December 7, 2018 Upstate Business Journal

DECEMBER 7, 2018 | VOL. 7 ISSUE 40

THE

FINANCE ISSUE

TOP-OF-MIND AND IN THE MIX THIS WEEK

| THE RUNDOWN

VOLUME 7, ISSUE 40 Featured this issue: The inventors behind the robot caddie .....................................................................6 Closing the gender, age gap in finance......................................................................14 TD Bank gives back.........................................................................................................16

WORTH REPEATING “We’re just excited we’re able to keep this building and bring this building back. It’s a gem.”

Tom Finnegan, Page 8

“Can it work – best friends to be working together, and having to manage and create fairness?”

Photo by Will Crooks

Wes Lehrer, Page 12

The transformation of Plush Mills into its current use as the coworking space Serendipity Labs was a labor of love that required a unique financing model. Details on page 10.

12.07.2018 | upstatebusinessjournal.com

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NEWS |

INFORMATION YOU WANT TO KNOW

ECONOMIC DEVELOPMENT

Spartanburg Chamber announces new corporate recruitment initiative NEIL COTIAUX | STAFF

ncotiaux@communityjournals.com The Spartanburg Area Chamber of Commerce is embarking on a new, long-term strategy to increase the marketability and competitiveness of Spartanburg County as a premier location for corporate business and with it, more white-collar, knowledge-based jobs.

The game plan, to be executed by the Economic Futures Group of the chamber, is being led by Jansen Tidmore, its newly named executive vice president for corporate and urban development.

Tidmore joined the Spartanburg Area Chamber in May 2017 as executive vice president of the organization’s Downtown Development Partnership. In his new hybrid role, Tidmore will direct countywide corporate recruitment efforts while continuing to manage downtown development in concert with public-

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and private-sector partners.

In an interview following his promotion, Tidmore emphasized that Spartanburg will not be reluctant to tout its assets and capabilities “’cause it’s a great story to tell, and it’s one that, maybe sometimes, we’ve been shy about telling,” he said.

Working from a chamber-commissioned study by economic development strategists Avalanche Consulting, the Economic Futures Group will focus on recruiting, developing, retaining, and expanding corporate opportunities in four categories: an ongoing effort to attract regional corporate headquarters in manufacturing; an immediate, related effort to pique the interest of consulting firms that maximize efficiencies within manufacturing and logistics; a drive to attract additional professional business services in the short term; and a long-term effort to secure companies that provide back-office support for the financial and health

care sectors.

“I think in this first year, what you’re really going to see us doing is developing some of our baseline foundation for a long-term success … establishing ourselves as the resource network, establishing our marketing toolbox, making sure that we have the right presence in the right places,” Tidmore said.

One issue bound to be addressed is “the cart and the horse” of office space, Tidmore said, echoing remarks he made at a Nov. 14 presentation to students at USC Upstate’s George Dean Johnson Jr. College of Business and Economics.

“99.2 percent of our Class A office is full. Now, from an economic development standpoint, that’s fantastic,” Tidmore said. “But when you’re trying to open up a shop and you’ve got a base of what you can pay, that demand probably outpaces your capability of what you should be paying for an office space,” Tidmore told the students.

With nearly $5 billion in total investments since 2013, including 11 project commitments so far in 2018, the Economic Futures Group has helped bring 9,763 current and committed jobs to the county, according to the group.

“I THINK IN THIS FIRST YEAR, WHAT YOU’RE REALLY GOING TO SEE US DOING IS DEVELOPING SOME OF OUR BASELINE FOUNDATION FOR A LONG-TERM SUCCESS...”

JANSEN TIDMORE

executive vice president for corporate and urban development

JUMPSTART |

COMPANIES BLAZING A TRAIL IN ENTREPRENEURSHIP

Rover will change your golfing experience. The robot doesn’t just carry your clubs, it also comes with a cooler, cup holder, charging ports, and more.

PHOTO BY WILL CROOKS

JUMPSTART

This autonomous robot is ready to wheel your golf clubs around the course ANDREW MOORE | STAFF

amoore@communityjournals.com Legendary golf writer and broadcaster Henry Longhurst once said: “A good caddie is more than a mere assistant. He is a guide, philosopher, and friend.” But if you ask Greenville’s Tim Doane and Ted Nicola, a good caddie doesn’t necessarily need to be human to get the job done.

Doane and Nicola are the inventors of Rover, an autonomous robot that’s not only capable of following golfers around the course but also carrying their clubs.

The 95-pound, three-wheeled, waterproof unit uses wireless sensor technology to shadow golfers’ footsteps as they walk across the course, according to Doane.

Golfers using Rover just have to clip a small transmitter to their belts and flip a tiny switch for the autonomous caddie to follow them, he said.

Once a connection is established between the transmitter and Rover, the autonomous caddie will follow the golfer all around the 6

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course, at the same speed and always 4 feet behind.

In addition to carrying a golfer’s bags in an upright position, Rover includes a personal cooler, cup holder, divot repair, sand bottle, charging ports for mobile phones, and a tablet that transmits course data and keeps score — via GPS. “We took all the amenities you have on a golf cart and incorporated them into the Rover unit,” Doane said.

Rover is capable of following a golfer for more than 36 holes on a single charge thanks to its lithium-ion battery, according to Doane.

Constructed with a durable aluminum frame, the autonomous caddie also features wide turf tires, which allow it to roll smoothly across the fairway or putting green during rainy weather without causing damage to the course.

It has been extensively tested on courses and can easily navigate a wide range of environments, including steep hills, tall grasses, and rough terrain, according to Doane.

Doane said Rover ultimately

promotes a healthier lifestyle and increases the pace of play by providing golfers with an alternative way to walk the course without having to push or carry their clubs.

“It won’t hit the shot for you,” he said. “But if you want to walk the course without carrying your bag, then this is the product for you.”

Rover also provides an additional revenue stream for golf courses with no risk or investment, according to Doane.

Instead of selling Rover to the public, Doane and Nicola loan their autonomous caddie to golf courses for free and allow members to rent it.

Once a partnership is established with a golf course, the duo provide up to four Rover units, along with the proper training. They also handle the daily maintenance and warranty costs.

