JANUARY 4, 2019 | VOL. 8 ISSUE 1
HAPPY NEW YEAR
LOOKING
AHEAD 201 9 BU S IN E S S P R EDICT I O N S FOR T HE U P S T A T E
THE RUNDOWN | TOP-OF-MIND AND IN THE MIX THIS WEEK VOLUME 8, ISSUE 1 Featured this issue: The business stories that shaped last year ..............................................................3 A look ahead to 2019’s economic forecast .................................................................8 Carl Sobocinski looks toward new chapter.............................................................10
WORTH REPEATING “We have a ‘jobs looking for people’ problem in Spartanburg.” Allen Smith, Page 9
“Not only do we have great benefits, and worklife balance is important; now there’s the potential opportunity to get into ownership and not have to come up with a big, huge small business loan or bank loan, which again, is very difficult for a lot of people to do.” Carl Sobocinski, Page 10
12 Sevier Street Greenv ille, SC 29605 864-282-8600
Photo by Will Crooks
When the opportunity arises to photograph a former soccer pro, you want an image that captures a sense of movement and athleticism, and 11.11 Training co-owner India Trotter definitely brought the athleticism and ball skills to make the shot happen. Sometime all you have to do is push the shutter button and let the subject take care of the rest.
Show your appreciation...
| 2018 Milestones
VENTURESOUTH MARKS 10TH ANNIVERSARY The Upstate Carolina Angel Network — now known as VentureSouth — launched in 2008, making 2018 its 10th anniversary. Seeing a funding gap for early-stage companies, Greenville businessmen J.B. Holeman and Tim Reed started the private-equity network. As of 2018, the network was working with 270 participants. More than $28 million had been invested in 61 young companies with about 60 percent of dollars deployed in South Carolina. VentureSouth had 12 affiliates across the Carolinas. ■■photo by WILL CROOKS
GFCU CELEBRATES 50 YEARS
Over the past 50 years, Greenville Federal Credit Union has remained committed to providing low fees and quality service to its members. With 2018 being its golden anniversary, the local credit union celebrated the year with special events, including the establishment of Thanks and Giving Grants, which provide funding for local community programs. T&GG awarded five recipients with $10,000 each. ■■photo PROVIDED
KENTWOOL CELEBRATES 175 YEARS Upstate-based textile manufacturer Kentwool reached a major milestone in 2018 — 175 years. Founded in 1843 by English businessman Thomas Kent, Kentwool made Union Army uniforms during the Civil War and supplied the U.S. Armed Forces during both world wars. Now, Kentwool has a line of performance wool golf socks, various socks for the whole family, and men’s boxer shorts and loungewear. Its 135,000-square-foot yarn production plant in Pickens employed 65 in 2018, and 2 million pounds of wool was produced in 2017. ■■photo by WILL CROOKS 1.4.2019 | upstatebusinessjournal.com
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| 2018 Development
COUNTY SQUARE In May 2018, a developer was announced for the County Square redevelopment, one of the largest redevelopment plans in Greenville’s history. Foster + Partners, Wakefield Beasley & Associates, and commercial real estate firm KDS Commercial Properties were announced as the development team. While announcements concerning the $1 billion development have come through, it could be close to 10 years before the project is complete. Later in the year, proposals for the space included affordable housing, a re-created Furman bell tower, and an expansion of the Governor’s School.
TOP GOLF Rumors circulated for some time, but in early 2018, Topgolf announced plans to open a Greenville location off Pelham Road. It will be the anchor of a mixed-use development, Garlington Park, that is under construction with plans to open in 2019. Topgolf is under construction, and surrounding nets and structure have been put in. ■■rendering by MICHAEL BAXTER, BAXTER IMAGING LLC.
