Local Office Blogs

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August 27, 2013

Harbor Freight Tools reported a cyber-attack in late July after it was discovered by credit card companies. With over 400 brick-and-mortar stores, online retail capabilities and catalog sales, the amount of data breached could qualify it as one of the largest retail breaches of 2013.

This data breach follows a long line of other data breaches from earlier this year. In the spring, large convenience chain, Mapco, alerted customers of a breach which affected multiple locations in seven states and a data breach of the Presbyterian Anesthesia Associates' website of Charlotte, N.C., affected nearly 10,000 people.

2012 saw 621 confirmed data breaches. 66% of those took months or more to discover and 69% were discovered by external parties. These reports were taken from the 2013 Verizon Data Breach Investigations Report, which studied eighteen organizations around the world to perform their analysis.

Correspondence went out to customers in a letter July 20th noting, "Harbor Freight Tools was advised by credit card companies that it may have been the target of a cyber attack against our payment processing system similar to attacks being reported by other national retailers." Though an exact number of customers affected by this particular breach has not been released by Harbor Freight, Data Breach Today reports "one card issuer says more than 10,000 of its cardholders have so far been impacted; another issuer estimates more than 20,000 of its cardholders have been affected."

One thing is for certain, data security attacks are becoming more common with the increase in online collection and processing of card data. Companies must take charge of their own payment card systems and make sure they are compliant with data security standards. In fact, the National Association of Federal Credit Unions (NAFCU) is proposing to hold merchants more accountable for data security breaches with their 5-point plan for regulatory reform. It is now more important than ever that the controls your business has in place adequately protect consumer information.  

For the full Harbor Freight Tools story visit Data Breach Today's website. 

Visit www.cbiz.com/pci for more information regarding CBIZ Security & Advisory Services, LLC and contact Karen Cassella (kcassella@cbiz.com), Executive Vice President, CBIZ SAS at (901) 685-5575 or email the CBIZ SAS team at pci@cbiz.com.

August 23, 2013

The 2013 CFO of the Year finalists were announced in the Memphis Business Journal this morning. The CFO Awards are designed to honor financial professionals in Memphis and the Mid-South for outstanding performance in their roles as corporate financial stewards. CBIZ MHM has been a sponsor of these awards since their inception in 2010. Finalists were selected in the following categories:

Private Company (less than $100 million in revenue): Keith Mayer, chief financial officer, Kele Inc.; Brent Patterson, chief financial officer, Semmes Murphey Clinic; and Jeff Rose, chief financial officer, National Bankers Trust.

Private Company (more than $100 million in revenue): Maureen Finley, senior director of finance, Southland Park Gaming & Racing; David Rosenthal, chief financial officer, Buckman; Daniel Shumate, chief financial officer, Campbell Clinic; and John Straton, chief financial officer, Stratas Foods LLC.

Nonprofit Organization (less than $30 million in revenue): Debbie Christopher, assistant secretary/treasurer and controller, Chickasaw Country Club; Randy Olswing, assistant head for operations and chief financial officer, Hutchison School;Robert W. Rogalski, vice president and chief financial officer, Bridges; and Brandon Wellford, chief financial officer and director of real estate, Memphis Bioworks Foundation.

Nonprofit Organization (more than $30 million in revenue): Randy Graves, chief financial officer, chief administrative officer, Ducks Unlimited Inc.; Robert F. Wallace, chief financial officer, Plough Foundation; and David Zettergren, vice president for business and finance; University of Memphis.

A nominee's company must be headquartered in the Memphis or Mid-South area. Winners will be selected by a panel of independent judges and announced at the awards breakfast. The 4th annual CFO of the Year awards will be held October 17, 2013 at the Holiday Inn University of Memphis. If you would like to register for the event click here.

August 22, 2013

The Memphis office of CBIZ MHM held its annual Super Women in Business Awards Pre-Event Party on Tuesday night, August 20th. This event precedes the Memphis Business Journal's Super Women in Business Awards luncheon that will be held later this month. Steve Dunavant, Senior Managing Director, welcomed the crowd to the CBIZ-sponsored event and gave his personal support for the Awards, as well as the recognition it gives to the Mid-South's leading women decision makers. Both the 2013 class and the 2012 class of honorees were invited to mingle and network over drinks and hors d'oeurvres.