Doane and Nicola said they work with golf courses to set a rental rate for Rover. Fees will vary by course, but golfers can likely expect to pay between $20 and $40 to rent one for 18 holes.

The proceeds are split evenly between the course and Rover

team, with $1 dollar from every rental going to either The First Tee, a youth development organization “introducing the game of golf and its inherent values to young people,” or the LPGA Girls Golf program, which “specializes in providing girl-friendly environments for juniors to learn the game of golf.”

Doane noted that golf cart rentals remain an important revenue stream at the courses that offer them. But courses can gain up to $10,000 in incremental income annually by marketing the Rover to members who usually walk. The autonomous caddie can also supplement caddies when they’re not available.

Rover is currently available at more than a dozen courses nationwide, including The Cliffs at Mountain Park in Greenville and Torrey Pines Golf Club in southern California.

FOR MORE INFO, VISIT WWW.FOLLOWROVER.COM.

NEWS |

INFORMATION YOU WANT TO KNOW

the marble hallway on the ground floor, and custom replicas of the building’s large, original windows bring in plentiful light. A vintage mailbox on the wall reminds passers-by of a time when upstairs tenants could drop a letter down a chute to be collected by the postman.

TOM FINNEGAN

Co-owner of the Montgomery Building

TURNING A

CORNER

Spartanburg’s iconic Montgomery Building reopens in grand style STORY BY NEIL COTIAUX NEIL COTIAUX | STAFF

ncotiaux@communityjournals.com Spartanburg’s revered Montgomery Building, filled with memories, is again open to the public.

After nearly two years of restoration and updating, the 94-year-old building at 187 N. Church St. is coming alive again after falling into disrepair.

It’s the latest success in Spartanburg’s ambitious approach to downtown revitalization.

On Dec. 6, invited dignitaries began strolling through just-reopened portions of the 10-story building, once home to a variety of corporate offices and public agencies and now a mixeduse project encompassing retail, commercial, and office space on its first three floors and 63 apartments on the upper seven floors.

The building was placed on the National Register of Historic Places in 2011 and purchased by co-owners 8

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James Bakker and Tom Finnegan of BF Spartanburg LLC in early 2017.

The $29.5 million project was made feasible with historic tax credits.

“This deal almost fell apart four or five times” during the previous owner’s tenure, Finnegan said, when city officials were coping with falling debris and pondering demolition.

Nevertheless, he said, “The steel was in fantastic shape and so was the concrete,” and the building’s architectural heritage represented a grand opportunity to save a city landmark.

Finnegan remembers walking through the iconic structure and being captured by the richness of its design.

“You felt like you were back in the ‘20s, and it was just breathtaking,” he said.

Working with the architectural firm McMillan Pazdan Smith and Harper General Contractors, Finnegan and Bakker have sought to evoke the charm of The Montgomery Building in its heyday. Domed chandeliers light

SETTING UP SHOP

As the grand opening drew near, a multimedia company became the third business to take space in the building in the wake of previous signings by Sidewall Pizza and Little River Roasting.

Arken Studios, a new four-person multimedia firm led by Andrew Cooke, will specialize in corporate portraits, real-estate photography, video production, and drone imaging.

The business has leased 1,650 square feet of basement space and chose The Montgomery Building due to its downtown location and proximity to potential clients, said Cooke, an Air Force veteran. Arken Studios expects to be fully operational in January, he said.

Three other businesses are discussing leases within the street-level arcade, Finnegan said.

While floor plans are still in flux, the basement will likely house an incubator for early stage firms while the two other floors will host more established entrepreneurs and groups of employees from tech, banking, or insurance companies, for example.

“For right now the idea, I think, is to have most of it be co-work space,” Finnegan said.

Providing some corporate space is critical, he noted, due to Spartanburg’s current scarcity of square footage downtown. “Anything over 5,000 square feet, you can’t do it,” he said. “There’s

hardly any Class A office space available.”

LIVING THE HIGH LIFE

The Montgomery Building’s first residential tenant moves in on Dec. 8 and interest in the 62 remaining units is growing, said Alicia Abrahams, community manager for NHE, the firm that is showing and managing the apartments.

Because the city issued its certificate of occupancy on Nov. 19, prospective tenants were given a look at the new units during hard-hat tours prior to that date, Abrahams added.

Options range from a 431-squarefoot studio renting for $975 to a 1,126-square-foot, two-bedroom/ two-bath priced at $2,400.

For prospective tenants, views from the units’ large custom windows may clinch the deal.

“If you’re looking for more of a serene mountain view, then we’ve got one- and two-bedrooms that face that direction; if you’re looking more for the downtown skyline … we can accommodate that; and then of course if you’d like to see everything, we have apartments that are positioned on the building that have windows facing all directions. So there’s something for everyone,” Abrahams said.

As for parking, 150 spaces are set aside for tenants at the St. John Street garage, located 100 or so steps from the building’s residential entrance.

CONNECTING THE DOTS

Finnegan and Bakker view the revival of The Montgomery Building as a catalyst for additional street activity from Wofford College to the corners of Church and St. John and down to Church and Main. The coming uptick in pedestrian traffic, Finnegan said, will be driven by downtown residents, college students, and out-of-towners, all of whom will now have more things to see and do.

Finnegan attributes “a real resurgence” in Spartanburg’s business climate to the openness and reliability of its civic leadership. “I can’t say enough great things about the people, the atmosphere, the attitude,” he said.

“We’re just excited we’re able to keep this building and bring this building back,” he said. “It’s a gem.”

THE

FINANCE ISSUE

■■ GREENVILLE MILL GETS NEW LIFE THROUGH INNOVATIVE FINANCING Page 10 ■■ CLOSING THE AGE, GENDER GAP AMONG FINANCIAL ADVISORS Page 14 ■■ DEVELOPMENT CORP. ON A MISSION TO SEE SMALL BUSINESS SUCCEED Page 18 12.07.2018 | upstatebusinessjournal.com

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THE FINANCE ISSUE

THE

ART OF THE DEAL

ABANDONED BROWNFIELD TO CREATE UPSCALE WORKFORCE STORY BY JULIE FRANKLIN | PHOTOS BY WILL CROOKS

Did you know the term serendipity, meaning the occurrence of events by chance in a beneficial way, was first coined by a guy named Horace Walpole in 1754? Mr. Walpole was inspired by a mid 16th century story called The Three Princes of Serendip, in which the heroes “were always making discoveries, by accidents and sagacity.” Which brings us to the term sagacity, meaning having acute discernment or wisdom.

