Special Advertising Promotional Cover Meet a few members of our Northern and Central Pennsylvania team. AUGUST 3, 2018 • Vol. 34 • No. 29 • $2 www.CPBJ.com Daniel J. Driscoll, CFP®, Market President 717-237-6110 | [email protected] Dan oversees all areas of Wealth Management throughout Central Pennsylvania, including planning, trust, investment management, and family oce services. He has more than two decades of experience in the wealth management industry, is active with the United Way of the Capital Region, and serves on the board of the Harrisburg YMCA. David M. Morais, CFP®, Managing Director and Senior Private Client Advisor 717-852-2036 | [email protected] Dave provides comprehensive wealth management advice to high-net-worth individuals and families, entrepreneurs, business owners, and foundations and endowments throughout York County. He has nearly two decades of experience in financial services, is a steering and program committee member of York Leave-a-Legacy, and belongs to the Rotary Club, downtown York chapter. Renee A. Buchner, Vice President and Senior Private Client Fiduciary Advisor 570-327-2992 | [email protected] Renee manages the ongoing fiduciary needs of significant personal trust clients throughout the Northern Pennsylvania A deeper region. She has nearly two decades of experience in fiduciary administration, is treasurer of Omega OPC, and serves on the board of directors of the Northcentral Pennsylvania Estate Planners Council. Daniel Magee, CFA, Senior Regional Investment Advisor and Team Leader 814-947-5608 | [email protected] Dan manages a team of senior investment advisors in our Central and Northern Pennsylvania regions who develop customized UNDERSTANDING investment portfolios for our clients. He has more than three decades of investment experience, and he serves on several subsidiary boards of UPMC Altoona Regional Health Services. guides every Wilmington Trust relationship. Julie Matthews-Salvo, ChFC®, CFP®, RICP®, Vice President and Senior Financial Advisor for M&T Securities, Inc. 717-246-2310 | [email protected] Julie provides investment and insurance guidance to individuals throughout the Central Pennsylvania region. She has more than two decades of experience in the financial services industry and is actively involved in her community, volunteering her time with Union Evangelical Lutheran Church. These articles are for informational purposes only and are not intended as an offer or solicitation for the sale of any financial product or service or as a determination that any investment strategy is suitable for a specific investor. Investors should seek financial advice regarding the suitability of any investment strategy based on their objectives, financial situations, and particular needs. These articles are not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. If professional advice is needed, the services of a professional advisor should be sought. Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank Corporation. Wilmington Trust Company, operating in Delaware only, Wilmington Trust, N.A., M&T Bank, and certain other affiliates provide various fiduciary and non-fiduciary services, including trustee, custodial, agency, investment management, and other services. International corporate and institutional services are offered through Wilmington Trust Corporation’s international affiliates. Wilmington Trust Investment Advisors, Inc., a subsidiary of M&T Bank, is an SEC-registered investment advisor providing investment management services to Wilmington Trust and M&T affiliates and clients. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member FDIC. Equal Housing Lender. Private Banking is the marketing name for an offering of M&T Bank deposit and loan products and services. Diversification does not ensure a profit or guarantee against a loss. There is no assurance that any investment, financial, or estate planning strategy will be successful. ©2018 Wilmington Trust Corporation and its aliates. All rights reserved. Investment Products: • Are NOT Deposits • Are NOT FDIC Insured • Are NOT Insured By Any Federal Government Agency • Have NO Bank Guarantee • May Go Down In Value ©2018 Wilmington Trust Corporation and its affiliates. All rights reserved. 