A deal to sell the McDonald’s headquarters building would be a record-breaking transaction for Chicago’s Fulton-Randolph Market District. Reportedly, the sales price is about $420 million, according to the Chicago-Tribune on Oct. 9, 2020.
The transaction between Developer Sterling Bay in Chicago and Normandy Properties LLC in the Pittsburgh area has not been finalized. Should the sale of 11 N. Carpenter go through, it would shatter the record for Fulton Market.
Normandy Properties’ decision to buy the McDonald’s building during the coronavirus pandemic might be a questionable investment. Many businesses are moving away from traditional workplaces and transitioning their employees to working from home, which causes investors to be leery about the long-term outlook for office buildings.
The risk factor is low in this circumstance since McDonald’s lease is not up until 2033, and the company occupies 80 percent of the building. Specifically, they “lease 490,000 square feet for corporate offices, the Hamburger University training facility, and a ground-floor restaurant.”
Written by Cathy Milne-Ware
Chicago-Tribune: McDonald’s HQ to sell for about $420 million, a record for Chicago’s Fulton Market district; Ryan Ori
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4 Burger King Restaurants Are Closing Forever
There are four Burger King restaurants closing in Maine. The fast-food restaurants closed some of their doors forever on Monday, Dec. 28, 2020. Due to the corporation declining its franchise agreement — four locations had to close.
The COVID-19 pandemic has caused many businesses to close. However, places like Burger King have generally fared well.
Policy analyst at the left-leaning Maine Center for Economic Policy, James Myall, stated that they have fared better than other kinds of restaurants.
They’ve usually been better placed to adapt, with existing drive-thru options. In some cases, they also have more resources if they’re part of a national chain, compared to a small independent operation.
Steve Hewins — President and CEO of Hospitality — agreed with Myall’s statement.
Drive thru sales have excelled, because it has been deemed safe by nearly all customers.
Hewins further stated that some places — like Chipotle — have changed their entire operations to contactless delivery or pick-up. Places like those have a strong demand and good pay for all of their workers.
However, due to COVID-19 many businesses — not just places like Burger King — have had to close their doors. This has placed havoc on people hunting for work.
Closing Burger King Locations in Maine
The four Burger King restaurants that are closing are owned by Steve Wegner of Orono, Maine. The closing stores are located on Camden Street in Rockland, Hogan Road in Bangor, Stillwater Avenue in Orono, and High Street in Ellsworth.
Between the four restaurants, there were roughly 80 to 100 people employed, according to a representative for Wegner. The person further stated that there are two other Burger King locations still operating. These locations have different owners and are located on Union Street in Bangor and on Wilson Street in Brewer.
Wegner had hoped the owner would be willing to renew the four Burger King’s under a different owner. However, the company did not agree to the terms, according to Wegner’s representative.
We tried until the very last second. This was the last thing the owner wanted — to put people out of work.
The representative further explained that Wegner has been in poor health. She also implied that the restaurants could have kept “running like a well-oiled machine” without his management.
Written by Sheena Robertson
Bangor Daily: 4 Maine Burger King restaurants are closing for good; by Charles Eichacker
Featured and Inline Image Courtesy of Mike Mozart’s Flickr Page – Creative Commons License
Social Security COLA Higher Than Forecast Expectations
Nearly 70 million Social Security and Supplemental Security Income (SSI) beneficiaries can expect a 3.1 percent increase beginning January 2021, according to an SSA announcement on Oct. 13, 2020. In August, forecasters thought the cost of living adjustment (COLA) would be between 0.50 and 1 percent.
COLAs are calculated using data from the Consumer Price Index for Urban Earners and Clerical Workers (CPI-W). The average CPI-W index numbers for July-September 2019 are compared to those from the same quarter for 2020. The percentage change between the two quarterly averages determines the cost of living changes for the next year.
Unfortunately, the circumstances of the coronavirus pandemic depressed the economy. The prices for essential medical supplies like gloves, peroxide, and OTC medications skyrocketed after panic shopping emptied retailers’ shelves.
Price gouging occurred during the first quarter of 2020 — prices for grocery items such as meat and dairy have soared throughout the year. Conversely, the price of regular gas fell from $2.60 a year ago to $2.19, according to AAA in August. Based on the method used to determine COLAs, the first quarter would not be considered.
David Certner, AARP’s director of legislative policy for government affairs, offered the aforementioned range. Other experts predicted the Social Security COLA would be as low as 0.44 and as high as 1.1 percent.
The average Social Security retirement beneficiary receives $1,514.13 monthly. Based on 3.1 percent, the increase is $19.68.
According to the SSA website, COLA notices will be available online in the Message Center of their “my Social Security” account in December 2020.
Written by Cathy Milne-Ware
Social Security Administration: Social Security and Supplemental Security Income
AARP: Social Security COLA Forecast for 2021
Featured and Top Image Courtesy of FDR Presidential Library & Museum’s Flickr Page – Creative Commons License
Inset Image Courtesy of AFGE’s Flickr Page – Creative Commons License
Black Entrepreneurs Day on Track to Be a Star-Studded Success
Daymond John, a powerhouse in the business arena, launches Black Entrepreneurs Day on Oct. 12, 2020. It is a free virtual event and is on track to be a star-studded success with celebrity appearances by Jamie Foxx, Shaquille O’Neal, Gabrielle Union, Chicago native Chance The Rapper, and many more.
Other successful business leaders, such as Robert Johnson — BET’s co-founder, and Brian Lamb from Chase Bank are slated to join the lineup. They all recognize the importance of Black entrepreneurs.