So, it is only appropriate that the new user of the old Plush Mill along Easley Bridge Road (Hwy 123) be a company named Serendipity Labs, since it took adventurous spirit, fortuity and know-how to make this redevelopment project a reality.

“I thought I was just trying to find somebody to buy this building to redevelop it.”

SHELBY DODSON The 3-acre industrial site that operated as the Piedmont Plush Mill 10

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between 1925 to 1983, sat dilapidated and abandoned for decades (i.e. a brownfield). Shelby Dodson, First VP with CBRE, says she first became aware of the property on her daily commute to Clemson fifteen years ago, and seeing the potential, later tried to broker a deal to multiple developers, but everyone thought it too risky.

Then, three years ago, a chance encounter, brought Dodson an unexpected partnership with Mark Peters, CEO and Principal of Britt, Peters and Associates. Dodson says, “When Mark and I…started talking about it, we definitely shared a similar passion and ended up wanting to do it together.”

Peters and Dodson purchased the property through a limited liability corporation, Farm Products LLC, in October 2016.

“When we bought it, people thought we were a little nuts.”

SHELBY DODSON The initial phase included en-

Two years ago, Shelby Dodson and Mark Peters bought the abandoned Piedmont Plush Mill site. With renovation of the historical building now complete, coworking company Serendipity Labs is making the building home.

PHOTO BY WILL CROOKS

vironmental cleanup, development of the site and renovation of the original 24,000-squarefoot mill building for office use.

The biggest challenge was reconciling the high costs with realistic market lease rates for an end user. According to Dodson, the project costs averaged to about $375/sf, which translated to rates of $27/sf—rates more aligned with those in Greenville’s downtown Class A office space than those of a West Greenville single tenant building.

Ultimately, it was the ability to access a variety of tax credits that allowed the developers to salvage the original mill building and keep the lease rate at a point that could attract a tenant to the location. Earlier this year, the entire building was leased to Serendipity Labs, a for-profit network of collaborative workplaces that provides corporate short-term and small office space options.

“Brownfield projects are not for the faint of heart or those low on cash.”

MARK PETERS According to Peters, only about 30% of the total $9 million capital investment was financed through conventional lending. The remaining funds came from a combination of tax credits and personal investment.

The project qualified for and was issued New Market Tax Credits (NMTCs) from an entity in Chattanooga, TN, which added $3.12 million (or 39% of the $8 million allocation) of equity to the project. After the discounted sell of the credits to investors, typically about 70% of value, that translated into about $1.5 million in much needed upfront funds. Yet, per Peters, ultimately, over the next seven years, the net benefit will be less due to future tax liabilities.

Two programs reduced future state income tax liability. The Textile Communities Revitalization Tax

THE FINANCE ISSUE Credit, for abandoned textile mills, was the most significant, providing credits of 25% of qualified expenses.

The developers opted for the 10% Rehabilitation Tax Credit for older non-historic buildings, rather than the larger historic rehab credits due to significant challenges meeting the program’s requirements, particularly salvaging additional structures.

Yet, Peters says even with the tax credits the project still required significant personal investment to move forward, even before any financing was secured. He cautions, “If you are working with an environmentally compromised property, it takes cash, because you have to acquire the property, clean it, and stabilize it – molding the site so you can market it. And, it’s not for a quick in and out.

You have to hold property for the complete seven years, or give up the credits.”

Critical to the project was finding a bank with the desire and expertise to deal with the project’s complicated financing structure, as well as to

underwrite an ‘out-of-the box’ tenant with a relatively new business model.

Iberia Bank invested in the NMTCs and provided both the construction and permanent financing. Earle Harding, Iberia’s Senior Vice President, says while it was a bit unique to be both the investor and lender, it started with a conversation and morphed over time. “You just don’t decide to do that overnight. The structure is pretty complex,” he says.

BEFORE

“The brownfield program is like wrapping a warm blanket around your risk.”

MARK PETERS The developers negotiated a Voluntary Cleanup Contract (VCC) with the South Carolina Department of Health and Environmental Control, which allowed them to acquire the property as a non-responsible party and obtain liability protection in return for performing remediation.

Participation in the program also allowed depreciation of some of the

AFTER Plush Mill along Easley Bridge Road (Hwy 123) environmental cleanup costs, as well as provided the assurances needed to obtain bank financing.

“The Project…is anticipated to act as a catalyst for high quality development within the surrounding area – all to the benefit of the City and its citizens” CITY OF GREENVILLE ORDINANCE

Plush Mills developers Mark Peters and Shelby Dodson were able to salvage the original mill building by securing a variety of tax credits.

PHOTO BY WILL CROOKS

The developers annexed into the City of Greenville to gain access to water and to rezone the property from Industrial to Flexible Review District.

Additionally, the parties agreed to partner on associated public improvements. The city council approved the final reading of a development agreement to reimburse the developers for a portion of the total costs, up to $364,000, for an enhanced gateway and pedestrian pathway on Hwy 123, lighting, landscaping, on-street parking and a public plaza on Traction Street to be called Point Park.

Serendipity Labs plans to feature local artists’ work within the common areas of its lease space, and in partnership with Farm Products, LLC, is

providing free co-working space to five local community nonprofits.

The mural facing Traction Street gives a nod to the adjacent burgeoning arts district, The Village of West Greenville, and is a collaboration between Dodson and the artist, Bill Donahue, with local history provided

by Don Koonce and Richard Heusel.

It is a vibrant compilation of images celebrating the old mill, including the Ford Model A and velvet fabric in honor of two of the mill’s products—mohair auto upholstery and theater curtains.

“These are labors of love.”

SHELBY DODSON Dodson acknowledges, “It’s easier to build something new than to try and renovate something old. And it’s easier to get conventional financing and choose a deal that pencils without…layers of tax credits, and in an area that everyone wants to be in.”

Yet, both she and Peters say if you are patient, and engage early with quality partners, projects such as Plush Mill can be very rewarding.

And, a little serendipity helps as well.

