Estate Planning for Business Owners

With death or disability, the carefully constructed vision for a business’s future may disintegrate. Unless estate planning is done with meticulous care, the wrong people may end up running your business and assets may be unfairly distributed to the next generation.

What would happen, asks attorney Martin Shenkman, if your business partner becomes disabled and her power of attorney designates her husband, whom you never liked. That husband could now be voting half the stock in the company.

Shenkman warns business owners to keep the future in mind as they develop their estate plans, paying particular attention to four issues: assigning the power of attorney, writing the shareholder’s agreement, making detailed instructions in the will about who gets what, and setting up an insurance trust to help distribute equitably their financial legacies.

Shenkman, whose specialties are estate planning and administration as well as tax and corporate planning for closely held businesses, leads a day-long "Estate Planning Bootcamp" for the New Jersey Institute for Continuing Legal Education on Thursday, June 15, at 9 a.m., at Pines Manor in Edison. For details or to register, check www.njicle.com or call 732-214-8500.

For closely held business owners in particular, several issues require close attention as part of estate planning:

Possibility of owner becoming disabled. Because death and taxes are certain, business owners usually try to make adequate provisions for them. But what preparations must be made in case an owner becomes disabled? To prepare for this unpleasant eventuality, business owners should sign a power of attorney, a legal document designating an agent to make legal, financial, and other decisions – not including healthcare – if they are unable to do so.

The problem, says Shenkman, is that "people don’t think about disability, and it is often not addressed." A business power of attorney should designate very specific authorities rather than rely on general language. Authority to vote stock and to pledge stock for a loan should be spelled out.

Not only should owners think carefully about who they are naming as an agent, but also about whether they want to create a separate power of attorney for family assets. If that is to be the case, the document governing family assets should indicate that the family agent is not to make decisions about business assets.

Disability planning must also ensure that a business document like the shareholder’s agreement is in synch with the power of attorney, which usually governs personal affairs. Owners should designate, for example, who will vote their shares if they are disabled, because if they do not specify a person themselves, tremendous uncertainty may result. If no one does the necessary pre-planning and coordination between business and personal documents, then a partner’s spouse may end up voting without sufficient knowledge of the business.

Potential for a business to change its structure or be sold. When business owners are deciding how to dole out assets to their heirs, they have to decide who the business will be left to and have to make provisions for any changes that may occur in the business’s status.

For example, what happens if the will specifies that the building is going to the daughter and the business to the son, but while still alive the owner borrowed money on the building to buy new equipment for the business. Who then is responsible for repaying the loan if the owner dies? In this case, the daughter would be responsible for the loan, probably leaving her very angry with her brother. "Such a common transaction can undermine everything you’re planning to do," observes Shenkman.

And what if the business originally was organized as a sole proprietorship, which the owner bequeaths in his will to his son, but the business later changes to an LLC? Probably the son would still inherit the business. But what if the owner radically changed the structure of his business to protect it against liability – by setting up separate companies to own the real estate, the equipment, and the operating company? Do these three entities go to the son? Or what if the business was sold before the owner’s death – does the son get the cash proceeds from the sale or the real estate purchased with those proceeds?

Think about these and other scenarios and update business and estate documents as changes occur.

Implications of New Jersey’s Prudent Investor Act. This law requires the diversification of the assets of an estate or trust. Suppose 50 percent of an estate is the family business – can fiduciaries continue to hold the business or must they sell it off to diversify the assets? If the will is silent about what will happen, and as a result, everything goes into a trust for the son and daughter, then the trustee may be obligated to sell the business.

To guard against this eventuality, both the will and the trust that is part of the will should give the trustee the right to hold the stock as long as family members continue to work in the business.

Setting up an insurance trust. Life insurance can perform two important functions for business owners who are planning an estate. First, it can be used by heirs to pay off the estate tax, and, second, it can help transfer the business equitably to the next generation, so that if one child gets the business, other children can get the proceeds from the insurance.

By setting up a trust, that life insurance will not be subject to estate tax when the parent dies. For owners of S corporations, Shenkman advises seeing a tax advisor for the special provisions necessary in any trust as well as in your will.

Besides seminars like the ICLE event, which he does as a service for his colleagues, Shenkman has written 34 books on tax and estate-planning topics, and he has a website called laweasy.com with free documents and advice (this is in addition to his firm’s website, www.shenkmanlaw.com).

