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12 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM OCTOBER 9-15, 2006 Modern look goal of Americhem expansion Tops: NE Ohio stores’ By DAVID BENNETT concentrates for the plastics industry. The State Controlling Board has ap- [email protected] The concentrates are used in molded proved a $180,000 grant for the road- plastic auto parts and vinyl siding. way improvement project. buyer still unknown Americhem Inc. is embarking on a Other Americhem customers include An Americhem official, who $3 million expansion project that’s producers of nylon fibers used in declined to give his name, wouldn’t continued from PAGE 1 “We evaluate multiple Tops stores up for sale, Tops spokes- designed to put a modern face on the goods such as carpet and luggage. comment on the expansion project opportunities in multiple woman Tracy Pawelski said it’s “not chemical manufacturer’s headquar- Plans call for reconstructing 1,130 because the company still is drawing necessarily” true that finding a locations. I’m sure the ters in downtown Cuyahoga Falls. feet of Main Street between Portage up designs. He said the company buyer is taking longer than expected. Tops scenario is one of The project includes a 2,000- Trail and Broad Avenue to provide employs 200 in Cuyahoga Falls, in- Shortly after the stores were put on square-foot addition to Americhem’s better access to Americhem’s build- cluding 90 at the East Broadway site. those situations we are the block in July, company officials building, 225 E. Broadway St., that will ing, which is just east of where Main The city’s application for the road- evaluating.” were optimistic that they could sell house a $2.3 million research-and-de- Street and Broadway Street intersect. way grant states the project will retain all the Ohio locations by the end of – Dan Donovan, spokesman, velopment center for the company’s Jennifer Syx, deputy director of all 90 jobs, which pay an average of Giant Eagle the year. global operations. The space will be development for the city of Cuyahoga $36.42 per hour in wages and benefits. “These things always take time,” used for color concentrate research Falls, said the roadway project will aid Americhem has another plant on Ms. Pawelski said. Heinen said his chain is “not an and other analysis work, according to not only Americhem, but also other Steels Corners Road in Cuyahoga Falls, From web sites following the Tops active participant” in the Tops sales documents filed with the Ohio businesses that might locate to Main as well as plants in Elgin, Ill.; Salisbury, saga to talk among drivers of delivery talks, but he would not rule out Department of Development. Street. The city is dedicating a portion Md.; Concord, N.C.; and Mansfield, trucks, recent rumors of a sale entirely taking another look at some Americhem produces custom of the vacated roadway to parking for Texas. It also has operations in Eng- announcement have painted a locations “when Tops makes their color concentrates and additive Americhem employees. land and China. ■ moving target: In some corners, decision about how they want to word was to have come a month ago. dispose of the stores, if there are In others, it’s in the next few weeks. stores left over.” Asked several questions about Calls seeking comment from rep- Giant Eagle as a possible buyer of the resentatives of Dave’s Supermarkets, Northeast Ohio Tops stores, company Acme Fresh Markets and Rego Bros. Cultivate Your Knowledge. spokesman Mr. Donovan offered Inc. were not returned. Attend the Weatherhead Breakfast Series. several variations on a single answer. Brian K. Garson, a Cleveland real “We evaluate multiple opportuni- estate investor and former president ties in multiple locations,” he said. of Fisher Foods Inc., was involved 10 “I’m sure that the Tops scenario is years ago with an investment group one of those situations we are evalu- that made a play for Riser Foods Inc. DATE AND TIME: ating.” — a publicly traded company Giant Eagle’s last purchase of formed through the combination of Monday, October 16, 2006 multiple stores from a single chain in the Stop-n-Shop grocery coopera- 7:30 – 9:30 a.m. Ohio was in 2004, when it bought tive and Fisher Foods. That move eight Big Bear stores in the Colum- eventually spurred Riser’s purchase bus area. by Giant Eagle in 1997. LOCATION: It is unclear whether Giant Eagle’s Mr. Garson said that same group interest in Tops is that of a solitary took a look at the current Tops sale George S. Dively Building buyer, or if the company is likely to but decided in August not to bid. 11240 Bellflower Road pursue a deal in tandem with one or “Our group’s interest, in our eval- uation of the package, was primarily (on the Case Campus) more local grocers in order to avoid possible antitrust concerns that the real estate,” Mr. Garson said. could be raised by the Federal Trade “Because of the (other bidders’) COST: Commission. interest in the stores, it was our consensus to see what happened in 35 program Tops’ Ms. Pawelski would not / comment on store visits by specific the bidding process and decide what includes breakfast and parking possible buyers, saying only, “The our next move was after that.” process, and what you would expect Though speculating, Mr. Garson might happen during the process to said he expects an announcement identify a prospective buyer, has concerning Tops’ future in North- been happening since July 6.” east Ohio to come within the next few weeks. ■ INVESTING IN START-UPS Heinen’s Fine Foods president Jeff FEATURING University School Panelists: Dave Morgenthaler, Morgenthaler Ventures, Cathy Panzica, Panzica Investments, A SCHOOL FOR BOYS • AN EDUCATION FOR LIFE and Chris Sklarin, Chrysalis Ventures Moderator: Dr. Scott Shane, A. 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14 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM OCTOBER 9-15, 2006 Duke: Estimates place development total at $150 million

continued from PAGE 1 Burger said the duo’s bid was the “We’ll continue the same types July sale of Duke’s industrial build- best of “quite a few bidders” for the BUYING POWER of quality and services as Duke ings to First Industrial REIT of properties, although he would not A closer look at the Duke land purchases made by developers Ross Farro and provided.” Chicago and the marketing of its say exactly how many groups sought Spencer Pisczak: The pair’s intention is to build office portfolio here. the land. institutional-quality real estate on a Messrs. Farro and Pisczak refused The land Messrs. Farro and Pisczak Industrial park Location Acreage build-to-lease and build-to-sell to say how much they would pay for are acquiring comprises 114 acres in Strongsville Strongsville 75 basis. the land. Glenwillow, 130 acres in Hudson, 75 Freeway Drive Macedonia 11 They said they have prospective Jon Burger, vice president and acres in Strongsville and 11 acres in Emerald Valley Glenwillow 114 tenants or buyers for their first build- Cleveland operations manager for Macedonia. Hudson Hudson 130 ings in the venture, but will not iden- Duke, said the company was pleased tify the nascent deals. SOURCE: INDUSTRIAL PARTNERS LLC the duo is buying the land because it Building on Duke’s work Mr. Farro estimates the land will believes they were important in the If ever two buyers were naturals yield 3 million square feet of indus- REIT’s success here and will main- for a purchase, these two are. office for four years. president; he left earlier this year as trial properties, some $150 million in tain good working relationships with Mr. Farro sold eight suburban In that period, Mr. Farro recruited Duke began disposing of its properties development. The two said they the cities where Duke has been office buildings to Duke in 1996, Mr. Pisczak to build Duke’s industrial here. hope to build out the land during the active. providing the REIT’s entrée to the real estate business here. Mr. Pisczak “Our intention is to pick up where next seven years. However, those factors don’t Greater Cleveland real estate market. acquired the land the two are buying Duke left off, perhaps on a slightly Asked why they are willing to pick mean the two men got a bargain. Mr. He also headed its Independence for Duke in his role as a Duke vice smaller scale,” Mr. Pisczak said. up the ball their prior employer is leaving on the court, Mr. Farro said, “We see an opportunity here as Duke exits. We see this as a very profitable venture, with upside in the industrial market.” “Our intention is to pick Introductory APY up where Duke left off, perhaps on a slightly smaller scale. We’ll %* continue the same types of quality and services as Duke provided.” – Spencer Pisczak, industrial broker and developer, Industrial 5.00 Partners LLC For 180 days. $10,000 minimum balance. Business Access Money Market account Though Mr. Farro was involved as Duke ramped up in Northeast Ohio, the industrial market is a switch for him from the office market, where he developed buildings in Indepen- dence and Beachwood. The change Your working capital can be is by design. Tired of ups and downs “I’ve seen three down office markets,” Mr. Farro said. “I’ve seen working harder. the office market go from terrible to wonderful and back. However, the industrial market is a much more consistent market than the office market. Office is much tougher in Cleveland.” Even so, Mr. Farro acknowledged he took a shot at buying Duke’s suburban Cleveland office portfolio. He said his bid was not accepted. Duke is marketing its east suburban office properties; it plans to market buildings from other suburbs later. Mr. Farro, 62, has not been taking life easy since he left Duke in 2000. He has continued working in the restau- rant business and is now a partner in 10 TGI Fridays in Northeast Ohio and 21 Baja Fresh restaurants throughout Oregon and Seattle. The Franchise Times trade newsletter two months ago ranked Open a FirstMerit Business Access Money Market account today. Cleveland Restaurant Operations Co., which Mr. Farro heads as CEO, The FirstMerit Business Access Money Market Speak with one of our Business Service Center specialists about as the 117th-largest restaurant fran- account allows you to get more for your money. opening a Business Access Money Market account today. Call us chisee in the United States. The It gives you the easy access to your funds that you toll-free at 1-888-283-2303, or visit us online at firstmerit.com. newsletter puts its sales at between need and the high yield that you want. $50 million and $60 million. Mr. FirstMerit Bank. Farro said he’d divide his time Here’s what else it gives you: The bank for owner-managed business. between the restaurant business, where he has operating partners, • Interest on all balances and the real estate business. • Check writing capability Mr. Pisczak, 46, said the two • Online Banking access would develop an operating name • Security of FDIC insurance for their industrial real estate company in about a month. The FirstMerit Business Access Money Market account gives you He said the company would hire one more powerful feature. A FirstMerit Business Banker. Someone two employees after the first of the year. For now, the venture is based at who’s dedicated to help you achieve long-term financial success. Mr. Farro’s office on the fifth floor of the Freedom Square II building in Independence, a structure he * Introductory APY of 5.00% for all Business Access Money Market accounts with balances greater than $10,000 and up to $2,000,000. Introductory period is for 180 days, after which the APY is subject to change at our built. ■ discretion. Offer applies to money not currently on deposit at FirstMerit. New FREE Business Checking, Business Checking, Business Checking Plus or Business Option Checking account required. Certain fees may apply. See fee schedule for details. CCLB 10-09-06 A 15 CCLB 10/4/2006 3:22 PM Page 1

