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UBJ RESTAURANTS
adding a second location in Greenville. Sizzling Steak Concepts, the nation’s largest franchisee of Ruth’s Chris Steak House, will be the sole food service provider for the new Embassy Suites Hotel to be located along River Street and the Reedy River within RiverPlace, the company announced last week. Ruth’s Chris’s current Greenville restaurant is on Congaree Road near Woodruff Road. “We are thrilled to be working with the Windsor/Aughtry Company on this unprecedented project along the Reedy River,” said Mark Oswald, co-owner and franchisee of Ruth’s Chris Steak House. “This will be the second time Sizzling Steak Concepts has partnered with Windsor/Aughtry on a hospitality project. We have faith in downtown Greenville, in Windsor/Aughtry and their proven
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success.” In November, Windsor/Aughtry announced the development of the 156-suite Embassy Suites Hotel. The Ruth’s Chris Steak House will be on the lobby level, overlooking the river. A rooftop venue at the hotel will offer a lighter-fare menu and views of the river and Peace Center Amphitheater to the east, and the Blue Ridge Mountains to the north. “We worked with Sizzling Steak Concepts on the Columbia Hilton City Center project in Columbia and it is an extraordinary partnership,” said Paul C. “Bo” Aughtry III, principal of Windsor/Aughtry. “That project includes a Ruth’s Chris Steak House and the combination has proven to be popular with our guests. It gives us great confidence in knowing they will treat their Greenville guests just as we treat our guests – with very special attention.”
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UPSTATE BUSINESS JOURNAL
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Volume 3, Issue 4
January 24, 2014
WORTH REPEATING “If you’re competing for a job or a promotion, do you want to be the person that takes an hour and a half to go to lunch?” Eddie Payne, marketing and sales manager at Robert Half International, on how a tight job market might change workers’ meal plans.
“You probably learn a lot more from adversity than you do from prosperity, so we’ve learned a lot over the last four or five years.”
“If I had decided to sit down and write a book, I would have quit at noon on the first day.” Author Jim Sobeck, who instead decided to use advice from his blog to compile his book, “The Real Business 101: Lessons from the Trenches.”
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MONEY SHOT: Clemson quarterback Tajh Boyd runs for a touchdown in the first quarter against Ohio State in the Orange Bowl.
TBA Container Resources Inc. reportedly has plans to rehab a 68,000-square-foot building at 217 Commerce Road for warehouse and office space… Word is Golden Chick will open on Pelham Road in April…
UPSTATE BUSINESS JOURNAL
January 24, 2014
VERBATIM A new 109-unit apartment complex is in the planning stages on the site of the former Travel Inn on Wade Hampton Boulevard. The property is already zoned for multifamily development… Alvarez Enterprises has filed for a business license with the city of Greenville for a neighborhood supermarket at 505 N. Main St., where the “Baby BI-LO” recently closed…
On The Atlantic’s “American Futures” Series… “This is a perfect test case of a place that was built for one industrial era … even 20 or 30 years ago, this was the textile capital of the world. The way that certain parts of this area have recovered – and others have struggled – is what we’re looking at.” James Fallows, national correspondent for The Atlantic magazine, interviewed on NPR’s “Marketplace” program about visiting the Upstate for his ongoing “American Futures” series. Find his dispatches from the area at theatlantic.com/james-fallows.
PHOTO BY ZACHARY HANBY
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Dennis Hennett, president of Greer State Bank, celebrating its 25th year in business.
UBJ MEDIA
From Blog to Book
Jim Sobeck and “The Real Business 101: Lessons From the Trenches” By April A. Morris | staff | amorris@communityjournals.com
Upstate entrepreneur Jim Sobeck has followed a winding path to author of “The Real Business 101: Lessons From the Trenches.” The president and CEO of New South Construction Supply, Sobeck said he didn’t intend to write a book filled with business advice. However, as he served on multiple private and nonprofit boards, he ended up sharing stories about how he handled certain situations. Several people encouraged him to write a book compiling his advice, which loomed as a daunting task. “If I had decided to sit down and write a book, I would have quit at noon on the first day,” he said. However, Sobeck discovered that despite his busy schedule, he could
manage a blog post each week. For three years, Sobeck wrote his blog on business and had entries reprinted in several trade magazines, inJIM SOBECK cluding ProSales. He was soon receiving positive feedback and subject ideas, he said. With more than 150 blog entries, he had plenty for a book. He said he published on the digital platform Smashwords because it works on all devices – and he wouldn’t have to leave his business for a book tour
required by some publishers. The book focuses on everything from hiring and firing to insurance for businesses. Sobeck said his favorite chapter is on hiring. “Hiring is the most important job of a manager, as good hires make your life as a manager easy and bad hires make your life a nightmare,” he said. “It amazes me how many companies hire without background checks, references checks, intelligence and psychological testing, drug screens and in-depth interviews.” Since its release in September 2013, more than 500 copies of “The Real Business 101” have been down-
loaded. Sobeck is now investigating a hardcover version because of demand for gift copies and companies requesting copies to distribute to their sales staff, he said. Readers can purchase a copy at smashwords.com or amazon.com.
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UBJ PRODUCTIVITY
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UPSTATE BUSINESS JOURNAL
January 24, 2014
Lunch Breaks Impact Work By Jennifer Oladipo | senior business writer joladipo@communityjournals.com
What you do during your lunch break could have effects you hadn’t considered. A new survey from staffing company OfficeTeam found that nearly half of workers have 30 minutes or less for their lunch breaks, and suggests that many employees aren’t putting that brief time to its best use. Nearly half (48 percent) of workers interviewed said their typical lunch break lasts 30 minutes or less. More than four in 10 (42 percent) reported that, aside from eating, they spend the time socializing with colleagues, while 29 percent admitted they work during lunch breaks. Eddie Payne, marketing and sales manager at Robert Half International, said that rings true among the workers his staffing company places. In tracking their hours, he said an increase in overtime can sometimes be attributed to an employee working through his or her lunch breaks. Rather than pause their work, many people simply eat at their desks and continue laboring. But Payne suggests that people use their breaks differently. “I think the key to it is if it is going to be short, do something that’s not related to your work,” he said. Walking away for just 10 or 15 minutes can be beneficial, and socializing with co-workers can build a positive culture in an office. Taking care of personal tasks and exercising are also good ways to recharge. That said, an uptick in hiring locally signals an atmosphere where keeping it short might be necessary. “If the labor market tightens up a bit, people are more conscious of what they’re doing for lunch,” Payne said. “If you’re competing for a job or a promotion, do you want to be
➤ LUNCH BREAKS
48%
of workers take a lunch that’s 30 minutes or less
TOP LUNCHTIME ACTIVITIES (OTHER THAN EATING) Socializing With Coworkers
Working Surfing The Web Or Social Media
42% 29% 27%
Personal Calling Or Emailing
25%
Running Errands
25%
Exercising Or Taking A Walk
18%
Source: OfficeTeam survey of 413 workers in the United State. Top responses shown. Multiple responses permitted.
the person that takes an hour and a half to go to lunch?” People at their desks – even if they’re only checking personal email – appear to be working or at least look available. “I would certainly be conscientious about taking a long lunch or being off site for a long time,” Payne said.
UBJ RESTAURANTS
Rick Erwin to Open Clemson Eatery Rick Erwin is preparing to make
Courtesy of Rick Erwin Dining Group
his first restaurant venture in the Clemson market. The restaurateur, whose Rick Erwin Dining Group includes Greenville’s Rick Erwin’s West End Grille, Rick Erwin’s Nantucket Seafood, and Rick’s Deli and Market, announced this week that it will open its fourth restaurant in the Patrick Square Town Center in Clemson. Construction of the 12,000-squarefoot mixed-use building, which will include the ground floor restaurant, is scheduled to begin in March for a fall 2014 completion. Located at the corner of Thomas Green Blvd. and Market Street, the building will anchor the Town Center, along with Clemson University’s Osher Life Long Learning Institute.
Patrick Square is a planned mixeduse traditional neighborhood devel-
opment in Clemson. Along with the Town Center, the community will
include 415 homes, stores, restaurants and public gathering areas.