17512_CPBJ 4page wrap / 21.5”w x 14”h Are you certain of your company’s true value? If you’re curious about the actual worth of your company, you’re not alone. We have this conversation with business owners all the time—and oen hear that they believe business valuations are based on simple formulas. e fact is, it’s far more complicated. Selling a business for what it’s truly worth requires a variety of valuation methods and, most importantly, the expertise to evaluate and integrate of business 67% owners who them. Going through this process can give you greater condence when you’re believe they ready to transition your company. have a good idea of their One way to estimate valuation is to look at Enterprise Value-to-EBITDA, which company’s worth still compares observable data from publicly traded companies. However, it’s rarely want an expert straightforward. Even when utilizing specialized databases and proprietary tools, view on the valuation of relevant data can be dicult to come by, as the majority of company sales are their company. private with limited disclosures. isn’t a substitute for a plan. is highlights the need for outside “Like any step in building your business, determining the worth of your company specialists who can accurately measure is complex—and can be hard work—yet it’s so critical, especially when determining a company’s worth. a transition plan,” says Dan Driscoll, Wilmington Trust’s Wealth Management market president for the Central Pennsylvania region. Source: e Power of Planning survey of 200 business So what are your options? Start by comparing your company to similarly sized owners conducted by Wilmington Trust companies in your industry. From there, it’s best to enlist the help of a trusted advisor who has experience working with successful business owners. You’ll nd that in Wilmington Trust. We work closely with our M&T Bank business partners to be sure that you understand How can you As a business owner, you have a lot of people relying on you. Do you have a plan in each step of the valuation process. Even if you already have a dollar amount in mind, ensure the people place for when you’re ready to transition your business? Is your vision for the business it’s critical to take various factors into account to ensure you’re not selling your business clear? Will your employees, customers, and family be well cared for? Wilmington Trust short. As one cohesive team, we’ll keep you informed throughout the process—with you care about will has been helping business owners like you build eective transition strategies for more the ultimate goal of helping you get the most from your most important asset. be taken care of than a century. e earlier you begin planning, the more exibility you’ll have—and when you move on? the better protected your business will be. For a second look at the value of your business, and a deeper understanding of For a deeper understanding of business transition planning, call Dan Driscoll and its eect on transition planning, call Dan Driscoll and his team at 717-237-6110. his team at 717-237-6110. Download our research e Power of Planning Download the article published by our M&T partners— at wilmingtontrust.com/businessowners. Determining a Company’s Value—at wilmingtontrust.com/valuation. WEALTH PLANNING | TRUST AND ESTATE SERVICES | INVESTMENT MANAGEMENT | PRIVATE BANKING WEALTH PLANNING | TRUST AND ESTATE SERVICES | INVESTMENT MANAGEMENT | PRIVATE BANKING 17512_CPBJ 4page wrap / 21.5”w x 14”h ADVERTISING Local companies try bilingual approach. PAGE 3 AUGUST 3, 2018 • Vol. 34 • No. 29 • $2 www.CPBJ.com HOSPITALITY LAW FUELS GROWTH IN GAMBLING By Jason Scott a time when other states are looking at similar moves, which could [email protected] hurt Pennsylvania over the long run. Pennsylvania, however, is hoping the breadth of its new gambling fter state lawmakers approved a major gambling expan- options will give it the early edge over other states. In addition sion last year, Pennsylvania has seen its chip stacks to mini-casinos and online gambling, the commonwealth has steadily rise this year as casino operators pony up tens of launched online lottery games and begun collecting taxes on millions of dollars in licensing fees to expand their reach daily fantasy-sports operators. through small satellite casinos and online gambling. Once online casino gambling is up and running, regulators also A e time has come for those bets to start paying o . plan to open up other forms of gambling, including airport gaming Pennsylvania has gone all in on gambling, hoping that increased and video-game terminals at truck stops. recurring revenue from sin taxes will help cover state spending. e “I haven’t seen any other state take this kind of approach,” state raked in nearly $1.34 billion in annual taxes last year from its said Adam Small, president and chief analyst at PennBets. 12 brick-and-mortar casinos, which generated a record $3.25 bil- com, a site that tracks and analyzes the gambling and casino lion in total gambling revenue. e commonwealth’s rst casino industry in Pennsylvania. “It may be a bit of overkill, but I’m opened in 2006. glad they did it.” But the decision to please see GAMBLING page 8 expand also comes at MANUFACTURING By Emily Thurlow She is taking what she learned and the food and we know the trends,” [email protected] applying it to an Abbottstown-based Warehime said. co-manufacturing business that she SNACK Tricia Warehime started her career and others purchased earlier this year: A lasting legacy as an occupational therapist.