Shenkman received his bachelor’s degree in economics and finance from the University of Pennsylvania’s Wharton School in 1977, an MBA in economics and finance from the University of Michigan in Ann Arbor in 1981, a CPA designation, and a law degree from Fordham University School of Law in 1985. He started his law firm in 1989.

A native of Detroit, with parents who were business owners, Shenkman feels strongly about careful estate planning. "The key lesson," he says, "is that there are some very special things that, as a business owner, you need to address in estate planning documents, and if you haven’t, it’s not going to work out the way you wanted it to."

– Michele Alperin

When to Borrow

As the old adage goes, you have to spend money in order to make money. This is true in everything from playing Monopoly to opening a country club. But for small business owners, both newbies and veterans, taking on debt can be a scary proposition, especially in shaky economic times.

"Everybody knows of businesses that take on big loans to beautify the business right before they wind up going belly-up," says Kenneth Horowitz. "The fundamental requirement of financing of any sort is knowing what the capital is that you need to operate the business. Then you have to make good decisions on where and how to get the financing. Doing that in a responsible way is essential."

Horowitz, a certified public accountant and a graduate of Fairleigh Dickinson University, heads up a one-day course, "Taking on Debt for Growth – Why Borrow Money" at Mercer County Community College on Thursday, June 15, at 6:30 p.m. Cost: $40. Call 609-586-4800 for more information or visit www.mccc.edu.

The workshop is part of a series of courses offered by the college on small business development. "We are hoping to attract entrepreneurs who are just at the beginning of building their own business, but the information is adaptable to those who already are running a business," says Horowitz, who teaches accounting and auditing at MCCC, and also maintains a financial consulting business. His advice: "People need to have a healthy perspective on when they should limit their ventures to their own capital and when it’s an appropriate time to go out and borrow from others."

With a background in small to mid-size business management, Horowitz recognizes that taking on debt can be a nerve-wracking, but necessary, move for many business owners. It is wise to know that borrowing can be a good idea at times, while at other times it is something to avoid like the plague. "Each person and each business is different," he says. "The timing and the amount of borrowing are crucial elements for business owners."

Taking on debt can be a choice that Horowitz says is similar to taking on a mortgage in order to own your own home. "By using an appropriate amount of debt, you allow yourself to acquire an asset that you otherwise couldn’t afford," he says. "It’s the same in business. The judicious borrowing of funds allows business people to acquire money-making assets that they could not afford if they used only their own capital."

And like personal debt, business owners need to be careful how much debt to take on. "It shouldn’t be an open-ended, borrow-as-much-as-you-can situation," says Horowitz. "If you borrow too much and overextend that can create problems. But at the same time, if you don’t borrow enough then you are limiting yourself too much."

When applying for loans, borrowers need to be well acquainted with the information lenders want to see, especially cash flow projections as illustrated by the business plan. "It is very important to have a good business plan at the outset, not only in terms of securing loans, but also in giving your business the best chance at being a success," says Horowitz.

The business plan is kind of a back-end approach in that a business owner determines the assets required to get the business going. Those assets will then have to come from either the entrepreneur himself or from a lender. "Then you have to make an independent decision as to whether the expenditure is worthwhile at all, either from your own money or somebody else’s," says Horowitz. "That is an important step that many people fail to fully understand."

Here’s his advice on making the decision:

Plan to have a good business plan. A business plan will allow you to determine the capital that you need to operate your business. Knowing what the true cost of generating your revenue is at the outset, before taking on debt, can save you big headaches later on.

"It is necessary for the owner/operator to understand the actual numbers that operate his business," says Horowitz. "It’s good to have a cold clear view of what you are getting into before you get into it."

Educate yourself. Horowitz recommends that budding entrepreneurs take at least a half dozen different business courses in order to understand the big picture of successful business ownership. "That way you see that the pieces kind of fill in together," he says.

Look ahead. Know how much a loan will actually cost you. "There are often a number of hidden costs that borrowers must pay in addition to the stated interest rates on the loans," says Horowitz. "You don’t want to be surprised. Before making any decisions, make sure you know the true cost of what the loan will be.

Know thyself. Everyone has his own inner tolerance for how much debt he feels comfortable taking on. It is important to be aware of that side of your personality when making borrowing decisions.