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UBJ RESTAURANTS
High Cotton to End Lunch Service By Jennifer Oladipo | senior business writer | joladipo@communityjournals.com
Downtown Greenville restaurant High Cotton announced Tuesday that it will end its regular lunch service effective Feb. 3. The company said in a release that the free afternoons will be used for expansion of its private dining business, updates to the interior, and staff development. “Without question, the growing number of restaurants located in downtown Greenville spurred our thinking about what we need to do at High Cotton to stand out, while taking full advantage of our unique setting on Main Street,” said Chet Green, general manager. “That led to a decision to refocus our efforts on daily private dining, particularly during business hours, as we strive
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to set ourselves apart from our competitors.” He said the shift is expected to contribute to the restaurant’s increased profitability in the long run. Changes to the restaurant’s physical space in the RiverPlace building will include refreshing the décor and making updates to the kitchen. “After seven years of operation, and when seven days a week you welcome the first guests at your door at 11:30 in the morning and bid farewell to your last guests at 10:30 at night, the list of things that need your attention is long,” owner Dick Elliott said in a statement. Chef Adrian Carpenter said he would take the time to work on im-
UPSTATE BUSINESS JOURNAL
January 24, 2014
CHET GREEN, GENERAL MANAGER
CHEF ADRIAN CARPENTER
plementing his culinary vision and cooking techniques with the culinary team and to “share and explore mutual passions for inspired food” with them. The changes follow the recent hiring of Carpenter and Baker, both of whom joined the staff in November.
UBJ EDUCATION
Clemson MBA Students Launch Crowdfunding Site By Jennifer Oladipo | senior business writer | joladipo@communityjournals.com
Clemson MBA students have created a website to showcase and raise funds for ventures they start while still in school. The website is a project of the board of the Arthur M. Spiro Institute for Entrepreneurial Leadership and was developed as a way for students from the MBA in Entrepreneurship & Innovation program (MBAe) to generate capital for their ideas. “Crowdfunding has become a credible source of funding for early-stage companies,” said David Mendez, a Spiro Institute board member and partner with Capital A Partners in Charleston, in a release. “Success at this stage for an entrepreneur can lead to other forms of debt or equity financing provided by early-stage investors to accelerate growth and create jobs.” Clemsonideas.com allows users to financially back projects created by Clemson MBAe students. Faculty, staff and alumni projects eventually will be featured on the site. By Tuesday, six ideas had raised $617
“Crowdfunding has become a credible source of funding for early-stage companies.” David Mendez
since last week. Listed ideas include a line of vintage-inspired men’s formal wear from student Mallory Jones; and the South Carolina Defense & Aerospace Network, a nonprofit advocacy group for the state’s defense and aerospace community. The school emphasized in a release that the site is hosted by a third-party provider and all of the funds raised go directly to the person seeking support. Clemson University does not receive any funding from the site, and it is not affiliated with any university giving program. A few other schools, including Arizona State University, have launched similar websites.
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UBJ QUARTERLIES
Synnex Reports Record Revenues Distribution and GBS segments big performers for the quarter and full year By Jennifer Oladipo | senior business writer | joladipo@communityjournals.com
(GBS) unit also saw a $61 SYNNEX CORP. (NYSE: SNX) million increase, up 11.1 DILUTED EARNINGS percent over the same REVENUE NET INCOME PER SHARE quarter of the previous Q4 2013 Q4 2012 +/ Q4 2013 Q4 2012 +/ +/year. The quarter also $3,059 $2,765 +10.6% $41.5m $43.6m -4.9% $1.10 +3.4% showed a 7 percent decrease in operating FY 2013 FY 2012 +/ FY 2013 FY 2012 +/ +/income and a decline of $10,845 $10.3b +5.4% $152.2b $151.4b +0.6% $3.06 -23.3% 43 basis points in operating margin. Net income was $41.5 million, down 4.9 percent from a year ago. the company was pleased with contract wins. In a Jan. 9 conference call, Chief strong growth and record revenues The previously announced acquiFinancial Officer Marshall Witt said in distribution and GBS Concentrix sition of IBM’s business process businesses. The increase in distri- outsourcing services business inbution revenues came from strong creased expenses, the deal costing consumer demand, ongoing U.S. an estimated $5.8 million. The commercial momentum and the acquisition will be branded and LEADERSHIP SERIES acquisition of electronics distribu- fully integrated with Concentrix, a PRESENTS tor Supercom Canada in April. wholly owned subsidiary of Synnex. However, currency valuation, priFor the fiscal year 2013, Synnex marily that of the Chinese Yuan, revenue rose 5.4 percent to $10.85 cost $93 million in distribution billion. Net income rose $152.2 revenues. GBS’ record $61 million million, up 0.6 percent, while opincome was due to new customer erating income fell 5.6 percent. President
Synnex Corp. reported revenue
increases for the 2013 fiscal year and fourth quarter. For the period ended Nov. 30, distribution revenue was $3.01 billion, up 10.6 percent from the same quarter of the previous year for the information technology supply services company. The company’s Global Business Services
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UPSTATE BUSINESS JOURNAL
January 24, 2014
The Upstate Business Journal welcomes expert commentary from business leaders on timely news topics that relate to their specialties, especially little-known but significant issues they feel are pertinent to business readers. Our guest columns run 700-800 words and we welcome supporting art that will help explain your points graphically. Please contact Executive Editor Susan Clary Simmons at ssimmons@communityjournals.com if you are interested in submitting an article for consideration.
When you are finished reading this paper, please recycle it.
UBJ MANUFACTURING
Sandvik Announces $12M Expansion in Oconee County Sandvik Inc., manufacturer of carbide inserts for the metal cutting industry and subsidiary of the Swedish company Sandvik AB, is expanding its operations in Oconee County, the company announced Tuesday. The $12 million investment is expected to increase the company’s production at its Westminster facility, which currently employs 303 associates, said the company. “This investment is a continuation of our commitment to maintain worldclass manufacturing in our Westminster facility,” said Anders Hillman,
director of the Westminster Production Unit, in a statement. Sandvik creates products and carbide inserts that are used in mechanical engineering, automotive, oil and gas, and aerospace applications. “We are quickly becoming known for work in advanced manufacturing and technology, and it’s companies like Sandvik which makes that possible,” said Gov. Nikki Haley. “We celebrate Sandvik’s decision to invest $12 million in their Westminister facility and look forward to their continued success.”
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UPSTATE BUSINESS JOURNAL
11
UBJ INNOVATE
By JASON THATCHER
ENGAGE Your Stakeholders Through Social Media Savvy leaders understand that paying attention to their stakeholders and environment matters. By listening and responding to the concerns of stakeholders (e.g., managers, employees, customers and business partners) as well as being attentive to trends in broader society, leaders can craft strategies that increase firms’ competitiveness over time. To realize such understanding, leaders have relied on a host of tools – ranging from the balanced scorecard to surveys of employee and customer satisfaction. With the growth of social media, business leaders have access to new channels to learn about perceptions of their firm, their products and their role in society. Online social networking, microblogging and informationsharing services such as Facebook, Twitter and Pinterest are powerful resources for learning about and communicating with stakeholders. Through creating and sharing social content, small companies such as Buzzfeed have assumed pivotal roles in shaping citizens’ understanding of current events. By mining social data, major corporations such as Cisco and Dell have identified means to deliver superior customer service. When done well, effective use of social media can draw companies closer to their stakeholders, nip controversies in the bud, and identify opportunities for new products and markets. However, poorly managed social strategies hurt firms. Consider JPMorgan Chase: When social media managers invited students to send questions to Jimmy Lee, a senior banker, via Twitter using the #AskJPM hashtag, non-student users were quick to respond. Within
12
a six-hour period, JPMorgan received more than 8,000 tweets, of which two out of three were negative. In November 2013, Twitter users asked: Layoff List – #AskJPM Is it easier to purchase a congressional representative or a senator? Chris Lee – Why is it when the poor commit crimes we need more cops and mandatory sentences and when the rich commit crimes we need deregulation #AskJPM The student Twitter session was quickly cancelled with a tweet: “Tomorrow’s Q&A is cancelled. Bad Idea. Back to the drawing board.” While a swift solution to the negative tweets, the response evoked an even broader negative news reports in the national and international press. Ultimately, according to Google, more than 56,000 traditional and new-media sources directly mentioned JPMorgan’s tweet. And the echoes of #AskJPM continued in the new year of 2014, with Twitter pundits continuing to reference the kerfluffle: David Van Chaney – Of course, the banks have your best interests at heart. That’s why they got into the payday loan mart at 391%. Right #AskJPM @AskWellsFargo? LDGourmet – I have Mortgage Fraud, Market Manipulation, Credit Card Abuse, Libor Rigging and Pred-
UPSTATE BUSINESS JOURNAL
January 24, 2014
atory Lending AM I DIVERSIFIED? #AskJPM
Gain an understanding of the local vernacular. Frequently, consumers create their own terms to describe your products. It is imperative for employees to search for posts that capture the “official” and “unofficial” words used to describe your firm and its activities.
