2022 Member Spotlight - HMC Hospice of Medina County
PAID MEMBER SPOTLIGHT
Medina Inpatient Hospice Unit Resumes Patient Care at Windfall Road Site
We are excited to announce that HMC Hospice of Medina County is once again admitting patients at the Medina Inpatient Hospice Unit on Windfall Rd. The facility, known for its gracious homelike setting and comprehensive support, resumed patient care this month following a temporary closure in June 2020.
For more information or to inquire about care at the newly reopened hospice facility, call 800.707.8921.
Take a stroll inside by viewing our virtual video tour: hospicewr.org/MEDINA.
“We know how much pride the Medina community takes in the facility. Those whose loved ones received care there through the years have an especially deep connection, so we are grateful we can once again resume operations there,” said Bill Finn, President and CEO.
To read the entire Member Spotlight about
HMC Hospice of Medina County, click HERE.
PAID MEMBER SPOTLIGHT
Member Spotlight - HMC Hospice of Medina County
PAID MEMBER SPOTLIGHT
Choose HMC Hospice of Medina County
to Provide Care in Your Home
By: Gwen Rifici
Team Leader,
HMC Hospice of Medina County
www.hospicewr.org/
Honored to be Voted Best of the Best
The families we serve are frequently our best ambassadors, so we are especially honored to be voted winner of the Medina-Gazette’s “2020 Reader’s Choice Best of the Best" award. Thank you to everyone who supports our mission in the community.
Hospice of Medina County has been devoted to caring for our community for more than 40 years. It is both a privilege and a calling to care for our friends and neighbors during one of life’s most difficult times. We appreciate the trust you place in us every day.
When family members are diagnosed with terminal illness, their time is precious. Many people prefer to spend that time with those they love in the comfort of home, if they are able. We are dedicated to making that happen, even in the midst of this pandemic.
Despite any present challenges, our care teams continue providing expert symptom management and comprehensive support in the home. In fact, 97% of our hospice care is provided in a patient’s home, assisted living community or nursing home.
We also arrange short-term, intensive symptom management when it is needed at one of our hospice inpatient units, Ames Family Hospice House in Westlake or David Simpson Hospice House in Cleveland, through our affiliation with Hospice of the Western Reserve, or with one of our contracted community health partners.
To read the entire Member Spotlight about
HMC Hospice of Medina County, click HERE.
PAID MEMBER SPOTLIGHT
We're Open - Member Highlights
Highlighting businesses during 2020
Medina County is open for business!
During 2020, our "Rethink + Revive = Restart Our Community" initiative highlighted Chamber members who were OPEN FOR BUSINESS! These Medina County businesses wanted to show the community that they were open and operating within the guidelines to ensure their customers’ and employees’ health and safety. Join us in continuing to support these Chamber members and let them know that you saw their information here.
COVID Business Resources provided by Chamber
Helping businesses during COVID
COVID-related Resources
The Greater Medina Chamber of Commerce is dedicated to helping all local businesses during these challenging times. We have created this page to keep important resources together in one place for businesses/employers/employees. We will be making updates as new information is released.
If there’s a resource that you need, please contact us via email or phone (330.723.8773) and we will connect you with the appropriate information.
Annual Chamber Golf Outing a Success
Golf Outing Success
Annual Chamber Golf Outing Held
Thank you for supporting this year’s Golf Outing at Westfield Country Club!
We were excited to host our 2020 Golf Outing a little later this year AND on the NORTH Course at Westfield Country Club. We appreciated your patience and continued support as we navigated this year’s NEW and IMPROVED outing to ensure the safety of our participants, sponsors and volunteers!
Welcome Stephanie Mueller
Welcome Stephanie!
Greater Medina Chamber welcomes Stephanie!
The Chamber staff and board of directors is excited to introduce Stephanie Mueller, as the Membership and Events Coordinator!
Stephanie is no stranger to the Greater Medina Chamber. She has spent the last four and a half years as the Community Development Coordinator leading the Medina County Walk to End Alzheimer’s, as well as the Walks in Akron and Wayne County, raising more than $400,000 combined annually. This year’s, Medina County Walk exceeded it’s goal, raising $94,000 and growing. Stephanie secured sponsors, recruited teams, coordinated a volunteer committee, and served as the organization's community liaison.
Stephanie has extensive experience in fundraising and events, volunteer recruitment and management, as well as business development throughout her careers with Weight Watchers, Junior Achievement and the Cleveland Indians.
Stephanie will oversee the monthly networking events, as well as the annual Chamber fundraising events, EmpowHER and Golf Outing. She will publish the monthly newsletter, as well as coordinate social media and other marketing communications. Stephanie will assist members with ultilizing their Chamber benefits and manage the membership and retention programs.
You can reach Stephanie at memberservices@medinaohchamber.com or 330.723.8773 x7000. She would love to meet you for lunch or coffee to learn more about you and how the Chamber can assist your company!
