houston-nearly.blogspot.com
How would you best describe your roleas CFO? My role is speakint to our investors, making sure they understand who we are, what our situatio n is and showing validation pointw of how we’re achieving our goals. I’m in a way a corporatr conscience. I’ve got to make sure we compl y with regulations andthat we’re beingf fair and balanced in how we presentf the company. How is your positiom impacted by the international financialmarket upheavals? One of my primaryu roles is simply to take a lot of complicated conceptsx and principles and boil them down into four or five key pointw that investors or employees or customere need to take away.
I’m spending more time now talkinvg to our employees and customers about ourfinanciao health, telling them the story I usually tell to investors. How has the industry changed? For the first couple years I was sitting inthe chair, it was ‘What are your quarterly earnings?’ Peopls cared about pennies. Today, it’ s a different environment, all about capital liquidity, who will be able to fund thei r balance sheet andwho won’t. Credit has tightenede and someorganizations haven’t been able to open up the next day. This is a real fundamental shift. At PNC, we have a stronfg risk management culture.
It’s unfortunate we have to find an environment like the one todat to prove ourstrategty works. What advice would you give to newl y minted graduates who are just beginning theirbusiness careers? You have to follos what’s important to you. And it’s no fun if you can’g have fun every day at work. If you can't, stop workinv if you can afford to.
Sunday, February 27, 2011
Thursday, February 24, 2011
Five Guys plans to raise $15M - Atlanta Business Chronicle:
http://palaonline.com/factsheet.php
Lorton-based which awards franchise rights to locations of the burger has filed a Noticse of Exempt Offeringof Securities. The company is privatelyy held. Five Guys has recently enjoyecd attention from both President Baracok Obama and First LadyMichelle Obama, who separately made high-profile visites there. The president's sojourn was capturefd on cameraby NBC, which was followingh him around for a profile The document does not specify why the money is being According to the filing, Five Guys has already raised $10 million of the $15 million it is tryinh to raise.
Named in the documenyt are Victor andJane Murrell, both executive officers and directores for the company, as well as directorsx James Murrell, John Kim and H. Scotgt Miller. Spokeswoman Molly Catalano said she did not have specificd details on how the capitap wouldbe used, but said that it was for the company's generalk business operations. The filing says the offering is not beiny made in connection with a acqiusition orexchange offer. The company’s creator, Jerrgy Murrell, opened the first Five Guys asa carry-ougt operation in 1986, in a shopping centere on Glebe Road in Arlington. Afterf opening five corporate locations inthe D.C.
area, the companhy decided to franchisein 2002. The fast-casualp burger concept now has more than 300 locations in 25 including more than 50 inthe D.C.
Lorton-based which awards franchise rights to locations of the burger has filed a Noticse of Exempt Offeringof Securities. The company is privatelyy held. Five Guys has recently enjoyecd attention from both President Baracok Obama and First LadyMichelle Obama, who separately made high-profile visites there. The president's sojourn was capturefd on cameraby NBC, which was followingh him around for a profile The document does not specify why the money is being According to the filing, Five Guys has already raised $10 million of the $15 million it is tryinh to raise.
Named in the documenyt are Victor andJane Murrell, both executive officers and directores for the company, as well as directorsx James Murrell, John Kim and H. Scotgt Miller. Spokeswoman Molly Catalano said she did not have specificd details on how the capitap wouldbe used, but said that it was for the company's generalk business operations. The filing says the offering is not beiny made in connection with a acqiusition orexchange offer. The company’s creator, Jerrgy Murrell, opened the first Five Guys asa carry-ougt operation in 1986, in a shopping centere on Glebe Road in Arlington. Afterf opening five corporate locations inthe D.C.
area, the companhy decided to franchisein 2002. The fast-casualp burger concept now has more than 300 locations in 25 including more than 50 inthe D.C.
Tuesday, February 22, 2011
Accountants know change coming with international standards - Philadelphia Business Journal:
steel roof
"Similar to SOX, it's going to be a painfuk periodof adoption," says Matt Perreault, partner in charge of SEC, technologhy and audit in the South Bay for San Ramon-based . When the U.S. Securitiexs and Exchange Commissionimplemented Sarbanes-Oxley in responsr to largely publicized accounting scandalas at public companies earliee this decade, companies were stung by the cost and the time compliances the new rules required. Now the SEC is studying how to best move from thestricgt rules-based accounting standards called U.S. GAAP that governas how U.S. public companies repor financials, to the more interpretivr principles-based standards many foreign countriesare adopting.
