Stock Yards Bank Opens New International Department
www.syb.com
Community Bank Service & Personal Attention with International Reach –
Since its founding in 1904, Stock Yards Bank has prided itself in the level of customer service that it provides to its customers. This same level of customer attention and banking expertise which distinguishes Stock Yards from other financial institutions is now available to its customers transacting business outside of the United States. Whether you are transacting business in currencies other than the US Dollar, or you are buying/selling on Letter of Credit terms; Stock Yards is eager to assist you. Give us a call and experience ‘small bank’ feel with ‘big bank’ service capabilities.
Contact Mark Klein, CICP, Stock Yards Bank & Trust
502-625-9949 or Mark.Klein@syb.com
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Big Ass Fans Groundbreaking
www.BigAssFans.com
Big Ass Fans had a groundbreaking in April for their new corporate headquarters in the Blue Grass Business Park. Big Ass Fans plans on building a new R&D center, as well as a manufacturing and headquarters building on 32 acres. Mayor Jim Newberry, Carey Smith, Owner and Chief Big Ass of Big Ass Fans, Jim Gray, Vice Mayor and President & CEO of Gray Construction, and Bob Quick, President & CEO of Commerce Lexington all made remarks before the groundbreaking ceremony. After the four leaders broke ground with shovels, Fanny, Big Ass Fans' mascot, broke ground with a bulldozer! With the expansion, the company plans to add over 80 new highpaying Congratulations to Big Ass Fans on their new home!
- Commerce Lexington, May 2008
Alltech’s Ecofin Earns $30M Federal Grant for Biorefinery
www.alltech-bio.com
Ecofin, a subsidiary of Nicholasville-based Alltech Inc., has been awarded a $30 million grant from the U.S. Department of Energy to help fund the company’s planned $70 million biorefinery in Springfield, Ky.
The biorefinery will be one of the first in the United States to utilize cellulose – such as switch grass, corn cobs and corn stover – at raw material levels of up to 30 percent. It will then be converted to ethanol and other value-added products.
The biorefinery will also have the capability to produce algae, which can theoretically produce 5,000 gallons of biofuel per acre per year, as compared to corn, which can produce 400 gallons per acre. In addition, algae can absorb up to 450 tons of carbon dioxide per acre when grown commercially.
“The rural community biorefinery is truly a missionary of new technologies,” explained Dr. Pearse Lyons, president and founder of Alltech. “Cellulosic ethanol utilizes raw materials which are readily available and which alleviate the current demand for grain for ethanol production. With commodity prices reaching an all-time high and with ethanol production forecast to account for 30 percent of the U.S. corn harvest by 2010, we must focus our attention on a sustainable path to alternative energies.”
Construction on the facility is expected to begin next month, and it could possibly be producing ethanol within 16 months. The biorefinery will employ approximately 90 people.
- The Lane Report, May 2008
Chilton Partnership Leads To More Free Help for Taxpayers
www.cmcpa.com
With the assistance of Chilton + Medley Certified Public Accountants and local accounting students, the Louisville Asset Building Coalition was able to significantly increase the number of low-income taxpayers it helped file taxes in 2008. The coalition, which offers a free Volunteer Income Tax Assistance program, also helped increase the amount of tax refunds paid by the state and federal government to individuals in Louisville. Preliminary number showed that 7,146 taxpayers received assistance this year, compared with 5,031 in 2007. And the amount of refunds to individuals helped by the organization totaled $7.96 million, up from $6.3 million in 2007.
Eric Seto, executive director of the Louisville Asset Building Coalition, credited Louisville CPA firm Chilton & Medley with helping it recruit student preparers during this tax season, allowing the nonprofit organization to help more individuals file tax returns. Chilton & Medley sponsored a Collegiate Challenge to gain participation from students at the University of Louisville and Bellarmine University. Representatives from the firm made a presentation at each school, challenging students to volunteer for the program.
