Indianapolis Recorder, Indianapolis, Marion County, 3 January 2003 — Page 23

FRIDAY, JANUARY 3, 2003 ■ PAGE D1

INSIDE*D*SECTION*CLASSIFIED*REAL ESTATE

[Top business stories of 2002

•sv

Rev. Charles Williams

By NICOLE C. COOPER Recorder Correspondent

As 2002 comes to a close, we take a look back at some of this year’s defining moments in the Af-acan-American business community, both locally and nationally:

iocally: f • Rev. I down as c

Rev. Charles Williams stepped own as president off ndiana Black Expo to concentrate on restoring

his health.

• Urban League President Sam

Angela Cain Jones retires after thirty-four years citing health reasons. Sam Jones has never been one to back down from a fight. A southerner by birth, Jones has spent decades of his life being involved and making a difference in the African American community. • CaroleneMays,The Indianapolis Recorder’s president and general manager was elected as the state representative of the 94 th District. • Angela Cain returns to Indianapolis as the Community Affairs Director for WTHR-Channel 13,

Robert Johnson

Indianapolis's NBC affiliate. Nationally: • Robert Johnson, founder of Black Entertainment Television (BET) becomes the first AfricanAmerican majority owner of a major sports (new basketball expansion) team. • Metropolitan Life lost a class action lawsuit and has been court ordered to pay restitution to African Americans and other non-Cau-casians for overcharging on insurance polices issued before 1973.

Sam Jones

• Essence Communications Partners Inc., publishers of Essence Magazine releases its ground breaking study on Afri-can-American women; WOW Report-Window on Our Women. • DaedriaFarmer-Paellmann files a lawsuit against major U.S. corporations (FleetBoston Financial, CSK railroad firm, Aetna insurance company with 100 more companies to be added) for slavery reparations.

Experts expect more economic gains in 2003

* Economic forecasters say Indiana is in the midst of a recovery bat should continue in 2003. “This recession is over and robably has been over for ayear; )02 was already the first year of be upturn,” said Morton Marcus, irector of the Indiana Business search Center at Indiana University’s Kelley School of Business. The news is good for those who patched the state lead the nation in the number of jobs lost between - January 2000 and January 2002. But it’s little consolation to about 20,000 Indiana workers ^hose unemployment benefits lave run out because Congress adjourned without granting an extension. At least 3,400 workers were laid off statewide in October and November, including 489 at dieel engine maker Cummins’ Cojmbus plant, 350 at seatbelt laker Autoliv North America in

fndianapolis and 259 at United Airlines’Indianapolis operations, accordingtothestate Department of Workforce Development. In December, more than 500 workers were laid off, according to the state agency and company announcements. That does not include those who lost jobs because of seasonal cuts. Marcus said Indiana likely will continue to see layoffs until businesses become confident that the recovery is here to stay. “Many tend to hang back because they want to see evidence it’s picking up (before) they hire back," Marcus said. “It’s all a question of whether businesses realize things are turning around.” But there are signs that the economy is turning around: • The number of layoffs has slowed. More than 21,000 Indiana workers were laid off in the first nine months of 2002, com-

pared with 40,361 layoffs in all of 2001, according to the Department ofW orkforce Development. • More than 22,000 manufacturing jobs were lost in 2001, but only 6,814 in the first nine months of 2002. • The state's unemployment rate is expected to remain below the national average. The state’s rate for November w’as 4.9 percent, while the nation’s was 6 percent, according to the U.S. Bureau of Labor Statistics. But some of the laid-off workers will be recalled as the economy picks up. Of the 96 companies that filed layoff notices with the state through September, 46 expected to recall more than half their workers, according to the state. Most of Indiana’s job losses - about 75,000 of the more than 100,000 layoffs since January 2000 - were in manufacturing, said Patrick Kiely, president of

YOUR MONEY MATTERS

Start this New Year right

By MICHAEL G. SHINN Special to The Recorder Twas the night after Christmas and the way that it went, not a dollar was stirring . they all had been spent.

Wal mart and Kaufman's are singing with glee. They’ve moved all their inventory- to under our tree. The credit card hills are soon to come in. Forget about saving, when’s the next hinge? Business and government both did their jobs. Now we are all cry ing because we're the poor slobs!

! I don’t know about you, but if seems that the commercialization of Christmas moved to the super level this season. Advertisements were bigger, the professed discounts were deeper and the economic appeal for saving the economy grew louder! , Too many families were baited into the buy, charge and regret it cycle that attempts to tuwelope us all at this time »ery year. There has to be a letter way to financially survive tne onslaught of Madison Avenue generated propaganda

A t >1

that attacks us each year. The antidote to inoculate you and your family against the Madison Avenue hype is to have a clear set of family financial goals. Having clear financial goals will help you recognize and make the trade off between emotional holiday spending and laying the groundwork for achieving your family’s financial success. Seven Steps to Setting Financial (ioals: Step 1 - Sit down with a clean sheet of paper and brainstorm the question, “What do 1 really want out of life?” Write down every possible financial goal that comes to mind - a house, early retirement, debt payoff, children's

education, new car, overseas vacation, etc. Dream and write them all down. Step 2 - Discuss the list with your family or people w ho are significant in your life. With their input, expand and modify the list. In working with clients, 1 find that many times they have not discussed their family's financial goals or agreed upon a priority. Step 3 - tio over your list a second time. This time, refine and prioritize the list, adding to it, an element of realism. Write down the items that are most important on a sheet of paper called “Key Financial Goals.’’ Cross off the items that are low priority. Step 4 - Expand each of your key goals, estimating the cost (in today's dollars) and when you will achieve the goal. It is very important that you arc specific in each of these areas. Step 5 - Separate your Key Goals into short-term, intermediate and long-term objectives. Short-term goals can be achieved in less than one year and might include, establishment of an emergency fund, this year’s vacation, or minor home improvements. Intermediate goals of one to live years might include, paying off credit card debt, saving for a house down payment or making major home improvements.

