DECIPHERING COLUMBIA’S DEBT PAGE 81
FINANCIAL PLANNING THROUGH THE AGES PAGE 67
Taking the Reins Steve Sowers, Incoming Regional CEO of Commerce Bank
Erica Pefferman President, The Business TImes Company
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ull disclosure here: I might not be the best person to give advice on finances. Yeah, I know what to do. I just don’t always do it. Managing money can be emotional: sometimes agonizing (when you have to buckle down), sometimes invigorating (when you reach a goal), and often just a pain in the neck regardless. But we have to do it. Remember when M.C. Hammer went bankrupt? I do. I remember thinking, “How is this guy who made millions somehow broke? What did he buy? Was it the racehorse that put him over the edge?” There are countless other stories of lottery winners going bust, claiming it actually ruined their lives. No amount of riches can sustain a person if parameters aren’t set. But I hate being strictly beholden to a budget, or to anything for that matter. The positions I’ve held in commissioned sales truly taught me about the best of times and the worst of times. Thank the heavens that there are plenty of financial gurus to guide us to a plan; ON THE COVER The biggest news in Columbia’s it’s just a matter of finding the one who best aligns with our needs. financial industry right now is the That being said, it’s always struck me — especially when I was announcement that Steve Sowers in my 20s — that I’m treated as some sort of aberration by the fiwill be taking the reins at Commerce nancial advisors I’ve met with. “Wow, you’re not our typical client,” Bank upon Teresa Maledy’s retirement. they say, or, “Goodness Breck, you’d be surprised how many folks Steve joined us in our studio for a few snaps to mark the occasion. come to us in their 50s, beaming and ready to set up their retirement Photography by Anthony Jinson. accounts.” Part of me wanted to take satisfaction in that, but, having lending experience myself, I’ve worked with too many people in the past who didn’t plan anything — and I have horror stories about what the end looks like. I also know plenty of folks who have had to cash out their savings early, and I don’t see that as shameful. At least they had something saved in case of a rainy day (or a monsoon). I’ve met people who had the perfect plan and a robust portfolio, but were faced with . . . life. Caring for an ailing parent, child, or other loved one is expensive. A troubled youth (see “The Millionaire Next Door” in the Editor’s Picks) or an untimely dip in the real estate market are not factors typically woven into our carefully drafted investment strategies. We all have our paths. And we must prepare for the worst. Developing the stories for this issue brought to the forefront an initiative seemingly dismissed by our society for younger folks: being educated on financial planning. Another admission — I drifted through high school. I couldn’t wait to just go to college and move on with my adult life. One would think this mentality incentivized me in my studies, but I had more important things to do, I thought. Instead, I just sort of coasted. My grades were decent, but certainly not reflective of my abilities. (I hope.) During this phase, I was slow to enroll in my courses and ended up with an elective that just happened to be open: Personal Finance. I showed up the first day with no expectations, but the experience shaped not only my future pursuits, but respect for my high school education. Nothing earth-shattering was taught, looking back: how to write a check, explanation of insurance policies, etc. But it really was my first lesson in “adulting.” I’ve been told this is now a requirement for high school graduation. Good. It should be. When I took Corporate Finance at MU, I remember thinking something similar: “This is actually applicable to my life. Everyone should be required to take this course.” That was an infamous course for business majors, but I remember thanking the professor for my pain when I saw him at a wedding years later. The point is that discussing money management is not typically sexy or fun — it’s even taboo, in many instances. Governing the fruits of our livelihood is possibly the most important task we have, outside of nurturing one’s relationships. That’s true whether we do it to prepare to live until we’re 120 or to protect those we love the most. Or both. DECIPHERING COLUMBIA’S
DEBT
PAGE 81
FINANCIAL PLANNING
THROUGH THE AGES
PAGE 67
Taking the Reins
EDITOR'S PICKS I love reading books about finance. Sure, they make me feel judged and inadequate sometimes, but I guess that’s the point. Nothing will make a person question (or change) their decisions like a good dose of guilt. Anyway, I picked some great ones, and you’ll want to give particular consideration to the first.
Steve Sowers, Incoming Regional CEO of Commerce Bank
Live well,
Breck Dumas, Editor Breck@businesstimescompany.com
/Co l u m b i a B u s i n e ss Ti m e s
@ Co l u m b i a B i z
Co l u m b i a B u s i n e ss Ti m e s .co m
THE FOOLISH CORNER
by John Howe (with Robb Corrigan) This book brilliantly explains “money illusion” and the ways we trick ourselves when it comes to financial habits. It also coins a new term, “individual purchasing power,” and describes each psychological and economic concept in a digestible way. Oh, by the way: Dr. Howe is a professor at MU. Buy this book.
CRYPTOCURRENCY INVESTING BIBLE by Alan Norman
The title says it all. If you’re a brave soul looking to take on this new generation of investing, it makes sense to look beyond bitcoin. This is a comfortable read that (from what I can tell) covers anything you’ll need to know in this brave new world of opportunity.
THE MILLIONAIRE NEXT DOOR by Thomas J. Stanley and William Danko
Here’s a token classic for you nonrisk-takers. I can honestly say I think of the lessons in the book every day. It’s gold. Laced with (surprising) statistics, it paints the picture of who truly holds wealth in this country, and they aren’t the high-profile types we see in the media. What I love is that it almost provides an avatar for the reader, complete with habits (not just “don’t go to Starbucks” tips), spending careful time explaining each decision the authors make.
Ed i to r @ B u s i n e ss Ti m e s Co m p a ny.co m COLUMBIABUSINESSTIMES.COM 17
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18 MARCH 2018
EDITORIAL Breck Dumas, Editor Breck@BusinessTimesCompany.com Matthew Patston, Managing Editor Matt@BusinessTimesCompany.com Madison Love, Department Editor Madison@BusinessTimesCompany.com DESIGN/CREATIVE SERVICES Jordan Watts, Senior Designer Jordan@BusinessTimesCompany.com Kate Morrow, Graphic Designer Kate@BusinessTimesCompany.com Cassidy Shearrer, Graphic Designer Cassidy@BusinessTimesCompany.com Sadie Thibodeaux, Graphic Designer Sadie@BusinessTimesCompany.com MARKETING REPRESENTATIVES Deb Valvo, Marketing Consultant Deb@BusinessTimesCompany.com Bonnie Hudson, Marketing Consultant Bonnie@BusinessTimesCompany.com MANAGEMENT Erica Pefferman, President Erica@BusinessTimesCompany.com Renea Sapp, Vice President ReneaS@BusinessTimesCompany.com Amy Ferrari, Operations Manager Amy@BusinessTimesCompany.com Beth Bramstedt, Director of Content Beth@BusinessTimesCompany.com CONTRIBUTING PHOTOGRAPHERS Keith Borgmeyer, Anthony Jinson CONTRIBUTING WRITERS Jennifer Bukowsky, Al Germond, Janese Heavin, Jodie Jackson Jr., Brenna McDermott, Kermit Miller, David Morrison, David Roland, Steve Spellman INTERNS Marilyn Haigh, Jordyn Miller, Elizabeth Quinn
Inside the Issue Twitter Chatter Treehoppr @treehoppr Great point here that #employeewellness programs need to be truly incorporated into culture to have a real impact via @ColumbiaBiz @MattPatston United Way Heart MO @UWHeartMO Congratultions to @epeff of @ColumbiaBiz and Jessie Yankee recipients of the Charlyn Y. Law Memorial Award for their work to promote activities and special events that enhance and improve the overall quality of life during our 2017 Campaign! #LIVEUNITED #UWHeartMO Stephens College @stephenscollege Nice @ColumbiaBiz article about Stephens alumna Dr. Hana Solomon (CEO, BeWell Health LLC), the inventor of the Nasopure Delivery System. Wild Web Women @WildWebWomen Want to rock your #webmarketing and #socialmediamarketing? Try these Marketing Tools for under $40. Great list via @ColumbiaBiz MU Health Care @muhealth Cardiologist Anand Chockalingam, MD, has great advice for reducing workplace stress. “We can prevent, you’d be surprised, nine out of 10 heart attacks if we recognize and address stress,” Chockalingam says.
Around the Office
SUBSCRIPTIONS Subscription rate is $19.95 for 12 issues for 1 year or $34.95 for 24 issues for 2 years. Subscribe at columbiabusinesstimes.com or by phone. The Columbia Business Times is published every month by The Business Times Co., Copyright The Business Times Co., 2008. All rights reserved. Reproduction or use of any editorial or graphic content without the express written permission of the publisher is prohibited. OUR MISSION STATEMENT The Columbia Business Times and columbiabusinesstimes.com strive to be Columbia’s leading source for timely and comprehensive news coverage of the local business community. This publication is dedicated to being the most relevant and useful vehicle for the exchange of information and ideas among Columbia’s business professionals. CONTACT The Business Times Co., 2001 Corporate Place, Suite 100 Columbia, MO, 65202 (573-499-1830) • columbiabusinesstimes.com
The Business Times Company recently rolled out a new benefit to our employees: SmartDollar, a tool offered by financial guru Dave Ramsey. This online program couples Ramsey’s tips and tricks with an incentive program encouraging participation. It also assures the privacy of each user, so there’s added security. And you can integrate every transaction for tracking where our money goes. Give it a look — it might be a good fit for your employees too. We love it!
Contributors
Kermit Miller, KRCG 13
David Morrison @DavidCMorrison
Brenna McDermott
Jodie Jackson Jr. @JJacksonJr
Write to CBT editor Breck Dumas at Editor@BusinessTimesCompany.com Breck@BusinessTimesCompany.com COLUMBIABUSINESSTIMES.COM 19
20 MARCH 2018
MARCH 2018 VOL . 24 / ISSUE 9
TA B LE OF CON T EN TS
The Finance Issue 17 FROM THE EDITOR 19 INSIDE THE ISSUE 23 CLOSER LOOK 24 BRIEFLY IN THE NEWS 27 BUSINESS UPDATE
74
Bubblecup Tea Zone
30 NONPROFIT SPOTLIGHT Unbound Book Festival
32 CELEBRATIONS Cason Building Maintenance Inc.
35 MOVERS & SHAKERS 37 P.Y.S.K. Ryan Rapp, UM System
41 8 QUESTIONS Shon Aguero, Landmark Bank
43 A CAPITOL CONVERSATION Greitens Touts Tax Plan
45 OPINION: AL GERMOND Conducting the City’s Business
47 OPINION: STEVE SPELLMAN Winners and Losers on Tax Reform
49 OPINION: DAVID ROLAND "Ignorance” Is No Excuse
50 OPINION: JENNIFER BUKOWSKY Boxes, Bans, and Hiring on the Books
A Little Spark Microlending programs can give cash-strapped entrepreneurs the capital they need to start a business — but the benefits ripple out even further.
85 NEW BUSINESS LICENSES 86 DEEDS OF TRUST 87 ECONOMIC INDEX 89 BY THE NUMBERS 90 THIS OR THAT Craig Riordan, Providence Bank
52
67
81
Transition Points
Financial Planning Through the Ages
In Focus: Deciphering Debt
Teresa Maledy prepares for retirement as Steve Sowers, her handpicked successor, gets ready to take the reins at Commerce Bank.
With the help of some local financial gurus, we show you all the things about personal finance that you didn’t learn in school.
In this month’s installment, we take a look at the city’s debt obligations and their potential effect on public projects.
22 MARCH 2018
BUSINE SS • P EOP L E • VOIC ES • F YI
C LOSER LOOK
Closer Look
Ware’s Family Cookout Shauntae Ware’s love of cooking evolved from a hobby to a business when she opened Ware’s Family Cookout. Ware was encouraged by friends, family, and fellow church members to begin a business based off her food. “Cooking is not something I just woke up one day and said I wanted to do,” Ware says. “It has always been a dream of mine to open a small place where I could serve up some good, Southern soul food and barbecue that people would love.” Ware prides her business on customer satisfaction. There is a company emphasis on being the best in food and service while also embodying a classic feeling of Southern comfort. Ware’s Family Cookout is a seasonal establishment. While catering is available year-round, the location is closed for the winter and will reopen in the spring to serve barbecue favorites like ribs, chicken, pulled pork, and a variety of sides.
Address: 5695 E. Clark Lane Website: waresfamilycookout.webs.com Contact: 573-823-6418
Hudson Hawk Barber & Shop
Superior Transitions LLC
Paul Catlett and Thad Forrester solved a problem for the men of the Midwest. The pair addressed the lack of masculine yet stylish salons by opening Hudson Hawk, a barber shop with an emphasis on grooming options catered towards men. The salon offers a variety of shaving and haircutting options. Catlett and Forrester opened Hudson Hawk in 2013, named after Forrester’s youngest son, Hudson, and Catlett’s youngest son, Hawkins. Catlett has a background in construction, woodworking, and art. He attended Vidal Sassoon Academy in Los Angeles, a program designed to teach the fundamentals of hairdressing, and then returned to the Midwest to start his own salon. Forrester worked in advertising and marketing, but after exchanging ideas with Catlett, he too stepped into the world of owning a salon. Catlett and Forrester have taken the concept from their Kansas City flagship store and opened multiple other locations around Missouri, including their recent addition in Columbia.
Superior Transitions’ focus is all on developing talent within a business. It’s a common goal that directly relates to both their clients and their own employees. The company wants to be Columbia’s “preferred source for staffing and other human resource activities,” creating opportunities for both clients and employees. Superior Transitions employees coach clients in knowledge and professionalism to better their chance of landing a job. Superior Transitions measures their clients’ success in the satisfaction they have with their staff. Employee success is measured by having a healthy work–life balance. The firm hopes their clients highlight the values they uphold in their day-today business: treating people right and having respect, integrity, commitment, professionalism, and passion. Superior Transitions also advertises a strong focus on a fair and just workplace with equal opportunities based on skill and knowledge.
