Date: May 18, 2009
Vol. XII, No. 10

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TABLE OF CONTENTS

COMMENTARY: WITHOUT NEWSPAPERS, WHAT? 

Chrysler and General Motors drop almost 2,000 dealerships, which in turn will do serious harm to numerous newspapers who are already struggling to stay afloat. And newspapers are our industry's retailers' major venue for advertising. Retailers can advertise on the web-based publications, but it's tough to run a hard copy insert if there is no hard copy.

Meanwhile, newspaper readership is declining, so fewer consumers are seeing the ads anyway. Retailers are switching to online and email marketing campaigns, but those are aimed at existing customers. At least with a newspaper, stores have a chance to attract new customers. And without a steady stream of new customers, where will the industry be in 10 years?

Business-Wise. What businesses can learn from nonprofit organizations: Don't please customers, inspire them.

Category Reports. How one author is creating new yarn customers by teaching Girl Scouts to knit.

Kizer & Bender. Have enough customers? No? Then learn about the importance of diversity and demographics.

"Vinny Da Vendor". Thoughts and memories of Jean H. Barr, Founder/CEO of JHB, who passed away recently.

Memory, Paper & Stamps. The complete comments of independent craft and scrapbook retailers' analyses of the meaning of the demise of Memory Makers magazine.

Kate's Collage. Three industry veterans, Jerry Constantino, Lois Winston, and Geoff Wheeler, have channeled their creative and investigative talents into writing short stories, romance and mystery novels, and reference books.

(Note: If it's not the column you expected, click on the Reload or Refresh button of your browser.)

It's been a tough year, but now the economy looks like it may have hit bottom and is starting to recover. Are you changing your marketing/ad budget for the remainder of the year? Down, because things are tough? Up, because it's a commonly held theory that if you can increase your market share in a down economy, you'll maintain that greater share when the economy recovers?

To vote, click on Industry Polls in the right-hand column or click HERE.

As if the economy wasn't a big enough headache, 28.6% of the voters in this unscientific poll report seeing more absenteeism among their employees, less traffic in their stores, or fewer students in classes that could be attributed to the flu, or at least fear of the flu.

The Commissioners of the Consumer Product Safety Commission split their vote on a request by the National Assn. of Manufacturers for an emergency stay of enforcement of the tracking label requirements of the Consumer Product Safety Improvement Act. The tie means no stay will be granted and the tracking label requirement will go into effect as scheduled in August.

Acting Chair Nancy Nord voted to grant the stay request and Commissioner Thomas Moore voted to deny it. Rick Woldenberg, Chair of the Alliance for Children's Product Safety, said, "[Moore's] vote will result in more chaos for manufacturers and retailers from this law – particularly for small businesses – who are already reeling from a difficult recession....

"Because of a deluge of conflicting priorities caused by the CPSIA," Woldenberg added, "the CPSC has yet to issue rules for implementing the label requirement that will take effect in three months, leaving little time for manufacturers to prepare."

As a jewelry supply vendor said, "How do you put a tracking label on a jump ring?"

April Sales. Still pretty lousy but better than expected, thanks to a late Easter. A sampling of same-store figures: Aeropostale, +20.0% ... Wal-Mart, +5.0% ... Target, +0.3% ... BJ's Wholesale Club, -4.9% ... Dillard's, -6.0% ... J.C. Penney, -6.6% ... Costco, -8.0% ... Macy's, -9.1% ... Nordstrom, -10.8% ... Abercrombie & Fitch, -22.0% ... Saks, -32.0%.

Jo-Ann. Reported that net sales for the first quarter ended May 2 were $460.0 million compared to $446.1 million a year ago, an increase of 3.1%. Same-store sales for the quarter increased 1.0% versus a same-store sales increase of 4.5% last year. Jo-Ann will report earnings for its first quarter May 27. Jo-Ann shares rose 14 cents to $19.97 the morning the report was released, and Standard & Poor's raised its corporate credit rating to B+ from B as a result of the company's improved profitability and debt reduction, the Associated Press reported. Zacks Investment Research gave Jo-Ann stock a Buy rating. Earnings will be reported May 27.

A.C. Moore. Named David Abelman Exec VP/Chief Marketing and Merchandising Officer. He had been Sr. VP of Marketing for Michaels and a member of Michaels’ Executive Committee. Prior to Michaels, he was VP of Retail Marketing & Creative Services for Office Depot, and prior to that he worked for Daymon Associates, a marketing firm specializing in private label development. Abelman replaces industry veteran Craig Davis who retired.

