Home True Value Hardware a true Island business
pat copeland | sun
Tony Caminite welcomes customers to the
hardware store, offering huge variety of merchandise.
BY PAT COPELAND |
SUN STAFF WRITER
Home True Value Hardware has been truly an Island business, serving customers for more than 60 years in the same location in the Island Shopping Center and under the ownership of Tony Caminite for the past 40 years.
“I often thought our motto should be, 'The need to satisfy the customer,' Caminite said, “because it’s all centered around Islanders and their needs.”
Caminite said the store’s first owner was a man named Mr. Dickey, who sold the business to Ernie Bradow, who in turn sold it to him.
“Ernie asked me to go fly fishing in Labrador, Canada, with him. It was there he said he wanted to sell the store and asked me if I wanted to buy it,” Caminite recalled. “We discussed it a couple of days while fishing, and I decided to buy it.”
Because he had other business interests, he asked his sister, Joan to manage the hardware store because she was able to manage the store while raising three kids. In 2000, Joan became ill and passed away, and Caminite sold his other interests and took over the store.
“Joan built a base of Island residents, and they felt comfortable,” he said. “We offer service and as much variety as we can. We have 200 commercial accounts on the Island, and our merchandise is built on the needs of the Island residents.”
He said while the store takes a great deal of personal involvement, the ability to modernize through new technology has been a blessing.
“Another element is our remarkable staff. I can leave the store, and they can operate it without me. They are skillful at decision-making, customer satisfaction and product analysis. They can do it all.
“Joan was the nucleus of that; she made work enjoyable. I’ve also always maintained an open dialogue with the staff and customers.
“I’ve been educated by them and gained enormous knowledge from them. I’m elated about coming here every morning.”
The store has everything from the most popular offering – nuts, bolts and screws – to cast iron pots and vacuum cleaners. Departments include hardware, electrical, plumbing, housewares, automotive, lighting and more.
Employees also take the time to instruct and educate buyers about a product and because of their longevity and knowledge of the people on the Island, they are able to recommend handymen or women for those in need of repairs.
Caminite said another element of success is that the surrounding businesses respect each other.
“I don’t sell car batteries, I leave that to Brett (Holmes Beach Auto),” he pointed out. “I don’t sell lumber; I leave that to Becky (Island Lumber). We each have our own niche and don’t attempt to infringe on each other. When you carve up the pie too much, everybody suffers.”
Caminite said the torch might be passed in a couple of years because Joan’s granddaughter, Brittany, who is 18 and a student at State College of Florida, is learning the business.
“She is a business major,” he explained. “She works here part time and is learning the departments and merchandising. In two to four years, she could manage the store quite well.”
Until then, Caminite will continue to greet customers, offer personalized service and fill their hardware needs.
HOME TRUE VALUE HARDWARE
5324 Marina Drive
Holmes Beach
778-2811
Monday through Saturday 8 a.m. to 5:30 p.m.
Sunday
10 a.m. to 3 p.m.
All major credit cards
accepted
Does your policy suit your needs?
Investment Corner By Tom
Breiter
Many individuals and families own life insurance or related products like variable annuities, which have accumulated a significant cash value in the investment portion of the policy. Due to a variety of factors, these individuals may find themselves in circumstances where the specific life insurance policy or annuity contract they own no longer suits their needs, or perhaps there is a newer type of insurance product that may be better for their situation. They may want to exchange products without incurring a taxable event.
That’s where Section 1035 of the Internal Revenue Code comes into play. A 1035 exchange provides a means for exchanging an annuity contract or life insurance policy without being treated as if it had been surrendered or sold. Keep in mind that a 1035 exchange can be used only when it involves the same contract or policy holder.
A 1035 exchange, provided certain requirements are met, gives policy or contract holders the flexibility to “trade-in” an older contract or policy for a newer contract or policy. A newer policy or contract may have lower costs, a higher death benefit or more investment choices. A 1035 exchange involves a complex set of tax rules and regulation so make sure to seek guidance from your tax or investment professional.
Several factors will affect the cost and availability of life insurance, including age, health and the type and amount of insurance purchased. If a policy is surrendered prematurely, the policy holder also may pay surrender charges and have income tax implications. You should consider determining whether you are insurable for a new policy before implementing a strategy involving life insurance.
Annuities have contract limitations, fees and potential surrender charges, which should be considered before making any exchanges. Surrender fees are usually highest if you take out the money in the initial years of the annuity contact.
Section 1035 allows for the following types of exchanges:
• Life insurance contract for an annuity contract, endowment contract or another life insurance contract;
• An endowment insurance contract for an annuity contract or another endowment contract;
• An annuity contract for another annuity contract;
Any other exchanges will trigger taxation of any gain in the original contract.
Why would someone want to do a 1035 exchange? As stated above, perhaps the individual or family situation has changed. Perhaps life insurance was important at one time, but now the policy holder may not need life insurance and is more concerned about long-term care insurance. Today there are some newer life insurance policies which have built in long-term care benefits. Or perhaps the individual desires to move a low yielding cash balance from an old life insurance policy into a more productive growth investment like a variable annuity for the benefit of his or her heirs.
Another possibility is the owner of an older variable annuity, which desires the features and benefits available in a newer product now available. Many possible scenarios exist, and a 1035 exchange allows cash value insurance based products to be swapped without any tax ramifications.
Again, since this is a somewhat complex financial transaction, it is best to obtain tax and investment guidance from your tax preparer and financial advisor.
Tom Breiter is president of Breiter Capital Management, Inc., an Anna Maria based investment advisor. He can be reached at 778-1900. Some of the investment concepts highlighted in this column may carry the risk of loss of principal, and investors should determine appropriateness for their personal situation before investing. Visit www.breitercapital.com.
