Jo Ann Stores Buyout Caps Turnaround For Entrepreneur And Family - Entrepreneurship - Portfolio.com

http://www.portfolio.com/views/blogs/entrepreneurship/2010/12/23/jo-ann-stores-buyout-caps-turnaround-for-entrepreneur-and-family

Four years ago, when Alan Rosskamm was still the CEO of struggling Jo-Ann Stores, he made a decision to step aside and let new management lead the company his family founded in the '40s. Now, he and other investors in the chain of crafts stores are seeing that discipline rewarded with a $1.6 billion buyout offer extended byLeonard Green & Partners.

Jo-Ann Stores, a retailer based in Hudson, Ohio, has until February 14 to consider the offer, as well as any other possible bids that might be submitted. The Green offer, at $61 a share, represented a 34 percent premium to Wednesday's stock price.

The company has been working on a turnaround since 2006, when the operation reported its first same-store sales decline in a decade, and activist investors such as Olstein Funds, of Purchase, New York, urged top brass to shake things up.

Rosskamm, whose family founded the company as an imported cheese shop in Columbus in 1943, had been chairman, president, and CEO of what had evolved into a retail crafts store. But he agreed to hand over the company to new management with broader retail experience.

"As we continue to transform our business…it is clear that we must focus sharply on retail execution and operational excellence. Now is the right time to bring in someone with whom I can partner to accelerate change and secure our future success," Rosskamm said in November 2006.

Rosskamm, now 60, turned over management to Darrell Webb, who had been president of Fred Meyer Stores, a division of the Krogersupermarket chain. With Webb in charge, the company broadened its focus from fabric to a broader range of crafts, simultaneously playing into a powerful trend, as aging baby boomers sought to reconnect with their creative interests.

Jo-Ann prospered, as did its key rival Michael's Stores, and strong financial results poured in, with company shares hitting an all-time high even prior to the buyout offer.

Knowing when to step aside can be a challenge for the owner of a family business. In fact, it's relatively uncommon for a family business to even last more than one generation. Rosskamm—who retained a seat on the board and a large ownership stake—timed his decision just right, and it has paid off in a way that his family members could scarcely have imagined in 1943.

Batteries Plus Breaks Top 100 In Franchise 500 List By Entrepreneur Magazine

Business Magazine Awards Batteries Plus Its Highest Ranking in 15 Consecutive Years

12.22.2010– Hartland, WI – Batteries Plus achieved its highest ranking yet by Entrepreneur Magazine as #77 on the 2011 "Franchise 500" list. The company is the nation’s #1 retail battery franchise and has also been recognized as one of the fastest-growing franchises again in 2011. Batteries Plus has made Entrepreneur’s “Franchise 500” list for 15 consecutive years now.

The Franchise 500 list by Entrepreneur Magazine is the world’s first, best and most comprehensive franchise ranking that is based on objective, quantifiable measures of success from financial and statistical data. In its 32nd year of release, the list recognizes the best franchises of 2011 with categories such as fastest-growing franchises and top 10 franchises.

“We’ve recognized the increasing demand for batteries needed to power up all of the portable electronic devices and in both businesses and homes, and our goal since opening as primarily a car battery retailer in 1988 has been to meet and exceed those needs,” said Russ Reynolds, CEO of Batteries Plus. “Not only have we been able to do that by providing a selection of over 40,000 batteries and accessories for thousands of products to our customer base, but over the past 20-plus years, we’ve grown into the largest battery franchise in the country. We’re proud to receive recognition for what we’ve done, and we’re going to continue to grow and be successful in keeping up with the rapid technology advancements in today’s...