Wal-Mart. Total U.S. sales increased 3.8% to $61.2 billion and same-store sales rose 3.6%. Operating income rose 3.3% to approximately $4.5 billion. Execs raised the possibility of a drop in earnings in the second quarter because consumers were spending those economic stimulus checks a year ago. International sales declined due to the fluctuating dollar, and Sam's Club sales were hurt because gasoline is 40% cheaper than a year ago. ... Announced it will now report sales figures quarterly rather than monthly.

Hancock. Engaged Susan Zewicke, to serve as Sr. VP, Store Operations. She had been President of Devyn Larkham Associates, a retail consulting firm and prior to that was VP of Borders U.S. Operations for Borders. ... The company announced it had nearly doubled its email marketing revenue since November by using ExactTarget’s one-to-one marketing platform. Hancock used ExactTarget through a relationship with SpinSix Strategic Marketing Design. There was a 20+% increase in the number of consumers opening their emails, a 10% increase in the total number of unique click-throughs on the messages and a less than 0.1% unsubscribe rate. Surfers can subscribe to the company’s emails at www.hancockfabrics.com, and learn more at http://email.exacttarget.com.

Sales for the first quarter ended Apr. 4 fell 14.1% to $108.6 million, and same store sales decreased by 13.4%. That resulted in a net loss of $4.3 million ($0.21/share), compared with a net loss of $1.8 million ($0.09) a year ago. First quarter results included a charge of $0.02 for the termination of an interest rate swap, while the first quarter 2008 results included $0.04 in charges related to the inventory restatement and increasing a state tax reserve.

CEO Rick Lepley stated, "The economic environment continues to be challenging and discretionary spending remains weak. We do not expect any meaningful improvement before the second half of this year and remain focused on improving sales, managing our inventories, strengthening our balance sheet and making our supply chain more efficient."

To hear a recording of company execs' conference call with analysts, call 800-642-1687 and enter pin #98363393. The replay will be available through Thurs., May 28.

The 59th annual International Art Materials Trade Assn. show in Louisville was smaller in terms of attendance and booths, but that was deceiving. Companies – buyers and sellers – brought fewer staff members, and exhibitors used smaller booths. Attendees were very pleased with Louisville as the venue.

Post-show numbers show that actual on-site attendance for buying companies was 202, down less than 10% from 2008. The number of exhibiting companies this year was 155, compared to 170 in 2008, also less than a 10% decline.

One exhibitor estimated that buyers representing 90% of the sales of art materials in the U.S. were walking the show; another thought the chain buyers were more visible on the show floor than the independents.

"My general observation after walking the show floor: the industry is fundamentally healthy, just with a moderate case of the economic flu," one manufacturer told CLN, while a publisher said, "I would say that the retailers there were the 'fittest,' as in 'survival of the fittest,' but they were definitely cautious. Instead of ordering in 6’s they were ordering 2’s or 3’s. The mood was more upbeat than it was at CHA."

Awards. Booth awards went to Alpha Art Materials, Masterpiece Artist Canvas, Golden Artist Colors, and Grex Airbrush. Judges' Special Recognition award went to Pebeo. Tri Art won Best Point of Purchase Display. Enkaustikos Way Art Supply won Best Packaging and Best New Product for its Hot Cakes. Story Book Kits by Artterro, (Art of the Earth) won Best New Kid's Product. Jeff Goldfarb of A.I. Friedman was inducted into the Hall of Fame, and Lifetime Achievement awards were given to Zora Pinney and Claudia Myers.

Board. Elected were Rick Comerford, Grimstad Comerford Group (Manufacturers Rep member), and Mark Ball, Art Supply Warehouse (Retailer Member). The new Exec Committee includes Eric Zelenko, Plaza Artist Materials, President; Louis Reeves, Reeves & Associates, Exec VP/CFO; Kim Fjordbotten, The Paint Spot, VP; and Don Dow, Artograph, Immediate Past President. They take office June 1.

