Latest news with #ABCSupply
Forbes
3 hours ago
- Business
- Forbes
Small Business Toolkit: Advice On Taxes, Business Structure, Funding And More
New and threatened tariffs. Expiring tax breaks. Tighter lending rules at the Small Business Administration (SBA). Small business owners face lots of challenges and uncertainty these days. But then, starting and running a small business has always been tough. And yet, small businesses remain the mainstay of the U.S. economy, creating jobs, millionaires, and in some cases, big companies and billionaires. Diane Hendricks, #1 on Forbes' new list of America's Richest Self-Made Women, with a net worth of $22.5 billion, started a roofing supply business with her late husband, Ken, in Wisconsin in 1982. Under her watch, ABC Supply, which she owns and has chaired since Ken's death in 2007, has grown to more than 900 branch locations and $20 billion in sales. Peter Cancro started making sandwiches at a Jersey Shore sandwich shop in 1971 at the age of 14, bought out the owner before his high school graduation, and built Jersey Mike's into a chain with more than 3,000 locations, before finally selling a majority stake this year to private equity firm Blackstone. He's now worth $4.9 billion. Today, the U.S. has more than 33 million small businesses, employing nearly 62 million Americans, some 46% of private sector employees. According to the SBA, from 1995 to 2021, small businesses created 17.3 million net new jobs, accounting for 63% of the net jobs created during this period. Underlying that impressive net job growth number, however, are millions of small business births and closures. About one in five of all small businesses fail in their first year and one in two succumb in the first five years. This new Forbes Small Business Toolkit aims to help you beat the odds, with information on choosing the right entity, assembling your professional team, filing and paying taxes on time, managing small business loans, and more. Despite the drama in Washington, some of these business basics won't change. But some will change–so we intend to keep the Toolkit updated, with developments business owners are likely too busy to track on their own. Small businesses have faced greater-than-normal challenges in recent months as they struggle to navigate President Trump's tariffs and tax proposals. The threat of tariffs (and tariffs already imposed) have already resulted in higher expenses and supply chain disruptions for some small businesses. And more are likely coming. Since tariffs are paid for by U.S. companies that import goods and materials, many small businesses will have to pay more for what they buy, yet may not be able to pass along the full cost increases to customers. The most recent National Federation of Independent Business Small Business Optimism Index shows retailers, in particular, have had their enthusiasm curbed by tariffs. The Republican tax bill, as passed last month by the House, included some wins for small businesses. It restored expensing and made the existing Section 199A deduction for small businesses that pass through their profits to the owner's tax return (S corps, partnerships and the self-employed) permanent and more generous. But those hoping that a business-friendly Senate might push even further by lowering corporate tax rates, too, likely won't get their wish. The cost of the bill (and how it increases the federal deficit and debt) may mean we'll see less, not more, tax relief for businesses, as it makes its way through the Senate and the reconciliation process. Adding to the uncertainty, interest rates and other costs remain high, making borrowing tricky at a time when assistance from federal agencies like the SBA has been reduced (the agency has announced plans to reduce its workforce by 43%) and loan guarantee rules tightened. Reduced staffing at the IRS (the agency expects to lose at least 20,000 employees) means there are fewer representatives available to answer the phones and help resolve tax disputes—some of those tax issues, like liens, can paralyze a small business if not resolved in a timely manner. There are some bright spots. Earlier this year, the Treasury Department walked back most of the Corporate Transparency Act (CTA), limiting its scope to foreign companies. Before the revision, an estimated 32.6 million companies were potentially subject to reporting requirements, with significant penalties for noncompliance. The administration has also signaled that more regulatory rollback is coming, though businesses aren't yet sure what that might look like. With so much uncertainty—and more changes on the way—we suggest bookmarking this Toolkit and checking back for our updates.