Please join us in welcoming, Stephanie, to our team!
State of the City 2019
Great things continue to happen…
STATE OF THE CITY
The Chamber was honored to once again host Mayor Hanwell as he presented his annual State of the City address to the membership. Medina is an amazing place to live, work, and play.
The Mayor’s testimonials and facts helped reinforce that feeling.
Did you know that investment in commercial and industrial economic development increased from $116 million in 2017 to $154 million in 2018?
Great things continue to happen in this amazingly collaborative community of ours!
Selling or Transitioning Your Business
Preparing your business for the future is a journey, not a destination.
Securing your business succession plan before it's too late is just as valuable as growing your business. Your succession plan is your retirement or exit strategy, and each business owner has his/her unique path. Starting a succession plan early and including business advisors, such as attorneys, accountants, investment bankers, or financial planners will help ensure a successful and smooth succession path.
There are several succession options. This article focuses on the 2 most common:
Generational/Internal Succession Planning: Transferring your business to family or key employees
Third Party Sale: Selling to a strategic buyer in the industry or a financial buyer (i.e. private equity firms)
Each of these paths have their own unique planning strategies, and pros and cons to consider in order to protect your business from a journey down a rocky road in the future.
Generational/Internal Succession Planning: This path requires early planning to bring the next generation into "the know" regarding operations and strategies of the business. The key issues to consider for this type of succession plan are:
Identification of a family member or employee that is interested in taking over the business. If your goal is to maintain the Company’s success, be objective regarding analysis of talent and respectful of other’s professional desires.
Consider bringing family/employees along over a number of years by promoting them to officer positions and allowing them to "buy-in" over time.
Start engagement early to permit successors to learn while the senior level is still engaged.
Third Party Sale: Don't worry if you don't have a family member or key employee to transition your business. Many business owners sell to a third party that is either a strategic buyer (often a competitor that can achieve synergies and grow through the purchase) or a financial buyer. Financial buyers typically are private equity funds that are looking to grow the business with a plan of selling in 3 to 5 years. This is often a way for a business owner to get a "second bite at the apple" by investing in the fund and working as a consultant until the business is re-sold. The key issues to consider:
A buyer (strategic or financial) will want to see at least 3 years of financial performance.
Use your attorneys to ensure your legal matters and contracts are complete – engaging attorneys early in the process helps keep contracts organized and negotiated properly and your financial records up to date; this will help to streamline the sale and keep diligence costs and stress levels low during the sale process.
You also may want to consider using an accountant to assist with business valuation to ensure that your net sales proceeds will be sufficient to support your non-working lifestyle or your next venture.
Additionally, you could consider hiring an investment banker to run a process to increase exposure to potential buyers, effectively raising the value of your business.
Preparing your business for the future is a journey, not a destination – so engage the right team to help you choose the right path!
Dan Calvin
Attorney, Critchfield, Critchfield & Johnston, Ltd.
Dan has significant experience in assisting clients in the purchase and sale of existing businesses, as well as the formation and dissolution of corporations, limited liability companies, and partnerships
Ringstmeier Earns her IOM Designation
Congratulations to Jaclyn Ringstmeier, Executive Director on earning her IOM designation!
Institute for Organization Management, the professional development program of the U.S. Chamber of Commerce Foundation, is pleased to announce that Jaclyn Ringstmeier, IOM, Executive Director of the Greater Medina Chamber of Commerce has graduated from the program and has received the recognition of IOM. Awarded to all graduates of the Institute program, the IOM Graduate Recognition signifies the individual’s completion of 96 hours of course instruction in nonprofit management. In addition, participants can earn credit hours toward the Certified Chamber Executive (CCE) or Certified Association Executive (CAE) certifications. Nearly 1,000 individuals attend Institute annually.
“Institute graduates are recognized across the country as leaders in their industries and organizations,” said Raymond P. Towle, IOM, CAE, the U.S. Chamber Foundation’s vice president of Institute for Organization Management. “These individuals have the knowledge, skills, and dedication necessary to achieve professional and organizational success in the dynamic association and chamber industries.”
Since its commencement in 1921, the Institute program has been educating tens of thousands of association, chamber, and other nonprofit leaders on how to build stronger organizations, better serve their members and become strong business advocates. Institute’s curriculum consists of four weeklong sessions at five different university locations throughout the country. Through a combination of required courses and electives in areas such as leadership, advocacy, marketing, finance, and membership, Institute participants are able to enhance their own organizational management skills and add new fuel to their organizations, making them run more efficiently and effectively.
Institute for Organization Management is the professional development program of the U.S. Chamber of Commerce Foundation. It is the premier nonprofit professional development program for association and chamber professionals, fostering individual growth through interactive learning and networking opportunities.