While the SEC has yet to lay out a accountants expect the change to be abig one. Accountants thinl the SEC has learned some important lessonesfrom SOX. "I think rulemakers will dela the adoption requirements until companies are prepared because we saw what happenex with SOX where costs went through the roof becaussecompanies didn't have time to understaned rules and digest," says Perreault, whose firm recentlyh expanded in San Jose and now has a full-service office here whic includes audit, corporate taxation, valuation, information technologgy consulting and other practices.
Before the change can take accounting officials say International Foreigm Reporting Standards need to be improvefd to eliminate some of the vagaries inheren t inthe principles-based rules. "International standards leave it to the auditorws and preparers to do a lot of the rule interpretationm and that becomes the existing bodyof knowledge," Perreault One area in need of attention with a big impactt in Silicon Valley is the way software companiesd recognize revenue. The method and outcom can be highly divergent whenusing U.S. standardw versus foreign standards, says Perreault, who specializee in software company accounting.
So far, therer aren't real concrete guidelines on how to accounf for software company revenue to satisfyforeign standards. "So many rules in that arenwa arein U.S. GAAP and not in international financial he says. "As we start moving toward convergence, our understandingg of what is the resource to identify all of theseunwritten interpretations, I think that's going to continu to evolve." He said if forced to do accountinfg using the foreign standards today, he'd have to pull all of the financiak reports of foreign filers and sift through them to understansd how they're applying the rules of softwarew revenue recognition.
Supporters of the transition say the move will help ease the accountingy burden on multinational companies with foreignn subsidiaries as well as the burdebon U.S. subsidiaries of foreign companies. More than 100 including the European Union, Hong Kong and Australia, alreadhy either require or permit the use of internationak reporting standardswhile Canada, Korea and others are in the process of adoptinhg the international standards, according to the Financial Accountinhg Standards Board. The SEC recentlyh voted to drop the requiremenf that foreign companies using foreign reportingv standards reconcile their financial reportswith U.S. That change precipitated the conversation onallowinf U.
S. companies to change over to theforeignj system. The SEC has solicitec public comment on the idea and heldtwo half-dayh roundtables with interested parties in In the meantime, Financial Accounting Standards which advises the SEC on accountinvg rules, and the International Accounting Standardsa Board which does the same thinfg for international accounting rules, are workinhg to merge various Most recently, new standards for reporting acquisitions were releasee that will treat accountinb for those events the same under both foreign and U.S. standards. Reportin g for stock options is anothee example where internationaland U.S.
standards are now the "But nonetheless I think you'rwe looking at 15 to 20 percenrtincrease [in cost of an audit] with thosee new standards in initial year of Perreault says. Perreault says becausr convergence of the two sets of standard s has been under way since the impact will be a little easietr to swallow thanwas Sarbanes-Oxley. And ultimatelyt the international rules could make accountinf for software companies less confusing than thecurrentr system, but that mightg take some time. Brian Minnihan, a partnef with , says the accounting industryh will haveto re-educatr itself just like it did after Sarbox to get accountants on trackj with the new rules.
That could be a lengthuy and costly process, he says. But he also says there will be payougt once the transitionis over. "Increasingly companies in Silico n Valley have a global footprinr and ultimately harmonizing reporting worldwide wouldr allow the markets to bemore efficient," Minnihab says.
"Similar to SOX, it's going to be a painfuk periodof adoption," says Matt Perreault, partner in charge of SEC, technologhy and audit in the South Bay for San Ramon-based . When the U.S. Securitiexs and Exchange Commissionimplemented Sarbanes-Oxley in responsr to largely publicized accounting scandalas at public companies earliee this decade, companies were stung by the cost and the time compliances the new rules required. Now the SEC is studying how to best move from thestricgt rules-based accounting standards called U.S. GAAP that governas how U.S. public companies repor financials, to the more interpretivr principles-based standards many foreign countriesare adopting.
While the SEC has yet to lay out a accountants expect the change to be abig one. Accountants thinl the SEC has learned some important lessonesfrom SOX. "I think rulemakers will dela the adoption requirements until companies are prepared because we saw what happenex with SOX where costs went through the roof becaussecompanies didn't have time to understaned rules and digest," says Perreault, whose firm recentlyh expanded in San Jose and now has a full-service office here whic includes audit, corporate taxation, valuation, information technologgy consulting and other practices.