To avoid such missteps, leaders should adopt a proactive philosophy to ENGAGE their stakeholders through social media. In particular, a management team interested in utilizing social media tools to learn about and communicate with stakeholders should:
Appoint a person or division to develop and implement a social media listening and response strategy. Every organization that utilizes social media to interact with its customers should have a person who is ultimately responsible and accountable for this initiative.
Expose employees to training about social media and the broader context. As evidenced by JPMorgan, when employees lack adequate understanding of how social media connects firms to the broader environment, problems can follow. Training should inform employees of the power of social media and encourage critical thinking about about how social strategies can benefit or harm a firm.
Gather information from diverse sources. Stakeholders use diverse social media tools to receive and distribute information about your industry, your product and your services. It is imperative for firms to stay abreast of the latest trends and technologies that consumers utilize to share information.
N arrow your focus. Eliciting useful information from the 150plus real-time social media feeds can be difficult. Interact with your customers to understand the services they use, the forms of content they view (e.g., pictures, blogs and video) and the times they are online.
Examine stakeholder sentiment. Develop a feedback loop to support two-way communication between the firm and its stakeholders. Through effectively using social media, firms have tremendous opportunities to truly ENGAGE their stakeholders and build a strong foundation for future success.
Jason Thatcher is the director of the Social Analytics Institute for Clemson’s College of Business and Behavioral Science, Greenville. He teaches courses on information systems in Clemson’s MBA program. For more information, visit clemson.edu/business.
UBJ DIGITAL MAVEN
By LAURA HAIGHT
Smarter and Safer Credit – Why Are We So Far Behind? When I say EMV, you think of … a) long lines and eye tests, b) an expensive diagnostic procedure or c) what the heck are you talking about? EMV – Europay MasterCard Visa – is a credit card security protocol far safer than the outdated and – as we learn every day (attention, Target shoppers!) – more exposed magnetic stripe technology almost all of our credit cards have. EMV cards, often referred to as smart cards, use an embedded chip and a number of possible authentication methods that create a unique transaction each time. EMV cards cannot be duplicated, and the dynamic verification processing creates a unique identifier for each transaction that is randomly generated and never used again. We may think of EMV technology as new, but it is far from it. In fact, EMV technology was first used by France in 1992. By the end of 2011, EMV was the global standard with at least 80 countries migrated, more than 1.5 billion cards issued and 21.9 million point-of-sale terminals in use, according to the Smart Card Alliance. The U.S. is one of the last industrialized countries to move to the EMV standard. Those who have traveled abroad with their traditional stripe cards are well aware of this disconnect. But that is about to change: The major card issuers have all joined forces and set up road maps for migration to the EMV technology by October 2015. Consumer Reports (goo.gl/CGSxIG), citing information from the Mercator Advisory Group, a financial industry consultant, said issuers would spend $2.85 billion to replace
all current cards in the U.S. and another $310 million to update ATMs. For merchants, replacing POS terminals is estimated at $2.64 billion. Does the cost outweigh the benefit? Not as far as credit card companies are concerned. They are currently shouldering two-thirds of the cost of fraudulent payments with the merchant eating one-third. Cardholders aren’t usually liable for any individual breach directly, but we all pay in higher card fees and interest rates. The U.K. Cards Association reported that credit card fraud dropped 58 percent between 2004 and 2009, retailer losses fell 67 percent since 2009 and “mail non-receipt” fraud — cards stolen in transit — dropped a staggering 91 percent. In Canada, losses from card skimming dropped from $142 million in Canadian dollars in 2009 to $38.5 million in 2012.
These dramatic improvements in the rest of the world are bad for the U.S. as credit card thieves — blocked in most of the world — set their sights squarely on our outdated and insecure transaction methods. Skimming – the hack used in the Target breach – is a common method of stealing information either over the air or physically at the terminal. Although Target is the most visible and widespread skimming hack, experts say you are most at risk at the gas station. (Learn more: goo.gl/ nLhOUJ). Hacking of all kinds is growing at an alarming rate. McAfee, the computer security firm, estimates that the number of malicious programs written for the purpose of stealing your credit card or other personal information has grown from 1 million in 2007 to 130 million today. By October 2015, all major card
Credit card thieves — blocked in most of the world — set their sights squarely on our outdated and insecure transaction methods in the U.S. January 24, 2014
issuers will be replacing your credit card with a smart card – although anticipating reluctance on the part of cost-conscious merchants, the early iterations will carry both the magnetic stripe and the chip. Retail merchants accepting credit cards – and take note, all you Square and GoPayment users – must replace their POS terminals with ones that accept the new cards. The major difference is the card is not swiped, it is inserted so the card can be read and the dynamic authentication process generated. To push compliance, card issuers will shift liability for fraud after that date as well – with the bulk of the burden then falling on noncompliant merchants, not card companies. How well prepared are we for this transition? Apparently, not very. Although there is no real way to know exactly how many retailers have moved to the new standard, analysts estimate about 10 percent with the major retailers leading the way. Small businesses, Main Street shops, restaurants and mom-and-pops will likely be the stragglers – making them ironically the new high-value targets for sophisticated thieves. Although the standards are voluntary and the key implementation dates don’t hit for another 22 months, some card issuers already offer smart cards on request (list: goo.gl/ GsIzAT). Go ask for one and start asking your favorite retailers when they will be taking smart cards, and consider rewarding adapters with your business. Laura Haight is the president of Portfolio (portfoliosc.com), which works with small businesses to incorporate emerging media and technology into its business communications, operations and training.
UPSTATE BUSINESS JOURNAL
13
By Claire Rozeman, Smoak Public Relations
UBJ THE TAKEAWAY
‘Every Single One of You Is in Sales’ Sharon Day discusses the beliefs and behaviors behind making the sale
EVENT: Successful Entrepreneurship Series at Greenville Tech WHO WAS THERE: 75 members of the 2014 Spring Successful Entrepreneurship Series TOPIC: Successful Sales Teams SPEAKER: Sharon Day, Sales Activation Network The spring Successful Entrepreneurship Series, sponsored by Serrus Capital Partners, began with Sharon Day, president of Sales Activation Group, tackling the topic of sales. According to Day’s LinkedIn page, teams that her company has helped have realized annual increases ranging from $300,000 to $2 million. Introducing her “Beliefs & Behaviors” sales strategy, Day ex-
plained how the top 5 percent of sales teams drive better sales results.
BELIEFS • 2 percent of new business happens on the first attempt. • 5 percent happens on the third attempt. • 80 percent of business happens on the fifth attempt or later. Yet, Day explained, almost half of sales people give up after the first attempt. By contrast, Day averages about 12 meaningful “touches” per prospective client, keeping in mind that it takes an average of 12-18 months to land a client in any service industry. “Selling is about serving the customer and giving them something they want and need,” she says. A sales team that understands this concept will move others to do or believe in something, whether it’s your company, your products or your services. By remaining focused on the others’ needs, a sales team helps their own company grow and remain profitable. Ultimately salespeople have to approach their tasks optimistically, rather than negatively. Day says she wakes up every morning and says to herself, “I’m the problem, but I’m also the solution. I choose to be the solution.”
BEHAVIORS Day previously worked at radio station KODA in Houston, which at
“I’m the problem, but I’m also the solution. I choose to be the solution.” Sharon Day
the time boasted a listenership of almost 20,000. She once attended a basketball game where the video board flashed “Attendance: 19,000!” and asked her sales team the next day, “What if we tell our clients they can stand in the middle of an arena and say whatever they want for 60 seconds? How much is that worth to them?” Top salespeople form emotional connections by communicating the importance of their product in terms their customers understand. They learn to speak to customers like they would to a neighbor at a backyard barbecue, pushing business without being pushy. “I don’t care what your job title is;
every single one of you is in sales,” she says. Day recognizes that as an entrepreneur, a business owner may serve as the CEO, chief marketing officer and chief sales officer. Ultimately, she says the three most impactful behaviors that will help these business owners sell successfully are to differentiate their business, justify the importance of their product and maximize their prospects.
SHARON DAY
The Successful Entrepreneurship series is an innovative program developed by Serrus Capital Partners that inspires and encourages individuals to develop ventures that benefit the community. A group of industry experts share their experiences and insight, offering proven advice on how to successfully foster business success. Topics include marketing, social media, financial and accounting basics, human resources, leadership and international business. For more information, visit successful-entrepreneurship.com.