Fox Sports
3 days ago
- Business
- Fox Sports
ABC Supply, AJ Foyt Racing Help Raise $4.7 Million for Injured Veterans
INDYCAR Indy 500 Spotlight Fuels Support for Homes For Our Troops ABC Supply Co., Inc., has announced that $4.7 million was raised for Homes For Our Troops (HFOT) as part of a significant fundraising effort in May for National Military Appreciation Month and in conjunction with the 109th Running of the Indianapolis 500 presented by Gainbridge. ABC Supply, an HFOT Platinum Partner, matched all donations up to $1 million during May. ABC Supply has a longstanding partnership with AJ Foyt Racing, which fields two cars in the NTT INDYCAR SERIES. Several HFOT veterans took part in Race Weekend's thrilling activities at Indianapolis Motor Speedway. They received exclusive access to a garage tour of the No. 14 AJ Foyt Racing Chevrolet driven by Santino Ferrucci, walked the iconic Yard of Bricks and enjoyed a premier view of the stars-and-stripes-clad HFOT car racing to an impressive fifth-place finish by Ferrucci. The largest television audience since 2008 also watched the '500' and saw the patriotic livery on FOX. "We are beyond grateful for ABC Supply's sponsorship and support during the 2025 Indy 500," HFOT President/CEO Brig. Gen. USA (Ret) Tom Landwermeyer. "Their generous $1 million match was instrumental to raising $4.7 million during the month of May, and the patriotic livery of the No. 14 AJ Foyt Racing Chevy gave incredible visibility to our mission of Building Homes and Rebuilding Lives." ABC Supply has ardently supported HFOT since 2020 and donated the design of the INDYCAR SERIES car to generate awareness of the organization's mission of building and donating specially adapted custom homes nationwide for severely injured post-9/11 veterans, enabling them to rebuild their lives. HFOT has built over 410 specially adapted homes since its inception in 2004. 'Giving back to the community and honoring our veterans is at the heart of who we are,' said Mike Jost, president and chief operating officer at ABC Supply. 'The generosity we've seen throughout this campaign has been truly inspiring, and we are grateful to everyone who contributed to making a real difference for our veterans.' Said Ferrucci: 'It was an honor to drive the Homes For Our Troops car in the Indianapolis 500 and extremely rewarding to know that they not only met their goal but exceeded it – again. Raising over $4 million is incredible, and it will help a lot of our severely injured post-911 veterans. 'Those funds will go a very long way in building multiple houses for them, helping them financially and getting their lives back on track. At the end of the day, AJ Foyt Racing had a great Indianapolis 500, and Homes For Our Troops had an amazing one, as well.' Those who missed the donation matching window but would still like to support HFOT are encouraged to do so at recommended
Yahoo
3 days ago
- Business
- Yahoo
ABC Supply Supports Veterans: $4.7 Million Raised for Homes For Our Troops
In a bold display of American pride, ABC Supply backed AJ Foyt Racing's red, white and blue No. 14 Chevy driven by Santino Ferrucci at the iconic Indy 500 BELOIT, Wis., June 3, 2025 /PRNewswire/ -- ABC Supply Co., Inc. is proud to announce that its monthlong fundraising campaign, in partnership with AJ Foyt Racing at the 109th running of the Indianapolis 500 presented by Gainbridge, raised an impressive $4.7 million for Homes For Our Troops (HFOT). As part of its commitment to supporting our nation's Veterans, ABC Supply matched the first $1 million donations, helping surpass the $4 million goal. "Giving back to the community and honoring our Veterans is at the heart of who we are," said Mike Jost, president and chief operating officer at ABC Supply. "The generosity we've seen throughout this campaign has been truly inspiring, and we are grateful to everyone who contributed to making a real difference for our Veterans." Since 2020, ABC Supply has proudly been a Platinum National Partner of Homes For Our Troops, a nonprofit organization that builds and donates custom, specially adapted homes for severely injured post-9/11 Veterans. Since its founding in 2004, HFOT has constructed over 400 specially adapted homes, helping Veterans and their families rebuild their lives. "We are beyond grateful for ABC Supply's sponsorship and support during the 2025 Indy 500," says HFOT President/CEO Brigadier General, USA (Ret) Tom Landwermeyer. "Their generous $1 million match was instrumental to raising over $4 million during the month of May, and the patriotic livery of the No. 14 AJ Foyt Racing Chevy gave incredible visibility to our mission of Building Homes and Rebuilding Lives." For the fourth year in a row, ABC Supply led its monthlong fundraising campaign and proudly sponsored the striking red, white and blue livery of AJ Foyt Racing's No. 14 Chevy. Driven by Santino Ferrucci, the patriotic powerhouse delivered an impressive fifth-place finish at this year's Indianapolis 500. "It was an honor to drive the Homes For Our Troops car in the Indianapolis 500 and extremely rewarding to know that they not only met their goal but exceeded it—again! Raising over four million dollars is incredible, and it will help a lot of our severely injured post-911 Veterans," says driver Santino Ferrucci. "Those funds