Seven in ten business owners are expected to exit their companies in the next ten years. While control of some of these businesses will pass between generations, many of these businesses will be sold to non-related parties. Because more than 50% of business owners have over half their net worth invested in their business, a formal business valuation is tremendously important to maximize the owner's ROI upon sale.
There are several important steps you can take to maximize the value of your business. In today’s banking environment, lenders are looking for solid cash flow to fund debt service. Since the purchase of your business is likely to be funded by debt, three to five years of positive cash will be important to a successful sale. Remember that profitability comes from maximizing revenues and minimizing expenses; as such, you should focus not only on increasing revenues, but cutting expenses and enhancing operational efficiencies.
While our economy has been in a very slow recovery since 2009, buyers and banks are more interested in taking risks on growing and profitable businesses. Warren Buffet’s Berkshire Hathaway announced it's purchase of the Tulsa World earlier this year. (It opted not to purchase the Washington Post.) While not bullish on big city newspapers, Buffet has invested heavily in newspapers in small and mid-sized markets as they have maintained profitability while large city dailies continue to decline in profitability and market share.
Michael Gerber, consultant and author of The E-myth Revisited, notes that Ray Kroc bought McDonald’s because he believed that the McDonald brothers had developed a system that could be replicated. After purchasing the business, Kroc developed the most successful and profitable franchise system in history. That system is based on the tenet that a business should be built on a replicable system not on a single personality. If your business can’t survive without you, you will have difficulty selling it. Take an inventory of your business systems and processes. If the business can’t run without you, put together a plan to get it there within 24 months.
Assuming you have done all you can to maximize the value of your business, your next task is to navigate the transfer of ownership. If you have not identified a successor, either from your family or from your current management team, you may need to look outside the business for a successor. Whether your chosen successor is a family member or a long-term staff member, you must assess the readiness of this person to take over. If you plan to exit in five years, your successor should be ready to assume leadership in two to three years.
While transitioning a business is never easy, generational family dynamics can make the process even more complicated. While many second and third generation family members have a sense of entitlement, the most successful transitions come from family members who earn their positions of leadership based on working their way up the company ladder. Hands on experience and the respect of rank and file employees can lend extra credibility to second and third generation family members, especially those following in the footsteps of a charismatic or hands-on founder.
There are a number of additional questions you should ask as you contemplate sale or transfer of ownership: what are the estate tax issues you face based on the value of the business? Are there techniques based on corporate structure that you can use to minimize your tax liability? Understanding the value of your business is important to ensuring that you get a fair price for your investment. Business valuation professionals are trained in determining the fair market value of a business. They can provide a valuation based on tangible assets like property, plant and equipment and on intangibles like goodwill.
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Jacob Kaufman, CPA, CVA is a Member of the firm of Smith Elliott Kearns & Company, LLC. Jake joined SEK&Co in 1989. He is the lead member of the Business Valuation Team and serves as a consultant to the Accounting Services and Tax Departments in the firm's Chambersburg office. Jake's valuation experience was learned through years of study and practical experience. In addition to valuation theory and implementation, Jake possesses the relative tax, finance, and accounting experience necessary to perform a thorough quality valuation.
IRS Warns Consumers of Possible Scams Relating to Relief of Typhoon Victims
IR-2013-90, Nov. 15, 2013
WASHINGTON ― The Internal Revenue Service today issued a consumer alert about possible scams taking place in the wake of Typhoon Haiyan. On Nov. 8, 2013, Typhoon Haiyan — known as Yolanda in the Philippines — made landfall in the central Philippines, bringing strong winds and heavy rains that have resulted in flooding, landslides, and widespread damage.
Following major disasters, it is common for scam artists to impersonate charities to get money or private information from well-intentioned taxpayers. Such fraudulent schemes may involve contact by telephone, social media, email or in-person solicitations.
The IRS cautions people wishing to make disaster-related charitable donations to avoid scam artists by following these tips:
- To help disaster victims, donate to recognized charities.
- Be wary of charities with names that are similar to familiar or nationally known organizations. Some phony charities use names or websites that sound or look like those of respected, legitimate organizations. The IRS website at IRS.gov has a search feature, Exempt Organizations Select Check, through which people may find legitimate, qualified charities; donations to these charities may be tax-deductible. Legitimate charities may also be found on the Federal Emergency Management Agency (FEMA) website at fema.gov.