■■rendering by FOSTER + PARTNERS
WESTONE The Westone development located at 109 W. Stone Ave. leased and opened its eight available spaces during 2018. The L-shaped redevelopment includes the new restaurant concept World Piece by Coffee Underground owner Dana Lowie, a second location of Coffee Underground, Moe’s Original Bar B Que, Liability Brewing Co., V’s Barbershop, Cache & Co., and 9Round Fitness. ■■photo by WILL CROOKS
MONTGOMERY BUILDING Spartanburg’s Montgomery Building re-opened to the public in December 2018. Only portions of the 10-story building were reopened, but it includes 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 James Bakker and Tom Finnegan of BF Spartanburg LLC in early 2017. The $29.5 million project was made feasible with historic tax credits. ■■photo by WILL CROOKS 4
UBJ | 1.4.2019
CAMPERDOWN Another exciting development brings new life to downtown. Camperdown is scheduled to open in the first half of 2020 and will feature an AC Hotel, an office tower with 18 condominiums overlooking the Liberty Bridge, 217 apartment units, 170,000 square feet of office space, 80,000 square feet of retail, and a parking garage with 609 spaces. Bank of America plans to consolidate its current offices in the space, and other national companies plan to open offices in the development, as well. ■■rendering by CENTENNIAL AMERICAN PROPERTIES
CROSSWINDS Greenville’s Crosswinds Golf Course will get a breath of fresh air in the spring. The unassuming par-3 course located at 611 Villa Road will be redone under new ownership. Davis Senza bought the course in 2018 and plans to renovate the clubhouse, which will include a rooftop bar and observation deck and a 100-seat restaurant and bar, while still keeping the unique style of the course. ■■rendering by DP3 ARCHITECTS
MARKLEY STATION Markley Station, a development in the West End, announced its tenants after about two years of working to confirm them. The 43,000-square-foot development will contain Hoppin’, a self-serve tap room out of Charlotte, North Carolina; Urban Wren, a new Greenville-based urban winery; and Todaro Pizza from Clemson, which is now open. Fortis Riders, Beau Welling Design, and Aluma Connect are current office users, and an engineering firm is set to use the space, as well. ■■photo PROVIDED
GATHER GVL Gather GVL at 126 Augusta Road, the much-anticipated shipping container food hall, broke ground in August and finalized leases on all of its restaurant units. Mike’s Philly Cheesesteak and Roast Pork, wine bar Sweet Sippin’, authentic German cuisine from Prost!, plant-based smoothies and bowls from Cocobowlz, HenDough’s fried chicken and doughnuts, Mercado Cantina’s Mexican fare, KO Burger with griddled smash burgers, Roman pizza from Al Taglio, Greenville Beer Exchange, poke bowls from Saki Saki, local pasta concept The Pasta Addict, Rocky Moo ice cream sandwiches, and West End Coffee Roasters will fill the 13 containers. ■■rendering by MCMILLAN PAZDAN SMITH
HOLLAND PARK ON LAURENS ROAD Holland Park, a 12-acre development at 813 Laurens Road, will bring Lowcountry favorite Home Team BBQ to Greenville along with a new brewery concept, Double Stamp Brewery, and an additional 18,000 square feet of office, retail, and restaurant space. The development will have direct access to the Swamp Rabbit Trail extension and a half-acre of planned green space. ■■rendering by LMG ARCHITECTS 1.4.2019 | upstatebusinessjournal.com
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|2018 Manufacturing
BMW UNVEILS NEXT-GENERATION X4 In February, BMW introduced the second generation of the popular X4 crossover, one of four models produced exclusively at its Spartanburg plant. The 2019 X4 became available at dealerships in July. BMW Group Chairman Harald Krueger dubbed 2018 the “year of the X.” As of 2018, more than 200,000 X4s had been assembled at the Upstate plant since the vehicle’s launch in 2014. ■■photo provided by BMW GROUP
POTENTIAL AUTOMOTIVE TARIFFS’ In July, business and civic leaders gathered in Spartanburg to discuss the Trump administration’s threatened use of automotive tariffs. Having a prospective 25 percent tariff placed on auto and auto-parts imports and possible counter-tariffs, the Upstate would have been greatly affected. BMW North America, its supply chain, their workers, and the regional economy at large were at stake. At the time, about 70 percent of the Spartanburg BMW facility’s production was exported to 140 world markets. The meeting showed that the entire auto industry was opposed to the tariffs.
