Bus. Journal March 2014

©2012 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing
™
is a division of BlueScope Buildings North America, Inc.
You might be surprised to discover the virtually unlimited design
possibilities of a Butler
®
building system. As your local Butler Builder
®
,
we can build a flexible and attractive Butler building that incorporates
wood, brick, stone, or glass. You can also choose from a wide variety
of metal roof and wall systems—all in a building that meets both your
needs and your budget.
More design
f lexibility for
your building.
Contact us at 419-238-9567
or visit us on the web
www.AlexanderBebout.com
©2012 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing
™
is a division of BlueScope Buildings North America, Inc.
You might be surprised to discover the virtually unlimited design
possibilities of a Butler
®
building system. As your local Butler Builder
®
,
we can build a flexible and attractive Butler building that incorporates
wood, brick, stone, or glass. You can also choose from a wide variety
of metal roof and wall systems—all in a building that meets both your
needs and your budget.
More design
f lexibility for
your building.
Contact us at 419-238-9567
or visit us on the web
www.AlexanderBebout.com
©2012 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing
™
is a division of BlueScope Buildings North America, Inc.
You might be surprised to discover the virtually unlimited design
possibilities of a Butler
®
building system. As your local Butler Builder
®
,
we can build a flexible and attractive Butler building that incorporates
wood, brick, stone, or glass. You can also choose from a wide variety
of metal roof and wall systems—all in a building that meets both your
needs and your budget.
More design
f lexibility for
your building.
Contact us at 419-238-9567
or visit us on the web
www.AlexanderBebout.com
More design flexibility for your building.
Alexander & Bebout, Inc.
Engineering • Design • Construction
10098 Lincoln Highway, Van Wert, Ohio
419-238-9567
www.AlexanderBebout.com
©2012 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing
™
is a division of BlueScope Buildings North America, Inc.
You might be surprised to discover the virtually unlimited design
possibilities of a Butler
®
building system. As your local Butler Builder
®
,
we can build a flexible and attractive Butler building that incorporates
wood, brick, stone, or glass. You can also choose from a wide variety
of metal roof and wall systems—all in a building that meets both your
needs and your budget.
More design
f lexibility for
your building.
Contact us at 419-238-9567
or visit us on the web
www.AlexanderBebout.com
©2012 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc.
You might be surprised to discover the virtually unlimited design
possibilities of a Butler
®
building system. As your local Butler Builder
®
,
we can build a flexible and attractive Butler building that incorporates
wood, brick, stone, or glass. You can also choose froma wide variety
of metal roof and wall systems—all in a building that meets both your
needs and your budget.
More design
f lexibility for
your building.
Contact us at 419-238-9567
or visit us on the web
www.AlexanderBebout.com
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www. busi nessj rnl . com
BusinessJournal
OF WEST CENTRAL OHIO
THE
March 2014
The Region’s Business Publication
INSIDE
• Area Energy and Electric, Inc.
opens branch office....................P2
• Health trends ......................... P4
• AHR Expo ............................. P6
• Bitcoin gets
two hearings ............................. P8
•Much More!
Come on, be honest with yourself. Is your
website really giving your visitors an opti-
mized, intuitive experience? Or are you still
serving mobile visitors a site that was de-
signed for desktop?
If you feel like you’re behind the eight
ball, there’s hope. Here are seven great so-
lutions to help you quickly and cost-effec-
tively develop a mobile version of your site.
MobDis
MobDis is a service that lets you build
websites with a mobile-frst approach. Rath-
er than starting from a template or from an
experience that originated from your desk-
top website, the application makes creat-
ing a mobile site feel like you are editing a
Word or Illustrator document, starting from
a plain white page. It literally breaks the
constraints that many people feel when they
look at their full site and wonder “how will
we ever shrink this down to mobile size?”
It encourages you to build from the ground
up, thinking about the optimal content,
functionality, and conversion actions for a
7 tools for creating a conversion-optimized mobile website
mobile audience.
Once you’ve created your mobile site,
MobDis gives you every possible option on
how to display it. You can host it with Mob-
Dis on your own domain or on a subdomain
on their website. You can also export your
mobile site and move it to your own hosting
environment. You can even publish it as an
app and submit it to the apple or android app
stores. Cost is $28 per month.
DudaMobile
DudaMobile gives you two options for
creating your mobile site, both of which are
super simple. If you’re looking for a jump-
start on your mobile design, DudaMobile
can scan your site and pull content, images,
and other information into a template that
you can then customize or edit to best ft
your goals. Once the content has been con-
verted you can use their drag-and-drop edi-
tor to remove site elements that might not be
necessary and move around page elements
to make an optimal experience for mobile
visitors.
On the other hand, if you want to take
a more thoughtful, ground-up approach,
choose one of DudaMobile’s templates and
build your mobile site from there. Their ad-
vanced site editor allows you to confgure
template settings, navigation, HTML, CSS,
and more. But even users with no tech skills
can easily make edits with their simple drag-
and-drop tool. Cost is just $9 per month.
goMobi
Like variety? GoMobi gives you a selec-
tion of 40 site templates to get you started
-- each of them totally customizable. Create
your own menu, build forms, add and op-
timize video, and display reviews, all with
simple click and go integration. And unlike
many of its competitors, goMobi also sup-
ports e-commerce sites, allowing visitors to
See TOOLS, page 3
2 TheBusinessJournal March 2014
Altenbach joins Garmann/Miller Area Energy and Electric, Inc.
opens Marion, Ohio branch
John Altenbach recently joined Garmann/Miller &
Associates as a network designer.
He received an Associate of Applied Science degree
in Networking and in Network Security from James
A. Rhodes State College in 2006. He has 12 years of
experience in the networking and information systems
field.
The Lima native is working toward obtaining a
BICSI (Building Industry Consulting Services Inter-
national) RCDD® (Registered Communications Dis-
tribution Designer) certification.
Garmann/Miller’s staff of 36 employees includes
registered architects, landscape architects, designers,
professional engineers, construction administrators
and administrative personnel serving public and pri-
vate clients throughout Ohio.
937.498.2381 • www.ferguson-construction.com
Building our Region
for over 90 Years
i ndustri al
i nsti tuti onal
heal thcare
commerci al
speci al proj ects
John Altenbach
Area Energy and Electric Inc., a Sidney based elec-
trical and mechanical contractor has announced the
recent opening of a branch office in Marion, Ohio.
Todd R. Weigandt, President of the corporation,
stated “Our Corporation continues to grow and diver-
sify and we chose Marion, Ohio as our next branch
location because of its strategic location to some of
our northern most customers.
“Our plans include the expansion of our custom-
er base in northern Ohio and to offer electrical and
mechanical services to that region,” commented
Weigandt.
