Driving your Business’ Value: A seminar by Cambridge Local First

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How much is your business worth? Whether you are planning to sell your business, grant stock options/restricted stock to employees, or transfer shares to family members for estate planning purposes, it’s important to know what drives the value of your business. We will explore valuation of privately held businesses through the lens of potential investors, as well as valuation methodology and tax compliance according to IRS regulations.

Join us on July 15th from 9-11AM at Cambridge Trust, 1336 Massachusetts Ave in Cambridge, for an in-depth and personalized seminar. We keep our groups small so you are able to ask the questions you need answered. Refreshments will be provided. This seminar is proudly sponsored by Cambridge Trust Company. Tickets are $20 for Cambridge Local First members and $35 for the public and are available via Eventbrite.

Alicia Amaral is a Director for a national business valuation firm. She also teaches accounting and entrepreneurial finance at Tufts University. She received her Bachelors in Business from Furman University and her Masters in Accounting from Bentley University.

Register Today!

Ode to Dad

Sometimes they're grumpy, sometimes they're busy, sometimes they go get the mail in a pair of embarrassingly tight bleach-white briefs and there's nothing you can do about it. Dads are by nature, mysterious. But, it is our duty to bear witness to their bold dismissal of social norms, like public nudity. It also wouldn't hurt to take a couple notes. Dad's are stockpiles of wisdom on a variety of topics from fly-fishing, negotiating a raise, or how many miles you can drive with the gaslight on. Join Cambridge Local First as we explore all the different localcentric ways to appreciate the dads in our life for all their quirks in the hope that one day we'll be lucky enough to follow in their footsteps.  

For the out-of-state dad...

Dad might not be in arms reach this year, maybe visiting him isn't feasible with your workload. However, there are a bunch of great ways to send a thoughtful gift to him.

Does your dad love the meat sweats? A savory or sweet tooth respectively? With the advent of the all-knowing internet you can send your daddy dearest a customized gift to match his tastes perfectly. Try Salt & Olive for a curated bonanza of lux (in store they have even more!) Their neighbor Follow the Honey can deck out some raw honey for Pop. Let us not forget Formaggio Kitchen's online shop. A hand selected savory "I love you" is only a click away. 

Of course an important step to gift giving is intent. You're going to need an outlet for all your dad-feelings. Let's get emotional with the amazing card selection at Black Ink in Harvard Square, or Bob Slate Stationer, right across the street. 

Need more options? Check out local online maker marker, The Grommet. They've curated a bunch of amazing gifts, made by real people, for every kind of dad. 

credit: Hungry Travelers featuring Formaggio Kitchen

Before the big day...

Searching for the perfect present that sums up years of gratitude and "I'm sorry"s for the accidental destruction of his favorite power tool, kitchen gadget, or automobile? You can absolutely find it in Cambridge. 

Does your dad love remembering the good old days? Why not facilitate his "When I was your age..." mantra with a vintage record from Planet Records in Harvard Square or a classic Hawaiian shirt from Great Eastern Trading Co in Central Square? Oona's Experienced Clothing in Harvard Square is full of blasts from the past. If you want to remind him of what city lines looked like when he was your age you can buy him a historic map of Cambridge from Ward Maps in Porter Square. 

Maybe your dad is more interested in what's going on now. Might be a good time to dazzle him with the latest technology that can improve his day to day antics. Check out Sound Lion in Harvard Square for amazing audio finds. For something right up his alley check out the selection of  gifts from Boutique Fabulous in Inman Square, or Graymist in Huron Village. If you're feeling very grateful it might be a special treat to head over to Swiss Watchmaker in Harvard Square, they carry the creme de la creme of wrist-wear. 

credit: Yelp featuring Swiss Watchmakers

For the dad about town...

If your dad is in Cambridge this Father's Day consider one of Cambridge's dadtacular restaurants or clubs. 

There's hundreds of great restaurants in Cambridge with enough selection to please the palate of the meat&potatoes or vegan dad alike. One tip, reservations! You want to show the old man how under control you've got everything so step it up by calling ahead to Alden & Harlow, Ole Mexican Restaurant, Cambridge Common, Craigie on Main, Christopher's, Frank's Steak House, Courthouse Seafood, East Coast Grill, Tupelo, Park, or any of the incredible class act dining establishments we call our own. Want something specific? How convenient that you're already on our website! Check out our online directory of locally owned restaurants. 

Maybe dad's a music man, or maybe he just thinks he is. Let the toe-tapping and bottom lip-biting commence! Check out Cambridge's incredible venues like Passim, Ryle's Jazz Club, the Lizard Lounge, and Toad. They're just that perfect mix of hip and comfortable that will create a safe space for all his awkward dance moves. 

credit: The Boston Globe featuring Frank's Steakhouse

When in doubt, go with what he loves!