BMW’S UPSTATE PLANT Marking four consecutive years, Spartanburg’s BMW plant was named the nation’s largest automotive exporter of 2017. The honor was announced and celebrated at the beginning of 2018. As of February 2018, the automaker had exported 272,346 vehicles from its plant near Greer, and 87 percent of those were shipped through the Port of Charleston. Its exports were valued at $8.76 billion, according to the U.S. Department of Commerce. ■■photo provided by BMW MANUFACTURING CO.
LOCKHEED MARTIN’S GREENVILLE FACILITY Aerospace and defense company Lockheed Martin geared up in 2018 for four of the facility’s biggest projects to date. Lockheed was awarded a $7.6 million contract from the U.S. Air Force to perform “supply chain management, repair, and technical support services” on two C-5M Super Galaxies, with some work being done at the Greenville facility. The local facility also worked to become a hub for helicopter work, such as the UH-60 Black Hawk helicopter. Another big project was the preparation to house production of the F-16 Viper, a fourth-generation, multirole fighter jet. Being a potential location for the assembly of a different supersonic military aircraft, the T-50A, another goal of Lockheed’s Greenville facility was to secure the Air Force’s T-X contract in 2018. ■■photo provided by LOCKHEED MARTIN
LOCKHEED MARTIN PRODUCES NEW F-16 In June, Lockheed announced the $1.12 billion contract from the U.S. government for the production of 16 advanced F-16 Block 70 Fighting Falcons for the Royal Bahraini Air Force. The Upstate 16-hangar facility at the South Carolina Technology and Aviation Center produced the fighter jets. As of June, a total of 4,604 F-16 Fighting Falcons were purchased by 28 customers worldwide, according to Air Force Technology. ■■photo provided by PRNEWSFOTO/LOCKHEED MARTIN AERONAUTICS 6
UBJ | 1.4.2019
LOCKHEED MARTIN LOSES BID Lockheed’s Greenville facility lost a bid for the Air Force contract that involved the manufacturing of its next fleet of combat training aircraft in 2018. The contract, awarded to Boeing Co., would have brought an estimated 200 to 250 direct jobs in the Upstate. Lockheed was one of three companies seeking to build the T-38C replacement. ■■photo provided by LOCKHEED MARTIN
Photos of the year 1. THE KAVA KONNECTION (JUNE 15) Photographs can be a great storytelling tool to expand the viewer’s perspective on a specific person or topic. When photographing Gabriel Coggins, owner of The Kava Konnection, I wanted to create a few images of him that went beyond the obvious of him simply making kava. By photographing him playing his guitar, I feel it adds another layer to the narrative and allows the reader to better connect with his story. 2. TARYN SCHER (JAN. 19) Taryn Scher is one of those rare individuals you meet just bursting with charisma and focused energy. With this shoot, I wanted to create an visual that captured the fact that Taryn is the stylish individual behind the glitz and glam she creates for her PR clients. Sometimes you have have to buy 30 feet worth of gold tinsel to make dreams become reality. 3. JUMPSTART (SEPT. 14) Photography revolves around lighting, composition, and subject matter. This image of JumpStart program graduate Charlie Bishop has all three of those elements going for it. The ability for photography to freeze time and motion allows for us to see things that are invisible to the naked eye making for a fascinating image that captures the blinding light of a welding gun. 4. HUSK (NOV. 24) Let’s all be honest for a minute: Who doesn’t like some gorgeous food porn? But behind this mouth watering image was a specific concept of creating a strong directional hard light from a strobe that would give the dish almost an architectural nature of the dish and enhance all of the inherent textures as well. This kind of specific lighting concepts comes from hours of photo research and the creation of specific mood boards for every shoot.