OCTOBER 9-15, 2006 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 15 Café plan to assist disabled’s community transition

would provide a catering service. Hattie Larlham introduces Hudson restaurant into The nonprofit is exploring addi- vocational program; more to come if it’s a success tional opportunities to employ more of the disabled at its Mantua location, as well as at businesses such as house By SHANNON MORTLAND If Hattie’s Café is successful, the cleaning and lawn care services that [email protected] organization plans to open one new would serve Hattie Larlham and the café a year in each of the next five general public, Mr. Allen said. Disability services provider Hattie years. Mr. Allen said the cafes would Hattie Larlham’s approach Larlham is branching into the retail be within about 30 minutes drive mirrors a national push by public market in an effort to help the time of each other so they easily and private agencies that serve the disabled become more integrated could be run by Hattie Larlham. mentally retarded and developmen- into the community. The cafés eventually could be tally disabled to better integrate their Hattie’s Café, Fountain and Gifts stocked with pastries made by the clients into society. Mr. Allen said opened Oct. 1 in Hudson as a way to disabled if Hattie Larlham’s plan to such moves build awareness and employ some of the area’s disabled, open its own bakery comes to acceptance of the disabled and said Dennis Allen, CEO of Hattie fruition over the next two years, Mr. provide the disabled with skills to be PHOTO PROVIDED Larlham, which provides services for Allen said. The bakery also would sell more of a part of their own commu- Hattie Larlham has introduced Hattie’s Café into its vocational program, an the mentally retarded and develop- pastries to the general public and nities. ■ opportunity for the disabled to ease into their community. mentally disabled at its headquarters in Mantua. “We wanted to have people with disabilities out in the community,” Mr. Allen said. “We want them to get out where they live, work and communicate. We feel that is the best way for a person with disabili- ties to live their lives.” “We wanted to have people with disabilities out in the community.” – Dennis Allen, CEO, Hattie Larlham The café, at 164 N. Main St. in downtown Hudson, employs three Hattie Larlham staffers and eight disabled clients of Summit County’s Board of Mental Retardation and Developmental Disabilities, Mr. Allen said. The café serves coffee, salads, soups, sandwiches and pastries. It also is home to the 1940s-era soda fountain that was located in the now-closed Saywell’s Pharmacy, which was housed next door to the café’s new home. The owners of the Saywell’s property leased the space and the soda fountain to Hattie Larlham for $1 a year, Mr. Allen said. The café is the first project in the nonprofit’s new vocational program, which aims to make the disabled more a part of their communities, Mr. Allen said. It often can be hard for the disabled to find jobs, so Hattie Larlham hopes over the next several years to create more such opportunities, he said. STUFF Supreme trouble? New York Times turns its watchdogs on Ohio high court The New York Times turned its investigative powers on the Ohio Supreme Court and found that the court’s justices “routinely sat on cases after receiving campaign contributions from the parties involved or from groups that filed supporting briefs.” On average, according to an Oct. 1 story in The Times, they voted in favor of contributors 70% of the time. Justice Terrence O’Donnell voted for his contributors 91% of the time, the highest rate of any justice on the court. In studying 12 years of cases, The Times found that the Ohio Supreme Court’s justices “almost never disqualified themselves from hearing their contributors’ cases. In the 215 cases with the most direct potential conflicts of interest, justices recused themselves just nine times.” CCLB 10-09-06 A 16 CCLB 10/4/2006 3:24 PM Page 1

16 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM OCTOBER 9-15, 2006 With time at University of Akron nearing completion, polymer pioneer Kelley ponders his next career stop The answer is forward to stepping down, but “Sports and girls After bringing school to forefront of industry, e.) all of them. knows it will happen sooner rather interested me most in Dr. Kelley was a than later. dean is ready to move on to next challenge key player in Dr. Kelley actually retired from the high school, but I got making all four re- university in 2003 and was rehired as good grades in science By MIKE MCNULTY College of Polymer Science and Poly- alities, as well as dean of the school for three years. That and I went to work at Rubber & Plastics News mer Engineering. other decisions contract is coming to a close, a search Goodyear.” b.) Construction of the Goodyear that lifted the Uni- committee has been formed and a – Frank Kelley, dean, If Frank Kelley had not left a high- Polymer Center. Kelley versity of Akron’s consultant is seeking his replacement. University of Akron’s College ranking position with the U.S. mili- c.) Establishment of a renowned polymer program If a successor isn’t identified soon, of Polymer Science and tary in the late 1970s to run the polymer faculty. into national prominence. though, Dr. Kelley could be asked to Engineering University of Akron’s polymer pro- d.) Emergence of the school as the He’s now at a crossroad. Dr. Kelley stay on for a while. He said he’d do it, gram, which of the following might largest academic polymer center in is slated to retire next summer as though the 72-year-old academic is other irons in the fire professionally not have happened? the United States, with a strong repu- dean of the college after 28 years at proceeding with plans to close out and several personal projects he’d a.) Creation of the university’s tation globally. the helm. He said he isn’t looking his career at the university. He has like to complete. Sitting in his office in the Goodyear Polymer Center, Dr. Kelley said he knows what it’s like to fulfill a dream. That’s what heading up Akron’s polymer program has meant to him. A smart jock He arrived at the university 53 years ago after graduating from high school, where the gifted athlete starred in football and track. “Sports and girls interested me most in high school, but I got good grades in science and I went to work at Goodyear” as a storage clerk, he said. A year later, in 1953, Dr. Kelley decided there had to be more to life, and with his parents’ support, enrolled at the University of Akron. “No one in our family had ever gone to college,” he said. “In fact, no one else had graduated from high school.” His father became ill during his freshman year, and Dr. Kelley joined the Goodyear “flying squadron” — college students who learned jobs at the plant and filled in when needed, while attending college full time. He worked there part-time for two years before landing a job as an undergraduate research assistant at the Institute of Polymer Science. He also was part of the school’s Air Force ROTC program. It took five years, but in 1958 Kelley received his bachelor’s degree in chemistry and a year later his master’s in polymer chemistry. He earned a doctorate in polymer chemistry in 1961. It is rocket science Dr. Kelley for a short while was a rubber chemist for Union Carbide Corp. before entering the Air Force. He was assigned to the rocket propulsion laboratory at Edwards Air Force Base in California as a rocket scientist, which turned out to be a gigantic break. His assignment called for him to conduct research and manage technical programs associated with solid-propellant mechanical proper- ties. That was right after the launch of Sputnik and the first orbit of Earth by the Russians, so there was plenty of money available for rockets in the United States, which was in a catch-up mode. Dr. Kelley became a key member of the team that made giant inroads in space travel. After he was discharged from the service in 1964, he remained at the laboratory as a civilian attached to the Air Force. Dr. Kelley became chief of propellant development in 1966, chief of advanced plans in 1970 and chief scientist, the highest-rank- ing civilian at Edwards, in 1971. He continued on PAGE 17 CCLB 10-09-06 A 17 CCLB 10/4/2006 3:28 PM Page 1

