Carl’s Jr. Owner CKE Bought by Thomas H. Lee Partners

BusinessWeek reports that Thomas H. Lee Partners LP agreed to acquire CKE Restaurants Inc., owner of the Carl’s Jr. and Hardee’s fast-food chains, for about $619 million in cash. The shares jumped the most in almost nine years in New York trading.

CKE investors will receive $11.05 in cash for each share of CKE common stock they hold, the companies said today in a statement. That’s 24 percent more than yesterday’s closing price of $8.91. Thomas H. Lee also agreed to assume about $309 million in debt for Carpinteria, California-based CKE.

“It’s a fantastic company that produces a lot of free cash flow,” said Mark Smith, a restaurant analyst with Feltl & Co. in Minneapolis. He recommends holding the stock, which had climbed 28 percent in the past year before today. “They weren’t out looking and begging for a buyer,” he said.

CKE had free cash flow — cash flow from operating activities minus capital spending — of $11.5 million in the third quarter, more than double the average of 50 restaurant companies, according to Bloomberg data.

Sales at CKE restaurants open at least a year fell 6 percent in the quarter ended Jan. 25, as unemployment remained high and competitors lowered hamburger prices, the company said this month.

The stock jumped $2.25, or 25 percent, to $11.16 at 10:30 a.m. in New York Stock Exchange composite trading after reaching $11.24, for the largest intraday gain since April 2001.

Industry Pioneer

CKE has 3,147 restaurants in 42 states and 14 countries, including 1,221 Carl’s Jr. restaurants and 1,913 Hardee’s. Founder Carl Karcher borrowed $311 to buy a Los Angeles hot-dog cart in 1941 and became a pioneer in the industry, introducing salad bars, char-broiled chicken-breast sandwiches and self- service beverage stations. He died in 2008.

Thomas H. Lee, which also owns a stake in Dunkin’ Brands Inc., operator of the Dunkin’ Donuts and Baskin Robbins chains, has raised $22 billion of equity since its founding in 1974. The Boston-based firm, also known as THL Partners after founder Thomas H. Lee left the company he founded, has invested in more than 100 businesses with an aggregate purchase price of more than $125 billion.

CKE has through April 6 to solicit better offers from third parties, according to the statement. The deal values CKE at about 12.5 times earnings over the next year, below the 14 times average of other fast-food restaurants, Smith said. Barring other bids, the deal should close in the second quarter of this year, the companies said.

UBS Investment Bank and law firm Stradling, Yocca, Carlson & Rauth are advising CKE. Bank of America Merrill Lynch and law firm Ropes & Gray are advising THL.

It’s Your Money – Keep It!

As a franchisee it’s not hard to imagine that “this could have been you”.  Fraud is a fact of business life, and if you’re not paying much attention to it your business could be losing tens or hundreds of thousands of dollars every year.  This article will discuss several aspects of small-business fraud: the extent of the problem, some “red flags” that may indicate that someone is stealing your money, techniques that you can use to prevent many common small-business frauds and how to go about detecting an on-going theft.

Small-Business Fraud

Most likely you’ve probably been in business for a while and you’ve read or heard all the fraud stories.  But as far as you’re concerned your organization has fraud under control, right?  That’s what every owner/operator thinks!  The statistics tell a completely different story, though.

• Across the U.S., the average small business loses 7% of its annual revenue to fraud.  The sad part is that since fraud is concealed theft, business owners have no idea that they’re being robbed.
• The employees who are doing most of the stealing aren’t the ones behind the counter.  The most “dangerous” group of small-business fraudsters are, in fact, a business’ most trusted employees: its managers, supervisors, bookkeepers, accounting clerks, payroll and benefits coordinators, etc.
• The average fraud scheme goes undetected for over two years.  That’s a long time – time enough for a fraudster to gamble away a lot of your money, take expensive vacations or pay off lots of personal debts.

Red Flags

Fraud is concealed theft, so there’s a good chance that if a fraudster is stealing your money you won’t notice it.  However, a few red flags may indicate that you’re being victimized.  Keep an eye out for these signs:

1. Unexpected and/or unexplained cash flow problems. You should have a good handle on your cash flow.  If something just doesn’t seem right it just might be because an employee is embezzling your cash.
2. Employees living beyond their means
   Employees who live it up in style may have a legitimate way of supporting that style.  But then again, the money may be coming from you – and not in the form of a paycheck, either!
3. Employees who don’t take vacations

Fraudsters often leave “traces” of their theft in the business’ records such as its books, bank statements, payroll files and vendor files.  Many fraudsters shun vacations to prevent other employees from finding those traces.  So while you may applaud the devoted employee who never takes a vacation, you should also be aware that they could be trying to hide something.