"Everyone has a personal stomach for debt and business people are the same as the rest of the world," says Horowitz. "Some are comfortable with a moderate debt to equity ratio. They have their mortgage and their regular obligations that they meet very well. Then there are other people who don’t spend anything. They may not have a lot, but they only feel comfortable living with everything paid up. Then there are those who constantly live on the financial edge."

Some entrepreneurs max out as many credit cards as they can get their hands on to start a business in which they have great confidence. Others mortgage their homes without a second thought. These businesspeople say that they aren’t worried. They believe that, if worst comes to worst, they can start all over again – take a job or try another business. But anyone anxious about meeting existing obligations, funding the twins’ college costs, or having to downsize will want to be more conservative in borrowing to get a business going or growing.

Don’t be afraid of numbers. "You can’t lose by knowing the numbers of your business," says Horowitz. "You may decide to take a loan or you may decide that you better not take a loan. Either way you are a winner, as long as you make these determinations in advance." – Jack Florek

Financing a Scholarly Life

Scholars are usually faculty or researchers attached to a university or other intellectual institution. Their scholarly home either supports their research itself or serves as the organizational sponsor of grant funding.

But what about the independent scholars who pursue their interests outside the ivy-covered walls? Usually they have to scramble for funding on their own or support themselves with other jobs, often by teaching. Occasionally such a scholar finds a niche in the business world.

Hugh Lindsay is one of the lucky ones – he found work with his national professional organization, the Canadian Institute of Chartered Accountants (CICA).

Lindsay shares his story when he speaks on "Can Scholarship Protect Your Savings?" on Saturday, June 17, at 9 a.m., as part of a seminar, "Making Independent Scholarship Work," at the Scholars Without Borders conference, which takes place from Friday, June 16, at 3 p.m., to Sunday, June 18, 1:15 p.m. The National Coalition of Independent Scholars organized the conference, which is hosted by the Princeton Research Forum at Princeton University. For a complete listing of the program and a registration form, go to www.ncis.org.

Session topics range over a variety of subject areas: biography, art restoration and collection, Internet research, archival work, cultural identity and practices, and social justice and revolution. Lindsay’s talk is one of the more pragmatic ones, taking its place alongside Richard Magat’s "Tricks of the Oral History Trade," Zephorene Stickney’s "Speaking as an Archivist and Curator," and Princetonian Ellen Gilbert’s "Independent Scholarship + Internet = A Flourishing Field." The more unusual research paths are suggested in titles like Georgia Wright’s "Medieval Sculpture and Nuclear Science" and Vincent Morgan’s "Discovering and Researching the Private Papers of a Prominent American Fossil-Hunter and His World-Wide Expeditions."

Lindsay’s independent scholarship came out of the work he did for most of his life. He is a chartered accountant in Canada, which is much like being a CPA in the United States. "After many years of working," he explains, "I didn’t want to do 9-5 and I quit." It wasn’t that he was tired of accounting, but he was ready to get off the corporate treadmill.

Lindsay was already a volunteer for CICA, which sponsors research and publication in the fields of accounting, business management, and corporate governance. After he left his job, the institute realized he could write and asked him to switch sides: instead of being a volunteer, they wanted him to become a professional writer and researcher for CICA. "I’m an example of one of those people – and there are more of us around nowadays," says Lindsay, "who, toward the end of a conventional career, quit 9-5 corporate work and switched to contract and part-time work."

His metamorphosis into an independent scholar was almost happenstance, but he was well prepared for his new role. "I’ve lived in the world I’m writing about, and I understand it, and I can write," he says. Because of his expertise, the CICA was willing to support him in this new role: "I had the luck of being in the right place at the right time, and it’s difficult to package it."

Lindsay’s scholarship is driven by his desire to share the expertise gleaned over his corporate career with other accountants, chief financial officers, and directors. For the CICA he writes what he calls "20 questions" books on issues that its committees have deemed critical for those who manage and protect other people’s wealth. After pinpointing the "20 Questions Directors Should Ask About … (as each title begins) Strategy, Risk, Privacy, Executive Compensation, Pension Plans, and more," he describes why it is important for directors to ask each question and what answers they should expect given the current best practices in the field.

"We realized some time ago," says Lindsay, "that if we want corporations to have good accounting, it is not just a matter of keeping the books but of managing and governing companies well." With Enron, for example, the issue had to do with governance. "You may have the best accountants in the world, but if a corporation is not properly managed and governed, many bad things can happen." Hence the institute’s educational mission.

