WXXI AM News

Business

Paychex reported first quarter results Wednesday that beat Wall Street estimates for both earnings and sales.

The company saw net profits of just over $217 million, up 4 percent over a year ago; Revenues of $785 million were up 9 percent compared to a year ago.

But even with the solid results, the stock lost about four and a half percent on Wednesday, falling $2.77 to close at $57.50 a share.

CEO Marty Mucci says that may  have been because the company lowered some of its revenue guidance.

A local manufacturer is adding jobs.

Optimax Systems, a maker of precision optics, is expanding its research and development operations and will create 35 jobs. The Wayne County company says the expansion will also help them retain 271 existing jobs.

It is a $3 million expansion, and Empire State Development has offered a grant of up to $250,000 in return  for the  job creation commitment.

Optimax also says it will be buying equipment from QED, a Rochester based company.

What makes for an ethical, enduring, and excellent organization? A new book called Triple Crown Leadership explores this question and offers practical advice for creating good leaders.

The author, Bob Vanourek, will be the keynote speaker at an event on Wednesday sponsored by the Rochester Area Business Ethics Foundation and the Rochester chapter of Conscious Capitalism. First, Vanourek joins us on Connections to share what he learned from interviewing more than 60 businesses in 11 countries. Our guests:

  • Bob Vanourek, co-author of Triple Crown Leadership: Building Excellent, Ethical, and Enduring Organizations
  • Bob Whipple, CEO of Leadergrow Incorporated, RABEF board member, and charter member of the Rochester Chapter of Conscious Capitalism
  • Tom Brady, chair of the Rochester chapter of Conscious Capitalism, and founder and president of XLR8

ALBANY (AP) A leading business advocacy organization is calling on New York state lawmakers to cut taxes for small businesses and fight large increases to the minimum wage in 2016.

The Business Council of New York State's agenda for 2016 also calls for big investments in roads, bridges and other infrastructure and stronger workforce development efforts.

Gov. Andrew Cuomo has called on lawmakers to gradually increase the minimum wage from its current $9 an hour to $15.

That has concerned many business owners who said it will lead to higher prices and fewer jobs.

Three finalists are vying for a chance to occupy some rent free space on St. Paul Street for a year for their new business.

They were chosen by a crowd of about 160 last night as part of the Retailent Rochester contest.

A panel of judges will select the winner from the three finalists. Allison Wassink, who works at a downtown law firm, is proposing a grocery store called Love Local, featuring local food.

PBS.org

The Rochester area didn't do very well in terms of being a business friendly region, at least according to a new survey by the website Thumbtack.com. That website is an online service for matching up small service businesses and customers.

We scored a letter grade of  “D+”  for being friendly to small business. This region ranked 84 out of 95 cities that were surveyed.

Let's talk about the Trans-Pacific Partnership (TPP). Does it have regional interest for Western New Yorkers? Absolutely. Labor generally opposes it; many in the business community support it. Bob Duffy recently wrote an op-ed supporting the TPP, while labor leaders are eager to explain why they fear it could hurt workers. Our panel will address some of the questions about what it is, and whether it can be revived:

We explore two laws that are at the heart of the tension that sometimes arises between the business community and organized labor. What are the Wicks and Scaffold laws? Business leaders say the laws drive up costs. Labor says the laws protect workers. We discuss the impacts of these laws with our guests: 

Recently, the ETHIEs were awarded. What are they? They’re awards given to Rochester area businesses and organizations that operate ethically. What exactly makes good business ethics and how does one get nominated, or win, an ETHIE?

We talk business ethics with:

  • Alan Ziegler, a member of the Rochester Area Business Ethics Foundation Board of Directors
  • Dom Genova, owner of Genesee Valley Motors and recipient of a 2014 ETHIE award
  • Bill Pollock, founder, president, and CEO of Optimation Technology

Economics writer Megan McArdle has compiled some of the great business success stories – and tells them through the prism of failure. Had they given up early, they would never have built these great companies. We talk with her and local entrepreneurs including Alex Zapesochny, Jim Senall and Mike Totterman.

Pages