OCTOBER 9-15, 2006 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 17

continued from PAGE 16 but they knew little about polymers. he wanted to see at the university.” had no other plans at the time,” Dr. Kelley, if a suitable replacement is was responsible for the technical “And yet they have to design with Kelley said. found to run the College of Polymer content of the entire rocket propul- polymers, and the industry has Under one umbrella The college was inaugurated in Science and Polymer Engineering sion program. grown so large,” Dr. Kelley said. The committee, which included 1988, and the 146,000-square-foot anytime soon. An even better opportunity came He discussed bringing Dr. White Drs. Kelley and White, spent nine Goodyear Polymer Center opened At that time, Dr. Kelley could along in 1973, when Dr. Kelley was aboard with the new dean of the months developing a plan to pull all in 1991. expand his role with Michigan- named chief scientist at the Air Force engineering college. The dean liked the school’s polymer programs Since then, the college has grown based Romeo Injection Molding materials laboratory at Wright- the idea and by 1984 Dr. White together under one administrative dramatically and most recently Co., where he serves on the board. Patterson Air Force Base in Dayton. came to Akron and launched the structure. branched out into nanotechnology The chairman has asked him to He spent his last two years there as polymer engineering department in What followed “was almost a and biotechnology. Dr. Kelley said he consider doing more with the lab director, overseeing a work force the College of Engineering. miracle in and of itself because two sees universities such as Akron manufacturer, and it’s a prospect of 250 and an annual budget of That was the last piece of the deans had to give up two of their becoming research arms for industry, that intrigues Dr. Kelley. about $150 million. foundation needed to eventually most productive research depart- because a number of traditional poly- He also wants to spend more create the College of Polymer ments and it had to go through the mer businesses have backed away time with his wife of 46 years, “Of course this is the job Sciences and Polymer Engineering. university council, which was kind from fundamental research. Judith, and five grandchildren. And I really wanted. To be Bill Muse, newly arrived president of a debating forum with commit- “We patent like crazy,” the dean they’re building a log home an director of polymer of the university, asked Dr. Kelley tees,” he said. said. “We probably have 160 active hour’s drive from the university. science was sort of a what it would take to move the The planning committee ulti- patents. Some of those have led to All of that aside, “I had no real polymers program to the front mately approved the creation of the spinoff companies — some by the intention to retire,” he said. “I felt dream come true. So it ranks of the world. College of Polymer Science and faculty, some by students. And we might lose important members took me about 30 Dr. Kelley said he basically Polymer Engineering, and a search we’re building partnerships with of our faculty if I retired, so I’m very seconds to make up outlined what was needed, and Dr. for a dean to run it commenced. other universities, industry and concerned about mentioning it. But my mind to leave the Muse “asked our planning commit- “I applied and, fortunately, I got government labs.” it would be irresponsible not to Air Force, which didn’t tee for this world-class center that the job, which was good because I But a new day is dawning for Dr. have an extension plan in place.” ■ go over too well in Washington.” – Frank Kelley

His career path took an abrupt change, however. While at a technical meeting in New Orleans, Dr. Kelley said he was approached by

Maurice Morton, head of the Univer- call sity of Akron’s Institute of Polymer Lane Science, who told him he had reached the mandatory retirement age at the perfectionists@ school. Mr. Morton asked if Dr. Kelley softmart.com would consider it a step backward to become director of the polymer school.

Quick decision Ask About Microsoft Vista “Of course this is the one job call I really wanted,” he said. “To be Softmart ask about director of polymer science was sort Security of a dream come true. So it took me about 30 seconds to make up 888. my mind to leave the Air Force, 763.8627 which didn’t go over too well in Washington.” It was 1978, and after 17 years in or connected to the Air Force, the 43-year-old Dr. Kelley was in an entirely new environment. “It was tough entering the acade- mic game from essentially a military organization,” he said. Deals on HP When he returned to Akron he was a full professor and director of the institute, but he did not have tenure. Ask “I had to earn it while trying to build About and evolve a program,” Dr. Kelley OCD IT said. He did all three while giving new know.it.alls@ shape to the polymer program and softmart.com hiring additional faculty. In 1982, Dr. Kelley learned that Jim White, a polymer engineering professor at the University of Tennessee, was frustrated because At Softmart, we’re his proposals to build a polymer program at the school were voted * down. “I knew the importance of poly- mer engineering as a discipline because there were something like 83 metallurgical engineering pro- grams in the country at the time,” ADD IT Dr. Kelley said. His mentor in the Air Force had emphasized that engi- * Attention Driven about Data on Information Technology neers needed to learn how to deal normal with metal, concrete and ceramics, We think its to be simultaneously interested in everything all at once. How else can we keep on top of software upgrades, product launches, security innovations, price declines, new IT developments, shipping delays, oversupply situations, emerging robotic manufacturers, and, IT mergers and acquisitions? Find out more about ADD IT and how it’s helping other companies stay ahead To Subscribe to of their competition. Call 800-382-5550 or email [email protected] Crain’s Cleveland Business Call 1-888-909-9111 800-382-5550 | www.softmart.com © 2006 Softmart Inc. – Crain CCLB 10-09-06 A 18 CCLB 10/4/2006 2:24 PM Page 1

18 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM OCTOBER 9-15, 2006

Assets: $562,632 Date filed: Sept. 20, 2006 Products LLC BANKRUPTCIES Liabilities: $983,756.51 Case No. 06-14357 3650 W. Market St. Chapter 11 Suite 340 The following businesses recently have North Olmsted The Peach & Copper Valley Co./ Assets: $1 million to $10 million Akron filed for protection from creditors in the Date filed: Sept. 8, 2006 Copper Valley Construction Liabilities: $10 million to $50 million Date filed: Sept. 20, 2006 U.S. Bankruptcy Courts in Akron or Case No. 06-14076 8011 Southington Drive Case No. 06-51847 Cleveland. Under Chapter 11, a Chapter 11 Parma Pilgrim Holdings LLC Chapter 11 company files a reorganization plan that Assets: $500,000 to $999,000 Date filed: Sept. 19, 2006 4654 Davis Road Assets: $10 million to $50 million must be approved by the court. Chapter Liabilities: $100,000 to $499,000 Case No. 06-14315 Perry Liabilities: $10 million to $50 million 7 is a total liquidation. Chapter 13 is Chapter 7 Date filed: Sept. 20, 2006 personal bankruptcy. Hair by Maxelles Inc. Assets: $23,300 Case No. 06-14355 CEP Holdings LLC 7701 W. Ridgewood Drive Liabilities: $104,126.14 Chapter 11 3650 W. Market St. Olde River Yacht Club Limited Parma Assets: $0 to $50,000 Suite 340 Partnership Date filed: Sept. 8, 2006 Hydrangea Farms Limited Partnership Liabilities: $10 million to $50 million Akron 2500 Brookpark Road Case No. 06-14101 4654 Davis Road Date filed: Sept. 20, 2006 Cleveland Chapter 11 Perry Willowbend Nursery Inc. Case No. 06-51848 Date filed: Aug. 24, 2006 Assets: (none listed) Date filed: Sept. 20, 2006 4654 Davis Road Chapter 11 Case No. 06-13768 Liabilities: $978,536.62 Case No. 06-14356 Perry Assets: $0 to $50,000 Chapter 11 Chapter 11 Date filed: Sept. 20, 2006 Liabilities: $10 million to $50 million Assets: $0 to $50,000 Kruze Properties, LLC Assets: $1 million to $10 million Case No. 06-14353 Liabilities: $1,000,001 to 28931 Eddy Road Liabilities: $10 million to $50 million Chapter 11 Thermoplastics Acquisition LLC $10,000,000 Wickliffe Assets: $1 million to $10 million 36520 W. Market St. Date filed: Sept. 16, 2006 Nursery Lands Limited Partnership Liabilities: $10 million to $50 million Suite 340 Express Private Management Inc. Case No. 06-14276 4654 Davis Road Akron 4779 Columbia Road, #103 Chapter 11 Perry Creative Engineered Polymer Date filed: Sept. 20, 2006 Case No. 06-51849 Chapter 11 Assets: $10 million to $50 million

Northern TrustNorthern Banks are members FDIC. © 2006 Nor Liabilities: $1 million to $10 million STUFF Feeling the burden Ohio residents among those who pay the most taxes Ohio remains one of the highest- taxed states in the country, with thern Trustthern Corporation. residents paying 12% of their income in state and local taxes, according to new data from The Tax Foundation, a nonprofit fiscal policy research group. The organization reported last week that Ohio was fourth on the high-tax list, behind only Maine, New York and Washington, D.C. The tax burden is a measure of what a state and its local govern- ments collect as a percentage of per capita income. So, with a state/local tax burden of 12%, the state of Ohio and its local govern- ments get $12 for every $100 its residents make per capita. Ohio had a per capita state/local tax burden of $4,332 and per capita income of $36,054. Maine topped the list with a state/local tax burden of 13.5%. The national average was about 10.5%. Massachusetts, fabled for high taxes, YOUR LEGACY was 28th on the list with a tax burden of 10.3%. Ohio’s neighboring states all had state/local tax burdens between 10.4% and 11%.

