Strictly Business

Consumer Bill of Rights Regarding Tax Preparers

To read a copy of New York State's Consumer Bill of Rights Regarding Tax Preparers, click here.

Buffalo Auto Show drawing crowds, GM plant reviving.

From Business Today:

Car enthusiasts came from all over Western New York Wednesday for opening day of the Buffalo Auto Show. Whether they were checking out the concept cars, such as the Fisker Karma Hybrid sportscar and Can Am Spyder motorcycle, or looking for the next vehicle to park in their own driveway, there was plenty of action at the Buffalo Niagara Convention Center. The event is put together by the Niagara Frontier Automobile Dealers Association.

A Wheatfield real estate developer is stepping into a new venture. Calamar Enterprises will launch Calamar Family Asset Management. The new business division will advise new heirs of family businesses or estates who don't have the experience or desire to manage their inheritances.  

The division will be headed up by Daniel G. Kantor, a veteran business owner and nonprofit executive.

There's new life at a long vacant section of General Motors' Tonawanda plant. GM is opening an on-site training center as it gears up for three new engine lines. It is also going to use the site to put together kits of parts that workers on the engine lines use, to make the process go smoothly.

GM will revive Plant 4 on Kenmore avenue which has been mostly unused for the past several years.

After members of the Lancaster Industrial Development Agency voiced concerns about their longtime general council, IDA chairman Dino J. Fudoli is considering a switch.

Longtime general counsel Dominic J. Terranova and bond counsel Nathan Neill, who have served the IDA for more than 20 years, could be replaced. Lawyers from Phillips Lytle or Magavern Magavern Grimm were offered as new candidates at Tuesday's board meeting.

A Batavia manufacturer has landed a valuable batch of orders. Graham Corp., which makes vacuum and heat transfer equipment, has won more than $3.5 million in orders for equipment that will be used on projects in the energy industry.

Who is getting hired, promoted and honored?

Here's another look at the Can Am Spyder:

Cyclorama Building gets a new tenant

From Business Today:

The Cyclorama Building will be vacant no more. Lumsden & McCormick LLP, one of the area's largest independent certified public accounting firms, has signed a 15-year lease for the 26,000-square-foot building. The accounting firm is currently in the Brisbane Building at 403 Main Street, but will make the move to 369 Franklin Street in July. The building is owned by Frank Ciminelli.

 Eberl Iron Works, founded in 1923 in Buffalo, is now in its third generation of
family ownership. Two cousins, Nora E. Eberl and John C. Eberl are taking the reins. Nora is the company's new chief financial officer, while John is the company's new chief executive officer. Their grandfathers were Eberl's founders. The company makes  metal framing, struts and custom commerical sheet metal.

M&T Bank Corp. won 12 Excellence Awards for Small Business Banking in the 2011 study by Connecticut -based Greenwich Associates. It received more awards than any other bank included in the study--and there were 750 of them. M&T Bank has been rated the nation's best bank for small companies, according to the businesses surveyed.

New bankruptcy cases in Buffalo and Rochester were down by only
2.1 percent in January. Filings fell 20 percent last year, but seem to be leveling off.

There were 425 petitions last month, down from 434 a year ago, according to the Bankruptcy Court. It's the second lowest January total in more than 10 years.

Car lovers start your engines. The Buffalo Auto Show starts today.

Who is getting hired, promoted and honored?

Super Bowl ads good for local affiliate

From Business Today:

During the Super Bowl, all eyes may be on the national commercials that spend millions of dollars to air their ads in front of the the large, diverse audience the football game brings. But local NBC affiliate WGRZ was much more interested in what local advertisers were doing. That's because they were alloted enough time to air about 15 commercials during the game, selling the slots to local advertisers for an estimated $12,000 to $17,000 apiece.

Home sales increased in December. Sales rose 4.2 percent to 774 in December from 743 during the same month the previous year. Sales were up 10.4 percent from November's 701 sales, making it the largest December number since the glory days of 2006 and 2007. Newly listed sales were up 13 percent. The positive sales results are being attributed to the region's stretch of unseasonably mild weather.    