Clash of cultures - non traditional reasons for absenteeism

• Cliffe Dekker Hofmeyr Inc
• Aadil Patel
• South Africa
• December 10 2010

The unauthorised absence of an employee from work on its own will typically not lead to the dismissal of an employee. An employer should investigate the reason why such an employee was absent. However, what does an employer do when the reason for an employee's unauthorised absence is as a result of an employee having to attend a ritual ceremony so that she can become a Sangoma.   
This issue received attention in the recent judgment of the Labour Court in Kievits Kroon Country Estates (Pty) Ltd v CCMA and others (Unreported JR1856/08). The judgment should be carefully considered by employers faced with employees absent due to religious or cultural reasons.
The employee sought permission from employer to be granted unpaid leave to attend a ritual ceremony for her Sangoma training. She submitted a certificate issue by her traditional healer and other supporting documents but her request was turned down. The employee then went on leave without permission. She was charged with misconduct, for amongst others, insubordination and absence without leave and was subsequently dismissed.
At arbitration, the Commission for Conciliation, Mediation and Arbitration (the CCMA) ordered the employer to reinstate the employee with full back-pay. The employer took the arbitration award on review to the Labour Court.
The employer disputed that the employee's explanation of her absence from work was justifiable. During the arbitration hearing, the employee contended that she had visions and had believed that her ancestors were calling her to become a Sangoma. The employee further believed that if she did not heed the calling to become a Sangoma she would become ill. The employer contended that if the employee produced a ''valid medical certificate'' they would have granted her leave. However, they did not view the documents issued by the traditional healer as valid.
The CCMA held that there ''appeared clearly from the evidence was that there was a lack of empathy and understanding of cultural diversity in the applicant's workplace.'' The arbitrator found that although the employee had breached the employer's rules she was found to be justified in doing so.
In deciding the review, Judge Francis held that the ultimate question that needs to be decided is whether the employee's absence from work was justifiable. In this regard, he sought to ascertain whether the employee's non-attendance at work as a result the calling by her ancestors for her to become a Sangoma was justifiable. Judge Francis dismissed the review application after considering the arbitrator's award. The Court stated:-
"This case sadly shows what happens when cultures clash in the workplace. On the one hand we have an Applicant that was concerned about making money at all cost and on the other hand an employee who had visions and had believed that her ancestors were calling her to become a Sangoma."
The judgment underscores the fact that we live a diverse country. Employers are expected to show appreciation of the vast spread of cultural and religious beliefs of staff when balancing the needs of the employees with the needs of the business. However, it does follow that employees may now stay away from work and merely subsequently claim religious or cultural reasons for their absence. Employees should still apply for permission to be absent from work, but employers should show consideration of all relevant factors when refusing such requests.

The new Company Law dispensation

• Cliffe Dekker Hofmeyr Inc
• Aadil Patel
• South Africa
• December 2 2010

http://bit.ly/g1D6lU

"Nothing is impossible for the man who doesn't have to do it himself." - Weiler's Law   
The myriad of Labour Legislation that has been passed since 1994 has entrenched the rights of employees and ensured that employees are offered protection, which is consistent with international labour standards.
The protection and enhancement of employees' rights have been also entrenched in "non-employment law legislation", for example the Competition Act No. 89 of 1998. The introduction of the Companies Act 71 of 2008 (the Act) is illustrative of the importance that the legislature has placed on the rights of employees and registered trade unions. This publication seeks to illustrate the protection and enhancement of employees' rights in a piece of legislation which traditionally has not regulated the obligations and/or rights of employees and/or trade unions.
What is the reason for this change? We are of the view that one of the reasons is to ensure that the activities of companies are more transparent. It further empowers employees and registered trade unions to keep a watchful eye on the activities of directors and the company. An example of this is the ability of an employee or a registered trade union to apply to Court to have a director either declared delinquent or to be placed under probation.
The powers granted to employees and registered trade unions under the business rescue provisions, are there to protect the interest of workers. Arguably, these provisions may be seen as an extension of the provisions of Section 189 of the Labour Relations Act 66 of 1995, which deals with the responsibilities that an employer has towards its employees during a retrenchment exercise.

R2.5m fine for fraudster

http://bit.ly/hwOxS3

December 21 2010 at 01:39pm

By Kamini Padayachee

Comment on this story

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Durban businessman Yusuf Omarjee has been fined R2.5-milllion after being found guilty of defrauding three banks of a total of R39 million.

Durban businessman and serial fraudster Yusuf Omarjee, who defrauded banks of about R39 million, was given a suspended sentence and a fine of R2.5m in the Durban Regional Court on Monday.

