Videos Of 2012 Winners

The businesses being honored for their positive impact on Kentucky’s economy and communities include:

• G&R Reclamation (Horse Cave)
• First In Trailer Service, Inc. (Walton)
• Kalleo Technologies (Paducah)
• Bluegrass Veterinary Specialists, PLLC (Lexington)
• Innovative Workflow Technologies, Inc. (Henderson)
• John O’s Market (Elizabethtown)
• Global Environmental Services (Georgetown)
• Boneal, Inc. (Means)
• Ferm SOLUTIONS (Danville)
• TrollandToad.Com (Corbin)
• Air Hydro Power, Inc. (Louisville)
• D&M Contracting (Richmond)

The 2012 Kentucky Business Pacesetters were selected from nominations illustrating the businesses’ efforts to change the economic landscape of Kentucky by introducing innovative products; increasing sales and/or production; boosting employment; and serving their communities. Each of the winning businesses demonstrated the intent and capacity to grow based on employee and sales growth, entrepreneurial leadership, sustainable competitive advantage and additional notable factors.

Also at this event will be the formal recognition of the U.S. Small Business Administration’s Kentucky 2012 Small Business Person of the Year, Financial Services Champion of the Year and Women in Business Champion of the Year. Businesses being honored by the S.B.A. are:

• 2012 Small Business Person of the Year: Donovan Wadsworth, D&M Contracting (Richmond)
• 2012 SBA Financial Services Champion of the Year: Deborah Gray, LGE-KU Energy, LLC (Morganfield)
• 2012 Kentucky Women in Business Champion: Cathy Stafford, Ad-Venture Promotions (Lexington)

The Kentucky Small Business Development Center is a network of 15 offices located throughout Kentucky that help existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. These services include: no-cost confidential business consultations, affordable business workshops, seminars, and research to make informed business decisions.

MEDIA CONTACT: Sarah Magargee-Hineman, (859) 257-7661

“Survivors who receive a SBA disaster loan application should submit it as soon as possible to receive consideration for a loan to help with their recovery”, said Frank Skaggs, director of SBA Field Operations Center East. “SBA’s Customer Service Representatives will be on hand at all of the Centers to issue loan applications, answer questions about the disaster loan program, explain the application process and assist survivors with completing their applications”, Skaggs added.

All SBA Centers will remain at the current Disaster Recovery Center locations and open Monday,
April 2, with hours Monday thru Friday, 9 am to 6 pm, closed Saturdays and Sundays; and remain open until further notice, at the following locations:

Disaster Loan Outreach Centers

Kenton County
Goshen Christian Church
1773 Bracht Piner Road
Morning View, KY 41063

Lawrence County
Lawrence County Community Center
180 Bulldog Lane
Louisa, KY 41230

Business Recovery Center
Johnson County
Paintsville Recreation Center
232 Preston Street
Paintsville, KY 41240

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.

Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

To be considered for all forms of disaster assistance, call the Federal Emergency Management Agency (FEMA) at 800-621-FEMA (3362), (TTY) 800-462-7585 for the deaf and
hard-of-hearing.

To obtain additional assistance call, the SBA Customer Service Center
at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an email to disastercustomerservice@sba.gov.

Those affected by the disaster may also apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov/ela/.

The filing deadline to return applications for physical property damage is May 7, 2012.
The deadline to return economic injury applications is December 6, 2012.

Science, not business, comes naturally to Pat Lawless, founder of Biological Prospects, a high-tech company that produces a line of nutraceutical supplements for the equine industry.  Uncertain how to market his novel product on an international scale, Lawless contacted Gordon Garrett, associate director with the KSBDC.

Together Garrett and Lawless reviewed his product offerings and drew up a plan so he could quickly and cost effectively take “Equithrive” to the international equine market. “Basically, Gordon advised me to outsource everything we can. For example, manufacturers know a lot more about manufacturing a product than I do.”

By utilizing the market prowess of five large distributors, Lawless was able to move Equithrive across international boundaries in a fraction of the time it would have taken him to build and train his own sales force.

“I have implemented a similar model with numerous KSBDC clients,” Garrett said. “It takes a lot less money to get these businesses off the ground if we piggyback on the relationships distributors have already formed with retailers.”

For Biological Prospects, that partnership means moving their product to an international market in a matter of months vs. years.  Today the company exports products through five major distributors, all with highly-trained sales forces that have established relationships with veterinarians across the globe. To-date, five percent of Lawless’ product is exported to Australia and Canada and Europe.

