BDS News

Business Development Strategies, Inc. Celebrates 2nd Anniversary by Saving Area Companies Millions

September 6, 2005

MEDWAY, MA - A tortilla manufacturer in Canton. A metal fabricator in Oxford. A manufacturer of shock and vibration systems expanding to Hopkinton. These are just a few of the Massachusetts companies that have turned to Business Development Strategies, Inc. to unlock hundreds of thousands of dollars in tax and other financial incentives offered by the state and various municipalities to promote business development.

Celebrating its second year of business, the Medway-based company was founded by Lynn Tokarczyk, a former regional director of the Massachusetts Office of Business Development and a senior manager for Ernst & Young, specializing in tax incentives. Tokarczyk's entrepreneurial spirit, competitive nature, and track record have allowed the firm to engage many prestigious clients. During the past two years, the firm has put together a team of 10 that assist Tokarczyk with cutting through government red tape.

Since the inception of the Commonwealth's Economic Development Incentive Program in 1993, it's estimated that over $1 billion of private investment has been generated with the assistance of various financial incentives that are available from state and local governments to help Massachusetts companies expand their businesses and create new jobs. Yet, many companies are unaware of these programs and often miss out on savings and leave significant dollars on the table that can reach half a million dollars, or more.

Business Development Strategies helps firms navigate through the confusing maze of state and local governments to access state investment tax credits, municipal property tax relief in the form of Tax Increment Financing (TIFs), workforce training grants, and other state and local programs designed to spur business investment and job creation.

"It can be a mystery," said Tokarczyk. "It's difficult and time consuming to learn what's available and what resources you can access if you are a growing company. The objective of Business Development Strategies is to help companies open doors and unlock value. That is the key to success."

Canton-based Harbar Corporation, a full line supplier of tortilla and wrap bakery products, was able to save an estimated $200,000 with Tokarczyk's help. The savings will help this growing company with a planned $6 million expansion that will add 30 new jobs to the firm's existing 45-person workforce.

"Business Development Strategies is a very professionally run company that helped guide and support us through the TIF process," said Ezequiel Montemayor, CEO of the Harbar Corporation. "Lynn knows the people at the town, city and state levels that participate in the authorization process. She was a tremendous asset during the paperwork preparation and in meetings with local officials. Lynn and her team understood our company's situation and were able to convey our position clearly and concisely throughout our engagement."

Fabrico, Inc., located in Oxford, manufacturers precision metal components that are primarily used in such varied industries as power generation, papermaking, marine, computer aerospace, and food processing. The estimated $500,000 that Fabrico was able to secure in investment tax credits and tax increment financing and with assistance from Business Development Strategies will support the company's $14.5 million expansion to nearly double its existing 48,000 square foot space as well as capacity for a future on-site expansion. Fabrico expects to retain 100 jobs and create 50 new jobs.

"Lynn led the effort to get the state and local incentives that have allowed Fabrico to move forward with building a new manufacturing facility in the town of Oxford, MA," said Ann Gray, President of Fabrico. "But she didn't stop there. We had other issues that came up in the site development process that were potential roadblocks and she energized the right folks in state government to help us find the right solutions."

Barry Controls is a recognized worldwide manufacturer of shock and vibration systems for aerospace, defense and industrial markets. A $7 million investment to an abandoned building in Hopkinton will be offset by an estimated $300,000 the firm as able to secure in state tax credits, a state 10% abandoned building tax deduction, and tax increment financing through the Town of Hopkinton.. This Massachusetts retention project will result in saving 200 jobs in the Commonwealth and creating 30 new jobs.

"Lynn Tokarczyk is a very dogmatic, professional. She and her team stay right on top of each and every issue, walking the company they are working with through each and every step of the process," said Barry Controls President Daniel Yurovich. "Lynn, with her professional network is capable of bringing to bear major firepower for her client companies. The beauty of the business relationship we had with Lynn is that the outcome of her work was a win-win-win situation for us, the local government and her firm."

Tokarczyk has assisted more than 300 companies in the past as well as helped Massachusetts attract more than $3 billion in new private investment.

"We work behind the scenes to package the necessary economic development tools that companies need to reduce their costs of doing business and make their expansion plans become a reality ," said Tokarczyk