The event came to life when John questioned how he could provide assistance to Black owned-businesses during these perilous times. Given the devastation that the COVID-19 pandemic has left on families and businesses, it is refreshing to see John give back. Black entrepreneurs have been disproportionately affected by the life-altering coronavirus.
The Effects of COVID-19 on Black Entrepreneurs
The economic and racial impact of COVID-19 is especially disparaging for Black entrepreneurs and people overall. The curtain has been pulled back on racism, as well as the social and political divides experienced in America.
“We the people,” such an all-inclusive phrase in the constitution, has proven to be anything but. It is dangerously exclusive and has caused the high courts to re-examine who are “We the people.” Issues of cases involving racism, sexism, and ageism have peppered the Federal Courts and forced them to rule on matters to include historically rejected groups of people.
During COVID-19 the government provided economic relief for small businesses via the Paycheck Protection Program. However, some Black entrepreneurs were not able to take advantage of this lifeline because it required them to apply for financial aid by going through credit unions or banks.
Only 31 percent of Black entrepreneurs, since about 2015, received loans through these traditional institutions. Therefore, without having established a working relationship with banks many Black entrepreneurs missed out on this opportunity.
Black Entrepreneurs and The Impact of Social Injustices
The climate is unquestionably hot right now surrounding racial inequality, police brutality, and social injustices. In light of the recent killings of George Floyd, Breonna Taylor and other Black people unjustly murdered by police — white, Black, and brown people have come together to fight for change. Unfortunately, some of those peaceful gatherings resulted in businesses being burned down.
Many entrepreneurs were forced to experience looting and destruction of their businesses. John believes that businesses should be lifted up and provided a step by step guide on how to succeed in this environment. He believes that despite the apparent challenges this is a good opportunity for Black entrepreneurs to excel.
Success Stories of Famous Black Entrepreneurs
Not only does it not cost anything to hear success stories of celebrities and other philanthropists at Black Entrepreneurs Day, but seven participants also have the chance to win $25,000. Some of the companies partnering with John are Chase for Business, Pepsi, The General® Insurance, Yappa, Cisco Webex, Robinhood, and Quickbooks.
The money is a much-needed boost for struggling Black entrepreneurs during these unprecedented times. The NAACP is also a proud partner of Black Entrepreneurs Day.
John’s goal is to inspire entrepreneurs with his star-studded lineup. Award-winning actor and entrepreneur, Jamie Foxx, overcame being drugged with PCP while 18 years old at a college party. It is an incident that periodically hunts him.
Oprah Winfrey even staged an intervention for him later in his career due to his excessive partying and alcohol use. Foxx’s compelling story is sure to speak volumes to someone.
The first Black billionaire, Bob Johnson, may share how, despite his wealth, he overcame failed projects involving starting a clothing line to buying an NBA team. The act of overcoming difficulties at any level and triumphing emotionally and financially is what Black entrepreneurs eager to change their lives can expect.
Black Entrepreneurs Day
As co-founder of the urban clothing line, FUBU, John is no stranger to the ups and downs of entrepreneurship. FUBU originated from very modest beginnings. In fact, John and his business partners made hats out of their homes.
Fast forward to him selling billions of dollars of apparel in over 5,000 stores and his career advancing into other lucrative business ventures including his seat on the hit tv show Shark Tank. There have not been any other Black entrepreneurs to take a seat on the show that has the power to change the trajectory of entrepreneurs forever.
He has always managed to stay in the game. His tenacity and business prowess has landed him a spot among the most successful Black entrepreneurs with a net worth of $300 million. John has always been compelled to give back.
He wrote the best-selling book, “The Power of Broke.” It details how being hungry for success can force one to think out of the box. Most entrepreneurs come from meager beginnings. It is their passion and drive that catapults them into success. Entrepreneurs can apply the following quote from John’s book:
The easiest thing to sell is truth.
According to an interview with People’s Magazine, John shared his truth about not having a formal college education. He relied on the motivational teachings of Tony Robbins, Napoleon Hill, and Robert Kiyosaki. These teachings encouraged him to share his wealth of knowledge with others — especially Black entrepreneurs.
One’s passion and purpose can be birthed from pain and despair. The world is definitely experiencing painful moments and it will take the tenacity of those unwilling to give up to make a difference.
Black entrepreneurs are less likely to have a successful sustainable business than their white counterparts. It is a journey lined with peaks and valleys.
However, in Tony Robbins’ best-selling book, “Unlimited Power: The New Science of Personal Achievement,” he said, “there are no such things as failure, only results.”
Showing up is always half the battle. In order to be present at Black Entrepreneurs Day register by Oct. 12 at Blackentrepreneurday.com and log on Twitter, Facebook, or YouTube on Oct. 24 at 7 p.m. CT to be inspired.
The Hollywood Reporter: Jamie Foxx, Gabrielle Union, LL Cool J and Shaquille O’Neal Set for Daymond John’s Black Entrepreneurs Day; Chris Gardner
Black Doctor: Jamie Foxx 50+: How He Overcome Alcoholism & Losing His Mind At 18; Carter Higgins
CNN Money: Ripping up the rules of management; Susanna Hamner and Tom McNichol
Investopedia: The Net Worth of the Shark Tank Cast; Justin Walton
CNBC: Self-made millionaire Tony Robbins: Believing these 7 ‘lies’ will make you more successful in life — and psychology agrees; Tom Popomaronis
Good Reads: The Power of Broke Quotes
Featured Image Courtesy of Wikimedia – Creative Commons License
First Inset Image Courtesy of David Geitgey Sierralupe’s Flikr Page – Creative Commons License
Second Inset Image Courtesy of Adam Levine’s Flikr Page- Creative Commons License
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