HAPPY NEW YEAR
THE ECONOMIC FORECAST
MOSTLY BLUE SKY IN 2019 2019 may be the last full year in which Upstate
business leaders are bullish. They intend to waste no time making hay while the sun shines. STORY BY NEIL COTIAUX
2019 may be the last full year in which Upstate business leaders are bullish. They intend to waste no time making hay while the sun shines. Coming off strong market fundamentals in 2018 fueled in part by low interest rates and tax reform, South Carolina and the Upstate will experience growing job creation, steady wages, and continued interest in the region as a place to do business, according to forecasts delivered in December at two economic-outlook conferences. In July, the U.S. will have set a record for the longest uninterrupted economic expansion in its history, shattering the 10-year record set in 2001, said Tim Quinlan, senior economist with
Wells Fargo Securities, who was the keynote speaker at the Dec. 7 outlook conference sponsored by the Spartanburg Area Chamber of Commerce. “There have never been more jobs in the U.S. economy than there are today,” the Charlotte, North Carolina-based economist told the gathering, one reason why Quinlan is predicting a new record for sales this holiday season. In 2018, average hourly earnings for private-sector employees picked up in most parts of the state, with the second-largest gain occurring in Spartanburg (10.5 percent) and a moderate gain of 3.1 percent in Greenville, according to economists Douglas Woodward and Joseph
hourly earnings average hourly earnings among private sector employees in 2018
SPARTANBURG BY 10.5% gain THE NUMBERS
2nd largest
in 2018
GREENVILLE
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3.1% gain in 2018
gain in SC
Von Nessen of the University of South Carolina’s Darla Moore School of Business, who spoke at an event in Columbia on Dec. 4. For 2019, Woodward and Von Nessen are forecasting a drop in the state’s unemployment rate to 3.1 percent and a 1.8 percent increase in job creation. While more rate hikes are expected — “three or four” remain in the current economic cycle, Wells Fargo’s Quinlan said, with no more than two next year — the economist appeared more concerned about the longer-term effects of tax cuts. “Now we’re moving back into big deficit territory,” he said. “This is my top worry right now.”
record-shattering growth Next July, the U.S. will have set the record for the longest uninterrupted economic expansion in its history. The prior record was set in
2001.
REGIONAL VIEWS
Looking at the next 12 months, many of the Upstate leaders who attended the chamber’s conference in Spartanburg were upbeat, citing strong vital signs in Spartanburg County and other parts of the region. During breakout sessions devoted to economic development and real estate, participating experts were ebullient about industrial and commercial development. “I would say the outlook is extremely positive,” said Carter Smith, executive vice president of the Economic Futures Group of the chamber. “The speculative development market, in terms of building, is at a level that we’ve never experienced,” Smith said, with some developers routinely talking about 400,000- or 500,000-square-foot facilities while many 250,000-square-foot buildings are up or underway. The capabilities of the Inland Port, he added, are helping to entice more projects in distribution, logistics, and e-commerce. John Montgomery, vice president at the Spartanburg office of Colliers International, added that almost all of the developers involved in the 6.5 million square feet of speculative building now in the pipeline hail from other markets. “I’m very bullish,” Montgomery said of the next two years. A new federal regulation will help propel such development,
another speaker noted. Electronic logging devices now tied to the engines of motor carriers are forcing drivers to pull off the road after 11 hours and stand down for 10, an occurrence that is spurring demand for strategically placed warehouse and distribution facilities along I-85, said Bobby Lyons, founder of Lyons Industrial Properties. Lyons added that his firm has just experienced the best year in its 22-year history. “I’m bullish on the market, even with some interest rate hikes over the next 12 months,” he said. As more businesses are attracted to the Upstate, there is a growing need to address the supply of housing in the region, panelists agreed. Although rates will be somewhat volatile going forward, the 4.625 percent rate on a 30-year fixed mortgage at the start of December was the lowest in two months, said Angela Halstead, a vice president at Coldwell Banker Caine. From a historical perspective, “interest rates are going to be very reasonable for the foreseeable future,” she said. A majority of residential construction is occurring at $350,000 and below, Halstead pointed out, and there is “a good deal of resurgence” in custom homebuilding. “Most of what is pent-up is at that higher price point,” but inventory is loosening up and the market is becoming more balanced, she be-
