Nearly half of all small-business owners surveyed by KeyBank will delay retirement. Shawn Cole, district retail leader for Colorado, said a poll of 976 small-business owners showed contradictions between finances and retirement planning. Many small-business owners are putting most of their emphasis on the business and its immediate concerns, while tending to ignore long-term planning.
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While Colorado is holding steady amid the nation’s economic turmoil, Jeff Thredgold, Vectra Bank Colorado’s corporate economist, anticipates some effect on the state’s small businesses as personal income growth weakens. Statewide job growth has hovered in the range of 2 percent to 2.5 percent for the past three years. Vectra’s Colorado Small Business Index registered 92.8 for February, up from a revised 90.1 during January.
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Companies should plan now in order to maximize business tax breaks from the 2008 Economic Stimulus Act, said Ken Majerus, senior manager at BiggsKofford. The bulk of the relief expires at the end of this year, and Congress is unlikely to extend it. “The best place to start may be with bonus depreciation,” Majerus said. “Companies can write off 50 percent of the cost of new assets placed in service in 2008, and the remaining 50 percent of the cost is recovered via depreciation under the normal rules.”
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“A lot of you are wondering what in the world is going on with the credit crisis and the financial crisis,” said Steve Forbes, chairman and chief executive officer of Forbes Media LLC and editor-in-chief of Forbes magazine. On Monday morning, he spoke to an audience at The Broadmoor for the Torreano Group of Northwestern Mutual Financial Network.
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As Donna O’Bryant likes to say, “100 percent of Americans know there’s a 50 percent chance their candidate won’t get elected.” By now, everyone knows whether or not his or her candidate of choice was elected. And if the person you voted for did not win — “take comfort in knowing there are a lot more moving parts in the White House than just who’s elected president,” said O’Bryant, a local financial adviser for Edward Jones.
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Having a “diversified” portfolio is all the buzz, said David Twibell, executive vice president and director of wealth management for Colorado Capital Bank, but it can’t be random or haphazard — it has to be smart diversification. “People think they’re diversified if they have 100 different stocks. But if 95 percent of them are U.S.
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Less than half of small-business employers believe retirement plans are crucial to attracting quality employees – but that’s not what the employees believe. Less than 40 percent of small-business employers responding to a study said retirement plans are crucial for attracting employees, but 60 percent of responding employees said such plans are an important factor. […]
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5Star Bank is moving its headquarters to Colorado Springs from Alexandria, Va. It’s also trying to shed its image as just a “military” institution. The bank is part of Armed Forces Benefits Association, which was established in 1947. Membership in AFBA is available to all members of the military, Department of Defense, Department of Homeland Security and other federal employees, military contractors, state and local employees, and their families.
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Anthony Fagnant, CEO of Qualtek Manufacturing Inc., led the roundtable discussion last week about business marketing that began with the acronym SWOT — strengths, weaknesses, opportunities and threats. He said that business owners should plug each piece of SWOT into suppliers, buyers, entry/exit barriers, substitutes and rivalry, when devising marketing strategies.
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I was talking to a friend the other day about the story in this week’s paper about whether American’s are saving enough for retirement when he started bragging about how he will be a millionaire by the time he is 55 because of his investment portfolio. The goal of becoming a millionaire is a growing starry-eyed dream of many people in America. It has motivated quiz shows and rock songs lyrics. Like the Barenaked Ladies’ sang, “If I had a million dollars, I’d be rich.”
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In El Paso County, Wells Fargo’s loan volume skyrocketed over the prior year during the Small Business Administration’s first fiscal quarter, which ended Dec. 31. Last year, in the county, the total SBA 7(a) first-quarter loan volume for Wells Fargo’s 19 banks was $166,000, representing just two loans. This fiscal year’s first quarter, the bank […]
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“What we see with clients — in this case and in the past — is the tendency to under-react,” said Kurt Kofford, audit and consulting director of BiggsKofford P.C., during a recent roundtable discussion titled, “Navigating this Historical Financial Market Meltdown: How does this affect your business and what can you do about it?” If the economy doesn’t falter terribly, business owners still expect to get their market share.
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