Akande joins Enterprise Bank & Trust Board

Benjamin Akande, dean of the George Herbert Walker School of Business atWebster University, has joined the board of Enterprise Bank & Trust.

Steve Marsh, bank chairman, said in a statement, “He’s highly respected not only for his effective leadership of Webster University’s business school but also his extensive involvement with leading business and community organizations.”

Akande earned a Ph.D. in economics from the University of Oklahoma and did post-doctoral work at Harvard University’s John F. Kennedy School of Government and Oxford University’s Said School of Business. He has appeared on “Anderson Cooper 360,” “CBS Evening News” and NPR’s “Marketplace.”

Enterprise Financial Services Corp., the bank’s parent company, last week reported second-quarter net income of $7.2 million, down 35 percent from last year’s quarter. Company executives said the decrease primarily was due to a $4.3 million reversal of provision for loan loss recorded in the prior-year period, as well as a $2.4 million reduction in net revenue from its purchase credit impaired loans due to declining balances and lower accelerated cash flows from those loans.

Greg Edwards, Reporter-St. Louis Business Journal

A KINDER, GENTLER TAX SYSTEM WOULD BE FLAT-OUT PERFECT

Date: April 22, 2014
Publication: ST. Louis Post-Dispatch
Section: Editorial
Edition: Five Star Lift
Page: C15

April 15 is a necessary date for keeping this wonderful country we call America running smoothly.  It’s the day we have to pay for the car and upkeep of this beautiful automobile.  But just imagine if at 9 p.m. on April 14 you sit down to do your 2013 taxes and by 9:15 p.m. the form is done and ready to be dropped off at the post office. Although this is wishful thinking on my part, a flat tax could make it a reality. And this time of the year the flat tax proposal is looking much better to many taxpayers.

The United States tax  bureaucracy is the most sophisticated and complex tax system in the world.  The IRS employs approximately 125,000 people to manage a 10,000-page tax code.  It is a structure that has provided consistent results for many years.  In fact, we don’t give the IRS the credit it deserves.  

Today in excess of $100 billion is spent filling out all the necessary tax forms and an additional $100 billion is spent on investments made for tax-break purposes. Jobs have become the No. 1 export for America and some would claim that we are subsidizing imports and penalizing exports through our tax policy.

There is a growing consensus supporting the replacement of our tax system with another option that is:  (1) fair to the entire population, (2) supportive of economic growth and (3) able to collect enough revenue to sustain the government in the long run. A flat tax can replace the current system, which lacks equity, discourages economic growth and lacks revenue potential to meet future needs. Under the current code, only individuals with additional disposable income can take advantage of the exemptions and loopholes. For example, only those who can afford a home can deduct home mortgage interest. The bigger the home, the bigger the deduction.

And the middle class should be the most outraged. Fixed in higher tax levels without the assets to take advantage of many tax breaks, the American middle class has borne the brunt of higher rates and of secondary taxes on savings, dividends and capital gains.

A pure flat tax system will impose a single rate on businesses and individuals with no deductions or credits. To generate the equivalent current government revenue, the rate would be roughly 22 percent. The tax form would be the size of a post card. On the first line, taxpayers would be asked to state their wages, salaries or pension/retirement. The second line would comprise the standard deduction, to be subtracted from the stated income on the first line. The third line would reflect the taxable income (subtracting the second line from the first line), taxed at a flat rate. The flat tax would not tax interest and dividend income.

The flat tax system renders thousands of pages of tax code obsolete. It also provides an equitable basis for the taxation of all citizens, regardless of income. Under that system, savings and investments should increase, and the resulting economic growth would create new jobs. An increase in the demand for labor would bring higher wages. Expanding the tax base and rising incomes would increase government revenues. Tax receipts grow faster in a low-taxed economy.

It’s worth the consideration.

 

A Message of Hope and Thanksgiving

A Message of Hope and Thanksgiving

A Message of Hope and Thanksgiving with Webster University's Dr. Benjamin Akande GO! Network welcomed back Dr. Akande, Webster University Dean of the School of Business and Technology, for a special message of hope and thanksgiving. Times of transition can be especially tough during the holiday season - Dr. Akande warmed our hearts by sharing part of his story, his journey and the source of his strength.

10 STEPS for climbing to greater heights

Date: January 9, 2005
Publication: St. Louis Post-Dispatch (MO)
Section: Business
Edition: Five Star Lift
Page: F07

Jim Collins, in the best-selling book "Good to Great: Why Some Companies Make the Leap . . . and Others Don't," tells a story about Darwin Smith, a little-known leader of a well-known company, Kimberly-Clark. For a century, Kimberly-Clark languished in mediocrity with most of its business in traditional paper mills. Then, a mild-mannered gentleman took the reins and realized that the company's best shot at greatness was in paper-based consumer goods, a sector in which it had a side business called Kleenex. Like the general who burned the boats upon landing, leaving no retreat for his soldiers, Smith sold the traditional mills and threw proceeds into the consumer business. Today, it's No. 1 worldwide in paper-based consumer products. Of course, there was no guarantee that Kimberly-Clark would succeed in the consumer business, but the demonstration of action amid uncertainty is the lesson. There are no guarantees in anything we do. But the lack of a guarantee is the urge we need to go from where we are to where we want to be. As we begin 2005, these are 10 ways to reach the next level:

1. SET NEW GOALS Focus your efforts on quantum-leap innovations and ideas, which go beyond incremental improvements. What you've done in the past is good, but what are you going to do in the future? The goals you set should require that you stretch your professional acumen and contribution to your organization.

2. FIND THE URGENCY FOR ACTION This demands a recommitment to excellence that would enhance the organization's market position and profitability.

3. SEEK NEW CHALLENGES Dedicate yourself to seek challenges even if the odds of success are less than 20 percent. This year should be your opportunity to set and achieve goals that aren't within easy reach.

4. BELIEVE IN YOUR GOALS Instead of second-guessing yourself, embrace the notion that the right decision is the one you believe in. Recognize that success is up to you.

5. DON'T ALLOW MEMORIES T* BE GREATER THAN DREAMS You've failed in the past. So what? This year, focus on purpose and not on avoiding failure. A road without potholes is a road not worthy of the journey.

6. LEAD FROM WHERE YOU ARE Dedicate yourself to become a contributor to your organization by taking responsibility for its success. You might not have the title or position of a leader, but leadership can be exercised at any level if you're invested in the work.

7. STRIVE T* OVERCOME INTERNAL THREATS The greatest threat to your success isn't necessarily the competition. The biggest challenge can be internal. It's the willingness to tolerate a commitment level to remain at room temperature.

8. RECOMMIT YOURSELF T* BECOME RESULT-BASED You can't continue to do the same thing and hope for better results. The new year should be the point of departure when you set aside the practice of playing it safe and doing just enough to get by.

9. REDISCOVER YOUR PASSION Find a way to apply the same passion and sense of conviction to your job that you have for your favorite hobby.

10. BE JOLLY Keep a sense of humor. Laugh, smile and develop a wrinkle on your face as a result of habitual laughter. And for those of you who had your share of failures last year, I leave you with this advice: We learn more from our failures than from our successes. Failure is the call for action, resurgence and tenacity. Those of us old enough to reconcile the prejudice of experience with the enthusiasm of youth can take a risk-informed approach to breaking the shackles of failure-induced fear and strengthening the conditions for self-esteem. We get up, dust ourselves off and go back into the game.