Lindsay develops a draft that the involved committees review, adding material from their own experience. "We hammer it out until we have something that will be useful for somebody," says Lindsay. In these 25-page books the directors get a quick, easy-to-read snapshots. "It is a sort of how-to book, and is becoming quite popular in Canada." The book he wrote on internal audits, for example, was picked up by the Institute of Internal Auditors, which distributes it internationally. The books reach beyond businesses themselves to universities, which use them in their business programs.

Lindsay also found another way to educate people out in the field. He realized that many small companies have outgrown the capabilities of the young accountants who work for them and need people to mentor, coach, and handle more the complex issues. "In the early ’90s," he says, "I joined with a number of other older accountants who had either been downsized or were looking for a career change and formed a financial mentors group." Members of the group, for example, may work as contract CFOs.

Lindsay, now 65, was brought up just north of London. He did not attend university, but became a certified accountant by correspondence – a relatively common path in the early 1960s. Financial management was in his blood: his uncle was a certified accountant, his godfather the comptroller of a large corporation, and his father was a banker. His dad advised him that accountancy would be good field – the training was good, chartered accountancy was a professional designation, and accountants have a lot of mobility because demand for them is high.

That mobility turned out to be important for Lindsay. "When I got the designation, in my early 20s, I was kind of adventurous," he says, so in 1965 he decided to move to Canada, which was growing quickly. He visited Price Waterhouse in London, and the firm offered him a job in Vancouver. Canadian immigration was happy to have him. After five years, he moved to the finance department of Simon Fraser University, and then he joined a government-run automobile insurance company, where he stayed for nearly two decades.

"After 19 years," he says, "I decided that working for them for the rest of my life was not something I wanted to do." And then he found the perfect niche as a freelancer with CICA.

Although Lindsay calls himself an independent scholar, he distinguishes himself from most people in that class. "One tends to think of scholars as doing huge amounts of research and complicated stuff," he says. "I see my job more as trying to synthesize knowledge in a fast-growing field and make it as simple as possible. I see myself in the simplification business, not adding complexity."

Lindsay got involved with other independent scholars through friends at Simon Fraser University. "This work is kind of lonely," he observes. "I sit in my basement in my home office and write away, and it’s good to get out and share ideas with other people." His group gets together once a month for a presentation by either a member or an invited speaker, followed by discussion and networking. About his group, he says: "It’s amazingly diverse." Not so different from the gathering at the upcoming Scholars Without Borders conference at Princeton University.

Diverse, and also unique, scholars tend to be comfortable being by themselves. Lindsay’s role model, for example, also comes from the mold of a scholar whose goal is education. An admiral and communications expert, his mentor is not stuffy, he says, even when talking about nuclear physics.

"She manages to grab the essence and put it in way that anyone can understand," he says. For example, she carries in her purse a one-yard length of wire that she uses to explain to both children and corporate executives why it takes some time for a message to travel from New York to San Francisco or from the moon.

She shows them the piece of wire and tells them, "This is how far an electronic signal can travel in one nanosecond." And just as she makes physics crystal clear, Lindsay, following in her footsteps, will be continuing to do the same with the esoteric concepts of accounting and corporate finance. – Michele Alperin

Hiring and Beyond

`One of the biggest problems for a growing business is hiring the right people," says business coach Marshall Calman, of Action International, based at 5 Almond Court, Princeton.

Calman discusses how to hire the right person – along with other ways business owners can build their businesses in "Six Steps to Building a Winning Business." Two identical two-and-a-half hour sessions will be offered, on Wednesday, June 21, at 8 a.m. and 6 p.m. at the Westin at Forrestal Village. The workshops are free by reservation. Call 609-275-1008.

Most small business owners choose a new employee using two processes: the interview and a reference check. But, says Calman, this is like "looking at an iceberg. The reference check and interview are the 10 percent that you can see above the water. The other 90 percent of the information is below the water where you can’t see it."

Building the team. Putting together the best team for your business begins with identifying current "team members" who are already performing well in your business and looking at their traits and characteristics, then turning that into a profile of the new person you want to hire.

"The problem many business owners run into in interviews," says Calman, "is that they go on instinct. The ask `do I like this person?’" Instead, they should look for the type of personality traits needed for the specific position. "Maybe the person you talked with isn’t right for the sales job but would be great in a different position in your company."