The Marion Area Chamber of Commerce recently
participated in a ribbon cutting ceremony for Area
Energy and Electric, Inc. and Regal Plumbing and
Heating Co. Inc. at their new office which is located at
2181 Innovation Drive in Marion, Ohio.
Through 30 years of handwork and service to resi-
dential, commercial, and industrial customers that venture has grown into a regional con-
tracting company. The corporation now includes multiple companies including: Area En-
ergy and Electric, Inc., Regal Plumbing and Heating Co., Inc., Ohio Valley Integration
Services, Inc., Area Wireless and Power Solutions Groups, Ltd. The corporation now has
offices in Sidney, Tipp City, Marysville, Columbus, and Marion, Ohio as well as offices in
Greensburg, Indiana and Piedmont, South Carolina.
Their services include heating and air conditioning, electrical plumbing, piping, custom
fabrication, security, access control, and testing, and generator sales and service. The
corporation now employs over 320 dedicated employees. To contact any of their offices or
to learn more about their services and capabilities, visit their website at www.areaelectric.
com
Touchstone CPM announces new hire
Lima, Ohio (February 19,
2014) — Touchstone CPM,
a full service construction,
planning and management
firm, is pleased to announce
David Sehlhorst has joined
their team as a Project Engi-
neer.
In this role, David will assist project managers and superintendents in the management
of new building construction and renovation projects for the organization. Responsibilities
include assisting in the management and coordination of project controls processes such
as submittals, project correspondence and documentation, and closeout procedures. David
is a graduate of The University of Toledo where he earned a Bachelor of Science in Civil
Engineering.
Touchstone CPM is a professional construction planning and management firm based
in Lima, Ohio. A subsidiary of Tuttle Services, Inc., Touchstone CPM has a spe-
cialized focus in Education
and Healthcare projects and
the various disciplines of
construction management.
Operating on a philosophy
based on professional ethics
and high standards, Touch-
stone CPM is driven to
provide successful projects
that include value-added in-
tangibles, which foster long-
term relationships. For more
information, please visit www.
touchstonecpm.com
131 Progressive Dr. P.O. Box 489
Ottoville, Ohio 45876
CNC Precision Machining • Small & Large Production Runs
• Fixtures • Special Machinery & Tooling
• Secondary Machine Operations
Miller Precision
Mfg. Industries, Inc.
Phone 419-453-3251 FAX 419-453-3030
www.millerprecision.com
Todd R. Weigandt
www.businessjrnl.com
March 2014 TheBusinessJournal 3
Business
Journal
THE
of West Central Ohio
Volume 23, No. 3
Publisher: Jess McPheron
Contributing Writers
Jeffrey Gitomer
Advertising: Jess McPheron
The Business Journal is mailed to the top business
leaders in the 13-county region of West Central
Ohio. Although information is gathered from sources
considered to be reliable, the accuracy and com-
pleteness of the information cannot be guaranteed.
Information expressed in The Business Journal does
not constitute a solicitation for the purchase or sale
of any products.
Copyright, The Business Journal of West Central
Ohio, 2006, All rights reserved. Reproduction or use,
without written permission of editorial, photographic
or other graphic content in any manner is prohibited.
The Business Journal is published monthly at 405
N. Main St., Delphos, OH 45833
Contact Us
Telephone 419-999-4762
Jess McPheron 419-695-0015 ext. 129
Marilyn Hoffman 419-695-0015 ext. 131

toll free 800-589-6950
Mail 405 N. Main St., Delphos, OH 45833-1598
For information concerning news,
advertising and subscription e-mail us at:
[email protected]
or [email protected]
www.businessjrnl.com
5 tips for growing your business in one month
OK we’re one month into the new year,
how are you going? If you’re not happy with
your progress, here are some great ideas for
getting your profits moving fast.
1. Spend Three Hours A Day Calling
Potential Buyers.
In my experience, 80% of businesses
suffer from the owner not spending enough
time connecting with people who can write
a cheque. If your business isn’t growing then
get on the phone and reach out to potential
clients. It’s not fancy, and for many it’s scary,
but generally it will get the cash registers
ringing faster than any other method.
2. Do Low Cost Google Adwords Ex-
periments.
One of the best aspects of Google’s Ad-
words program is that it’s so damn cheap to
try it out. You don’t need thousands of dol-
lars, you can run a decent test with just a few
hundred dollars. That means there’s no ex-
cuse for not at least giving it a go.
It’s easy to find some good instructional
videos about Adwords online – watch a cou-
ple of them and give it a go. For many entre-
preneurs the switch to Adwords has revolu-
tionized their business.
3. Work Only On New Business Until
11 A.M.
The trouble with most businesses is that
they have become havens for paperwork,
meetings and bureaucracy. Too often entre-
preneurs get caught up in all this non sales
related activity then suddenly realize the day
has ended and the company once again has
not increased it’s revenue.
This needs to stop. And one of the best
ways to do that is to have a rule that you and
the key stakeholders in your company spend
their mornings until 11am on income increas-
ing activities. Unless you do this important
stuff first each day you will usually find it
doesn’t get done at all.
4. Introduce The Closed Door Policy.
Managers everywhere are always talking
that they have an open door policy – staff can
come by and visit them anytime. Forget it.
being that available will fragment your think-
ing and fill the day up with the non vital.
Close your door and get to work in silence
for at least three 90 minute blocks of time.
Yes, it’s hard to discipline yourself to do this,
but the future growth of your enterprise de-
pends on it.
5. Constantly See Yourself As A Top
Level Entrepreneur.
You will only be as successful as your
self identity allows. Nobody can consistent-
ly perform at a higher level than they deep
down believe they should be at.
So be careful what you think about your-
self. As high performance expert Brendon
Burchard puts it, “Don’t let your small busi-
ness make you small minded”. Work on
your self image, treat yourself as a top level
business person and then behave in accor-
dance with that vision. In the end, business
success is a mental game – you need to take
the time to work on your positive mindset
daily.
Give these tips the 30-day test. Live them
for the next month and see how quickly they
can improve your business.
purchase directly from your mobile site.
The team at goMobi really seems to un-
derstand mobile interactions, and have inte-
grated a ton of features that go way beyond
click-to-call and basic mapping functions.
You can create special offers, let people
leave you a message or request a call back,
and translate your site into their language
with a single click. GoMobi is available
through hosting partners and other Internet
service providers.
Landr
Landr is specifcally designed to help
marketers capture more leads from mobile
devices by creating mobile landing pages.
That’s right: landing pages. It seems to be
the only tool available that allows you to
build single pages that are focused on get-
ting the conversion. It’s built to simplify the
mobile experience out of the box so visi-
tors see exactly what they are looking for
and nothing more. Landr’s “less is more”
strategy is a particularly good option for
marketers who need the fexibility of creat-
ing campaign landing pages without the in-
volvement of IT. You can even run A/B tests
with multiple Landr pages. Cost is $12 per
month.
