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Marcus Lemonis, a serial entrepreneur and host of the show “The Profit” on CNBC, is a true survivor in the corporate world. The native-born Lebanese business man endured the chaos of a civil war in Beirut and eventually moved to Miami. Lemonis was exposed to the automotive industry throughout his upbringing - his grandfather owning two of the largest Chevrolet dealerships in the United States and Lee Iacocca serving as the family friend and later mentor to Lemonis. On page 12, we conducted an interview with “Profit” host Marcus Lemonis, who offers struggling small businesses capital investment and his expertise in exchange for an ownership stake in the company. In the latter part of the magazine, we interviewed countless wealth advisors during these tough economic times. We recognize that some of the changes in 2013 and 2014 require relevance for financial planners. Therefore, the financial industry continues to push for more realistic standards and reforms. Marcus Lemonis, a serial entrepreneur and host of the show “The Profit” on CNBC, is a true survivor in the corporate world. The native-born Lebanese business man endured the chaos of a civil war in Beirut and eventually moved to Miami. Lemonis was exposed to the automotive industry throughout his upbringing - his grandfather owning two of the largest Chevrolet dealerships in the United States and Lee Iacocca serving as the family friend and later mentor to Lemonis. On page 12, we conducted an interview with “Profit” host Marcus Lemonis, who offers struggling small businesses capital investment and his expertise in exchange for an ownership stake in the company. In the latter part of the magazine, we interviewed countless wealth advisors during these tough economic times. We recognize that some of the changes in 2013 and 2014 require relevance for financial planners. Therefore, the financial industry continues to push for more realistic standards and reforms.
y amy m. armstrong Raise The Wage This new wage rate goes into effect within the city limits of Seattle, Washington, on April 2015 with a phase-in period ranging from three to seven years depending on the category a business falls within. Smaller businesses with 500 or fewer employees begin with $10 an hour April 1, 2015, with increases ranging from 50 cents to $1.50 an hour each following January until the law’s wage goal is met. Larger businesses with 500 or more employees begin on April 1, 2015 with $11 per hour and yearly January increases ranging from $1.50 to $2 per hour. Yep, that’s right. In Seattle, a worker will be paid $15 an hour for flipping burgers. $15 an hour for bagging groceries. $15 an hour for waiting tables. $15 an hour for answering phones, for carrying luggage, for working the cosmetics counter and for ringing up items at a convenience store. It means that the drive-thru attendant at the McDonald’s directly across Seattle’s famous landmark Space Needle will earn $15 an hour for possibly not hearing your order correctly and forgetting to put ketchup in your to-go bag. It means that $15 an hour is the lowest wage all employers – restaurants and other service industries notorious for dependency on tips included – must pay employees if their operations are located within the city limits of Seattle. It’s not super shocking. Voters in the municipality of SeaTac just south of Seattle in which the bulk of its economy runs on the operations of Seattle-Tacoma International Airport voted in November 2013 to raise its minimum wage for transportation industry workers to $15 an hour. Governing bodies in San Diego, San Francisco and Chicago are each considering making $15 an hour the bottom wage in those cities for if not all jobs, at least for those connected with the service industry. Providence, Rhode Island, municipal lawmakers are contemplating $15 an hour for hotel workers. Yet, it is slightly shocking considering the fact that the “big city” with the closest minimum wage to that number is Los Angeles with $10.79 – a sum seemingly paltry to its bigger cousin at 15 bucks. A look at other Califor- Minimum Wage$15? THE SUIT MAGAZINE - JULY 2014
nia cities reveals still lower minimum wages than the new Seattle ordinance requires. Workers in San Jose currently make a minimum of $10.15 per hour. Pay for workers in Richmond, California, which is located northeast of the San Francisco Bay area on the eastern shores of San Pablo Bay, is slated to be $12.25 in March 2105 and $13 by 2018. Yet comparing Seattle to Richmond is unfair from a population standpoint. In 2012, Seattle had just shy of 635,000 residents. Richmond’s count for the same time period was just short of 107,000 – which incidentally is close to the number of Seattle workers, approximately 100,000, researchers from the Evans School of Public Affairs at the University of Washington in Seattle identified as earning less than $15 an hour. The UW researchers – commissioned by the Seattle City Council – determined that part-time workers (20 hours per week) would earn an additional $2,912, which is a 30 percent increase, if hourly pay was raised to $12.12 per hour. At $15 an hour, that same parttime worker would see a 61 percent increase in their pay as they earned an additional $5,907. At $12.12, full-time workers would earn $5,600 more. At $15 an hour, full-time workers would earn $11,360 more. That’s a big increase in payroll leaving Seattle business owners’ wondering just how is this new minimum wage going to work out from the fiscal “trying to stay in business” perspective? According to Forward Seattle, a business group representing