The 2010 show will be in Indianapolis, Apr. 15-17. To see a glimpse of some of the artists working on the show floor, visit http://www.youtube.com/watch?v=GDEetzITCWc

In an email sent May 6, F+W Media, announced Memory Makers will cease publication after the Sept./Oct. issue. The cause, according to President Sara Domville, is "the recent and dramatic downturn of the scrapbook industry." MM was launched in 1996 but recently its advertising has lagged behind Scrapbooks Etc. and Creating Keepsakes.

Exec Editor Beth Williams, Managing Editor Katie Hilbert, and Ad Rep Karen Crisp have agreed to stay on through the transition which is expected to be complete by end of June.

Domville said the closure does not affect company's book publishing program managed by Christine Doyle or the Great American Scrapbook Conventions under Sara Dumford.

Is this a sign of a "recent and dramatic downturn" of the scrapbook industry? CLN contacted scrapbook and craft retailers for the answer. Here are excerpts from them. (To read their complete answers, click on Memory, Paper & Stamps.):

1. "Our scraps are full and classes are up. Guests are not purchasing many of the 'tool' items and are definitely sharing product and using their stash. Paper and glue sales are at or above previous levels." – Jim Bremer, three Tall Mouse craft stores in Southern California

2. "Scrapbooking still has a very bright future! Our segment of the industry grew so fast that, not surprisingly, when the economy got tight, it became very uncomfortable. We are all now needing to work harder than ever before; we like to think it's making us very good retailers. Can you imagine what strong businesses and practices we will have once we're out of this downturn?" – Elizabeth Boyle, Treasury of Memories in Bellingham, Washington

3. "I don't believe for a minute that the industry is dying. I think when economic times get tough, businesses that are managed poorly will be shaken out. Be it a retailer or vendor who is used to paying this week's bills with last week's cash flow, when the cash flow decreases, the business folds. I believe we are seeing this in all manner of small businesses (as well as some large ones) nation-wide, not just in the scrapbook industry. The glass is either half full or half empty depending upon who you speak with. The glass is certainly far from empty." – Bud Izen, Scrapbook Fever, Salem, Oregon

4. "We're having consistent interest in scrapbooking. Although the consumers are using stash, they are purchasing more albums to put their newly finished pages in, and they are still buying items that are offered at a great value. Our sales and customer count in scrapbooking have not declined. We're still seeing a lot of enthusiasm among our customers! – Emma Gebo, Sierra's, Pocatello, Idaho

5. "I do not believe that there is a dramatic downturn. Yes, sales were below normal during the first quarter of this year, but April showed a big turnaround, and sales for the first 10 days in May were double that of the first 10 days in January. This is also significant because we had a sale on January 1 which had 30% off everything.

"I do think that many of our customers used up a lot of their stash as sales of paper and embellishments are up, while cardstock, pens & inks, and tools are about the same. Customers seem to be willing to buy more of the 'fancy' paper/cardstock, or paper with glitter, sparkles, or felt as opposed to regular single-sided paper."– Mike Dolan, Scrapbook 911, San Antonio, Texas

6. "Our sales have declined, partially due to the opening of Hobby Lobby, Jo-Ann, and Archiver's all within a half mile in the last year. Consumers are still buying scrapbooking product, but I don't think you have the super consumer who has to have the latest greatest product the minute it hits the stores. The consumers are still fickle, and last month's greatest vendor is now on the bottom of the list."

"Scrapbooking seems to be headed towards being a staple item with consumers using more basic products. Tools are hard to sell because everyone has a bunch.

"In my view, scrapbooking has peaked as an industry; where it levels off is anyone's guess." – Larry Olliges, Dee's Crafts, Louisville, Kentucky

7. "So far this year we are not seeing a fall-out that is significant.... The business has definitely shifted away from the more traditional page-in-an-album business. Cardmaking is huge, and accessories added to school projects are even bigger. Incorporating scrapbooking products into other mediums has kept us going. Paper is being purchased to add to and accessorize many other craft projects, from jewelrymaking to framing and all points in between. The die-cut center has become a magnet for every kind of crafter imaginable, and paper is so well done and so timely, fashion-wise, it is even being used for some home decorator projects." – Bob Ferguson, Crafts & Frames, Redmond, Washington

Rather than the industry is in a recent and dramatic downturn, there could be other factors:

1. As CLN has reported, vendors are so beset with problems apart from sales – loss of credit lines, the Consumer Product Safety Improvement Act, rising product liability insurance premiums, employees out with the flu, shrinking margins – some don't have time to even think about advertising.