Profits were up at Astronics Corp. during the fourth quarter.  Profits rose 16 percent to $5.2 million, or 40 cents per share, from $4.5 million, or 35 cents per share, a year ago. The increase is attributed to strong growth in the company's aircraft cabin electronics sales. That strength offset losses in the company's test systems business. Astronics Corp. is an East Aurora-based maker of aircraft lighting and electronics products.

 Who is getting hired, promoted and honored?

Here is one of the only local ads local advertising representatives found memorable:

Real estate sales and teacher woes

From Business Today:

Check out the real estate listings for Erie and Niagara Counties for the week ending Dec. 30. The highest price paid in Erie County was $1.27 million, while the average price was $151,137. In Niagara County, the highest price tag was $351,250 with an average sales price of $90,520.

Competition is intense in Western New York for jobs in education. The teacher's union estimates that 17,000 positions have been lost over the last two years, and further cuts are being made due to budget restrictions. At the same time, colleges are pumping out more and more teachers, and graduates are going years without landing work. In elementary education, local experts estimate there are 1,500 applicants for every one job opening.

 This week's Strategy for Success looks at Nadja Foods, the empire built by Nadja Piatka and the low-calorie, low-fat snacks she sells at restaurant and grocery chains. Piatka traces the steps she took to build her Buffalo-based business even when times were tough and creditors were beating down her door. Today, her recipes are mass produced and sold at such powerhouse corporations as McDonald’s, Subway, Wegmans and Price Chopper supermarkets.

Who is getting hired, promoted and honored?

From MoneySmart:

What did you think of this year's crop of Super Bowl commercials?

State pension reform approaching

From Business Today:

The local business community is getting behind a proposal by Gov. Andrew Cuomo. Cuomo's Tier VI pension reform aims to control state employee pension costs and save $123 billion over 30 years by limiting benefits for new hires. Andrew J. Rudnick, president and CEO of the Buffalo Niagara Partnership, and Heather C. Briccetti, president of the Business Council of New York State, came out in support of the plan Thursday, saying the reform is a good step toward getting the state into better financial shape and making the region more friendly to businesses. But not everyone is happy about it.

Profits slipped at Lake Shore Bancorp during the fourth quarter. The Dunkirk-based parent company of Lake Shore Savings Bank saw profits dip 34 percent. The decline is attributed to a $500,000 write-down for an investment the bank made in an unnamed payment processing startup. Profits were $587,000, or 10 cents per share, down from $895,000, or 16 cents per share,  during the same period last year.

Five Star Bank will eliminate its top executive position in retail banking, a position that paid $426,757 last year. The Warsaw-based Financial Institutions subsidiary attributed the move to improving the company's efficiencies. The duties filled by the former executive vice president of the bank and regional president for the bank's Western Region,John J. Witkowski, will now be doled out to other executives. Witkowski is a former NFL quarterback.

Wegmans has issued a recall of hard-cooked eggs and prepared foods made with them. Eggs sourced at Minnesota-based Michael Foods were found to contain the bacteria that causes listeriosis, which can result in illness and death.

The eggs were sold hard-cooked, pickled and Kosher and also used to make prepared foods. Fresh eggs are not affected.

No illnesses have been reported associated with the recall.

Who is getting hired, promoted and honored?

 Happy Friday!

Exporting can help the bottom line.

From Business Today:

Small businesses hoping to export goods overseas can look to the Export-Import Bank of the United States for help. The Washington, D.C.-based bank is the federal government's export credit agency. It helps small businesses with trade financing they might not be able or willing to get from private lenders. Representatives from the bank were in town this week to visit small businesses in the region, such as Buffalo's Advanced Machine Design, a manufacturer of presses and other equipment.

There are signs of new life at a struggling Amherst country club. Westwood Country Club has added 80 new members since it was sold to its restaurant's owners a month ago. Hopes are high that the influx of new people--and their money--will continue, breathing new life into the club and sparking a financial turnaround. Windows on the Green owners Todd Sugarman and Jon Cohen bought the 67-year-old club for about $3 million and have vowed to get to work on renovations and upgrades. The duo discounted membership rates to bring new people in, but so far have only broken even in terms of membership. The club needs to recruit at least 120 more members if it wants to remain viable.

Who is getting hired, promoted and honored?

I wonder if the Underhills will become members at Westwood?

A billion reasons to feel good about the local economy.