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CONTACT YOUR Private Banking | Asset Management | Financial Planning | Trust Services | Estate Planning Services | Business Banking LOCAL CBIZ OFFICE 216-447-9000 www.cbiz.com CCLB 10-09-06 A 19 CCLB 10/4/2006 2:25 PM Page 1

OCTOBER 9-15, 2006 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 19

1869 W. 25th St., Suite A, Cleveland 10139 Royalton Road, Suite C, Township TAX LIENS ID: 04-3588854 North Royalton ID: 34-1298802 Date filed: July 20, 2006 ID: 20-0460089 Date filed: June 14, 2005 The Internal Revenue Service filed tax Date filed: July 13, 2006 Type: Employer’s withholding Date filed: July 20, 2006 Date released: June 22, 2006 liens against the following businesses Type: Employer’s withholding Amount: $10,532 Type: Employer’s withholding Type: Employer’s withholding, in the Cuyahoga County Recorder’s Amount: $6,706 Amount: $9,318 corporate income Office. The IRS files a tax lien to Mt. Zion Enrichment Amount: $5,804 protect the interests of the federal Labett Inc. Childcare Center Inc. Noral Inc. government. The lien is a public notice 6686 Pearl Road, Parma Heights P.O. Box 46820, Bedford 2301 Hamilton Ave., Cleveland Tempus Inc. to creditors that the government has a ID: 34-1761508 ID: 16-1656459 ID: 34-1091176 dba USCare Medical Services th claim against a company’s property. Date filed: July 3, 2006 Date filed: July 5, 2006 Date filed: July 24, 2006 1571 W. 117 St., Cleveland Liens reported here are $5,000 and Type: Employer’s withholding Type: Employer’s withholding, Type: Employer’s withholding ID: 31-1563863 higher. Dates listed are the dates the Amount: $37,621 unemployment Amount: $15,548 Date filed: Nov. 9, 2005 Date released: June 22, 2006 documents were filed in the Amount: $13,794 1 Dollar Only Inc. Manar Market Inc. Type: Employer’s withholding Recorder’s Office. th 21674 Libby Road, Maple Heights 3279 W. 117 St., Cleveland NF Industries Inc. Amount: $104,092 LIENS FILED ID: 34-1969044 4581 Spring Road, Brooklyn Heights ID: 34-1715791 Date filed: July 24, 2006 ID: 20-1561604 Date filed: July 5, 2006 Timberline Tractor & Marine Inc. Antares Group Inc. Type: Employer’s withholding, Date filed: July 3, 2006 Type: Failure to file complete return P.O. Box 33498, Cleveland 2078 Glengary Road, Akron unemployment, failure to file Type: Employer’s withholding Amount: $19,149 ID: 34-1605616 ID: 34-1153134 Date filed: July 22, 2005 complete return Amount: $16,979 LIENS RELEASED Date filed: July 20, 2006 Amount: $34,419 Date released: June 5, 2006 Type: Employer’s withholding North Royalton Rogers Towing Inc. Type: Employer’s withholding Amount: $628,788 Moda Co. LLC Black Belt Academy Inc. 7223 Stearns Road, Olmsted Amount: $17,081 Aqua Specialists Inc. 3359 Edgecliff Terrace, Cleveland ID: 34-1059106 Date filed: July 3, 2006 Type: Employer’s withholding Amount: $19,953 Beachwood Four Seasons Day Care 23175 Commerce Park Drive, Beachwood ID: 34-1807215 Date filed: July 20, 2006 Type: Unemployment Amount: $17,313 Buckeye Lending Inc. 27801 Euclid Ave., Suite 300, Euclid ID: 52-2419418 Date filed: July 24, 2006 Type: Employer’s withholding Amount: $26,012 Clay Court LLC 2500 Kemper Road, Shaker Heights ID: 04-3674009 Date filed: July 3, 2006 Business-efficient Type: Employer’s withholding Amount: $14,542 Complete Marketing Solutions Group Inc. 26111 Brush Ave., Euclid is now ID: 27-0078167 Date filed: July 13, 2006 Type: Employer’s withholding, corporate income Amount: $47,623 cost-efficient. Daishin Inc. 24545 Center Ridge Road, Westlake ID: 34-1660871 Spend less, and get more productive, with a feature-rich The complete Date filed: July 3, 2006 bundle of communications tools for small business from small business Type: Employer’s withholding bundle for under Amount: $5,662 the new AT&T. For less than $95 a month, you’ll get Data Technologies & Research Inc. unlimited local and nationwide calling, high-speed Internet P.O. Box 141058 and Unified MessagingSM — a service that consolidates $ ID: 34-1706672 /month Date filed: July 3, 2006 95 messages from your email, fax, office phone and wireless Type: NA An 18% savings Amount: 5,600$ phone into a single mailbox. All consolidated onto a single for the first year Dedicated Dining Service LLC bill and backed by the complete and secure network of 1242 Ethel Ave., Lakewood the new AT&T. To order, call your local AT&T small business ID: 11-3656947 Date filed: July 13, 2006 expert at 1-888-ATT-8339 or go to att.com/essential. Type: Employer’s withholding Amount: $5,546 Dwight E. Scott, D.P.M., Inc. 6001 Woodland Ave., Suite 2345, Cleveland ID: 34-1679564 Date filed: July 26, 2006 Type: Employer’s withholding, failure to file complete return Amount: $10,683 Gigante Cement and Waterproofing Inc. 6006 Allanwood Drive, Parma ID: 34-1926766 Date filed: July 5, 2006 att.com/essential Type: Employer’s withholding Amount: $12,142

Goose Acres Inc. $95 Bundle Offer — Available to businesses with 1–10 lines. Promotion requires one-year term. Rate specified is for first line only. Taxes and other charges extra. For 2175 Cornell Road, Cleveland details of additional charges, restrictions and requirements, call 888-288-1405 toll-free. Long Distance provided by AT&T Long Distance. AT&T Yahoo!® High Speed Internet ID: 34-1645108 Service Business Edition provided by AT&T Internet Services. AT&T Unified Messaging provided by AT&T Messaging. ©2006 AT&T Knowledge Ventures. All rights reserved. CCLB 10-09-06 A 20 CCLB 10/3/2006 2:41 PM Page 1

The Value of Integration

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OCTOBER 9-15, 2006 CRAIN’S CLEVELAND BUSINESS 21

INSIDE 26 PENSION ACT CREATES NEW GUIDELINES FOR LIFE INSURANCE SMALL BUSINESS

SHORT TAKES

■ RETAIL VENTURE: TCH Industries of Twinsburg now owns and operates TCH Hose-Stop, formally known as an Eaton Weatherhead Port-to-Port Hose Center. The hose center, at 2307 E. Aurora Road in Twinsburg, is TCH’s first expansion into retail sales. TCH Industries is a distributor and fabri- cator of hydraulic and industrial hose, rubber and plastic products and related industrial accessories. An open house will be held from 10 a.m. to 4 p.m. this Thursday, Oct. 12.

■ SMALL BUT MIGHTY: According to a report issued Sept. 28 by the U.S. Small Business Administration’s Office of Advocacy, small businesses represented 99.7% of the nation’s employer businesses in 2005. The report shows that small businesses employed 57.4 million Americans, or 50.6% of the nation’s non-farm private sector work force. “Clearly small business is a major part of our economy,” said Thomas M. Sullivan, chief counsel for advocacy at the SBA.