12.07.2018 | upstatebusinessjournal.com

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THE FINANCE ISSUE

DOUBLE THE

YIELD BEST FRIENDS IN LIFE FORM STRONG TEAM IN BB&T’S COMMERCIAL REAL ESTATE DIVISION

Ken Leopard (left) & Wes Lehrer

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STORY BY ARIEL TURNER | PHOTO BY WILL CROOKS

THE FINANCE ISSUE It’s not uncommon for friends to land in the same industry or even to work together.

But for two 7-year-olds to become best friends and remain so through high school, attend different colleges, head toward separate law schools, and then both pivot to finance, and without trying, and end up in the same office in Spartanburg and eventually the same team in Greenville? That’s rare.

Yet it’s exactly what happened with BB&T employees Ken Leopard, who covers the Upstate commercial real estate market, and Wes Lehrer, South Carolina commercial real estate manager.

The two were born and raised in Spartanburg, where they and their families still reside. Along with a Spartanburg office, they also spend a good amount of time in the Greenville office in the ONE Building at West Washington and South Main streets.

“There’s a lot of gratification and a lot of comfort that goes along with

working with someone like Ken and a friend, and kind of winning together and challenges as well,” Lehrer says.

To add an even more interesting dynamic to the relationship, they were direct competitors for about four years – Leopard at BB&T and Lehrer at Carolina First – until Lehrer joined BB&T. But when Lehrer took the market president position in the Spartanburg office in 2010, it wasn’t as merely a colleague of Leopard’s, but as his direct manager.

“I knew that I would be coming and managing one of my best friends,” Lehrer says.

“What’s Ken going to think in the dynamic?” he recalls thinking. “Can it work – best friends to be working together, and having to manage and create fairness?”

Lehrer was prepared to turn down the job if his being Leopard’s superior would compromise the friendship.

Leopard says at the time, he was

“WE REALLY BRING OUT THE BEST IN EACH OTHER. KEN IS GOOD AT NUMBERS AND ANALYTICS. I’M MORE ON THE SALES SIDE. WE WORK REALLY WELL TOGETHER.” WES LEHRER

South Carolina commercial real estate manager

a high producer in the office but wasn’t ready for a management role, so he was all for it. This was Lehrer’s first management role, and Leopard was able to give him a roadmap of the office dynamics. But beyond that, the two worked to find a fair dynamic for the rest of the 10-member team, knowing favoritism from either one would cause conflict.

Lehrer says he combatted the natural tendency by including the entire team in decision-making, being fully transparent with his role, and actively looking for ways to support and engage with the other team members. The nature of their team is that the more success the individual members have, the more successful the entire team is, and Lehrer says he committed himself to that goal for each member, and not just Leopard.

Leopard also learned to treat Lehrer with a different level of respect, reserving the candor he might have with his best friend for a private conversation rather than in a team meeting.

They also discovered their individual strengths – Lehrer is more aggressive on the sales side and Leopard is a strategist – and allowed those to work in tandem rather than compete.

“We really bring out the best in each other,” Lehrer says. “Ken is good at numbers and analytics. I’m more on the sales side. We work really well together.”

And with three decades of friendship comes a level of intuition and trust in each other that they say has helped lead their team to be highly successful. Along with supporting each other’s efforts, they each have the ability to protect the other from missteps. Or, as happens in high-pressure environments, if one of them looses his cool, the other is there to talk him down.

Their dynamic duo was threatened last year when Lehrer was promoted to his current statewide management position in September of 2017. After more than a year working apart, Leopard was just recently able to rejoin his friend on the commercial real estate team and take over the Upstate portfolio from a retired employee.

“The last 15 months has probably taught us to enjoy the present more because things will change,” Leopard says. “The likelihood we get to do this for another 20 years together side by side is probably pretty slim. So make the best of it because we just don’t know.”

12.07.2018 | upstatebusinessjournal.com

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THE FINANCE ISSUE NORTHWESTERN MUTUAL

HOW ONE LOCAL FIRM FILLS THE AGE, GENDER GAP IN FINANCE MELODY CUENCA | STAFF

mwright@communityjournals.com The finance industry isn’t quite balancing the numbers. The average age of a financial advisor in the U.S. was 51 last year, according to Forbes.

With the majority of financial leaders being older males historically, the industry excluding the next generation of talent. As the older generation fades out, who will take on those financial roles?

Northwestern Mutual, one of the top five U.S. independent broker-dealers, offers a unique internship program to start filling the gap.

“You have an incredible demand for financial advisors today, and very few financial firms are doing the hard work of growing and developing new advisors in this space,” John Tripoli, managing

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director of Greenville, Spartanburg, and Asheville offices, says.

Nationally for Northwestern Mutual, the average age of a financial advisor is 42, Tripoli says. The Greenville firm’s average is even lower— high 30s. “We are committed and continue to be excited about the opportunity to introduce young professionals to this industry, because the need is there and we do it well,” he says.

The internship program at Northwestern Mutual consistently ranks top of the list for U.S. internships, as highlighted in Insurance magazine.

Those rankings don’t happen by accident. In the past six years, 18 interns have made the transition to full-time associates at Northwestern Mutual.

“We’re being very intentional about identifying talent that can represent

the markets we want to serve,” Tripoli says. “All people have a need for financial literacy and an opportunity to make great decisions.”

THE INTERNS Kelsey Lambdin, a former Wofford College athlete graduating as a psychology major last May, brings a unique approach to finance.

“My family and I didn’t grow up with money,” she says. Applying for the Northwestern Mutual internship program to learn more about finance for herself, Lambdin also gained the opportunity to impact others. She now works full-time as a financial representative at the Greenville firm.

“I’m really grateful for the opportunity, because now I know I’m not going to put myself in that position that my family’s been in,” she says. “Hopefully,

BY THE NUMBERS

■■The Greenville Northwestern Mutual receives over 300 RESUMES each year for the internship program.

■■In the past six years, 104 STUDENTS have participated in the program.

■■ONE IN THREE eligible interns convert to a full-time financial representative.

■■59,000 STUDENTS have participated in the internship since 1967.

■■The Greenville firm recruits from EIGHT LOCAL COLLEGES. ■■57.3 PERCENT of field management first started as interns.