- Don’t give out personal financial information — such as Social Security numbers or credit card and bank account numbers and passwords — to anyone who solicits a contribution from you. Scam artists may use this information to steal your identity and money.
- Don’t give or send cash. For security and tax record purposes, contribute by check or credit card or another way that provides documentation of the gift.
- If you plan to make a contribution for which you would like to claim a deduction, see IRS Publication 526, Charitable Contributions, to read about the kinds of organizations that can receive deductible contributions.
Bogus websites may solicit funds for disaster victims. Such fraudulent sites frequently mimic the sites of, or use names similar to, legitimate charities, or claim to be affiliated with legitimate charities in order to persuade members of the public to send money or provide personal financial information that can be used to steal identities or financial resources. Additionally, scammers often send email that steers the recipient to bogus websites that appear to be affiliated with legitimate charitable causes.
Taxpayers suspecting disaster-related frauds should visit IRS.gov and search for the keywords “Report Phishing.” More information about tax scams and schemes may be found at IRS.gov using the keywords “scams and schemes.”
QuickBooks® 2014 is here and, unlike QuickBooks® 2013 where the changes were more visual, Intuit appears to have responded to user requests and made significant functional improvements. Here are some updates to QuickBooks® 2014 worth mentioning:
- Ways to reduce manual data entry
- Visual improvements that allows users financial insight at a glance
- Improved navigation
- Improved functions & features
- Overhaul to the online banking center now referred to as “Bank Feeds”
This article does not include all of the changes in QuickBooks® 2014 but highlights some of what could be referred to as more significant improvements.
First, note a few changes on your home page:
My Company replaces Company Information: The name has changed to "My Company" and now lists your apps, services and subscriptions. This shows all your company information at a glance.
You can now copy and paste detail lines in transaction forms such as invoices and bills.
There is now a “Reports” tab in many of the transaction windows (i.e., create invoices, enter bill, etc.) and it has been filled out with icons for reports that apply to that transaction.
The send email feature has been overhauled and provides more control over the messages sent from QuickBooks®. The Customer Center now has a tab for Sent Email, where you can see a history of the emails that you have sent to a client from within QuickBooks®. You can also attached documents to transactions emailed from within QuickBooks®.
You can now specify a sales rep for a job, not just for the customer.
For Enterprise Users:
You can customize bill, check and credit card transactions to add the Sales Rep as a column. Also, there are two additional job costing reports: Committed Cost by Jobs and Job WIP Summary.
Bank Feeds -- the New Online Banking
Online banking has received an overhaul with visual improvements, more room to work and color coding of transactions based on their status.
You can set up and manage “Rules” to decrease the amount of time you spend reconciling your bank feed with your company file.
Allows you to look at open invoices, overdue invoices, unbilled estimates and more. A configurable spreadsheet format list and replaces the Collection Center.
You can easily process bounced checks received from a customer. QuickBooks® handles all the behind the scenes activity based on the information you enter and provides you with a summary of exactly what happens. Nice addition!
Fit report to x pages HIGH: When you print a report you now have the option to fit it to a number of pages vertically, where before it was just the ability to fit it horizontally.
Bill Payment Stub: Now the stub will show if the bill is paid entirely with credits.
The Payroll Center has been improved. Payroll is now split into three tabs “Pay Employees,” “Pay Liabilities,” and “File Forms.” Each screen showing current as well as historical information.
While there are many improvements that come with QuickBooks® 2014, this is just a highlight of some of the features that add value and potentially increase efficiency in the bookkeeping process.
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Join us for our Insight Seminar Series the week of November 18. We'll be holding events in Camp Hill, Carlisle, Chambersburg, Hagerstown and Hanover. Topics of discussion will include:
- 2014 Cost of Living adjustments
- Maryland and Pennsylvania tax updates
- Affordable Healthcare Act (business & individual provisions)
- Section 125 plans
- Independent Contractor vs. Employee
- 1099 reporting
- Information on the AICPA's new Financial Reporting Framework for Small- & Medium-sized entities
- Federal ruling on same-sex marriage
- Online Banking Security
Registration and continental breakfast begin at 8:00 AM for each location. Information sessions run from 8:30 AM - 11:00 AM for each location. Click on the register button in the grid to sign-up for the seminar in most convenient for you.