Putting key people in place is one of an entrepreneur’s first tasks. Filling in the supporting roles is an ongoing task, and a critical one. Once the team is assembled, and a blueprint for adding and replacing employees, is drawn, it is time to move on to other vital tasks.

Mastery Level. This is the level where the business owner works on the foundations of his business, says Calman. "We have several types of mastery. Money mastery, which includes managing your budget, along with time mastery, are basics that every business owner needs to learn." Understanding the mastery level is the difference between chaos and control.

Finding your niche. The niche level is all about "understanding how to compete in the marketplace in ways other than price," says Calman. "Competing on price is a death spiral for any business. There is always someone out there who is willing to undercut your price."

Learning to compete instead on the value side of the equation will help a business start to generate better cash flow, have better margins, and expand its market and its market position.

Leverage level. This level is about building an effectiveness and efficiency in your business. It’s about looking beyond your base to opportunities that make sense for the skills and contacts your company has developed.

Finding Synergy. The synergy level is "the level where your business becomes a well-oiled machine, a commercial, profitable enterprise that works without you." Hiring the right people, especially an operations manager or general manager, is one way that a business owner frees up his time to work on other areas of his or her business.

Reaping results. The final level in the six steps is the results level, says Calman. "This is the time when a business is running well and the owner can start to think about expansion." Because his business is now working well without him, he can think about adding locations or specialties or franchising the business. Or he can consider acquiring a second business or diversity in another way.

In other words, says Calman, a business owner who reaches the results level has more time to do the things he has always dreamed of doing, and that is exactly the reason most people decide to build a business.

Before becoming a business coach Calman had over 25 years of experience in strategic planning, sales, business development, operational excellence, and customer satisfaction programs for Hewlett-Packard and Agilent Technologies. He holds an MBA in marketing. After his long corporate career, he is doing what he always wanted to do – building a business around helping others to build businesses.

– Karen Hodges Miller

For Women Going Back to Work, But Not to the Rat Race

In the ever-changing world of work, things just keep getting more complicated. From the need to be fluent in the latest computer software to the continual threat of company downsizing, today’s worker has her work cut out for her. While this can be a daunting fact for those who have been employed their whole adult lives, it is doubling challenging for women who have been out of the work world for a while.

"Women returning to the work world know two things about themselves," says Vidhya Srinivasan, a human resources professional. "They know that they have skills and they know that they can get back to work. But what many women need is a boost. There are employers out there who will welcome women back to work. It`s a question of matching your skills and finding the right fit."

Srinivasan, along with career consultant Jo Leonard, heads up a summer career series for women at the YWCA in Princeton. It is specially designed for women entering the workforce after a long break. The series focuses on such topics as life assessment, career search strategies, building your resume and portfolio, using the Internet to search and apply for jobs, interview skills, and career alternatives. The workshops take place once a week, from Thursday, June 22, through Thursday, August 3, at 5 p.m. at 59 Paul Robeson Place in Princeton. The cost for the series is $160 and YWCA membership is required. However, YWCA executive Pat Orr stresses that the organization realizes that unemployed women may be running low checkbook balances. The YWCA is prepared, she says, to offer financial assistance to anyone in need. Call 609-497-2100 for more information or visit www.YWCAprinceton.org.

"Many women want to go back to work, but not necessarily rejoin the rat race," says Pam Elmi, who has been the director of program development at the Princeton YWCA for the past six years. "There are a number of options now potentially open to them. Telecommuting now is an option that many women may not have had in the past when they were last in the work world." Born and raised in Edison, Elmi earned her degree from the College of New Jersey and has worked in the non-profit business for the past 15 years.

Elmi, who came up with the idea for the summer series last year after receiving a number of requests from women, says that the time is right for just such a series. "There are many women who go through a transitional period in their lives in which they could use some feedback and a little direction," she says. "I think in the society right now there are a lot of women going through some difficult changes. Over 70 percent of our participants have been women in their mid-40s who are either looking to get out of corporate work and go into non-profit – or vice versa, or those going through life changes such as a divorce or the death of a spouse, and who find they have to fine tune their skills in order to survive."

But Srinivasan says that women of today have an advantage that their sisters of the past, even just a decade ago, did not have. "The Internet is a very useful medium to gather useful information," says Srinivasan. "Today a woman can stay at home and still be connected to the workplace. Now it is possible to find those companies that make it their business to welcome such women and the many employers who allow employers to telecommute from home."