■ TELLING HIS STORY: Jack Miller, founder and former president/CEO of Quill Corporation, will speak Oct. 17 at Ashland University as part of the fall 2006 Major Issues RUGGERO FATICA Lecture Series presented by the John M. John DeJoy (above) and wife Michelle (below) decided in 2000 to open their restaurant, now John Palmer’s Bistro 44 in Concord Township. Ashbrook Center for Public Affairs. His talk is The couple, like many others who work together, has gradually found a way to leave work at the office. titled “A Businessman Looks at Life, Liberty and the Pursuit of Happiness.” At the age of 27, Mr. Miller borrowed $2,000 from his father-in-law and started the Quill Corporation. More than 40 years later, the direct marketer of office prod- ucts, employs more than 1,300 people with PARTNERS IN CHARGE annual sales exceeding $630 million. Along with other post-retirement endeavors, Mr. Miller also is in the process of writing a book on entrepre- Couples who mix marriage and business strive to balance work, home lives neurism titled “Sweat Equity and Lessons Learned.” For info on the luncheon, contact Sally ■ Story by KIMBERLY BONVISSUTO [email protected] Blair at 419-289-5411 or [email protected]. fter nine years of working as a chef in several high-intensity Cleveland restaurants, John DeJoy was burning out on the restaurant business — until his wife, Michelle, suggested that the couple start their own restaurant. ■ LENDING A HAND: In fiscal year 2006, the So in 2000, the pair opened John Palmer’s and joined the ranks of married couples who commit to being both business U.S. Small Business Administration backed a and life partners. net 100,197 loans totaling $19.1 billion under A its two primary small business loan programs during the 12 months ending Sept. 30. Both the For couples like the DeJoys, saying “I do” to a joint business number of loans and the dollar amount are venture often leads to a unique set of challenges and compro- single-year records for the agency. The previous mises at work and at home. records were set in 2005, when the SBA “The hardest thing is deciding, let’s talk about our daughter provided a net 94,554 loans worth $18.1 billion for a little bit, our next vacation or the weather — something under the same two programs. A third of the besides the action of tonight,” Mr. DeJoy said. loans in fiscal year 2006 went to minority Dave Kukurza, an adjunct professor in the Boler School of borrowers, 32% to new start-up businesses, Business at John Carroll University and vice president of busi- 22% to businesses owned by women and 21% ness development for Main Sail in Cleveland, said time manage- to businesses located in rural areas. ment often is one of the biggest challenges in family businesses, especially when there are children in the mix. The DeJoys moved their business in 2005 from Chardon to Concord Township to be closer to their daughter, Kaitlyn. The SNAPSHOT new restaurant, renamed John Palmer’s Bistro 44, is closer to the couple’s Painesville Township home. As far as the initial challenges of keeping work life separate from home life, Mr. DeJoy said he suggested to his wife early on that they use a code word to signal when it’s time to stop talking shop. “When we first started, we had a word that meant stop,” he said. “Almost like a code word to stop talking about this, maybe a line I don’t want to cross or something I don’t want to talk about right now — something that calls the other person off.” True partnership Mr. Kukurza said. But, with a husband-and-wife business venture, the couple is While finding a work-life balance can be a challenge for working toward the same goal: “We’re going to make this thing married entrepreneurs, John Carroll’s Mr. Kukurza said one of work and fly whatever amount of dedicated time it requires.” the benefits to working with a spouse is that your business Greg and Judy Monin, owners of Monin Insurance & Associ- partner is someone on whom you can depend and trust. ates in Olmsted Falls and Cleveland, have relied on that trust in “Too often what I have seen in a lot of entrepreneurial operating their insurance business. companies is a lot of people have safety nets” because not every hired employee is going to put 100% of their time into a startup, See COUPLES Page 26 CCLB 10-09-06 A 22 CCLB 10/4/2006 3:35 PM Page 1

22 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM OCTOBER 9-15, 2006 SMALL BUSINESS NE Ohio firms push for credit’s extension GRANDOPENINGS

For example, Jergens Inc. presi- don’t cover preproduction costs, the Some manufacturers say dent Jack Schron Jr. said with the tax credit is crucial to small manu- tax measure has helped help of the credit his Cleveland facturers in recovering upfront costs. company developed new work- “You don’t get paid until you ship spark product development holding devices, such as the Kwik- the first part,” he said. Lok pin, that have a market outside Smaller companies, those with By DAVID PRIZINSKY of the metalworking industry. assets of less than $5 million, [email protected] “The credit promotes innova- account for about 25% of the claims tion,” Mr. Schron said. filed under the credit, according to a number of Northeast Ohio Steve Schler, president of 2004 study by Ernst & Young. manufacturers are among ProMold Inc. in Cuyahoga Falls, Companies with assets of less than those making a last- claimed the credit for the creation of $50 million accounted for more than minute push for the an improved plastic injection mold 60% of the claims. The study was extensionA of a federal research and design. Mr. Schler said the credit based on 2000 data. development tax credit. encourages research at small The Ernst & Young analysis indi- Congress adjourned recently companies and “encouraged risk- cated firms with between $1 and $5 without renewing the credit, which taking to improve efficiencies.” million in assets filed claims valued has been extended 11 times since its Todd Brian, director of advocacy at an average of $42,000. About creation in 1981, and advocates say and regulatory affairs for Magnet, 15,000 companies claim the credit the best chance for the credit’s the Cleveland-based manufactur- each year, with the largest compo- restoration is action by a lame-duck ing support group, said the credit nent going toward wages and congressional session following the is very important to the area. salaries for employees doing quali- November elections. He said small manufacturers fied research. Representatives of area manufac- don’t always have the luxury of Ohio was one of 15 states with turers say the tax credit — which reassigning workers to research more than 1,000 companies claim- JESSE KRAMER has received bipartisan support in and development projects. Salaries ing the credit, according to Ernst & Brenda Bals, shown with her dog, Trixie, is increasing the distribution area of her the past, but most recently did not and wages resulting from research Young, which prepared the study for pup publication, The Cleveland Canine. make it into a larger piece of legisla- and development can be claimed the R&D Credit Coalition, a group of tion — has helped small manufac- under the tax credit. 85 trade associations and more than turers compete, sparking innova- Roger Sustar, president of 1,000 small, medium and large THE CLEVELAND CANINE CEZANNE RESOURCES LLC tion and leading to new products Fredon Corp., a Mentor machining companies that are lobbying for the P.O. Box 357 25550 Chagrin Blvd., Suite 201 and production methods. company, said since customers extension of the credit. ■ Avon 44011 Beachwood 44122 The Cleveland Canine is a free www.cezanneresources.com bi-monthly publication that is owned Cezanne Resources LLC is a recruit- and edited by Brenda Bals. The ment firm specializing in the nation’s publication, which deems itself as “a top sales associates and executives in publication for people with a passion the office equipment, printing, for pups,” will expand distribution into publishing, telecom and wireless the East Side of Cleveland with its industries. The company also has November/December issue. For its established and will operate MRI first two issues, The Cleveland Canine Network of Beachwood, which will be concentrated its distribution in part of the 1,100-office Management western Cuyahoga County, as well as Recruiters International organization. Lorain and Medina counties. The Cezanne Resources recruits and Cleveland Canine is distributed at matches only those performing in the outlets such as veterinarians’ offices, top 20% of their profession. The dog daycare facilities, groomers, company was founded by James L. libraries, restaurants and coffee Schorr, who previously worked for 22 shops. The publication estimates that years at ComDoc Inc., an independent it reaches 30,000 readers. distributor of Ricoh office products. 440-937-4444 Phone 216-464-8440 [email protected] Fax 216-464-8441 [email protected] NOGGIETUK LLC 6467 Tudor Circle EXECUTIVE INNOVATIONS LLC Brecksville 44141 1225 Mallard Pond Circle www.noggietuk.com Broadview Heights 44147 www.Executiveinnovationsllc.com Brecksville resident James D. Ellis has created an online service at www. Executive Innovations LLC assists noggietuk.com to help connect buyers companies and organizations in devel- and sellers of goods and services. oping and implementing incentive NoggieTuk LLC provides a way for programs that will reduce workers’ people and businesses to market their compensation premiums. In addition, products and services to a worldwide Executive Innnovations can review and audience. Those seeking services can recommend solutions for more effi- search the web site for free, while cient and effective daily operations. businesses can post goods and 440-590-3224 services for $5 a month for a three- [email protected] month minimum. Other items that can be posted for sale include homes, To submit a new business to be included antiques, art, automobiles and home in Grand Openings, e-mail sections furnishings. editor Amy Ann Stoessel at astoessel 216-536-5536 @crain.com or call 216-771-5155.

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OCTOBER 9-15, 2006 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 23 SMALL BUSINESS Building solutions Book dealers open new chapter in sales that fit your needs.