restaurants, retailers and other miscellaneous businesses, it won’t. Forward Seattle contends $15 an hour will cripple what businesses choose to remain within city limits as the measure is implemented. The group submitted just fewer than 20,000 signatures to the Seattle City Clerk the first week of July in an effort to get a repeal of the municipal law on the ballot for the November election. As 16,510 valid signatures are required for ballot inclusion, it appears the issue may go before the general voters instead of only the nine members of the city council whom unanimously passed the measure on June 2, 2014, after months of discussion by a committee of business and labor leaders organized by Seattle’s mayor, Ed Murray. “Right now, the (city) ordinance on the table we think is going to be pretty damaging to the city from the business perspective, and from the workers’ perspective,” Angela Cough told the Chicago Tribune. Cough is co-owner of the Flying Apron Gluten Free and Vegan Bakery in Seattle’s Fremont district and the co-chair of Forward Seattle. She isn’t against raising minimum wage, but believes $12.50 an hour is more reasonable. She told National Public Radio based in Seattle that merchants have no idea what is going to happen as a result of this ordinance mandating $15 an hour by 2021 with the next bar of $17.25 being in place by 2024. Seattle’s new minimum wage is also significantly higher than the lowest hourly wages required in the rest of the state. Yet, at $9.32 per hour, Washington State has one of the nation’s highest state minimum hourly wages with the $8 an hour required in Massachusetts coming in at a very distant second. THE SUIT MAGAZINE p.9
- Page 1 and 2: Issue 61 JULY 2014 exclusive interv
- Page 3 and 4: publishers note ISSUE 61 | JULY 201
- Page 5 and 6: BUSINESS / FINANCE 31 Equity Exposu
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- Page 11: STILL PUZZLED ... by your supply ch
- Page 14 and 15: to finance struggling businesses on
- Page 16 and 17: y diane e. alter TRIVIA ISN’T TRI
- Page 18 and 19: The 7 Most Common Negotiating Mista
- Page 20 and 21: BAD BYOD HABITS THAT CAN EXPOSE YOU
- Page 22 and 23: y david stein >>> Lease - Don’t O
- Page 24 and 25: y felix badea Talking Face to Face
- Page 26 and 27: Meeting With The Wife Too Both spou
- Page 28 and 29: STILL PUZZLED ... by your supply ch
- Page 30 and 31: y judy magness Building Wealth in S
- Page 32 and 33: y judy magness The Complications of
- Page 34 and 35: y david stein DANGER On The Way Dow
- Page 36 and 37: Brave Investing During a Sell-Off P
- Page 38: y judy magness Off Campus Housing P
- Page 41 and 42: part of why he attained a certifica
- Page 43 and 44: With the utmost of integrity, we ta
- Page 46 and 47: MOTIVATED CLIENTS ALWAYS WELCOME En
- Page 48 and 49: y amy m. armstrong A DISCIPLINED AP
- Page 50 and 51: y judy magness Guiding Investor Ris
- Page 52 and 53: y amy m. armstrong LEARNING FROM MI
- Page 54 and 55: Promoting World-Changing Innovation
- Page 56 and 57: y amy m. armstrong CANDID CONVERSAT
y amy m. armstrong<br />
Raise The Wage<br />
This new wage rate goes into effect within the city limits of Seattle, Washington, on April 2015<br />
with a phase-in period ranging from three to seven years depending on the category a business<br />
falls within.<br />
Smaller businesses with 500 or<br />
fewer employees begin with<br />
$10 an hour April 1, 2015,<br />
with increases ranging from<br />
50 cents to $1.50 an hour each<br />
following January until the law’s wage<br />
goal is met. Larger businesses with 500<br />
or more employees begin on April 1,<br />
2015 with $11 per hour and yearly January<br />
increases ranging from $1.50 to<br />
$2 per hour.<br />
Yep, that’s right.<br />
In Seattle, a worker will be paid<br />
$15 an hour for flipping burgers. $15<br />
an hour for bagging groceries. $15 an<br />
hour for waiting tables. $15 an hour<br />
for answering phones, for carrying<br />
luggage, for working the cosmetics<br />
counter and for ringing up items at a<br />
convenience store. It means that the<br />
drive-thru attendant at the McDonald’s<br />
directly across Seattle’s famous<br />
landmark Space Needle will earn $15<br />
an hour for possibly not hearing your<br />
order correctly and forgetting to put<br />
ketchup in your to-go bag. It means<br />
that $15 an hour is the lowest wage<br />
all employers – restaurants and other<br />
service industries notorious for dependency<br />
on tips included – must pay employees<br />
if their operations are located<br />
within the city limits of Seattle.<br />
It’s not super shocking. Voters in the<br />
municipality of SeaTac just south of Seattle<br />
in which the bulk of its economy<br />
runs on the operations of Seattle-Tacoma<br />
International Airport voted in November<br />
2013 to raise its minimum wage<br />
for transportation industry workers to<br />
$15 an hour. Governing bodies in San<br />
Diego, San Francisco and Chicago are<br />
each considering making $15 an hour<br />
the bottom wage in those cities for if<br />
not all jobs, at least for those connected<br />
with the service industry. Providence,<br />
Rhode Island, municipal lawmakers<br />
are contemplating $15 an hour for hotel<br />
workers.<br />
Yet, it is slightly shocking considering<br />
the fact that the “big city” with the<br />
closest minimum wage to that number<br />
is Los Angeles with $10.79 – a sum<br />
seemingly paltry to its bigger cousin<br />
at 15 bucks. A look at other Califor-<br />
Minimum<br />
Wage$15?<br />
THE SUIT MAGAZINE - JULY 2014
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