THE FINANCE ISSUE

“WE’RE BEING VERY INTENTIONAL ABOUT IDENTIFYING TALENT THAT CAN REPRESENT THE MARKETS WE WANT TO SERVE.”

JOHN TRIPOLI

Managing director Northwestern Mutual

Managing director John Tripoli and the former interns strive to meet clients’ financial needs and help them achieve personal goals.

PHOTO PROVIDED.

I can help turn that around for other people who are maybe like me.”

Tripoli says that the educational system lacks in teaching students financial planning. “So any intern that’s with us is given the gift to learn those,” he says. “Whether they have an opportunity to pursue this as a full-time position, they’re going to walk away with an incredible knowledge base of personal finance that will serve them for the rest of their lives.”

In addition to financial knowledge, Northwestern Mutual interns learn relationship-building, personal engagement, and presentation skills.

Financial advisor Zach Banks started as an intern in 2008, being with the firm for almost 11 years now.

“We get an opportunity to build our client base and network with people that we never would’ve come in contact with had we not done the internship program,” Banks says.

Upon hearing the words ‘financial advisor’, most imagine someone sitting behind a desk typing away on a computer researching mutual funds and watching stocks rise and fall. However, Northwestern Mutual is diminishing

that common misconception in the minds of college students.

Alex Dahlstrom, now a financial representative, was one of those students. Earning his master’s in economics at Clemson University, he initially thought the internship would consist of mostly quantitative work, writing algorithms.

“I really had no idea what the financial services industry was all about,” Dahlstrom says. “You spend most of your time trying to get in front of people and trying to make an impact in their lives.”

Financial representative Jordan Burns realized through the program how many opportunities exist in finance. “I saw that my impact could expand in generational ways,” Burns says. Being at the center of clients’ lives, Burns can help people make wise decisions to achieve financial security and meet personal goals.

“This is absolutely a relational business so you’re in front of people and you’re engaging individuals and families the majority of the day,” Tripoli says.

12.07.2018 | upstatebusinessjournal.com

15

THE FINANCE ISSUE TD BANK

TD BANK’S COMMUNITY INVOLVEMENT LEAVES ITS LEGACY ON THE UPSTATE SARA PEARCE| STAFF

spearce@communityjournals.com

Greenville TD Bank employees participate in the company’s urban greening program “TD Tree Days.”

More than 300,000 trees and shrubs have been planted nationwide since the program’s start in 2010.

PHOTO PROVIDED

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TD Bank’s community involvement has left its mark on the Upstate since it came to the Upstate in 2011. TD’s overall corporate giving in the Upstate is more than $1.2 million and in 2017, TD employees volunteered 6,950 hours in the state of South Carolina.

The key to the bank’s successful effect on the community is the way that they envision their involvement from the bottom up.

Cal Hurst, regional vice president of TD for the Upstate, came to the bank around 3.5 years ago, and has gotten deeply involved in the community service aspect of his job.

“I consider our role in community

involvement to be two fold-to help manage the dollars and TD’s approach to community engagement and involvement, so yeah take the dollars that’s fine but to help manage TD’s approach and what we know we want to do in our communities and boil that down to what is important in Greenville and the Upstate,” Hurst says, “The other part to me is external which means individually being a good civic partner to organizations whether it’s as a friend of the organization or even board member but trying to be an advocate for organizations and trying to maintain good relationships to make sure they understand that we value what they do and that when we are able were making investments in their work.”

THE FINANCE ISSUE

Drive game where TD hosted local Special Olympics Athletes and their families. PHOTO PROVIDED Hurst believes that you have to tackle the issues from the root and ensure you aren’t just putting a band aid on them. “Part of my role is to direct that focus into the Upstate and say

“AS A BUSINESS WE SPEND A LOT OF TIME MAKING SURE THAT WE ARE READY FOR WHAT THE FUTURE HOLDS, THIS IS OUR ATTEMPT TO DO THAT SAME THING IN OUR COMMUNITIES” CAL HURST Regional Vice President TD of the Upstate

this is where we want to make our mark,” Hurst says.

TD works with countless organizations in the Upstate, “We have a huge number of wonderful organizations around the Upstate that are doing work that has to be done, which means that someone gets from one day from the next in better shape,” Hurst says.

While the organizations are countless, TD tries to focus on a few partic-

ular areas of community involvement, which include the arts, financial literacy, and affordable housing, among others.

Alan Ethridge, executive director of the Metropolitan Arts Council says, “TD Bank is one of the most community-minded and philanthropic businesses in the community. The bank supports virtually all major arts initiatives, and their management team members truly recognize how important the arts are to a thriving community.”

Don Oglesby, president and CEO of Homes of Hope, also boasts on TD’s financial and volunteer efforts for his organization, “TD Bank gets it, from the top down. They are not only thought leaders, but they are leaders in terms of actual investment and willingness to address root causes, not just pick low-hanging fruit.”

Hurst explains that TD Bank is committed to helping the community both financially and with physical volunteer hours. “There is no better way to get engaged with an organization that to figure out what they do and do it with them,” he says. Hurst explains that this is why each of TD’s employees is paid 40 hours of volunteer time to volunteer with organizations of their choice.

As a whole, TD Bank is committed to helping their communities thrive, and this includes their new program, entitled the TD Ready Commitment, which is a $1 billion pledge that the bank plans to invest through 2030.

“As a business we spend a lot of time making sure that we are ready for what the future holds, this is our attempt to do that same thing in our communities,” Hurst says, “The communities that we serve have needs beyond their banking needs. We feel confident that we are ready for what the next 10-15 plus years holds as a business, we want to make sure our communities are ready for the exact same thing.”

12.07.2018 | upstatebusinessjournal.com

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THE FINANCE ISSUE

SBA RANKS APPALACHIAN DEVELOPMENT CORP. NO. 1 FOR DOLLARS LOANED NEIL COTIAUX | STAFF

ncotiaux@communityjournals.com When Connally Bradley left a community development corporation in Columbia in June of 2017 to become executive director of Greenville-based Appalachian Development Corporation, he and his lending and administrative team got down to business – fast.

For the fiscal year ending September 30, 2018, Bradley’s organization placed first among development corporations in the state for dollars loaned through the U.S. Small Business Administration’s 504 program. The Greenville office made $13 million in loans to small businesses over the 12-month period, the latest being To Dye For, a hair salon on West Court Street.

