News (All) - Page 54 of 164 - Campolo, Middleton & McCormick, LLP

CMM Demonstrates Leadership by Raising Critical Funds for Staller Center

Posted: March 18th, 2020

Now more than ever, it’s critical to support the Long Island institutions that bring us together as a community. The Stony Brook Staller Center hosts so many events throughout the year, but their biggest point of pride is the annual live performance season. In response to concerns about COVID-19, the Staller Center has been forced to cancel all events through May 15, 2020. Please join us in supporting the Staller Center now to ensure their health and longevity when things settle down and we’ll be returning to them for a sense of normalcy and joy!

As part of our focus on the arts in 2020, CMM Cares is proud to support the Staller Center for the Arts at Stony Brook University. Staller brings outstanding and diverse performances, exhibits, and educational programs to the region in the fields of music, dance, theater, film and fine arts, and their efforts are fundamental to strengthening Long Island communities socially, educationally, and economically. The arts inspire us, bring us joy, help us express ourselves, and connect us, especially in difficult times such as these.

To learn more about ways to help support CMM Cares, Inc. and the Staller Center, please contact vtringone@cmmcares.org.

COBRA Considerations for M&A Transactions

Posted: March 18th, 2020

By: Christine Malafi, Esq. email

Tags: healthcare, labor & employment, M&A

Business owners: are you aware that during a business reorganization, merger or acquisition, stock transfer, and/or asset sale, you may be required to offer continuous COBRA (Consolidated Omnibus Budget Reconciliation Act) medical coverage to qualified employees?

Recent IRS regulations provide that employees who are let go from a position or whose employment status changes as a result of a business reorganization may qualify for continued COBRA coverage under the law. M&A transactions, stock transfers, or asset sales could create an overlap in job tasks where not every employee is guaranteed a continued position after the dust settles from a reorganization, and, therefore, such business reorganizations are “qualifying events” under COBRA.

Under federal and state laws, a qualifying event legally obligates the reorganizing entity to provide COBRA coverage and all appropriate notifications to the affected employees who paid into a healthcare plan through their workplace during the qualifying period. If the reorganized group no longer maintains a healthcare plan after the sale, the “new” entity (“purchasing entity”) is legally required to provide COBRA coverage with all notice requirements if: 1) the purchasing entity maintains a group health plan, and 2) in the case of an asset sale, the purchasing entity is a successor employer, meaning they hired most of the same employees to work the same jobs when continuing business operations.

Businesses should also be aware that although the parties involved in an M&A transaction may assign responsibility for COBRA coverage among themselves within the contract, if the designated entity defaults on its obligation, the party legally required to provide continued insurance coverage under the COBRA statute will not be absolved of the contracted-away obligation.

The requirements on both the selling and purchasing side vary based on the type of business transaction occurring, as well as on its outcome. Please contact our office to discuss your particular situation.

Municipal Client Advisory Regarding COVID-19

Posted: March 17th, 2020

March 17, 2020 – The governor has implemented changes in an effort to reduce the spread of COVID-19 that directly impact many of our municipal clients, including villages, towns, and cities. Below is an outline of those changes that we feel most directly and significantly impact municipalities.

Any March village elections are postponed to April 28, 2020.

Local governments with their own local police departments or emergency services must provide surgical masks to their police officers and emergency responders.

The governor has asked that local governments identify places within their municipalities that can easily be converted to medical facilities.

All local governments have been called upon to reduce their workforce by at least 50% and to allow nonessential employees to stay at home. We suggest allowing nonessential employees to work remotely from home and, to the extent practicable, enacting staggered shifts for essential employees, including office staff, Highway Department, or Department of Public Works employees.

The governor has suspended laws and regulations relating to emergency procurement to the extent necessary to purchase equipment, services, supplies, or materials without following the standard procurement procedures.

The governor has suspended Article 7 of the Public Officers Law, thus permitting any public body to meet and take such actions authorized by law without permitting public/in-person access to meetings and authorizing such meetings to be held remotely by conference call or other similar service. The public must have the ability to view and listen to such proceedings and the meetings must be recorded and later transcribed.

Hopefully, with these changes, local governments can continue serving their constituents seamlessly and with as little disruption in services as possible. If we can be of any assistance please feel free to contact Scott Middleton at any time at (631) 738-9100, ext. 302, or smiddleton@cmmllp.com.

COVID-19: Municipal Client Advisory

Posted: March 17th, 2020

Moving Forward from COVID-19

Posted: March 16th, 2020

Dear clients and friends:

As COVID-19 continues to impact our communities and the world, CMM has instituted a modified remote work schedule for our team members, effective March 17. Everyone’s health and safety is paramount, and like many of you, we feel that this shift is necessary to be socially responsible and do our part as global citizens.

While we may not be physically in the office, business will – and must – continue. CMM understands how critical this time is for you and your business, and we will continue to serve you without interruption. Please continue to stay in contact with the CMM team member(s) with whom you work closely, and do not hesitate to call on us for any need.

As many businesses make the shift toward remote work, the use of webinars and technology is vital to sustain momentum. Be on the lookout for information from us about webinars for you and your team to join to stay engaged. The technology in our state-of-the-art training room is also available to you should your business not be equipped to handle remote service. Please contact Lauren at lkanter@cmmllp.com to discuss your needs.

We look forward to us all emerging from this unprecedented time stronger than ever. Thank you for your confidence and trust in us.

Sincerely,

Campolo, Middleton & McCormick, LLP

COVID-19: Moving Forward

Posted: March 16th, 2020

Campolo Featured in LI Herald Coverage of Family Business Awards

Posted: March 10th, 2020

By Matthew Ferremi

To celebrate family businesses on Long Island, esteemed owners gathered at the Carltun in East Meadow’s Eisenhower Park on March 4 for the inaugural Family Business Awards Gala.