While all job seekers hope for that perfect working situation, Srinivasan cautions that at first it may be a bit of a battle to land a near-perfect job. She recommends that women leave their options open. "Some may find it necessary to adopt other strategies, such as taking courses from the community college to add to their skills or volunteering in non-profit companies," she says. "Volunteering can be a very useful way of working, although it may be for free. But you can expand your skills and knowledge and meet other people doing the sort of work you are interested in."

Born and raised in southern India, Srinivasan earned her bachelor’s degree in applied mathematics at Chennai, India, and went on to earn an MBA degree in human resources management. She then worked as a career counselor in a small business before moving on to a multinational bank in India, where she focused on recruiting, compensation, and benefits. She moved to New Jersey in 2001 when she married her husband, Ramesh Lakshminarayanan, who works as a software engineer for Wyeth Pharmaceuticals.

For women looking to return to the work world after an extended hiatus, Srinivasan offers the following tips.

Research. Nearly all major companies have their own websites, and it is valuable for job seekers to spend a little time researching companies on the Internet before submitting a resume. Srinivasan recommends that women study a company’s stated mission, products and services, expansion, diversity, as well as potential job openings.

This information can be used to custom tailor a cover letter and resume suited to the needs of the company. "You can really learn a lot about a company just by researching on the Internet," says Srinivasan. "You can be more informed now."

Be creative. It might be a good idea to pass on the most popular job search websites that attract nearly everybody. Instead, consider taking a different approach. Ferret out niche websites, including those that cater specifically to women. Many offer information on networking, tips on creating the right resume or portfolio, how to perform in a big interview, how to dress professionally, as well as advice and inspiration.

Some examples include www.knockemdead.com, www.womenwork.org, and www.womenforhire.com. "You don’t have to go out to do this sort of research," says Srinivasan. "You can gather a world of information and tips right at your fingertips on the Internet."

Don’t browse, be specific. Go to websites that will give you solid tips and ideas and will ultimately shorten your search time. Use the Internet, but don’t let it take you over. "Just browsing the Internet can take you a lot of time and not always offer useful results," says Srinivasan. "Narrow your search by being specific about your skills and the types of employers that you interested in."

Build up your network. Sure, you have a network – and very probably many networks. Use all of them – your neighbors, parents of your children’s friends, old college pals. Let all of them know that you are eager to take on new challenges. And don’t stop there. "Contact past employers, go to gatherings where you may potentially encounter those who may help you find the job you are lofor," says Srinivasan. "It is a challenging process, but it is important to be patient."

Prepare to drop back to move forward. Women who re-enter the workforce may have to accept a lower salary while they are working their way back up the ladder. A recently published study found that professional women who step off career tracks for family or other reasons earn approximately 18 percent less once they return to the workforce. Career businesswomen earn even less, with an earnings drop an average of 28 percent when they return to the workforce. In addition, the longer a woman is away, the deeper the cut in salary. Women who take less than a year earn about 11 percent less, while those women who take three years or more see an average drop of about 37 percent.

Move into a job sideways. One way to counter this trend is to jump on a moving train rather than wait on the platform. Do this by taking a good look at your skills and packaging them for sale – perhaps by taking on freelance or contract work. Once your work is known to an employer, it is very possible that you will be offered a job. It is also possible that – happy with contract compensation – you will decide that you don’t want a steady job.

No matter what the strategy, looking for new work takes patience and planning, says Srinivasan. "It can be difficult at times, but it helps to know that soon you will be working at the job that you want," she says. "Believe in yourself and use the resources that are available to you."

– Jack Florek

Corporate Angels

A number of Princeton-area companies are lending a hand to the Children’s Home Society. Klatzkin & Company has prepared dozens of baskets of baby items for the non-profit’s Latino outreach and parenting program, CUNA. Meanwhile, CUNA participants have been given an extra incentive to make sure that their children receive all of their vaccinations. Bloomberg employees have donated 75 pinatas as gifts for every mother who brings in a certificate showing that her child is all caught up on his or her vaccinations. Also helping out is the Trenton Thunder, which has donated 700 tickets to CHS families.

Greg Olsen, space traveler and co-founder of Sensors Unlimited, which he sold to Goodrich last year, has donated $5 million to Fairleigh Dickinson University, his alma mater. It was the largest gift in the university’s history

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