Bradley’s office will be honored for its achievement at an SBA banquet next spring. The honor, he said, is in keeping with his organization’s mission to “help small businesses receive financing at affordable rates and terms.”

Appalachian Development Corporation serves its borrowers through two key financing vehicles, The Appalachian Loan Fund (ALF) and the SBA’s 504 program.

Working with a local bank or credit union, the Greenville office provides financing through its Appalachian Loan Fund ranging from $50,000 to $200,000, for a maximum 40% of a project’s total cost. For its part, the bank or credit union typically finances 50% of the total and the business borrower makes a 10% equity contribution.

Under SBA 504 loans, which also provide up to 40% of total project 18

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cost, the federal agency’s financing ranges from $100,000 to $5 million, and up to $5.5 million for manufacturing. As with ALF, the participating financial institution typically puts up 50% of the cost and the borrower contributes 10% in equity.

Proceeds from the Appalachian Loan Fund can be used to finance land, physical plant, machinery, equipment, and working capital.

SBA 504 proceeds may be used for the acquisition or renovation of capital assets including land, buildings, and equipment. Eligible “soft” costs such as architectural, engineering, and environmental fees can also be financed. 504 funds cannot be used for working capital.

Entrepreneurs who apply for loans under either program benefit by contributing less equity than they would with traditional loans, which many times require a 20% contribution. They also benefit from fixed-rate financing for a portion of the loan and from longer terms that help manage cash flow.

“I would say the long-term fixedrate would be a huge incentive,” Bradley said, with SBA 504 loans offering a 10-year term for equipment and up to 25 years for real estate. Typically, ALF offers a 3-year term for working capital, 7 years for equipment, and 15 years for real estate.

Banks and credit unions also benefit from partnering with his organization, Bradley said. Serving as the primary lender alongside Appalachian, “Their risk has been mitigated” by a project’s 50% loan-to-value, CONNALLY the SBA BRADLEY portion of the Executive loan doesn’t Director count against

THE FINANCE ISSUE the institution’s legal lending limit, and its customer gets to contribute less equity, Bradley explained.

And, because both the Appalachian Loan Fund and the 504 program require borrowers to create new jobs, the community in which t he business operates benefits from economic growth and an expanded tax base, he noted.

Under ALF guidelines, a business owner must create or retain one full-time job other than the owner’s per $25,000 borrowed, within two years of closing. A $100,000 loan, for example, must result in four jobs.

Under 504 guidelines, one fulltime job must be created or retained for each $75,000 loaned. If the borrower is a manufacturer, one

job is required for every $120,000.

The SBA is especially interested in hearing from business owners in rural areas, Bradley said, believing that such communities are significantly underserved. “That’s a huge emphasis right now,” he said.

Business owners who want to apply for a loan can do so at their participating bank or credit u n ion or through Appalachian Development Corporation.

“All three get around the table and talk about this together so we all hear the same thing at the same time,” Bradley said, with applications generally closing within 45 to 60 days. Technical assistance, such as help with an owner’s business plan, is also available.

12.07.2018 | upstatebusinessjournal.com

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THE FINANCE ISSUE

Winter Is Coming...

Are You Prepared?

By BRIAN BOUGHNER CFA, CMT, Parallel Financial

Ned Stark definitely knew something when he declared, “Winter Is Coming.”

Is the same true today with our economy and markets? Is winter coming? And are you prepared for it? Global stocks and bonds are experiencing volatility right now and there is an unease starting to set in with asset prices.

HERE ARE FOUR IMPORTANT THINGS WE KNOW: INTEREST RATES AND INFLATION ARE ON THE RISE. This is important because they have both been declining since 1981… 37 years! Most people who are alive today have never experienced what a rising inflationary interest rate environment even looks like and have no idea how to prepare for it.

WE ARE IN ONE OF THE LONGEST STOCK BULL MARKETS IN HISTORY WITHOUT A MEANINGFUL CORRECTION. When the next correction happens, you will need a rules based risk management plan in place to ensure you don’t make emotional decisions at precisely the worst time.

U.S. STOCKS ARE HIGHLY VALUED. While valuation is never an ideal timing tool, it has done a great job predicting forward returns over the next 5-10 years. With the current Shiller PE ratio of the S&P 500 at 30.72 which translates to 90%, history tells us that forward returns could potentially be in the 0 to 3% range.

FOMO AS A STRATEGY. FOMO, “fear of missing out,” is when an investor sees everything going up around them and says, “I 20

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have to buy something or I’m going to miss out.” This strategy has led to more declines in net worth as these investors pile on near the top with no regard to risk.

The truth is we can’t predict the future, but being prepared for a recession or market correction is a mark of being a prudent investor.

HERE ARE 3 STEPS YOU SHOULD BE TAKING TODAY. IMPLEMENT A RULES BASED RISK MANAGEMENT STRATEGY. A rules based risk management strategy is where you create a set of rules to follow in a bear market to reduce your risk. These rules help reduce your market exposure while also preventing you from selling at the worst possible time.

CREATE SOME LIQUIDITY IN YOUR ASSETS. Real estate prices have been moving higher here in the Upstate and we have seen lots of people buying in recently. The problem is that if most of their assets are in real estate when the market corrects, they will not be able to sell and have cash available to take advantage of new investment opportunities at lower prices.

BE TRULY DIVERSIFIED. True diversification means owning uncorrelated asset classes like stocks, bonds, real estate, commodities, and international.

Most people who think they are diversified actually a majority of their portfolio with U.S. domestic large company stocks. This now happens to be one of the most expensive markets in the world.

Ask yourself, “Do you believe what has worked in the markets over the past 10 years will work for the next 10?” If you do, then keep on rocking with what you have. If you don’t believe that summer lasts forever and winter eventually comes, then take some of the advice above to heart and prepare wisely.

THE FINANCE ISSUE

5

tips to stay safe while online shopping

By MICHELLE SEAVER president of Greenville County for United Community Bank

If you’re like most people these days, you will do at least some of your holiday shopping on the Internet. Nearly $1 of every $6 spent during November and December is spent online, but with that convenience comes increased risk.