Address: 30 S. Ninth St. Website: hudsonhawkbarbers.com Contact: 573-818-2301
Address: 1511 Timber Creek Dr. Website: superiortransitionsllc.com Contact: 573-356-9073
Are you sprouting a new business? Reach out to Department Editor Madison Love at Madison@BusinessTimesCompany.com COLUMBIABUSINESSTIMES.COM 23
BUSINE SS • P EOP L E • VOIC ES • F YI
Briefly in the News MARCH 2018
BUSINESS
HY-VEE MARKET GRILLE COLLABORATIVE COCKTAIL MENU Hy-Vee Market Grille, the restaurant launched by the West Broadway Hy-Vee in 2016, is working with J. Rieger & Co., a Kansas City-based distillery, to create a dedicated cocktail menu. J. Rieger & Co. co-founder and bartender Ryan Maybee developed the menu’s featured cocktails and conducted staff training for Hy-Vee Employees. The new menu will be available starting in April 2018 with prices ranging from $5 to $8 per cocktail. Select drinks will be featured on recipe cards for guests to take home and recreate.
EDUC AT ION
UM ENROLLMENT BACK UP Applications to UM System schools surpassed last years’ numbers for every campus location. Freshman applications for MU are up by 16.8 percent over last year, and transfer applications are up by 12.2 percent. System administration has increased recruiting efforts for all four campuses through additional recruitment activities and marketing and targeted ad campaigns.
“No university is doing more to meet our state’s industry needs and create the jobs of tomorrow. This is a very exciting time for our university.” — Mun Choi, UM System President
24 MARCH 2018
BR I EFLY I N T H E N EWS
E DUC AT ION
JOB POINT, MACC PARTNER UP Job Point announced a new partnership with Moberly Area Community College giving local adults the opportunity to take High School Equivalency Test classes at Job Point. MACC will provide curriculum for the classes, which occur on Tuesday and Thursday evenings from 6:00 p.m. to 9:00 p.m. and started on February 13.
EDUC AT ION
LITERACY AND SPEECH STUDY MU researchers released a study showing that speech recognition apps used in the early elementary classrooms can improve children’s literacy. Elizabeth Baker, a professor in MU’s College of Education, tracked the results of firstgrade students who were learnC OM M U N I T Y
ing to read via speech recognition
MoDOT CONFERENCE FOR TEENS
apps, which turn spoken words
The Missouri Department of Transportation’s Highway Safety and Traffic Division is offering a traffic safety leadership training conference to all Missouri high school students in July. The conference, called TRACTION – Teens Taking Action to Prevent Traffic Crashes, will be a three-day training program. Their goal is to decrease the percentage of alcohol- and drug-related accidents and encourage safe driving habits.
million children and adults in the
into readable text. More than 71 U.S. are functionally illiterate.
H E ALT H
VA EXPANDS SURGICAL UNIT Truman Memorial Veterans’ Hospital opened its new surgical inpatient unit, which has moved from the sixth floor to the third floor of the hospital building. This relocation will increase the unit’s size from 6,900 square feet to 15,300 square feet, allowing for 18 rooms. Two of these rooms will be equipped with leading-edge vital sign monitors as well as ceiling lifts to move patients in and out of their beds and to the restroom. Accommodations have also been made for family members staying with veterans; each room will have additional space to provide room for more furniture.
COLUMBIABUSINESSTIMES.COM 25
26 MARCH 2018
BUSINE SS • P EOP L E • VOIC ES • F YI
B U SI N ESS U PDAT E
Build Me up, Bubblecup Bubblecup Tea Zone refreshes a long tradition.
BY JA N ESE HEAV IN | P HOTOG R A P HY BY KE I TH B O R G ME Y E R
COLUMBIABUSINESSTIMES.COM 27
BUSINE SS • P EOP L E • VOIC ES • F YI
NELLIE BOYD HAS BEEN VISITING Bubblecup Tea Zone since she was in high school. The experience, she says, always goes something like this: she stands in line, perusing the menu and wondering what exotic new brew she’s going to try. Then, once at the register, she orders her regular: classic milk tea. Every single time. “I plan to be daring, but by the time I order, I get the milk tea. Now, on the other side of the counter, I watch others doing the exact same thing,” says Boyd, a recent MU graduate who has been manager of the tea shop since June. To be fair, the menu can be a little daunting. There are a lot of combinations of bubble drinks. Served hot or cool, bubble tea is oftentimes infused with fruit or creamy flavoring, and there are usually chewy tapioca balls at the bottom. At Bubblecup Tea Zone, classic milk teas are offered in any number of creamy and fruity combinations. There are flavors considered traditional and other “American” tea flavors such as lemon, raspberry, and peach. Other unique offerings include green apple, watermelon, passion fruit, caramel, lavender, rose, and honeydew. Sea salt teas and coffee are also available. There are also dozens of flavored slush and snow drinks as well — beverages that keep Bubblecup Tea Zone especially busy during the warm months. “Summer is usually our busiest time,” says Tzu-Yang Chao, who purchased the shop last year. “There are lines to the sidewalk.”
DECISIONS, DECISIONS When you decide which drink to order, there are more decisions to be made: do you want it hot or cold? Do you want toppings? Whipped cream or strawberries? Pudding or jelly? And, of course, there are the “boba” balls. Boba, or tapioca pearls, are the oftentimes dark balls seen at the bottom of bubble tea cups. They have a semi-chewy consistency and a semisweet, almost nutty flavor. To enjoy them, bubble tea comes with extra fat straws that allow you to suck them up. (Bubblecup Tea Zone has a secret menu item too, for those feeling risky. Ask for the “Elf’s special” and let the staff work their magic to create a unique blend just for you.) Regardless of your order, Chao ensures that all options at Bubblecup are freshly brewed, natural, and healthy. Originally from Taiwan, Chao wasn’t necessarily looking to become a business owner when he relocated to Columbia four years ago to enroll 28 MARCH 2018
in graduate school. He came to the MU because of the reputation of the statistics program; he also wanted to move to the Midwest specifically to immerse himself in English and become more fluent. Chao began visiting Bubblecup Tea Zone for a taste of home. Bubble tea originated in Taiwan in the 1980s, although there are conflicting reports of how it came to be. According to the Bubble Tea Supply company, the drink came about when a tea stand owner catering to elementary children began adding fruit flavors to teas, shaking mixtures together creating bubbles. However, Liu Han-Chieh, a Taiwanese tea shop owner, also claims credit — his store was first to add the tapioca pearls. Bubble tea shops have been in the U.S. for more than a decade, finding an audience among college students and millennials, 87 percent of whom drink tea, according to the Tea Association of the USA. Columbia saw its first bubble tea shop open at the Columbia Mall in 2006. A couple of years later, the store, Lollicup Tea Zone, opened a second location at 23 S. Ninth Street. The shop was later sold and became Bubblecup.
When Chao moved to Columbia in 2013, he found not only an assortment of refreshments, but also a community of friends at Bubblecup. He frequented the shop while completing master’s degrees in economics and statistics. When the previous owners wanted to sell, Chao purchased Bubblecup Tea Zone to preserve tradition, and because he believed he could introduce the beverages to new audiences. There are often misunderstandings about bubble tea, he says. It’s not just milk and tapioca. “Coffee in American culture is like tea in Asia,” he says. “So when we say, ‘let’s get a tea,’ it’s like when Americans say ‘let’s go out for a coffee or a drink.’”
MAKING MOVES After taking over the store, Chao renovated the interior to give it a brighter look. He also revamped the logo and updated the signage for a more modern feel. Chao expanded the menu, too. In addition to adding new beverage flavors, customers can enjoy chocolate or Nutella crepes with fruit or unique snacks. In fact, Bubblecup Tea Zone, he says, is the only shop in Columbia where you’ll
B U SI N ESS U PDAT E
find taro balls, a traditional Taiwanese dessert. He hopes the changes help draw in people who may not have considered trying bubble tea in the past. Historically, Columbia’s bubble tea shop has attracted a mostly Asian clientele, he says. “I want to transform it for a new generation.” Chao is hopeful a second tea shop on Columbia’s south side will attract an entirely new customer base. He has plans to open a second location this fall near Nifong and Providence, although he has not yet secured a location. Unlike the downtown shop, which attracts mostly to-go orders, Chao wants the new location to be more like a café, where people can relax and meet with friends. In addition to snacks, the new restaurant will also offer lunch and dinner options. Boyd, who will remain at the Ninth Street
shop, praises Chao for making changes that introduce bubble tea to new audiences. “It’s a really welcoming, friendly place,” she says. “It’s a place where people of all backgrounds can share an experience together. It’s inspiring.” As manager, Boyd says she’s now sampled everything on the menu. “Now that I know everything is good, it’s even harder to decide what to order,” she says. “Still, regular milk tea is my favorite.” CBT
Bubblecup Tea Zone 23 S. Ninth St. 573-442-0654 facebook.com/ComoBubbleCup COLUMBIABUSINESSTIMES.COM 29
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Leaps and Bounds Unbound Book Festival puts Columbia on the literary map.
BY BRECK DUMAS | P HOTOG R A P HY COU RT E SY O F U N B O U N D B O O K F E STI VA L
“IF YOU HAD TOLD ME 25 YEARS AGO, when I was still working as a corporate lawyer in London, that I would be living in the middle of Missouri running a book festival, well my first question would’ve been 'Where’s Missouri?'” laughs Alex George. But by 2003, George’s path led him to set up an estate planning and business law practice in Columbia, which he now shuts down for a few months out of the year in order to run the town’s Unbound Book Festival. A bestselling author (several times over) himself, George got the idea of founding Unbound after attending various book festivals across the country on his second book tour in 2012. “I mean, if you’re an author, going to a book festival, it’s like the closest an author will ever get to being a rock star,” George says. He thought about the idea for a couple years before asking around town to see if it could be done. The response amazed him — it was so amazing, in fact, that he found himself doing a lot of heavy lifting to organize the event as soon as possible. George admits “the biggest weapon in my armory was a profound ignorance of what 30 MARCH 2018
I was getting myself into, because I had no idea how much work it was going to be.” In only its third year, the festival has so far roughly 120 volunteers signed on to assist with the event starting April 20th. Their involvement is critical for one big reason: The festival is entirely free for attendees. So, simply out of their love for books, authors, poetry, music, Columbia, and community, selfless volunteers make this popular event hum for more than 8,000 visitors (by last year’s numbers). “We have somebody who does a website, somebody who organizes the volunteers, and there are various other people that do various other things. Like there’s this one person who does all the booking of the travel and all of those kinds of things, which is just an absolute insane [amount of work],” George says. Some big names have already helped draw in the crowds, starting with the inaugural event in 2016. Michael Ondaatje, author of “The English Patient” was the first headliner, followed by the renowned Sir Salman Rushdie in 2017. This year’s festival welcomes Zadie Smith, the celebrated British novelist.
All ages and genres are incorporated throughout the schedule of events, which continues to grow each year. There are panels, poetry readings, author conversations, book signings, and this year, they’re massively expanding the authors in the school program, where kids will be able to hear authors speak at their schools (2,000 students were able to enjoy this part of the program last year). For the 2018 event, there will be a walking, talking, live author speaking in a Columbia classroom in every grade from kindergarten through 12th grade. A new event this year called “Pie & Whiskey” will be held at Orr Street Studios. Twelve writers have written something specifically for the occasion about either pie or whiskey, and as guests walk through the door, every member of the audience gets a slice of pie and a shot of whiskey. So who pays for all this? George says there are basically three and a half sources of income. The first is grants from local sources like the city’s Office of Cultural Affairs and the Convention & Visitors Bureau. Nearly all grant funding is provided from right here
N ON PR OFI T
Unbound Book Festival Board Members CATHY SALTER (Board President) JAMES ERWIN (Treasurer) PEGGY O’CONNOR (Secretary) J.D. BOWERS PHILIP COLEMAN LAURA DAUGHTERY ANNE DEATON SUE DUNKIN
at home. A second source is sponsorships from the likes of MU, the Columbia Daily Tribune, and dozens of others. For the third revenue stream, individual donations, people have used creative ways to raise awareness and financial support. Events like “Cooking for Books” are hosted in the homes of festival advocates, where guests are invited to a dinner party in exchange for a contribution. The last “half-source” is from merchandising and a book fair with Barnes and Noble, who donates a percentage of sales for the day to Unbound. It’s no secret that Columbia loves its festivals, and the community comes together to pour its treasure and soul into this one — obviously not for free tickets or special perks, but simply out of love and support. This makes Unbound’s expansion, along with the city’s budding literary reputation, possible, and it gives tourists another reason to come into town. As Unbound continues to evolve, one thing that won’t change is the admission fee, says George. “It was a very important principle to me from the very beginning that it was going to be free and everything was going to be free,” he says. “Books are for everybody and I never wanted for there to be any barriers.” CBT COLUMBIABUSINESSTIMES.COM 31
1982
1985
1990s
Using materials donated from their church, Rob and Susie Cason start working for their first client, Orscheln Industries.
Rob and Susie's children, Phillip and Regina, begin helping out for the company.
Cason Building Maintenance continues to grow its customer base and add employees at the original headquarters in Moberly.
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Keeping It Clean Cason Building Maintenance Inc. stays dedicated to its work.
BY ELIZA BETH QU IN N
IT ALL BEGAN WITH TWO PEOPLE going from business to business — scrubbing, vacuuming, getting the job done. Fast-forward 35 years and those two people have maintained an established cleaning service for businesses throughout Mid-Missouri, leading 60 employees from their Columbia headquarters. Owners Rob and Susie Cason began cleaning buildings and homes as teenagers. Rob was as an entrepreneur early in life — he would run morning paper routes and, on the weekends, help the local shoe shiner, Susie says. The hard work in his early life became a foundational principle of their future company. Susie describes Rob as “the heart and soul of Cason Building Maintenance, Inc.”
BUILDING A FAMILY COMPANY The company began by providing cleaning services for Orscheln Industries, of Moberly, in October 1982. The Casons’ church provided them with an “antique” vacuum cleaner to get them started, Susie says, as well other cleaning necessities such as toilet bowl cleaner and Murphy’s Oil soap. “Our first milestone was completing the first night cleaning for Orscheln and not quitting that same night,” Susie says. After three or so years, Rob and Susie’s children, Phillip Cason and Regina Cason-Collins, began helping each evening. Phillip was used to cleaning; when he was younger, he and his dad would help Phillip’s grandfather clean the Commerce Bank location in Moberly. Regina, of course, was quick to pick up the family trade as well. They’ve since added close to 60 other parttime employees.