He was arrested in 2008 along with his wife, Farhana, and charged with 162 counts of fraud, following the arrest of a man - allegedly with al-Qaeda links - for selling fraudulent ID documents.

The man, Goolam Haniff, was arrested on several counts of fraud and corruption involving Home Affairs officials in 2008 and is serving an eight-year prison sentence.

Haniff was the kingpin of a syndicate involved in the issuing of ID books fraudulently to people who would then pay the group.

Haniff co-operated with the police. Therefore police managed to obtain the names of his clients who had bought ID books, which included Omarjee and his wife Farhana, who had paid R48 000 for the documents.

A police probe uncovered that Omarjee had three ID books, two of which were false: one in his birth name, Yusuf Mohammed Omarjee, one bearing the name Yousuf Omarjee and another with the name Essop Bhana.

Omarjee used the ID books to secure finance fraudulently from banks, and set up companies and trust funds. He defrauded Standard Bank, Wesbank and Absa of varying amounts of cash totalling R39m.

Some of the banks took civil action against the couple and Wesbank obtained a judgment against Timewise Couriers, one of their businesses, resulting in its being placed under provisional liquidation.

On Monday Omarjee pleaded guilty to 162 counts of fraud and corruption.

In his plea he admitted to obtaining a fraudulent ID book for his wife. It is not clear if the National Prosecuting Authority will pursue the fraud and corruption charges against her.

NPA spokeswoman Natasha Ramkisson said she would respond to The Mercury’s questions about the case on Tuesday.

Omarjee was found guilty of two counts of corruption and Regional Court magistrate Fariedha Mohamed sentenced him to five years in prison suspended for five years on condition that he is not convicted of corruption during the same period.

On the more than 100 fraud charges, he was sentenced to 10 years in prison or a fine of R5 million, half of which was suspended for a period of five years on condition that he is not convicted of fraud or any attempted fraud in the same period.

He was also ordered to pay the R2.5 million fine in instalments over the next year. R1 million was to be paid immediately, and R500 000 was to be paid in June 2011, in December 2011 and by June 2012.

The Asset Forfeiture Unit confirmed on Monday that, due to his conviction, the unit had made an application for a confiscation order against Omarjee’s assets.

The unit obtained a high court order to restrain Omarjee’s assets including 50 trucks and trailers and a luxury Umhlanga house.

While the face value of the property and vehicles is more than R38 million, much of the property is heavily financed and some goods have been attached by banks that Omarjee defrauded.

The restraint order also affected two people into whose names it is alleged that some of Omarjee’s assets were transferred in an attempt to hide them. Ten companies and close corporations owned by Omarjee and a family trust were affected by the order.

The unit said the assets would contribute to the satisfaction of the confiscation order. - The Mercury.

Wikileaks targets Richard Branson

By Jason Hesse, published 2 hours ago in Leadership. http://bit.ly/huTqKF

Richard Branson is the subject of the latest US State Department cable leaked by Wikileaks.
Virgin-founder Richard Branson, who left school aged 15, attended a lunch in Beijing in January 2008, where he lashed out at the British education system.

At the lunch, a group of Chinese businessmen told Richard Branson that British entrepreneurs are “overeducated, too conservative, lacking passion for entrepreneurship and too afraid of failure”.

According to US ambassador Clark Randt, Richard Branson was then said to agree that “British entrepreneurs are overeducated and that schooling does not prepare one for entering the business world”.

You can view the full cable on Richard Branson here.

Richard Branson on education

Richard Branson's views, as revealed in the leaked cable, aren't new. In the past, Richard Branson had already openly said that further education is just a first step that “in no way guarantees success”.

In a post on the Wall Street Journal's Livemint blog, Richard Branson had previously written:

“Virgin's projects and industries are so varied that my job provides me with an experience I often compare to an extended university course.

“When I was young, school wasn't easy. I wasn't a great student, partly because of my dyslexia (which wasn't diagnosed until later) and partly because of my restless nature. I found it hard to concentrate in class and spent much of my time in school dreaming up and setting up new businesses.