Whether it's a neat bourbon or a rosemary bush, you know your dad best. If you're stuck go with what you'll know he'll love. Your boring is ultimately his classic and appreciating him for who he is, well that's half the battle you fought when you shared the same roof! (Or maybe still do!) Father's Day is great opportunity to say "Hey man, I know who you are, and I love you for it. Now please go put on some pants.

Maybe your dad is a tough sell. Maybe he's just enough to have everything he could want. My advice is not to both getting him something you'll hope he'll use. Better to get him something you know he'll enjoy like a vintage wine, locally brewed beer, whiskey, or cured meat. These aren't things he's likely to buy himself which is why you can make a point to treat him. Great places to pick stuff up include, Central Bottle Wine and Provisions, Savenor's Butcher & Market, Cambridge Spirits, or Liquor World.   

Does dad have a green thumb? Does he spend more time in the garden talking to his sweet pea's than he does talking to his biological sweet pea? Now is the perfect season to head to one of Cambridge's amazing florists to set him up with the perfect plant. Did you know most herbs can be grown inside the house? Now he'll be able to hang out with you and still croon to one of his green children. 

credit: swelectricinc.com featuring Cambridge Spirits

Looking Good, Looking Local: Recapping CLF’s Look of Local Fashion Show

The Look of Local Fashion Show celebrated local retailers and makers in Cambridge. Businesses and makers worked individually and as teams to show off their summer collections on the runway. Vendors set up pop-up tables to give guests a chance to buy some of the amazing items on display while community volunteer models prowled the cafe at Workbar in Central Square. 

Everyone turned up to make this a spectacular night. Central Square Florist donated amazing floral arrangements, MMMMAVEN connected us with an incredible DJ, Cuisine En Locale served an incredible array of locally sourced food, beer, and wine. And of course, Eastern Bank made this entire event possible by sponsoring Cambridge Local First.

We had an incredible roster of retailers and makers at the show and on the runway. For more information about event details take a look at the online version of the event program or click any of the photos to be taken to the corresponding business's website.  

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A little pre-show shopping at businesses pop-up tables.

 

 

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Photograph by Michael Rose Photography

 

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Having a hard time not laughing with hilarious co-host and actor, Michael Messina

 

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The crowd cheers to start the show!

 

Local Banking 101

Want to start managing your money at a local bank? Here are some of the most common types of accounts and how they work!

Checking Accounts:

A checking account is used to deposit your money including paychecks, cash or refund checks and to pay for short-term expenses. You can withdraw money from your checking account by using a debit or check card, writing checks or withdrawing cash from an ATM. Many local banks offer additional services such as mobile deposit, where you can deposit checks from your phone. 

Savings Accounts:

The purpose of a savings account is to put money away for longer-term needs or emergencies. Money deposited in a savings account earns interest. Interest is the amount of money you earn calculated as a percentage of the money you have in your account. The bank or financial institution where you have your account pays interest for the privilege of using your money for other purposes such as providing loans to other customers. While interest varies by institution, many local banks offer better than market rates. 

Interest-Bearing Checking Accounts:

Some banks offer interest-bearing accounts. The amount of interest paid is usually much lower than a traditional savings account and often you are required to keep a certain amount of money in the account.

Certificate of Deposit (CD) Accounts:

A CD is an investment account in which you agree to let the bank keep your money for a specific period of time. The bank, in turn, agrees to pay you a specific rate of interest on the money you keep in the account. The period of time often varies. The longer the timeframe and the greater the amount of money deposited, the higher the rate of interest paid. There is usually a penalty if you take your money out before the end of the agreed upon timeframe.

Steps for Moving Your Money to a Local Bank

Make Your Money Local!

To continue our Local Banking Month series, we wanted to provide you with all the necessary steps for moving your money to your nearest local bank!

  1. Organize current accounts. Know which accounts you have, so you know which accounts you need to close. Make sure all pending transactions have time to clear.
  2. Pick your new bank or credit union and open your new account/s. Open your new account with a small deposit (electronic transfer is fastest and safest way to do it).
  3. Change your automatic deposits and payments. Make sure to update any direct deposit and automatic payments attached to your old account and update them. (ex. car payments, credit cards, utilities, Clipper card and loan payments).
  4. Transfer your money into your new account. Once all automatic payments and direct deposits are linked to your new account, electronically transfer your money from your old Big Bank to your new account. If electronic transfers aren’t possible for you, you can get your money in the form of a check when you close your Big Bank account and deposit it into your new account.
  5. Say Goodbye to the Big Bank. (This is the fun part.) Go to your Big Bank and tell a teller that you want to close your account (each bank will have different procedures for closing accounts). Get written confirmation that your accounts are closed.

To learn more, read the rest of this piece written by the Ella Baker Center for Human Rights.

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