Note that the existence of a red flag in your organization doesn’t necessarily imply that you’re being victimized, any more than the absence of red flags indicates that you’re not being victimized.  Red flags, however, should raise your fraud alert level.  We’ll discuss what that means shortly.

Reducing Your Fraud Risk

There are two ways to reduce your fraud risk: taking fraud prevention measures and taking fraud detection measures.  There’s no such thing as “one-stop shopping” here.  Different measures will target different fraud schemes.  For example, the following three types of small business fraud schemes can result in some of the largest losses:

• check tampering schemes
• fraudulent invoicing schemes
• payroll fraud schemes

So the measures that you take should be directed at these schemes.  In the rest of this article we’ll suggest small measures that you can take to prevent and/or detect some popular variations of these schemes.  But the list is only a start.

Check-Tampering Prevention and Detection Measures

Check tampering schemes are the most popular small-business type of fraud scheme.  Check tampering occurs when an employee either prepares a fraudulent check for their own benefit or converts a check intended for someone else into one they can control.  The example in the first paragraph of this article is a very popular variation: the employee simply writes checks to themselves (or “Cash”, or a relative, or an accomplice, etc.).  You might wonder “how can they get away with that”?  Well, it’s instructive to consider how they conceal such a theft, often for many years:

1. they usually forge the signature, so the owner  never sees the check
2. they typically enter the check into the books as being paid to another party such as a legitimate vendor.  To someone looking at the books or reports, the entry seems to be perfectly normal.

Now that you have some background, you’ll see why the following measures can prevent and/or detect many common check-tampering schemes:

1.  If your organization has two or more employees in the accounting department, the employee responsible for reconciling the monthly bank statement should not have the authority to write checks
2. Have monthly bank statements delivered unopened to you.  When you receive a bank statement examine the payee on every cashed check and every electronic disbursement.  Investigate “unusual” payees.

Simply following these two procedures will cost you about fifteen minutes per month.  But they could save your business thousands of dollars.

Fraudulent-Invoicing Prevention and Detection Measures

A manager for an Illinois manufacturer recently pleaded guilty to setting up two bogus companies and invoicing his employer for services that were never rendered.  By the time the scheme was uncovered, the manager had stolen $1,500,000 from the company.

Shell company schemes are very popular because everything looks legitimate from all angles: invoices look legitimate (even though they were printed on the employee’s home computer) and real payments were made against those phony invoices.  But here are some simple measures that can prevent and detect many fraudulent invoicing schemes:

1. If your organization has two or more employees in the accounting department, the employee responsible for entering new vendors into the accounting database should not have invoice-approval authority
2.  Prior to entering a new vendor into the database, your bookkeeper should call the vendor to make certain that the vendor exists
   Neither major measure will likely place a big time burden on either you or your staff.

Payroll Fraud Prevention and Detection Measures

A benefits and payroll coordinator for a Sudbury, MA garden center was recently found guilty of putting two “ghost” employees on payroll and collecting their pay  After five years she had stolen $290,000 from the company.

The popularity of payroll fraud schemes is surprising.  Payroll frauds are easily-detected because the evidence is so obvious – it just needs to be looked at!  Here are two simple measures that can detect many common payroll fraud schemes:

1. Have your business’ payroll reports reviewed regularly – by someone other than the one who entered the payroll data!
2. Take a few minutes to examine each year-end payroll report.  Specifically look for:
   a. employees whose compensation is out of line with your expectations — including terminated employees!
   b. employees that you don’t know
   c. employees with little or no withholding or tax deductions

Summary

Fraud should not be taken lightly.  Many small business owners have unknowingly been taken for a lot of money, and many never recovered from the loss.  Because business owners can’t “see” fraud, they underestimate their risk and consider fraud losses to be a cost of doing business.  It doesn’t have to be that way.  Owners can take many simple measures to reduce their fraud risk.  The sheer number and variety of schemes is enormous, so getting external help is normal.  For preventative measures, your accountant should be your primary source for fraud-reduction measures specific to your organization.  And on the detection side,  affordable fraud detection services that sniff out many common fraud schemes are now available.

Massachusetts Bill Would Force Paid Sick Leave for Everyone

Amanda Fakhreddine of the Patriot Ledger writes that in order to stay in business in the current economic climate, Richard Meier, owner of Meier & Associates, has had to make drastic cutbacks.

