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Succession plans overlooked by biz owners: Preparing for inevitable difficult but necessary

Go ahead. Ignore the inevitable. Refuse to imagine a future where anybody else could take over that corner office of yours with the big mahogany desk. You won’t be the only one. But you’ll regret it. “The biggest mistake people make-they don’t let go soon enough. They need to get other people involved along the way, maybe get them some equity along the way,” said Glenn Scolnik, CEO of locally based Hammond Kennedy Whitney & Co. Inc., the state’s largest…

Building boom out of hand?: Critics say hospital construction boosting health care costs

The network has launched a growth spurt that will take it into new markets, boost technology and strengthen Riley Hospital for Children all over the next few years. This construction also will pile on to the cost of health care, according to several researchers and health care experts. How that trickles down to the average patient bill, or if it does, remains to be seen. Consultant Edmund Abel has to think back more than 20 years to recall a capital…

VOICES FROM THE INDUSTRY: Does your 401(k) work as well as most pension plans?

This is definitely not the headline most workers wanted to see on the business section of the newspaper: “Traditional e m p l oy e r- f u n d e d pension plans outperformed worker-funded 401(k) plans during bear market.” The findings, based on a study conducted by the employee-ben efit consulting firm of Watson Wyatt Worldwide, bolstered critics’ arguments that 401(k) and similar retirement plans are not up to the task, when compared with defined-benefit pension plans, of…

INVESTING: A small state stock that might be worth a look

I don’t often write about individual stocks, and it’s especially rare for me to discuss small companies. There are two reasons for this. First, a majority of my trading focuses on exchange traded funds, which are baskets of stocks that trade like individual issues. And the second is, individual stocks carry more risk, and I am all about cutting risk as much as possible. Occasionally, a small, relatively unknown company will grab my attention, and I’ll feel the need to…

NOTIONS: Praise works up, down and all around

Bruce Hetrick is off this week. In his absence, this column, which appeared on June 9, 2003, is being reprinted. Last year, my colleague, Lisa Sirkin, gave every person in our company a blue file folder. She’d learned about “blue folders” from Jean Deeds when both women worked at the Children’s Museum. Lisa wanted people in our company to know about blue folders and share in their benefits. Blue folders, you see, are for notes of praise and gratitude. These…

IRL teams may have to cut staff or broaden horizons: Mechanics could feel biggest impact of shorter season

The 2006 Indy Racing League schedule-which is two months shorter and has three fewer races than 2005-has teams considering either cutting staff or expanding into other race series to fill the void. “You hate to make any staff cuts, but that’s one question facing all the [IRL] teams,” said Doug Boles, chief operating officer for locally based Panther Racing. “This is a very competitive industry and to keep your good people, you want to keep them employed year-round.” But with…

FAMILY BUSINESS: Are you protecting your business from potential disasters?

The recent news from New Orleans and Mississippi points out the need for family businesses to have disasterrecovery plans. Fortunately, we have little in Indiana to worry about from hurricanes, but other disasters are not uncommon. Consider the possi ble catastrophes that might strike your business. What have you done to protect the business against the consequences? Business-continuation and other insurance can mitigate the consequences of a wholesale destruction of your business facilities after a tornado or other natural disaster….

Indians stock price belted into upper deck: AAA baseball franchise hits $21,000 per share

Despite the meteoric rise of the Indianapolis Indians’ stock price, some industry analysts think the minor-league baseball franchise is still undervalued. In August, three shares of the thinly traded public company sold for $21,000 each and another share sold for $19,500. The $21,000 share price-with 800 shares outstanding-puts a $16.8 million value on the AAA team. That’s leagues ahead of the $8.3 million it was valued at during a stock buyback initiated by the franchise in 2002. “A value for…

EYE ON THE PIE: Let’s close these BMV branches instead

Confused? Trying to figure out what time it is going to be where other Hoosiers live? Trying to know which license branches will be closed and which will be located in the nearest barbershop? Wondering whether you will get unemployment compensation before or after you find a job? Welcome to the New Indiana, setting its course for the 21st century. These are three public relations missteps of the Daniels administration. Let’s look at the license branch situation. Commissioner Joel Silverman…

Winning the wallets of the ultra-wealthy: Local investment firm enters fight for lucrative market

City Securities has placed attorney Stephan Hodge, a former Indiana state securities commissioner, and Kenneth Klabunde, a certified financial planner, at the helm of its recently established three-person Wealth Advisors division. Their goal is to offer portfolio management, tax planning, trust preparation and a host of other financial products to folks with at least $3 million to $5 million in assets. But they plan to deliver it with a level of personal attention few Hoosiers receive. And much of their…