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UPSTATE BUSINESS JOURNAL
January 24, 2014
UBJ PROFESSIONAL
By DOUG KIM
Curbing the Damage From Patent Trolls The patent system is as old as the U.S. itself. In fact, patent protection actually existed in the Colonies prior to the signing of the Constitution. In 1784, South Carolina became the first state to pass a general patent law, which was entitled “An Act for the Encouragement of Arts and Sciences.” In 1787, the U.S. Constitution was enacted, stating that “The Congress shall have Power ... To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries.” This led to the first federal patent act of 1790. It is this policy of “Encouragement of Arts and Sciences” and “To promote the Progress of Science” that is at odds with the modern day “patent troll.” A patent troll is an entity that focuses on aggressive litigation and threats, without specific evidence of infringement, in an attempt to extort money from target defendants. Typically, shell companies are used to make it difficult for the target to know who is actually suing it. Patent trolls do not produce goods, nor do they assist inventors. Instead, they use patents to collect license fees to line their pockets, rather than to invest in further technologies or inventions. According to a 2013 study by the White House, litigation instigated by patent trolls tripled between 2011 and 2013 (rising from 29 percent of all patent lawsuits to 62 percent). Estimates suggest that patent trolls threatened over 100,000 companies in 2012 alone. Patent troll litigation is clearly on the rise. Personally, I have seen patent trolls operate within wellknown companies in the Carolinas.
Patent trolls do not produce goods, nor do they assist inventors. Instead, they use patents to collect license fees to line their pockets.
➤ THE RISE OF PATENT TROLLS Chart source: “Taking on Patent Trolls to Protect American Innovation,” whitehouse.gov
TOTAL NUMBER OF PATENT CASES COMMENCED 5000 –
PAE (“PATENT TROLL”)
62%
4500 – 4000 – 3500 –
45%
3000 – 2500 – 2000 –
19%
23%
2006
2007
25%
27%
29%
1500 – 1000 – 500 – 0
One study discovered that defendants paid $29 million in 2011 to patent trolls – an increase of 400 percent from 2005. This same study estimated that less than 25 percent of dollars flowed back into innovation, research and development. Patent trolls run a for-profit business with no regard for the well-being of the defendant or the economy. From 2000 to 2010, 14 publicly traded patent troll companies collectively had $7.6 billion in revenue. Further, the defendants’ share value typically dropped due, in no small part, to the uncertainty of expensive and lengthy patent litigation. The effect is very real. In order to combat patent trolls, the U.S. House of Representatives passed the Innovation Act to discourage frivolous patent lawsuits brought by “patent holders with large portfolios” [read “patent trolls”]. This bill would require: a) plaintiffs to disclose more information about each patent allegedly violated, to try to reduce uncertainty in the patent holder’s claim;
2008
2009
2010
b) disclosure of the true owners of the patent troll; c) awarding the prevailing party with attorney fees if the patent troll claim is not justified; d) limiting discovery, one of the most expensive parts of patent litigation. The bill is now in the Senate. An early indicator that we may be curbing the damage caused by patent trolls is the case of Soverain Software vs. Newegg, in which Newegg is accused of infringing three patents, known as the “shopping cart patents,” that describe a way to buy and pay for products online. Soverain won the trial in Texas but had the win overturned by the U.S. Court of Appeals for the Federal Circuit, the appeals court for patent cases. After losing, Soverain appealed to the U.S. Supreme Court. On Jan. 13, 2014, the Supreme Court said that it would not hear Soverain’s appeal, effectively solidifying Newegg’s win. Newegg’s chief legal officer is quoted as saying, “The witch is dead,
January 24, 2014
2011
2012
hurray… We are very, very pleased that the Supreme Court has recognized ... these patents should never have been granted in the first place. … Fighting back works.” With the current efforts from both the federal government and judicial system along with proactive protectionist measures by companies, we can hopefully get back to the patent system that is exclusively dedicated to promoting “the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries” and not a “patent lottery” for those that do not contribute to science and innovation, essentially doing more damage than good. Doug Kim is an intellectual property (IP) attorney and head of the IP practice of McNair Law Firm. He concentrates on counseling companies concerning the protection and enforcement of IP rights.
UPSTATE BUSINESS JOURNAL
15
25 UBJ MILESTONE YEARS
Greer State Bank Weathers 25 Years When the dozen or so founders of Greer State Bank stepped in to fill a sudden void in their then-sleepy community, they found themselves at the mercy of international forces that made the path tougher than they’d expected. Bank of Greer, the only community bank since the 1930s, had been acquired by United Carolina Bank in 1986. “It was pretty obvious after the first six months that the old Bank of Greer was not going to be operated the same way after they took over,” said Dennis Hennett, who would become Greer State Bank’s first president and CEO. The late Cecil McClimon is credited with the idea to form another bank and recruiting others to fruition. Forming a bank wasn’t easy, but Tommy Duncan remembers those difficult days as being fueled by a sense of purpose. He was one of those organizers – mostly businessmen – along with his father, Tom Duncan, and remained on the board until 2000. They had their first formal meeting in March 1987. “It took a lot of work. I think we were meeting like twice a week there for probably a two- to three-year period of time,” Duncan said.
ibly hard sell to make to an investor pool that had just experienced serious losses. “You had to have faith that you could get it down and had to keep plugging, and it worked out okay,” Duncan said. “The only way you could have changed plans would have been to have quit and drop it altogether, and none of us wanted to do that.” But the men felt driven to build on the tradition that Bank of Greer had established, forming an institution that knew the community intimately, and Duncan said a positive community response was validation. That community focus still resonates through actions like paying employees to tutor public school children or organizing trips to area destinations through the bank’s Fun Seekers group. >>
Greer State Bank President and CEO George Burdette stands in the bank’s main branch and corporate office. Burdette is standing on top of the line that marks the bank’s expansion from its original structure to its current expanded building.
Photos by Greg Beckner
By Jennifer Oladipo | senior business writer joladipo@communityjournals.com
Greer State Banks’s original building and corporate office before the expansion.
Tough Break
16
UPSTATE BUSINESS JOURNAL
Photo Provided
Adversity came early on. On the day the group announced it would begin selling stock, the stock market crashed. The Dow Jones Industrial Average plummeted to 508 points on Oct. 9, 1987, dropping along with markets around the world. Suddenly, the would-be bankers had an incred-
January 24, 2014
UBJ MILESTONE >>
Early Days
After seven months of courting skittish investors, the founders closed fundraising on Memorial Day 1988. They had netted $4,828,940 in capital and 650 shareholders. The following month, they broke ground. Next came staffing. Duncan said hiring “the right people, or what you think were the right people” was difficult, but founding President Dennis Hennett did “a fantastic job.” Half of the original 13 employees are still with the bank, which today counts Greer Mayor Rick Danner among its staff. Greer State Bank finally opened for business on Jan. 3, 1989, and opened more than 500 accounts in the first month, according to George Burdette,
“You had to have in assets in its 100th month of operand was forced to expand the faith that you could ations original building, adding some 9,500 square feet. get it down and had to keep More Tough Times plugging, and The bank has grown along with a community whose character and it worked out makeup have changed dramatically okay.” in the past 25 years, but history can Greer State Bank cofounder Tommy Duncan
current president and CEO. “The Greer community responded well to our philosophy of excellence in personal service, and the bank grew to $25 million in assets in its first year, $37 million in its second year, and $45 million in the third year,” he said. The bank reached $100 million
repeat itself. Just as the bank was poised for expansion, the Great Recession hit, Burdette said. Greer’s rapid growth during that decade meant a great deal of its assets were tied up in home loans, the sector hit hardest by the recession. “We had invested $8 million in Fannie Mae preferred stock in 2007, and seven months later Fannie Mae was put into receivership,” Hennett
Greer State Bank’s main branch and corporate office.
FOUNDERS Walter Burch George Davenport Tom Duncan Tommy Duncan Preston Griffin Bob Henderson Harold James Paul Lister Cecil McClimon David Rogers Woodrow Vaughn Don Wall said. The FDIC eventually put the bank under a consent order. Hennett, who retired from his position in 2008, was asked to return in 2011 to help the bank recover from the blow. It took just two years to emerge from the consent order. “You probably learn a lot more from adversity than you do from prosperity, so we’ve learned a lot over the last four or five years,” he said.
Back on Track
Burdette was named CEO in 2012 and said the bank is now focused on measured growth in this post-recession climate. He, too, mentions building on the traditions of the old Bank of Greer, a value that seems as important to staff and board members today as it did 25 years ago. The bank has the biggest share of the Greer market, indicating that perhaps the small-town bank is still valued by the larger community as well.