Now, Meier, whose company is based in Abington, has another worry – the Paid Sick Leave Act that’s being considered by the state Legislature.

“I like to give employees everything I can and keep them employed,” Meier said. “The Paid Sick Leave Act will make it that much more difficult.”

However, Mary Tillman, a Mattapan personal-care assistant, recalled a time when she was sick with pneumonia and still had to go to work. “By the time I got her bathed and dressed, I just had to lie on the floor and rest,” Tillman said of her patient.

The bill, which is being considered in the Legislature’s labor committee, would require that all employers offer paid sick leave to their employees. Employees would be able to earn one hour of paid sick leave for every 30 hours of work. The committee’s members are being polled this week to determine the level of support for the bill.

Sen. Patricia Jehlen and Rep. Kay Khan introduced the bill for the first time in 2005. The legislation died both that year and in 2007. However, the Massachusetts Paid Leave Coalition, which is made up of 60 organizations, is optimistic that it will be passed this time around.

Dan Gilbarg, a spokesman for the Brockton-based Coalition for Social Justice, said that more than half of Massachusetts workers do not get paid sick leave. “Working people recognize that it’s a benefit that should be part of any civilized society,” he said.

However, some small-business owners oppose the bill.

Bill Vernon, director of the Massachusetts chapter of the National Federation of Independent Business, said most small businesses have sick leave benefits that are tailored to their company. State mandates could require companies to cut their own benefits.

“I think the danger is the idea that the Massachusetts Legislature can determine what the benefits are for an employee,” said Vernon, who lives in Mansfield, “The employees will find out the hard way that because of this legislation, employers can’t afford to provide these other benefits.” Vernon said that the bill was “anti-business,” and that would make it difficult for small businesses to grow.

Philip Johnston, former chairman of the state’s Democratic Party and the president of the Johnston Associates public affairs firm in Boston, said that as a small business owner he thought the bill was much needed.

“It’s an outrage that working people are not covered when they are sick,” said Johnston, who conceded that the bill would impose a small extra cost to employers.

However, Meier, the business owner from Abington, is worried that the legislation might force him to close.

“I’m at the point where I don’t want to retire, but right now my expenses are slightly more than I’m taking in, and I’m only going to do be able to do it for a little while longer,” Meier said. “But when you add this all together, it’s a killer.”

Lynette McKee to Speak at the New England Franchise Association

New faces are being drawn to franchising, but how do you make sure these escapees from corporate America, recent college grads, women who are circumventing the glass ceiling, and recent American citizens choose your franchise opportunity? How do you get above the “noise” in the marketplace?

Lynette McKee, CFE, a recognized franchise industry expert, will outline “Positioning Your Franchise For Growth in the Coming Decade”, a program presented by the New England Franchise Association (NEFA) on March 9 at the Doubletree Hotel, 550 Winter Street, Waltham, MA.

The evening includes a cocktail and networking session beginning at 5:30 p.m., dinner at 7:00 PM, and then the presentation. The entire business community is urged to attend. Membership in the NEFA is NOT required. Reservations are required. Registration Fee is $60 per person and includes dinner. NEFA Members receive $10.00 off. DDIFO is a member of NEFA so all DDIFO Members get $10.00 off. For more information click here.

The negative noise includes a deep recession, lack of financing, negative growth, higher taxes, risky times, inflation, foreclosures, high unemployment, stagnation, bankruptcies, underemployed, and more. These elements make it hard to sign new franchisees.

On the other hand, these noise factors could be considered great opportunities for “frantrepreneurs”. There is an abundance of real estate, human resources, competitive build outs, tax incentives and reduced competition.

McKee will be talking about ways to “get above” the noise and position your franchise for growth by taking advantage of the great opportunities available in this economy.

McKee was featured in an article in Franchise Times listing the “Top 25 Franchise Executives in the US,” As well as named in the “TOP 20 to Watch” in the 2005 January issue of the Franchise Times. She holds the Certified Franchise Executive (CFE) designation from the International Franchise Association and has been a CFE instructor. Her franchise career has spanned the last 20 years in the hospitality industry.

McKee, has recently joined Checkers Drive-In Restaurants, Inc. as Chief Development Officer, located in Tampa, FL. She has also served in executive positions at Dunkin’ Brands, Burger King and Metromedia Restaurant Group, parent company for Bennigan’s Grill and Tavern, Steak and Ale, Ponderosa and Bonanza Steakhouse restaurant chains in Dallas, TX.