Top 4 Tips to Lower Your Energy Bill
Save money and lower your energy bill
What energy opportunities exist for small businesses?
1. Energy Supply Rate
When shopping for electricity and natural gas, not all rates are created equal. What kind of rates are available, and which is best for your business?
· Fixed - With a fixed rate, the price you pay per unit (kWh for electricity, mcf or ccf for gas) remains the same for the entire term of the supply contract, regardless of what happens in the market.
· Introductory – With an introductory rate, you may receive an extremely low rate for 1-3 months. Beyond the introductory period, you are typically then charged a supplier variable rate.
· Variable - With a variable rate, the price you pay per unit fluctuates monthly. There are many types of variable rates. Below are the most common for small commercial customers:
o Electricity Price-to-Compare (PTC) – This is the standard utility rate you receive if you have not shopped for electricity. This rate is set monthly and changes through a process dictated by Ohio’s regulators, the Public Utilities Commission of Ohio (PUCO). These rates are historically higher when demand is higher, such as in the summer months when customers are running air conditioning.
o Natural Gas Standard Choice Offer (SCO) – This is the standard utility rate you receive if you have not shopped for natural gas. These rates can be set in different ways depending on your utility region. However, these rates have also historically been higher when demand is high, such as in the winter months when customers are running gas heating.
o Supplier Variable Rate – This is an offer from a Certified Retail Electric or Natural Gas Supplier. These rates are often offered through door to door or telemarketing. When compared to fixed offers, they often appear to be much “lower”, but in reality, they can be far costlier as the rates tend to increase in the long term.
The winner? Fixed. – The uncertainty of an introductory or variable rate makes it difficult to budget monthly expenses. In addition, fixed pricing offers protection from market swings, seasonal demand spikes, and suppliers overcharging. For most small businesses fixed is the clear choice.
2. Terms and Conditions
Although price is typically the primary consideration, there are other factors to consider when signing up for a new product that could impact your energy costs.
· Automatic Renewal Clause – Many suppliers will enroll the account in an automatic renewal program if not acted upon prior to a contract’s expiration. These programs vary in length from month-to-month up to the full length of the initial term. Some suppliers require 30-60 days’ notice prior to the end of the contract to prevent an automatic renewal. It is important to understand your electric and natural gas supplier’s policy to prevent your company from being swept into an autorenewal term at higher-than-market rates.
· Early Termination Fees (ETF’s) - Most supply contracts include language regarding their fees for ending your contract prematurely. However, each supplier may calculate these differently; the two most common types are flat fees and damages.
o Flat fees tend to be a one-time fixed charge (e.g. $100 per account).
o Damages are typically the difference between your contract rate and market electricity or natural gas rates multiplied by how much they projected you would use for the remaining months of the contract.
What is right for you? – For most small businesses, it is ideal to get a supply contract that renews on a month to month basis, allowing you to move to a new agreement easily at the end of the term. There is no “one-size fits all” when it comes to ETF’s. However, it is important that the fee calculations are easy to understand and reasonable based on your usage.
3. Tax Exemptions
Many businesses in Ohio aren’t aware that they are eligible to reduce or eliminate their natural gas sales tax. Are you using gas in food or manufacturing process? Are you a non-profit organization? You might be eligible for a full or partial tax exemption.
4. Contract Management
Once you have signed an agreement, be sure to take the following steps:
· Create a file - Place a copy of your new supply agreement in a folder and write down the phone numbers for your energy advisor, supplier, and the utility.
· Create a reminder in your calendar - Place a reminder in your calendar to renew your supply contracts at least 120 days prior to the date of expiration.
Always avoid rolling to a monthly variable rate at the end of your contract so as not to erode your savings. Managing the end of your contract and proactively shopping for a new product will pay off greatly in the long run.
When in doubt, turn to your chamber. The Greater Medina Chamber of Commerce’s savings programs are vetted with trusted providers. Use them as a resource!
Rick Davidson, Community Energy Advisors
Exit Stage Right
What to think about when you're ready to leave your business.
Exit stage right - What to think about when you're ready to leave your business
A succession plan may help assure business continuity
If you’ve built a successful business, you know that having a plan could be critical to making it work. By the same token, readying your business for your retirement, or to enable it to carry on if anything happens to you, is an important piece of the puzzle.
While there are no set rules about what to address in a succession plan, you may want to include such details as:
· The successor: family member, business partner or someone new who will buy out your share
· Timeframe/transition period
· Key personnel changes and skill retention
· Training and development of new leadership
· Legal considerations: buy-sell agreement, estate plan/will
· Risk management
· Communication strategy
· Financial considerations: retirement income, insurance, sale price, tax implications
Protecting your most valuable asset: You
Your exit strategy not only recognizes when you are planning to retire from the business, but it can also address any potential surprises that may impact your ability to remain in charge.