Greer State Bank’s Timeline 1986 Bank of Greer sale creates opening for community bank 1989 Jan. 3, bank opens for 1992 North Main Street branch business with 13 employees opens in former Bank of Greer location 1986
1991 Bank grows to $45 million in assets 1990 Greer population is 10,650 1988 May 29, Memorial Day, founders complete stock offering. Plus, groundbreaking in June and charter received Aug. 5
1987 Oct. 19, “Black Monday,” stock markets crash worldwide
2004 Taylors branch opens
2003 1998 Buncombe Road branch opens
January 24, 2014
2010 Greer population is 25,515
2008 Hennett retires as president and CEO
2013 Bank has $435 million in assets
2011 Bank placed under consent order, Hennett returns
UPSTATE BUSINESS JOURNAL
17
COVER STORY
Photo Provided
In the complex economics of college athletics, schools collect millions for bowl appearances, yet profits are hard to come by
Clemson head coach Dabo Swinney celebrates with wide receiver Sammy Watkins (left) and quarterback Tajh Boyd (right) after defeating Ohio State 40-35 to win the Orange Bowl on January 3, 2014.
BOWL-ING FOR DOLLARS
By Jennifer Oladipo senior business writer
T
joladipo@communityjournals.com
There’s a serious amount of green under the average college football bowl game, and it’s not just the grass. Payouts for games in the Bowl Championship Series (BCS) are in the millions. University of South Carolina (USC) collected $4,550,000 for making it to the Capital One Bowl earlier this month. For the Orange Bowl, where Clemson University played, teams enjoyed a $17 million payout. Of course, participation isn’t free. In fact, whether a school makes money is based on a complex set of factors, from the school’s size to how many teams are playing to where the games are played. Schools have yet to close their books for the bowl games that occurred just a few weeks ago, but it’s safe to assume that most schools didn’t make much financial profit.
Ticket Troubles
Each participating school is required to sell a certain number of
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tickets. Factors such as timing and location can make tickets hard to sell. If the tickets don’t sell, schools must pay the difference. Yet schools are competing against multiple parties also selling tickets, and the ones allotted to the school are not always best. “Schools get harder tickets to sell. They’re usually not at the 50-yard line,” said David Wyatt, president of Wyatt Sports and sports law professor at USC. Observers had worried that Clemson might not be able to sell its allotment of 17,500 Orange Bowl tickets this year after it failed to offload all of its tickets for the 2012 game. This year’s turnout of about 15,000 was good, but was affected by the game’s Jan. 4 date, which fell after the New Year’s Day holiday that would have allowed more fans to travel, said Joe Galbraith, assistant athletic director for communications at Clemson. Still, schools in the Southeast Conference (SEC) stand out when it
UPSTATE BUSINESS JOURNAL
January 24, 2014
comes to having fans who will follow their teams. “I just did a study with the top 25 revenue producing schools, and the SEC is just a monster when it comes to revenue generation,” said Tom Regan, professor of sport and entertainment management at USC. He attributes the phenomenon largely to a lack of a competing NFL presence in most cities where big schools are located, and a very good track record of winning games.
Receiving
Galbraith said even if the equation of payout minus expenses shows a loss, bowls are still an overall financial gain. The school received $10 million from the ACC in revenue distribution. “While it’s an accounting issue with the payout from the bowl matching the expenses, with the distribution system and sharing, even if the line item might not even out, it is financially beneficial,” Galbraith said.
Another small boost goes to players, who can usually expect several hundred dollars’ worth of gift cards and merchandise, Regan said. His students recently reported $450 gift cards and $500 shopping sprees from their trip to the Capital One Bowl. The National College Athletics Association (NCAA) limits how much sponsors can give, but such perks are even more meaningful in sports where payouts from end-ofseason games aren’t nearly as large as those in football, Regan said.
Showing Off
Whether it results in financial gain or loss, everyone seems to agree that there are more valuable if immeasurable benefits to getting to a bowl game. “The benefits of playing in a bowl game are plentiful,” Galbraith said. Bowl games serve as a point of pride and end-of-year celebration that rewards players and fans for a successful season. >>
University. Wyatt had observed the retro-themed entertainment at Reese’s Senior Bowl in Mobile, Ala., and thought he could successfully bring a more contemporary bowl to South Carolina. “I felt like from an entertainment biz event you could make more national appeal,” Wyatt said. The CBS Sports Network will broadcast the game nationally, putting that notion to the test.
Game Changing
Photo courtesy of South Carolina Athletics
South Carolina head coach Steve Spurrier thanks fans for their support after winning 34-24 in the Capital One Bowl NCAA college football game against Wisconsin on January 1, 2014.
>> They are also invaluable for marketing purposes, he said, pointing out that about 11 million people watched the Orange Bowl this year. “All of them saw Clemson and they saw us win, so that’s even better.” Galbraith said Clemson also benefitted from high visibility in a major metropolitan area, Miami, with more than 15,000 fans filling streets and seats. It can help with recruitment throughout the state where the game is played. USC’s Regan, whose specialty is feasibility and impact studies, said data show that applications increase at schools around the time they make bowl appearances. It’s not just the
sports play that draws potential students, but also the images of fans advertising the potential for camaraderie and a fun social scene at the school. Bowl tickets and travel packages are also a great reward for a school’s major donors and significant fundraisers, whose enthusiasm for the school can be stoked by the chance to interact with players in their downtime and seeing them participate in community service activities like visiting children in hospitals, Regan said.
extended season as an important benefit. Teams can get as many as 15 extra practices when their season is extended by a bowl game invitation. That means more prep time for younger players and extra contact hours with coaches, and physical training. “Especially for second- and thirdstring people who might not have played as much, they get a lot more one-on-one time,” Regan said.
Free Agents
THE 2012-13 BOWL SEASON
$52.3 $14.8
$43.6 $11.7
$43.1
$13.1
$41.2 $11.5
$36.7 $10.1
$32.1 $6.9
$15.7 $4.1
$7.9 $5.9
$7.0 $5.5
$6.9 $2.4
$6.2 $1.1
During the 2012-13 bowl season, $300.8 million was distributed to schools while the schools reported spending just $90.3 million on travel. The payouts from bowl games go to the conferences and not directly to the schools, according to Business Insider. The conference then pools all its bowl game revenue and distributes it to all the schools in the conference – sometimes giving more money to schools that play in the games. $5.7 $3.4
For all the money flowing, it’s easy to overlook the fact that most BCS Many people also cited the addition- bowls are in fact nonprofit operations. al practice time that comes with an Wherever there’s football in the Southeast there’s an opportunity for for-profit ventures Bowl Payouts Travel Expenses outside of the BCS. Last year The chart below shows how that money was Wyatt saw a chance to get distributed to the conferences last year and how much into the bowl business ineach conference spent on bowl game expenses, formed by his experience according to a recent NCAA audit: working in entertainment and the National Football League. He merged football and entertainment a la the NFL Super Bowl in what is now known as the South Carolina College All-Star Bowl, which showcases individual players from throughout the state, not just two winning teams. That game will take place next month at Furman
Play Time
SEC
BIG 12
BIG TEN
PAC-12
ACC
BIG EAST
MAC
INDEP.
C-USA
SUN BELT
WAC
MOUNTAIN WEST
January 24, 2014
As for the BCS, this month marked the end of that era. After 16 seasons of picking bowl teams through sometimes-controversial computer metrics, a four-team playoff of teams chosen by a selection committee will begin next season. The SEC thrived under the BCS, winning 17 games compared with just two in the previous 16 seasons. The shuffling that comes with the new system might change the equation for schools like Clemson and USC. A year from now there could be a whole different discussion to be had about the business of bowls based on how the new system changes the equation for schools nationwide.
HIGHEST-GROSSING FOOTBALL PROGRAMS IN FY 2012 SCHOOL
REVENUE
1 Texas 2 Michigan 3 Alabama 4 Auburn 5 Georgia 6 Florida 7 Louisiana State 8 Notre Dame 9 Arkansas 10 Ohio State 11 Oklahoma 12 Tennessee 13 Nebraska 14 Florida State 15 Washington 16 Oregon 17 Iowa 18 Michigan State 19 South Carolina 20 Wisconsin 21 Texas A&M 22 Clemson 23 Virginia Tech 24 Oklahoma State
$103,813,684 $85,209,247 $82,302,856 $77,170,241 $74,989,418 $74,317,435 $69,427,009 $68,986,659 $64,193,826 $63,866,161 $59,825,653 $56,884,706 $55,063,437 $54,294,429 $53,092,369 $51,952,732 $51,110,343 $50,159,347 $49,598,334 $48,416,449 $44,420,762 $39,207,781 $38,382,042 $37,744,529
Source: businessofcollegesports.com
UPSTATE BUSINESS JOURNAL
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UBJ THE FINE PRINT Green Valley Country Club and RoboPutt Announce Partnership Green Valley Country Club recently announced a partnership with California-based automated golf instruction manufacturer Robo Innovations Inc. to use RoboPutt. RoboPutt will be akin to an added instructor to Green Valley’s lesson program, giving students the ability to use the kiosk on their own or work with an instructor to customize their strokes and
lessons. The automated device allows golf students to improve their putting stroke through a series of basic and advanced lessons and ongoing drills. The device also allows the students to feel the correct movement of the putter and build muscle memory by the student holding the club and the robot making the perfect swing motion repeatedly.