will go a very long way in building multiple houses for them, helping them financially and getting their lives back on track. At the end of the day, AJ Foyt Racing had a great Indianapolis 500 and Homes For Our Troops had an amazing one as well!" To support Homes For Our Troops and learn more about its mission, visit About A.J. Foyt RacingAJ Foyt Racing, headquartered northwest of Houston, has been competing at the top levels of motorsports since December 1965, nearly 60 years. With A.J. Foyt driving, his team won two Indianapolis 500s and three national INDYCAR championships. Since Foyt's retirement from driving in 1993, the team has continued to win, claiming two more national titles and the 1999 Indianapolis 500 with driver Kenny Brack. For more information, visit Homes For Our Troops (HFOT)Homes For Our Troops (HFOT) is a publicly funded 501(c)(3) nonprofit organization that builds and donates specially adapted custom homes nationwide to severely injured post-9/11 Veterans, to enable them to rebuild their lives. Most of these Veterans have sustained life-altering injuries, including multiple limb amputations, partial or full paralysis, and/or severe traumatic brain injury (TBI). These homes restore some of the freedom and independence our Veterans sacrificed while defending our country, and enable them to focus on their family, recovery, and rebuilding their lives. HFOT builds these homes where the Veteran chooses to live, and continues its relationship with the Veterans after home delivery to assist them with rebuilding their lives. Since its inception in 2004, nearly 90 cents of every dollar spent has gone directly to our program services supporting Veterans. For more information, visit About ABC SupplyABC Supply Co., Inc. is the largest wholesale distributor of roofing and other select exterior and interior building products in North America. Since its founding in 1982, ABC Supply's sole focus has been serving professional contractors and "making it easy" for them to do their jobs by offering the products, support and services they need — including myABCsupply, which allows them to place material orders and manage their account details from anywhere. ABC Supply is a 19-time Gallup Exceptional Workplace Award winner and a two-time recipient of Glassdoor's Employees' Choice Award for Best Places to Work and is committed to hiring military Veterans. Headquartered in Beloit, Wisconsin, ABC Supply has over 1,000 locations across the U.S. and Canada. More information is available at Contractors can find resources for growing and improving their businesses on ABC Supply's blog and the company's LinkedIn page. View original content to download multimedia: SOURCE ABC Supply Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
ABC Supply Supports Veterans: $4.7 Million Raised for Homes For Our Troops
In a bold display of American pride, ABC Supply backed AJ Foyt Racing's red, white and blue No. 14 Chevy driven by Santino Ferrucci at the iconic Indy 500 BELOIT, Wis., June 3, 2025 /PRNewswire/ -- ABC Supply Co., Inc. is proud to announce that its monthlong fundraising campaign, in partnership with AJ Foyt Racing at the 109th running of the Indianapolis 500 presented by Gainbridge, raised an impressive $4.7 million for Homes For Our Troops (HFOT). As part of its commitment to supporting our nation's Veterans, ABC Supply matched the first $1 million donations, helping surpass the $4 million goal. "Giving back to the community and honoring our Veterans is at the heart of who we are," said Mike Jost, president and chief operating officer at ABC Supply. "The generosity we've seen throughout this campaign has been truly inspiring, and we are grateful to everyone who contributed to making a real difference for our Veterans." Since 2020, ABC Supply has proudly been a Platinum National Partner of Homes For Our Troops, a nonprofit organization that builds and donates custom, specially adapted homes for severely injured post-9/11 Veterans. Since its founding in 2004, HFOT has constructed over 400 specially adapted homes, helping Veterans and their families rebuild their lives. "We are beyond grateful for ABC Supply's sponsorship and support during the 2025 Indy 500," says HFOT President/CEO Brigadier General, USA (Ret) Tom Landwermeyer. "Their generous $1 million match was instrumental to raising over $4 million during the month of May, and the patriotic livery of the No. 14 AJ Foyt Racing Chevy gave incredible visibility to our mission of Building Homes and Rebuilding Lives." For the fourth year in a row, ABC Supply led its monthlong fundraising campaign and proudly sponsored the striking red, white and blue livery of AJ Foyt Racing's No. 14 Chevy. Driven by Santino Ferrucci, the patriotic powerhouse delivered an impressive fifth-place finish at this year's Indianapolis 500. "It was an honor to drive the Homes For Our Troops car in the Indianapolis 500 and extremely rewarding to know that they not only met their goal but exceeded it—again! Raising over four million dollars is incredible, and it will help a lot of our severely injured post-911 Veterans," says driver Santino Ferrucci. "Those funds will go a very long way in building multiple houses for them, helping them financially and getting their lives back on track. At the end of the day, AJ Foyt Racing had a