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September 4, 2012
Save Now and Minimize the Tax Bite

CHICAGO — If you haven’t yet set up your own retirement savings plan, you can’t afford to delay

CHICAGO — Whether you’re just getting started in your dry cleaning business or you’ve been around for years, you can’t afford to let your hard-earned dollars get eaten up at tax time. It’s tough enough to earn a decent income these days, and it can be even harder to keep what you earn. That’s why it’s so important to take advantage of every legitimate way to minimize the tax bite on your earned income.

Worrying about your retirement today when the business demands on you are so high may not be at the top of your priority list, but it’s important to understand that retirement savings plans have the double benefit of reducing today’s tax load, thus effectively increasing today’s income, while helping to build that all-important retirement nest egg.

May 9, 2012
Insurance Firm Encourages Dry Cleaners to Work with Local Agents

RONKONKOMA, N.Y. — Local brokers need not be fired to access coverage

RONKONKOMA, N.Y. — Irving Weber Associates (IWA) has been working with local insurance brokers to offer their drycleaning clients protection at competitive rates for many years, but efforts to advise dry cleaners that they don’t need to fire their current broker to gain access to IWA’s insurance program hasn’t reached the audience it had hoped, the company says.

So, IWA has created a new division devoted exclusively to spreading the message that IWA wants to maintain local working relationships while providing dry cleaners and their local insurance brokers access to its coverage, says IWA President Adam Weber.

Christine (Tina) Brazier was selected to head the new division. “We want to educate the dry cleaners and their brokers about their access to our Fabricare Advantage Program, but also educate them on the many coverages designed to provide expanded protection to their business and that are rarely found in their current insurance products.”

John Leidner will serve as broker/agency liaison and Colleen Christner is responsible for marketing support.

March 6, 2012
Brokerage Services Brush-Up

CHICAGO — It’s important to know the difference between full-service and discount brokers

CHICAGO — If you’re one of the millions of Americans who own stocks and bonds, it’s a good bet that you maintain those investments in a brokerage account. Keeping physical possession of stock or bond certificates in this digital age makes about as much sense as stuffing cash under the mattress.

But opening a brokerage account was only your first decision. These days, you must also decide whether to go with a so-called full-service broker or a discount broker, and it’s important to understand the difference.

Discount brokers such as TD Ameritrade, E*TRADE, Charles Schwab and others typically charge between $2 and $20 for individual online trades; full-service brokers such as Merrill Lynch, Morgan Stanley and others charge as much as 10 to 15 times that much. While competition has caused many full-service brokers to reduce commissions lately, on average, you'll still pay $100-$150 for an average trade done through the typical full-service (translation: full-price) broker. And it doesn’t stop there.

January 5, 2012
Where to Find a Safe Haven

CHICAGO — If the crazy ups and downs in the stock market these days have you feeling a little dazed, you have lots of company. For many savers and investors, trying to find a safe haven for whatever cash is left in their portfolios has become a top priority. Unfortunately, investing cash these days is no less daunting than investing in the stock market.

If you have a brokerage account, there’s a good chance that your broker has recommended that any cash in your account be swept automatically into a money market fund. These so-called “sweep” accounts currently hold billions of dollars — money that is probably doing a lot more good for the brokerage firms than for their customers. Money market funds, on average are paying about 0.03% interest (that’s three one-hundredths of 1% — a paltry $30 interest per year for every $100,000).

Most banks offer money market deposit accounts, which are similar to money market funds but differ in several important ways.

October 25, 2011
Pessimism Abounds in Municipal Bond Market

CHICAGO — When it comes to investing your money, there’s more than enough pessimism to go around, and nowhere is it easier to find than in today’s municipal bond market. Many state and local municipalities are facing the toughest budget problems they have ever seen. California, Illinois and New Jersey are among the states wrestling with money woes. Major cities such as Philadelphia, Atlanta, and Columbus, Ohio, are on a long list of municipalities looking at major tax increases and/or cutting of services and personnel as a last resort for rising above an enveloping debt crisis.

Marilyn Cohen, president and CEO of Envision Capital Management, describes the current bond market as “the biggest slow-motion train wreck I've ever seen.”

August 16, 2011
Your Money: Leaning Toward Alternative Investments

CHICAGO — Judging from my e-mail, it’s not difficult to find savers and investors who are questioning the conventional wisdom when it comes to investing their money. With the stock market on an erratic, volatile course that seemingly leads nowhere, and yields on cash investments such as money markets and CDs almost nonexistent, more and more income-seeking investors are breaking the old rules by dipping a toe in waters they would have considered too risky a few years ago.

Instead of sticking to the philosophy that calls for portfolios laced solely with a careful mix of quality stocks, well-rated bonds and cash, these hardy souls are venturing into eyebrow-raising investments such as junk bonds, commercial real estate, options like puts and calls, and equities in emerging markets in an effort to improve the anemic and unpredictable returns they’ve been enduring of late. According to one adviser, taking on even a little more risk requires overcoming fear of foreign markets.

August 22, 2008
The Three Snags of Purchasing a Drycleaning Business

For almost two decades, Butler Capital Corp. has collaborated with business brokers throughout the country who handle the buying and selling of businesses. During that time, Butler has developed significant experience in financing business acquisitions in the drycleaning and coin laundry industries.

January 6, 2008
Urban Renewal: Inside The Winner of Best Plant Design

NEW YORK — After years of searching in one of the highest-priced real estate markets in the nation, Meurice Garment Care operator Wayne Edelman got an unexpected call from his broker. There was a building available in the Bronx that might be able to house a large drycleaning plant. Edelman immediately got up from his desk and went to meet the broker.