Utility Partners of America Wins Major West Coast Bid Washington-based Inland Power & Light Company (Inland P&L) recently chose Greenville’s Utility Partners of America (UPA) to install nearly 40,000 digital electric meters. The work begins this month and is expected to be completed by the end of 2015. UPA helps utilities install and upgrade water, gas and electric meters. It will provide complete in-
stallation services including a Work Order Management System, workflow development, a Customer Information System interface and data and inventory management. Additionally, the digital meters will provide Inland P&L with information to understand their electrical consumption so they can make informed decisions regarding usage, and will give diagnostic information to help them
improve power quality, increase ways to optimize the electrical system and pinpoint outages. “As the adoption of digital meters continues to rise, utilities and energy cooperatives are looking for ways to expedite the installation process while ensuring customer convenience and safety,” said Lee Schwartz, CEO of UPA, in a release. “Working side by side with Inland P&L, we are able to
We’re not a BIG bank. We’re a better bank. And we’re celebrating our 8th birthday! That’s 56 years of being family to our customers.
(If you’re counting in dog years)
www.PinnacleBankSC.com 20
UPSTATE BUSINESS JOURNAL
864.233.6915
January 24, 2014
support the digital meter installation project by providing a team of highly trained technicians and customer care professionals to manage the entire process. This allows Inland P&L professionals to focus on their day-to-day operations, providing lowcost, reliable power. Meanwhile, thousands of Inland P&L members will be relieved of their monthly self-meter-reading duties.”
UBJ THE FINE PRINT Pop-Up Restaurant to Appear in Greenville The pop-up restaurant trend makes it way to Greenville with the three-day operation of Cellar 912 next month. These shortterm restaurants that open in rented space for a matter of days or weeks have gained popularity in larger cities in recent years. They have served as an opportunity for chefs and would-be restaurateurs to try their concepts without making large investments. The tight credit market in the years since the
recession has also been a factor, especially for younger entrepreneurs. Cellar 912 will operate Feb. 13-15 in The Old Cigar Warehouse, an event space in the West End of downtown Greenville owned Tammy Johnson. Johnson’s Liquid Catering will supply fine wines paired with meals by chef Peter Collins of Chef 360. Live jazz entertainment is also planned. More information is available at cellar912.com.
Smith Moore Leatherwood Is First Tenant of ONE’s Phase II Smith Moore Leatherwood LLP is the first company to locate its corporate offices in Phase II of the ONE development at Main and Washington streets downtown. The law firm is moving its 80 Greenville attorneys and staff into the new space that opened for business Jan. 21. The company had announced plans to move in December 2012. “Because our workspace in ONE was custom-designed for the needs of our firm, we were able to maximize our use of the space, and we will be more efficient in how we work and where we work,” said Tod Hyche, partner in charge of Smith Moore Leatherwood’s Greenville office, in a release. “We look forward to returning to
our roots that were established on Main Street in 1945. Our firm’s strong 69-year history in Greenville proves our commitment to our city, our community and our clients.” Smith Moore Leatherwood will occupy all of floor 11 and most of floor 10 in more than 34,000 square feet of space in the LEED-certified building, developed by Hughes Development, which will make the Greenville office the third of the firm’s seven offices to be housed in a LEED-certified building. The office will feature high-efficiency HVAC, lights and other fixtures; a sun study completed to determine types of glass to cut down on solar gain; and solar panels.
Lockhart Power Gives $120,000 to Union County to Upgrade Industrial Park Lockhart Power Company recently announced a $120,000 contribution of utility license tax credit funds to Union County for road improvements at the 234-acre Midway Industrial Park in Union. A utility license tax is applied by the state of South Carolina to the gross receipts and assets owned by certain utilities in the state. The tax is normally paid to by the utility to the state, but the utility can receive
a tax credit for any amount contributed towards providing infrastructure for qualified economic development projects. Lockhart Power chose to contribute almost its entire 2013 utility license tax liability to this project. “These enhancements at Midway Industrial Park will extend the road to a new site with the goal of attracting new high-quality manufacturers to Union, consequently providing
high-paying jobs, bringing large investments, and expanding the tax base,” said Bryan Stone, chief operating officer of Lockhart Power, in a release. “We’re proud to be able to earmark these local tax proceeds for a critical local project, rather than have them go for use in other areas
of the state. This record-setting contribution would not have been possible without extensive cooperation between local private businesses, including ourselves and ESAB, and local governmental representatives, including Economic Development Board Executive Director Andrena Powell-Baker and Chairman Joe Nichols, County Supervisor Tommy Sinclair, and Mayor Harold Thompson.”
Growth and improvement in every direction. A land-use program committed to the legacy of carefully considered, responsible, sustainable, and environmentally sensitive growth and development.
Learn more...www.GSP360BeyondtheRunway.com January 24, 2014
UPSTATE BUSINESS JOURNAL
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UBJ SQUARE FEET
Hughes May Donate Land for Columbia Ballpark By Sherry Jackson | staff | sjackson@communityjournals.com
As the massive Bull Street neighborhood project in Columbia continues to make progress, Greenville developer Bob Hughes, whose company is redeveloping the property, has pledged to donate 10 to 12 acres to build a baseball park. According to The State newspaper, Jason Freier, the chief executive of Atlanta-based Hardball Capital, said that Hughes has agreed in principle to donate the land for what would become perhaps the first anchor project on the sprawling Bull Street site. The State also reports that the head of the company seeking to partner with the city to build and operate a roughly $35 million, 8,000-seat stadium said he needs a contract soon if he’s to open the park on his timetable: the spring of 2015. The city of Columbia is currently looking at how to fund a new baseball park and is expected to discuss at a Jan. 21
council meeting. The 20-year Bull Street redevelop-
ment project is expected to create over 11,000 new jobs, have a total
economic impact of $1.2 billion once completed, and bring $20 million in property taxes alone. The development agreement includes an initial city investment of $31.25 million for infrastructure improvements such as water, sewer and roadways as long as Hughes invests $81.25 million in infrastructure improvements. Additional details of the agreement include that if Hughes develops 120,000 square feet of property, rehabilitates the Babcock Building or builds a baseball stadium, the city of Columbia will foot the bill to build a parking deck. To get a second parking deck, Hughes will need to have either secured $75 million in private investments or have purchased at least 90 acres of the site. Columbia Mayor Steve Benjamin said in a previous statement that he is rooting for the baseball stadium.
DEALMAKERS COLDWELL BANKER COMMERCIAL CAINE ANNOUNCED: Pete Brett and Nicholas Sardone represented the landlord, Windward Partners IV, in the leasing of a +3,000 SF restaurant space at Eastgate Village, Suites 5010 & 5012, Greenville, to the tenant, Migs of Taylors. David Sigmon represented the landlord, Mountain City Land and Improvement Co. LLC, in the leasing of a +4,920 SF office space at the Innovate Building, 148 River Street, Greenville to the tenant, Solid Gold Pet LLC. George Zimmerman and Robert Zimmerman
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represented James S. Lalas and Olga Hamberis in the sale of a +4,200 SF day-care facility at 10 Edwards Mill Road, Taylors, to The Sunshine House Inc.
CUSHMAN & WAKEFIELD | THALHIMER ANNOUNCED:
Tim Satterfield represented Arkwright First Baptist Church in the purchase of a 6,758 SF facility at 625 Southport Road, Spartanburg, from Wells Fargo Bank. Tim Satterfield represented Enigma Corporation in the purchase of a 3,106 SF residential investment property at 496 Glendalyn Ave., Spartanburg, from Robert G. Ivey Jr.