How Clarian funds building projects:

Clarian Health Partners CEO Dan Evans offers a simple explanation for how the People Mover, Clarian’s futuristic rail system, came to be a few years ago. “People ask me all the time how we paid for it. I said, ‘Thank the stock market,'” he said. The bull market of the late 1990s allowed Clarian to use mostly investment income to fund the $40 million transportation project that opened in 2003 and connects its three downtown hospitals: Methodist, IU and Riley…

Debtors hurry to file bankruptcy: Law that takes effect Oct. 17 makes filing harder, requires more to make restitution

Consumers who have been contemplating bankruptcy are now flocking to file before more stringent regulations take effect Oct. 17. Federal lawmakers passed a bankruptcy reform measure in March to make it harder for people to wipe away unsecured debt while keeping some protected assets. The aim is to curb perceived abuses of the system by shepherding more filers through Chapter 13-instead of Chapter 7-which requires consumers to at least repay some debt. Indiana already has a high bankruptcy rate. The…

Givers should be smart as well as generous, experts say: Do your homework before donating to any cause

Charitable giving often is a spur-of-themoment thing, particularly if it’s a response to a disaster. Still, charitable groups, relief agencies and financial advisers say a little thought before making a donation is a good idea. Giant disasters such as Hurricane Katrina jolt many people into trying to help, often with no particular idea beyond simply doing something. However, some types of help are more helpful than others. Properly following the rules of charitable giving can provide a tax benefit. It…

‘1-of-a-kind’ Wal-Mart proposed: Michigan developer plans Carmel/Zionsville superstore

A Michigan developer plans to build a 300,000-square-foot shopping center anchored by a Wal-Mart Supercenter along Michigan Road north of 106th Street, continuing the rapid expansion of retail on the Michigan Road corridor. Heritage RDG LLC, a Grand Rapids, Mich.-based developer new to the Indianapolis market, recently filed plans with town officials in both Zionsville and Carmel to build the center. The 36-acre parcel straddles the Boone-Hamilton county line and must be approved by local governments in both counties. Project…

Late taxpayers get break with state’s amnesty plan: Reprieve likely a good opportunity, planners say

Individuals and companies that owe taxes to the state are being given a chance to pay up without interest, fees or penalties during a two-month amnesty window opened by the Indiana Department of Revenue. The tax amnesty-the first one offered by Indiana and unusually generous compared with other states’ programs-is touted as a way to add an estimated $65 million to the state’s coffers and provide delinquent payers with a way to clear debt off their books. More than $1.3…

TAWN PARENT Commentary: Big hankering for the Big Easy

Once you’ve lived in New Orleans, you never really leave. A part of you stays on. You don’t feel quite whole again except when you return. Then it’s like regaining an appendage you had learned to live without, but suddenly realize how much you have missed. Transfixed by events there over the past month, I have been missing that part of me I left behind in 1996 when I drove a U-Haul north after three years as a reporter and…

BULLS & BEARS: Hedge funds on hot seat as fourth quarter nears

As the third quarter winds to a close, investors find the stock market behaving much as it did last year. At this point in both 2004 and 2005, the S&P 500 index (with dividends reinvested) had risen about 2 percent. Most Wall Street pundits are predicting the market will finish this year with a repeat of last year’s performance, when a post-election rally pushed the S&P 500 to a 10.9-percent return. One group of investors is praying they are right:…

BEHIND THE NEWS: Investors face long odds in latest Conseco class action

Class-action attorneys hit the jackpot three years ago when Conseco Inc. agreed to settle securitiesfraud litigation for $120 million. At the time, it was the 10thbiggest settlement for a case of its kind. This time around, attorneys, and the investors they represent, appear likely to go home empty-handed. Indianapolis federal Judge David Hamilton in July quietly dismissed a securitiesfraud case filed three years ago on behalf of investors who held Conseco stock between April 2001 and August 2002, a span…

Network takes aim at digital surplus: Firm to sell programs for unused TV channels

Multicast Networks Group LLC plans to launch the network in 2006, said industry veteran Michael Ruggiero, who heads the 22-year-old ALL TV Services communications consulting firm. “We know the industry needs more content. Broadcast groups we’ve talked with are very excited about the concept,” said Ruggiero, chairman of Multicast. Ruggiero also is vice president of distribution for The Tube Music Network, developed by MTV co-founder Les Garland. Ruggiero recently helped broker a deal to run The Tube on digital channels…