By SHARON SCHNALL some books — other copies are ’80s. Ms. Heller, in the ’60s, managed EXPAND [email protected] available through the Internet. the book department at a now-de- The good news: Prices have funct Burrows Book and Stationery. RENOVATE efore the Internet, there was doubled and continue to rise for the In contrast, the post-Internet Susan Heller’s floor. The truly rare book, Mr. Rakow said. entrant may know little about books RELOCATE antiquarian book dealer and And, there’s no replacing the other than profit potential. owner of Susan Heller-Books knowledge of an experienced dealer “It (the Internet) made everyone See how we make building better. Visit B(also known as Pages for Sages) — knowledge of book content; repu- aware that ‘Nancy and Plum’ (copy- www.bennett-cm.com placed ads in a trade magazine to tation built over time; accuracy and right 1952, author Betty MacDonald) or call 330-761-2213. locate books. Fifty responses for an integrity in describing book quality is worth $400,” Ms. McCullam said. unusual book, and one response for a and content; and an understanding “They don’t know it’s interesting. rare book, was the norm, she said. of the book’s value. They don’t know its context (to 20th “I’d get quotes on little post Mr. Rakow was a librarian for the century literature) but they know it’s cards, and I’d sit on the floor, sifting Cuyahoga County Public Library sys- worth a lot. …You have to know what through them, trying to find the tem and the Cleveland Heights-Uni- book will have a secondary market best one for my customers,” said versity Heights and Shaker Heights ten, twenty or fifty years after its Construction Management • General Contracting • Design/Build Akron, Ohio Ms. Heller, 72, whose Beachwood City school districts in the 1970s and publication.” ■ home-based services have helped bibliophiles for 40 years. But all that’s changed. For Ms. Heller and other small booksellers, technology has meant a new way of doing business and an expanded reach. “No vocation that I know of was changed as dramatically as book- Small business owners like Sandy selling with the advent of the Internet. It was completely shook Earl make good decisions every day. up,” said Larry Rakow, 59, who has operated Wonderland Books from his Owner of Wine Trends in Streetsboro, Cleveland Heights home since 1990. Sandy says one of the best things she did Mr. Rakow, president of the Northern Ohio Bibliophilic Society, specializes for her business was join COSE. “We’ve in movable and pop-up books, gotten so much out of our membership,” children’s literature and rare books. Previously, book dealers devel- she says, “including great health insurance oped enduring customer relation- for our employees.” ships, creating specialized book This wine distributor collections for customers through repeat business. Now, an Internet COSE helped Sandy choose health customer’s relationship with a book toasts to great health dealer may be short-lived. insurance through COSE. insurance plans provided by Medical “Rather than being committed to a Mutual that are right for her employees particular bookseller, people are go- ing to massive databases and picking and her budget. “Now each year I go Sandy Earl one book here, one book there, es- to a COSE Benefits Review Session sentially based on price,” Mr. Rakow Owner, Wine Trends said. Streetsboro to make sure we continue to have the According to Mr. Rakow, Interloc 34 Employees (now called Alibris), the first dealer- best plans in place.” only, Internet listing service, became available in the early 1990s. Today, As a member, Sandy can take advantage dealers upload entire inventory data- bases onto Abebooks.com (formerly of everything COSE has to offer – from the Advanced Book Exchange). Any- business savings programs to networking one with a book to sell can list indi- vidual selections on Amazon.com events to educational opportunities. and eBay web sites, to name a few. “It made an efficient market out “We’re always looking to improve, and of an inefficient market, and secon- for 19 years COSE has been there for us darily it made a lot of people become book dealers. They said, ‘Why can’t I every step of the way,” says Sandy. do this?’” said Bill McCullam, 64, a retired architect who along with his To learn more about the COSE benefits wife Jane McCullam, 66, owns Catter- mole 20th Century Children’s Books. savored by all types of area small The Newbury home-based business was founded in 1985. businesses, contact COSE today. “The thing that prevented entry into the business before the Inter- 216.621.3300 • www.cose.org net, was pricing the books,” he said. “That was specialized. Now, every- one has access to that knowledge.” Once, experience and a love of books built a dealer’s inventory. Now, it’s not uncommon to observe dealers at used book sales, using BlackBerry handheld wireless devices Health plans provided by: to look up prices on the Internet. Or, Another they send hirelings who call dealers good business via cell phone to determine the decision.TM book’s value, said Ms. McCullam, who also works as a bookkeeper for COUNCIL OF SMALLER ENTERPRISES Jenkins Painting Company Inc. in Chesterland. The Internet also allowed dealers to distinguish between scarcity and rarity. Where dealers once thought SAVINGS SUPPORT EXPERTISE an encounter with a highly sought- after book was a once-in-a-lifetime experience, they realize that — for CCLB 10-09-06 A 24 CCLB 10/5/2006 2:01 PM Page 1

24 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM OCTOBER 9-15, 2006 SMALL BUSINESS Factors beyond purchase price play major role in biz deals

he first thing on most Issues unrelated to purchase price seller’s shoes and assumes all oblig- an asset sale, a transaction that people’s minds when sell- are unique to each transaction. How- JOSEPHCARSON ations, except any that are expressly creates $15 million of goodwill could ing a business is the ques- ever, they may include the form of excluded. Under an asset transac- result in an incremental $400,000 in tion, “How much money the transaction; risk allocation and tion, the buyer purchases specific annual cash flow to the buyer. Tam I going to get?” Though this is indemnification; working capital; assets and leaves behind with the On the other hand, an asset sale important, there is more to a deal and so-called “soft” issues. selling company all corporate often results in a higher tax bill for than purchase price. While each of these issues merits obligations, except any that are the seller. An asset sale from a In any transaction, the seller is a discussion with appropriate expressly assumed. Subchapter C corporation would seeking to maximize value while the advisers, the following is a brief The economic effect is the tax incur double taxation, and the buyer is seeking to maximize return overview of each. impact. Under a stock sale, the good- impact could be as high as a 60% on investment. In their quest for ■ Form of transaction: The first ADVISER will — or intangible value in excess effective tax rate. agreement, both parties seek to im- issue is the form of the transaction of the asset value — that a buyer Subchapter S corporations can prove their positions by nipping at — a stock deal versus an asset deal. the structure chosen. acquires is not tax deductible, apply Internal Revenue Code other deal-structuring issues. These Generally speaking, a seller wants The legal implication is how the whereas under an asset sale the Section 338(h)10 to sell stock, but “non-purchase price” matters may to sell stock and a buyer would company’s existing and contingent acquired goodwill is tax deductible have the transaction treated as an have a significant impact on the prefer to buy assets. There are both liabilities are transferred. Under a over a 15-year period. This is a criti- asset deal for tax purposes. (LLCs transaction’s overall economics. legal and economic implications to stock sale, the buyer steps into the cal distinction. For example, under and limited partnerships can garner essentially the same type of favor- able treatment.) Although some “tax recapture” may result, the seller is usually still far ahead. ■ Risk allocation and indemnifica- tion: Another important element is risk allocation through representa- Dell recommends tions and warranties, and their limi- Windows® XP tation both in time and amount. Professional Sellers prefer to hand over the keys to the business and leave all obliga- tions behind. The concept is “as is, where is.” Buyers, however, prefer not to have any obligations of the entity prior to taking control. Their concept is “your watch, my watch.” If a seller feels the purchase price is not adequate, he or she may try to al- locate pre-closing liabilities to the buyer. Conversely, if the buyer thinks he or she is paying too much, there will be little tolerance for such an al- location. ■ Working capital: Adjustments to OUR TECHNOLOGY MEANS ONE THING: working capital also have a direct impact on purchase price. The THAT OUR WAY IS NOT THE HARD WAY. accepted definition of working capital is current assets less current