MoFuse
MoFuse is another monthly subscrip-
tion tool that allows you to easily build and
host your mobile site. But one option that
distinguishes it from the others is that you
can hire their team to completely build your
mobile site for you. Custom features include
a range of design tools, m-commerce func-
tionality, mobile analytics, mobile advertis-
ing, GPS-guided store locator, and more. If
you are looking for mobile marketing ser-
vices in addition to a site build, you’ll like
MoFuse’s SMS text marketing package and
its search and SEO support.
SproutMobi
Few people would dispute the fact that
building a successful mobile site is not just
about the tools. You have to have the right
strategy, and that’s where SproutMobi really
shines. For $99 you’ll get a dedicated devel-
oper/consultant who will help you develop
your strategy, identify the right features and
functionality for your audience, and build
up to 10 customized pages for you. They’ll
even set up the code to reroute mobile traf-
fc to your mobile-friendly site. Once they
build your site, you’ll be charged $10 per
month for unlimited hosting, support, and
access to make your own edits via their con-
tent management system.
YoMobi
While many of the tools and services list-
ed here offer free trials, YoMobi takes that
a step further with a free standard plan that
includes hosting, unlimited pages, and all
the bells and whistles. The only catch: your
site will display a discrete mobile ad. But
for those on a really tight (as in nonexistent)
budget, this just might be the best way to get
your dedicated mobile site up and running.
Have a little money? Spend $6 per month on
a custom plan and you get all the YoMobi
features without the pesky ads. This plan
also allows you more customization options
as well as a custom m.domain name. Both
plans come with free SMS and email blast
capability, click-to-call, and GPS-guided lo-
cation fnder.
Bonus Tool: Conversion Ninja Toolbox
All the tools above can help you quickly
build a mobile version of your website. But
if you’re the kind of person who always
wants more, check out Conversion Ninja
Toolbox, a free online directory of conver-
sion rate optimization resources for every
step of the conversion optimization process,
from wireframing to testing, and everything
in between. Some of the tools are free and
all listings are unpaid and include user rat-
ings and comments.
Tools
Full Payroll Service:
• Direct Depositing •Check Printing • Tax Depositing
• Quarterly Payroll Reports • Year End Reconciliation • W2’s & 1099’s
Eric M. Macwhinney, President
207 N. Main St. • Delphos
419-227-9040 419-695-9040
www.psi-payroll.com
(Continued from Page 1)
4 TheBusinessJournal March 2014
Health trends to watch for in 2014
If 2013 was all about preparing for the
launch of the health-care exchanges, the
new year will undoubtedly be about navi-
gating them. But the health reform isn’t the
only change coming to the industry in 2014.
From increased access to health information
to technology playing a larger role in your
health, here’s a look at trends consumers
will likely see next year.
The advent of high-deductible health in-
surance plans means consumers are respon-
sible for more of the health-care costs mak-
ing it in their best interest to stay healthy
and up to speed on their treatment option to
make the best care choices.
“Regardless of where you get your health
insurance from, there will be more of a fo-
cus on helping people improve their health
and giving them more information,” says
Amy Bergner, managing director, health
care and benefits, at PricewaterhouseCoo-
pers. She says consumers will have more
access to information about different ser-
vices and treatments, including cost, effec-
tiveness and evaluations of different doctors
and hospitals.
Berger also says companies and health
insurance providers will place a greater
emphasis on wellness programs and tying
incentives to stopping certain unhealthy be-
haviors like smoking. “There will be more
incentives toward healthy behaviors and
more programs available to help people.”
Pain Medicine Management
Addiction to pain medication is a major
epidemic plaguing the U.S., a trend profes-
sionals are hoping to reverse in 2014. Ac-
cording to survey conducted by the Insti-
tute of Addiction Medicine, more than two
million Americans are opioid dependent.
What’s more, about 4.7 million teenagers
and adults say they’ve used opioid prescrip-
tion painkillers for non-medical purposes
and around 32.7 million Americans report
having used opioid prescription painkillers
for nonmedical purposes at least once in
their lives.
“Opioids are frequently prescribed for
post-surgical pain management, but a
real risk exists for patients to develop de-
pendence and addiction,” says Theresa
Bowling, vice chairman, department of An-
esthesiology at The Stamford Hospital.
“Many hospitals are implementing nar-
cotic reduction programs that use alterna-
tives to opioids for post-surgical pain man-
agement.”
According to Bowling, patients should
expect to see hospitals increasingly em-
brace alternatives to pain management. One
option patients may see more of is what
Bowling describes as “continuous nerve
blocking” that numbs an affected area by
delivering a continuous, regulated flow of
a non-narcotic, local anesthetic through a
catheter near the nerves that transmit pain
from the surgical incision site.
“Portable and disposable delivery sys-
tems allow patients the option of recovering
from their surgery in the comfort of their
home without using potent narcotics for
pain management,” she says. “Other ben-
efits of avoiding narcotics in the manage-
ment of post-surgical pain are eliminating
the side effects associated with narcotics in-
cluding nausea and vomiting, sedation, and
itchiness.”
Overworked Doctors face burnout
The Affordable Care Act is designed to
bring thousands of new patients into the
health-care world, which could be taxing to
physicians. As a result, Tom Doerr director
of innovation research for Lumeris, a tech-
nology and consulting services provider
for health systems, says there will be an in-
creased risk of physician burnout in 2014.
“Research continuously shows primary-
care physicians are more dissatisfied with
their careers than ever,” says Doerr, noting
that the structure and incentives of today’s
health system aren’t aligned to engage and
respond to the needs of the doctors.
Telehealth Goes Mainstream
Technology plays a role in pretty much
every aspect of our lives, and our health is
no exception.
According to Roy Schoenberg, chief ex-
ecutive of telehealth technology company
American Well, 2014 will have more doc-
tors using technology to follow up with their
patients. He says doctors’ realization that
telehealth offers a low-cost and convenient
way to stay on top of their patients will spur
the increased use of telehealth.
But it won’t stop with the doctors. Even
non-medical companies will embrace tele-
health to market to customers. “Retailers
[supermarkets, pharmacies, hotel chains]
will offer their visitors onsite access to med-
ical services using a combination of onsite
nurses and telehealth-based physicians,” he
says. “These services will anchor initiatives
that help retailers partner with their consum-
ers towards leading and consuming products
associated with healthier lifestyles.”
At conversions. Email rocks at conver-
sions.
And despite all the hype associated with
Facebook and Twitter, and massive amount
of funds that most companies have allocated
to social in their quest for magical money,
sadly the impact on economic outcomes re-
mains disappointing.
In fact email conversion
rates are nearly 40 times (!) that
of Facebook and Twitter.