This year the event was held at Mednikow Jewelers, a multi-generational Memphis storefront. Over 50 people enjoyed the luxurious jewels on display throughout the venue. Attendees could try-on and purchase jewelry at the time of the event. Mednikow jewelry experts were also available to provide insight into the quality and craftsmanship of their selection. Linda Lauer, Managing Director, is pictured wearing one of the store's necklaces with Mednikow gemologist, Tiffany Brimhall.

Lauer, Executive Board member for the CBIZ Women's Advantage as well as CBIZ Memphis' CWA leader, offered her insight on the importance of an internal support system of women professionals, as well as an external network of highly-skilled, seasoned, professional women.

Food and bar service was provided by Jim's Place Restaurant & Bar. A special martini bar was also set-up as a fun addition to the event. A $150 giftcard giveaway for Etcetera clothing was also an exciting feature. Mednikow party favors were distributed at the end of the night to the Super Women in Business as they left the venue. It was certainly a glamorous night, and 50 of the Mid-South's most influential business women shined. To view this year's list of Super Women in Business click here. If you'd like more information on the CBIZ Women's Advantage, please contact Linda Lauer at llauer@cbiz.com.    

August 20, 2013

Included as one of our 'Summer Days of Service' at CBIZ MHM Memphis, our community involvement committee coordinated with the Mid-South Food Bank, setting up a few hours for us to help out at their facility. You may recognize this organization as one of many food banks that CBIZ supports throughout the United States. Nationally, CBIZ helps fight the war on hunger by collecting goods for local food banks throughout all of our office locations. Locally, we support the Mid-South Food Bank with a food-drive we put on each fall. The work that this organization does in the Memphis community is essential to keeping the Mid-South hunger-free.

A group from our office provided hands-on support for the Mid-South Food Bank this past week. Our team worked in the organization's warehouse sorting bins of food and making sure all products were not ruined, dented, expired or leaking. The food was then organized and shelved onsite where various agencies come to shop for fresh produce, frozen and refrigerated foods, bread and small quantity items. Of course, it wasn't all work and no play. A few of our associates even stopped for a quick 'photo op' to highlight all the fun they were having!    

August 15, 2013

Josh Finfrock, Manager in our Transfer Pricing division, gives insight into the best providers for your license, royalty or contractual data in the final post of this 3-part blog series.

Now that you are aware of the 3 sources you have readily available for your own license, royalty or contractual data search and understand the pros and cons to each, deciding on the best approach for your own business needs will vary based on your company or industry. Your selection will depend on the technical application, frequency of analyses and available budget (i.e. the fees for data access plus the time and expertise invested in selection, analysis and documentation).

Some examples of data providers include the following:

Legal Research Companies

  • Lexis Nexis
  • Westlaw

Royalty Agreement Database Companies

  • ktMINE
  • RoyaltySource
  • Royaltystat

Proprietary Databases

  • Big 4 Accounting Firms
  • Large Law Firms

Companies operating in industries subject to rapid technological advancement or high levels of R&D investment will require more current market contracts or agreements than available within proprietary databases. Determining an effective source for gathering data will most likely be based on the consideration of whether or not to devote fee and time resources to analysis and documentation or likewise to pay a premium for public data access (i.e. available via the SEC) that can be found elsewhere for a more reasonable cost.

August 13, 2013

This month we featured the Susan G. Komen Foundation as our 'Charity of the Month.' This organization is dedicated to breast cancer education and research about causes, treatment, and the search for a cure. Our office particularly supports our very own Karen Cassella, and this year, we raised funds for her 3rd annual 3-Day Walk to help reach her goal of $3,000.