Dell™ 17" liabilities. But in a transaction, cash E177FP Flat and current portions of debt are Panel Display, often excluded. Most transactions add $199 require the business be sold with a certain level of working capital. To the extent the company has working capital higher than the established ™ OPTIPLEX 745 target, the purchase price goes up; to ™ ™ † SMALL FORM FACTOR DESKTOP LATITUDE D520 NOTEBOOK POWEREDGE 180 0 SERVER the extent working capital is lower, $ Lease as low as $ Lease as low as $ Lease as low as the purchase price goes down. 929 $ $21/mo., (48 pmts.*) 979 $ $19/mo., (48 pmts.*) 2046 $ $12/mo., (48 pmts.*) Ironically, working capital is the 779 E-VALUE Code: 699 E-VALUE Code: 999 E-VALUE Code: reg. price after $150 discount 08555-S31058cr reg. price after $280 instant savings 08555-s70809c reg. price after $1047 discount 08555-s20109cr one issue that everyone thinks shouldn’t be an issue. Both parties A space-saving high-performance, Intel®-based solution designed A durable, reliable solution with dual-core technology for basic Featuring Dual Core Intel® Xeon® Processors, 1GB RAM, and for network management business tasks – Starting at 5.24lbs.* Two 80GB* Hard Drives in RAID 1 claim that neither should make nor • Intel ® Core™2 Duo Processor E6300 • Intel® Core™ Duo Processor T2300E (1.66GHz, 2MB Cache, 667MHz FSB) • Intel ® Xeon® Processor at 2.80GHz, 2MB Cache, 800MHz FSB lose money on working capital ad- • Genuine Windows® XP Home Edition • Genuine Windows® XP Home Edition • Additional Intel® Xeon® Processor at 2.80GHz, 2MB Cache, 800MHz FSB justments. But somehow, this always • Windows® Vista™ Capable* • Windows® Vista™ Capable* • 1GB ECC DDR2 SDRAM (Up to 4GB) seems to be one of the last resolved • 512MB Shared* DDR2 SDRAM • 14.1" XGA Display • Two 80GB* (7.2K RPM) SATA Hard Drive (Up to 3TB*) and most contentious issues. • 80GB* SATA 3.0GB/s Hard Drive • 512MB Shared* DDR2 SDRAM; 40GB* Hard Drive • CERC 6-Channel 6 RAID Controller Card ■ “Soft” issues: • 24x Slimline CD-ROM • Dell Wireless™ 1390 802.11g Mini Card • 3-Yr Basic Enterprise Support (Next Business Day On-Site Service,* Last but not least • Intel® Graphics Media Accelerator X3000 (Intel® GMA X3000) • Modular 24x CD-ROM Drive M-F 8am-6pm, Hardware Warranty Support) are the “soft” issues. Though these • 3-Yr Economy Service Plan (Next Business Day On-Site Service,* • 1-Yr Mail-In Economy Service Plan Dell Recommends: matters have less direct impact on Hardware Warranty Support) (Mail-In Service, Hardware Warranty Support) • DRAC Remote Management Card, add $299 purchase price, they are important to • FREE 3-5 Day Shipping and Handling‡ • FREE 3-5 Day Shipping and Handling‡ • System Pre-Loaded with Microsoft® Server 2003,* add $799 the transaction’s overall economics. • Monitor Not Included Dell Recommends: Soft issues can range from cultural Dell Recommends: • Additional 6-Cell Primary Battery to Get Up to 8:59 Hours of Battery Combined offers expire 10/23/06 • 1GB Shared* Dual-Channel* DDR2 SDRAM, add $50 Life (Preliminary),* add $69 fit (do you see eye to eye?) to • 3-Yr Business Standard Service Plan (Next Business Day • 3-Yr On-Site Economy Service Plan (Next Business Day On-Site post-closing continuity (maintaining On-Site Service,* advanced Hardware Warranty Support), add $69 Service,* Hardware Warranty Support), add $219 a productive and happy work force as • Dell ™ 1710n Network Laser Printer, add $299 well as customer and supplier rela- ‡FREE 3-5 Day shipping offer available in Continental (except Alaska) U.S. only tionships). Don’t ignore these issues; more More ideas to boost your business at Purely You often than not, deals fall apart or dell.com/smb/crainsclev10 have post-closing difficulties because of the intangibles, not the dollar and cents. call 877.831.DELL “What’s the purchase price?” is toll free important to ask when buying or sell- Call: M-F 7a-8p Sat 8a-5p CT Pricing/Availability: Pricing, specifications, availability, and terms of offer may change without notice. Taxes, fees, shipping, handling and any applicable restocking charges, are extra, vary and are not subject to discount. May be ing a business. But a host of other combined with other select offers or discounts. U.S. Dell Small Business new purchases only. LIMIT 5 DISCOUNTED OR PROMOTIONAL ITEMS PER CUSTOMER. In case of customers leasing under these promotions, please note that items leased will be subject to applicable end-of-lease options or requirements. Dell cannot be responsible for pricing or other errors, and reserves the right to cancel orders arising from such errors. D520 Notebook Weight: Starting at weight of 5.24 lbs. is with a 14.1" XGA display, Intel GMA 950 factors can, and usually do, have an graphics, Travel Lite Module and a 4-cell battery. Hard Drives: For hard drives, GB means 1 billion bytes and TB equals 1 trillion bytes; actual capacity varies with preloaded material and operating environment and will be less. Dual-Channel: Dual-channel memory impact on the deal’s bottom line. ■ requires 2 each of the same capacity memory DIMMs. Windows Vista™ Capable: Based on currently available information from Microsoft. Requirements subject to change. Since the operating system and drivers are not final at this time, Windows Vista has not been tested on all user configurations. Please visit http://www.microsoft.com/technet/windowsvista/evaluate/hardware/vistarpc.mspx for more information. On-Site Service: Service may be provided by third party. Technician will be dispatched, if necessary, following phone- based troubleshooting. Subject to parts availability, geographical restrictions and terms of service contract. Service timing dependent upon time of day call placed to Dell. U.S. only. Leasing: Monthly payment based on 48-month Fair Market Value (“FMV”) QuickLease and does not include taxes, fees, shipping and handling charges. Your monthly payment may vary, depending on your creditworthiness. QuickLease arranged by Dell Financial Services L.P. (“DFS”), an independent entity, to qualified Small Business customers. Minimum Joseph G. Carson is a managing transaction size of $500 required. At the end of the FMV QuickLease, you can: purchase the equipment for the then FMV, renew the lease or return the equipment to DFS. Please contact your DFS representative for further details. All terms subject to credit approval and director and partner with Western availability, and are subject to change without notice. Latitude D520 Battery Life (preliminary): Actual battery life will vary based on configuration, usage and manufacturing variability. Preliminary battery life results based on MobileMark 2005 Battery Life benchmark test performed by Dell Labs on D520 in May, 2006. Results ranged from 8 hours 12 minutes to 8 hours 59 minutes. Testing performed on pre-production D520 with Intel Core Duo T2300 processor (1.66GHz), 15" XGA LCD, 1024MB system memory, 40GB HDD, Windows Reserve Partners LLC, a boutique XP Professional SP2, 4-cell (32WHr) & 6-cell (56WHr) primary batteries, and Intel GMA 945 graphics. Notebook Shared SDRAM: Up to 224MB of system memory may be allocated to support graphics, depending on system memory size and other factors. Microsoft Windows Small Business Server: Small Business Server must serve as the domain controller and is limited to 75 users. Desktop Shared SDRAM: Up to 224MB of system memory may be allocated to support graphics, depending on system memory size and other investment banking firm in Cleve- factors. Trademarks/Copyright Notices: Dell, the stylized E logo, E-VALUE, Dimension, Inspiron, TrueMobile and PowerEdge are trademarks of Dell Inc. Intel, Intel Logo, Intel Inside, Intel Inside Logo, Intel Core, Core Inside, Xeon, Xeon Inside, Pentium and Pentium land. Mr. Carson can be reached at Inside are trademarks or registered trademarks of Intel Corporation or its subsidiaries in the United States and other countries. Microsoft and Windows are registered trademarks of Microsoft Corporation. Other trademarks and trade names may be used in this document to refer to either the entities claiming the marks and names or their products. Dell disclaims proprietary interest in the marks and names of others. ©2006 Dell Inc. All rights reserved. or 216-574-2102. CCLB 10-09-06 A 25 CCLB 10/5/2006 3:56 PM Page 1

OCTOBER 9-15, 2006 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 25 SMALL BUSINESS

Who Launch has helped to create a Colligan, whether it’s to break free network of women and resources. from a corporate structure that’s ONTHEJOB “I see us as the ‘MySpace’ for not compatible with a woman’s VICTORIA COLLIGAN women entrepreneurs,” said Ms. way of thinking or to find more Co-founder Colligan, who estimates there are balance between work and home. Ladies Who Launch about 30,000 subscribers to the “Women want to create the organization’s free e-mail that fea- lifestyle they want to live,” she said. By AMY ANN STOESSEL tures a different woman each week. “Women do see they can have it all.” [email protected] A Ladies Who Launch book also Ms. Colligan, who has an under- is scheduled for publication in May graduate degree from Brown sked what advice she 2007. University and degrees in law and would give to a woman With just five paid employees, business from Case Western Re- starting a new venture, Ladies Who Launch outsources serve University, worked 37-year-old Victoria much of the work that goes into previously as a corporate attorney ColliganA offers these two tips: operating the organization, including and in investment banking. She is Surround yourself with like-minded web site development and public the mother of two girls, ages 2½ women, and do something really relations. and 4, and is married to Owen hard every day. Despite being based in Northeast Colligan, the managing director And Ms. Colligan is a good Ohio, Ms. Colligan also focuses on and co-founder of RockWood- Victoria person to ask. organizing events throughout the Equity Partners LLC. Colligan, the As co-founder of Ladies Who country and promoting the group As a self-described “life-launcher,” co-founder of Launch, Ms. Colligan not only has nationally. Ms. Colligan can connect with many Ladies Who helped build an organization with And she’s definitely managed to of the women in Ladies Who Launch. Launch, gives national and international reach get the word out about Ladies Who In fact one of those women, Erin two bits of over the past four years, she has Launch. M.T. Naso, founder of EMT Commu- advice to women dedicated herself to moving Ms. Colligan has been quoted nications, said Ms. Colligan is “really interested in women toward their goals. countless times on women entrepre- like a mother hen to a lot of us.” starting a new “Every day’s so exciting, it almost neurship in publications ranging As for the Ladies Who Launch venture: hurts,” Ms. Colligan said recently from Newsweek to the Los Angeles incubator program, Ms. Naso said Surround from her Hunting Valley home. Times and Houston Chronicle. She being around women who were “in yourself with “Every day’s a challenge; every also can be found on the pages of the same boat” provided just the sup- like-minded day’s exciting.” a recent Naturalizer shoes catalog, port she needed as she branched off women and do along with partner Ms. Schoenfeldt to start her own public relations firm. something really All in a day’s work and several other Ladies Who Launch “It’s the best thing I’ve ever done hard every day. Ms. Colligan, who heads Ladies members, as part of a partnership be- for myself,” she said. ■ JESSE KRAMER Who Launch with New York-based tween Ladies Who Launch and the partner Beth Schoenfeldt, sees her footwear chain. organization as a vehicle to provide the “tools and resources to women Feminine mystique to launch anything and everything.” One of the premises behind With women-owned firms grow- Ladies Who Launch is that there is a ing at twice the rate of all other “distinctly feminine approach to firms, according to statistics launching.” SAY HELLO TO JAMES. released last month by the Center “We believe women launch for Women’s Business Research, differently than men, in different Ladies Who Launch clearly has a ways and for different reasons,” Ms. HE’S A STOCKBROKER. growing audience. Colligan said. “There’s a huge isolation tendency And it was while living and work- when you start a business,” said Ms. ing in New York that Ms. Colligan Colligan, who added that Ladies first realized — despite these differ- Who Launch “provides the inspira- ences — women did not have their HE RUNS MARATHONS. tion to keep you going.” own place to go for support. She estimates that thousands of “I noticed there were women AND AN AFTER-SCHOOL PROGRAM. women have gone through the starting up businesses all around Ladies Who Launch incubator me,” she said. programs, which are hosted in 39 So Ms. Colligan decided to start cities, including Toronto, Vancouver telling the stories of these women. CLEVELAND.COM IS HIS and Cape Town, South Africa. With her hopes set on starting a The incubators include a four-ses- magazine, she began to send out a sion intensive workshop, as well as weekly e-mail that featured women HOME PAGE. an ongoing program. Women with entrepreneurs. any type of project — whether it’s a As Ms. Colligan’s e-mail grew in business, book, film or personal goal size and reach, her would-be partner AND JAMES IS JUST ONE OF MANY. — can use the Ladies Who Launch Ms. Schoenfeldt was independently That's why every business owner who advertises on cleveland.com benefits. incubators to develop their idea with developing incubator programs for Whether you sell sporting goods or toys, when you advertise on cleveland.com the help of other women. women. your message reaches over 710,000 unique visitors*. A large, local, quality “Women want to feel creative,” “We were both doing the same audience, that's cleveland.com. Ms. Colligan said. “Women are thing at the same time with differ- always looking to move something ent mediums,” Ms. Colligan said. *Source: comScore Media Metrix February 2006 forward.” The Ladies Who Launch struc- FIND OUT HOW TO REACH POTENTIAL CUSTOMERS AT Ms. Colligan, a native of Pepper ture was born when the two joined CLEVELAND.COM/MEDIAKIT OR CALL 216-515-1180. Pike, leads incubators in Shaker forces, and Ms. Colligan’s weekly Heights and Rocky River and works e-mail went on to become part of to recruit incubator leaders, who the online component of the are trained in Cleveland. There also national network of women. are incubators in the Akron/Canton Women join Ladies Who Launch area. and venture out on their own for a An online component to Ladies variety of reasons, according to Ms. cleveland.com is the online home of The Plain Dealer.