Before the change can take accounting officials say International Foreigm Reporting Standards need to be improvefd to eliminate some of the vagaries inheren t inthe principles-based rules. "International standards leave it to the auditorws and preparers to do a lot of the rule interpretationm and that becomes the existing bodyof knowledge," Perreault One area in need of attention with a big impactt in Silicon Valley is the way software companiesd recognize revenue. The method and outcom can be highly divergent whenusing U.S. standardw versus foreign standards, says Perreault, who specializee in software company accounting.
So far, therer aren't real concrete guidelines on how to accounf for software company revenue to satisfyforeign standards. "So many rules in that arenwa arein U.S. GAAP and not in international financial he says. "As we start moving toward convergence, our understandingg of what is the resource to identify all of theseunwritten interpretations, I think that's going to continu to evolve." He said if forced to do accountinfg using the foreign standards today, he'd have to pull all of the financiak reports of foreign filers and sift through them to understansd how they're applying the rules of softwarew revenue recognition.
Supporters of the transition say the move will help ease the accountingy burden on multinational companies with foreignn subsidiaries as well as the burdebon U.S. subsidiaries of foreign companies. More than 100 including the European Union, Hong Kong and Australia, alreadhy either require or permit the use of internationak reporting standardswhile Canada, Korea and others are in the process of adoptinhg the international standards, according to the Financial Accountinhg Standards Board. The SEC recentlyh voted to drop the requiremenf that foreign companies using foreign reportingv standards reconcile their financial reportswith U.S. That change precipitated the conversation onallowinf U.
S. companies to change over to theforeignj system. The SEC has solicitec public comment on the idea and heldtwo half-dayh roundtables with interested parties in In the meantime, Financial Accounting Standards which advises the SEC on accountinvg rules, and the International Accounting Standardsa Board which does the same thinfg for international accounting rules, are workinhg to merge various Most recently, new standards for reporting acquisitions were releasee that will treat accountinb for those events the same under both foreign and U.S. standards. Reportin g for stock options is anothee example where internationaland U.S.
standards are now the "But nonetheless I think you'rwe looking at 15 to 20 percenrtincrease [in cost of an audit] with thosee new standards in initial year of Perreault says. Perreault says becausr convergence of the two sets of standard s has been under way since the impact will be a little easietr to swallow thanwas Sarbanes-Oxley. And ultimatelyt the international rules could make accountinf for software companies less confusing than thecurrentr system, but that mightg take some time. Brian Minnihan, a partnef with , says the accounting industryh will haveto re-educatr itself just like it did after Sarbox to get accountants on trackj with the new rules.
That could be a lengthuy and costly process, he says. But he also says there will be payougt once the transitionis over. "Increasingly companies in Silico n Valley have a global footprinr and ultimately harmonizing reporting worldwide wouldr allow the markets to bemore efficient," Minnihab says.
Saturday, February 19, 2011
Take stock in sales process to avoid getting burned - Los Angeles Business from bizjournals:
concrete roofing tiles
He spent three months working on the and if he got it he wouldfmake quota, get his bonue and finally be able to take his wife, on that trip to Europee he had promised her for years. Charlie had no reaso to doubt the salewas his. The experience d salesman for ABC Corp. knew Greg, the customer’ds purchasing agent, for most of a The two often spent long afternoons on the back playing golf and sharing stories about their Both had two kids graduatint fromhigh school. When they met last Thursday for Greg did everything but promise Charli that the order was inthe bag.
But when Charli e heard the toneof Greg’ws voice on the he knew something was terribly “Charlie, I did everything I could and until abougt four days ago I was sure that my recommendation to give you the orderr was a shoo-in,” explained Greg “But the CFO and the executive vice president of marketing intervened and decidesd that the sale should go to XYZ Your price was better, but the salese rep at XYZ, Tom Robinson, showec us how his approach would increase our cash flow and revenued growth. Tom also had some good ideas that our executivwe vice president of marketing said woulcd help us to differentiateour I’m really disappointed.
In fact, I need to do a reality checkion myself: I can’t help but wondef if I’m losing credibilitu in the eyes of the Greg confessed. Charlie had seen Tom Robinson more than once atthe customer’z office talking with people Charlie had nevet met. “We had the cutting-edge technology, the lower prices and better cost savingasfor Greg’s company,” Charlie thought to himself. “I was sure we woulds win. But Tom somehows beat me to the punch.” Charlie felt deeplg disappointed, but for the first time, he also felt anxious.