2019 predictions ■ SC UNEMPLOYMENT RATE is predicted to drop
3.1%
■ SC JOB CREATION RATE is predicted to increase
1.8%
■ RATE HIKE PREDICTIONS
2 rate hikes in 2019
lieves. Woodruff and Boiling Springs represent hot spots of continued residential growth, said broker Stuart Smith of NAI Earle Furman, and that growth continues to attract new retail, he said. In addition to an adequate supply of housing, public-private partnerships will continue to place a heavy emphasis on providing employers with a qualified workforce in 2019. “We have a ‘jobs looking for people’ problem in Spartanburg,” said Allen Smith, president and CEO of the area chamber. Beyond STEM courses and training and internships in specialized manufacturing skills, the city of Spartanburg has just launched “Emerge,” a minority business accelerator that helps black residents develop their own business while also helping enterprises relocate to a predominantly black neighborhood. Fourteen businesses are now participating in the initiative as it heads into its first full year, said Patty Bock, the city’s economic development director. While an economic slipstream may propel the Upstate through much of 2019, one unknown that could impact the region is tariffs. With a 90-day period in place for further discussions between the U.S. and China on trade, markets are hoping that the Trump administration will drop plans for an escalation of tariffs that target the auto industry. David Britt, chairman of the economic development committee of the Spartanburg County Council, told the conference that “only 35 percent” of the 211 international companies doing business in the county have ties to the industry. “We have diversified,” said Britt, while acknowledging the risk for supply chains posed by tariffs. Quinlan of Wells Fargo is somewhat hopeful. With the Chinese economy slowing, party leaders in Beijing may not want to risk an additional tit-for-tat on tariffs, he suggested. “They have more to lose,” he said.
THERE HAVE NEVER BEEN MORE JOBS IN THE U.S. ECONOMY THAN THERE ARE TODAY. TIM QUINLAN SENIOR ECONOMIST
Wells Fargo Securities
Table 301 president Carl Sobocinski is planning his exit strategy STORY BY ARIEL TURNER
■■photo by PAUL MEHAFFEY
www.CarltonMB.com (864) 213-8000 10
UBJ | 1.4.2019
After more than two decades jump-starting and bolstering Greenville’s downtown restaurant scene, Carl Sobocinski, owner of Soby’s New South Cuisine and president of restaurant group Table 301, which includes eight unique concepts, is planning his exit strategy. “They’re just birthdays, but last year I hit 50, and at 30, 40, 50, I think you start thinking about things differently,” he says. “At 50, it started becoming more real — ‘Wow, I’ve been doing this for 25 years.’ I still love getting up every day, but there’s also other things that I’m fortunate enough to do with work that I’d like to give more time to.” But no need for alarm — it will likely take as many as 10 years for his plan to execute fully, and he’ll be involved through the entire process. Table 301 includes the flagship Soby’s New South
Cuisine, Jianna, The Lazy Goat, Nose Dive Gastropub, Passerelle Bistro, Papi’s Tacos, Southern Pressed Juicery, Highway 301 Food Truck, Table 301 Catering & Kitchen, and The Loft at Soby’s. As Sobocinski, ever the entrepreneur, has always joked, everything is for sale, but maybe this time not in the traditional sense. The plan, essentially, is for Table 301 employees who express interest in owning one of the restaurants to train with that in mind and begin working their way into ownership through sweat equity and/or a financial commitment. Sobocinski says the opportunity is also available for anyone not already working with Table 301 to join the team with ownership as a goal. “This is the next level,” Sobocinski says. “Not only do we have great benefits, and work-life balance is important; now there’s the potential opportunity to get into ownership and not have to come up with a big, huge small-business loan or bank loan, which
2446 Laurens Road Greenville, SC 29607
Nose Dive Gastropub ■■photo by WILL CROOKS
Soby’s New South Cuisine ■■photo provided by TABLE 301
Table 301 Restaurants Jianna Soby’s New South Cuisine The Lazy Goat Nose Dive Gastropub Passerelle Bistro Papi’s Tacos Southern Pressed Juicery Highway 301 Food Truck Table 301 Catering & Kitchen The Loft at Soby’s