“The SBDC has been a tremendously valuable resource. I don’t know what I would have done without Gordon’s assistance. He has guided me through every step of this process.”

- Pat Lawless

Biological Prospects has plans for continued growth in the coming years with the release of several new products and a patented way to synthesize nutraceuticals more efficiently and cheaply than ever before.

The President has declared Johnson, Kenton, Laurel, Lawrence, Menifee, Morgan and Pendleton counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Feb. 29, and on or before May 31, have been postponed to May 31, 2012. This includes the April 17 deadline for filing 2011 individual income tax returns, making income tax payments and making 2011 contributions to an individual retirement account (IRA).

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Feb. 29, and on or before March 15, as long as the deposits are made by March 15, 2012.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until May 31 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Feb. 29 and on or before May 31.

The IRS also gives affected taxpayers until May 31 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Feb. 29 and on or before May 31.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Feb. 29 and on or before March 15 provided the taxpayer makes these deposits by March 15.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Kentucky, Severe Storms, Tornadoes, Straight-line Winds, and Flooding” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 800-TAX-FORM 800-829-3676). The IRS toll-free number for general tax questions is 800-829-1040.

Related Information

Disaster Assistance and Emergency Relief for Individuals and Businesses

Recent IRS Disaster Relief Announcements

]]> http://ksbdc.org/tax-relief-for-victims-of-severe-storms-tornadoes-straight-line-winds-and-flooding-in-kentucky/feed/ 0 http://ksbdc.org/seeking-kentuckys-most-accomplished-small-businesses/?utm_source=rss&utm_medium=rss&utm_campaign=seeking-kentuckys-most-accomplished-small-businesses http://ksbdc.org/seeking-kentuckys-most-accomplished-small-businesses/#comments Thu, 12 Jan 2012 22:07:12 +0000 admin http://ksbdc.org/?p=2846 The recognition program is designed to honor high performing, second-stage businesses that are privately held and have been in business for three or more years. Companies that ...]]> LEXINGTON, Ky. (January 12, 2012) − The Kentucky Small Business Development Center is now accepting nominations for the 5th annual Kentucky Business Pacesetter Program. The program recognizes businesses that are changing the economic landscape of Kentucky by introducing innovative products; increasing sales and/or production; boosting employment; and, serving the communities of the commonwealth.

The recognition program is designed to honor high performing, second-stage businesses that are privately held and have been in business for three or more years. Companies that meet the following minimum qualifications are encouraged to apply:

• Employ six or more full-time equivalent employees, including the owner
• Sales meeting or exceeding $500,000.00
• Demonstrate the intent and capacity to grow based on evidence, such as:
• Employee or sales growth
• Exceptional entrepreneurial leadership
• Sustainable competitive advantage
• Other notable factors that showcase the company’s success

Nomination forms are available and may be submitted online at http://ksbdc.org/nominate/. Any third party who is associated with a successful second-stage business is encouraged to submit a nomination form. Additionally, self nominations are accepted. All nominations are due by February 17, 2012. Winners will be recognized in front of government leaders and small business owners at the Kentucky Celebrates Small Business event being held in May 2012. Winners will receive a promotional DVD highlighting their business, an award inscribed with their company’s name, a profile of their company in a commemorative program, use of the official Pacesetter’s logo, customized media releases announcing the award and an invitation to an exclusive luncheon.

Eight successful businesses located throughout Kentucky were inducted as 2011 Pacesetters. These honorees are: Capital Cellars, DMD Data Systems, Earl G. Dumplin’s, EHI Consultants, Fast Process Service, Geothermal Supply Company, Puzzle’s Fun Dome, and Shelby Industries.

The Kentucky Small Business Development Center is a network of 15 service centers located throughout the commonwealth that help existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. These services include: no-cost confidential business consultations, affordable business workshops and seminars, research to make informed business decisions and valuable resources.

The Lexington Minority and Women Contractor Training Program is in its second year. It is a 10-week program that covers topics ranging from estimating and bidding to subcontracting. It will again be held at the Lexington-Fayette Urban County Government Center, 200 East Main Street.

The program teaches skills that will help minority and women-owned businesses and is sponsored by the Kentucky Small Business Development Center, Bluegrass Airport, Messer Construction Co., BEX Construction, the Fayette County Public Schools and the Lexington-Fayette Urban County Government. A new sponsor, the University of Kentucky Facilities Management, has been added.

“These partnerships have reignited this program and we are definitely seeing results. We have seen a number of last year’s participants get contracts as a direct result of them attending the workshops,” said Dee Dee Harbut, director for special programs with the Kentucky Small Business Development Center.