Four Points by Sheraton
Hanover Country Club
Carlisle Country Club
Fountain Head Country Club
WASHINGTON — The Internal Revenue Service today (10/29/13) announced dollar limitations for pension plans and other retirement-related items for tax year 2014. Some pension limitations such as those governing 401(k) plans and IRAs will remain unchanged because the increase in the Consumer Price Index did not meet the statutory thresholds for their adjustment. However, other pension plan limitations will increase for 2014. Highlights include the following:
- The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $17,500.
- The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $5,500.
- The limit on annual contributions to an Individual Retirement Arrangement (IRA) remains unchanged at $5,500. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.
- The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $60,000 and $70,000, up from $59,000 and $69,000 in 2013. For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $96,000 to $116,000, up from $95,000 to $115,000. For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $181,000 and $191,000, up from $178,000 and $188,000. For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
- The AGI phase-out range for taxpayers making contributions to a Roth IRA is $181,000 to $191,000 for married couples filing jointly, up from $178,000 to $188,000 in 2013. For singles and heads of household, the income phase-out range is $114,000 to $129,000, up from $112,000 to $127,000. For a married individual filing a separate return, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
- The AGI limit for the saver’s credit (also known as the retirement savings contribution credit) for low- and moderate-income workers is $60,000 for married couples filing jointly, up from $59,000 in 2013; $45,000 for heads of household, up from $44,250; and $30,000 for married individuals filing separately and for singles, up from $29,500.
Below are details on both the unchanged and adjusted limitations.
Section 415 of the Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. Section 415(d) requires that the Secretary of the Treasury annually adjust these limits for cost of living increases. Other limitations applicable to deferred compensation plans are also affected by these adjustments under Section 415. Under Section 415(d), the adjustments are to be made pursuant to adjustment procedures which are similar to those used to adjust benefit amounts under Section 215(i)(2)(A) of the Social Security Act.
Effective January 1, 2014, the limitation on the annual benefit under a defined benefit plan under Section 415(b)(1)(A) is increased from $205,000 to $210,000. For a participant who separated from service before January 1, 2014, the limitation for defined benefit plans under Section 415(b)(1)(B) is computed by multiplying the participant's compensation limitation, as adjusted through 2013, by 1.0155.
The limitation for defined contribution plans under Section 415(c)(1)(A) is increased in 2014 from $51,000 to $52,000.
The Code provides that various other dollar amounts are to be adjusted at the same time and in the same manner as the dollar limitation of Section 415(b)(1)(A). After taking into account the applicable rounding rules, the amounts for 2014 are as follows:
The limitation under Section 402(g)(1) on the exclusion for elective deferrals described in Section 402(g)(3) remains unchanged at $17,500.
The annual compensation limit under Sections 401(a)(17), 404(l), 408(k)(3)(C), and 408(k)(6)(D)(ii) is increased from $255,000 to $260,000.
The dollar limitation under Section 416(i)(1)(A)(i) concerning the definition of key employee in a top-heavy plan is increased from $165,000 to $170,000.
The dollar amount under Section 409(o)(1)(C)(ii) for determining the maximum account balance in an employee stock ownership plan subject to a 5 year distribution period is increased from $1,035,000 to $1,050,000, while the dollar amount used to determine the lengthening of the 5 year distribution period is increased from $205,000 to $210,000.
The limitation used in the definition of highly compensated employee under Section 414(q)(1)(B) remains unchanged at $115,000.
The dollar limitation under Section 414(v)(2)(B)(i) for catch-up contributions to an applicable employer plan other than a plan described in Section 401(k)(11) or Section 408(p) for individuals aged 50 or over remains unchanged at $5,500. The dollar limitation under Section 414(v)(2)(B)(ii) for catch-up contributions to an applicable employer plan described in Section 401(k)(11) or Section 408(p) for individuals aged 50 or over remains unchanged at $2,500.