great Indianapolis 500 and Homes For Our Troops had an amazing one as well!" To support Homes For Our Troops and learn more about its mission, visit About A.J. Foyt RacingAJ Foyt Racing, headquartered northwest of Houston, has been competing at the top levels of motorsports since December 1965, nearly 60 years. With A.J. Foyt driving, his team won two Indianapolis 500s and three national INDYCAR championships. Since Foyt's retirement from driving in 1993, the team has continued to win, claiming two more national titles and the 1999 Indianapolis 500 with driver Kenny Brack. For more information, visit Homes For Our Troops (HFOT)Homes For Our Troops (HFOT) is a publicly funded 501(c)(3) nonprofit organization that builds and donates specially adapted custom homes nationwide to severely injured post-9/11 Veterans, to enable them to rebuild their lives. Most of these Veterans have sustained life-altering injuries, including multiple limb amputations, partial or full paralysis, and/or severe traumatic brain injury (TBI). These homes restore some of the freedom and independence our Veterans sacrificed while defending our country, and enable them to focus on their family, recovery, and rebuilding their lives. HFOT builds these homes where the Veteran chooses to live, and continues its relationship with the Veterans after home delivery to assist them with rebuilding their lives. Since its inception in 2004, nearly 90 cents of every dollar spent has gone directly to our program services supporting Veterans. For more information, visit About ABC SupplyABC Supply Co., Inc. is the largest wholesale distributor of roofing and other select exterior and interior building products in North America. Since its founding in 1982, ABC Supply's sole focus has been serving professional contractors and "making it easy" for them to do their jobs by offering the products, support and services they need — including myABCsupply, which allows them to place material orders and manage their account details from anywhere. ABC Supply is a 19-time Gallup Exceptional Workplace Award winner and a two-time recipient of Glassdoor's Employees' Choice Award for Best Places to Work and is committed to hiring military Veterans. Headquartered in Beloit, Wisconsin, ABC Supply has over 1,000 locations across the U.S. and Canada. More information is available at Contractors can find resources for growing and improving their businesses on ABC Supply's blog and the company's LinkedIn page. View original content to download multimedia: SOURCE ABC Supply Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
3 days ago
- Business
- Forbes
Forbes Daily: Chime, America's Largest Digital Bank Faces, IPO Reality
America's most successful self-made women are richer than ever before. The 100 entrepreneurs, executives and entertainers on Forbes' tenth annual ranking are worth a collective record of $155 billion. The list includes 38 billionaires, who made their fortunes through everything from cars to cosmetics to chardonnay. The list is once again topped by billionaire Diane Hendricks, the 78-year-old chair and owner of roofing and building materials wholesaler ABC Supply. But it also features newcomers like the majority owner of the Washington Spirit Michele Kang, and musician and actor Selena Gomez. And more than half of the women on the list saw their fortunes grow since last year. Photo Illustration by Davide Bonaldo/SOPA Images/LightRocket via Getty Images Chime, America's largest digital bank, is aiming for an IPO valuation of about $11 billion, a sharp drop from the $25 billion it fetched in a private fundraise in August 2021, near the peak of the fintech market bubble. But despite economic uncertainty, the 13-year-old bank is moving forward with its IPO plan, having grown its active customer base to 8.6 million by offering a no-fee checking account and debit card. In its latest economic outlook report, the Organization for Economic Cooperation and Development—an intergovernmental group that includes 38 of the world's top economies—warned that global economic growth is set to face a significant slowdown due to increased uncertainty over President Donald Trump's tariffs. The OECD projects that global economic growth will drop from 3.3% in 2024 to 2.9% in 2025 and 2026, with the U.S. economy expected to be among the hardest hit. Wall Street's top watchdog, the Financial Industry Regulatory Authority, scored a key victory as the Supreme Court declined to hear a penny stock broker's legal challenge to its constitutionality. But FINRA still faces a threat in a new bill in Congress that would move the self-regulatory body's key powers to the SEC. Photo by Beata Zawrzel/NurPhoto via Getty Images As Elon Musk still aims to make X an 'everything app,' he said this week he will start rolling out XChat, an encrypted messaging and calling platform that could be a competitor to WhatsApp. The update will expand the platform's direct messaging function, which Musk says will include encryption, file sharing, vanishing messages and audio or visual phone calls that can be made without a phone number. Kristi Noem testified before a House committee in May about the Department of Homeland Security's budget request. Homeland Security Secretary Kristi Noem often emphasizes her rough-and-tumble rural roots, but today she's