The program is coordinated by Marilyn Clark, the LFUCG’s minority business enterprise liaison. Classes will be held from 5:30-8:30 p.m. Tuesdays. To qualify, you must be a minority or woman-owned business with a 51 percent ownership in the construction or construction-related industry. The cost is $100 for companies accepted into the program. A boxed dinner is provided each night.

The benefits from the classes continue after the program concludes, Clark said. “At the end of the program, we met with participants to assess their needs. Based on their responses, we decided as a group to extend our relationship with each business over the course of this year. We meet quarterly to assist them with more education and work diligently to connect them with opportunities. It is rewarding to hear about business they have landed as a result,” Clark said.

For more information, contact Marilyn Clark at 859-258-3323 or Dee Dee Harbut at at 859-257-7668.

Download the application for admission.

As their invention took shape, Bender and Bell formed a company, Four Water LLC. In search of startup guidance, Bender and Bell turned to Carol Cornell, director of the SBDC at Northern Kentucky University, for financial instruction, price modeling and general startup support. In March 2008, Four Water LLC incorporated and in June they filed a registered trademark and patent.

A friend put us in touch with Carol at the NKU SBDC. We found the services so valuable that we were meeting with Carol on a near weekly basis. The SBDC assistance we have received was absolutely critical to our growth.

- Mitzi Bender, co-owner

Four Water LLC sold their first 500 rain barrels to the city of Lexington, which promptly sold out in just 24 hours. In 2009, the city of Lexington continued to support Four Water LLC and designed a special rain barrel mascot, Lily, to join the city’s other household waste, lawn waste and recycling mascots.

Bender and Bell have put particular emphasis on making sure Four Water LLC creates green jobs in Kentucky while producing a sustainable product. Today, their rain barrels are produced at a plant and fulfillment center in Mt. Sterline, Kentucky.

The company is currently providing 14 cities with rain barrels and has plans to continue growing the “raintainer” line as well as expanding into other product offerings.

GES was founded in 2008 by Kenny Gravitt and Paul Haddix. Gravitt and Haddix sought to build a company that recycled electronics properly, doing no harm to the environment or communities around the world.

The recession impacted GES immediately after the company opened its doors for business. In a matter of months GES was facing revenue streams that were less than a quarter of initial financial predictions. “The entire commodity market crashed and left us in the wake,” Gravitt said. “We struggled for a really long time before finding ourselves in front of Gordon Garrett and Shirie Hawkins with the SBDC.”

Hawkins and Garrett helped GES seek funding by preparing pro-forma projections that were later presented to national and local lenders, and a private investor. Three separate funding offers were made, and all fell through. “At this point, I viewed GES as a distressed business and we began embarking on a process that would help get their business house in order,” Garrett said.

Garrett and Hawkins started by focusing on the operational aspects of GES to make the business more efficient. Once operational assets were in check, Hawkins turned their attention to GES’s cost accounting. “At the time GES had 70-80 contracts with electronics firms that had electronic equipment to dispose of,” Garrett said. “GES’s accounting systems were not designed to track profitability by contract, client or even by type of electronic gear sold or recycled.”

The weeks and months that followed brought great change to GES.

Gordon and Shirie came in and taught us how to change our processes in order to stop the hemorrhaging. These were tough conversations that were not always pleasant to have, but they were factual, to the point and, ultimately, saved this company.

- Kenny Gravitt, co-founder

Today, GES is profitable, poised to double revenue in 2011 and ranked in the top 10 of electronics recyclers in the nation.

What started with only four employees has now grown to more than 60 employees. “I am very proud that we have created 60 new jobs in Kentucky,” Gravitt said. “In addition, our employees have the opportunity to build new, technical skills while working here, something that is tremendously important in today’s world.”

Together the Kennedy’s and the SBDC developed a business plan, met with local bankers and representatives of the franchise, and prepared a SBA loan package. The couple was later awarded a SBA 7A loan for $488,500 and injected $80,000 of their own money into the project.

On September 13, 2010 the Kennedy’s proudly opened Buffalo Wings and Rings and set franchise records for total sales for opening day and opening week of the franchise.

In addition to bringing good wings to the area, the Kennedy’s business venture has added approximately 45 new jobs to the local economy. There are plans to add an additional five in the coming months.

I am very appreciative of all the help we received from Roy Keller of the Hopkinsville SBDC. They were able to help with the 7A loan when the banker was not. Thanks to the SBDC we are now open for business.

- Karen Kennedy, co-owner