Archive for December, 2012

Without an Answer on Fiscal Cliff, Crisis of Confidence for Small Business Owners Renewed

Thursday, December 20th, 2012

So what are small business owners thinking about the Fiscal Cliff? While most focus on their businesses day in and day out, the subject of the Fiscal Cliff is putting a pall on their decision making ability. When discussing future plans, they are putting this issue in front of all others as the concerns regarding tax planning for the coming year and are trumping critical business decisions around growth, hiring and future investments.

Small business owners are asking questions such as:

  • Will my taxes go up?
  • What will the capital gains rate be?
  • Will this send the economy into a recession?
  • What will be the fallout from all the spending cuts?
  • Should I change my estate plan?
  • Should I pay out my retained earnings as dividends now?


New Crisis of Confidence for All Businesses

So what effect does this all have on the economic landscape, small business owners and consumers? It is creating a new crisis of confidence for all businesses, particularly for small businesses as it hampers their everyday operations and clouds their outlook for growth. While the cliff has unintended consequences, the effects are going to be very difficult to undo especially given the years of a slow and stalled recovery that have plagued the nation. The public discourse around the Fiscal Cliff is taking the wind out of the economy’s sails and bringing everything to a halt.

Threat to the Small Business Recovery, Engine of our Economic Growth

Today, the economy is actually seeing consistent improvement from almost all sectors for the first time since the Great Recession, including manufacturing and a recent tailwind from the housing industry.  Despite this economic progress, every day that goes by without a deal or action by Congress heightens the risk that small business owners will fall into a state of paralysis, or worse – make decisions based on non-economic events that do not turn out as perceived. We are talking about jobs and people’s lives here. When the small business recovery is stalled and the outlook is increasingly uncertain, the job market suffers as people do not get hired, construction spending slows as projects are put on hold and economic activity as a whole is put to a jarring halt. The heated political debate does not have as much influence over our economic recovery – it’s the lack of a sense of a sustainable direction and confidence in the future policy of our government that is concerning Americans.

The Path Forward

We as a nation are putting the future of our economy at risk. We need a sensible plan that takes all the stakeholders’ needs into account, and cares the most about jobs and doing no harm, rather than about being true to a political ideology. Small business owners have supported this recovery, and have made the necessary investments, taken the appropriate risks, and put it all on the line in order to thrive despite the strained environment. The small business sector should not suffer at a time when there is an opportunity for businesses to continue on their recovery, prosper, expand, and hire. Now is the time to come to the middle, put politics behind us, and lift this much talked about issue off the table.


Watch my latest CNBC interview below  for more of my thoughts on the fiscal cliff and its implications on small business.

NJCB named 2012 Business of the Year!

Tuesday, December 4th, 2012



I am honored to announce that last night NJBIZ named us the 2012 Business of the Year. We were recognized as one of the state’s most dynamic businesses for our commitment to professional excellence, business growth and community service.

We could not have earned this recognition without the dedicated efforts of the North Jersey Community Bank team, and the amazing things they do each and every day. It is their relentless commitment to our mission that has produced outstanding results.  I would also like to thank our loyal clients for their continued support over the years.

I am proud to be part of such a dedicated team, and look forward to continuing our success together.