August 5th-9th was recognized as "Think Pink" Week in the CBIZ MHM Memphis office. Each day brought along a new activity with it in an effort to raise money. On Monday, donations were accepted in the morning as associates were greeted by the community involvement committee with Panera bagels for a special breakfast. Tuesday was the office-wide bake sale where 20 associates brought in baked goods for the event. This sale was a huge hit among our staff and lasted throughout the week! A raffle was Wednesday's fun activity. A few lucky employees went home with donated items from a local giftshop. Thursday donations were collected along with an afternoon treat provided by a local restaurant. "Think Pink" Week ended with a jeans day on Friday. Associates wore jeans and their pink to show support for the cause.

Below is our "photo op" from the day (Karen Cassella is pictured holding the pink ribbon). Our office collected a grand total of over $1,700! Karen will participate in the Susan G. Komen 3-Day later this fall. If you would like to contribute to her cause, you can go to Karen's walk page and donate online. You can also learn more about the Susan G. Komen Foundation at www.komen.org.

August 8, 2013

Josh Finfrock, Manager in our Transfer Pricing division, gives insight into the best providers for your license, royalty or contractual data in part 2 of this 3-part blog series. 

Companies and consultants from around the world often rely on license, royalty or contract data from U.S. sources because of the readily available public company data due to filing requirements of the Securities and Exchange Commission (SEC). As discussed in our last blog post on license, royalty and contractual data, companies, attorneys and consultants regularly seek the best source to perform searches and analysis for their own business use.

Determining the 'best' source for your own data needs can be taxing, so learning each provider's advantages and disadvantages will be key in helping your search process.

Legal Research Companies

Pros - Low cost of access - Ability to access the full text & originally filed license, royalty or contractual agreement

Cons - Must be proficient in search mechanisms & "boolean" logic to effectively narrow down your search - Significant amount of time must be invested with no guarantee of finding relevant data

Royalty Agreement Database Companies

Pros - More manageable & relevant pool of data to review

Cons - May or may not generate relevant data or full contract detail - Fees often charged prior to user's ability to fully review an agreement or contract's terms - Fee charged merely provides access to a narrowed field of data - Potential limitations on time access or limitations on data pulls

Proprietary Databases

Pros - One-stop shop for data access, technical analysis and documentation of the analysis

Cons - Cost of analysis varies significantly from firm to firm - At a larger firm, data offered may be unavailable to the public however may not be as 'current'

Which source provides the best approach for your company or industry? Find out in our next blog post on how to select the best provider for your license royalty or contractual data.  

August 6, 2013

We held our bi-annual office-wide meeting this past Thursday, August 1st. The two hour event featured an opening presentation from Senior Managing Director, Steve Dunavant, who spoke on Q1, Q2 and projected local office numbers for the next six months. He also introduced new Managing Director, Eustis Corrigan, who was attending his first office-wide meeting since his start in May. Corrigan noted the talent and potential for the Memphis office to expand its reach in the Greater Memphis Area and surrounding markets. Other speakers included representatives from the tax, audit and marketing departments, as well as more light-hearted presentations from the social and community involvement committees. Moira House, Director of Human Resources, spoke on the new renovations and updates made to the Memphis office facilities. Construction began on the 29th and 30th floors of Clark Tower earlier this summer. New office space, technology upgrades and additional conference rooms will be the end result of an almost two-month long project.

The office-wide event concluded with an address by Gordon Thompson, Managing Director and founding partner of Thompson Dunavant PLC. He commented, "I think the services, growth and opportunity we have seen in the past two years shows that we made the right move by joining CBIZ. The presentations and leadership we've seen today are a testament to your hard work."

Indeed, the overall consensus is that CBIZ MHM Memphis is on track for a great 2013 and an even greater next few years.

August 1, 2013
Happy birthday to the Memphis office of CBIZ MHM! On August 1, 2011 Thompson Dunavant PLC was acquired by CBIZ & Mayer Hoffman McCann P.C. Today we celebrate turning 2 with the national firm, and only expect this year to be better than the last! As a special treat to our office employees, we are having an office birthday celebration this evening. Stay tuned for a follow-up story & pictures from the party...      


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