As 2014 draws to a close, small business owners still have time to better position their personal finances going into the new year.
If Michigan were a top 10 business state, we’d have 150,000 more jobs and an average of $12,000 more in individual income.
Michigan continues to rank 13th in the U.S. for its overall business tax burden, holding to a position that improved significantly in the last few years after legislators enacted sweeping changes to the state’s tax code.
The results of PNC Bank’s annual Wealth & Values survey dispel the stereotype of the wealthy as proverbial one-percenters who are only concerned with their personal financial interests.
Owners who want to sell their businesses need to begin preparing years in advance and plan carefully to do it right, M&A experts say.
As Old National Bancorp prepares to expand its market presence in Michigan with the acquisition of Founders Financial Corp. in Grand Rapids, executives cite a past deal as generating good volume growth in the state.
Better access to capital and bank lending, higher valuations and greater optimism in the economy should make for the continuation of a “very hot” M&A market into next year.
Mergers and acquisition activity should remain solid into 2015 as business executives and professionals in the field hold a better view of the U.S. economy, according to an annual survey.
Creating a vehicle for investors to be able to sell their shares in small businesses could help drive interest in equity crowdfunding in Michigan, although experts say it may take a few years for a viable market to emerge.
Venture capital deal flow in Michigan in 2014 lags the pace of investment last year, although a single large investment in the spring has the total amount invested through the third quarter exceeding all of last year.
Mark Kolanowski assumes the chairmanship of the Community Bankers of Michigan as consolidation in the industry begins to pick up, driven by the rising costs of complying with federal regulations enacted from the 2008 financial crisis and the current period of “tepid” economic growth.
As volumes grew during the past year, the U.S. Small Business Administration has again decided to waive fees for loans of less than $150,000 that are made under its primary lending program.
After successfully executing its first-ever merger this summer, Mercantile Bank Corp. remains open to further deals in the future.
National survey results suggest that mergers and acquisitions involving community banks could pick up in the next year or more as institutions cope with growth pressures, high regulatory compliance costs and even “management fatigue.”
Federal regulators hit Lighthouse Title Inc. with a $200,000 fine for what the company’s president says has been a common industry practice that’s now at a “watershed moment.”
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