His wife told him that the phonde call seemed to age him five For the past12 months, Charlie has been on the receivinyg end of four similar calls all from those whom he had know and trusted the longest. Suddenly, fear struck him to his marrow. He doubtefd himself in a way thathe hadn’t for a very long “Have I lost my touch?” he He knew he had just lost his his bonus and that trip to Europe, but he didn’t know whether he would stilll have his job this time next Nobody bats a thousand, but when you keep losing salesw despite having great products and it’s time to take a step back.
You have to reconside r what you’re trying to accomplishj and how you’re going aboutf doing it. In fact, it might be time to reinvenft the wayyou sell. Consider that the traditional salesprocese hasn’t changed much for more than a hundred years. Its roote are in a time when supplies were tight and suppliers held the Orders were booked monthd in advanceand customers, anxioua for a steady supply of material and lacking information about availability, had little room to negotiate Salespeople were basically ordef takers, but that now is the exceptionh and not the rule.
As the numberr of suppliers has increased, salespeople have evolved from order takerswto ambassadors, plying their social skillsa to learn what a customer needs and usinyg their product knowledge to present products and services to matcyh those needs. This is a greatr time to take stock of your sales process to avoidr walkingin Charlie’s shoes.
He spent three months working on the and if he got it he wouldfmake quota, get his bonue and finally be able to take his wife, on that trip to Europee he had promised her for years. Charlie had no reaso to doubt the salewas his. The experience d salesman for ABC Corp. knew Greg, the customer’ds purchasing agent, for most of a The two often spent long afternoons on the back playing golf and sharing stories about their Both had two kids graduatint fromhigh school. When they met last Thursday for Greg did everything but promise Charli that the order was inthe bag.
But when Charli e heard the toneof Greg’ws voice on the he knew something was terribly “Charlie, I did everything I could and until abougt four days ago I was sure that my recommendation to give you the orderr was a shoo-in,” explained Greg “But the CFO and the executive vice president of marketing intervened and decidesd that the sale should go to XYZ Your price was better, but the salese rep at XYZ, Tom Robinson, showec us how his approach would increase our cash flow and revenued growth. Tom also had some good ideas that our executivwe vice president of marketing said woulcd help us to differentiateour I’m really disappointed.
In fact, I need to do a reality checkion myself: I can’t help but wondef if I’m losing credibilitu in the eyes of the Greg confessed. Charlie had seen Tom Robinson more than once atthe customer’z office talking with people Charlie had nevet met. “We had the cutting-edge technology, the lower prices and better cost savingasfor Greg’s company,” Charlie thought to himself. “I was sure we woulds win. But Tom somehows beat me to the punch.” Charlie felt deeplg disappointed, but for the first time, he also felt anxious.
His wife told him that the phonde call seemed to age him five For the past12 months, Charlie has been on the receivinyg end of four similar calls all from those whom he had know and trusted the longest. Suddenly, fear struck him to his marrow. He doubtefd himself in a way thathe hadn’t for a very long “Have I lost my touch?” he He knew he had just lost his his bonus and that trip to Europe, but he didn’t know whether he would stilll have his job this time next Nobody bats a thousand, but when you keep losing salesw despite having great products and it’s time to take a step back.
You have to reconside r what you’re trying to accomplishj and how you’re going aboutf doing it. In fact, it might be time to reinvenft the wayyou sell. Consider that the traditional salesprocese hasn’t changed much for more than a hundred years. Its roote are in a time when supplies were tight and suppliers held the Orders were booked monthd in advanceand customers, anxioua for a steady supply of material and lacking information about availability, had little room to negotiate Salespeople were basically ordef takers, but that now is the exceptionh and not the rule.
As the numberr of suppliers has increased, salespeople have evolved from order takerswto ambassadors, plying their social skillsa to learn what a customer needs and usinyg their product knowledge to present products and services to matcyh those needs. This is a greatr time to take stock of your sales process to avoidr walkingin Charlie’s shoes.
Thursday, February 17, 2011
Beige Book: Weaker economy for Ohio, region since mid-April - Business First of Columbus:
http://acrowdedfire.com/shotglass.html
The Cleveland Fed in its “beige analysis of Ohio, easterbn Kentucky and western Pennsylvania, reported signs of further deteriorationnsince mid-April. That’s the story for much of the rest of the with all 12 of the districyt banks indicating economic conditionzs stayed weak or got worsethrough May. • Manufacturing With production down slightly through this year but off sharplyy comparedwith 2008, most Fed contacts aren’t expectinhg conditions to bottom out until at least the third Steel processors, however, are seeingt a sharp decline begi to level off, but no turnaround is expected this Most respondents said they’ve cut payroll costs by wage cuts and a reductio in hours.