2. There have been examples in the industry of corporate parents closing a division because the division wasn't profitable enough.

3. The majority of Memory Makers' readers are, no doubt, enthusiasts, and the recent updated CHA Attitude & Usage Study indicated enthusiasts are cutting back on their spending and using their stash instead. When the stash is depleted, they will buy again.

4. It's common during a tough economy for the lesser brands to fall by the wayside, regardless of the product, category, or industry. It doesn't mean the category is falling apart.

First lenders stopped insuring receivables, then they slashed credit lines, and now this, from a frustrated vendor:

"I was informed that our insurance company is not renewing any company's product liability insurance for children’s products. My insurance broker has contacted several other insurance companies and they also have the same policy. We found one, but my rates are 400% higher. Here's what my insurance company said:

"'Per our conversation, this email is to confirm that we generally do not have an appetite for insured's whose operations involve importing toys or child related products from foreign countries due to the inherent General Liability exposure commonly associated with this type of operation. I sincerely apologize for any inconvenience to you and your business as a result of the non renewal of your policy.'

"I had this policy for over 10 years," the vendor told CLN. "We have sold millions of units of kids craft product and only had one bogus claim for $1000.00 in 10 years (that claim was two years ago). I think it’s based on CPSIA and what happened in the toy industry."

A vendor was curious about the updated CHA Attitude and Usage Study showing an increase in stenciling. "I’d sure like to know where the stenciling figure came from," he wrote, "because I was just in Michaels and A.C. Moore and the stencil departments were almost non-existent, other than lettering and the real cheap, die-cut kids designs. The 'decorative' designs that were the staple of the stencil business for years were nowhere to be seen.... Is there any way to know how those figures were derived? Was it from only one or two manufacturers who are maybe doing some custom or specialty work? If I’m missing a market, I’d sure like to find it!"

Here's why the vendor is confused:

1. The margin of error for the monetary figures in the Study is 11%. So, if the Study finds stencil sales at, say, $100 million, that means the actual, true figure is somewhere between $89 million and $111 million.

2. The margin of error is so high because Ipsos, the reputable market research firm, asks a cross section of consumers – not retailers – most of whom no doubt estimate what they've spent on stenciling. Ipsos starts with thousands of respondents, but by the time it's filtered down to a relatively small category, there aren't that many respondents – and the fewer the respondents, the larger the margin of error.

3. The respondents' definitions and uses for our products may be different than our ideas. Stencils, for example, can be used in woodworking, and sometimes people make their own stencils.

4. If a particular vendor's sales don't "jibe" with the Study's results, it could be the vendor is losing or gaining market share. Likewise for a retailer: no product category is consistently popular or unpopular in every corner of the country, yet the Study's results are national, not local.

To access the complete Study, to read the history of the industry's market research efforts, and to read advice on how to interpret a study, click on Industry Research in the left-hand column. There will be a seminar to explain and discuss the updated results at the CHA Summer Show. The seminar is Tues., July 28, 2:00-3:00 pm (Business Seminar S109) and is free to all CHA members. Visit www.chashow.org for details.

A recent article in USA Today interviewed CHA's Public Relations Manager Victor Domine for his list of great industry-related shows for consumers. Here are those that have not already been held:

1. Indie Craft Experience, Atlanta, May 30-31. www.ice-atlanta.com

2. Maker Faire Bay Area, San Mateo, CA, May 30-31. www.makerfaire.com

3. Great American Scrapbooking Convention, Arlington, TX, June 4-6 www.greatamericanscrapbook.com

4. Creativ Festival, Toronto, Oct. 16-18, www.creativfestival.com

5. Bead & Button Show, Milwaukee, May 31-June 7, www.beadandbuttonshow.com

6. Creating Keepsakes Scrapbooking Conventions, (various dates and places) www.creatingkeepsakes.com

7. Learning & Products Expo: Art!, Chicago, July 10-12, www.learningproductexpo.com

8. STITCHES East, Hartford, CN, Oct. 22-25, www.knittinguniverse.com

9. International Quilt Festival, Long Beach, CA (July 24-26) and Houston, TX, Oct. 15-18, www.quilts.com

1. The keynote speaker for the Summer Show is Maria Thomas, CEO of Etsy. The speech is Tues., July 28, 7:30 am–8:45 am. Thomas will discuss creating a strong relationship with your consumer through your brand’s message, using social media strategically to grow your business, and where the new wave of consumers buying "handmade" can be found. Admission is $10 for members, $20 for non-members.