While Google+ was not cov-
ered in the study, it is likely that
it delivers similar outcomes.
Lesson number one… So-
cial is a terrible channel to pimp yourself
and expect short term rewards in revenue
or profitability terms. It is completely irrel-
evant, COMPLETELY, what your friendly
neighborhood Social Media Guru says.
If your boss/spouse/angel believes the
Guru, send them this post. It is on LinkedIn.
It should carry a lot of authority. :)
Lesson number two… Email only works
for people who understand the pure essence
of permission marketing. It only works for
people who execute a fabulous fre-
quency (how often), recency (gap
between two touch-points) and rel-
evance (giving a lot of value in ex-
change for the occasional ask) strat-
egy.
Oh, and it is incredibly measure-
able. As your chase shiny objects,
don’t forget the original platform that
empowered you to build sustainable
relationships and owned audiences.
#emailrocks
Lesson number three… Social
was never meant to be a conver-
sion driving channel. It was always
silly to believe that pimping your
company’s products and services on
Facebook would lead to short-term
revenue - but the social ecommerce
hype was/is too strong.
The See-Think-Do content, mar-
keting and measurement model dic-
tates that social media platforms are fantastic
at See and good at Think. But they massively
stink at Do.
The reason is simple: Intent.
You don’t go to social platforms to buy,
and only extremely rarely to research. You
are there to reach out to people you have real
(or fake!) relationships with, you are there to
get updates on your digital or real world ex-
istences, and you are there to be entertained.
=Brands can win on social platforms if
they understand why you are there. If they
provide you with entertainment, if they pro-
vide you with information you can share with
your circles, and if they behave in an authen-
tic manner they can earn a tiny smidgen of
your love and attention (brand equity).
All that can translate into revenue over a
long period of time. When you the customer
are ready, not when the company is ready
(Now! Now! Give me your money now!!!!).
The two questions the company should
ask itself:
Are we inherently social?
Do we have the patience to invest in re-
lationships now to build our brand equity on
social platforms?
If the answer to both questions is yes,
do social. If the answer to one or both ques-
tions is no, stay home. Your company is not
going to go bankrupt because it does not do
social.
Good luck.
Email still rocks! Social, surprisingly, stinks!
937.492.4423
. . . Global Approach
Local Resources…
www.industrialproperty.biz
Commercial & Industrial
Solutions for Over 30 Years.
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419.738.9211
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Buildings and
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• Sales
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I-75 & SR 65, Lima
www.ssvolvo.com
March 2014 TheBusinessJournal 5
N.W. Ohio with dependable plumbing and heating services.
Our Commercial Services include:
• Service Agreements
• Mechanical Contracting
• All plumbing, heating & cooling needs
• New installation & remodeling
• BID/specification services
• Design/build services
• Licensed & bonded in the state of Ohio for
Plumbing, HVAC, Hydronics & Refrigeration
• Certified by the State of Ohio for Boiler
Installation & Repair
• Licensed by the State of Ohio for
Backflow Certification & Repair
For the past 29 years, Ayers Mechanical Group has provided
N.W. Ohio with dependable plumbing and heating services.
419-238-5480
Google’s $3.2 billion acquisition of Nest,
creator of the smart thermostat and smoke
detector, caught many industry watchers by
surprise.
But Google’s move to snap up one of the
leading companies in the nascent field of
devices that are paving the way for the “In-
ternet of Things” is only surprising if you
don’t know what Nest is all about.
For the uninitiated, Nest is a company
devoted to making everyday household ob-
jects smarter through advanced design and
Internet-enabled features.
Nest CEO Tony Fadell, a former Apple
employee who worked on the original iPod,
refers to this dynamic as “the conscious
home,” an environment in which nearly ev-
ery formerly mundane and passive device
suddenly becomes as advanced and up-
gradeable as your smartphone.
Currently, the company’s two flagship
devices are the Nest Thermostat ($249) and
the Nest Protect ($129), a smoke and car-
bon-monoxide detector.
The thermostat can be remotely set via
your smartphone or tablet to automatically
adjust to a particular temperature. It also
connects to Wi-Fi to analyze and compare
the outside weather with your indoor envi-
ronment in real-time. The thermostat even
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This time of year your furnace seems
like it’s running 24/7. You want the security
of knowing your family’s home is snug and
safe.
This is also the time when dis-
reputable furnace repair services
and chimney inspectors prey on
your concerns for the safety of
your property and family. Often
these disreputable operators use
fear to convince you that your heat-
ing system is in dire need of repair
or replacement and you must make
a major investment before misfor-
tune or tragedy strikes.
In today’s world, with more than one-
third of Americans using fireplaces, wood
stoves and other fuel-fired appliances as heat
sources in their homes, we often hear about
such tragedies in the news and seek to pre-
vent them.
According to the U.S. Fire Administra-
tion, heating fires account for 36% of resi-
dential home fires in rural areas ev ery year.
Often these fires are due to creosote buildup
in chimneys and stovepipes, and are prevent-
able.
This is where the unscrupulous
prey on the well-meaning homeown-
er. Forexampl, scam artists may offer
a chimney inspection at an exception-
ally low price, and once in your home,
make bogus claims, warning of an
imminent possibility of house fire or
carbon monoxide leaks. Expensive re-
pairs that must be done immediately,
they say. They work to create a fright-
ening sense of urgency with threats
designed to spur you into action.
For real peace of mind regarding your
hoem’s heating system, we offer these tips:
• Before you schedule an inspection,
make sure the business is registered with the
state.
• To protect your home and furnishings,
in case of an accident, ask them to furnish
proof of valid liability insurance.
• Check www.bbb.org for the company’s
Busienss Reviw to see if there are any unan-
swered consumer complaints.
Furnace Maintenance Fraud
Another favorite scam disreputable
businesses may use is to claim a furnace is
“faulty” or “dangerous,” again using fear to
pressure consumers into an expensive re-
placement.
In this scam, a furnace maintenance tech-
nician often claims that there is a crack inside
the furnace that makes it dangerous to oper-
ate and presents a fire hazard.
To further heighten your apprehension,
they may even turn the furnace off, recom-
mending you keep it off unless it is replaced.
often times, if you purchase a new furnace
through them within a given “special promo-
tional” time period, they offer to waive the
cost of the inspection and maintenance.
Have the furnace inspected immediately
by a qualified professional if you or your
families are suffering from headaches, a run-
ny nose, or watery eyes. Watch for a buildup
of soot around heat registers and the furnace
itself, or carbon monoxide detectors being
set-off.
• If repairs are suggested, ask for photo/
video proof of the recommended repairs. Ask
for photos with enough background so that
you can clearly tell that they were taken in
your home.
• If you are told a component of your
home heating system needs repair or replace-
ment, get a second opinion and several bids.
