Page 11 - midJersey Business - April 2015

FIRST BANK
INCREASES GIVING

First Bank donated a record

amount of time and money in 2014
FUTURE FOCUS
to the communities that it serves,
according to results from the com-

pany’s corporate citizenship pro-
gram. Employees and the board
K
GROWTH
AN
of directors provided nearly 1,400
T B
recorded hours of community
RS
OPPORTUNITY
service, which translates into more
FI
One-third of NJ OF
than a $35,400 in-kind donation.
SY
businesses plan to First Bank and its staff also raised
RTE
and donated more than $43,000
OU
borrow in 2015
C
to their charities of choice.

early one-third (31 percent)
of New Jersey businesses

plan to borrow money in Are you in denial
2015, and most of them

(60 percent) cited growth
Nabout succession
as the reason for the loan, according to a
survey of more than 300 business owners

conducted by The Provident Bank.
In addition to growth, the survey found issues?

companies expect to borrow money this
year primarily to buy or lease new equip-

ment (35 percent) and make capital im- The issues of succession are both inancial and
provements (33 percent). Companies also
emotional — a volatile mix that makes them easy to
plan to take out loans for acquisitions (17 put off. But denial comes at a cost: Fewer than one-
percent) and fund staf or oice expansion
third of family-owned businesses survive into their
(13 percent and 9 percent, respectively).
second generation and many closely held companies
Just 23 percent of respondents indi-
don’t survive the loss of their founder.
cated they had borrowed money for their
business in 2014 and only 21 percent did
At EisnerAmper, we urge you to plan early — like ten
so in 2013. In both prior years, growth was years early. We help you weigh all the likely scenarios

cited most often as the impetus for the and arrive at the right decisions, both for you and
loan, (44 percent and 27 percent, respec- your company. So you’re not just passing the baton,

tively). Additional loans in 2014 and 2013, you’re strengthening the business.
respectively, were used for new equip-

ment (40 percent, 23 percent); capital View our video series on transitioning your
improvements (30 percent, 19 percent);
business at EisnerAmper.com/TRANSITION
acquisition (10 percent, 5 percent); staf
expansion (7 percent, 6 percent); and of-

ice expansion (4 percent, 3 percent).

Let’s get down to business.® eisneramper.com 732.243.7000

april 2015
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