From The Center for Financial, Legal, & Tax Planning, Inc:

It isn’t exactly a secret that taxpayers and business owners consistently look to pay as little money as possible to the federal government. Whether they use tax deductions, tax credits, or any other means of reducing their tax burden. When it comes to business owners, one way to do this is to evaluate the taxation structure of your corporate entity. There are several different options to choose from, such as sole proprietors (where income is reported on an individual’s Schedule C) or partnerships (where income is reported on a business’ Form 1065. Other individuals, however, may find it to be more beneficial to elect as either an S corporation or a C corporation status with the Internal Revenue Service to effectively minimize tax burdens.

Fastener distributor The Olander Company, Inc. has confirmed last month that they are now certified by ISO, the International Organization for Standardization, as meeting the high standards for quality outlined in their ISO 9001:2015 edition.

When serving industries like medical technology, semiconductor manufacturing, and automotive and aerospace engineering, a meticulous quality management system is key. Olander’s internal processes focus on continuous improvement and thorough documentation. “Our policy is that Olander meets or exceeds our customer’s requirements with quality products at competitive prices, through our Quality Management System (QMS) and continuous improvement process,” says Richard Thiedt, Operations and Quality Manager at Olander, who oversaw the auditing and certification process. “We’re glad to finally be certified,” he continued. “It has always been a priority for us at Olander to be excellent corporate partner to our customers, and they’ll now have the additional assurance of our ISO certification. We stand by our products and services, and constantly work to improve.” 

Please enjoy the November 2022 Tax Article from The Center For Financial, Legal & Tax Planning:

Big Bolt expands its presence in the strategic secondary services growth category.

Big Bolt, LLC (“Big Bolt”), one of the largest specialty fastener manufacturers in the US, announced it has acquired Delta Secondary, LLC (“Delta”), an Illinois-based manufacturer of fasteners and provider of secondary services.

LindFast Solutions Group (LSG), a leading master distributor of specialty fasteners in North America, today announced the completion of its purchase of Star Stainless Screw Company (Star). Together LSG and Star will be even more effective at meeting the needs of their diverse customer base, ranging from stainless to inch, to metric, to value-added services, and more.

"We believe the combination of LSG and Star will give our collective customers unparalleled ability to meet all of their fastener needs with one company," said LindFast CEO Bill Niketas. "With Star's 14 branches and distribution centers across North America and the 16 locations we have, this collective footprint will allow our customers to access product even more efficiently than in the past."

From the NAW Blog:

There is a silent but growing profit drain leaking away at wholesale distributors this year, and according to experts, it’s likely to double next year and beyond. For the average distributor with an EBIT of four percent, it could potentially reduce their profitability by 60 to 150 basis points, or 15 to 25 percent. However, for a select group of companies, it will increase profitability by the same percentages. What’s going on here?

From the NAW Blog:

AI is an incredibly beneficial tool for distributors who want to transform their offerings and get ahead of the competition. Artificial intelligence can analyze complex data and provide unique insights into customer patterns, product demand and future sales. With it, you can support various sales channels and enhance how your team interacts with customers.

The Fastener Training Institute (FTI) is proud to announce Marketing Director Jo Morris has been named the “2021 Woman in Business” by Women in the Fastener Industry (WIFI). WIFI defines a Woman in Business as a champion and community advocate who works to unite, educate, mentor and encourage other women to reach their full potential.

“I am immensely grateful to belong to such an outstanding association and honored to receive this special award,” said Morris. “There are many women in the fastener industry I look up to and respect, especially my fellow WIFI members, who have worked hard over the years to advance women in the fastener industry.”

S.W. Anderson Company, a specialty and class C component distributor, has made two acquisitions: Jet Fitting & Supply Corp, a specialty and standard fastener distributor in Santa Ana, California, since 1946; and The M.E. Martin Company, a standard fastener distributor in Cleveland, Ohio, since 1977.

"We're thrilled to add both the Jet Fitting and M.E. Martin employees to S.W. Anderson," stated Jim Degnan, President of S.W. Anderson Company. "Their ability to work on applications with customers will pair well with S.W. Anderson's technical sales model and access to engineered products. We look forward to supporting our newly acquired customers with more products, services, and technical resources to help grow their businesses.

