Thursday, March 21, 2002

Morning Memo

Hot tips and news to start your business day

Today's Number: 399.6 million

        Worldwide sales of new cell phones in 2001, down 3.2 percent from 412.7 million handsets in 2000, the first drop ever, tech consultants Gartner Dataquest reported.

— The Associated Press

Today's Mover

        • Thomas Urban has been named president and chief executive officer of Mercy Health Partners of Southwest Ohio. Mr. Urban came to Mercy in 1993 as president and chief executive officer of Mercy Hospital Fairfield/Hamilton.

— Shirley Dees

Today's Career Talk

        Fear of obsolescence leads people to pay more for products that can be upgraded, says Scott McKain, author of All Business is Show Business: Strategies for Earning Standing Ovations from Your Customers and Employees. “The worst place, however, for any product or service is somewhere in limbo between upgradeable and disposable,” he says.

— John Eckberg

Today's Money Tip

        Most professionals advisers recommend diversifying so that no single investment makes up more than 20 percent of your total assets. But when considering how diversified your assets are, be sure to consider all of them. Take your 401(k), for example. If you have $30,000 in your 401(k), you might think a single investment worth $10,000 makes you overly concentrated at 33 percent. But if you also have $30,000 in another account, then the concentration of that same $10,000 holding is only 17 percent of your total assets of $60,000.

— Amy Higgins

Today's Company: Blaine's Fine Men's Apparel

        La Mode For Men: Buddy Goldstein opened Blaine's in the fall of 2000. Despite a successful career in men's wear retailing, Mr. Goldstein had never before owned his own business. The shop, in downtown Montgomery, has bucked the softening trend in retail clothing sales, posting modest gains, especially in the fourth quarter of 2001 and early 2002.

        Scoring Success: Mr. Goldstein used the services of SCORE (Service Corps of Retired Executives) in planning his new business. SCORE also helped him determine the best location and negotiate good terms for financial resources, and continues to provide advice. Blaine's Fine Men's Apparel was chosen SCORE's national “Client Success Story“ for the month of February.

        Putting Down Roots: In February 2001 Mr. Goldstein helped form the Historic Montgomery Business Association to market the city's business community and help merchants work together more effectively. The contributions of the association were recently recognized by the City of Montgomery.

— Jenny Callison



New owners take over Chiquita
Argosy pulls in less money for February
Firm works to maintain edge
New-home pace rose last month
Andersen pleads not guilty
Andersen employees stand by their firm
Compaq investors approve HP deal
Kmart can keep on selling Martha and Mickey items
Krispy Kreme's fresh idea: doughnut-mobile
Tristate Summary
Business Digest
- Morning Memo
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