A CHANGE OF SCENERY Although business was steady throughout the ’80s and early ’90s, around the turn of the century, Moberly’s economy began to decline, Susie says. It was time for a decision to be made. “We relocated to Columbia in 2003,” Susie says, “and although it took about three or four years for our company to become known, we eventually began to gain more business as our reputation began to grow.” While there have been obstacles throughout the years, Rob and Susie handle them with an open mind. “We usually believe in the adage that ‘when one door closes, another opens,’” Susie says. “And that certainly has been the case for us.” The Casons’ main goal with their business has always been to be successful enough to send their kids to college, which they did — Phillip and Regina are graduates from MU. Their other goal was for the company to “grow and provide quality service and conscientious, hard-working employees for our customers,” Susie says. “We have one of the lowest turnover rates in the industry. Somewhere between five and 10 percent.”
AN UNEXPECTED FUTURE Cason is one of just two janitorial services for the MU Health clinics. Susie estimates there are more than 30 contenders for that contract. “The work that [Cason and its] employees perform is at the highest level and surpasses any janitorial service that we have used in the past,” says Kathy Cole, administrative assistant at State Farm, another client. In October 2017, Cason celebrated 35 years of business.
“In the beginning, we both thought we’d get the kids through college and then follow a different path,” Susie says, “but we’re both very happy we’ve stayed in this business.” At the beginning, Rob and Susie didn’t think about their plans for 35 years down the road. They once considered leaving Mid-Missouri, but decided to stay after Susie’s mother passed away. “Our children worried that if we moved, they would no longer have a ‘home’ in Moberly to come to,” Susie says. “So that influenced our decision to stay in the business.” Cason now serves parts of northern and eastern Missouri as well, including cities like Salisbury, Slater, and St. Louis. They’ve specialized in some areas over the years, such as medical complex cleaning and commercial and industrial office cleaning. Cason also offers free estimates, weekly and monthly facility walk-throughs, security and backup facility security, emergency and disaster clean-up, employee E-verify service or background checks, and more. Although cleaning is important, Cason goes “above and beyond the highest level of customer service,” says Bobby Goodwin, the manager of the GE energy plant in Salisbury, Missouri, another Cason client. “We know and understand that a clean and well-maintained facility is one of the most important investments for our customers’ facility image,” Susie says. “And we’re happy to do our best to help provide that image.” CBT
Cason Building Maintenance Inc. 2604 Snowberry Cir. 573-441-8333 www.casonclean.com
2003
2000s
2017
Cason relocates to Columbia in order to find a bigger group of clients and establish itself in a healthier market.
Cason picks up big clients in Columbia, including MU Health and State Farm, and expands around the state.
Rob and Susie, with their kids successfully through college, celebrate 35 years in business. COLUMBIABUSINESSTIMES.COM 33
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M OVER S & SH AKER S
Movers & Shakers MARCH 2018
Food Bank
David Coil, Gina GERVINO, Paula Fleming, and Marty MCCORMICK will begin serving on the board for The Food Bank for Central and Northeast Missouri. Coil is the executive vice president of Coil Construction. Gervino is senior vice president and general counsel at Columbia Insurance Group. Fleming has more than 15 years of executive leadership experience as a mental health professional in the nonprofit human services sector. McCormick is director of strategic planning, marketing, business, and network development at MU Health Care.
Craig Riordan Providence Bank’s Columbia region named Riordan vice president, commercial banking officer. Riordan has over 10 years of lending experience, more than 8 of which have come in the Columbia market. In his new role, Riordan will be responsible for originating and maintaining commercial banking relationships in Columbia and the surrounding areas.
Arminta Phelps Phelps, owner of Achieve Balance Chiropractic, completed her comprehensive postgraduate educational program to successfully earn her Certified Chiropractic Wellness Lifestyle Practitioner certification. The International Chiropractors Association’s Council on Wellness Lifestyle Science awarded Dr. Phelps’ accreditation. The wellness certification program offers an extensive post-graduate curriculum of advanced approaches to patient wellness.
Carolyn Henry MU recently named Henry dean of the College of Veterinary Medicine. Henry is the former associate dean for research and graduate studies and interim dean of the college. Henry, an oncology researcher, earned her Doctor of Veterinary Medicine degree at Auburn University. Earlier in her career, she practiced small animal care and emergency medicine. Henry has received multiple awards recognizing her achievements and dedicated service to the veterinary profession.
Matt Bynum Bynum has been promoted to general manager for Central Missouri for Coca-Cola Bottling Company. Bynum’s promotion is a reflection of a new structural change to the company designed to give managers more power to run the company efficiently. Bynum joined the Coca-Cola system in 1996 and has served in various roles since. In this role, Bynum will be responsible for sales and operations at the Heartland distribution facilities in St. Joseph, Columbia, and Sedalia.
The Home Builders Association of Columbia The Home Builders Association of Columbia announced the addition of three new board members. Named to the 2018 Board of Directors are: Doug Muzzy, of Muzzy Builders Inc., as president; Andrew KUMMERFELD, of Kummerfeld Homes, as vice president, and Sedel Carson, of Tompkins Construction, as Builders Council Chair.
GERVINO
Convergence Consulting Group Four new employees joined Convergence Consulting Group, an alcohol and beverage industry consultant. Rick Laxague will begin a new role as a consultant; Laxague has logged more than 20 years in the industry, including time spent building a national account division for a craft brewery. Johnathan Steffens will lead the division of e-commerce and marketing. Nick Burg will oversee the company’s graphic design, marketing, branding, and website and app design. Jason Gregory, of Mark Twain Brewing Company, will be lending expertise in the area of event organization and management.
McCORMICK
Ajay Vinze Vinze was named to the Central Bank of Boone Country Board of Directors. Vinze is dean of MU’s Trulaske College of Business. He joined the university in January 2017 and brings with him more than 20 years of academic and administrative experience.
HENRY
Central Bank of Boone County Central Bank of Boone County announced six employee promotions. Ben Chism, of the Downtown Bank, has been promoted to merchant card specialist. Montana Reno, also of the Downtown Bank, has been promoted to senior commercial lending assistant. Ellen Thieme, of the Woodrail Bank; Jessica Lozano, of the West Broadway Bank; and Samuel Crisman, of the Rock Bridge Bank, have been promoted to teller II. Katie Plassmeyer has been promoted to customer service representative. CBT
KUMMERFELD
VINZE
Are you or your employees making waves in the Columbia business community? Send us your news at Editor@BusinessTimesCompany.com COLUMBIABUSINESSTIMES.COM 35
36 MARCH 2018
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RYAN RAPP
VP OF F I NA NC E A N D C FO | U M S YS T E M | AG E : 36 Job description: I’m the vice president for finance and chief financial officer for the University of Missouri System, which means I have responsibility for the university’s $3.0 billion budget. I oversee the university’s endowment and retirement trust fund, budget planning and development, treasury, investment, accounting, procurement, facilities planning and design, real estate, internal audit, human resources, and risk and insurance management. My team and I work closely with our four campuses (MU, UMKC, Missouri S&T, and UMSL) as well as MU Health Care to provide leadership, service, and value to support the mission of the university. Years lived in Columbia/Mid-Missouri: Most of my life. Original hometown: Boonville. Education: MU, B.S. in accountancy; MU, M.S. in accountancy. Favorite volunteer/community activity: At this stage in my life, much of my volunteer time or community involvement is directed towards my kids’ activities at the YMCA or local sports organizations. I do enjoy participating in the United Way and volunteering at the Food Bank alongside my university colleagues. Professional background: I’m a CPA — I started my career as an intern with PricewaterhouseCoopers. After graduating from MU, I accepted a full time position with the company in Kansas City. Throughout my early career, I got to work closely with the university, and in 2010, I joined the UM System as the assistant controller. Since that time, I’ve had the opportunity and good fortune to serve as the controller, chief audit executive, and now CFO for the UM System.
Photography by Keith Borgmeyer
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A favorite recent project: By working closely with our president, campus leaders, and board of curators, I was able to develop a new process for capital and financial planning. The project really challenged us to think beyond an annual planning cycle and look out over a five-year period to ensure our capital plans are informed by our financial plans. A Columbia businessperson I admire and why: There are many, but the one that stands out for me personally is Nikki Krawitz [retired VP for finance at the UM System]. Nikki is a principled individual who is passionate about the university and this community. She has been a mentor, boss, and trusted advisor for me throughout my career. I’ve always been amazed at her breadth and depth of knowledge. My next professional goal: Working with President Choi, my system colleagues in IT and HR, campus chancellors, and other leaders and their teams to rethink how we deliver administrative services in more efficient and effective ways to our four campuses. That, in turn, will provide even more value and a higher return on investment to the citizens of Missouri. If I weren’t doing this for a living, I would: Farm. Farming is my first passion and is something that will never leave me. I still live on the family farm where I grew up. Biggest lesson learned in business: Be genuine and do not go it alone. Be a good listener. Do the right thing. Surround yourself with a diverse team and value differences of opinion. How you would like to impact the Columbia community: I want to continue to foster a strong relationship between the university and the community. I think history has shown that a strong relationship between the two is beneficial to both groups in areas like economic development through research and job growth, as well as community engagement and outreach. Why I’m passionate about my job: The University of Missouri is special to me. It provided me with opportunities as both a student and an employee I could never have imagined. Public higher education was a difference-maker for me, and this job is a chance for me to serve and give back. 38 MARCH 2018
Why I’m passionate about my company: I believe in the mission of public higher education and its ability to serve all Missourians. The UM System and our four campuses have a unique role to play in driving our state forward through teaching, research, public service, and economic development. What people should know about this profession: Working in finance at a large research university system is complex — there are new challenges and opportunities almost every day. It’s important to not lose focus on why I’m here. I have to remind myself that even though I have a “leadership” role, it’s one of service to the faculty, students, and citizens of the state. The next challenge facing my industry: Public higher education is facing many challenges across the country now. The financial challenge we currently face is how to increase resources and reduce cost while maintaining a highquality, affordable education for our students. This challenge isn’t new, but it has become more acute. These challenges present exciting opportunities for the university to lead in delivering new approaches to public higher education at both the state and national level.
Greatest strength: Professionally, my team. Personally, my family. Greatest weakness: I have a lot, so it’s hard to single one out. Time management is something I’m always working to improve. What I do for fun: Go to the kids’ and MU sporting events, get together at family gatherings, and work on the farm. Family: My wife, Emily, and our kids: Max, 11; Molly, 8; Alex, 5; and Beau, 3. Favorite place in Columbia: MU on football weekends. Accomplishment I’m most proud of: The high quality of the staff and leaders on our team. I work with some of the most dedicated and passionate individuals at the university. They make my job easy. Most people don’t know that I: Grew up on a farm and have worked there every summer from the time I was 9 years old. It has taught me great lessons that are still with me today. CBT
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40 MARCH 2018
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8 QU EST I ON S
all of our ATMs, that figure would still only be about half of the number of mobile banking log-ins that happen in same timeframe.