According to Experian.com, 14.2 million credit card numbers were exposed in 2017, an 88 percent increase from 2016. This holiday season, we encourage you to protect yourself by staying informed and following best practices for shopping online.

USE TRUSTED AND FAMILIAR WEBSITES

Shop only on sites that have a secure sockets layer (SSL) encryption installed, as these sites are better equipped for protecting any data that a user inputs. Spotting these sites is easy as they begin with HTTPS:// instead of HTTP:// and display a locked padlock icon in the address bar.

Stay away from websites that are not familiar even if they appear to be authentic. If you take a closer look you may notice misspellings and inaccurate product descriptions.

Be cautious when purchasing products from social media boutiques, as well. These accounts may be managed by individuals wishing to steal your information. Quickly scan all unfamiliar company pages and verify authenticity before making a purchase.

UPDATE PASSWORDS AND AVOID SAVING CARD INFORMATION

Passwords that are short and simple are easier for hackers to guess. Strong passwords have a combination of capital and lower-

case letters, numbers, and symbols.

Avoid using the same password for multiple online accounts.

Even though it’s quicker, don’t save your credit or debit card information on websites that allow it. If the website has a data breach, or if your computer is stolen, hackers may be able to access that stored information.

AVOID SHOPPING ON PUBLIC WI-FI

It is not a good idea to make an online purchase or access financial information using a public computer, but if you do, remember to log out of all your accounts and delete your browsing history. Be cautious when using your personal computer with public Wi-Fi, as the connection may not be secure, and your personal information may be accessible to anyone else on the network.

CHECK STATEMENTS FREQUENTLY

Stay on top of your accounts this holiday season by frequently checking your bank statements. Some financial institutions, including United Community Bank, offer services that allow you to control use of your credit and debit cards from your phone. With UCB’s CardValet app, you can track purchases in real time, lock and unlock your debit card, set spending limits, and more.

RECOGNIZE THE SIGNS OF A SCAM

If the deal sounds too good to be true, chances are that it is. If a website prompts you to enter your information in order to receive a free gift or suggests that you have to pay only a very low price for a gadget that is normally expensive, it is probably a trap. Offers like this appear frequently on social media and may be forwarded to you by your friends who are unaware of the consequences.

12.07.2018 | upstatebusinessjournal.com

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THE FINANCE ISSUE

Balancing your business and retirement goals

BY DON S. CLARDY Wealth Management Advisor Northwestern Mutual

It’s a day most business owners both dream about and dread: retirement. To get to this major milestone, you’ve put in long hours.

Sacrificed time with family and friends along the way. Dealt with customers who don’t pay and vendors who don’t deliver. Transitioning out of the business and into the next exciting phase of your life should be the easy part, right? Not always.

WHY WEALTH MUST BE MANAGED Your business may represent your largest asset and the foundation for the money you will need in retirement. These taxable assets, along with whatever you’ve set aside in your qualified retirement plan and/or individual retirement account(s), will need to generate sufficient income to last 20 to 40 years once you stop working. How will you ensure that your money goes the distance?

Business experts suggest developing a plan that coordinates your business transition and retirement goals. Among other things, its goal is to determine a sustainable income that will help ensure financial security and the realization of your dreams for the future.

A comprehensive transition plan can also provide a timetable and strategies that may help you reduce the tax liability on the transferring of assets on the sale of your business. It can help make sure your income needs are met in the future by taking advantage of opportunities such as setting up a pension plan or other type of a retirement compensation agreement prior to the sale of the business – a move that may assist in reducing the corporate taxes and deferring 22

UBJ | 12.07.2018

personal taxes. It may also highlight opportunities to prepay future expenses, thus possibly reducing the amount of after-tax income you may need in retirement. Examples include paid-up life insurance and a special trust to pay for uninsured medical expenses incurred after retirement.

TAKE STOCK OF YOUR FINANCIAL SITUATION Most business owners do not have a tremendous amount of investment cash at their disposal while they’re growing a business, so with the sale of a business you may be overwhelmed by how best to streamline your finances and preserve and protect your new cash.

Instead of handling this by yourself, consider working with a financial professional – someone who can show you how to maximize the proceeds from the sale of your business, based on hypothetical investment returns and withdrawal rates; explain various investments, so you can choose those that align with your longterm goals and risk tolerance; help you structure an asset allocation strategy for your portfolio, monitor your portfolio’s performance over time and help you make adjustments as your goals and needs change; and identify and fill gaps in your financial and estate planning.

A business transition expert has the resources to answer more than just the investment management aspect of your wealth. Retirement income distribution planning, estate planning, family gifting and legacy, charitable planning, and medical and long-term care planning are all areas that should be integrated into your overall plan.

Together, they may pay major dividends in terms of financial security for you and your family for years to come.

NEW TO THE STREET |

BUSINESSES COMING TO TOWN

Open for business

1. Burns & McDonnell recently opened a new office at 124 Verdae Blvd. in Greenville. The employee-owned engineering, architecture, construction, environmental, and consulting firm’s new space features 2,300 square feet. The Greenville office will focus on supporting government, manufacturing and process, healthcare, higher education, energy, and utility clients.

1 2. Restoration Salon and Day Spa recently opened for business on 104 Hillcrest Ave. in Simpsonville. The salon sells and uses all natural essential oils and vegan, sulfate free, sodium chloride free, and gluten free hair products. The new space also features areas for massage, nails, and facials.

2 CONTRIBUTE: Know of a business opening soon?

Email information to aturner@communityjournals.com.

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UBJ | 12.07.2018

PLAY-BY-PLAY OF UPSTATE CAREERS

| ON THE MOVE

On the move HIRED

HIRED

THOMAS CLEVELAND

MOLLY CASH

has joined AssuredPartners in commercial insurance sales for the manufacturing, construction, and transportation industries. Cleveland previously worked for Hubb International.

has joined Smith Moore Leatherwood LLP as a member of its real estate and business groups in the Greenville office. Cash’s law practice focuses on commercial real estate, and she handles business and corporate law matters.