Do not feel pressured. Avoid agreeing to
same day installation.
• If they show you debris and rubble, ask
to see what is broken or collapsed. If they can
see the damage so can you!
• Before the service person arrives edu-
cate yourself about repairs of furnaces, fire-
places and chimneys. For example, a single
wall stainless steel liner is actually more du-
rable and corrosion resistant than a studier-
sounding double wall liner.
Call the BBB for the company’s Business
Review.
Beware disreputable services using fear tactics
See GOOGLE, page 6
6 TheBusinessJournal March 2014
Five observations from the 2014 AHR expo
By Matt Sonnhalter, Vision Architect,
Sonnhalter
I attended the 66th International Air Con-
ditioning, Heating, Refrigeration Exposition
in New York City (January 21-23, 2014).
For those not familiar with this trade show,
it is the largest HVACR show in the Unit-
ed States, endorsed by 33 leading HVACR
industry associations and co-sponsored
by ASHRAE and AHRI. This year’s at-
tendance was once again very strong, with
more than 61,000 people attending and more
than 1,800 exhibitor booths.
Here are five of my observations from
the show:
Strong 2014 Outlook – in addition to
the positive sentiment of almost everyone I
spoke with at the show, the recent ASHRAE/
AHR Expo survey forecasts a pretty good
year for the HVACR business. Of the 1,000
HVACR manufacturers worldwide surveyed,
79% of the respondents said their prospects
for business were either “excellent” (19%)
or “good” (60%) for the coming year, 90%
of the HVACR manufacturers believe sales
will increase and hospitals/healthcare, light
commercial and data/telecom centers were
the top three market segments identified to
be the most promising for 2014.
Trade Publications Are Not Dead
– 35+ publications had a presence at this
year’s show, each with their army of sales
people combing the aisles for new and po-
tential advertisers.
Technology Continues To Play Strong
Role – it seems every year at this show more
and more technology is introduced to the
products and services showcased, whether
it is the software driving these products
or the tablets used to control and monitor
them. Again this year, there was a dedicated
AHR Expo app for the show which not only
helped you find your favorite booth, but also
had valuable information about the speakers,
educational sessions, transportation and lo-
cal NYC attractions.
Growing International Attendance –
exhibitors from more than 30 countries at-
tended the show. Asian manufacturers have
been coming to this show for a number of
years and 2014 was no different; however I
did notice an uptick of Latin/South Ameri-
can as well as European exhibitors and at-
tendees this year.
“Efficiency” Is Still The Buzzword –
with the way the economy has been over the
last few years I think we have all gotten used
to “doing more with less.” In the HVAC
market that is nothing new, no matter which
aisle you walked down during the show “ef-
ficiency” rang out in booth messaging, prod-
uct benefits and sales pitches.
ple, when the battery is running low, the de-
vice will begin to pulse yellow; if the alarm
goes off, you can wave your hands within
eight feet of the device to shut it off.
As last week’s International CES showed,
there are dozens of companies clamoring to
snag a share of the emerging smart-appli-
ance market. Indeed, the market is poised to
grow rapidly, exceeding 24 million units by
2017, according to ABI Research.
Some recent standouts in the field in-
clude the August smart lock, Philips’ smart
light bulb Hue and Samsung’s T9000 Re-
frigerator, but so far Nest appears to have
gained the most traction. Enter: Google.
Unlike Google’s acquisition of robotics
company Boston Dynamics, another next-
gen hardware venture, Nest is bleeding-
edge tech that is available as a mainstream
product right now — not 20 years from now.
In that respect, the Nest acquisition is far
more similar to Google’s recent $12 billion
purchase of Motorola Mobility.
But while that deal may have helped
better position Google within the highly
competitive and fragmented mobile-device
space, the Nest acquisition immediately
puts Google in the lead position in the emer-
gent category of smart appliances for the
home. The company has yet to reveal its
sales numbers, but according to some re-
ports, Nest is shipping up to 50,000 smart
devices per month.
Following news of the acquisition, sev-
eral industry observers jokingly speculated
about what the acquisition will mean for
Nest.
Will you have to log into Google+ to
activate your smoke alarm? Will audio ver-
sions of Google’s paid search advertise-
ments blare throughout your home via the
speaker of your carbon-monoxide detector?
Some are even wondering if you’ll be able
to use the voice-control functions in Google
Now to turn your heat or air conditioning on
via the device.
Google’s statement announcing the deal
indicates that Nest will continue to operate
as a separate and distinct company under the
leadership of Fadell, hinting that many of the
aforementioned fears may be overblown.
However, it’s a sign of just how powerful
a combination Google’s software and Nest’s
hardware represents when even casual ob-
servers can imagine such scenarios that, in
reality, would not be that difficult to execute
on Google’s part.
If, in the future, Google does decide to
integrate its powerful data-crunching powers
with Nest’s well-designed hardware, the lure
of such data-rich, smart home appliances
just might be too tempting for many to resist
— despite possible privacy implications.
And although Google is currently en-
gaged in a good deal of bleeding-edge re-
search as it bets on the future, its acquisition
of Nest is not about experimentation — it’s
about the next frontier that’s right at your
fingertips: home.
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(Continued from Page 5)
March 2014 TheBusinessJournal 7
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8 TheBusinessJournal March 2014
Bitcoin gets two hearings -
and steps closer to acceptance
By David Z. Morris
FORTUNE -- In a space of two days,
one of the largest consumer banks in the
U.S. and the state regulatory agency that
often sets the baseline for nationwide
financial regulation held fact-finding
events about the peer-to-peer cryptocur-
rency bitcoin. Bitcoin has been the focus
of intense scrutiny, hype, and fear over
the past three months, and the dramatic
arrest on Monday of bitcoin advocate and
entrepreneur Charlie Shrem on charges
of money laundering threatened to cast
a shadow over proceedings. Despite this,
both meetings were largely forward-look-
ing, and indicate that regulators, bitcoin
leaders, and traditional banks are on a
path to cooperation.
The New York Department of Finan-
cial Services hearings were called by
Superintendent Benjamin Lawsky, who
throughout the hearings displayed a deep
understanding of, and even enthusiasm
for, bitcoin and the protocol supporting it.
Lawsky opened the meeting by reassur-
ing the room that “our agency approaches
the issue of virtual currencies without
any prejudgements.” The Shrem arrest,
though alluded to several times, took a
back seat to discussion of more funda-
mental questions, with Lawsky stating
that “no industry should be defined en-
tirely by its bad actors.”