About NEFA

New England Franchise Association (NEFA) is the trade organization for franchisors and franchisees in the region, with over 150 members. The mission of NEFA is to bring franchise executives, franchisees and vendors together to share ideas for success.

DDIFO is a member of the New England Franchise Association, and Jim Coen, President of DDIFO serves as a member of the NEFA Board of Directors.

Franchising more than ever before, has an unprecedented opportunity to make a major positive impact on the future New England economy. In a 2001-05 study conducted by PriceWaterhouseCoppers on behalf of the International Franchise Association (IFA) found that in New England over 875,000 jobs are a result of franchising, the total output is over 100 Billion dollars a year, and there are over 35,000 franchise establishments in the six New England States.

Federal Court Rules Oregon Restaurant Tipping Pools OK

The Oregonian report that a federal appeals court has ruled that restaurants can create a “tip pool” that requires servers to share a percentage of tips with kitchen staff so long as the restaurant pays more than the minimum wage.

The 9th U.S. Court of Appeals this week rejected arguments by a waitress at a Portland restaurant who claimed the pooling arrangement violated the Fair Labor Standards Act.

Misty Cumbie argued that because the tip pool at the Vita Cafe included employees who are not “customarily and regularly tipped employees,” it was invalid under the labor act.

The cafe requires its servers to contribute their tips to a pool shared by kitchen staff such as cooks and dishwashers, who got more than half the pool. The remainder was returned to servers in proportion to their hours worked.

But the owners of the cafe, Woody and Aaron Woo, argued the tip pool that included kitchen staff was allowed because the labor act applied only to employers who take a “tip credit” toward meeting the minimum wage by counting a portion of tips as wages.

The appeals court, in an opinion by Judge Diarmuid O’Scannlain, noted the restaurant did not take a tip credit and paid servers wages before tips that met or exceeded the Oregon minimum wage, which was $2.10 above the federal minimum wage at the time.

“Therefore, only the tips redistributed to Cumbie from the pool ever belonged to her, and her contributions to the pool did not, and could not, reduce her wages below the statutory minimum,” O’Scannlain wrote.

As a result, the opinion said, “Cumbie received a wage that was far greater than the federally prescribed minimum, plus a substantial portion of her tips.”

O’Scannlain added that “naturally, she would prefer to receive all of her tips,” but the court ruled the labor act does not restrict tip pooling when no tip credit is taken.

Although the appeals court noted it was the first time it had dealt with the issue of tip pools, Bill Perry, spokesman for the Oregon Restaurant Association, said he doubted the ruling would have much impact on Oregon restaurants.

“This will supplement the back of the house for some restaurants,” Perry said, “but you still want to reward your sales people.”

South River Celebrates Arrival of Dunkin’ Donuts

The Sentinel in New Jersey reports  that the town of South River celebrated the grand opening of a Dunkin’ Donuts store Feb. 12, describing it as a landmark occasion in the borough.

The Dunkin’ Donuts is not only the first South River location for the franchise, it is also the first restaurant with a national presence that has chosen to set up shop in the borough. Officials expressed hope that the new operation, located at the corner of Thomas and Main streets, would draw more local residents to the downtown area.

“Whenever a new business opens in the borough, it is good news,” Mayor Ray Eppinger said. “The owners did a great job renovating this location and it really looks good. Everyone hopes that this store does well and helps the neighboring businesses too by increasing foot traffic in the area.”

The Dunkin’ Donuts is located on a site that previously housed an insurance agency, pharmacy and bank. The building there had long been vacant.

Councilman John Krenzel said that, when campaigning last year, he and Councilman John Trzeciak were repeatedly asked when the Dunkin’ Donuts was opening.

“It has finally opened and South River is all the better for it,” Krenzel said. “The store is a clean and bright addition to the downtown area.”

Krenzel said he hopes the shop will serve as an anchor, helping to bring visitors to other downtown stores.

Both he and Eppinger attended the grand-opening ceremony, along with franchisee Igor Zak, who will operate the store, according to a press release from communications firm RF Binder, on behalf of Dunkin’ Donuts.

“As a small business owner with many years of experience with Dunkin’ Donuts, I am excited to bring my passion and enthusiasm to South River,” Zak said. “I see this store as an excellent opportunity to reinvigorate South River, and we’re confident that our presence here will drive more traffic to the other businesses in the area as well.”

Eppinger said he was honored to be able to cut the ribbon.

“It is nice to know that this property is being revitalized without the use of eminent domain,” he said.