“However, my story is a very personal one. My strategy will not work for everyone. A diploma can be very useful, since it shows that you've gained the skills and other building blocks required to start your career.”

Richard Branson isn't the only highly successful entrepreneur to have left education early, the Guardian points out.
Amongst others, Microsoft co-founders Bill Gates and Paul Allen and Apple co-founder Steve Jobs left school to set up their own businesses. Multi-billionaire Warren Buffett also failed to complete his education, while Mark Zuckerberg was just 20 when he launched Facebook.

Business rescue and the Companies Act

• Cliffe Dekker Hofmeyr Inc
• Fiona Leppan
• South Africa
• December 5 2010

"The drowning man is not troubled by rain." - Persian proverb   

• The Companies Act 46 of 1926 and 1973 adopted a system of judicial management in order to try to restore the liquidity of a company. In practice, however, judicial management has not always been successful and lacks input from relevant stakeholders. In an attempt to remedy this, the Companies Act 71 of 2008 (the Act) gives effect to business rescue regimes to target the restructuring and rehabilitation of a financially distressed company.
• Chapter 6 of the Act governs business rescue provisions. A financially distressed company is one that is unable to pay all its debts or is likely to become insolvent within the immediately ensuing six months. Such a company would be able to consider using the business rescue procedure.
• There are two ways in which business rescue can be implemented:
  • First, by way of resolution in terms of s129 of the Act, where the directors have reason to believe on objective grounds that the company is financially distressed and that there is a reasonable possibility that the company may achieve its goals of rehabilitation through the implementation of business rescue. The directors voluntarily initiate rescue proceedings upon a resolution being passed. Within five days, a business rescue practitioner must be appointed. Notice of the appointment of the practitioner and notice of the resolution must be published to every affected person. An affected person may be a creditor, shareholder, employer and /or registered trade union. It is essential for the company to file a notice of the practitioner's appointment with the Companies and Intellectual Property Registration Office (CIPRO) within two days after the practitioner's appointment.
  • The second method of implementation of business rescue is set out in s 131 of the Act. This occurs when an affected person makes an application to court for an order placing the company under supervision and to initiate business rescue proceedings. A practitioner may be appointed to manage the affairs of the company. If the court is satisfied that a prima facie case is established, an order placing the company under supervision may be granted. The court may dismiss the application if it is not satisfied, and will grant an appropriate order which may include an order placing the company under liquidation.

A practitioner, after consulting creditors, other affected persons and management, must prepare a business rescue plan on behalf of the company and this will involve a comprehensive due diligence. Section 141 requires a practitioner to investigate the company's affairs, business, property and financial situation in order to determine whether there is a reasonable prospect of the company being salvaged. The practitioner must prepare a business rescue plan to present to the affected persons and to the creditors where it will ultimately be decided whether or not the plan will be adopted.
If it is evident that the company cannot be rescued, an application is brought to discontinue the business rescue proceedings, and placing the company in liquidation.
In comparison to judicial management, the practitioner in developing the business rescue plan is entitled to work with the set management structures of the company as opposed to having to replace the existing management of a company. This will increase the probability of a successful business rescue.
The business rescue plan is an important, innovative step for South African business. The business rescue plan affords employees and affected persons the opportunity to express their views and concerns and gives input on a proficient system which aids success and seeks to avoid liquidation in the right circumstances.

Is iPhone Success Actually Hurting American Trade Interests?

Economists at the Asian Development Bank Institute claim that the success of the Apple iPhone is actually deepening the trade deficit between China and the United States.

The iPhone is apparently doing this damage despite the fact that the device is entirely owned and designed by a US company.

According to the same institution, the iPhone contributed $1.9 Billion to the trade deficit and those numbers look like they will repeated or surpassed for 2010.

Neal Detert and Yuqing Xing, who authored the study, say that “Even high-tech products invented by American companies will not increase the US exports, but to the contrary exacerbate the US trade deficits.”

Of course the study also finds that for the most part, this deficit might be merely a product of accounting error. Many of the parts that are put into the iPhone are made outside the US, including in China.

