[2005; R-2013 | Keywords: Business, Operations, Consumer Information] In order to protect against the growing problem of “dumpster diving” and the resulting identity theft and other consumer fraud, all dealers will be required to properly dispose of certain consumer information they maintain or possess, including credit reports regarding individual customers, and even the results of...…
[Author: Tom Junge, Iowa Field Director, 2002; R-2013 | Keywords: Business, Operations, Advertising] Recently, a dealer showed me a letter he had received from the Better Business Bureau regarding an advertisement that he had placed in a newspaper. This ad promoted zero percent interest for two years on used combines. The letter from the Better Business Bureau...…
[2006; R-2013 | Keywords: Business, Operations, Theft] A piece of equipment is stolen from your business. Who should you contact first? What happens once you file a report? Should you contact anyone else? Here’s a brief look at who to contact and what should happen once a theft is reported. Reporting a Theft Local Authorities...…
[Source: Federated Mutual Insurance Company, 2006; R-2013 | Keywords: Business, Operations, Theft] Equipment dealers hold the keys to reducing thefts and costs associated with thefts. Knowing how to use available resources to combat theft will help you reduce the possibility of theft at your dealership. Theft prevention begins with two basic keys— building security and...…
[Sources: IRON Solutions, Better Business Bureau, Norton, 2010; R-2013 | Keywords: Business, Operations, Scams] At a time when businesses literally can’t afford to fall victim to fraud, scam artists are stealing money or personal information from unsuspecting victims and small businesses using telephones, e-mail and the Internet. One Association member knows first-hand the importance of staying...…
[Author: Donna Miller, Operations Manager, 2010; R-2013 |Keywords: Business, Operations, Fraud] In August 2003 we reported an incident involving an $8,000 phone order with the purchase charged to a stolen credit card. The customer was unknown to the merchant and the merchandise was shipped to an international address. A similar situation recently occurred to a different...…
[Author: Tom Junge, Iowa Field Director, 2010; R-2013 | Keywords: Business, Operations, Scams] Recently, two dealers contacted the Association about a scam involving the sale of a $5,000 tractor to a customer in the Eastern United States. This is how it went down. The customer contacted the dealer about buying a tractor that they had listed on...…
[Source: Eric Stiles, Construction Equipment Distribution, 2014 | Keywords: Business, Operations, Identity Theft] A finance officer at a financial institution was let go due to poor performance. Before the employee had been terminated, the worker used the company’s computers to access customer account information such as names, social security numbers, driver’s license numbers, and home addresses. The...…
[2007; R-2013 | Keywords: Business, Operations, Mergers, Acquisitions, Retirement Plans] Business mergers and acquisitions are a way of life in today’s economic environment. From phone companies and banks, to equipment manufacturers and dealerships, business mergers and acquisitions will continue to make news in the business world for many years to come. Steps Involved in a...…
[Author: Andy Goodman, INEDA President/CEO, 2013 | Keywords: Business, Operations, Acquisition] Over the past 12 years, I have consulted with many dealers considering buying or selling dealerships. Most sellers don’t think about selling until retirement or when business is on the downslide. The best time to sell a business, however, is when someone wants to buy...…
[2007; R-2013 | Keywords: Business, Operations, Mergers, Succession] Determining the value of a business remains one of the most important and complex steps when buying or merging with a business. How do you determine the value of a business? According to the booklet Business Valuation Strategies, business valuation is “as much art as science.” Value...…
[Author: Samuel I. Kreamer, J.D., C.P.A., 2007; R-2013 | Keywords: Business, Operations, Acquisition] The perfect opportunity presents itself. A manufacturer has approached you to buy a nearby dealership; or a nearby dealer (who will still be a “pin on the map”) wants to know if you’d like to buy him out. What do you do now?...…
Have you ever been tripped up by a blanket lien? Members of the Iowa-Nebraska Equipment Dealers Association are increasingly confronting issues regarding security interests held by banks in equipment they either purchase outright or accept in trade on other equipment from customers. Samuel I. Kreamer, J.D., C.P.A. of Kreamer Law Firm has put together three...…
[Author: Mark Othmer, Nebraska Field Director, 2013 | Keywords: Business, Operations, Liens] Over the past year, I’ve had several conversations with dealers regarding incidents where the dealer felt they were protected in connection with a UCC filing, only to discover they were not. While I don’t profess to be an expert, I have done some research and...…
[2013 | Keywords: Business, Operations, Liens] When the farm economy starts on a downhill trend, most dealers begin to worry about accounts receivable and how they will get paid when their service department makes major repairs to a customer’s equipment. Many dealers hire a third party company, such as Farm Plan or Case Credit, to...…
[Author: Randy Koski & Michelle Thornburg, Koski Professional Group, P.C., 2013 | Keywords: Business, Operations, Depreciation] When constructing or buying business real estate, you should take steps to maximize the income tax depreciation deductions you can claim for the property. Accelerating the depreciation deduction reduces your current tax bill and helps improve current cash flow, resulting in...…
[2013 | Keywords: Business, Operations, Export] Every year, the U.S. Commercial Service helps thousands of companies export goods and services worth billions of dollars. Let us help you find the best markets for your business. Proven Trade Expertise. Our global network of trade professionals is located throughout the United States and in U.S. Embassies and...…
[Source: McGowen, Hurst, Clark & Smith, P.C., 2012; R-2013 | Keywords: Business, Operations, CPA] As a business owner you already know that growing your business doesn’t just happen by accident. It takes hard work and patience, a bit of creativity, a little luck…and sound financial insights. This is where your CPA can help. The following...…
[Author: Lance Formwalt, Jack Selzer and Heath Hoobing of Seigfried, Bingham, Levy, Selzer & Gee, P.C., 2013 | Keywords: Business, Operations, Contract] Has anyone ever advised you to read the fine print in a contract before you sign it? While this advice is always sound, if you are like most people, you don’t typically follow this advice....…
[2013 | Keywords: Business, Operations, Credit Card Processing] Looking for ways to cut business expenses? If so, one area that could potentially save you hundreds (perhaps thousands) of dollars each year is your merchant credit card program. The Association office regularly receives calls from companies all over the U.S. wanting us to switch to their...…