Representatives of the bitcoin world
generally took the position that while
regulations unique to bitcoin and other
math-based currencies should be kept
as minimal as possible, clarification of
reporting requirements and anti-money-
laundering standards would in fact be
welcome. Many saw the appropriate fo-
cus for regulation to be the various points
where bitcoins become dollars. Fred Wil-
son, a bitcoin investor with Union Square
Ventures, flatly stated that “we should not
regulate how the [bitcoin] system works”
internally. But Fred Ehrsam, co-founder
of the bitcoin brokerage Coinbase, em-
phasized that consumer protection in
bitcoin-for-dollar sales was essential to
broader adoption, and that “[Coinbase]
welcome(s) appropriate guardrails to en-
sure that bitcoin companies handling the
money of others are run by reputable in-
dividuals and have appro-
priate practices to create
a sound consumer experi-
ence.”
The benefits of regula-
tion were highlighted by
the testimony of law en-
forcement officials, whose
dim view of cryptocurren-
cy seemed to indicate in-
creased risk for bitcoin operators. Deputy
U.S. Attorney Richard B. Zabel equated
bitcoin itself with both the unrelated elec-
tronic money-laundering service Liberty
Reserve, and with Silk Road, the online
contraband marketplace that accepted
payment in bitcoin. Of course, as Jeremy
Liew of Lightspeed Venture Partners had
pointed out earlier in the hearing, Silk
Road has been shut down quite effective-
ly under existing regulations -- one rea-
son why, as Zabel revealed, the U.S. At-
torney’s office has become a large holder
of bitcoin through civil forfeiture. Even
those who most fear bitcoin’s potential
for misuse, it seems, now have a stake in
its success.
Directly after the first round of
NYDFS hearings on Tuesday, some pan-
elists headed to a similar meeting hosted
by Wells Fargo in New York, though this
one was closed-door. Attendees described
it as organized but not dominated by
representatives from the San Francisco-
based bank’s merchant services, market-
ing, and regulatory divisions, who mostly
listened to a lineup of speakers giving a
crash course in bitcoin. “All in all it was
pretty basic, but the panel was insightful
for the beginner,” observed Rik Willard,
who runs the bitcoin startup incubator
MintCombine and was at the Wells Fargo
meeting.
Wells Fargo (WFC) has a reputation as
one of the most progressive large banks in
adopting new payment technologies, and
though no statements were made about
Wells Fargo’s plans, simply holding the
meetings positions it as a leader in inte-
gration between bitcoin services and con-
ventional banking. That process has been
slowed by banking compliance officers’
nervousness about bitcoin’s association
with criminal activity, and the scarcity
of banking access for American bitcoin
services is one of the major reasons it re-
mains difficult to buy bitcoin with U.S.
dollars. Currently, Coinbase is the only
U.S.-based service that sells bitcoin for
dollars and is serviced by a conventional
bank, though it has declined to name its
servicer. Wells Fargo’s seeming openness
to bitcoin may signal new opportunities to
develop exchange infrastructures, which
would in turn greatly ease mass adoption
of bitcoin payments.
More than anything, this kind of
high-level discussion of bitcoin shows
that it is being taken seriously by lead-
ers across many sectors, primarily as
a promising innovation in payments.
But there was little insight to be gained
from this week’s meetings about what
the pace of regulation and mainstream-
ing will, or should, be. Superintendent
Lawsky has indicated his office’s inten-
tion to propose a regulatory framework
for digital currency in 2014, but it is un-
certain when those might go into effect,
leaving significant time for unfettered in-
novation and risk.
This slow rollout is in line with past
regulator behavior. Anil D. Aggarwal, a
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Upbeat meetings organized by banks and regulators indicate the cryptocurrency is moving
toward integration with traditional services -- and will likely face new compliance requirements.
www.businessjrnl.com
See BITCOIN, page 9
March 2014 TheBusinessJournal 9
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• What type of earnings can you ex-
pect? Will you get income in the form of
interest, dividends or rent? Some invest-
ments, such as stocks and real estate, have
the potential for earnings and growth in
value. What is the potential for earnings
over time?
• How much risk is involved? With
any investment, there is always the risk
that you won’t get your money back or
the earnings promised. There is usually
a trade-off between risk and reward: the
higher the potential return, the greater the
risk. The federal government insures bank
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Some investments perform better than oth-
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Vital signs: startups starting up hiring plans
New businesses are feeling more confi-
dent and willing to hire, a good sign for the
economy’s future.
According to the fourth-quarter sur-
vey of new business founders released
by the Kauffman Foundation and Le-
galZoom, 91% of business owners are
confident that their companies will be
more profitable in the next 12 months, up
from 86% saying that in the third quarter.
Readings on the outlook for the overall
economy and consumer demand also im-
proved.
With more customers expected, start-
up founders plan to add staff. According to
the survey 43% of respondents plan to hire
more employees, up from 36% saying that
in the third quarter.
While the Kauffman/LegalZoom sur-
vey is only two years old, the increase in
its employment index echoes the gain in
hiring plans reported by the National Fed-
eration of Independent Business, a small-
business trade group. The advances sug-
gest small firms will take a larger role in
adding jobs.
The Business Journal
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payment-systems entrepreneur monitor-
ing developments in bitcoin, observed
that legislators and regulators of new
payments products often “give innova-
tions the opportunity to gain traction and
scale. Then they’ll legislate and regulate
at appropriate times in the evolution of
the product. Having hearings of this kind
demonstrate that.” In the NYFSD hear-
ing, a similar point was made by Judie Ri-
nearson, an attorney working with emerg-
ing payment systems and representing
several bitcoin-related firms. Rinearson
recalled the delay in federal regulation of
prepaid cards in the 1990s, which allowed
for innovation and experimentation both
in prepaid services and in state-level reg-
ulation of them, helping them gain their
current widespread acceptance as a finan-
cial service.
A quite different tone, though, was
struck by Carol van Cleef, an attorney
specializing in financial regulation, who
urged Lawsky and his panel toward speed
in establishing standards. “Time is of the
essence,” van Cleef exhorted. “Innova-
tion will adapt to new regulation, but it
will not wait for regulation. [Bitcoin ser-
vice development] will shift to other ju-
risdictions, taking jobs and the resulting
wealth with it. The true losers will be U.S.
residents.”
Bitcoin
(Continued from Page 8)
According to research,
those businesses seeking
the advantages of being
perceived as having greater
resources, being a leader
and being more experi-
enced should utilize the
strategy of larger, more col-
orful, more frequent adver-
tising.
10 TheBusinessJournal March 2014
Salespeople have questions. Jeffrey has answers
I get a ton of emails from people seek-
ing insight or asking me to solve their sales
dilemmas. Here are a few that may relate
to your job, your life, and
(most important) your sales
thought process right now.
Dear Jeffrey, This is my
first week in car sales. Can
you tell me what sections of
any of your books I could
go to for help with deflect-
ing that first, “What’s your
best price?” question. I want
to build rapport and provide
the value of my services in
addition to the vehicle. I
was thinking of using your
“Can you close a sale in five
questions?” as my porcu-
pine close, ignoring the price
question, and asking my
own question, “Jeffrey, how
do you select a car or truck?”
