 21 Intermediate Excel 2007: 8:30 a.m. to 4 p.m., Room F112, John A. Logan College Center for Business & Industry, 700 College Road, Carterville. Beginning Excel 2003: 8:30 a.m. to 4 p.m., Room F112, John A. Logan College Center for Business & Industry, 700 College Road, Carterville. Beginning & Intermediate Adobe Acrobat: 8:30 a.m. to 4 p.m., Room F111, John A. Logan College Center for Business & Industry, 700 College Road, Carterville.
Jan. 22 Beginning QuickBooks 2009: 8:30 a.m. to 4 p.m., Room F111, John A. Logan College Center for Business & Industry,
700 College Road, Carterville.
Jan. 27 Intermediate Access 2003: 8:30 a.m. to 4 p.m., Room F112, John A. Logan College Center for Business & Industry, 700 College Road, Carterville.
Jan. 28 Advanced Excel 2007: 8:30 a.m. to 4 p.m., Room F112, John A. Logan College Center for Business & Industry, 700 College Road, Carterville.
For more information on John A. Logan or to register for classes, call 618-985-2828, ext. 8510 or e-mail cbi@jalc.edu. Cost is $55 unless otherwise noted.