Q&A SHON AGUERO Executive Vice President of Retail Banking at Landmark Bank
1. What does your typical day look like? Oh, I wish there was such a thing! With hundreds of bankers across three states running three very different lines of business, every day is different from the one before it. I consider my job to be like that of an orchestra conductor: I don’t play the instruments, but I make sure that all the players are working together, following the same sheet of music, playing in tune, and using a number of very different instruments to make a single, harmonious sound. 2. How has the “face” of banking changed during your career? I think early in my career, and even as recently as five or 10 years ago, bank customers would think of their favorite teller or loan officer as being the face of their local bank. Today, many would say it’s their bank’s mobile app. If you combine all the teller transactions in a month that take place across our 40-plus branch network and
3. Landmark’s done some innovative things in their retail division. Tell us about that. A few years back, we started thinking about the changes in customer behavior and the demand from consumers to do business on their schedules. Banks just weren’t doing it. So we started looking for solutions that would allow us to offer something we felt was a clear differentiator: seven-day service and extended hours. So we went “7-by-7-by-7”: seven days a week, 7 a.m. to 7 p.m., in our call center and our branch drive-thrus. The customer response has been great. About 40 percent of all transactions that happen in the channel happen at a time when the bank would otherwise be closed. We do more than 1,000 transactions each Sunday. On Columbus Day, when all our competitors were closed, we did 2,500 transactions. Today, we do more transactions in a week through our Enhanced Drive-Thru channel than our busiest branch does in a month. 4. As someone who has worked his way up in the industry, what advice would you give someone just starting his or her career in financial services? One good tip, which is a bit of a Mexican proverb passed down from my father, is that you should always “give a man on the last day whatever you gave him on the first.” There’s a tendency to try to make a good first impression by running yourself ragged in the early stages of a new job. But then when the inevitable drop-off comes, it’s even more pronounced. Know your work–life balance. Be fair with your own time and your family time. Give 100 percent on day one and keep giving 100 percent as long as you’re in the role. 5. What’s your ‘why’? What inspires you to get up each day and make a difference? Living up to and furthering the legacy my parents passed to me. My Hispanic heritage is very important to me. As a second-generation American with a father
that learned English as a second language, I’m blessed to be part of a family that has experienced the real “American dream.” My immigrant grandparents made sacrifices I can’t really even understand so that their children and their children’s children would have the opportunity to change the trajectory of the family’s future. 6. What have you done professionally that you consider a success, but that you wouldn’t want to repeat? I completed my MBA while working full-time and raising two sons. I was the first person in my family to graduate from college, so to further that with a graduate degree was a very important life goal for me. But I also had a family to support, little league teams to coach, and an ongoing career path that took hard work and dedication. So I just buckled down. I jokingly call it the “10-toMidnight” degree because most of the time, those were the hours I found available to read, study, and write. 7. Tell us something about you that we wouldn’t learn from your resume alone. In my early 20s, I spent two years as a full-time touring musician and singer, playing shows in Oklahoma, Texas, Arkansas, and Missouri. I played in a band called South 40 that had some regional success, but I also played solo on many occasions. Both of my boys play instruments and sing, and we love spending time together creating. This love of the arts has driven a lot of my community involvement over the years. I serve on the board of the Ragtag Film Society, working with Ragtag Cinema and the True/False Film Festival. Before moving to Columbia, I served for many years as a trustee for the Oklahoma Shakespearean Festival. 8. Is it better to be perfect and late or good and on time? The answer to this question is dependent on the situation — if you’re working on a project to change the way millions of dollars in cash move between branches, late and perfect is probably the right answer! But in general, I tend to believe that the “minimum viable product” approach is the most effective in today’s environment. CBT
Check out more questions and answers with Shon Aguero online at ColumbiaBusinessTimes.com. COLUMBIABUSINESSTIMES.COM 41
42 MARCH 2018
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A CA P I TO L CON VER SAT I ON
Greitens Touts Tax Plan BY KRCG 13’ S K ER M I T M IL L ER
WHILE DELAYED BRIEFLY by the need to deal with his personal scandal, Governor Eric Greitens refocused on politics in late January with a two-day state tour to announce his plan to cut individual and corporate tax rates by an estimated (by his office) $800 million. "This tax plan puts working families first, and it's a better deal for all Missourians because it rewards businesses for hiring people in Missouri," Greitens said in a news release. The Greitens plan cuts the top personal income tax rate from 5.9 percent to 5.3 percent. It provides what the governor calls a "Workers First" tax cut, a non-refundable credit against tax liability equal to 20 percent of the federal earned income tax credit. It also cuts the corporate income tax rate from 6.25 percent to 4.25 percent, which would give Missouri the second-lowest rate among the 44 states with corporate income taxes. And it eliminates current tax breaks that the governor describes as unnecessary, including discounts for businesses for the timely filing of payroll withholdings and retail sales taxes, incentives made obsolete by modern technology. Greitens would eliminate state income tax deductions allowed for federal tax payments, and he would require Missourians to pay sales taxes on online purchases. The governor says the moves will make the plan revenue-neutral, requiring no cuts to state services. "For 380,000 working-class Missourians, this plan would cut taxes to $0.00. This plan cuts taxes for 97 percent of all Missouri taxpayers. It will help us win new businesses and stop chasing jobs out of Missouri," the governor touted. A Missouri Department of Revenue analysis says a single parent supporting two children on an income of $30,000 would see his/her annual tax liability drop by more than 80 percent. In another example, a married couple with two kids and an annual household income of $150,000 would see a tax savings of just under three per-
cent. Missouri's top tax rate currently applies to individual incomes over $9,072. That rate has not been adjusted in decades, and people on both sides of the tax debate say the system is unfair and inequitable. A central argument for the federal tax overhaul, which passed in December, was the promised return of U.S. business assets now held offshore, which supporters say will jumpstart the economy
Most business groups appear on board. We don't know whether lawmakers are open to compromise. and create jobs. Greitens is making a parallel argument with his state plan, saying the corporate tax environment is among the first considerations when deciding where to invest. He says Missouri is losing jobs to states with a more competitive environment and his plan will reverse that. "I think this is going to turbocharge the economy," Greitens told one audience on his state tour. Most business groups, including the Missouri Chamber of Commerce and Industry and the Associated Industries of Missouri, appear firmly on board with Greitens’ plan. Even the gener-
ally skeptical Missouri Budget Project said it was encouraged by the governor's interest in reforming tax policy, particularly in the face of more state budget cuts this year. But critics talk about the debacle in neighboring Kansas — and say recent tax cuts are already responsible for the current budget problem here. “The governor promises to cut taxes for nearly all Missourians but fails to mention that, for most people, those modest breaks will be wiped out by tax increases elsewhere in his plan," said Rep. Gail McCann Beatty, the top Democrat in the Missouri House of Representatives. "His claim that somehow his plan will be revenue-neutral should be viewed with a great deal of skepticism." Jeanette Mott Oxford, of Empower Missouri, an organization that lobbies for the interests of low-income people, said the plan is based on a false premise that Missourians are overtaxed. She cites a May 2017 state audit that says the state is $4.1 billion in revenue below the point at which Hancock Amendment — an effective cap for the amount of revenue the state can gather from personal taxes — would be triggered. What we don’t know is whether lawmakers are open to a compromise. Republican Senator Andrew Koenig, of Manchester, has his own plan to cut the corporate tax rate from 6.25 percent to 4.25 percent. And Weldon Spring's Bill Eigel has advanced a Senate plan to cut individual taxes at both the top and bottom of the income scale. The Senate will likely produce a single blend of both plans. House member Travis Fitzwater, the Holts Summit Republican, has sponsored a plan to drop the top individual income tax rate from 5.9 percent to 4.8 percent. To remain revenue neutral, his plan would cap state tax credits and raise the fuel tax. At this writing, house leaders have not put much of a spotlight on that bill. CBT Kermit is an award-winning 45-year veteran journalist and one of the longest serving members of the Missouri Statehouse press corps.
Kermit Miller anchors the 6 and 10 p.m. news for KRCG 13. You can reach Kermit at kmiller@krcg.com COLUMBIABUSINESSTIMES.COM 43
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OP I N I ON : AL GER M ON D
The city council is besieged by breakdowns as to how much business it’s expected to handle.
Conducting the City’s Business BY A L GERMON D
THERE ARE TWO THINGS in the administration of Columbia’s city government that never should be allowed to happen again. • •
No more marathon seven-hour city council meetings. No more uncontested races for mayor and city council positions.
City council meetings have become the vexingly cumbersome theater of frustration, complication, bloviation, and angst. No wonder fewer and fewer of us want to run for office or, with a lower profile, bother to apply
for positions on the city’s dozens of advisory boards and commissions. In a perverse way, among the requisites for elective service, you must be retired and generously pensioned, have a spouse or significant other that still works, or be a person of some means with oodles of free time. Or your ego spurs you to serve, overcoming whatever sacrifices in time and finances running for public office typically entails. The mechanism for administering the city’s business has been spinning out of control. It’s time to review Columbia’s home rule charter.
The City Council should organize and constitute a charter review commission for a top to bottom examination of how the city conducts its affairs. It’s been done before. 45 years ago, after a careful review and with suggestions for change and improvement, voters decided to enlarge the city council by adding two more wards. This reflected Columbia’s increase in both population and land area since the original charter was approved on March 5, 1949. The city council is besieged by breakdowns as to how much business it’s expected to handle. One wonders why the docket at the recent marathon session was filled with so much to consider. Anyone with a whit of sense knew the proceedings on February 4 and 5 would drag out into the early morning hours. Thoughts, ideas, and suggestions flash by. But that’s grist for the charter review commission to mull over. As for uncontested council races, this is something that simply should never be allowed to happen again. Incumbents may think it’s a swell idea to remain in office unchallenged for another three years, but all of us are cheated out of the lively debate and discussion that occurs when two or more are duking it out for the same position. CBT Al Germond is the host of the Columbia Business Times Sunday Morning Roundtable at 8:15 a.m. Sundays on KFRU. COLUMBIABUSINESSTIMES.COM 45
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B USINESS • P EOP L E • VO ICE S • F YI
OP I N I ON : ST EVE SPELLM AN
Winners and Losers of the Federal Tax Reforms BY STEVE SP ELL M A N | Host , Th e M id-M issou r i F re e d o m Fo r u m
OH, TO BE A TAX ACCOUNTANT THESE DAYS. Being in the thick of the first tax season following the federal tax overhaul, they get to help all their business and personal clients sort out the new tax planning landscape. By now, you’ve probably looked into how the new tax changes affect you. Maybe you’ve cheered at some provisions and frowned at others. The big idea of this tax reform package is twofold: lower rates and limited deductions. Nobody in their right mind would design a tax system as ungodly complex as ours in the first place, so even some simplification is good. I heard one CPA say the tax bill helps level the playing field between those who rent and those who own their home; those who have kids and those who don’t; and those who give to qualified charities and those who don’t. He also said the theme for businesses is “don’t be afraid to be a C-corp,” a business that’s taxed separately from its owners. For those incorporated businesses the banner news, among other benefits, is that corporate tax rates were slashed from 35 percent to 21 percent — from the highest in the industrialized world to average.
Other business tax changes include lowering the top rate on pass-through income, some changes to depreciation rules, and eliminating “entertainment” expenses a business can deduct, reducing, for example, the deduction for business meals. Moving expense reimbursements are no longer deductible either, which effects the conversation with higher-end recruits from out of town. I’m no CPA, so check with yours about how this may apply to your business. On the personal side, general news reports say about 80 percent of filers should see at least a modest tax cut, and 90 percent of employees should be seeing less tax withheld from their paychecks. The standard deduction is nearly doubled and the child tax credit doubled, but personal exemptions went bye-bye — so having another kid isn’t as lucrative a tax strategy as it used to be. The ramifications of the standard deduction going up — therefore causing fewer people to itemize their deductions — has gotten a lot of attention. Several industries advertise this as at least a secondary selling point for their goods and services. Realtors were alarmed by an early trial balloon in the tax plan, in which the sacrosanct mortgage
interest deduction might go away altogether. It survived, but was lowered to apply for new mortgages of up to (only) $750,000, though the plan did eliminate the interest deduction for home equity loans. This will change consumers’ thinking a bit when looking to borrow against their house, affecting lenders, real estate agents, and even builders. The nonprofit world is stressed about fewer people being able to deduct charitable donations, a routine selling point for organizations looking to raise funds (particularly around yearend). Perhaps fundraisers will now target more wealthy donors who still itemize, and who might tend to write bigger checks anyway. Another focus should be those age 70 1/2 or older who have to take a required minimum distribution annually out of their IRA accounts. As before, these people can still give up to $100,000 per year directly from their IRA to charity, tax free, and that satisfies their RMD. The tax bill also opens up 529 college saving plans to pay for K-12 education expenses, effectively creating a nationwide education savings account program. Maybe those nonprofits that run a private or parochial school can now talk this up — an effective 6 percent state income tax deduction. In other good news, the estate tax exception limit doubled to now exclude $11 million per person (or double that, for married couples who play their cards right). This allows many small business owners and family farmers to escape the death tax’s costs and after-death liquidity concerns. It also removes a big distraction to let people focus more on living their life, running their enterprise, and building wealth for themselves and their heirs with less fear of confiscation after their demise. These changes are significant, and more change might be coming. President Donald Trump has since floated the idea of closing the internet sales tax loophole, which would be another significant step towards leveling the playing field on that front. Overall, it’s a mixed bag, though. Some simplification and lower rates, which helps all American businesses and individuals, but the plan also adds some new layers of complexity, particularly for many businesses. Even for those that depended on some of the old tax stipulations that went away, that’s not the end of the story. CBT Steve Spellman is a vice president and relationship manager in wealth management at Landmark Bank. COLUMBIABUSINESSTIMES.COM 47
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OP I N I O N : DAVI D R OLAN D
“Ignorance” Is No Excuse BY DAVID ROLAND | D ire ctor of L it igat ion , F re e d o m Ce n te r o f M i ss o u r i
It has now been 45 years since Missouri adopted its Sunshine Law, which obligates government agencies and officers to give the public access to most public records and public meetings. No government official can legitimately claim to be ignorant that the Sunshine Law imposes this obligation. And yet when Missouri’s state auditor, Nicole Galloway, recently tested an array of government entities by sending them simple open records requests and evaluating their responses, barely 30 percent of those entities fully complied with the Sunshine Law. Let that sink in: more than two out of every three of the tested government bodies failed to respond properly to a longstanding law designed to help citizens learn what their government is doing. How is that even possible? Well, it’s possible because courts almost never punish Sunshine Law offenders, even though they have the power to order those offenders to pay civil penalties and the litigation expenses of citizens who prove the violations. But to issue such an order, the law says that courts must find that the government’s violation of the Sunshine Law was either “knowing” or “purposeful.” In most legal contexts, a “knowing” violation occurs when a person is aware that they’re engaging in (or not
engaging in) a particular action, even if they’re not specifically aware that their action or inaction violates a law. That definition stands in contrast to a “willful” violation, which means the person intentionally violated a law they knew they had an obligation to obey. When the state legislature used the words “knowing” and “purposeful” in the Sunshine Law, it’s reasonable to assume they were using these terms in the same way courts have used them in other legal contexts — to establish a burden of proof that doesn’t require a willful violation of the law. But Missouri courts have come to interpret the terms “knowing” and “purposeful” very differently under the Sunshine Law. They have held that in order to establish a “knowing” violation of the Sunshine Law, a citizen must prove the government official knew that the action (or failure to act) was unlawful — essentially, citizens have to adhere to the higher standard that courts have used when assessing potential “willful” violations in other contexts. Similarly, the Missouri Supreme Court’s opinion in Strake v. Robinwood West Community Improvement District held that in order to establish a “purposeful” violation of the Sunshine Law, a citizen must prove the government official showed “a conscious
design, intent, or plan to violate the law and did so with awareness of the probable consequences.” In other words, the citizen must prove not only that the official knew they were breaking the law, but also that they knew what penalties they were likely to face for doing so. It may be illuminating to think of these standards in a different context, like driving over the speed limit. If a driver knows they’re going 70 miles per hour, but they do not know that the speed limit is 55 miles per hour, this would still be a “knowing” violation of the speed limit under the most common legal interpretation of that term — indeed, many of us have been ticketed under that very scenario. But if courts applied their Sunshine Law interpretation of “knowing,” it would only be a violation if the driver was aware they were exceeding the speed limit. And under the courts’ Sunshine Law interpretation of the “purposeful” standard, courts would only find a violation if the evidence showed the driver not only knew that they were exceeding the speed limit, but also knew what penalties the law provided for such a violation. All the driver would have to do to get out of a speeding ticket is say, “An attorney told me the speed limit was 70.” Missouri courts have held that, when it comes to the Sunshine Law, if a government official can plausibly state that an attorney told them that the Sunshine Law did not require transparency in a given situation, there could be no “knowing” or “purposeful” violation of the law. And this applies even if the attorney never researched the issue, even if the attorney’s advice makes no sense in light of the statutes’ wording, and even if a different attorney explained to the official why the Sunshine Law did require transparency! So perhaps it really is no surprise at all that almost 70 percent of governmental bodies are failing to comply with the Sunshine Law. When claiming “ignorance” is all it takes to avoid any consequences, there’s little incentive to make compliance a priority — and every incentive to remain “ignorant” of their obligations. Many other states take a much stricter approach when it comes to government transparency, imposing penalties even if the public officials in question claim ignorance. It’s time for us to follow their lead and to require courts to impose penalties whenever public officials violate the Sunshine Law. “Ignorance” is not bliss, and this loophole is preventing Missourians from enjoying the transparency and government accountability the Sunshine Law was intended to provide. CBT COLUMBIABUSINESSTIMES.COM 49
B USINESS • P EOP L E • VO ICE S • F YI
• Apply for employer ID numbers from both federal and state government • Fill out W-4 and I-9 forms for each employee • For every paycheck, calculate and withhold or pay appropriate amounts for: + Federal and state income tax, + FICA (social security tax and medicare tax) + FUTA and SUTA • Regularly submit reports to and pay the state and federal government • Retain required records (which are subject to audit by half a dozen government agencies)
Boxes, Bans, and Hiring on the Books BY JENNIFER BU KOWSKY | @e sqon fire
Nearly one in three American adults has a criminal record listed in the FBI’s master criminal database. And a criminal record can prevent someone from obtaining employment. This pricey problem affects everyone. But the hiring is already too onerous, so adding more laws for employers to comply with is not the solution. Instead, we should repeal unnecessary laws and rules restricting employers. Our local legislators have filed an excellent bill to do exactly that.