RichnerLIVE, the events division of Richner Communications and Herald Community Newspapers, hosted over 40 of Long Island’s most successful family businesses.

Managing Partner of Campolo, Middleton & McCormick, Joe Campolo, explained why an event like this matters. “The reason I decided to be a major sponsor is because I thought it was a great idea to highlight family businesses,” Campolo said. “Family businesses are so important since they are the backbone of the Long Island economy.”

The guests began the night with a networking cocktail party, that included a selfie photo booth where honorees could take group photos, along with a silent auction; a portion of ticket sales were donated to EIHAB Human Services, multicultural not-for-profit organization dedicated to serving children and adults with disabilities, intellectual behavioral health challenges, and dual diagnoses with mental health illnesses.

Nassau County Executive Laura Curran expressed her gratitude for the thriving family businesses in the county during the event. “I just want to say thank you to everybody who runs a business on Long Island,” Curran said. “On the county level, we’re working hard to create a more business-friendly environment and we need you all to keep on doing well.”

Guests then proceeded to the dining room for dinner, keynote speech and awards ceremony. Before the awards were presented, Stuart Richner, chief executive officer and publisher of Richner Communications, described what it was like growing up in the family business founded by his parents Robert and Edith in 1964.

“My parents saw school vacations not as a chance to get away from Long Island, but for an opportunity for me to help out at the newspaper with my brothers,” Richner said. “Leading a family business is a privilege that comes with tremendous responsibility. It is often much harder than people realize, but I absolutely love what I do.”

Bernadette Castro, the chairperson for Castro Properties, was the keynote speaker. Castro’s father, Bernard, started the furniture business, Castro Convertibles, in 1931. She acknowledged that growing up in a family business is unique. “Two words I would use to describe family business: not normal,” she said. “Business was always spoken at our home, sometimes nicely and sometimes in a not-so-nice manner depending on what the topic was. First-generation business owners like my father are consumed by their business.”

Three major awards were presented: Legacy, to Esther Fortunoff-Greene; Green Legacy, to Stephen Hicks; and Richner Community, to Stew Leonard, Jr.

Accepting his award, Stephen Hicks, president of the Westbury-based Hicks Nurseries, explained how his family’s business, which began in 1853, has stood the test of time.

“One word to describe lasting through four depressions, one civil war, two world wars and 31 presidential administrations is stewardship,” Hicks said. “Each generation has set out to leave the business in a better way than when they found it.”

Legacy award recipient Esther Fortunoff-Greene, owner and president of Fortunoff Fine Jewelry, looked back on how her grandparents in Brooklyn originally started the business in 1922 before opening the Westbury store in 1964. She noted that having the freedom to make decisions in a family business is rewarding.

“What’s great about family business is that you don’t have to get permission from senior corporate powers, you can respond to changes and adapt,” Fortunoff-Greene said. “Of course family members have differing viewpoints but that’s what makes it fun.”

Richner Community Award winner Stew Leonard Jr., chief executive officer of Stew Leonard’s discussed how businesses must be able to evolve over time. “My 90-year-old father still can’t believe that 15 percent of our milk sales are from almond milk,” Leonard Jr. said jokingly. “This shows that the milk business is changing just like everything else in business. It’s important to stay in tune to what’s going on.”

To end the evening, all the honorees were presented with crystal awards. Master of ceremonies Antoinette Biordi, of News 12 Long Island, introduced the business owners as they walked on the stage to rousing cheers.

Originally published by LI Herald

Campolo Joins County Executive Curran to Recognize Stew Leonard, Esther Fortunoff, and Other Family Business Leaders

Posted: March 5th, 2020

We’d be hard-pressed to think of a better presenter for the Long Island Family Business Awards than Joe Campolo, who has devoted his career to growing the Long Island economy and protecting the businesses that make it run, whether through legal services, M&A, insurance, or corporate training. On March 4, Joe presented honors to Esther Fortunoff-Greene of Fortunoff Jewelry, Stephen Hicks of Hicks Nurseries, Inc., and Stew Leonard, Jr. of Stew Leonard’s and delivered remarks along with Laura Curran, Nassau County Executive. Joined by our friends at Protegrity Advisors, CMM Coverage, and CMM Strategies, we also enjoyed hearing from keynote speaker Bernadette Castro of Castro Properties and connecting with the award recipients.

CMM Leads the Way with Innovative Young Professional Series

Posted: February 27th, 2020

Everyone says they want to be successful, but the truth is, most people don’t want to put in what it takes to get there. So once again, CMM is taking the lead to help emerging leaders develop the skills they need to come out of the abyss of mediocrity and into the sea of greatness! On February 27 we kicked off Part 2 of our Young Professionals Series, where the future generations of our Forbes-recognized firm networked with their counterparts at other top area businesses in an exclusive setting. Following group networking sessions, proven business leader Joe Campolo shared a personal look at his own journey learning how to “Bleed to Succeed.” Joe talked about how the incredible work ethic of his grandmother, who just celebrated her 100^th birthday, has shaped his boundless energy to persevere and relentless desire to grow. Participants left with new connections and the motivation to create their own opportunities.

“This was a really good continuation of the series,” said one participant. “I attended the first part of the series last fall, and I think the sessions are progressing in a way that helps you to improve on your skills effectively.”

“It really struck me when Joe talked about the importance of me time. Right now with my work, my kids, and other tasks, I’m not prioritizing myself at all,” said another. “It’s interesting to consider ‘me time’ an essential part of progressing in my career.”

Thank you to our friends and business partners at Sasserath & Zoraian, LLP, for sponsoring the series and recognizing the importance of training our young professionals! Check out some photos from the event below.