What We Can Learn about Voters Based on What They Drink.

John Zogby writes at Forbes.com  a tale about coffee, tea (parties), marketing and politics. The latter two have always been kindred pursuits. Selling a candidate or a product both involve building trust, brand loyalty and appealing to both our baser and higher needs.

Also, like a business, politicians and parties must decide whether they want to profit from niche or mass markets. A business can do well selling good old black coffee in small-town America, or aspire to the Fortune 500 by selling a variety of coffees nationwide. A politician may be perfectly happy as an ultra-conservative congressman from rural Kentucky, or tack to the middle and run for president. Now let’s talk about Starbucks ( SBUX – news – people ), Dunkin’ Donuts, Democrats, Republicans and the Tea Parties.

Republicans are benefiting from the white-hot energy generated by the Tea Party movement, they must broaden their appeal to win back the White House or majorities in Congress. The danger for Republicans is that by embracing the hard right Tea Party membership, they might lose a more moderate, but still Republican-leaning demographic, those middle Americans who drink their coffee from Dunkin’ Donuts.

At least that is what the data showed in 2005. A Zogby Interactive survey then asked which coffee brand people felt best described them–Starbucks or Dunkin’ Donuts. George W. Bush took the Dunkin’ Donuts drinkers over John Kerry, 61% to 38%. Kerry won with Starbucks drinkers, 56% to 43%.

We asked a similar question in January of this year, and added McCafe to the list. This time, there was no difference in how Dunkin’ Donuts and Starbucks drinkers voted for President: 51% of both voted for Barack Obama. Party breakdown was also identical: 39% Democrats, 32% Republicans and 29% Independents.

Read more at: Forbes.com

Tim Hortons Profit Rises, Boosts Payout

The Canadian Press reports that Tim Hortons Inc. THI-T brewed up a bigger profit in its latest quarter and is preparing to serve up higher dividends for its shareholders.

The Ontario-based restaurant company says it has boosted the dividend range and will raise its quarterly payout by 30 per cent, to 13 cents per common share.

The coffee, doughnut and sandwich chain also says it will use some of its cash to buy back shares from the open market.

Tim Hortons had profit of $91-million, or 51 cents per diluted share in the fourth quarter – a 32-per-cent gain from the year-earlier profit.

Revenue increased by 9.2 per cent, to $615.3-million in the three-months ended Dec. 31 from $563.7-million a year earlier.

Tims says sales at its stores accelerated each month of the quarter and the momentum continued into the current year.

Same-store sales, which compare locations open for at least a year, were up 3.4 per cent in Canada during the quarter.

Same-store sales growth was somewhat slower for Tim Hortons in the United States – rising by 2.1 per cent.

JM Smucker Q3 beats Street, signs Green Mountain deal

Rueters reports that J.M. Smucker Co (SJM.N) posted higher-than-expected quarterly earnings as its Folgers coffee business continued to drive improved results, and the company signed a deal to sell coffee packs for Green Mountain Coffee Roasters Inc’s (GMCR.O) brewers.

Smucker, best known for its peanut butter and jelly, posted third-quarter net income of $135.5 million, or $1.14 a share, compared with $77.9 million, or 68 cents a share, a year ago.

Excluding items, the company earned $1.17 a share, beating analysts’ average estimate of $1.05 a share, according to Thomson Reuters I/B/E/S.

For the third quarter ended January 31, net sales rose 2 percent to $1.21 billion, beating analyst estimates of $1.16 billion.

Folgers, the largest producer of retail packaged coffee in the United States, contributed $510.3 million to net sales in the third quarter, compared with $468.5 million in the year-ago period.

Orrville, Ohio-based Smucker raised its full-year earnings outlook to $4.02 to $4.07 a share, excluding merger and acquisition costs, from its previous range of $3.95 and $4.05 a share.

Under the deal with Green Mountain, Smucker will market and sell Folgers and Millstone “K-Cups,” — coffee portion packs — for Green Mountain’s single-cup Keurig brewers.

While, Green Mountain will be the exclusive manufacturer of Smucker coffee brands of K-Cups.

Smucker’s shares closed at $60.11 Tuesday on the New York Stock Exchange.

Independent Joe to Attend the 3-4-10 DDIFO Meeting

Independent Joe will be attending next weeks DDIFO meeting at the Doubletree Hotel in Westboro

Watch the Video Below!

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Featured Speakers at the 3-4-10DDIFO Meeting at the Doubletree Hotel in Westboro, MA.