HIRING “ON THE BOOKS” IS HARD Do you want to hire someone to work for you (or even to just watch your kids, clean your 50 MARCH 2018
house, or take care of your yard)? Boy, does the government have some hoops for you! The first political story that piqued my interest growing up was the “Nannygate” scandal in 1993, when President Bill Clinton’s first two choices to be the nation’s first female attorney general — Zoe Baird and Kimba Wood — had to be withdrawn after revelations that neither had paid their nanny’s payroll taxes. When the time came for me to need child care, I wanted to avoid that mommy trap. I was an attorney and a CPA, so I thought it would be easy for me to hire someone to watch our baby “on the books.” It was not. If one wants to employ another person, the law requires that you (partial list):
I eventually had to hire professional help to make sure I kept up with all of this. (Note: those who do not follow these laws and just pay cash “under the table,” or illegally, aren’t burdened by all the extra expenses and time-consuming paperwork.) Ten years later, I’m still appalled that we expect everyone to go through such a complex and burdensome process just to give another person a job in America.
COLUMBIA’S “BAN THE BOX” The last thing we should be doing at the local level is to make it even harder on those who want to create jobs in our community. But that’s precisely what Columbia did by enacting a “ban the box” policy in 2014. “Ban the Box” is the colloquial term for five ordinances comprising the “Employment Opportunities for Qualified Applicants” article in chapter 12 of Columbia’s Code of Ordinances. The box in question is the box on employment applications that asks if applicants have ever had a criminal record. These ordinances don’t just ban the box, though; they forbid would-be employers from even seeking information about a job applicant’s criminal background prior to making a conditional offer of employment. So, it’s now illegal to look up a babysitter on Casenet prior to asking her to watch your kids. And those who violate Columbia’s “ban the box” ordinances may be charged and
O PIN I ON : J E N N I F E R BUKOWS KY
"If we want people with criminal records to be able to find employment, we need to get rid of laws and rules that restrict employers from hiring them. Big government, not boxes, is the problem." convicted with a misdemeanor punishable by up to a $1,000 fine and/or 30 days in jail! Ban the box (ironically) contributes yet another policy of overcriminalization and overincarceration that caused the very problem its proponents seek to fix. Further, it’s a disincentive for would-be employers to hire anyone in Columbia. And these ordinances do nothing to fix what’s really causing people with criminal records to be unable to find jobs: the government.
A BETTER PATH: EMPLOYER FREEDOM If we want people with criminal records to be able to find employment, we need to get rid of laws and rules that restrict employers from hiring them. After all, shouldn’t the person responsible for signing the paycheck have the freedom to decide who deserves a chance? Big government, not boxes, is the problem. More employer freedom, not less, is the solution. Right now, the job options for felons in Mid-Missouri are pretty much limited to construction and fast-food. Statutes and regulations prohibit felons from partic-
ipating in the sale of lottery tickets and alcohol. Thus, employers at gas stations, convenience stores, restaurants, bars, grocery stores, and more often don’t have the freedom to give a felons a chance. But here’s the good news: two of our local legislators, Senator Caleb Rowden and Representative Cheri Toalson Reisch, have filed legislation (SB900 and HB2123) to get rid of the bans on felons selling lottery tickets and alcohol. If passed, there will be more employer freedom and more opportunities for everyone in Missouri. Rowden’s bill is also sponsored by Senator Kiki Curls, a Democrat from Kansas City. Toalson Reisch’s bill is co-sponsored by Republican representatives Sara Walsh, Chuck Bayse, Robert Cornejo, and Shamed Dogan, as well as Rep. Bruce Franks Jr., a Democrat from St. Louis. MO Employer Freedom? Heck yeah! MO Bans? Um, No. If you agree, please tweet, tag, email, and call your local legislators to let them know that you support SB900 and HB2123. CBT * If employee will be paid greater than $1,000 per year, withholding laws apply.
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52 MARCH 2018
Transition Points Teresa Maledy prepares to step away from Commerce Bank, handing the reins to her handpicked successor, Steve Sowers. BY MATT PATSTON PHOTOGRAPHY BY ANTHONY JINSON
COLUMBIABUSINESSTIMES.COM 53
R
etirements are a big deal at Commerce Bank, but they’re an especially big deal when the person retiring is Teresa Maledy. Maledy started as a part-time teller with the bank more than 37 years ago; last month, she announced that she’ll be retiring as CEO and chairwoman of Commerce’s central Missouri region. She’ll cede the CEO role to Steve Sowers, Commerce’s regional president and Maledy’s hand-picked successor. Their transition will mark the beginning of a new era for one of the region’s largest banks — even if the new era looks a lot like the old one. “Right now, I feel very positive about it. I feel very serene,” Maledy says. “I’m a few years shy of the official age when a lot of people retire, 65, so the timing is good for my family, but I also know it’s really good for the organization. We have a really strong team in place, and the region and the bank overall are doing really well. I feel good about giving Steve the challenge now.”
STAYING SEAMLESS The “challenge” is, of course, building on Commerce’s success, but also on creating a reputation for a Maledy-less Commerce Bank in Columbia. Since 2002, when she became the first female bank president in the 138-year history of Commerce Bancshares, Maledy has been one of the highest-profile bankers — and citizens — in Columbia. She’s served as chair of the Columbia Chamber of Commerce and was the chamber’s Outstanding Citizen of the Year in 2008; she’s served in leadership roles at nonprofits like the Heart of Missouri United Way, the Central Missouri Food Bank, and the Greater Missouri Leadership Foundation, among many others; and she’s guided young entrepreneurs through her roles in groups like MU’s Venture Mentoring Service. Last April, this magazine named her one of Columbia’s 10 most influential women in business. “Teresa’s presence in the community is unmatched,” Sowers says. “I would say she is, if not the most well-known, one of the most well-known and admired leaders in the community. Those are big shoes, and no one fills those shoes like Teresa does.” Maledy began thinking about retirement a few years ago, and Sowers was, to her, an 54 MARCH 2018
obvious candidate for the CEO position. Commerce has a rigorous succession planning process; since Maledy designated her successor, she and the bank have been grooming Sowers to be CEO. “He’s very, very intelligent,” Maledy says. “He works well with internal team members and he’s always been very effective with our client base. He’s very articulate and organized, and he’s also able to adjust to the different levels of intense focus needed at different times. And he does it very calmly.”
Right now I feel very positive about it. Very serene. . . . Of course, I’m sure it will feel different when I walk away on that last day.”
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Sowers has spent most of his career in the bank’s commercial services side, but he’s added more duties across the board as Maledy’s retirement has drawn nearer. Another responsibility has been choosing his own successor — Commerce promoted Sarah Dubbert to Sowers’ former role of commercial division manager in July. “She’s an extremely talented individual and has hit the ground running,” Sowers says. Both he and Maledy see Commerce’s succession planning as a testament to the bank’s durability — you don’t stick around for a century and a half without giving some serious thought to changing leadership between generations. “It’s a very thoughtful process — so there’s planning, there’s different steps that you take at different levels to be prepared so these things are as seamless as possible,” Sowers says. “We’ve been around for 150 years, and we want to be around for a long, long time, so that stability and that continuity is very important to us.”
NEXT CHAPTERS “It’s been very busy. And very exciting, for different reasons,” Maledy says about the last few weeks. “There’s excitement and appreciation for Teresa and what she has going on in her life,” Sowers says. “And we’re also just grateful for the team that we have and the strong company we have. We know we’re well positioned moving forward.” Maledy’s last day will come in June. The next few months will see a quicker shuffling of duties — now that her impending retirement is official, Maledy and the rest of the bank can be more transparent about Sowers having new assignments and responsibilities. But it’s also a time of reflection. Maledy’s career track — from part-time teller to CEO — tells a story of ambition and relentless hard work. What form will that take now that her professional career is ending? “I’m sure it will feel different when I walk away that last day,” Maledy says. “I’ve been with Commerce for over 37 years. But I do intend to be very active with my children and also in the community. I don’t think I’ll get bored.” Shortly before announcing her retirement, Maledy also announced her candidacy for Columbia Public Schools’ Board
of Education. She says that Columbia’s public school system was one of the main reasons she moved back to her hometown from Kansas City. She’s been a supporter and volunteer for various education-related causes throughout her career, from campaign committees for bond issues to early childhood education advocacy, like the Cradle to Career Alliance. She retires on June 30, around the same time her official school board duties would begin if she’s successful in her campaign — five candidates, including Maledy, are competing for two open spots on the board. “I really see the school board as a way to publicly serve the students, and I’ve been doing that for 20 years sort of more behind the scenes,” Maledy says. “So I see this as another way to do that.” She’s also planning on spending more time at the gym, supporting her kids in their extracurricular activities — stuff she hasn’t had as much time for while being a banking executive. And Sowers says the culture of community involvement she’s helped build at Commerce will continue past her time with the bank. “We have employees who are very involved in the community in different ways, and Commerce as a company supports the community in different ways, and that won’t change,” he says. “The commitment will stay consistent. We’ll be stepping up to help.” Retiring after the end of a long, successful run with one company is a particular point of pride for Maledy, especially given her admiration for Commerce and the Kemper family, which has owned the bank for more than 100 years. “I guess one of the important things, as I look back on my career, was I always felt I was open to new challenges, and I actually sought them out, because I like to learn and I like to try new things and stretch a little bit,” Maledy says. “The great thing for me when I got to Commerce Bank was I got to stay with one organization and continue to grow and develop and have those opportunities and challenges within one organization. I was able to work in different markets and in different positions in the company, to have different challenges all within Commerce Bank.” CBT COLUMBIABUSINESSTIMES.COM 57
58 MARCH 2018
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How many years have you been in this business? Central Trust Company, as part of Central Bancompany, has been in business since 1902.
What is your favorite part about working for your company? Loyalty. Every firm expects loyalty from its employees and clients. However, it is much rarer to find a company that is loyal to its employees and clients.
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What steps do you take to remain current with laws and licensing? All of our professionals receive continuing education and updates through classes, seminars, webinars, school(s), and conferences. We also stay current on the ever-changing laws through our strategic partners. Additionally, we are committed to the development of new additions to our team and provide growth and educational opportunities through industry specific schools, classes and training.
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clients who rely on our expertise, and developing those true relationships which help our clients in the long run.
was founded upon one defining principle: Always act in the best interest of our clients. Through the decades, we’ve grown to more than $5.8 billion in assets, all while providing world-class wealth management solutions, free from conflicts of interest. We pride ourselves on providing legendary client service, being mindful of our Midwest values and never forgetting our roots.
What prompted your interest in this profession? I have always been interested in the financial services industry. However, my first position with Central Bancompany was with Central Bank of Boone County as a teller. As my career grew, I developed a respect and admiration for our trust department personnel and the level of service they delivered to our mutual clients.
What is the most important thing you want people to know about your business? Central Trust is an investment management firm with 25 local, investment and fiduciary professionals (5 investment professionals and 20 trust and fiduciary professionals). We work with clients of all ages and stages of life. Clients do not need to have a trust to take advantage of our investment management services.
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LANDMARK INVESTMENTS DeAnn Peter, Jackie Shupe, and Logan Gray Registered Investment Advisor Representatives To what do you attribute the firm’s success? We get to know our customers, their financial goals and customize a personalized approach to meet their unique needs. We help people accumulate, protect, utilize and distribute their assets based on where they are in their life.
Why should this firm be considered over another of its kind? It’s important to us to build the foundation for a lasting relationship with our customers. Beyond simply matching products and services to their needs, we’re passionate about the stage they are at in their life and how we can use our expertise to prepare them for the future.
What changes have recently affected this industry? While regulations are always changing, we have the background and experience to keep our customers and their interests competitive in times of change.
What’s most important for people to know about this firm? Our team approach draws on a wealth of investing experience and expertise. Our customers tell us they enjoy our “life stage” approach and the time we take to both learn about them personally and understand their unique investing goals.
What’s the best part about working in this industry? Nothing makes us happier than when we can help our customers realize success in their investment goals. We take a very detailed “life stage” approach, customized to each customer’s needs, and we’re always making adjustments to prepare for the future and their unique goals. 62 MARCH 2018
What types of related skills dos this team have? We’re fortunate to have a diverse background in related aspects of investing that uniquely positions us to help our customers prepare to meet their goals.
What’s good advice for someone needing this type of expertise? Understand your goals and ask lots of questions! Talk with your advisor about their investing strategy and ask how it can complement your specific short and long-term goals.
801 East Broadway Columbia (573) 499-7333 LandmarkBank.com Securities offered through Raymond James Financial Services, Inc., member FINRA / SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Landmark Investments is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc. Opinions expressed are not necessarily those of Raymond James Financial Services, and are subject to change. Investing always involves risk and you may incur a profit or loss. No investment strategy can guarantee success.
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HAAS ACCOUNTING SERVICES, LLC Rachael M. Haas, Owner What is your firm’s area of expertise? We specialize in assisting small businesses and individuals with their accounting and tax needs. We truly are here to make your accounting and taxes less stressful.
To what do you attribute your firm’s success? Listening to our clients and tailoring our service to their needs. Being flexible and available is key to a small business owner. Unlike traditional accounting firms, we don’t nickel and dime you for every minute. Our services are value-based.
What is your favorite part about working for your company? This is not a typical accounting firm! We actually care about every single client’s success. We’ll do anything we can to make you successful, whether it be explaining the basics of accounting or connecting you to the right lender. It was my mission to create an accounting firm dedicated to the success of every client.