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again, is very difficult for a lot of people to do.” Sobocinski will retain Soby’s and likely the catering operations as those two entities are intertwined, sharing kitchen space and weekend brunch duties, he says. Recently announced at the company holiday party, the process has already begun with Passerelle Bistro’s general manager Mike Minelli buying into the restaurant with the goal of full ownership. Jianna and Southern Pressed Juicery each opened with partners chef Michael Kramer and Olivia Esquivel, respectively, and are already structured for that process to take place eventually. Papi’s Tacos, though not part of this new plan, is also in the process of transitioning ownership to Jorge “Papi” Barrales as it was set up to do so from the beginning. Sobocinski says this next step for the restaurant group wasn’t something he conceived early on, but rather a thought process born out of necessity in the last year or so. “How do you divest a restaurant group with eight unique concepts? It’s not as easy, you know, as the guys who did Sticky Fingers years
ago,” he says. “Ten Sticky Fingers is easier for someone to come in and run than eight different concepts. So why not try to divest and leave behind five or six next-generation owner/operators who hopefully buy into what we believe is the right hospitality approach, and they’ll continue that philosophy of taking care of employees and taking care of guests.” Sobocinski’s goal as he gradually exits day-to-day operations of the restaurants is to continue to serve in the hospitality industry through giving more time to some opportunities with the National Restaurant Association and to the Greenville Housing Fund. He already serves on the GHF board, and providing solutions to the workforce-housing shortage near and around downtown is something he is passionate about as it greatly affects hospitality employees. “I know it’s going to help our industry and keep our downtown growing and vibrant if we can get employees to actually live closer to work,” he says. 1.4.2019 | upstatebusinessjournal.com
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Meet the 2020 class of Liberty Fellows This year’s class of 21 Liberty Fellows come from various professional backgrounds – they are attorneys, CEOs, politicians, and business owners. But they share a common goal of bettering the communities, the state, and beyond. In its 15th year, the Liberty Fellowship is a lifelong program that selects leaders to participate in five seminars over 18 months. The seminars include round-table discussions about how best to take on issues. “Representing some of South Carolina’s most important industries and endeavors, these Fellows have a track record of moving the needle,” Ann Marie Stieritz, CEO of the Liberty Fellowship said in a news release. “The Liberty Fellow experience will expand on the creative ideas of a varied group like this to bring a collaborative approach to solving South Carolina’s most pressing challenges.”
AMY FISHER URQUHART
BETSY ANTHONY
CHRIS WOLFE
ELLIS FISHER
EMILY FARR
GINNY WILLIAMS
■■Florence
■■Greenville
■■Columbia
■■Greenville
■■Columbia
■■Orangeburg
WebsterRogers, LLP, CPA/ CFP/managing partner
Find Great People International, COO
Nephron Pharmaceuticals, VP of quality engineering
Inman Mills, VP and general counsel
SC Dept. of Labor, Licensing, and Regulation, director
Williams & Williams Attorneys at Law, attorney
J.E.B. WILSON
JAKE SCOTT
JONATHAN GOOD
KENNETH CANTY
KIMBERLY WITHERSPOON
LISA JONES TURANSKY
■■Chester
■■Beaufort
■■Greenville
■■Charleston
■■Greenville
■■Charleston
Cotton Hills Farm, LLC, managing partner
MICAH CASKEY Caskey Law Firm, attorney; House of Rep., member
■■Columbia
Collum’s Lumber Products, LLC, VP operations
NAI Earle Furman, CEO/ president
Freeland Construction Company, CEO/president
Haynsworth, Sinkler, Boyd, PA, shareholder
S.C. Coastal Conservation League, CSO
MICHELE PATRAO FORSYTHE
PATRICK BRYANT
ROBERT HUGHES
ROZALYNN B. GOODWIN
SHERARD DUVALL
■■Charleston
■■Mount Pleasant
■■Greenville
■■Greenville
■■Columbia
S.C. Judicial Department, S.C. Family Court judge
CODE/+/TRUST, CEO/ founder
Hughes Development, president
S.C. Hospital Association, VP for engagement
OTR Media Group, founder/ executive producer
for more info, visit: WWW.LIBERTYFELLOWSHIPSC.ORG TED SWANN
Swann Medicine, president/ physician
■■Clemson 12
UBJ | 1.4.2019
WADE WALLACE
WILL WHEELER
■■Greenville
Jennings & Jennings, PA, partner; S.C. House of Rep., member
Tietex, COO/president
■■Columbia
COMMUNITY VIEWS
Entrepreneurs, small business play critical role in economic success
| OPINION
Veterans are an untapped talent for workforce By ROBYN GRABLE founder, Veterans ASCEND