UPSTATE BUSINESS JOURNAL
Charles G. Whitmire Jr., Brian J. Young and Chris Norvell represented Caterpillar Inc. in the lease renewal of 168,087 SF at 111 Southchase Blvd., Fountain Inn. LEE & ASSOCIATESGREENVILLE ANNOUNCED: Bryon Culbertson represented Coyote Coffee CafĂŠ in leasing +/-1,200 SF at 3510 Highway 153, Powdersville. KEYSTONE COMMERCIAL GROUP ANNOUNCED: Rodger Willoughby represented the tenant,
January 24, 2014
My Salon LLC, in leasing a 1,900 SF suite in the Pelham Place Shopping Center at 3093 Highway 14, Greer, for three years. MCMILLAN PAZDAN SMITH ARCHITECTURE ANNOUNCED: The firm has completed a 6,200 SF interior renovation in downtown Spartanburg for the new East Coast training facility of Pure Barre, a balletbased exercise studio franchise. Throughout the renovation, many
historical elements such as original hardwood floors, doors and fireplaces were preserved from the building built in 1910 and listed on
the National Historic Register. The facility houses two training studios for franchisees and instructors, as well as a break room/lounge and conference rooms.
UBJ SQUARE FEET
CBRE Acquires Furman Co. Business, Affiliates By Sherry Jackson | staff | sjackson@communityjournals.com
The CBRE Group, Inc., a real estate services and investment firm headquartered in Los Angeles, announced Tuesday that it has acquired the commercial real estate brokerage, investment property sales and property management services business of The Furman Co. Inc. and some of its affiliates. CBRE | Furman has served as CBRE’s affiliate in the Upstate since 2010. The brokerage, investment property sales and property management business – which is based in Greenville –serves the 10-county Upstate region. According to a press release, the acquisition enhances CBRE’s ability to serve clients across the region, adding 18 sales and leasing professionals along with other staff as well as 4.5 million square feet of
office, retail and industrial property under management. With the acquisition, the CBRE | Furman business will now operate as CBRE. “Our brokerage, investment sales and property management business has achieved a strong position in the market,” said Steve Navarro, president of The Furman Co. “This business is now poised to thrive further by becoming part of CBRE’s premier global platform, where it can meet a broader range of client needs than anywhere else in the world. This will open up tremendous opportunities for CBRE clients.” The Furman Co., a 125-year-old firm, will retain ownership and control of its development, investment advisory and risk management/ insurance agency businesses. These
businesses, which will not “CBRE is very bullish and be purchased by CBRE, will has confidence in not only continue to operate indeus, but the market as a pendently under The whole.” Furman Co. brand and will Smith says that The be led by Navarro. Navarro Furman Co. and CBRE will will also serve as an execucontinue to share offices at tive vice president at CBRE its current location in the in a client-facing, business Bank of America building STEVE NAVARRO for “a period of time” but development role. Steve Smith, managing expect to eventually split the principal of CBRE | Furman, will join space and have separate operations. CBRE as managing director of its “The CBRE | Furman professionals operations in South Carolina. Smith are widely considered to be the best will have leadership responsibility for in their market, and we are very the entire state, including the acqui- excited to have them join our sition of CBRE Carmody in Charles- company,” said John Ferguson, exton, announced in November 2013. ecutive managing director for CBRE’s “It says a lot about Greenville and Southeast region. “We see unlimited the Upstate market with CBRE growth and opportunity within this making this acquisition,” said Smith. region.”
Bids Open for New Conestee Dog Park By Sherry Jackson | staff | sjackson@communityjournals.com
Fido will soon have a new place to run free and play in Greenville. The city is currently taking bids from contractors to construct a new dog park at Conestee Park, adjacent to Lake Conestee Nature Park at 840 Mauldin Road, near the main entrance. The dog park will be more than an acre and have two fenced areas with separate gates –one for small dogs and one for larger dogs. Each area will include manicured forest as well as open areas for running. Benches, trash cans, a sun/rain shelter, a doggie bag dispenser and water fountain with a dog bowl are all planned amenities. The new dog park is part of the master plan for Conestee Park, said city officials. The city of Greenville is providing the construction funds and Greenville County will maintain the dog park. Bids are due in February and construction is expected to be completed in April.
Benches Waste Receptacle Maintenance Gate
Hydroseeded Area Existing Forest
5' Fence Exisiting Trees Concrete Pad Entry Shelters Entrance Gates Rules & Regulations Signage Proposed Shade Trees ADA Accessible Water Fountain with Dog Bowl ADA Accessible 8' Asphalt Path
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New hires, promotions & award winners can be featured in On The Move. Send information & photos to onthemove@ upstatebusinessjournal.com.
UBJ ON THE MOVE APPOINTED
APPOINTED
HIRED
PROMOTED
Tim Reed
William C. McKinney
David White
Jona Thomas
Named as trustee on the Hollingsworth Funds Inc. board of directors. Reed also serves on the board of directors for Verdae Development, a subsidiary of Hollingsworth Funds, and has worked in the frozen food industry for 20 years.
Appointed to the South Carolina District Export Council by the Secretary of Commerce. McKinney is an attorney at Haynsworth Sinkler Boyd P.A. and is a former foreign service officer with the United States Department of State.
Joined JHM Hotels as finance and real estate analyst. White earned his bachelor’s degree from Wofford College, and his MBA from Clemson University. He has a background in banking and accounting, most recently serving as controller at Serrus Capital Partners in Greenville.
Appointed to national sales manager for EnviroPure Systems. Thomas, former Southeast regional sales manager for T&S Brass and currently director of key accounts for T&S’ lab/plumbing division, will continue in that role until a replacement is found.
VIP – HIRED GRAHAM HOWLE Joined Coldwell Banker Caine as a commercial sales agent in its Greenville office. Howle has been in the real estate business as an investor since 2002. Prior to his real estate career, he was president of Mosaic Management LLC. He graduated from Clemson University with a Bachelor of Science in Economics.
BUSINESS DEVELOPMENT: The German-American Chamber of Commerce of the Southern United States recently appointed Vincenc Pearson Esq. as its new South Carolina chapter director. Pearson is corporate counsel of DAA Draexlmaier Automotive of America LLC. The South Carolina Hispanic Chamber of Commerce recently announced that Matt Foster of M33 Integrated Solutions has been named board member of the year for 2014-2015. The Commerce Club recently announced their 2014 board of governors. The chairman is Ingrid Erwin and the vice chairman is Phil Reeves. Other board members are: Jameel Allen, Al Banister, Howard Boyd, Arnold Burrell, Danny Carter, Merl Code, Larry Crain, Bryon Culbertson, Kristiaan DeRoos, Marie Dunn-Blough, Matthew
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Foster, Myles Golden, Ben Haskew, Bob Howard, Beth Lee, Dr. Keith Miller, Peter Montana, Dr. Robert Morgan, Jr., Kelly Orr, Leon Patterson, Jason Premo, Carroll Rushing, Marie Sitter, John Soapes, William B. Sturgis, Howard Suitt, Nick Theodore, Sandy Thrasher, Peter Waldschmidt, Angela Webb, Mayor Knox White, Nika White and Ben Worley. The Simpsonville Chamber of Commerce recently named Camilo Garcia as its intern. Garcia is from Colombia, South America, but has lived in the United States for nine years and is a 2010 Riverside High School graduate.
CONSTRUCTION/ ENGINEERING: Day & Zimmermann recently announced that Aaron Landolt has joined its Engineering, Construction and Maintenance (ECM) unit as vice president of business development, process and industrial (P&I).
Landolt was previously vice president of sales and business development for a provider of maintenance services and technology solutions for the energy and industrial markets. O’Neal Inc. has hired Chris Shuler as process engineer II. Shuler has more than five years of process engineering experience previously gained with Fluor Corporation and DuPont. He recently worked for Technical Associates in Atlanta.
EDUCATION: Southern Wesleyan University recently named Lisa Lopez as its new associate vice president for curriculum and instruction. Before coming to Southern Wesleyan, Lopez was the academic director for computer applications at Spartanburg Community College.
LEGAL: Kenison, Dudley & Crawford LLC recently announced that F. Lee Prickett III has made partner in the firm.
NONPROFIT: The Community Foundation recently welcomed the following community leaders to its board of directors: Mark Cooter is the managing partner of Cherry Bekaert’s Upstate practice with over 20 years of experience as a CPA and community volunteer. Jon Good is the CEO of NAI Earle Furman with experience in complex real estate transactions and a member of the Young Presidents’ Organization (YPO). Lesa Kastler has served as board chairwoman of three nonprofits focused on developmental interventions for children: Clarity, Center for Developmental Services and A Child’s Haven. Adela Mendoza is executive director of the Hispanic Alliance and works to promote cultural diversity and address the needs of Hispanic and Latino families in the Upstate. Marie Monroe is an attorney with Merline & Meacham P.A. with an LL.M. in taxation, and a board volunteer for the YWCA and Meals on Wheels Endowment. Steve Spinks serves as CEO of The Spinx Company overseeing the executive team, finance, wholesale and real estate activities.