What types of related skills does your team have? We are trustworthy, compassionate, dedicated, determined, organized, flexible, good listeners, and very knowledgeable about tax law and accounting rules.
What’s an important lesson you’ve learned about this particular line of work? The accounting industry is not just forms and numbers. We are a support system for our clients. That is why our motto is Trust Counts, Trust Us. Every client is trying to run a business, a family or both. They need someone trustworthy to help them with accounting & tax needs.
Why should someone consider your firm over another? Providing our clients with excellent service so they can achieve their goals is our number one priority. Our fees, on average, are lower than traditional accounting firms, and we work with clients to only provide them services they truly need.
What do your clients like most about your firm? We are there when you need us, no matter what time. We are only a click, call, text, or email away. We come to you to make meetings efficient and accommodating. Our fees are very reasonable, often lower than traditional accounting firms.
What is your favorite part about being in this field? When I work with clients and make them more at ease about accounting & tax related matters it brightens my day. Knowing that I can have an impact on how successful they are is rewarding.
rhaascpa@gmail.com (636) 485-8118 HaasAccting.com COLUMBIABUSINESSTIMES.COM 63
FINANCIAL PROS TO KNOW
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COLUMBIA CREDIT UNION Jennifer Archuleta, Operations Manager and Becky Burns, Financial Services Officer What is your area of expertise? We like to think we’re experts at finding the best financial solutions to fit our members’ needs. Sometimes that even includes recommending they go with someone else. One product that’s unique to us is our FastTrack Debt Consolidation loan. We work with members that are feeling overwhelmed by credit card debt and just need to be able to see the light at the end of the tunnel.
How many years has Columbia Credit Union been in this business? We have been in business since 1935.
Why should someone consider your firm over another? We’re the one that believes all credit unions are better than the alternatives; however, we think someone should consider us because we’re still small enough to know you as an individual yet large enough to offer most of the same services as the big guys!
What prompted your interest in this profession? “One of the first things that drew me into the credit union movement was the philosophy of ‘People Helping People.’ I loved that I was apart of a financial institution that was there to improve the life of the members not to make a lot of money to pay CEO’s and shareholders,” says Jennifer Archuleta.
What advice would give to someone needing your expertise? Remember we are here for you! Be open and honest about what you are trying to accomplish, whether that is trying to lower your payments or get out of debt as fast as possible. Telling us your story, allows us to tailor our recommendations to best suit your needs. 64 MARCH 2018
What should people know about your business? We know that the dollar you get from us is the same as any other financial institution in town, so we try to set ourselves apart by taking the time to know as much as possible about our members, then make recommendations on financial services and products that can help them achieve their goals. We are always looking out for their best interest!
few. These are just a few organizations that we are involved with that share in the philosophy of “People Helping People.”
Anything else? As a member-owned cooperative, Columbia Credit Union’s mission is to be a dynamic and trusted leader who provides high quality financial services to its membership. Our primary goal is to be concerned for our members’ financial well-being not because it’s profitable, but because it’s the right thing to do.
What community involvement do you support that you might care to share? We have participate in several community events throughout the years, some example are: Boys and Girls Club, Children’s Miracle Network and building homes for Veterans are just to name a
310 E Walnut St, Columbia (573) 256-2500 CoMoMoneyPeople.com
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EDWARD JONES Gina Mauller, Jody Frank, Ann Echelmeier, Madalyn Gramke, and Kathy Lou Neale
What are your firm’s primary areas of expertise? Wealth management Retirement and college savings Stocks, bonds, and mutual funds Insurance and annuities Cash and credit management
What’s an important lesson you’ve learned about this particular line of work? Madalyn: Patience is the key to success in this business. I must have patience in the process, the markets, and my professional growth. Kathy Lou: To listen sincerely and build a trusting relationship by caring about each individual. I measure every discussion on the standard of ‘What would I want someone to do for my mother?’ Ann: Be patient through market cycles!
What prompted your interest in this profession?
To what do you attribute your success?
Jody: As a finance major, I knew this would be the direction I would take. I love the industry and learning more about personal finance issues, investments, and economics. Ann: I have always loved the challenge of solving problems and helping others. Gina: On the surface, my business is about numbers, but at its core, it’s about trusting relationships, and I find this very rewarding.
Kathy Lou: To persevering, never giving up, and relying on my faith in all situations. Madalyn: I’m fortunate to work for a company that has many strong female leaders who are willing to share their wisdom with me. Jody: Client service excellence has always been our main focus, and people find that we do what we say we’re going to do. If you work with my office, there will be homework!
What other traits do you have that contribute to your success? Gina: I’m passionate, hardworking, and compassionate. Madalyn: A high level of professionalism, loyalty, and honesty. Kathy Lou: Being persistent, analytically wired, and highly creative. Ann: I am caring, deeply determined, and very loyal. Jody: I consider myself to be hardworking, honest, and extremely reliable.
Edward Jones Member SIPC Find these trusted advisors at: EdwardJones.com COLUMBIABUSINESSTIMES.COM 65
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66 MARCH 2018
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L A I C N A N I F G N I N N A L P H G U O R H T S E G A E H T
GS N I H T HE ALL T INANCIAL T TF ABOU MENT THA GE N MANA DN’T LEAR I YOU D CHOOL. IN S
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BUDGET BASICS
It’s honesty time. You know what a budget is, but are you using one? John Howe, chair of the department of finance at MU, says a budget is critical for everyone, whether you’re just starting out on your own, buying a house, or planning for retirement. It doesn’t have to be anything fancy, and you don’t necessarily need a financial planner. Often, when it comes to the idea of a budget, people are hesitant. But the actual steps it takes to create and stick to a budget are easier than you might think. “Most people have the self-discipline to make small changes that can make a huge difference,” Jacobs says. And no, a budget isn’t just a list of monthly expenses. It’s a system to identify the things that matter in your life — the things that are really worth your money. Try assigning your income to your recurring and one-time expenses by category: rent, insurance, food, entertainment, etc. Looking at these numbers for the first time can be tough for some people. “They’re scared when they sit down and actually write it out with pencil and paper,” Jacobs says. “They’re scared of what it’s going to look like.” Once you’ve taken an honest look at your expenditures, identify the danger zones and make small changes that will help you spend more judiciously. For example, if you’ve got a Starbucks habit you just can’t quit, having a budget doesn’t mean eliminating your caffeine buzz. If you’re spending $150 on Starbucks a month, get $100 in cash, put it in an envelope in your wallet, and label it “StarBUCKS.” (Get it? You can dial back the cheesiness if you want.) “When I run out of it, I’m out of Starbucks drinks for the month,” Jacobs explains. You tell your budget what you want to do with your money, not the other way around. 68 MARCH 2018
M A K I N G P E AC E
IN DECEMBER 2016, AMANDA JACOBS posted a video to her personal Facebook page of her daughter counting out $100 bills onto a desk. Jacobs, vice president and asset manager at Jacobs Property Management, was purchasing an $8,600 car in cash, so her daughter was helping her. Jacobs, a certified Dave Ramsey Financial Peace University instructor for the last five years, wanted to live out an example of the advice she gives to Columbia families struggling with finances: live a debt-free life to the best of your ability. “Who buys a car with cash?” Jacobs asks. “I did. Because I believe that I don’t have to have a car payment. So I own this car that I’m driving free and clear.” Every month, instead of making a payment on a loan, she makes a car payment to herself — so when it’s time to purchase the next car, it’ll be with cash too. Of course, not everyone needs to purchase a car with cash. But Jacobs and other financial experts always tell people to have a plan and start the plan today. Making a monthly loan payment for her car was not part of Jacobs’ plan. “It really doesn’t matter where anybody is on their life’s journey,” she says. “There’s never a wrong time to get on the path to financial peace, and it’s never too late to do it.”
Financial Peace University is a nine-week class taught at several churches in Columbia. (The program is a Christian, faith-based one.) It costs $125 to enroll. FPU breaks down the concept of financial peace into seven baby steps. 1. Save $1,000 in the bank as an emergency fund. 2. Pay off all debt, starting from the smallest account and moving to the largest. 3. Set aside three to six months of cash expenses in the emergency fund. 4. Invest 15 percent of income into a 401(k) or a Roth IRA. 5. Fund college for a dependent (if applicable). 6. Pay off your home early. 7. Be wealthy and share your wealth with others. “From baby step number one to number seven — that’s a long journey for most people,” says Amanda Jacobs, a certified FPU instructor. “It gives people a feeling of empowerment that a lot of times they’ve never had.”
FOR A RAINY DAY
Howe tells people to have three to six months’ worth of expenses in an emergency fund, no matter what stage of life or financial health you’re at. And the emergency fund shouldn’t be a credit card, Jacobs advises: “The last thing you need to do when you are in an emergency is go into debt.” Three to six months of emergency savings, or “Murphy insurance,” as Jacobs calls it, referring to Murphy’s Law, should cover loss of income or a layoff until things return to normal. It’s a goal that could take years for some people, but . . . “It’s going to rain,” Jacobs says. “You’re going to have the alternator go out in the car, you’re going to have unexpected things come up.” Budgets and emergency funds should be utilized in every stage of life. But there are considerations to make for the big moments in life too. Like these.
FINANCIAL PLANNING FOR WHEN… You or your child gets their first full-time job.
says. Although you can find the occasional online article about people getting out of student debt in a year, those circumstances are rare; still, the sooner the better. Put aside money for retirement in some form, and jump on any chance to participate in your company’s 401(k) program, if it’s available. It’s also time to think about what would happen to your assets should something happen to you, says Nathan Jones, an estate planner and owner of Nathan Jones Law. A full-blown estate plan won’t be needed yet, but a simple plan with named beneficiaries to any of your checking, savings, or retirement accounts will help your loved ones know what your assets are. Make sure those named beneficiaries know who they are, Jones suggests — financial institutions have no requirement to reach out to those individuals. He also suggests creating a short document that lists what your accounts are and where they’re housed, especially if you are set up for online statements instead of mailed statements. “Otherwise what people are left with is a wild goose chase,” Jones says.
You’re getting married.
spouse, for example) and create a simple will, which lays out who will receive or manage your estate, who will be a contingent beneficiary, and who will make health care decisions if you’re incapacitated.
You’re buying a house.
Put a minimum of 20 percent down, Howe says. It clears you from purchasing mortgage insurance and it cushions you against a decline in real estate prices. And go back to the basics. Make sure your budget accounts for not only the down payment, but also for mortgage payments, repairs, property taxes, and emergencies. Jones says that, if it’s possible, spouses should take title to the house jointly. It provides for additional creditor protection, and should something happen to one spouse, the other automatically owns the home. If one spouse already owns the home when you get married, make sure the other has rights of survivorship in the title.
You’re ready to have children.
Before this point, Howe advises avoiding any possible college debt, whether it’s through scholarships, two years of community college, or significant lifestyle changes. The average Missouri college graduate amasses $27,480 in student debt, according to the Institute for College Access and Success. Once you or your adult child has achieved that full-time job, work on managing what for some people is their first budget. Particularly focus on paying down the debt in a timely manner. How fast you pay down that debt depends on your interest rates and the psychological weight debt plays on you, Howe
We’ve all heard the theory that differences over money is one of the leading causes of divorce. Howe advises people to iron out agreements about finances well before the wedding. What’s the schedule for paying down student loans? What’s the rate of savings you want? How much do you want to spend on rent or a mortgage per month? It’s important to have these conversations early and often. Jones says marriage is often a trigger for couples to create a more comprehensive estate plan. Make sure to update your beneficiary information to your spouse, as that will not automatically change. It’s also time to appoint power of attorney — the legal right to make decisions on your behalf — to a loved one (your new
It’s the biggest trigger that brings young couples to estate planning, Jones says. Update your will to appoint a guardian. Though it’s not legally required, Jones suggests letting the individual or couple know you’ve chosen them to take custody. It sounds obvious, but make sure they’re willing to do it and in a position to do it. “In my experience, a lot of couples have COLUMBIABUSINESSTIMES.COM 69
strong opinions about who they would want to raise their kids and sometimes even stronger opinions about who they wouldn’t want to raise their kids,” Jones says. Some couples also choose to appoint a second person or a corporate trustee to manage any inherited estate for the child until adulthood.
You’re planning for retirement.
THERE ARE APPS F O R T H AT There are tons of free apps that can sync to bank accounts and track expenses. Here are a few options:
Wally Wally Lite is a simple and quick way to track your expenses and income. You can also set a savings target in the app and scan receipts for easy maintenance. This is a good option for headache-free spending tracking.
Pocket Guard This is a great time to update your estate plan, which may have outdated information. Perhaps you have grandchildren you want to provide for as well. Howe says a financial planner isn’t needed until you’re investing in the stock market or real estate. Once you’re investing, hold a diversified, concentrated portfolio that’s inexpensive to maintain. Howe suggests finding a financial planner whose compensation is fee-only, meaning they’re paid by the hour, not by a commission they get by recommending you invest in certain mutual funds. “A minimum of 10 percent of your gross pay, once you get over the student debt hurdle, should be dedicated to retirement,” Howe says. “One can make a case for 15 percent.” And plan what your insurance will be post-retirement. Long-term care insurance will pay for things like assisted living or skilled nursing. You’re caring for aging parents or facing a life-threatening diagnosis. Discussing you or your loved one’s health wishes isn’t necessarily dinner conversation, but it’s an important topic. If you’re unable to make medical decisions, who will make them for you? It’s important to craft a health care directive stating your wishes and appointing medical power of attorney to someone. That document also takes the pressure off of a loved one. “They feel like they’re putting your wishes into effect, which has an emotional difference,” Jones says. CBT 70 MARCH 2018
PocketGuard keeps all of your financial accounts in one place, which can give you a more complete picture of your finances and help you make informed decisions.
Wela Wela's personal finance app provides instant feedback on how to save and budget more effectively by analyzing your daily spending habits. If you're looking for a little more guidance in your budgeting, Wela can help with that.
Goodbudget Goodbudget is a simple personal finance app for budget planning. The cool part about it is that you can sync across multiple phones, so your whole family can use it.
Mvelopes Remember the "StarBUCKS" envelope of cash we talked about earlier? This is like that, but on your phone. Set off specific amounts of money for specific spending.