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26 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM OCTOBER 9-15, 2006 SMALL BUSINESS Pension act includes new tax guidelines for life insurance he recently enacted proceeds to remain tax-free. PETERDEMARCO insurance policies purchased since Whether sudden or anticipated, Pension Protection Act of The new law allows insurance the law went into effect this summer, the death of a key person in a small 2006 includes a seemingly proceeds to remain free from income so those reporting requirements company can be devastating to the minor provision that could tax if the insured individual was do not apply to existing policies. business. Thave a major tax impact on smaller However, any changes in existing The importance of contingency employed by the company within 12 companies if not noted and months of death or was a highly policies could cause them to be planning can hardly be overstated. observed with caution. compensated employee at the time treated as new policies for purposes Given the frequency with which It’s common practice in smaller the contract was issued. For tax of the new pension law, which would smaller companies depend on life companies to buy life insurance on purposes, a “highly compensated” require adherence to the reporting insurance as part of their succession certain key individuals within the employee is at least a 5% owner in TAX TIPS and notification requirements. strategy, it’s important to pay atten- business whose death could poten- the business and earned at least For example, if a company wants tion to these new reporting and noti- tially disrupt and even threaten the $100,000 for 2006. It would also to increase its coverage or change a fication requirements to assure the existence of the company. include directors and anyone else in First, the employee who is being beneficiary designation on an proceeds from a policy would not be The death benefit might be used to the top 35% of employees according insured must be notified in writing existing policy, it would be treated as ravaged by income tax. ■ hire replacement talent who will be to rank in pay. that the company plans to buy life a new policy and therefore subject to important to stabilizing the business. The new law also specifies that the insurance on the individual, and the the new reporting rules. Certain Peter A. DeMarco is director and It might be used to help offset a dip in amount is tax-free if it is paid to a company must disclose to the administrative changes, however, vice president of tax services for the shareholder value that could result family member of the insured, an employee the amount of insurance would not be regarded as “material,” regional accounting and business from the sudden absence of a key individual who is a designated bene- the company intends to buy. Then, or meaningful, changes to the consulting firm of Meaden & Moore, player. Or if it is the owner or other ficiary under the contract, a trust the employee must give the company contract. headquartered in Cleveland. significant shareholder in the busi- established for the family or benefi- written consent to buy the insurance. ness who dies, the insurance may be ciary of the estate. It’s also tax-free if The employee must receive writ- used to buy out the shareholder’s it is used to buy an interest in the ten notification that a policyholder estate and enable the company to business from the estate, so long as will be the beneficiary of any continue independently. the transaction is completed in the proceeds that would be paid upon Couples: Trust a key factor in Typically, the proceeds from such same tax year. the employee’s death, and the an insurance policy are not taxable. The pension reform measure company must adhere to annual That will continue to be true under imposes some notification and reporting and record-keeping decision to go into business the new pension reform law — unless reporting requirements as well, and requirements to assure the tax-free companies overlook some new these will be important to assuring treatment. continued from PAGE 21 his family, while Mrs. Schuster is the requirements that enable those the benefit remains tax-free. The provisions apply only to new “You have total confidence to assistant general manager and walk out of there, and you don’t manager of the retail end. have to worry about whether your “We make decisions together partner is totally involved in the about the business, but we don’t game or not,” Mr. Monin said. work side by side all day,” Mrs. Anthem is now endorsed by QualChoice Health Plan, Inc. The couple, about to celebrate Schuster said. “We have lunch their 29th wedding anniversary, has meetings and after-work meetings. been in business together for about When you’re both in business eight years. together you talk about the job They decided their backgrounds after work a lot, too.” made it a no-brainer for a business The Schusters met at the family partnership — Mr. Monin had business in 1993 after Mr. Schuster experience in home and auto decided he needed a career change. insurance, while Mrs. Monin’s base He had a doctorate in geology and Smart. was in commercial insurance. was working in oil exploration with Complementary experience also the Shell Oil Company when he came made the DeJoys an ideal union in home to talk to his father, Russell the restaurant business. Schuster, about returning to the Mr. DeJoy has a hotel manage- family business. Easy. ment degree from Mercyhurst “He saw me working in the green- College and hails from the Culinary house and introduced himself. It Institute of America, while Mrs. went from there,” Mrs. Schuster said. DeJoy’s background is in human “We fell head over heels.” Affordable. resources. So while his wife handles For couples like the Schusters, personnel issues, Mr. DeJoy said it’s sometimes hard to make a he’s free to concentrate on the break from work. menus and the wine list. “If you disagree on something Beyond mutual trust and supple- you have to figure it out. You can’t Choice. menting one another’s skills, Mr. leave it at work, you tend to take it Monin said equality between home with you,” Mrs. Schuster partners is also crucial — “‘Go get me said. “The only time we totally get coffee’ doesn’t seem to work too well. away from it is when we are on With Anthem, you can have it all. I’m a lot smarter than that.” vacation. We both seem to be able to let it completely go. But we have ‘You need to have your own life’ to be out of town — otherwise it’s a • Smart Solutions. With a range of products. Mary Ellen Schuster, of Schus- pretty big part of our lives.” • Easy Access. Wherever you live or travel. ter’s Westview Gardens in Olmsted For other couples running a busi- • Affordable Plans. New, low-cost options. Falls, knows firsthand that running ness, Mrs. Schuster offers this ad- a business can take up a lot of a vice: Don’t take it home with you. • Choice ... of one of the largest networks. couple’s time. “Have your own life outside of Her husband is the general the workplace,” she said. “That’s manager of Schuster’s Westview probably the most important thing. Gardens, running the wholesale end You need to have your own life Choose Anthem. of the garden business founded by together.” ■ Call your broker or Anthem at (800) 551-3119 CURATOLO SIDOTI A LEGAL PROFESSIONAL ASSOCIATION

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24500 Center Ridge Road, Suite 280 Life and disability products are underwritten by Anthem Life Insurance Company, an independent licensee of the Blue Cross and Blue Shield Association. Cleveland, Ohio 44145 In Indiana: Anthem Blue Cross and Blue Shield is the trade name of Anthem Insurance Companies, Inc. In Kentucky: Anthem Blue Cross and Blue Shield is the trade name of Anthem Health Plans of Kentucky, Inc. In Ohio: Anthem Blue Cross and Blue Shield is the trade name of Community Insurance Company. Independent licensees of the Blue Cross and Blue Shield Association. ® Registered marks Blue Cross and Blue Shield Association. Telephone: 440.808.0011 Facsimile: 440.808.0657 PATENTANDTM.COM