2. Deadlines. To be included in the printed CHA Summer Show Directory, exhibition contracts and online Directory Update must be received and completed no later than May 29. Contact Anthony Licata (alicata@craftandhobby.org, 201-835-1203). ... The Summer Show Innovations showcase will include a maximum of 125 products introduced in 2009. The deadline is June 12. For info or to submit your product contact Alison Adoff (aadoff@craftandhobby.org, 201-835-1218. ... The deadline for sponsoring a workshop at the summer show has been extended to June 1.

3. Space is still available for designer members for the Summer Show's Designer Showcase. To reserve your space, download and complete the registration form at www.chashow.org. 

4. CHA's Nominating Committee is accepting nominations for candidates for the 2010 Board of Directors. CHA members may nominate another CHA member or themselves for consideration to sit on the board for a three-year term beginning in January. To download the nomination form, visit www.craftandhobby.org/pdfs/protected/2010BoardNomForm.pdf. Nominations must be submitted by June 1.

I have to give Michaels credit. Months ago when the company announced it was dropping all classes in favor of in-store demos and make-it/take-its, I thought it was a classic, short-sighted, beancounter move. I was wrong; the events the stores have sponsored for kids, especially The Knack program, and recently for Mother's Day prove it wasn't just a cost-cutting move.

Although I still wonder how many customers we'll have 10 years from now if we stop teaching people how to scrap, bead, knit, paint, etc. And there was a telling statistic in the updated CHA Attitude & Usage Study, reported in the last issue of CLN: consumers who attend classes spend twice as much money on supplies as people who don't.

CONDOLENCES, I. To the family of Jean H. Barr, 89, CEO of JHB who died of natural causes. In lieu of flowers the family has requested that donations be made to a charity of your choice in her memory. Send cards to Jay Barr, c/o JHB, 1955 S. Quince Street, Denver, CO 80231. To read more about this industry pioneer, click on "Vinny Da Vendor."

CONDOLENCES, II. To Dene Van Winkle and family on the death of her husband, Ron. They operate Imagine That! Scrapbooks & Gifts in Roswell, NM. Send cards to 317 N. Main St., Roswell, NM 88201.

BEST WISHES. To art material veteran Arthur Schwartz who is very ill. Send cards to Woodstocker Books, 15 Meads Mtn. Rd., Woodstock, NY 12498.

SHOWS, I. The Bead Fest Wire, hosted by Interweave in King of Prussia, PA, attracted 2,700+ wire, bead, and jewelry enthusiasts. The show had 150+ booths, and 735+ class seats were sold. There was a Meet the Teachers reception sponsored by Art and Soul Beads and a Moonlight Bead-In sponsored by Claspon-Claspoff. The next Interweave Bead Fest is Aug. 20-23 in Philadelphia; 325+ vendors are expected and 160+ classes are planned. For info, visit www.beadfest.com.

SHOWS, II. Registration is now open for the Knit & Crochet show, including the CGOA and TKGA conferences, Aug. 7-9 in Buffalo, NY, with classes starting Aug. 6. Visit www.knitandcrochetshow.com.

SHOWS, III. The National NeedleArts Assn.'s 2010 Nashville Needlework Market, Feb. 20-21 with education on Feb. 19, is moving to the Embassy Suites Nashville South/Cool Springs hotel. The Exhibitor Prospectus will be mailed in early October and the Buyer Registration Brochure will mail in early November. Call TNNA at 800-889-8662.

SHOWS, IV. "For small-business owners trying to navigate the economic downturn, spending money on trade and consumer shows might seem like a luxury better reserved for more prosperous times. Not so, say many experts, who believe that exhibiting at – or at the very least attending – these events is one of the smartest things that a small-business owner can do, regardless of the state of the economy. Not only do exhibitions provide critical exposure to potential buyers, they also are essential for learning about unfamiliar markets, building personal relationships and getting an up-close look at the competition." – Wall Street Journal

JOB OPENING. Manufacturer with diverse product lines is looking for a National Sales Manager to manage a team of salespeople selling a diverse line of craft & hobby supplies. Position reports directly to the CEO. Must have proven sales management experience selling $4m-$7m annually. Salary based on qualifications. Contact Mike Hartnett, in complete confidence, for more info. Call 309-925-5593 or email mike@clnonline.com.