EveryDollar EveryDollar is the app for following along with the Dave Ramsey program that Amanda Jacobs (and lots of others) vouch for. Keep track of spending and educate yourself on how to spend and save your money more wisely.
Create your own budget! Other online resources (Mint is a good one to check out) have sample budgets for monthly expenses, child care expenses, and more. You can also build your own budget template here — we pulled some categories to get you started. Feel free to cut this out and hang it on your fridge.
Income Salary: Spouse’s salary: Dividends: Interest: Investments: Reimbursements: Other: Expenses Mortgage/rent: Car loan: Car insurance: House insurance: Life insurance: Health care: Child care: Charity: Utilities: Telephone: Cable: Internet: Groceries: Restaurants: Entertainment: Gifts: Clothing: Other: COLUMBIABUSINESSTIMES.COM 71
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A Little
Lenders and entrepreneurs hope microlending can have a positive ripple effect. BY M A R ILYN H A IGH PHOTOGR A PH Y BY A N TH ON Y JINSON Erica Dickson sits with her sons, TJ and Mikel, in their living room. Erica owns King’s Kids Como, a daycare launched thanks to a microloan from Central Missouri Community Action’s lending program.
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SMALL BUSINESS LOAN COUNSELOR Liza Zimmerman says Columbia is “ripe” with opportunities for microloans, socially-conscious small loans that are a building block for many entrepreneurs. Zimmerman is a loan counselor at Justine Petersen, a St. Louis-based company that provides small loans to low- and middle-income entrepreneurs through a partnership with the Small Business Administration. Companies like Justine Petersen receive large loans from the SBA and break them down into microloans, which are then redistributed to small business owners who would otherwise be pressed to find funding. Microloans range between a few hundred dollars and $50,000. They’re available through a variety of establishments — the federal government, nonprofits, and banks all offer microloan programs. They’re popular for people starting online businesses, which don’t require very much capital, or riskier startups that can’t find traditional bank funding. Business owners who don’t have a high enough credit score to qualify for a traditional bank loan may also look to a microloan as a starting point. And Columbia, with a vibrant supply of entrepreneurs and a tight-knit startup community, is an ideal place for these loans to take hold.
microloans have provided seed money to get plenty of businesses started, and Zimmerman doesn’t see the trend slowing anytime soon. “In our world, sometimes cities will become hotbeds,” she says. “It just clicks for that city, the importance of small business development and credit — a good credit score can actually revitalize a community, not just an individual. And Columbia is at that point.”
30 microloans active in Columbia — and getting a microloan in town will soon be even easier. Justine Petersen is in the early stages of developing a program to fund affordable, low-interest loans to minority business owners in Columbia. Zimmerman says they’ll use a 10-to-one match from the SBA to grow a microlending fund. Justine Petersen is one of three participating microloan intermediaries for the SBA in Missouri. (Enterpise Development Corporation, based in Columbia, is another.) It’s part of a program started by Congress in 1992 to help women, low-income, veteran, and minority entrepreneurs start businesses. The federal program has authorized lending partners in every state. In 2016, Justine Petersen loaned $13 million through 1,361 loans. The national average microloan is $13,849 and has an interest rate of 7.5 percent, according to the SBA. When entrepreneurs with a low credit score visit the Missouri Small Business and Technology Development Centers, or SBTDC, its director, Greg Tucker, tells them about microloans. “Microloans are for lower amounts, so there’s less risk, as a rule, and often less credit-worthiness required of the applicant,” he says. “It’s a good way to establish business credit or, if someone doesn’t have the particular funds to open a business, it’s often a way to provide funds for that.” Without the strong credit score, how do microlending programs determine who should get a loan? Tucker says that first the bank or other lending institution wants to see that the entrepreneur has already put his or her own time, money, and effort into the business.
“In our world, sometimes cities will become hotbeds. It just clicks for that city, the importance of small business development and credit — a good credit score can actually revitalize a community, not just an individual. And Columbia is at that point.”
GETTING THE LOAN Most microloan programs have a community-minded goal, seeing small business growth as a net benefit for cities as a whole; by growing small businesses and guiding business owners through their repayment plan, lenders can have a positive ripple effect. In Columbia, 76 MARCH 2018
- LIZA ZIMMERMAN
Justine Petersen has worked with local nonprofits Love INC and Central Missouri Community Action to give more entrepreneurs microloans and improve their credit scores. A few years ago, the organization helped CMCA start the Missouri Women's Business Center, which gives startups funding and strategy support. Zimmerman estimates there are currently 20 to
Most microloan programs also require a business plan. Tucker says that for many entrepreneurs, a microloan is their first business loan. As such, it also may be the first time they’ve drawn up a business plan. That’s why microlending institutions are a little more understanding and a little more willing to help entrepreneurs along the way. “The microloans tend to be, at least in my experience, a little more personal,” Tucker says. “In other words, that lender is going to work a little closer with that borrower because of some of the challenges a new entrepreneur might go through.” Even though the risk is greater and the interest rate may be higher on microloans, Tucker says the default rate for microloans is about the same as the default rate for other types of loans. “Many of the larger banks may not be interested in the smaller loan amounts because [for a larger lender] a $25,000 loan basically takes the same due diligence and application process and work as does a $5 million loan,” Tucker says. “A lot of them just don’t want to play in that space.”
DIFFERENT APPROACHES Microloan programs vary from lender to lender. The Bank of Missouri, for example, is a preferred Small Business Administration lender, allowing them to bypass some of the red tape usually asso-
Top: When entrepreneurs with a low credit score visit the Missouri Small Business and Technology Development Centers, State Director Greg Tucker tells them about microloans. Bottom: Microloans have provided seed money to get plenty of businesses started in Columbia, according to loan counselor Liza Zimmerman, pictured here with Giselle Ballenger of the Nehemiah Group, a local family-owned and -operated construction firm. COLUMBIABUSINESSTIMES.COM 77
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Sparking Success After having a child at 19, Erica Dickson had to balance working, going to school, and caring for her newborn son. She applied for a job at the day care he attended to spend time with him while she earned a living. Working at the day care started out as a just a job for Dickson, but it became her passion as she saw how much time kids spent in child care, she says. By the time she graduated from Columbia College, Dickson had worked at two day care centers. She wanted to start her own day care that provided affordable, one-on-one attention for kids, but she didn’t have the resources to start. A parent from the day care Dickson worked at suggested she get a microloan to start her business. She found Central Missouri Community Action’s lending program and got the seed money to fund her dream — she now owns King’s Kids Como.
ciated with SBA loans; they have a dedicated SBA department to take full advantage. “With conventional loans, capital is key,” says Karin Bell, senior vice president and SBA program manager at the bank. “With an SBA loan, we look at cash flow of businesses as well as collateral, but a lack of collateral doesn’t prohibit us from doing the loan.” Hawthorn Bank’s microloan program is based on referrals they get from three business development groups in town: the SBTDC, the Missouri Women’s Business Center, and the Missouri Innovation Center. Hawthorn’s loans are generally less than $15,000, and they’re awarded based on business projections and a business plan that has been reviewed and approved by their referral partner. “In those cases where the entrepreneur has worked with one of our referral partners — and assuming there are no significant credit issues — we’re generally comfortable providing a modest level of financing,” says David Clithero, vice president of relationship development at Hawthorn. “In the long run, we think this helps develop a vibrant small business ecosystem, which leads to a healthier community both economically and socially.” Some banks have specialized programs for smaller loans, like The Callaway Bank’s Youth Entrepreneur Program. The program funds high school students’ small business projects by loaning them $1,000, the banks lowest available loan amount. Students have one year to pay back the loan with a low interest rate. The program started in 2014 when a teenage boy came into The Callaway Bank with his grandmother. He wanted to raise a goat for his FFA project but didn’t have the money to buy feed and a pen, so he asked a Callaway lender for an $85 loan, says The Callaway Bank’s marketing director, Debbie LaRue.
The lender knew there wasn’t a program in place to help the young man, but he saw an opportunity. He told The Callaway Bank’s president and CEO Kim Barnes about the teen’s request. Barnes set aside $50,000 to start a program that helped young people reach their entrepreneurial goals, and the Youth Entrepreneur Program was born. The program makes it as easy as possible for students to receive a loan while giving young entrepreneurs exposure to the business world without overwhelming them: the students do have to fill out a loan application, for instance, but it’s less than half a page. To qualify for a loan, students must have a business plan and are encouraged to work with a school advisor. “It doesn’t have to be a multipage business plan,” LaRue says. “They just have to sit down with us, give us an idea of what their entrepreneurial idea is, and how they plan to make money. We just want to help them to be successful.” Students have applied for funding for a variety of projects, but LaRue says farm animals for 4-H and FFA projects are the most common. In some instances, students used the loan to upgrade their equipment: a Columbia-area cupcake baker bought an industrial mixer, and a burgeoning photographer bought a new camera. “If we can reach these kids earlier on and teach them financial responsibility, they’re going to be in a much better place as they become young adults,” LaRue says. In other words, they’re betting that many small investments can create successful companies that contribute to a healthy community — that’s the essential argument for microloan programs. And in Columbia, the opportunities keep knocking. CBT COLUMBIABUSINESSTIMES.COM 79
Clients often comment that the process was
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80 MARCH 2018
Personal Touch Cleaning Service wishes you a bright and happy St. Patrick's Day! Does your home need a Personal Touch? Office: 573.256.1920 www.personaltouchcleaningservicellc.com
IN FOCUS
DECIPHERING DEBT
Making sense of the city’s financial obligations. BY DAVID MORRISON COLUMBIABUSINESSTIMES.COM 81
IN FOCUS
D
ebt can be a funny thing. On the one hand, you probably need it in order to access some of life’s big-ticket items: going to college, upgrading your automobile, buying that first house, starting your own business, etc. On the other hand, if you take on too much of it without a clear plan of how to pay it off, debt can cripple you. City Manager Mike Matthes says Columbia has about the same relationship with debt as your average single-family household. Well, kind of. “We are a complex, half-a-billion-dollar conglomerate of 34 nonprofit business units. We have 54 budgets, all of which have different rules — laws that dictate how that can be funded,” Matthes says. “When I say complex, that’s what I mean. I feel sorry for the public trying to make sense of it because you can ask a question, but there are literally 54 different answers, depending on which piece you’re talking about.” So yes, delving into the City of Columbia’s relationship with debt takes a little more than a passing interest and 10 minutes of free time. It takes sifting through more than 600 pages of the city’s budget from year to year and trying to pick out trends. It also means being able to parse the thousands of financial figures in the city’s budget document, figure out what they all mean, and determine which are important. Columbia takes on debt in order to fund large-scale infrastructure projects. Think paving roads, repairing the sewer lines, and upgrading the city’s electrical grid. When the city is spending within its means and bringing in enough revenue to pay off those debts, it means that the pace of improvements can continue without too much more of a burden on the taxpayers. But if the revenue stream drops off or the city starts spending more than it should, it could mean a couple of things: taxes go up or projects get shelved. Or both. “We’re very judicious with it, conservative with how we use (debt),” Matthes says. “We’re careful about it.” So what is the city’s relationship with debt, and what does it mean for the taxpayer? Unsurprisingly . . . that’s complicated. Let’s start with a couple of definitions: revenue bonds and special obligation bonds. Revenue bonds are the ones that go to a ballot. The city is seeking a loan of a certain amount from a private lender, so it goes to the electorate to raise the funds to pay down that loan. Proposition 1, which passed in 2015 and raised Water and Light electric customers’ rates in order to offset a $63.1 million loan for improvements, was a revenue bond. The city’s adopted 2018 budget showed about $236 million in outstanding revenue bond debt. Special obligation bonds don’t require a vote. They are issued by the city to its utilities from the general government fund. The Solid Waste Department took out a special obligation bond last April for construction of a new cell at their landfill, for instance. The 2018 budget showed about $116 million in special obligation debt.
2018 CITY DEBT BY THE NUMBERS 88%
Percentage of allowable debt being utilized by the city
132
Number of budgeted projects slated for the next six to 10 years
$236m
The amount of outstanding revenue bond debt
$352m The total amount of bonded debt
$400m
Total amount of debt the city is allowed to carry for the year, based on the assessed value of the city’s property
$116m
Amount of special obligation debt
82 MARCH 2018
C i t y F i n a n ce s a n d D e bt O b l i g at i o n The 2018 total for bonded debt across all of the city’s departments was around $352 million. The total amount of debt the city is allowed to carry for the year, according to the state constitution and based on the assessed value of the city’s property, is about $400 million. That total bonded debt number paints a sunnier picture this year than it did in 2017 (when the city came in at less than $10 million under its limit) and 2016 (when it came in about $14 million over the limit). The bad news is that Columbia is still working at about 88 percent of its allowable debt. Doesn’t leave much wiggle room for infrastructure work. If you combine that with the fact that the city’s main source of debt repayment for the past 70 years — sales tax — continues to shrink with the growth of online shopping, Matthes gets a little leery of biting off more than the city can chew, as he’s said publicly and reiterated in an interview for this story: “One reason we’re not borrowing as much money is we’ve got to keep our powder dry. We might have to borrow a property-tax based bit of money to pay back a sales-tax based bit of money, because it’s not going to pay itself back. We’re going to leave all those options open. Right now, we’re chewing our nails about, ‘We promised the public these 10 things, but the sales tax isn’t going to come in [to pay for those 10 things] if it continues the way it is.’” Still, the city’s debt picture is more optimistic than it was a couple of years ago. A series of special obligation bonds issued in 2006 went completely off the books in 2016, freeing up about $12 million. The city has also been able to refinance most of its outstanding debt in recent years, negotiating more favorable terms when it comes to interest rates, years on the loan, and bundling some bonds together to make for fewer repayment packages. “That was so huge. We have saved taxpayers so much money in interest,” Matthes says. “We took advantage of all the refinancing opportunities we could get.” Another factor working in the city’s favor: its strong credit rating. According to the 2018 budget, the city has an A1 revenue bond rat-
“Right now, we can do everything in front of us. Anything in those out years is very at risk, at this point, of not being completed . . . But we get really creative. We’re so used to this as a city.” – Mike Matthes
ing across most utilities (that means pretty
loans for projects. Right now, even though the
good, according to credit rating agencies) and
city is on fairly stable footing, Matthes wor-
an AA rating for Water and Electric revenue
ries that if the sales tax situation continues
bonds (that means very good).
to worsen, some of the further-out projects
Basically, lenders know that Columbia is a good bet. The city pays back its debts.
may fall by the wayside. The $12.5 million currently slated for Nifong Boulevard improve-
“When we do need to borrow money
ments next year isn’t in jeopardy; but some
using bonds, it allows us to have lower inter-
of the 132 items currently budgeted for six to
est rates,” city finance director Michele Nix
10 years out in the city’s capital improvement
says. “The investors, when they purchase
projects plan could be.
our bonds, will feel more secure about lend-
“Right now, we can do everything in front
ing the money or buying the bonds from us
of us,” Matthes says. “Anything in those out
because we have a rating that is so high. It
years is very at risk, at this point, of not being
allows us a better rate, for sure.”
completed. . . . But we get really creative.