Long-term objectives more than five years might include, college funding, retirement or a vacation home purchase. Step 6 - Develop a plan for achieving each Key Goal, breaking down large goals into their main elements. Step 7 - Monitor your progress, by reviewing your financial goals at least annually and revising your plan as necessary. Start the New Year right, by developing and implementing your family's financial goals. This will go a long way in helping your family survive the financial onslaught that tries to engulf us each year at Christmas time. Some might say that this seems like a lot of work and it is. Think of the time as an investment. An investment, that will help lead you and your family down the road to “Financial Success. Michael (I. Shinn. CFT, registered representative and advisiuy associate ot and securities oft'ered through Financial Xct\u>rk Investment Corp., member SITC ami Sl.\. Send your ipiestions and comments to this publication or e-mail: mshinn(<i adelphia.net.

the Indiana Manufacturers Association. That has dropped manufacturing employment in Indiana to 1991 levels. “We’ve blown out more than a decade of growth,” Kiely said. “But we finally seem to have found a bottom here." He said the industry could have a rough first halfin 20©^,. ^ depending in part onwtuN.hapvaty pens in Iraq. But he projects 3.5 percent growth during the next three years. Marcus said he expects Indiana to gain 30,000jobs in 2003, mostly in manufacturing. “People are buying automobiles and homes. They’re - putting refrigerators in their homes. They're putting washing machines in their homes. And they all involve products or parts made in Indiana,” Marcus said. Distributed by the Associated Press.

BLACK BUSINESS PROFILE Name of'husiness: Poor Man’s Towing and Auto Repair Center Address: Location 1, 5835 N. Michigan Rd. Location 2, 1950 Northgate Rd. Phone: Location 1, (317) 726-1065 Location 2, (317) 257-1756 Fax: (317) 726-1171 Yearopened: 1994 Owner: Albert T- Lindsey Jr. Number of paid employees: 5 Products/Semces: Poor Man’sTowing and Auto Albert T. Lindsey Jr. Repair is a full service 24-hour emergency road service company that specializes in flatbed towing and recovery of vehicles that are in ditches. We also specialize in fiat tire changing and battery jump-starting. Significant business advances/achievements: Poor Man’s has advanced and increased its bottom line due to a large advertisement campaign. We spend thousands of dollars each year in advertisements, through billboard, commercials, yellow pages and community operations. Future goals: One of the future goals is to become an even more established company by changing the sign on our Michigan Road location. We are going to a corporate signing technique to help lower our advertising budget through lighted signing. Why did you start the business and how has it grow n? The reason I started my towing and repair business is one night my truck broke down and I called the towing company that I always use for towing, which is the company who previously ran their business out of the location I’m at now. The owner told me he was in bed and asked me if I could wait until the next day so he would not have to get out of his bed. I was furious because my truck was in a bad neighborhood and I knew he had the best prices, so I had to wait until the next day. I then decided that I needed to purchase my own tow truck because I had over 10 work trucks in my lawn service business and I needed to be able to tow - at a drop of a hat if one of my trucks broke down. What are some of the obstacles you faced and how did you overcome them? One of my biggest obstacles in starting my towing business was actually buying a new low truck and not knowing how to operate it. I had never driven a tow truck, but I had taken out a $10,000 loan to purchase one. It was so old that I could barely drive it home. It took over 21/2 years to get more money to make it operable to drive from one side of town to the next. Overcoming this obstacle took much fasting and prayer working hard with my lawn service to pay for my tow ing dream. Who does your business best serve and w hy? Our business senes the person whose car is broken down and needs the convenience of making one phone call to get the help they need. Our business also best senes the person who wants to keep their money in our communitv bv supporting a minority business. How has your experience helped to meet the needs of your clients? My experiences in growing up and character building include the following: Scouting, J.R.O.T.C, football, wrestling, and church. My greatest experience was when I was baptized in .1 esus’name and was filled with the precious gift of the Holy Ghost. Being married forOver 17 years with three kids has made me a very humble and understanding business owner, working around the clock to meet needs of my customers. Where did you get the name of your company and does it have any significant meaning? The reason I named my company Poor Man's is because I had taken out a loan for $10,000 to purchase a tow truck that I did not know how to drive. After two years of putting lots of money in the truck to make it get from one tow to the next with it constantly breaking down I finally got the truck running pretty good. One day I was driv ing and did not know that my carburetor was leaking gas and my tow truck caught on fire while I was still in it. 1 got out of it and walked to an empty field to call 911. As I stood there watching my $10,000 tow truck burn to the ground. 1 asked the fireman how much was this going to cost for them to put out the fire, and he told me nothing. I called Nearest Towing to tow what was left of the truck. I asked them how much was this going to cost and he said don’t worn about the tow hill, it was on the house. 1 did not know what I was going to do because it was winter and I could not cut grass and there was no snow for me to push. The qvvner of Nearest towing who w as not African American felt so bad for me that he loaned me one of his (lathed trucks. Even though 1 explained tohimthat 1 did not have much experience towing he loaned mejus truck for over six months. 1 worked very hard to repair my tow truck. The only thing that was salv aged was the rear of the truck. 1 had to purchase a new cab for the truck, and mv truck was two different colors.