Credit crunch, lack of spending will delay hiring
New payroll data indicate that the worst of the job-cutting is over at small businesses, but experts predict that the credit crunch and lackluster consumer spending will delay hiring. SurePayroll data indicate that employers are tapping more independent contractors to take up slack, the National Federation of Independent Business' latest optimism index remained below 90 and a Discover Financial Services survey indicated that consumer spending is the No. 1 concern of small-business owners. BusinessWeek (12/4)

Advice to entrepreneurs: Don't trust blindly
Entrepreneurs and venture capitalists need to "trust, but verify" when it comes to avoiding falling victim to massive fraud, advises Jeff Bussgang. His three tips: Form an audit committee, make the chief financial officer responsible to the board and have board meetings without the CEO present. BusinessWeek/The New Entrepreneur blog (12/4)

Beating the big box: shop small, shop local for the holidays
From Small Business Association of Michigan Newsletter - I did a radio interview this week and the host challenged me to explain why anyone would shop at a small retailer this holiday season when prices are almost always lower at a “big box” store. My reply was that many shoppers are tired of buying the same old generic products. You can get an iPod for about the same price anywhere – what’s the difference if you get it from Target or Wal-Mart? Shoppers instead are craving a genuine, unique purchasing experience. And what’s more unique than a small retailer that provides outstanding customer service, personal contact with the owner of the store and one-of-a-kind products? (MR)

House Votes to Extend Estate Tax

On December 3, 2009, the House approved the "Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009." The bill would make permanent the present-law estate, gift, and generation skipping transfer tax laws in effect for 2009. This would cancel the one-year repeal of the estate tax that is scheduled to begin next month. After 2010, the current law has the estate tax rate reverting to a 55% rate on estates larger than $1 million. The current bill, however, would make the highest estate and gift tax rate 45% and exempt estates smaller than $3.5 million from the estate tax. With basic estate planning, a married couple will be able to exempt $7 million from the estate tax under the new bill.
For additional information, please contact Bethanie Pollock at 616-538-7100 or bpollock@gabridgeco.com.


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