Want to feel rich? Think like the government of Maryland

State of Maryland uses tricks and dodges not available to most citizens

by Marta H. Mossburg

• 

Feeling pinched this Christmas season? Are your credit cards tapped from buying gifts? Are you underwater on your mortgage and wondering how you will be able to retire before 90?

The answer is simple: Use government accounting! It will have you feeling rich in no time.

Let's start with bills. If you do not have enough in your checking account to cover monthly expenses, take money from your children's savings accounts, their college savings fund and your retirement account — and run up your credit card bills, if you have any credit left on them. To replace those funds, send IOUs on nice stationery and pretend they are cash.

As a reminder, that is how Maryland balances the budget. It takes hundreds of millions from accounts dedicated to pay for roads and cleaning up the Chesapeake Bay, issues bonds, puts the cash in the general fund and bills future Marylanders for money spent years before they were born. Voila! Checkbook balanced.

How the new tax law affects your 2010 taxes - USA

Can I still deduct my home's property taxes if I take the standard deduction?

Sorry. This home-related tax break wasn't part of the new tax package. In previous tax years, the last one being 2009, homeowners could add up to $500 (or $1,000 if married filing jointly) in residential real estate taxes to their standard deduction amount. That tax break ended on Dec. 31, 2009, and was not extended.

I'd like to donate some of my IRA money to a charity. Can I do that?

Older, generous owners of traditional IRAs are in luck. The ability for folks age 70½ or older to directly donate up to $100,000 per year from their IRA to a qualified charity is back on the tax books. This is a particularly appealing tax move for individuals facing a required minimum distribution, or RMD. This is a specific amount, based on the retirement account owner's age, that must be taken out of tax-deferred retirement accounts each year.

Now an RMD, and more as long as it doesn't exceed $100,000, can go directly to a charity so that the IRA owner follows the distribution rule but doesn't have to count the donated money as taxable income.

And because of the lateness in getting this law back in the tax code, the new bill provides a grace period. Eligible IRA owners will be able to make their retirement account charitable donations in January 2011 and have the distributions count as if they were made for the 2010 tax year.

There's even better news for all these reinstated tax breaks. Taxpayers won't have to worry about their status next year. In addition to putting the deductions back in place for 2010, the new tax bill extends them through the 2011 tax year.

UK VAT rise & construction jobs losing

Monday 20^th December 2010 – FOR IMMEDIATE RELEASE - Federation of Master Builders

11,400 jobs will be lost in the construction sector over the next decade as a result of the VAT rise to 20 percent in the New Year and a further 34,000 will be lost from the UK economy as a whole by 2019. In addition, homeowners will also be more vulnerable to rogue traders who will flood the market, warns the Federation of Master Builders (FMB).

Brian Berry, Director of External Affairs at the FMB said:

“Construction has been badly affected during this recession so the VAT rise could not come at a worse time. The VAT increase will result in a two percent decrease in demand for domestic repair, maintenance and improvement (RMI) work which will mean 11,400 job losses in construction alone by 2019. This will seriously affect the recovery of the construction industry, when it comes, as there won’t be enough skilled workers available.”

Berry continued:

“The Government claims it wants to create a greener Britain but its decision to increase VAT will have the exact opposite effect. The job losses the VAT rise will create will mean that there will be even fewer skilled workers to do the energy efficient work required by the Government’s Green Deal. Homeowners will also be badly affected as many might be tempted to use a rogue trader claiming they “can make VAT disappear”. However, rather than saving 20 percent many homeowners will lose their money either through shoddy work or the trader running off with a deposit and doing no work at all.”

Berry concluded:

“The simple solution is to reduce the rate of VAT on home repairs as this offers the best hope of encouraging take up of the Government’s Green Deal as well as helping to create jobs in the construction sector.”