The annual compensation limitation under Section 401(a)(17) for eligible participants in certain governmental plans that, under the plan as in effect on July 1, 1993, allowed cost of living adjustments to the compensation limitation under the plan under Section 401(a)(17) to be taken into account, is increased from $380,000 to $385,000.
The compensation amount under Section 408(k)(2)(C) regarding simplified employee pensions (SEPs) remains unchanged at $550.
The limitation under Section 408(p)(2)(E) regarding SIMPLE retirement accounts remains unchanged at $12,000.
The limitation on deferrals under Section 457(e)(15) concerning deferred compensation plans of state and local governments and tax-exempt organizations remains unchanged at $17,500.
The compensation amount under Section 1.61 21(f)(5)(i) of the Income Tax Regulations concerning the definition of “control employee” for fringe benefit valuation purposes is increased from $100,000 to $105,000. The compensation amount under Section 1.61 21(f)(5)(iii) is increased from $205,000 to $210,000.
The Code also provides that several pension-related amounts are to be adjusted using the cost-of-living adjustment under Section 1(f)(3). After taking the applicable rounding rules into account, the amounts for 2014 are as follows:
The adjusted gross income limitation under Section 25B(b)(1)(A) for determining the retirement savings contribution credit for married taxpayers filing a joint return is increased from $35,500 to $36,000; the limitation under Section 25B(b)(1)(B) is increased from $38,500 to $39,000; and the limitation under Sections 25B(b)(1)(C) and 25B(b)(1)(D) is increased from $59,000 to $60,000.
The adjusted gross income limitation under Section 25B(b)(1)(A) for determining the retirement savings contribution credit for taxpayers filing as head of household is increased from $26,625 to $27,000; the limitation under Section 25B(b)(1)(B) is increased from $28,875 to $29,250; and the limitation under Sections 25B(b)(1)(C) and 25B(b)(1)(D) is increased from $44,250 to $45,000.
The adjusted gross income limitation under Section 25B(b)(1)(A) for determining the retirement savings contribution credit for all other taxpayers is increased from $17,750 to $18,000; the limitation under Section 25B(b)(1)(B) is increased from $19,250 to $19,500; and the limitation under Sections 25B(b)(1)(C) and 25B(b)(1)(D) is increased from $29,500 to $30,000.
The deductible amount under Section 219(b)(5)(A) for an individual making qualified retirement contributions remains unchanged at $5,500.
The applicable dollar amount under Section 219(g)(3)(B)(i) for determining the deductible amount of an IRA contribution for taxpayers who are active participants filing a joint return or as a qualifying widow(er) is increased from $95,000 to $96,000. The applicable dollar amount under Section 219(g)(3)(B)(ii) for all other taxpayers (other than married taxpayers filing separate returns) is increased from $59,000 to $60,000. The applicable dollar amount under Section 219(g)(3)(B)(iii) for a married individual filing a separate return is not subject to an annual cost-of-living adjustment and remains $0. The applicable dollar amount under Section 219(g)(7)(A) for a taxpayer who is not an active participant but whose spouse is an active participant is increased from $178,000 to $181,000.
The adjusted gross income limitation under Section 408A(c)(3)(B)(ii)(I) for determining the maximum Roth IRA contribution for married taxpayers filing a joint return or for taxpayers filing as a qualifying widow(er) is increased from $178,000 to $181,000. The adjusted gross income limitation under Section 408A(c)(3)(B)(ii)(II) for all other taxpayers (other than married taxpayers filing separate returns) is increased from $112,000 to $114,000. The applicable dollar amount under Section 408A(c)(3)(B)(ii)(III) for a married individual filing a separate return is not subject to an annual cost-of-living adjustment and remains $0.
The dollar amount under Section 430(c)(7)(D)(i)(II) used to determine excess employee compensation with respect to a single-employer defined benefit pension plan for which the special election under Section 430(c)(2)(D) has been made is increased from $1,066,000 to $1,084,000.
IRS Summertime Tax Tip 2013-24
If you’re selling your main home this summer or sometime this year, the IRS has some helpful tips for you. Even if you make a profit from the sale of your home, you may not have to report it as income.
Here are 10 tips from the IRS to keep in mind when selling your home.