As one of the world-class industrial fasteners trading platforms, the sixth edition of "The Taiwan International Fastener Show (Fastener Taiwan)" will be launched from April 19-21, 2022 in Kaohsiung City, Taiwan. This long-awaited gathering of the world-leading B2B fastener industry leaders is a one stop shop to conduct business with stakeholders across the global supply chain.

In 2022, the exhibition provides exhibitors and buyers with a complete virtual and real integrated digital marketing platform. Hybrid online & offline events such as online exhibition, online product seminar, live tours, global fastener forum, online procurement meeting and on-site guide for online visitors.

Last month, fastener distributor Olander unveiled its new website, which offers visitors the ability to order fasteners and hardware online. The site also features free 2D and 3D CAD (computer-aided drafting) files and spec sheets for over 40,000 products, and practical advice on the purchasing and application of different fastener options for all types of projects.

While Olander largely serves the industrial community (primarily in the medical, semiconductor, and aerospace fields), it has also been a trusted resource for engineers and inventors through its robust counter and will call offerings. With the health guidelines necessitated by Covid-19, the company has updated its curbside pick-up service; however, CEO David Byrne recognized the opportunity to release the long-awaited e-commerce option for Olander customers. Now, with a few keystrokes, users may find the precise hardware they need and place their orders (for shipping or local Will-Call pickup) 24 hours a day, 7 days a week. The in-house Sales Team and dedicated Business Development Managers will continue to work directly with clients, as well.

This report will walk you through the structural bolts market from the following aspects: Consumption, Sales, Revenue, Price, Cost, Gross margin, Market size, Market share, Growth rate, Trends, etc.

For more information, check out https://winmarketresearch.com/

From the NAW Blog:

Marketplace pressures continue to evolve and change the competitive landscape, ranging from commoditization to eCommerce to the changing workforce. These factors are beginning to negatively impact the bottom line for many distributors. Distribution is traditionally a thin-margin business to begin with, so these new pressures are challenging many distributors. What is your company’s profitability outlook for the years to come?

Read on for NAW's Government Relations Update 2021-25 - October 22, 2021:

1. Latest on Reconciliation/Build Back Better (BBB) and the Infrastructure Bill (BIF)

May 2021 Article by:

Michael S. Hampleman & Roman A. Basi

Basi, Basi & Associates at The Center for Financial, Legal & Tax Planning, Inc.

If you are a business owner that received PPP funds but did not utilize them on your tax return, pay close attention to the substance of this publication. The IRS has publicized a safe harbor for certain companies that received first-draw Paycheck Protection Program (PPP) loans but did not deduct any of the original qualified expenses because they relied on direction issued before the execution of the Consolidated Appropriations Act, 2021 (CAA), in December 2020.

MORE JOBS LOST IN CALIFORNIA?
An estimated 100,000 combined industry jobs are at risk.  The California Air Resources Board (CARB) is planning to phase out decorative hex chrome by 2023. California metal finishers will no longer be able to provide this service.  A ban is extreme and overkill.

Fact: Decorative and functional (hard) chrome and chromic acid anodized metal finishing is less than 1% of total chrome VI emissions for the entire state of California.

You may have seen recent posts about Pac-West’s new and improved LinkedIn page. We want to offer a more detailed explanation of why we’re making the switch and the benefits of following our new page.

For years, Pac-West’s main LinkedIn presence has been our group. Making the switch to a company page has a variety of upsides: for one, our posts will now be viewable publicly, so that anyone who is learning about Pac-West for the first time can see what we do without having to join the group. In addition, the new page comes with a great new benefit for our members: the ability to tag Pac-West in your LinkedIn profile.

Advance Components is proud to announce a new partnership with Gage Bilt, a top manufacturer of rivet and lockbolt installation tools and components. Advance will now stock Gage Bilt’s extensive line of pneudraulic, hydraulic and pneumatic tools.

Since 1956, Gage Bilt has been manufacturing economically-priced, heavy duty riveters to install a wide variety of aerospace and commercial fasteners. Gage Bilt tools are ergonomically designed for fast installations, reduced hand fatigue, and simple maintenance. Gage Bilt tools can be used to install fasteners from POP®, Avedel®, Cherry® and Huck®.

From the NAW Blog:

Personalization is table stakes for any successful e-commerce website that offers more than a handful of products. As the diversity of products grows and each item becomes more targeted in use, it’s not practical to present one’s full selection to all customers (i.e., “Results 1-25 of 151,432 products”). It falls to site merchandisers to refine those results and decide which products to present to each customer.