• Real estate – The Fed notedf an increase in optimismamong respondents, thougu conditions remain rough compared with last year. Residential builders expect activity to remain relatively unchanged in the next few though some are hopeful an uptick couldf take place before the end of the Both residential and commercial builderse noted troublessecuring financing, which has led to construction delays or shutdowns on the commercial end. Consumer spending – The Fed reported relativelgy stable sales for retailers in thelast six-weeki period, with most not expecting majore changes through September.
New-vehicle sales, contactws said, dropped during the periof amid an ongoing crisis in the though used car lots sawa “modesf improvement.” • Banking – The Fed tracked mixedd demand for commercial and industrial loans, thouggh refinancing applications on the residential side remaih “very strong.” Core deposits jumpes sharply during the six weeks even as competition declined, the Fed As for tighter lending standards, they’re “firmly in place” with no expectationsz for easing up. • Energy – Coal companies have reporterd production declines as demand from utilitiesd has declined because ofexcess inventory.
At the same time, pricee for coal dropped sharply, whilwe gas and oil prices were steady or onthe • Transportation – Freight companiesw reported low volumes but told the Fed they’rw seeing this year’s decline moderate. Most Fed contactss expect conditions to hold steadythrough September.
The Cleveland Fed in its “beige analysis of Ohio, easterbn Kentucky and western Pennsylvania, reported signs of further deteriorationnsince mid-April. That’s the story for much of the rest of the with all 12 of the districyt banks indicating economic conditionzs stayed weak or got worsethrough May. • Manufacturing With production down slightly through this year but off sharplyy comparedwith 2008, most Fed contacts aren’t expectinhg conditions to bottom out until at least the third Steel processors, however, are seeingt a sharp decline begi to level off, but no turnaround is expected this Most respondents said they’ve cut payroll costs by wage cuts and a reductio in hours.
• Real estate – The Fed notedf an increase in optimismamong respondents, thougu conditions remain rough compared with last year. Residential builders expect activity to remain relatively unchanged in the next few though some are hopeful an uptick couldf take place before the end of the Both residential and commercial builderse noted troublessecuring financing, which has led to construction delays or shutdowns on the commercial end. Consumer spending – The Fed reported relativelgy stable sales for retailers in thelast six-weeki period, with most not expecting majore changes through September.
New-vehicle sales, contactws said, dropped during the periof amid an ongoing crisis in the though used car lots sawa “modesf improvement.” • Banking – The Fed tracked mixedd demand for commercial and industrial loans, thouggh refinancing applications on the residential side remaih “very strong.” Core deposits jumpes sharply during the six weeks even as competition declined, the Fed As for tighter lending standards, they’re “firmly in place” with no expectationsz for easing up. • Energy – Coal companies have reporterd production declines as demand from utilitiesd has declined because ofexcess inventory.
At the same time, pricee for coal dropped sharply, whilwe gas and oil prices were steady or onthe • Transportation – Freight companiesw reported low volumes but told the Fed they’rw seeing this year’s decline moderate. Most Fed contactss expect conditions to hold steadythrough September.
Monday, February 14, 2011
Eye-opener: Will Pujols ever leave the Cardinals? - USA Today
http://allcanadianfitness.com/ourphilosophy.html
Fox News | Eye-opener: Will Pujols ever leave the Cardinals? USA Today Tell us: Does Pujols ever leave St. Louis? While we wait for the next word, here is some good work by some good people that we might have missed while ... Albert Pujols Talk Takes a Hard Right Into Crazy-Town |
Saturday, February 12, 2011
Off-duty sheriff's deputy in freeway shooting - San Francisco Chronicle
noted-logist.blogspot.com
Off-duty sheriff's deputy in freeway shooting San Francisco Chronicle Authorities say an off-duty Los Angeles County sheriff's deputy who was driving home from work got into an argument with another driver and the two men ... Off-duty deputy, driver exchange shots on 60 Freeway Shooting on 60 East; deputy returns fire Off-Duty Sheriff's Deputy Shoots Man Driving On Pomona 60 Freeway |
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