Any suggestions? Rich
Rich, Yes, I have a bunch of sugges-
tions. First of all, you’re battling 100 years
worth of doing it the wrong way. Yes, there
have been a lot of cars sold, but oftentimes
in spite of themselves. And the reason peo-
ple come in and want the best price is be-
cause they’ve already shopped online. They
already know what the car costs. The cus-
tomer is now more educated in the car busi-
ness than the car salesperson
is because the customer has
probably shopped ten dif-
ferent brands and the car
salesman pretty much only
knows his own.
So the challenge for
you as a salesperson is if
you get a question of “What
is your best price?” get it
down to the model and say,
“Look, I’ll give you my best
price, but don’t you want
to know if this is the right
car for you? Why don’t we
take it for a drive and then
we’ll talk about how much
it is if you really want it. If
you don’t want it, there’s no
sense in negotiating for it and
I’m assuming if I give you may best price,
you’ll say ‘Thanks’ and buy it. Otherwise,
you’re going to go shop around and thank
me and then go talk to my competition and
that’s not what we want to do. We want to
put you in a car. We want to make you feel
great, and we want you to get the best car for
your money today and when you sell it, and
we want to make sure along the way that
it’s maintained. Is that fair enough?” Jeffrey
Dear Jeffrey, I’m in sales and the man-
ager of the office is also an agent. She
distributes the internet leads for the other
agents and regularly keeps the highest dol-
lar leads for herself. We have a transparent
database that percentage-wise shows she’s
been doing this for over a year, yet she de-
nies it. How do I deal with a manager like
this? Bill
Bill, You quit! You don’t want to work
for a liar. You certainly don’t want to work
for someone who garners all the leads for
herself. Why don’t you give her all the leads
and go get your own leads? Or, why don’t
you go someplace where it’s more fair? My
recommendation is first talk to her boss
and ask if there is any way the leads can be
distributed more fairly. Obviously, if you
were getting all the leads you might do the
same thing yourself. It’s called cherry pick-
ing. She knows not only what the best lead
is, but also what the easiest lead to close
is. Maybe it should just be random, 1-2-3,
1-2-3, and split up the leads like that. If she
fights it, she’s doing it the wrong way. You
gotta be ethical, you gotta be honest, or you
gotta find another job. Best regards, Jeffrey
Dear Jeffrey, I have a large insurance
agency and we interview for salespeople
quite often. “Looking for a professional
with an aggressive sales demeanor.” Some-
body told me of an interview question that
they ask and I’d like to get your opinion.
During an interview, this person will ask
the interviewee to bark like a dog. That’s a
pretty rough question isn’t it? If they don’t
do it, the person will end the interview. If
they do it, the interview continues. The ra-
tionale is that if they don’t do it, they’re not
inclined to get out of their comfort zone. If
they bark, and they’re comfortable in doing
it, they’ll be comfortable in doing things out
of their normal task. What do you think
of this? Jay
Jay, What do you think of it? Do you
think it’s professional or do you think it’s
third grade? Well, I’m sorry candidate,
you didn’t bark like a dog, so even though
you’re a great salesperson, you’re a smart
guy, and you’ve got a great attitude, you’re
disqualified. Dude, that is the stupidest
thing I’ve ever heard in my life! Why don’t
they just cluck like a chicken? The chal-
lenge is this: If I’m interviewing someone,
I want to know if they’re smart, I want to
know if they’re self-starting, I want to know
if they have a great attitude, and I want to
know if they have some kind of past history
of success. All the rest is irrelevant. Best re-
gards, Jeffrey
  Jeffrey  Gitomer  is  the  author  of  twelve 
best-selling  books  including  The  Sales  Bi-
ble and The Little Red Book of Selling. His 
best-selling 21.5 Unbreakable Laws of Sell-
ing, is now available as a book and an on-
line  course  at  www.gitomerVT.com.  For 
public  event  dates  and  information  about 
training  and  seminars  visit  www.gitomer.
com  or  email  Jeffrey  personally  at  sales-
[email protected]. 
Jeffrey H. Gitomer
INDUSTRIAL & COMMERCIAL ROOFING
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Digital marketing trends for Banks
and Credit Unions in 2014
According to a recent informal survey, financial institu-
tions will be seeking to improve their customer experience,
reduce overall costs and stand out from the competition by
integrating unique delivery channels, offering mobile so-
lutions and learning from big data in 2014. The recurring
theme in 2014’s marketing trends is information – how it is
curated, viewed and analyzed.
Content Marketing Builds
Visibility, Trust and Loyalty
Content marketing — also commonly referred to as “in-
bound marketing” — is the strategic creation and targeted
distribution of media to acquire and retain customers. For
financial institutions, content marketing is key to attracting
and maintaining consumers by integrating multi-channel
approaches such as affiliate marketing, direct mail, display
advertising, email marketing, search engine optimization
and marketing (SEO/SEM), blogging, social media mar-
keting and more. Typically, these strategies are intended to
drive individuals to a specific landing page, blog or corpo-
rate site. Whether generating new content or leveraging ex-
isting content, financial marketers must plan, create, place,
audit, measure and adjust content accordingly.
Financial marketers will be accountable for analyzing
the real results of content marketing strategies in 2014. Be-
cause every channel ultimately affects all of the others, at-
tribution modeling allows marketers to credit a specific ad
or touch point along a sales funnel rather than just the last
material viewed or clicked. By looking at the historical big
picture of a sales funnel, financial marketers can make bet-
ter recommendations on the proper mix of tactics in subse-
quent content marketing plans.
In 2014, bank and credit union marketers must increase
and improve their content marketing efforts by developing
compelling, branded campaigns that tap into the frequently
elusive Gen-Y segment. This means reinvesting in social
media and email marketing to engage millennials in the
manner they prefer to be reached: online.
Mobile Optimization
Enhances the User Experience
Mobile optimization will continue to be at the forefront
of digital strategy for banks and credit unions. With tablets
on track to outsell desktop computers and laptops in 2013,
mobile Internet usage will overtake desktop Internet usage
in 2014. Furthermore, 99% of smartphone owners use their
mobile browser at least once a day.
While most Internet users in the United States still pre-
fer online banking for managing personal finances, mobile
banking is catching on with consumers. About 94% of us-
ers in all age groups use online banking and approximately
71% of respondents ages 18-60+ have signed up for mobile
banking, according to Celent’s research.
Big Data Realizes
Value by Analysis
As financial marketers work to deliver mobile-friend-
ly, integrated content marketing experiences, information
about consumers engaging with the brand will become more
and more abundant. Commonly called “big data,” it is the
collection and analysis of large, complex quantities of mar-
keting information. Financial marketers will need to figure
out how to use big data marketing tools to capture, curate,
store, search, share, transfer, analyze and visualize these
massive data sets into usable information to better engage
consumers.