PUBLIC RELATIONS/ MARKETING: UniComm Media Group recently hired Carlie Maldonado to serve as the agency’s public relations director.
REAL ESTATE: Crider, Bouye, Elliott & Goodwin LLC recently announced that Eric Goodwin has been promoted to the position of partner. Goodwin is a graduate of Clemson University and has been an associate with the firm for four years, concentrating his practice in the area of commercial appraisals.
UBJ NEW TO THE STREET
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1. The Granite at Taylors, located at 1712 Pinecroft Drive, recently held a ribbon cutting. The apartment complex features one-, two- and three-bedroom apartments. For more information, visit thegraniteattaylors.com or call 864-268-6750.
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4. Smith Moore Leatherwood LLP recently moved into its corporate offices with 80 attorneys and staff in Phase II of the ONE development at the corner of Washington and Main streets in Greenville. The law firm will utilize over 34,000 square feet on the top two floors of Phase II of ONE, occupying all of floor 11 and most of floor 10. For more information, visit smithmoorelaw.com or call 864-751-7600.
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3. The Universal Café is located inside of County Square Greenville Municipal Center. It is open 8 a.m.-5 p.m. every day and offers “discount gourmet” food such as shrimp and grits and maple-mustard salmon. Impressionist art from around the world as well as by local artists is also featured. For more information, call 864-240-2800 or visit palmsartgallery.com.
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2. LMG Architects LLC recently opened at 313 W. Stone Ave. in Greenville. The firm was formed by the husband-and-wife team of Lura D. and Mark T. Godfrey. The architecture firm focuses on a mix of residential and commercial projects. For more information, visit lmg-architects.com or call 864-438-0561.
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GOT A HOT DATE?
UBJ PLANNER FRIDAY JANUARY 24
LINKEDIN: IT’S NOT SOCIAL, IT’S BUSINESS Spartanburg Community CollegeDowntown Campus, Computer Lab 221, 220 E. Kennedy St., Spartanburg; 7:30 a.m.-noon SPEAKER: Lindsey Stemann, Intero Advisory CONTACT: 864-594-5030
FRIDAY FORUM Embassy Suites, 670 Verdae Blvd., Greenville; 8-9:30 a.m. SPEAKER: Stewart Spinks
Contribute to our Planner by submitting event information for consideration to events@upstatebusinessjournal.com
TOPIC: From Small to SPINX
INFO: Call Golden Career Strategies at 864-527-0425 to request an invitation
COST: $12 for Greenville Chamber members, $20 for non-chamber members. Includes breakfast.
TUESDAY JANUARY 28
Elizabeth Garrison Rasor at 803-920-6741
THURSDAY JANUARY 30
LEGISLATIVE LUNCH
Greenville; 8:15-9:45 a.m.
REGISTER AT: greenvillechamber.org
Simpsonville City Hall, 118 NE Main St., Simpsonville; 11:45 a.m.-1 p.m.
SPEAKER: Louis Redmond, owner of Redmond Imaging
NORTH GREENVILLE ROTARY CLUB
SPEAKER: Rep. Garry Smith, S.C. General Assembly
The Poinsett Club, 807 E. Washington St., Greenville; 12:30-1:30 p.m.
TOPIC: His prospective of the upcoming session of the General Assembly
COST: Free to attend, lunch $16
COST: $10 for Simpsonville Chamber members; $15 for non-members
CONTACT:Shanda Jeffries at 864-9682319 or sjeffries@ flynnwealth.com
REGISTER AT: simpsonvillechamber.com
MONDAY JANUARY 27 GCS ROUNDTABLE
CONTACT: Jennifer Richardson at jrichardson@ simpsonvillechamber.com
The Office Center at the Point, 33 Market Point Drive, Greenville; 8:30-9:30 a.m. SPEAKER: Rich Witowski TOPIC: The Telephone Interview
Rep. Garry Smith, Legislative Lunch
GREENVILLE (DOWNTOWN) ROTARY MEETING Westin Poinsett Hotel, 120 S. Main St., Greenville; noon FOR INFORMATION: greenvillerotary.org
WEDNESDAY JANUARY 29 WOMEN MEAN BUSINESS The Growler Station, 109 Augusta St., Greenville; 5:30-7:30 p.m. CONTACT: Lauren Skelton Siddens and
STRATEGIC SALES DEVELOPMENT Spartanburg Area Chamber of Commerce, 105 N. Pine St., Spartanburg; 8-10 a.m. SPEAKER: Jim Geffert, Dale Carnegie Training TOPIC: The Manager-Employee Relationship-The Bottom Line for Engagement COST: $49 per person, $196 for five people REGISTER AT: spartanburgchamber.com
TOPIC: The Benefits of Working with a Locally-Owned Small Business COST: Free to visitors CONTACT: Shanda Jeffries at sjeffries@ flynnwealth.com or 864-968-2319
SCORE LIVE WEBINAR Score.org; 1-2 p.m.
CONTACT: 864-594-5030
SPEAKER: Laurie Marshall, founder and attorney, TradeMarks The Spot
BUSINESS NETWORK INTERNATIONAL
TOPIC: Naming and Trademarking: Creating Your Brand’s First Impression
Southern Fried Green Tomatoes, 1175 Woods Crossing Road,
FOR INFORMATION: visit score.org
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New business center. New way to work. Regus offers fully furnished offices for businesses, whether you want a professional place to work, need a branch office for your remote employees, or want to expand into a new market. The companies vary, yet the reason they work with us is the same — decreased budgets and increased productivity. *Terms and conditions apply. Offer not valid in all Regus locations. Twelve-month term required. Offer applies to initial term of agreement and may not be combined with other offers. Promotion available to new customers only. See regus.com/new for complete offer details.
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Check out our new Business Center: NOMA Tower, 220 North Main Street, Suite 500 Contact Denita Kozeny at 864-349-7397 or Denita.Kozeny@regus.com
Want 2 months free on a Regus Office? Call 1-800-OFFICES or visit regus.com/new
UBJ SNAPSHOT
Historic photos available from the Greenville Historical Society. From “Remembering Greenville: Photographs from the Coxe Collection,” by Jeffrey R. Willis
The Efird Building today has been renovated and includes retail, office and condominium space.
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The true eclecticism of Victorian architecture is exhibited in the Efird Building’s elaborate facade. Built about 1885 in the Romanesque Revival style, the building features arched windows and brick pilasters. The interior still retains the original tin ceilings. After Efird’s closed, the Dollar Store occupied the building. Although out of date when the Woodside building was constructed across the street in the 1920s, the Efird Building has survived and remains one of the oldest structures of significance on Main Street, while the Woodside building was demolished in 1973.
PRESIDENT/PUBLISHER Mark B. Johnston mjohnston@communityjournals.com UBJ ASSOCIATE PUBLISHER Ryan L. Johnston rjohnston@communityjournals.com
CURRENT PHOTOS BY GREG BECKNER / STAFF
SENIOR BUSINESS WRITER Jennifer Oladipo
ART & PRODUCTION
STAFF WRITERS Sherry Jackson, Cindy Landrum, April A. Morris, Joe Toppe
PRODUCTION MANAGER Holly Hardin
CONTRIBUTING WRITERS Jenny Munro, Jeanne Putnam, Leigh Savage PHOTOGRAPHER Greg Beckner MARKETING & ADVERTISING
EXECUTIVE EDITOR Susan Clary Simmons ssimmons@communityjournals.com
SALES REPRESENTATIVES Lori Burney, Kristin Hill, Kristi Jennings, Donna Johnston, Annie Langston, Pam Putman
MANAGING EDITOR Jerry Salley jsalley@communityjournals.com
MARKETING & EVENTS Kate Banner DIGITAL STRATEGIST Emily Price
HOW TO CONTRIBUTE
ART DIRECTOR / DESIGN Kristy M. Adair
STORY IDEAS:
ADVERTISING DESIGN Michael Allen, Whitney Fincannon
ideas@ upstatebusinessjournal.com
Copyright @ 2014 BY COMMUNITY JOURNALS LLC. All rights reserved. Upstate Business Journal is published weekly by Community Journals LLC. P.O. Box 2266, Greenville, South Carolina, 29602. Upstate Business Journal is a free publication. Annual subscriptions (52 issues) can be purchased for $65. Postmaster: Send address changes to Upstate Business, P.O. Box 2266, Greenville, SC 29602. Printed in the USA.
January 24, 2014
EVENTS: events@ upstatebusinessjournal.com
NEW HIRES, PROMOTIONS, AWARDS: onthemove@ upstatebusinessjournal.com
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