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Greetings!
November is a time for giving thanks and giving back. I'd like to extend a big thank you to all our employees who work so hard every day to serve our customers and make Skowhegan Savings a rewarding place to work.
For the second year in a row, we were named to the Best Places to Work in Maine list sponsored by the Society of Human Resources Management (SHRM) - Maine State Council and Best Companies Group. We were happy to join our neighbor, New Balance in representing Somerset County on the list. Making the list is competitive and involves an evaluation of workplace policies, practices and demographics, as well as an employee survey about the employee experience that is worth 75 percent of the company's overall score.
One of the attributes employees seem to like about working for the Bank is the ability to get involved and give back to the community. Sometimes this means employees donate a few dollars to "dress down" at work, those funds then get compiled and donated to a local charity; sometimes it's our regular giving program that makes quarterly awards for projects and initiatives that support local organizations and causes.
This past quarter, we are happy to support Main Street Skowhegan, Jobs for Maine's Graduates, Big Brothers/Big Sisters of Kennebec Valley, Hospice Volunteers of Somerset County and United Way of Mid-Maine. Each of these groups does valuable work to keep our communities vibrant - and we are grateful for their efforts. If you know of an organization involved in economic and community development, please let them know our next donation application deadline is December 30. Details can be found on our website.
Also, until November 19th, our Skowhegan, Norridgewock, Belgrade, and Fairfield branch offices will be collecting non-perishable food items for local food banks. Please stop by and contribute an item or two to help those in need this season.
Thank you for being a part of the Skowhegan Savings' community and Happy Thanksgiving.
Sincerely,
John Witherspoon
President & CEO
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Starting Out on Your Own, Part III: Planning for the Future
~Adapted from FDIC Consumer News~
 | | Plan Ahead for Your Financial Future |
When you're young, it feels like your whole life is ahead of you. Marriage, children, home buying and retirement may seem a long way off - but before you know it, there's a mortgage, college tuition and yes, that day when you'll stop working and hopefully just have your money working for you. These expenses and investments are best managed by early planning. Here are some tips to help you plan and provide for your financial future:
1) Start saving for both short-term and long-term goals. Even though the future seems like a long way off, putting a small amount of money away each month, combined with compound interest, this investment can lead to a sizable sum over the long term. The sooner you begin saving, the easier it will be to reach your financial goals, which may include buying a home, owning a business, or retiring. If you are working, it makes sense to start as early as possible contributing to your retirement savings plan, especially if your employer will match your contribution.
2) If you're in the market for a car, determine the best payment method. Understand the difference between buying and leasing a car. Deals are always advertised, but you want to make sure that the financing is right for you. The Federal Reserve Board has published a guide called "Keys to Vehicle Leasing," online at www.federalreserve.gov/pubs/leasing. If you're thinking about borrowing money to pay for a car, see tips from the FDIC here. Financing is often offered by the auto dealer, but Skowhegan Savings also offers competitive rates on auto loans for personal and commercial-use vehicles.
3) If you're renting a house or apartment, consider whether it's time to buy. Once you start earning a steady income, and you expect to stay in your community for a number of years, you may want to consider owning your first home. To learn more about homeownership and if it is right for you, consider talking to a HUD-approved counselor (1-800-569-4287 or local office: www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm). In addition, Skowhegan Savings' loan officers can walk you through the steps of a mortgage and help coordinate financing and special promotions, including the Gift of Green program offered by Maine State Housing Authority. Contact us today.
4) Protect your investments. Most car and home purchases will prompt you to purchase insurance, but you also want to make sure you have adequate health, life and other property insurance to protect your investments and maintain financial stability in case of an emergency. It's also good to review this coverage once a year as circumstances change.
Remember, it's never too early to plan for your financial future - even starting small can lead to big rewards down the road.
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Business Valuation and Succession Planning
 | | Reg Perry, Director and Founder of PFBF CPAs |
On November 5, Skowhegan Savings held a Build a Better Business Workshop in Waterville. Reg Perry, CPA/ABV, BVAL, CVA, Director and Founder of PFBF CPAs, and Norm Hart, Financial Advisor, CRPC, with Skowhegan Financial Services1 presented at the session and provided participants with information on how to value their business and how to use life insurance to assure its continuity.
Perry discussed the need to have a professional with business valuation credentials perform the valuation, and why such a process was useful - whether it be for sale or tax purposes. He also detailed the different approaches to valuing a business including the asset approach, income approach and market approach - the most commonly used. Different evaluators can use different approaches and then develop very different value figures for the same business. Perry also emphasized the critical need to keep good business and tax records for this process.
Once you've completed a business valuation, you can take the next step of succession planning. Your business might change hands - generation to generation, due to a retirement or death of a partner, or another reason aside from a sale. When this happens, you want to insure that each stakeholder is prepared and their interests are protected. One way to do this is by including the business shares in life insurance policies held by the relevant parties.
In his presentation, Norm Hart outlined how life insurance can assist in protecting a business should the unexpected occur - such as a death or a forced sale. It is just one option to be considered in creation of a business continuity plan, but having such a plan can ease the transition and help insure that the owner's wishes for his or her company are followed.
If you are a business owner or partner and would like more information on how to conduct a business valuation or create a continuity plan, please contact Reg Perry at PFBF CPAs (207.873.1603) or Norm Hart, at Skowhegan Financial Services1 (207.858.2674).
And keep an eye out for more Build a Better Business Workshops in 2011.
1PRIMEVEST® Financial Services, Inc. is an independent, registered broker-dealer and a registered investment adviser, member FINRA/ SIPC. Securities and insurance products offered by PRIMEVEST: Not FDIC/NCUSIF insured · May go down in value · Not financial institution guaranteed · Not a deposit · Not insured by any federal government agency
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Skowhegan Savings, founded in 1869, is an independent mutual savings bank dedicated to strengthening the Maine families, businesses and communities it serves. Named as one of Maine's Best Places to Work in 2009 and 2010, Skowhegan Savings' team of friendly, committed employees takes pride in delivering personalized, competitive banking services with integrity and putting the needs of their customers first. An innovative and progressive approach to banking ensures their customers enjoy a banking experience that is quick, easy and convenient. Skowhegan Savings' ten Maine branches include two locations in Skowhegan, as well as locations in Belgrade, Bingham, Dexter, Fairfield, Jackman, Madison, Norridgewock, and Pittsfield. For more information, visit www.skowsavings.com or contact Customer Service at 800.303.9511.
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