The line-up of Speakers for the DDIFO Meeting at the Doubltree Hotel in nWestboro is impressive it includes:  Mark Slutsky of Streetfighter Marketing, Canton, Ohio, Mark co-authored the book “StreetFighter Marketing” with his brother Jeff.  Peter J. Bergeron, of Projections, Inc., Peter is the author of the book “Union Proof: Creating Your Successful Union Free Strategy”. Joe Giannino, DDIFO’s Government Affairs Coordinator and Steven Shottenfeld of TraceTech Solutions, a fraud detection company. See everybody’s bio below.

Since 1980, Street Fighter Marketing has provided cutting edge tactics for generating increased sales on the community or neighborhood level. Since its inception, the company has served thousands of clients in numerous industries in their desire to make their advertising and marketing more cost efficient with their grassroots approach and “guerilla” style tactics. Working with many recognizable multi-unit chains and franchises, their Local Store Marketing (LSM) has proven to provide a significant return on marketing investment (ROMI). In 2005, Street Fighter was acquired by AIMS Worldwide and has since implemented local integrated marketing solutions driving transformational change for companies suffering from declining sales, ineffective mass media, or an inability to expand beyond its initial footprint.

Marc is the Chief Operating Officer of Street Fighter Marketing in Columbus, Ohio. He has been with the Street Fighter organization since its inception over 25 years ago, first serving as an advisor and consultant then later he joined on a full time basis. With a Masters Degree in Special Education from Indiana University, Marc has been able to bring in unique skill sets to the Street Fighter approach to low cost marketing tactics delivered with surgical preciseness on an individual unit basis. Marc is the co-author, along with his brother Jeff of five books: including How to Get Clients, Street Fighter Marketing and Smart Marketing.

Peter J. Bergeron spent most of his 33+ years of service with General Dynamics managing all areas of Human Resources with particular emphasis on Labor/Employee Relations and Union Avoidance.  Most notably, Peter’s primary successful union avoidance experience thwarted many large union organizing efforts at one of General Dynamics’ largest non-union production facilities.  Peter was utilized by numerous General Dynamics business units throughout the country to lead counter-organizing efforts in campaigns ranging from as few as 13 to as many as 5,600 employees.

Post retirement, Peter joined the team at Projections as the Director of Client Services in January 2007 providing assistance and guidance to other companies in their efforts to remain union-free.  In January 2009, Peter was named the Vice President of Client Services for Projections.  In collaboration with the Projections team, Peter recently authored a book, “Union Proof: Creating Your Successful Union Free Strategy,” which has been made ‘mandatory reading’ by the Human Resources staffs of a number of Fortune 500 companies. Bergeron earned BA in Psychology from Villanova University and a MS in Systems Management from the University of Southern California.

Joseph A. Giannino is the principal and founder of Government Relations Group (GRG), which is based in Boston. Joe serves as the DDIFO’s  Government Affairs Coordinator. According to DDIFO President Jim Coen,  Joe’s expertise helps ensure the interests of Dunkin Donuts franchise owners are protected and enhanced at the legislative and regulatory levels. With more than 20 years of service in government, as well as experience as a small business owner, Joe brings firsthand knowledge and expertise that provide a unique and indispensable perspective together with a myriad of valuable contacts.

Before entering the private sector, Joe spent many years working in government. He served as Legislative Director to former Massachusetts Governor Mitt Romney and worked alongside the former Massachusetts House Speaker Thomas M. Finneran. Joe also worked as the Director of Government Relations and Educator Licensure for the Massachusetts Department of Education. In addition, he was elected to two terms as a City Councilor-At-Large for the city of Revere and served as an elected member of Revere’s School Committee for six consecutive years.

Steven Schottenfeld of TraceTech Solutions  holds a Master of Science degree in Computer Engineering and has over thirty-five years of professional software development experience. 

Steve’s past positions include Director of Software Development for GTECH Corporation (annual revenue: $700M), Director of Software Development for Vality Technology, Inc. (annual revenue: $20M) and IT Director at Gray, Gray & Gray, LLP (one of New England’s largest independent accounting firms). 

In 2009, Steve founded TraceTech Solutions, LLC, a data analysis company that helps small businesses detect fraud.  Steve has trained several Massachusetts accounting firms in fraud-detection techniques and has been a guest speaker at several Massachusetts Society of CPAs forums.

Sign-up to Reserve Your Spot Now for the DDIFO Meeting, 3-4-10 at the Doubletree Hotel in Westboro.

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