Financial marketers can create new connections for
banks and credit unions by understanding big data applica-
tions based on the following consumer information:
Account transactions
Behavioral trends
Credit reports
Customer profitability
Demographics
Life stages
Locations
Stock market and trade references
Mobile usage
Social media engagements
Spending patterns
Risk and finance trends
Convergence: Content,
Mobile and Data
Bank and credit union marketers will use these evolv-
ing digital strategies to benefit banks and credit unions —
content, mobile, and data. Interestingly, these three points
of emphasis all intersect. Content marketing is most effec-
tive when all integrated marketing channels are accessible
in a mobile-friendly format. Mobile optimization is neces-
sary for content viewing and engagement on consumers’
preferred devices. Mobile advertising, such as display and
search ads, as well as email and landing pages, is integral
to a sound content marketing strategy. Big data analyzes
how and when customers/members interact with content
along various channels and mobile devices. This valuable
information is then leveraged to inform subsequent tailored
content — special offers, contextual ads, personalized alerts
— to members most often via a mobile device.
For banks and credit unions to attract and retain new cus-
tomers/members and build brand loyalty, marketers must
successfully serve up content on mobile devices while ana-
lyzing and leveraging the data for improved brand engage-
ment. The year 2014 will see financial marketers combine
content marketing, mobile optimization and big data in an
actionable, cohesive digital strategy for banks and credit
unions.
Analyst to HP: 3D printing and 10 other things I love about you
In the great bull market of 2013, it
wasn’t hard to be a stock picker — it
seemed as if every stock, with the ex-
ception of a select few, was soaring to
new heights. But of 2013’s many win-
ners, Hewlett Packard was one name that
seemed poised for a fall from grace in
2014. “I don’t know if there is a person
alive who doesn’t expect there to be fewer
printers sold next year and fewer PCs sold
next year than last year and last year was
terrible for them,” Jeff Middleswart, a se-
nior analyst at Ranger International, told
Forbes’ Sam Sharf in December.
However, after beating the Street with
its first quarter 2014 earnings results —
posting $28.2 billion in sales against a
$27.2 billion consensus and earnings of
90 cents per share against an 85 cents per
share consensus — Thursday afternoon,
HP is now giving its skeptics some room
for pause, and even leading some ana-
lysts, like Citi’s Jim Suva, to declare that
HP could still soar in 2014.
“Although HP shares are up 8% this
year (while the S&P 500 is flat) following
last year’s 101% gain, we still see a 34%
total return within the next 12 months
and reiterate our Buy rating,” Suva writes
in a new research report, adding that he
sees 11 reasons why HP could continue to
trade even higher. Chief among these rea-
sons are HP’s stronger cash flows, earn-
ings per share that are poised for growth
and, most interestingly, HP’s potential to
gain a foothold in the 3D printing land-
scape.
HP reported $3 billion in first quarter
cash flows, a figure that Suva calls “a real
surprise,” especially against sell-side ana-
lysts’ expectations of cash flows of $500
million to $1 billion. The $3 billion figure,
Suva argues, “provides adequate funds for
stock repurchase, dividends, and smaller
strategic M&A,” which he predicts will
come on the software and services side of
HP’s business.
Though HP posted nine consecutive
quarters of year-over-year earnings-per-
share declines, Suva says that the 10%
increase from the 82 cents per share in
the first quarter of 2013 to the 90 cents
per share reported for first quarter of 2014
gives reason to believe that HP’s EPS will
continue to grow. Suva points out that
the PC maker raised the low end of its
full-year 2014 EPS outlook to $3.60, up
from $3.55, while Citi Research predicts
full year EPS will come in around $3.80
thanks to cost-cutting, stock buyback
and improved PC and printing trends.
Take this prediction with a grain of salt,
See 3D PRINTING, page 12
12 TheBusinessJournal March 2014
The data breach that compromised 40 million payment cards used by Target (TGT)
shoppers has cost banks and credit unions more than $200 million, based on estimates
from industry trade groups.
The Consumer Bankers Association said Tuesday its members have incurred a total
cost related to card replacements of $172 million, up from an initial projection of $153
million. Meanwhile, the Credit Union National Association believes the cost to its mem-
bers has increased to $30.6 million.
Members of the trade groups have so far replaced 21.8 million of the 40 million credit
and debit cards that were affected.
“Financial institutions of all sizes have been aggressive in ensuring their customers
are protected in response to the Target data breach,” said Richard Hunt, president and
CEO of the CBA.
Bill Cheney, president and CEO of CUNA, added the combined $200 million cost
“shows the extent to which financial institutions will go to protect their customers and
members.”
The estimates don’t include any fraud that may occur or has already been reported.
Consumers are not held liable for any fraudulent purchases made with their credit or
debit cards.
The attack on Target, which also exposed personal data connected to 70 million cus-
tomers, reportedly began when hackers obtained credentials from a heating and air con-
ditioning contractor that works on the retailer’s stores.
Shares were up 0.8% at $56.51 in recent trading.
Target breach costs Banks,
Credit Unions more than $200M
though: Suva admits that the $3.80 figure
is the highest on the Street.
Most of Suva’s other reasons outlining
why HP stock could continue to climb this
year are relatively tame — investor senti-
ment on both PCs and the printing land-
scape is too negative, revenue declines
are slowing, HP management is regain-
ing credibility, its multiple is poised to
increase and a hefty buyback could boost
investor sentiment — but his last reason
echoes a December report from Jefferies
in predicting that HP, bellwether of the
old-school printing industry, could even-
tually prove to be a worthy competitor
in the new-school world of printing: 3D
printing.
“At HP’s Security Analyst Meetings
on October 9th, the company commented
that it is assessing the 3D printing mar-
ket. We did not give much weight to the
comment as our experience recalls that
HP was in a partnership with 3D printing
maker Stratasys back in 2010 and this
effort was largely unsuccessful,” Suva
writes. “However, we recognize the 3D
market is gaining traction in recent years
and on the HP earnings call the CEO
stated that HP will enter the 3D mar-
ket [this fiscal year] via internal invest-
ments.” Citi Research is not building
any revenue from 3D printing into its
HP revenue model, which means that
any meaningful sales from a 3D printing
initiative would be, essentially, a pleasant
surprise.
Whether or not HP actually makes any
money from its 3D printing efforts, the
stock stands to benefit. 3D printing stocks
have proven to be popular with investors:
3D Systems DDD -6.56%, the leader of
the group, is up 120% year over year;
Stratasys is up 92% and ExOne is up
77%. If HP were to really make a splash
in the 3D printing industry, it could very
well see some of that favoritism extended
to its own shares.
3-D printing
(Continued from Page 11)