By DEAN HYBL executive director, Ten at the Top
When we think about the economy in the Upstate or across the country, we focus most of our attention on larger companies like BMW, Michelin, Bosch, and Milliken. Yet, did you know that 89 percent of businesses in the United States employ 20 or fewer employees? According to Andy Stoll, a senior program officer with the Ewing Marion Kauffman Foundation, the places that will thrive economically in today’s “Connected Age” are those that can best enable entrepreneurs and small businesses to grow and achieve success. “Many communities have the ingredients that entrepreneurs need,” Stoll said during a recent visit to the Upstate. “They just may not be organized in a way that is supportive.” During his visit, Stoll met with local entrepreneurs, toured incubators and entrepreneurial support locations, and conducted a workshop through Ten at the Top’s Entrepreneur Support Providers Network. Stoll spoke about the 2008 global financial crisis that marked the formal end of the industrial age and hastened the world into what he and others call the connected age. Here are four observations that shape his current work promoting entrepreneurism: • Entrepreneurship and innovation have been democratized — Greater connectivity and access mean that it is easier to be an entrepreneur. • The individual has been globalized — Because of the technology available today, location doesn’t dictate access. • Networks are replacing hierarchies — It’s easier now to build networks of involvement and support and to
Job Hunt Challenges receive products and information without some of the traditional hierarchies. • Geography doesn’t have a monopoly on good ideas — Since information and materials are easier to access from anywhere, it’s not necessary for companies and individuals engaged around a specific idea or product to be in the same place. Despite the elimination of historic barriers, the past 30 years has seen a more than 50 percent decline in the number of U.S. companies defined as startups created each year, according to the U.S. Census Bureau. Stoll added that ethnic minorities and women are growing as a workforce population, but these groups remain under-represented as entrepreneurs and small business owners. Communities looking to create a thriving culture of entrepreneurs and locally created small businesses must develop and deploy strategies that prov ide resources and suppor t for entrepreneurs, Stoll says. An innovation culture has long been a trademark within the Upstate. Our key as a region moving forward is to keep growing those resources while also fostering a collaborative culture that is inclusive and ensures all potential entrepreneurs and small business owners to have the opportunity to enjoy success. If you are interested in learning more or becoming engaged with the Upstate Entrepreneur Support Providers Network coordinated through Ten at the Top, please check out the link on the Ten at the Top web site (www.tenatthetop.org)
Every company wants to find candidates who have leadership, strong work ethic, problem-solving skills, and the ability to work in a team. Who do those skills define? Veterans. So why do veterans struggle to find employment after their military service? In the 2016 Veteran Hiring Report, iCIMS reported the top reasons veterans haven’t applied or accepted a job - among them, “56% of veterans reported not being satisfied with the salary or benefits offered. 41% didn’t think they had enough training or education to do the job and 28% stated they were concerned about their ability to ‘sell myself’ in an interview.” The common denominator is veterans are often unaware of and reluctant to promote their capabilities or speak to their transferable skills.
Untapped Talent On the employer side, civilians often have difficulty understanding what veterans did in the military and how those skills and experiences can benefit a company. Hiring managers and recruiters don’t look beyond the military occupation title. While 85% of the military occupations have a direct civilian equivalent, the other 15% also have transferable and highly sought after skills. Hours, weeks and years of training equate to skills such as identifying requirements, inventory management, safety specialist, hydraulic systems, quality control/assurance and compliance. Even when companies recruit and hire veterans, they are failing to make the most of that veteran’s talents and experience, which contributes to underemployment, high levels of frustration and even boredom. By gaining an understanding of the top skills veterans hold, employers can tap into this talent and ensure they are providing a challenging and rewarding career path.