CLOSING. The Stitching Post's last two retail stores and departments in Jo-Ann stores are closing, the Delaware (OH) News reported. The chain was founded in 1958 by Darrell Fulmer and eventually grew to 12 stores. His son Joe, now the CEO, blamed the economy.

LICENSING. Springs Creative Products Group signed an agreement with Marvel Entertainment which allows Springs to incorporate Spider-Man and characters from the Spider-Man comic book series into fabrics and craft kits.

RECALL. The U.S. Consumer Product Safety Commission and Health Canada have recalled Abalone and Venetian Carnevale Necklace craft kits imported from China by Action Products Int. because of high lead levels. No injuries have been reported.

QUILTING. AccuQuilt has teamed up with Ricky Tims and Alex Anderson, hosts of thequiltshow.com to promote the AccuQuilt® GO!™ and Studio™ Fabric Cutter product lines.

BEST WISHES. To The Beadery's Al Seifert who retired. Al was president of the company for many years, and served as a member and then chair of the HIA board of directors.

STOCKS. A.C. Moore: $2.45, down $0.54 ... Hancock: $1.05, up $0.03 ... Jo-Ann: $20.38, up $2.12 ... Wal-Mart: $48.15, down $1.90 ... Dow Jones: 8,268.64, up 0.6%. (Note: All changes in price are since 4/29 and are exclusive of dividends.)

CORRECTION. Scott Publications moved to 2145 W. Sherman Blvd. Call 231-755-2200; fax 231-755-1003. The company publishes a variety of industry-related consumer magazines (scrapbook/stamping, card making, dollmaking, miniatures, polymer clay, etc.) Visit http://scottpublications.com/catalog.

BEAD TRENDS. Kalmbach Publishing reports Beautiful Wire Jewelry by Irina Miech, released in January, is already in its second printing. For consumers selling their jewelry, using more wire and fewer beads can keep the ultimate price down.

TV. Lisa Bearnson is taking a leave of absence from QVC to spend more time with her family. The founder of Creating Keepsakes magazine has been selling scrapbook products on QVC for 11 years.

PAINTING. Interactive Artist magazine now offers a virtual gallery where you can post your art work. Visit www.interactiveartistmagazine.org and click on Virtual Gallery.

QUILTING. QuiltingArts.com unveiled a new design and online community for contemporary quilters, making it easier for them to interact with the magazine's editors, writers, and each other; create a profile page; upload photos; share videos; comment on stories; view galleries and blogs; and download free projects and tutorials. Visit www.quiltingarts.com. ... The fourth series of Quilting Arts, hosted by Pokey Bolton and produced by KS Inc. Productions, uplinks with PBS stations June 28.

WEBSITES. Leisure Arts has a new website, Crochet Soiree. Visit www.crochetsoiree.com. ... Scrapbook Adhesives created a new section especially for retailers. Visit www.scrapbook-adhesives.com/retailers.

TWEENS. Sara Trail learned to sew, started her own business designing and selling clothes and accessories, and authored a new book and DVD from C&T Publishing that introduces teens to the fun of sewing. Not so unusual, until you learn Sara's age: 14. To learn more about Sara and her book, Sew with Sara, and her CD, Cool Stuff to Sew with Sara, visit http://www.ctpub.com/client/client_pages/media/meetsaratrail.cfm 

To see the latest listings by the only personnel recruitment firm specializing in our industry, click on Jobs in the left-hand column or click HERE.

A man is getting into the shower just as his wife is finishing her shower, when the doorbell rings. The wife quickly wraps herself in a towel and runs downstairs. When she opens the door, there stands Bob, the next-door neighbor.

Before she says a word, Bob says, "I'll give you $800 to drop that towel."

After thinking for a moment, the woman drops her towel and stands naked in front of Bob; after a few seconds, Bob hands her $800 and leaves. The woman wraps back up in the towel and goes back upstairs.

When she gets to the bathroom, her husband asks, "Who was that?"'

"'It was Bob the next door neighbor," she replies.

"Great," the husband says. "Did he say anything about the $800 he owes me?"

Moral of the story: If you share critical information pertaining to credit and risk with your shareholders in time, you may be in a position to prevent avoidable exposure.

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4. CLN is published the first and third Mondays of each month, so your next issue will be Monday, June 2.

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