Goering Center News

January 18, 2023

Whether you call it “The Great Resignation” or “The Great Rehiring” or avoid referring to it at all, everyone can agree that companies are having a tough time recruiting, hiring and retaining talent in today’s job market. The Bureau of Labor Statistics reported in October 2022 that the number of unemployed persons per job opening was less than one at a meager 0.6, a stark contrast to the 4.9 unemployed persons per job opening in April 2020. With competition remaining high in 2023, it will be more important than ever for employers to keep their current and newly hired employees on the payroll.

January 18, 2023

Among the Inflation Reduction Act’s expansions to existing tax credit opportunities are those that promote the adoption of solar energy systems. The IRA extends the provisions of the Solar Investment Tax Credit (ITC) so residential homeowners who install designated solar energy systems between January 1, 2022, through the end of 2032, will receive a tax credit of 30% of the cost from their federal income taxes.

January 13, 2023

Data has revolutionized the way businesses manage their supply chains. But a lot of data requires a lot of analysis, and University of Cincinnati capstone students can help companies wrangle it all, particularly when the human supply chain is low.

January 12, 2023

Eureka moments in the laboratory or design studio are often the result of months or years of work. Making sure you protect the fruits of your prolonged labors helps maintain your reputation as a researcher or innovator while protecting your future earnings.

December 9, 2022

Jim Bax has been named Program Director, and Nita White has been named Executive Administrative Assistant of the University of Cincinnati’s Goering Center for Family & Private Business. Jim and Nita succeed Lisa Bosse and Patty West who served together for seven years throughout a time of significant change.

December 5, 2022

When it comes to estate planning, there may be no time like the present. The opportunity to make significant and tax-efficient wealth transfer gifts is set to expire at the end of 2025.

December 5, 2022

As a Certified EOS Implementer and CPA, I work with leadership teams in companies of all sizes to improve their business operations, and that begins with a strong company culture. Think of your company culture in the same way you would think of your company’s personality. It’s the underlying current of energy that makes your business a fun, interesting, engaging, or, even occasionally, a not-so-great place to work. Company culture is built from many elements: mission, vision, strategic plan, career development, office culture, and company ethics, to name only a few.

December 2, 2022

In the last year, businesses have navigated inflation, labor challenges, supply chain disruptions, and economic uncertainty. You have undoubtedly learned a lot about business planning and resilience. With the end of the year approaching, you may be spending time reflecting on this experience and how it applies to the future of your business.

November 4, 2022

A shell company is a company without active business operations or significant assets. Shell companies have been used for a myriad of purposes for years throughout the world. Whether used for security reasons, liability or estate planning purposes, as holding companies, or as tax havens – shell and front companies are widespread in the global economy and frequently used to shield or distance ownership identity. In many parts of the world, shell companies are legal. Their use for illegal purposes, such as tax evasion, fraud, and evasion of international sanctions, has received increased scrutiny of late.

November 4, 2022

Chaotic supply chains are significantly disrupting America’s midsize businesses, which often are not in a position to fall back on vertical integration or hefty inventories to cushion the impact.

November 4, 2022

It could be a drug store company, a lumber yard, or a farm. They all know one day this family livelihood, often multi-generational, will likely have to be sold and vanish forever. Why? It’s an old story, but it usually comes down to death and taxes. Selling is often the only logical answer. Research shows family enterprises make up $7.7 trillion of our annual GDP and represents 59% of the country’s private workforce. Family businesses in America consist of 23.7% in manufacturing, 10.4% in construction/facilities, and 9.75 percent in real estate.

October 7, 2022

On June 24, 2022, Governor DeWine signed 2022 House Bill 515 (“HB 515”), which codifies two distinct situations in which the sale of an equity or ownership interest in a business will be considered business income.