Giving Season As we’ve wrapped the holiday season, let us each take a moment to think about the service women and men who did not get to be home. We appreciate their sacrifice and that of their families. What gifts can we give them? The gift of working to understand that military titles do not define the veteran. The gift of taking the time to find and hire veterans, a gift that is also for you the employer. Employers, veteran advocates and policymakers should recognize and act on the business case for hiring veterans. If employers want to take advantage of the best of this talent pool, they need to put in a little extra effort by connecting with a veteran and finding out what they bring to the table. It will be time well spent. Veterans ASCEND - A innovative system that matches employers with veterans based on skills. To learn more go to www.veteransascend.com, call 864-887-5865 or email talent@veteransascend.com. 1.4.2019 | upstatebusinessjournal.com
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OPINION |
COMMUNITY VIEWS
Contribution limits to retirement plans are going up in 2019 By ROB DEHOLLANDER co-founder, DeHollander & Janse Financial Group.
The new year is a great time to review your retirement savings strategy. Retirement plan contribution limits are increasing this year to $19,000 for 401(k), 403(b), and 457 plans. The catch-up contribution limit for employees 50 and older remains unchanged at $6,000, which means an employee 50 or older can put as much as $25,000 ($19,000 plus $6,000) in his 401(k) plan. Here are five savings ideas to consider:
KNOW YOUR NUMBERS To save successfully for retirement, you need to know how much money you’ll need and the rate of return
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you’ll need to earn by then. Once you know your numbers, save intentionally and routinely and measure your progress with your financial adviser.
grows tax-free. Unlike a Roth IRA, there is no income restriction to a Roth 401(k).
AUTOPILOT YOUR SAVINGS
REVIEW YOUR TARGET FUND DATE
Many plans automatically enroll you and increase savings over time. However, some don’t, so make sure you’re enrolled and then use the auto-escalation if offered. Most workers should aim to save at least 15 percent of pay each year, which can include your employer matching contribution. If you can’t save that much right now, try to contribute enough to get your employer full match and gradually boost your savings rate each year.
More than 90 percent of retirement plans now offer target-date funds. These all-in-one portfolios provide instant diversification and an asset mix that gradually becomes more conservative as you near retirement. Target-date funds are great as an initial set-it-andforget-it option. However, as your balance grows, you may want a more personalized strategy specific to your timeframe and risk tolerance.
CONSIDER THE ROTH 401(K)
UNDERSTAND YOUR COSTS
An estimated 71 percent of plans now offer a Roth 401(k) feature, along with the regular pretax account. With a Roth, you don’t get an upfront tax break, but your money
Finally, make sure you pay attention to the costs of your underlying investments. Fees are coming down – more than 40 percent of 401(k) plan sponsors reduced fees
in 2017, compared with 31.6 percent in 2016. Of course, the less you pay in fees, the better your net investment returns. So review the expenses of your plan; they will be detailed on your 401(k) statement or the plan’s website. The typical 401(k) fund charges 0.5 percent, and index options may cost just 0.05 percent. One final caveat: While expenses are important, much more so is saving enough over time. Think about this — while shifting to an index fund may save 0.45 percent in fees each year, increasing your savings rate from 3 percent to 4 percent will increase your nest egg by more than 25 percent over time – a much bigger impact on your retirement readiness. Robert DeHollander is a managing partner and co-founder of the DeHollander & Janse Financial Group.
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UBJ milestone jackson Marketing Group’s 25 Years 1988 Jackson Dawson opens in Greenville at Downtown Airport
1988
1997 Jackson Dawson launches motorsports Division 1993
1990 Jackson Dawson acquires therapon marketing Group and moves to Piedmont office Center on Villa.
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Chairman larry Jackson, Jackson marketing Group. Photos by Greg Beckner / Staff
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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
CLIENT SERVICES
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
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