You may develop a major illness or injury that takes you away from day-to-day operations. Having insurance in place can help ensure your company will continue to function in your absence, while also help to protect your own earnings and family, particularly if you’re not able to return:
Disability Insurance: All owners should consider having their own insurance that covers their monthly earnings in the case of an illness or injury that requires long- term healing. It may include a buy-out clause.
Business Overhead Expense Insurance: This helps to provide funding to the business of any overhead expenses (such as payroll or rent) if payment of these costs may be jeopardized by being away for an extended period.
Critical Illness Insurance: This is generally a lump sum payment that helps you cover your bills if you have a serious illness.
Key Person Life Insurance: A life insurance strategy may include a payout to the business for continuity, or to your estate to help minimize any tax implications. Life insurance proceeds may also be used to equalize payments to heirs, as it’s possible that, if you have multiple children, only one will be interested in taking over the business.
If you plan to retire, you need a plan
If it’s time for you to hand over the reins, your succession plan should address the time horizon for your transition and how much involvement you will maintain. You may want to execute a buy-sell agreement with partners or co-owners. It outlines the circumstances of your leaving, as well as the price that will be paid for your share of the business. Insurance can be used to help minimize the tax impact of a small business sale as well as financing retirement income.
There are many tax-efficient ways to help protect your business and help you transition to your retirement.
CARLSON FINANCIAL GROUP - 13374 Ridge Rd., North Royalton, OH 44133 - Tel:216.586.4853 – www.carlsonfinancialgroup.us. Ryan Carlson, Registered Representative. Advisory Services offered through Capital Analysts or Lincoln Investment, Registered Investment Advisers. Securities offered through Lincoln Investment, Broker/Dealer, Member FINRA/SIPC www.lincolninvestment.com. Carlson Financial Group and the above firms are independent and non-affiliated. The material presented is provided for informational purposes only. Nothing contained herein should be construed as a recommendation. Insurance products and tax, legal, or Social Security Claiming services and are not offered through, or supervised by The Lincoln Investment Companies. Neither Carlson Financial Group or Valued Capital Advisers, nor its employees, provides tax, legal or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions. 5/19
Submitted by: Ryan Carlson, Carlson Financial Group
Make Your Membership Work!
Tips for Chamber engagement
A membership with the Greater Medina Chamber of Commerce is oh-so-much more than just an “I’m a proud member!” sticker to put on the front door of your business. Member benefits like website listings, participation in exclusive promotions, invites to chamber events, and more put you at the forefront of the community when you’re a member of the Greater Medina Chamber of Commerce.
But Chamber membership is a two-way street. While there are certain benefits you’ll receive year after year with your membership — interactive listings on our website, invites to events, etc. — there is certainly a way to get more bang for your buck no matter what investment level you come in at. Let us highlight a few ways to get the most out of your membership.
Attend Chamber Events - This one is a pretty obvious membership benefit that often goes overlooked by many. While we understand that you won’t be able to attend EVERYTHING with the dozens of networking events, workshops, and lunches we hold throughout the year, it doesn’t hurt to show up to an event once or twice if your schedule allows. This is a great way to get your name out there and to meet other business professionals in our community. Chamber events aren’t open to business owners or management only – staffers, please come!
Interact with us on Social Media - Want to know a great way to get a conversation rolling online? Tag us in your posts! We’re active on Facebook, LinkedIn, and Twitter to name a few. Chances are if you tag us in a photo or post, we’ll give you some social media lovin’ back. That means more interaction for your profile, and for The Chamber. Win-win!
Post on our Website - With your Chamber membership comes exclusive access to medinaohchamber.com for you to post events, coupons, job postings and more. Use this access – you pay for it! The Chamber fields dozens of phone calls and email traffic every week with people looking for events, jobs, and deals. We can’t offer your awesome information if we don’t have it!
Submit Your News - This one goes hand-in-hand with what was previously mentioned. When you have some newsworthy information to share, send it our way to any chamber staff member. We’re always looking to brag about the amazing things our members are doing. Whether your business recently completed a remodeling project, your staff headed out to the community for a volunteer day, your business won an award, or you have other great news to share — we want to know about it so we can share your news on our social media pages, add to the news section of our website, and send member news out in our email newsletters.
Reach Out - Is there an area of your business that could really use some help? Maybe you’re looking for some creative marketing ideas or want to form partnerships with other business professionals in town. Whatever it may be, always be sure to reach out to us here at the Chamber to see if we can help make some connections. If we don’t have immediate answers, just give us some time to think about things and point you in the right direction.
If there are any membership benefits that you have questions about or think that you might be under-utilizing, give the Chamber office a call or set up a meeting! We want to make sure that you’re getting the most out of your investment. Utilizing your membership benefits makes your business, the Chamber, and our community stronger.
Michael Warner, Sr., INSYTE Consulting Group, LLC