12.07.2018 | upstatebusinessjournal.com

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1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

UBJ milestone

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CLIENT SERVICES

jackson Marketing Group’s 25 Years 1988 Jackson Dawson opens in Greenville at Downtown Airport

1988

Anita Harley | Rosie Peck Chairman larry Jackson, Jackson marketing Group. Photos by Greg Beckner / Staff

ART & PRODUCTION VISUAL DIRECTOR

1997 Jackson Dawson launches motorsports Division 1993

1990 Jackson Dawson acquires therapon marketing Group and moves to Piedmont office Center on Villa.

>>

Jackson Marketing Group celebrates 25 years By sherry Jackson | staff | sjackson@communityjournals.com

Solve. Serve. Grow. Those three words summarize Jackson Marketing Group’s guiding principles, and according to owner Larry Jackson, form the motivation that has kept the firm thriving for the past 25 years.

Jackson graduated from Bob Jones University with a degree in video and film production and started his 41-year career in the communications industry with the U.S. Army’s Public Information Office. He served during

Vietnam, where he said he was “luckily” stationed in the middle of Texas at Fort Hood.

He left the service and went to work in public affairs and motorsports at Ford Motor Company in Detroit.

After a stint at Bell and Howell, where he was responsible for managing Ford’s dealer marketing and training, the entrepreneurial bug hit and he co-founded Jackson-Dawson Marketing Communications, a company specializing in dealer training and product launches for the auto industry in 1980.

In 1987, Jackson wanted to move back south and thought Greenville would be a good fit. An avid pilot, he

learned of an opportunity to purchase Cornerstone Aviation, a fixed base operation (FBO) that served as a service station for the Greenville Downtown Airport, providing fuel, maintenance and storage.

In fact, when he started the Greenville office of what is now Jackson Marketing Group (JMG) in 1988, the offices were housed on the second floor in an airport hangar.

“Clients would get distracted by the airplanes in the hangars and we’d have to corral them to get back upstairs to the meeting,” Jackson said.

Jackson sold the FBO in 1993, but says it was a great way to get to know Greenville’s fathers and leaders

>>

with a majority of them utilizing the general aviation airport as a “corporate gateway to the city.”

In 1997, Jackson and his son, Darrell, launched Jackson Motorsports Group. The new division was designed to sell race tires and go to racetracks to sell and mount the tires. Darrell Jackson now serves as president of the motorsports group and Larry Jackson has two other children and a son-in-law who work there. Jackson said all his children started at the bottom and “earned their way up.”

Jackson kept the Jackson-Dawson branches in Detroit and others in Los Angeles and New York until he sold his portion of that partnership in 2009 as part of his estate planning.

The company now operates a small office in Charlotte, but its main headquarters are in Greenville in a large office space off Woodruff Road, complete with a vision gallery that displays local artwork and an auditorium Jackson makes available for non-profit use. The Motorsports Group is housed in an additional 26,000 square feet building just down the street, and the agency is currently looking for another 20,000 square feet.

Jackson said JMG has expanded into other verticals such as financial, healthcare, manufacturing and pro-bono work, but still has a strong focus on the auto industry and transportation. It’s

2003 motorsports Division acquires an additional 26,000 sq. ft. of warehouse space

1998 1998 Jackson Dawson moves to task industrial Court

also one of the few marketing companies in South Carolina to handle all aspects of a project in-house, with four suites handling video production, copywriting, media and research and web design.

Clients include heavyweights such as BMW, Bob Jones University, the Peace Center, Michelin and Sage Automotive. Recent projects have included an interactive mobile application for Milliken’s arboretum and 600-acre Spartanburg campus and a marketing campaign for the 2013 Big League World Series.

“In my opinion, our greatest single achievement is the longevity of our client relationships,” said Darrell Jackson. “Our first client from back in 1988 is still a client today. I can count on one hand the number of clients who have gone elsewhere in the past decade.”

Larry Jackson says his Christian faith and belief in service to others, coupled with business values rooted in solving clients’ problems, have kept

2009 Jackson Dawson changes name to Jackson marketing Group when larry sells his partnership in Detroit and lA 2003

2009-2012 Jackson marketing Group named a top BtoB agency by BtoB magazine 4 years running

him going and growing his business over the years. He is passionate about giving back and outreach to non-profits. The company was recently awarded the Community Foundation Spirit Award.

The company reaffirmed its commitment to serving the community last week by celebrating its 25th anniversary with a birthday party and a 25-hour Serve-A-Thon partnership with Hands on Greenville and Habitat for Humanity. JMG’s 103 full-time employees worked in shifts around the clock on October 22 and 23 to help construct a house for a deserving family.

As Jackson inches towards retirement, he says he hasn’t quite figured out his succession plan yet, but sees the companies staying under the same umbrella. He wants to continue to strategically grow the business.

“From the beginning, my father has taught me that this business is all about our people – both our clients and our associates,” said his son, Darrell. “We have created a focus and a culture that strives to solve problems, serve people and grow careers.”

Darrell Jackson said he wants to “continue helping lead a culture where we solve, serve and grow. If we are successful, we will continue to grow towards our ultimate goal of becoming the leading integrated marketing communications brand in the Southeast.”

2011 Jackson marketing Group/Jackson motorsports Group employee base reaches 100 people

2008 2012 Jackson marketing Group recognized by Community Foundation with Creative spirit Award

pro-bono/non-proFit Clients American Red Cross of Western Carolinas Metropolitan Arts Council Artisphere Big League World Series The Wilds Advance SC South Carolina Charities, Inc. Aloft Hidden Treasure Christian School

CoMMUnitY inVolVeMent & boarD positions lArry JACkson (ChAirmAn): Bob Jones University Board chairman, The Wilds Christian Camp and Conference Center board member, Gospel Fellowship Association board member, Past Greenville Area Development Corporation board member, Past Chamber of Commerce Headquarters Recruiting Committee member, Past Greenville Tech Foundation board member David Jones (Vice President Client services, Chief marketing officer): Hands on Greenville board chairman mike Zeller (Vice President, Brand marketing): Artisphere Board, Metropolitan Arts Council Board, American Red Cross Board, Greenville Tech Foundation Board, South Carolina Chamber Board eric Jackson (Jackson motorsports Group sales specialist): Salvation Army Boys & Girls Club Advisory Board

November 1, 2013 Upstate bUsiness joUrnal 21

20 Upstate bUsiness joUrnal November 1, 2013

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