- If you sell your home at a gain, you may be able to exclude part or all of the profit from your income. This rule generally applies if you’ve owned and used the property as your main home for at least two out of the five years before the date of sale.
- You normally can exclude up to $250,000 of the gain from your income ($500,000 on a joint return). This excluded gain is also not subject to the new Net Investment Income Tax, which is effective in 2013.
- If you can exclude all of the gain, you probably don’t need to report the sale of your home on your tax return.
- If you can’t exclude all of the gain, or you choose not to exclude it, you’ll need to report the sale of your home on your tax return. You’ll also have to report the sale if you received a Form 1099-S, Proceeds From Real Estate Transactions.
- Use IRS e-file to prepare and file your 2013 tax return next year. E-file software will do most of the work for you. If you prepare a paper return, use the worksheets in Publication 523, Selling Your Home, to figure the gain (or loss) on the sale. The booklet also will help you determine how much of the gain you can exclude.
- Generally, you can exclude a gain from the sale of only one main home per two-year period.
- If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is usually the one you live in most of the time.
- Special rules may apply when you sell a home for which you received the first-time homebuyer credit. See Publication 523 for details.
- You cannot deduct a loss from the sale of your main home.
- When you sell your home and move, be sure to update your address with the IRS and the U.S. Postal Service. File Form 8822, Change of Address, to notify the IRS.
For more information on this topic, see Publication 523. It’s available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
The Members of Smith Elliott Kearns & Company, LLC (SEK&Co), a regional CPA firm with offices in Pennsylvania and Maryland, are pleased to announce the opening of their new office in Camp Hill, Pennsylvania on November 1, 2013. SEK&Co began operations in 1963. Over the years it has enjoyed the reputation of providing quality tax, accounting, and auditing services to its clients throughout the Cumberland and Shenandoah Valleys.
According to John R. Schnitzer, the firm’s Managing Member, “Our new Camp Hill office will be offering the full line of services our clients have come to enjoy and expect from us. By opening this office we will be able to provide enhanced customer service to our Capital Region clients; afford the firm greater visibility in the Capital Region; and allow the firm to grow organically in a region we are well-positioned to serve. We are pleased to become part of another vibrant south central Pennsylvania business community.”
While the office will have access to all firm personnel, Steven D. Lubart, CPA will be heading the local efforts along with support from Joel A. Flinchbaugh, CPA, Steven H. Kaufman, CPA, and Sandra Bruno, CPA. The new office is located at 3810 Market Street, Camp Hill, PA, 17011 and the phone number is 717-975-3436.
Smith Elliott Kearns & Company, LLC is a full-service certified public accounting and consulting firm with offices in Hagerstown, Maryland; Camp Hill, Hanover, Carlisle, and Chambersburg, Pennsylvania. The firm was founded in 1963 and was recently named a “Top 200 Firm” by Inside Public Accounting. With 22 partners and a total staff of 150, SEK&Co services individuals as well as business clients in a variety of industries including construction, financial institutions, healthcare, local government, manufacturing, and nonprofit. The Firm offers financial statement preparation, auditing and assurance services, small business accounting, tax and payroll services, QuickBooks® and Sage 50® training and consulting, tax return preparation and planning, estate planning and administration, business valuations, and employee benefit plan design, administration and auditing.
Join Joel Flinchbaugh, CPA and other team members from SEK&Co's Carlisle office for the Trick or Trot Harvest Health 5K Walk/Run tomorrow at 11:00 AM at South Middleton Park in Boiling Springs. Register online at HarvestHealth5k.com.
The Internal Revenue Service today announced a delay of approximately one to two weeks to the start of the 2014 filing season to allow adequate time to program and test tax processing systems following the 16-day federal government closure.
The IRS is exploring options to shorten the expected delay and will announce a final decision on the start of the 2014 filing season in December, Acting IRS Commissioner Danny Werfel said. The original start date of the 2014 filing season was Jan. 21, and with a one- to two-week delay, the IRS would start accepting and processing 2013 individual tax returns no earlier than Jan. 28 and no later than Feb. 4.
The government closure came during the peak period for preparing IRS systems for the 2014 filing season. Programming, testing and deployment of more than 50 IRS systems is needed to handle processing of nearly 150 million tax returns. Updating these core systems is a complex, year-round process with the majority of the work beginning in the fall of each year.