worth about $5 million, Forbes estimates. Much of that is due to her husband Bryon's insurance business: Noem Insurance has generated $1.1 million in salary and profits for him over the past two years. David Richardson, the acting head of FEMA, reportedly told staffers he was unaware that the U.S. had a hurricane season. While an agency spokesperson told various outlets the comments were made as a joke, they come as FEMA's workforce has been severely gutted by DOGE, with the USA Today reporting that about 2,000 of the agency's 6,100 full-time staff have been fired or resigned in recent months. Skims cofounder Kim Kardashian, TV talk show queen Oprah Winfrey and pop star Beyoncé Knowles-Carter Even celebrities are feeling the effects of the cooling economy. Forbes' new list of America's Richest Self-Made Women features 16 celebrities among its ranks, worth a combined $14.1 billion. But after years of booming entrepreneurship, the market is softening for celebrity-backed companies: Other than Selena Gomez, most of the stars' fortunes are little changed from a year ago. The suspect in the attack on a Boulder, Colorado gathering in support of Israeli hostages in Gaza was charged with a federal hate crime Monday after telling authorities while in custody that he wanted to 'kill all Zionist people.' Mohamed Soliman threw two Molotov cocktails at the group gathered in front of the Boulder Courthouse on Sunday and yelled 'Free Palestine!' leaving eight injured, according to court documents. Gun control laws in Maryland and Rhode Island will stay in place, the Supreme Court ruled, as it declined to take up challenges to the bans. Nine states have assault weapons bans in place, as gun control has become a hot topic at the Supreme Court. Chris and Angie Long privately financed the Kansas City Current's $140 million CPKC Stadium When CPKC Stadium, the new home of the National Women's Soccer League's Kansas City Current, opened in March 2024, it was the first venue in the world developed primarily for a professional women's sports franchise. And while that milestone would be impressive enough on its own, the value that the 11,500-seat stadium has unlocked for the Current has been nothing short of transformative. The team, which previously played at Children's Mercy Park as a tenant under MLS's Sporting Kansas City, saw a 'more than $20 million revenue swing' in its first season at its new home, says Angie Long, who bought the franchise in 2020 with her husband Chris and privately financed the construction of the $140 million stadium. By bolstering business lines such as premium seating and tapping into new streams, including concessions, naming rights and third-party events, the Current generated $36 million in revenue in 2024—the best mark in the NWSL and nearly quadruple the league's median of $9.5 million, according to Forbes estimates. The club is now worth an estimated $275 million, second only to $280 million Angel City FC, despite playing in the fourth-smallest market in the 14-team league. The way the Longs see it, the growth has only just begun. The Current purposely held back in certain areas last season—limiting the number of non-NWSL events they hosted to keep the field pristine, for instance, and retaining some sponsorship assets until they had a better handle on what they were selling. With those guardrails now being lifted, the franchise is projecting $45 million in revenue in 2025. 'We're scratching the surface in every single way,' says Angie Long, a Kansas City native. WHY IT MATTERS 'Most other NWSL clubs would face plenty of hurdles trying to replicate the Current's model, but everyone around the sport is paying close attention to the experiment unfolding in Kansas City, and as the league continues to expand beyond 14 teams, facilities are becoming a much more important part of bids by new host markets,' says Forbes staff writer Justin Birnbaum. 'Women's soccer remains a long way from catching up to established men's pro leagues, but the Current are blazing a trail toward billion-dollar team valuations—perhaps in the not-too-distant future.' MORE The NWSL's Most Valuable Teams 2025 The buy now, pay later industry has exploded in recent years, but shares of Affirm Holdings have fallen in 2025. The default rate on such loans is rising, though industry executives say they're not worried: 13%: Affirm's stock losses so far this year $560 billion: The size of the BNPL industry in 2025, according to one report 'A Band-Aid on top of their credit card debt': How a former Consumer Financial Protection Bureau official described Americans' use of buy now, pay later loans to the New York Times If you've just found out you've been laid off, the next few days and weeks are critical. Don't panic apply just because you're anxious—it's better to identify a few employers you want to work for, connect with decision-makers at these companies and find the jobs for which they're hiring. And if you've been out of the job market for a number of years, consider rebranding yourself to highlight your most in-demand skills. We're officially in hurricane season, but another natural phenomenon is also approaching U.S. skies. What is it? A. The northern lights B. Tornadoes C. Saharan dust D. Wildfire smoke Check your answer. Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