Retirement a distant dream for many entrepreneurs

KATHY FLAXMAN

Toronto hairstylist Anthony Avola started to prepare for his retirement years ago. Over a 40-year career, he sold off his interests in three hairstyling salons and, more than two decades ago, purchased what is now called the Avola College of Hairstyling & Esthetics, hoping to live off the income it all would provide.
But at 72, he still has scissors in his hands, working four days a week as an employee of an upscale salon he used to co-own.
“I work because I like it,” Mr. Avola says. “But there’s also the lifestyle issue. I need to work to maintain my lifestyle.”
He’s not alone. Studies show that retirement is a more distant dream for many entrepreneurs than for others in the work force.
Nearly one in five – 19 per cent – of the self-employed believe they will be able to retire comfortably only at the age of 70 or beyond, according to an April survey by the Canadian Federation of Independent Business (CFIB) of more than 7,800 respondents. Another 28 per cent don’t see themselves leaving work behind until they are 65 to 69.
And entrepreneurs do tend to retire later than others: The average retirement age of the self-employed – (65 in 2008) – was three to five years higher than for employees in the private or public sectors, the study noted.

Accounting Rule Change Draws Harsh Comparisons

By ALISON TUDOR

A shift in rules for accounting standards on Hong Kong's stock exchange is raising concerns that fraud may now more easily slip through the regulatory cracks, and drawing uncomfortable comparisons with problems among Chinese companies listed in the U.S. and Singapore.

European Pressphoto Agency

Hong Kong's stock exchange is allowing mainland Chinese companies to use Chinese accounting standards and employ auditors based in mainland China.

Hong Kong Exchanges & Clearing Ltd. has since Dec. 15 allowed mainland Chinese companies to use Chinese accounting standards and employ auditors based in mainland China to sign off on their books.
Relaxing the rules will cut costs for mainland companies seeking to list in Hong Kong if they choose to prepare one set of financial statements instead of two, China's Ministry of Finance and the Hong Kong exchange said in statements. But other implications of those changes are beginning to sink in among investors and other market watchers.

Ernst & Young Faces Fraud Charges

New York prosecutors are poised to file civil fraud charges against Ernst & Young for its alleged role in the collapse of Lehman Brothers, saying the Big Four accounting firm stood by while the investment bank misled investors about its financial health, people familiar with the matter said.

State Attorney General Andrew Cuomo is close to filing the case, which would mark the first time a major accounting firm was targeted for its role in the financial crisis. The suit stems from transactions Lehman allegedly carried out to make its risk appear lower than it actually was.

CBI forecasts sluggish start to 2011

UK economic growth will drop to a “very sluggish” level in the first quarter of 2011 as consumer spending weakens, the Confederation of British Industry has said.

Reduced household spending after the VAT rise will hold back first-quarter growth to about 0.2 per cent, down from 0.8 per cent at present and a slight reduction on its previous forecast of 0.3 per cent.

New Online Serenic Accounting Software Moves Users to the Cloud

Serenic Navigator Online is a streamlined Software as a Service (SaaS) version of Serenic's award-winning Navigator financial management system, built on the Microsoft Dynamics NAV platform. Navigator Online is designed for small- and mid-sized nonprofit and public sector organizations, which are increasingly connecting to the Internet to automate and simplify business processes "in the cloud."

CENTRAL AMERICA: Entrepreneurs, Not Diplomats, Are 'Ambassadors' to China

With the exception of Costa Rica, Central America does not have diplomatic relations with China, but business executives are taking the place of ambassadors and promoting closer ties with the Asian giant, hoping to cash in on its rapid economic growth.

Why old people make better entrepreneurs than young ones. - By Annie Lowrey - Slate Magazine

A few months back Peter Thiel—PayPal founder, hedge-fund manager, early Facebook investor, Silicon Valley big wig—announced an initiative to get kids to drop out of college for the good of the country. Arguing that America desperately needs new entrepreneurs, he unveiled the Thiel Fellowship, granting $100,000 to 20 entrepreneurs under 20 years old.

N R Murthy to mentor budding entrepreneurs - The Economic Times

BANGALORE: After donning the title of Chief Mentor at Infosys , N R Narayana Murthy will now play mentor to hundreds of young entrepreneurs gathering at the annual TiE Entrepreneurial Summit to be held in the national capital on Tuesday.

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