At Bellarmine, 48 of 50 accounting students signed up on the spot, Seto said. The UofL Accounting Club also immediately committed to the program. “We were looking for someway to get private business involved” Seto said in the release, “but we couldn’t realistically expect an accounting firm to do it themselves during their busiest time of the year. “I knew if the city’s largest accounting firm got behind the program that would generate a lot of interest on campus.”
- Business First of Louisville, May 23, 2008
Papa John's Success Comes with Global Growth
www.papajohns.com
Ever have a craving for a shrimp pizza but just can't find one on the menu? Some Papa John's pizza franchises will be happy to oblige, but you'll have to travel to China to find them.
How about potato wedges on that deep dish? Try Korea.
Want green peas on your thin crust? Stop by a restaurant in the Middle East.
According to Joe Smith, vice president of international finance and development for Louisville-based Papa John's International Inc., "flexibility and adaptability" are key to successful overseas operations for the international pizza company.
"If people in different parts of the world want toppings that aren't on our menus in the U.S., we make every effort to provide that specialty pizza," he said.
Founded by John Schnatter in Jeffersonville in 1985, Papa John's is one of the largest and most successful pizza franchise companies in the United States. However, the company's first foray into the international market ended up being less than successful.
Starting closer to home, Papa John's opened three franchise stores in Mexico City in 1998. In spite of extensive training, guidance in developing business strategies and myriad other support services designed to ensure success, the franchise for these stores eventually was revoked and new franchisees were secured.
Smith said Papa John's officials learned some valuable lessons from their early international experience and from subsequent, more successful efforts to enter the international market.
"It's important to be sure we have the right franchisees," he said. "They should have food-service experience, management abilities and basic knowledge of financial systems. They have to understand that restaurants are every day and require hard work. They also have to understand that our partnership is long-term, preferably at least 20 to 25 years."
Read the full article HERE
- Business First of Louisville, June 6, 2008
BFW Inc. Finds Success in Several International Markets
www.bfwinc.com
When sales of BFW Inc's surgical headlights in China dropped from between $80,000 and $120,000 annually to $0 about a year and a half ago, president and CEO Lynn Cooper understandably was concerned.
The market in China had been strong for years.
In search of answers, Cooper contacted the president of the distributing company and learned that a scandal was unfolding in China's medical community that involved doctors taking kickbacks from medical-equipment suppliers.
"International sales of medical equipment had virtually stopped," Cooper said. It wasn't until high-level personnel changes were made in China that sales began to pick up again.
According to Cooper, expanding sales into international markets can be challenging and full of surprises, but it's well worth the effort.
"Opportunities are enormous for any company with products people want and need," Cooper said. "I would strongly encourage businesses wanting to expand sales to consider exporting their products. Our efforts have been extremely rewarding."
Read the full article HERE
- Business First of Louisville, June 6, 2008
Kentucky Companies Have Resources to Sell Their Goods Worldwide
www.gdm.com
Attorney Robert L. Brown, a partner with Greenebaum Doll & McDonald PLLC, has been involved in some form of international business ever since he graduated from the University of Louisville in 1971 with a bachelor's degree in international studies.
Since that time, he has earned several advanced degrees related to international law and business and worked with numerous international companies as chairman of Greenbaum's international and China teams.
He also is vice chairman of the Kentucky World Trade Center and just recently gave up his title of interim president of the center, which offers counseling, market-research services, translation assistance, trade education seminars, international events and programs, cross-cultural training, trade missions and referrals to local international service providers.
Brown talked with Business First about opportunities for Kentucky businesses and the advantages of trading in international markets.
How does Kentucky compare with other states in terms of doing business overseas?
"In 2005, Kentucky ranked 19th among the 50 states in exports and seventh in exports per capita. Kentucky exported nearly $14.9 billion of goods during that year, which was a 14.7 percent increase over exports in 2004. Since 1996, Kentucky's exports have increased by $8.51 billion or 133 percent."
What advantages does Kentucky have in attracting international business?
"Logistics. The majority of the United States' population lives east of the Mississippi River, which means that Kentucky businesses can ship goods by truck and reach a high percentage of the population in one day. This is a great advantage."
Read the full article HERE
- Business First of Louisville, June 6, 2008
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