About 90 percent of IRS operations were closed during the shutdown, with some major workstreams closed entirely during this period, putting the IRS nearly three weeks behind its tight timetable for being ready to start the 2014 filing season. There are additional training, programming and testing demands on IRS systems this year in order to provide additional refund fraud and identity theft detection and prevention.
“Readying our systems to handle the tax season is an intricate, detailed process, and we must take the time to get it right,” Werfel said. “The adjustment to the start of the filing season provides us the necessary time to program, test and validate our systems so that we can provide a smooth filing and refund process for the nation’s taxpayers. We want the public and tax professionals to know about the delay well in advance so they can prepare for a
later start of the filing season.”
The IRS will not process paper tax returns before the start date, which will be announced in December. There is no advantage to filing on paper before the opening date, and taxpayers will receive their tax refunds much faster by using e-file with direct deposit.
The April 15 tax deadline is set by statute and will remain in place. However, the IRS reminds taxpayers that anyone can request an automatic six-month extension to file their tax return. The request is easily done with Form 4868, which can be filed electronically or on paper.
IRS processes, applications and databases must be updated annually to reflect tax law updates, business process changes, and programming updates in time for the start of the filing season.
The IRS continues resuming and assessing operations following the 16-day closure. The IRS is seeing heavy demand on its toll-free telephone lines, walk-in sites and other services from taxpayers and tax practitioners.
During the closure, the IRS received 400,000 pieces of correspondence, on top of the 1 million items already being processed before the shutdown.
The IRS encourages taxpayers to wait to call or visit if their issue is not urgent, and to continue to use automated applications on IRS.gov whenever possible.
“In the days ahead, we will continue assessing the impact of the shutdown on IRS operations, and we will do everything we can to work through the backlog and pent-up demand,” Werfel said. “We greatly appreciate the patience of taxpayers and the tax professional community during this period.”
Contact your SEK tax advisor for more details on the start of the 2013 tax filing season.
I've been active in several chambers of commerce over the last seven years. I've even served as a board member for three years. I believe that chambers are still relevant and that they still have a great deal to offer. While people continue to think of chambers as the venue for mixers and social events, in recent years they have been taking a more active role in advocacy, especially for small business. They are also working hard to provide additional member benefits like offering discounted group insurance, which is especially important to companies with small employee groups. (It will be interesting to see what role chambers choose to play as more provisions of the Affordable Care Act go into effect). As utilities continue to deregulate, chambers are offering discounted rates for member firms that purchase through their cooperatives. One of our local chambers sponsored several candidate forums during the last election cycle.
While advocacy and member benefits are important, chambers still play a role in helping people connect. I attended a joint mixer earlier this month which was co-hosted by the five Franklin County chambers of commerce. I was able to connect and spend time with a couple dozen people, many of whom I hadn't seen in months. While I am continually amazed at the reach social media affords, there is no substitute for shaking hands, sharing a bite to eat or hearing about family vacations when it comes to reconnecting with old friends, colleagues, and business partners.
What became clearer in the days following the mixer is that social media, especially LinkedIn, can play a role in creating synergies between your traditional networks and your social media networks. Where I might have sent a follow-up email to someone I saw at a mixer, I'm now beginning to send those follow-up emails in LinkedIn. (I'm also making an effort to log in to LinkedIn daily during the work week to check for new connection requests and emails.)
While I do not believe that social media can take the place of developing and leveraging personal networks - especially in the business to business (B2B) world, LinkedIn can play a more prominent role in staying connected, reconnecting and prospecting. I've taken an active role in introducing friends and networking partners at traditional networking events, but I have recently begun to adapt my behavior to include on-line introductions of friends and business associates on LinkedIn. Why don't you give this a try at your next event?
Edward D. Warren is Director of Marketing for Smith Elliott Kearns & Company, LLC. Ed earned a bachelor’s degree in business administration from the University of Baltimore and an MBA from Loyola University of Maryland. Ed has over 25 years of sales, marketing, business development, and general management experience; he is a graduate of Leadership Franklin County and served as a board member and treasurer of the Greencastle-Antrim Chamber of Commerce.