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With Interest Rates Low,
Now Is a Good Time to Consider Financing Options
Interest rates are extremely low, so now could be a great time to consider refinancing debt. The current interest rate environment is also attractive to taking on new debt for MRPs, rebuilds and relocations.
Banks are in business to make a profit. When banks look at lending opportunities with owner/operators, they assess the risk of the loan not being repaid. The interest rate is determined as a result of this risk assessment. For some tips on approaching lenders about financing needs, click here.
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Web FFS Makes Business Operations Easier, More efficient
 McDonald's corporation recently rolled out the company's new Web FFS located at www.mcdffs.com. Web FFS allows owners/operators, their CPAs and McDonald's corporate staff access to the same financial data. This way everyone is on the same page, especially in relation to eligibility for growth and rewrite.
Many of you have already logged in to review information about your company. For those of you who have not, click here to learn the categories of information that are now available at your fingertips.
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 Health-Care Legislation Upheld; Be Prepared
If you were taking a wait-and-see approach to planning for the impact of the Affordable Care Act (ACA) on your business and employees, you need wait no longer. On June 28, the Supreme Court upheld the vast majority of President Barack Obama's health-care overhaul, including the controversial "individual mandate" requiring Americans to buy health insurance or pay a penalty.
The outcome of the November elections with possible changes in the makeup of Congress and the President could have an impact on whether the provisions of this law are actually implemented, but owner/operators need to be prepared. Click here to learn about provisions that are in effect in 2012 and those that are set to go into effect in 2013 and 2014.
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Did You Know?
An Option to Paying Bills - Whalen
Can Assist You If you have ever spent endless hours processing accounts payables and paying bills, we want to make you aware there is another option. Some owner/operators are large enough organizations that they have support staff to process accounts payable. The owner/operator simply approves and signs the checks. Other owner/operators don't have office staff to perform this work and must take this task on for themselves.
To find out about Whalen's bill-paying services, click here or contact Bruce Berry for more information. |
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Firm Hosts Benefit for RMHC
Members of the firm hosted a fund-raising event for the Ronald McDonald House Charities (RMHC) of Central Ohio on June 27. The event was held at Hills Market in the Worthington area, and Whalen staff served as guest bartenders for a special charity happy hour on the store's veranda.
Proceeds from the sale of pizzas and all tip money from the sale of beverages, along with a donation from the market, were donated to RMHC. Approximately 100 staff members, clients, friends, family members and RMHC representatives, including Ryan Wilkins, community relations and marketing director, and Don Lyle, board member, stopped by during the 2-1/2 hour event. Whalen & Company supports the mission and work of RMHC of Central Ohio, and the firm's partners and staff will be involved in other activities during the coming year.
Pictured with Wilkins, far right, are (clockwise from center) staff members Tracy Ceritelli and Donna Steiner, Director Patrick McClary and Partner Lisa Shuneson.
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Greetings!
We hope you enjoy the summer issue of Whalen & Company's E-Newsletter for owner/operators of McDonald's restaurants. You are receiving this newsletter because you are a client of our firm. We have also invited other owner/operators in Ohio, Indiana, Kentucky, Pennsylvania and West Virginia to be newsletter subscribers as well as McDonald's corporate staff members, and bankers and other businesspersons serving McDonald's franchise owners.
Our newsletter is sent quarterly. We
often feature an owner/operator and generally have information related to accounting and reporting, tax- savings strategies and other business issues affecting owner/operators. There is also information about Ronald McDonald House Charities, McDonald's history and culture, and our staff.
If you have suggestions for future stories, send us a note by clicking here.
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Whalen & Company, CPAs has been assisting McDonald's owner/operators for more than 20 years, and we're lovin' it today. Over those years we have built relationships with owner/operators based on our understanding of their business, our service and mutual respect and trust. We provide our clients with monthly accounting and reporting, bill paying, tax planning and filing, and specialized services, including restaurant valuations and succession planning.
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McDONALD'S MOMENTS
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In 1961, Fred Turner, McDonald's former senior chairman and Ray Kroc's first grillman, founded Hamburger University in the basement of a McDonald's restaurant in Elk Grove Village, Illinois. On February 24, 1961, Hamburger University's first class of 15 students graduated. Today, more than 5,000 students attend Hamburger University each year. Since 1961, more than 80,000 restaurant managers, mid-managers and owner/operators have graduated from this facility.
Since its inception, training at Hamburger University has emphasized consistent restaurant operation procedures, service, quality and cleanliness. It has become the company's global center of excellence for McDonald's operations training and leadership development. |
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STAFF PROFILE
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Teri Curtin, CPA
For the past 15 years Teri Curtin has been assisting owner/operators and learning about McDonald's from them and their employees - she was even taught how to make French fries.
Click here to learn more about Teri and her work and relationships with clients. |
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FOOD FOR THOUGHT
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"Welcome new ideas from your associates but challenge them to think through every step of their plan. This way, only the carefully strategized plans will win approval. Don't condemn those risk takers who do fail. Instead, consider it a learning experience - and the price of grooming loyal employees who may just bring your organization the next big idea. Don't waste time and energy on blame games." |
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IN THE NEWS
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McDonald's Executive Chef and Senior Director of Culinary Innovation Daniel Coudreaut was in Ohio earlier this summer on a trip tied to the release of McDonald's new banana nut oatmeal with fresh blueberries.
In an interview with Lisa Abraham, food writer for the Akron Beacon Journal, Chef Coudreaut discussed the company's menu and commented about the obesity issue in America. He stressed that it's all about choice, balance and moderation and indicated that customers' choices can have an impact on McDonald's menu. For the full interview, click here. |
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CONNECTING
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Partner Lisa Shuneson and Director Bruce Berry were presenters at the Regional Profit Meeting of McDonald's owner/operators and corporate staff in May.
Lisa discussed issues related to gifting as a means to minimize estate taxes. Bruce covered the requirements of InvestOhio and how owner/ operators could take advantage of the Ohio income tax credits of this new state program, which is designed to infuse much needed capital into Ohio's small businesses and help create jobs in the state.
For summaries of their presentations, click here. |
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WHALEN & COMPANY TEAM McDONALD'S
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Lisa Shuneson, CPA, PFS, Partner
Richard Crabtree, CPA, PFS, Partner
Laura Wojciechowski, CPA, EA, PFS, Partner
Bruce Berry, CPA, Director
Karen Botti, CPA, Staff Manager, Tax Services
Kumar Patel, CPA, CFP, Lead Accountant
Lisa Kuhn, Lead Accountant
Teri Curtin, CPA, Staff Accountant
Jeannette Reitmajer, Staff Accountant
Joe Curtin, CPA, Staff Accountant
Emily Stevens, Staff Accountant
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