In my former life as a financial analyst for a Fortune 250 company, a manager and long-time mentor of mine handed me an informative book entitled “Merchants of Debt” that gave an inside look how private equity (“PE”) firms purchased businesses and operated them to support the continued investment in other businesses. As dealership earnings…
Schwartz Ettenger, PLLC is proud to welcome Marci Goldfarb, Esq. to the firm. Ms. Goldfarb serves as Senior Counsel to the firm and brings with her over 30 years’ experience in providing excellent representation to her clients. At Schwartz Ettenger, she focuses her practice on all aspects of Trusts and Estates. Additionally, Ms. Goldfarb has…
As we head into the second quarter of 2022, the impact of chip shortages on vehicle supplies have not subsided. As a result, many more dealers are facing a steeper challenge of meeting the OEM sale metrics than at any time prior to the pandemic. Even before the pandemic, franchised dealers who we represent have…
MINIMUM WAGE INCREASE Effective December 31, 2021, New York State minimum wage has increased once again. The present minimum wages are as follows: New York City $15.00 per hour Long Island and Westchester $15.00 per hour Rest…
Many of you are back from the 2022 National Automobile Dealers Association (NADA) Show in Las Vegas, recharged and ready to take your dealership operations to the next level this year. It is essential to begin with asking yourselves the following questions: Is your business set up to succeed beyond 2022, long after you’ve retired…
According to recent statistics, there is over $17 billion dollars in unclaimed funds that are being held by New York State. In the first three months of 2022 alone, the state has returned over $90,620,070. The amounts received by individuals varied, but over 59% of the claims were for over $100. Odds are, someone you…
The last 2 years have been a complete roller coaster for employers. The landscape and legal regulations have changed dozens of times. These changes have required employers to constantly shift their workplace to accommodate these rules and to protect their employees. So the big question now is, is it over? And if it is, what…
IS YOUR DEALERSHIP IN COMPLIANCE WITH THE UPDATED SAFEGUARDS RULE? The Safeguards Rule, originally released in 2003 under the authority of the Federal Gramm-Leach-Bliley Act, was amended in October 2021 by the Federal Trade Commission. Unlike the prior version of the rule, the amended rule provides detailed requirements for keeping dealership customer data secure, including…
I often get asked “is this the right time to sell a franchised dealership?” As I help clients buy and sell franchised dealerships, I know that I am not being asked this question because of my legal expertise, but because I often meet with brokers and accountants involved with auto dealers and dealer principals. THE…
Over the past 18 months, New York State and New York City have passed a number of laws relating to Covid-19, as well as other areas of employment law, that have altered the way employers treat and pay their employees, and have significantly altered the employment landscape. Just recently, the State and City have passed…
New York State recently enacted legislation simplifying the form of Power of Attorney (“POA”), which law went into effect June 13, 2021. After such date, the new form of POA is required to be used. WHAT IS A POWER OF ATTORNEY? As you may know, a POA is a legal document by which a person…
On April 3, 2020, the CDC recommended that Americans wear masks in offices, stores, restaurants and in all public places. The adjustment for employer, employees and patrons was significant, but because it was mandated, at least in New York, most citizens complied, and it soon became the norm in society. Last week, on May 13,…