The city plans out its improvements in
We’re so used to this as a city government,
two-, five- and 10-year intervals. If the debt
we’ll find a way to do something to improve
and credit situation is favorable, then the city
conditions. It may not be exactly what we
council feels more comfortable seeking reve-
had in mind when we did the ballot, but we’re
nue bonds from the electorate and taking out
pretty creative.” CBT
COLUMBIABUSINESSTIMES.COM 83
olumbia Region al A by C irp red or we o t P
TOP
CBT’s
OF THE
TOWN 2017
TOP PLACE TO WORK – 1-25 EMPLOYEES
TOP ARCHITECT
TOP ADVERTISING AGENCY
TOP ACCOUNTING SERVICE
1st Place: Columbia Eye Consultants 2nd Place: Caledon Virtual
1st Place: Simon Oswald Architecture 2nd Place: PWArchitects
TOP PLACE TO WORK - 26-50 EMPLOYEES
TOP HR FIRM
1st Place: True Media 2nd Place: Visionworks Marketing Group
1st Place: Williams-Keepers LLC 2005 W. Broadway, Columbia 573-442-6171, williamskeepers.com
1st Place: Woodruff 2nd Place: Century 21 Advantage
1st Place: Moresource, Inc. 2nd Place: Accounting Plus 1604 Business Loop 70 W. B, Columbia 573-445-3805, accountingplusinc.com
TOP PLACE TO WORK - 51+ EMPLOYEES 1st Place: Veterans United Home Loans 2nd Place: Central Bank of Boone County
TOP EMERGING PROFESSIONAL 1st Place: Amanda Quick, The Hatchery 2nd Place: Brandon Banks, Modern Media Concepts
TOP SEASONED PRO 1st Place: Eric Morrison, Providence Bank 2nd Place: Gina Gervino, Columbia Insurance Group
TOP COMMERCIAL REALTOR 1st Place: Paul Land, Plaza Commercial Realty 2501 Bernadette Dr, Columbia 573-445-1020, paulland.com
TOP SALESPERSON 1st Place: Brooke Berkey, Central Bank of Boone County 2nd Place: Danny Gingerich, Joe Machens Toyota-Scion
TOP CHAMBER VOLUNTEER 1st Place: Tom Trabue, McClure Engineering Co. 2nd Place: Sherry Major, Columbia EDP
TOP CEO 1st Place: Steve Erdel, Central Bank of Boone County 2nd Place: Gary Thompson, Columbia Insurance Group
TOP BANK 1st Place: Central Bank of Boone County 2nd Place: Landmark Bank
2nd Place: Gina Rende, Maly Commercial Realty
TOP COMMERCIAL LENDER
1st Place: Coil Construction 2nd Place: Little Dixie Construction
1st Place: Chris Widmer, Landmark Bank 2nd Place: Chris Rosskopf, Central Bank of Boone County
TOP REAL ESTATE DEVELOPER
TOP BUSINESS INSURANCE
1st Place: Mike Tompkins, Tompkins Homes & Development 2nd Place: Jay Lindner, Forum Development Group
1st Place: Stephanie Wilmsmeyer, State Farm 2609 E. Broadway, Columbia 573-445-5774, insurecomo.com
TOP COMMERCIAL BUILDER
TOP PLACE TO CLOSE A DEAL 1st Place: 44 Stone 2nd Place: Boone-Central Title Co.
TOP STAFFING COMPANY 1st Place: JobFinders Employment Services 1729 W. Broadway #4, Columbia, 573-446-4250, jobfindersusa.com
2nd Place: Kelly Services
TOP JANITORIAL SERVICES 1st Place: Atkins, Inc. 2nd Place: Safi Sana
TOP HAPPY HOUR 1st Place: Logboat Brewing Co. 2nd Place: The Roof
TOP IT COMPANY 1st Place: Midwest Computech 311 Bernadette Dr., Ste. A, Columbia 573-499-6928, midwestcomputech.com
1st Place: Fresh Ideas Food Service Management 2nd Place: Missouri Employers Mutual
1st Place: LG Patterson 2nd Place: Casey Buckman
TOP COMMERCIAL VIDEOGRAPHER 1st Place: The Evoke Group 2nd Place: Cosmic Sauce
TOP EVENT LOCATION 1st Place: Logboat Brewing Co. 2nd Place: Stoney Creek Hotel & Conference Center
TOP PLACE FOR BUSINESS LUNCH 1st Place: Addison’s 2nd Place: D. Rowe’s
TOP COFFEE MEETING LOCATION 1st Place: Kaldi’s Coffee 2nd Place: The Grind Coffee House 2nd Place: EasyPC IT & Computer Repair
TOP NATIONAL PRESENCE 1st Place: True/False Film Fest 2nd Place: Veterans United Home Loans
TOP CATERER 1st Place: Bleu Events 2nd Place: Hoss’s Market 1010 Club Village Dr., Columbia 573-815-9711, hosssmarket.com
TOP WEB DEVELOPER 1st Place: Hoot Design Co. 2nd Place: Delta Systems
TOP B2B PRODUCT OR SERVICE
1st Place: Crockett Engineering 2nd Place: McClure Engineering Co.
1st Place: GFI Digital 2nd Place: CoMo Connection Exchange
2nd Place: Columbia Insurance Group
TOP OFFICE DIGS
TOP COMMERCIAL PHOTOGRAPHER
TOP ENGINEER 84 MARCH 2018
2nd Place: Accounting Plus
TOP LOCAL TEAM-BUILDING EXPERIENCE 1st Place: Breakout CoMo 2nd Place: Escape Plan
BU SI N ESS • P EOPL E • VOIC ES • FY I
New Business Licenses MARCH 2018
Because your loved one with a developmental disability deserves the
Sacred Leaf
Mine Solo LLC
1414 Range Line St.
2511 Oakland Gravel Rd
573-303-9150
573-825-3883
Retail holistic sales
Cryptocurrency mining
Beavers’ Therapeutic
Outside-in Home
2024 Cherry Hill Dr.
Staging LLC
573-881-5122 Massage therapy, preventative health care
1415 Overhill Rd. 573-658-9991 Consultant and home staging for sellers
CarQuest of Columbia
1905 N. Providence Rd. 573-443-8765 Auto parts rental
Diamond Cutz Barber Studio
401 Providence Rd. 573-424-7520 Barber shop
Best
Sky Zone
CMRO Intake:
573-441-6278 To apply for services
1201 American Pkwy. 573-309-9600 Trampoline park
Uplifted Salon
3115 Falling Leaf Ct. 636-359-7304 Beauty salon
Gotcha Costume Rental & Theater
USA Mortgage
819 E. Walnut St.
33 E. Broadway
573-442-2540
314-628-2000
Costumes
Residential mortgage lender
Homecraft
Wheelys Café
Painting LLC
220 N. Tenth St.
573-514-7662
6002 Misty Springs Wy.
573-300-6092
BooneSupportedLiving.com
573-268-2788
Café attached to bike; commissary at
Commercial and residential painting
Café Berlin CBT
Providing ordinary lives for extraordinary people
COLUMBIABUSINESSTIMES.COM 85
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BU SINESS • P EOP L E • VOIC ES • FY I
Economic Index LABOR
HOUSING December 2017
UNITED STATES
Labor force: 160,466,000 Employment: 154,180,000 Unemployment: 6,286,000 Rate: 3.9 percent MISSOURI
Labor force: 2,985,425 Employment: 2,885,019 Unemployment: 100,406 Rate: 3.4 percent BOONE COUNTY
Labor force: 98,016 Employment: 95,825 Unemployment: 2,191 Rate: 2.2 percent COLUMBIA
Labor force: 66,752 Employment: 65,262 Unemployment: 1,490 Rate: 2.2 percent
CONSTRUCTION January 2018
Residential building permits: 19 Value of residential building permits: $407,471
Total single-family home sales: 144 Existing single-family home sales: 127 New construction singlefamily home sales: 17 Single-family homes active listings on market: 737 Single-family homes average sold price: $216,230 Single-family homes median sold price: $190,000 Single-family homes average days on market: 61 Single-family homes pending listings on market: 133
UTILITIES Water
January 2018: 49,108 January 2017: 48,567 Change #: 541
Commercial building permits: 1
Change %: 1.114
Value of commercial building permits: $12,500
Electric
Commercial additions and alterations: 12
January 2017: 49,425
Value of commercial additions: $1,558,683
January 2018: 50,210
Change #: 785 Change %: 1.588 CBT COLUMBIABUSINESSTIMES.COM 87
ADVERTISER INDEX ACCOUNTING PLUS............................................................................................91 ANTHONY JINSON PHOTOGRAPHY.............................................................11 ATKINS......................................................................................................................12 BERKSHIRE HATHAWAY HOME SERVICES...............................................73 BMW OF COLUMBIA............................................................................................4 BOONE SUPPORTED LIVING..........................................................................85 CENTRAL BANK OF BOONE COUNTY......................................................... 5 CENTRAL TRUST COMPANY........................................................ 46, 60 & 61 CHIMAERIC............................................................................................................ 66 CITY OF COLUMBIA WATER & LIGHT........................................................... 9 COLUMBIA CHAMBER OF COMMERCE.....................................................72 COLUMBIA CREDIT UNION............................................................................ 64 COLUMBIA EDP................................................................................................... 48 COMMERCE BANK..............................................................................................39 D & M SOUND....................................................................................................... 34 DOGMASTER DISTILLERY.............................................................................. 48 EDWARD JONES..................................................................................................65 EDWARD JONES - KATHY LOU NEALE.....................................................39 EDWARD JONES - MARK RICHARDSON.................................................. 44 ESI COMMUNICATIONS.....................................................................................36 EVANS & DIXON, LLC........................................................................................ 86 FIRST MIDWEST BANK.....................................................................................87 FIRST STATE COMMUNITY BANK................................................................ 48 GAINES CAR DETAILING................................................................................. 34 GFI DIGITAL............................................................................................................. 3 HAAS ACCOUNTING..........................................................................................63
88 MARCH 2018
HAWTHORN BANK.............................................................................................92 HEART OF MISSOURI UNITED WAY...................................................... 6 & 7 JOE MACHENS TOYOTA....................................................................................16 LANDMARK BANK......................................................................................2 & 62 LAZER LANES....................................................................................................... 10 MEDIACOM............................................................................................................ 20 MERCEDES OF COLUMBIA................................................................................ 8 MIDMOTIX.............................................................................................................. 66 MIDWAY GOLF & GAMES................................................................................ 46 NATHAN JONES LAW....................................................................................... 80 NAUGHT NAUGHT INSURANCE AGENCY................................................ 66 PERSONAL TOUCH CLEANING SERVICE................................................. 80 PROVIDENCE BANK...........................................................................................58 REALTY EXECUTIVES- HEATH HIGGINS.....................................................18 RESTORATION EYECARE............................................................................... 44 SILVERBALL............................................................................................................13 SOCKET...................................................................................................................22 STANGE LAW FIRM.............................................................................................88 STONEY CREEK INN.......................................................................................... 40 STUDIO HOME.......................................................................................................51 THE BROADWAY HOTEL..................................................................................26 TIGERS COMMUNITY CREDIT UNION.........................................................26 TRUE FALSE FILM FEST....................................................................................14 UNIVERSITY CLUB...............................................................................................15 VAN MATRE, HARRISON, HOLLIS, TAYLOR, AND BACON, P.C........ 40 WILSON'S FITNESS............................................................................................42
BU SI N ESS • P EO P L E • VOIC ES • FY I
480
BY T H E N U M BER S
800-$1,500
$
Loan officers working in Columbia
Range for average dollars in property taxes paid in Columbia
(Source: U.S. Bureau of Labor Statistics)
(Source: Data USA)
$37.45 Average hourly wage for a personal financial advisor in Columbia (Source: U.S. Bureau of Labor Statistics)
45,024
160
$44,907
Number of households in Columbia
Number of years The Callaway Bank has been in business.
Median household income in Columbia
(Source: Data USA)
(Source: callawaybank.com)
(Source: Data USA)
1.1 Million
$
Amount cut from three city departments (Information Technology, Building Maintenance/Custodial, and Community Relations) to help balance the FY 2018 General Fund and pay for the increase in pension costs. (Source: City of Columbia)
COLUMBIABUSINESSTIMES.COM 89
B U SINESS • P EOP L E • VOIC ES • FY I
T H I S OR T H AT
CRAIG RIORDAN Vice President of Commercial Banking, Providence Bank
Mac
Big Picture
Cursive
Early Bird Cinema Michael Jackson Firefox 9-5 Learn At Your Desk
Flexibility Teach In a Meeting
Planner Traditional Certain Country
Save
Spend
Summer
Winter
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Dog Driver Plane Mountains Realistic Casual
Solo
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DISC Books
90 MARCH 2018
Chrome
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City
travel to Sonoma. 5. Some of my favorite memories as a kid were made during long family road trips in the car. 6. I like both. It just depends on who I’m communicating with.
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Skeptical
1. I think both should be occurring at all times throughout our lives. 2. Wine with my wife, Chelsie. Beer with friends. 3. Chocolate Sheet Cake that my mom makes! 4. Is wine country considered “country”? My wife and I love to
Netflix
Beer
Modern
A M E N DME N TS A N D CONDI TI ONS
Night Owl
Wine Improviser
Photography by Keith Borgmeyer
PC
Details
StrengthsFinder Magazines
Reading
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Playlist Minimalist Board Game Execute Non-fiction Call Sandwich
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