From Business Today:

Gov. Cuomo announced $1 billion in economic development funds for the Buffalo region. Now the Western New York Regional Development Council is looking for someone to help them spend it.

The council is looking for consultants qualified to help it find the right companies to invest in the region and share in the pot of state money. It wants someone who has experience and expertise helping municipalities recruit businesses.   

 Local business leaders are feeling good about the future, according to a new survey. Upstate New York's private sector businesses reported feeling more optimistic about business conditions.

In fact, the Buffalo Niagara region's optimism is scoring higher than that of our neighbors in Rochester, Syracuse and Albany. We have higher expectations about overall business conditions here, but are specifically optimistic about revenues, profits and new-worker hires as we face the year ahead. The annual survey was sponsored by First Niagara Financial Group.

If a federal trade proposal is passed, it could hurt companies like Niagara Falls' Globe Metals. Sen. Charles Schumer is taking a stand against the proposal.

The U.S. Commerce Department’s Foreign Trade Zone Board is considering whether to license three foreign trade zone “subzone” applications that would allow for preferential access to imported silicon metal from China and Russia. 

Schumer said foreign metals would be unfairly low in price, hurting business at Globe Metals. He sent a letter saying so to the Board.

A local auto repair company has found itself in hot water with the Equal Employment Opportunity Commission. Millwood-based Mavis Discount Tire, which owns 110 Cole Muffler shops, is being sued by the EEOC.

The EEOC said Mavis discriminated against women applying for jobs at Cole Muffler shops, turning them down for positions even when they were more qualified than male applicants.  

Who is getting hired, promoted and honored?

Do you prefer the American or the UK version of the Office?

Minimum wage debate

From Business Today:

Albany is proposing a raise in the minimum wage, from $7.25 to $8.50 per hour. There's some debate over whether that is a good thing.

Workers say the extra scratch would be a welcome boost as they attempt to eke out a living. But some employers are fighting the change, saying it will increase their cost of doing business.

The New York State Energy Research Development Authority rolled out its On-Bill Recovery Loan program Monday. The program allows homeowners to finance energy-efficient upgrades through NYSERDA, rolling the payments into their monthly utility bill. The amount of the monthly payment is designed to mirror the amount of savings realized by the home improvements, to keep utility bills down.

A Buffalo Internet service provider is raising its expectations and its stock price as it gets ready to take itself public next month. Synacor had originally planned to raise $75 million with it's initial public offering. But now, with profits expected to jump from $3.8 million to $4.2 million, Synacor said it expects to sell 7.8 million shares at $10 to $12 each, resulting in $94 million.

BlueCross Blue Shield of Western New York's parent company HealthNow New York is making a major change to its computer system. Within five years, HealthNow will transition away from its current Facets operating system, and move into the Core Operating System Transition (COST) will eventually be hosted at another arm of Blue Cross in South Carolina.  

Who is getting hired, promoted and honored?

It's only Tuesday? Really?

Business leaders need to lead

From Business Today:

The Buffalo News' 20th annual Prospectus issue was delivered Sunday. The special, expanded business magazine looks at what 2012 has in store for Western New York companies. What does the Buffalo Niagara Enterprise have in mind for $1 billion in promised state money? Wondering what decor trends will be hot for interior designers and home stores? Want to check in on Niagara Falls' progress as it makes over downtown? Want to see First Niagara CEO John Koelmel deliver a fantastic keynote speech at the Prospectus premiere dinner? It's all here.

The Elmwood Village will get a new fitness center. Best Fitness is set to open at 2001 Elmwood Avenue, in the site of the former Buffalo Wild Wings. The 24-hour gym plans to open its doors by late spring or early summer. It's the second Best Fitness location in Western New York, owned by a private New Hampshire company that has a total of 10 gym sites in New York, New Hampshire, Massachusetts and Pennsylvania.

If you don't think the assessment on your home is fair, you have options.

Experts suggest making sure your municipality has the correct information about your home, research what comparable homes in your neighborhood have sold for and make sure you file your grievance by your town's deadline.

 From MoneySmart:

Thieves never stop thinking up new ways to steal and scam. MoneySmart outlines what the FBI and the Better Business Bureau call the latest and most prevalent scams and tells you how to identify them, avoid them and keep yourself protected.

Who is getting hired, promoted and honored?