INSIDE // CAMPERDOWN TENANTS TBA // NOTES FROM THE DRB // THE 529 COLLEGE SAVINGS PLAN
APRIL 13, 2018 | VOL. 8 ISSUE 15
host the o t s e r a p , N.C., pre Games this fall, g in r p S l n As Mil questria the event’s E d l r o 2018 W nticipate a s region r e e d h a t le n o e t t c Upsta mic impa o n o c e l potentia
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TOP-OF-MIND AND IN THE MIX THIS WEEK
| THE RUNDOWN
VOLUME 8, ISSUE 15 Featured this issue: Camperdown development to announce tenants soon.........................................4 A lesson in diversity from BMW...................................................................................6 When your business needs cyber insurance...........................................................15
WORTH REPEATING “Everything’s finally coming together.” Brody Glenn, Page 4
“This could quite easily be the largest multiday spectator event between Charlotte and Atlanta, which will certainly benefit Spartanburg County in terms of hotel and restaurant spending.” Chris Jennings, Page 12
“Be careful not to raid your existing college savings simply for a tax break.” Robert DeHollander, Page 16
VERBATIM
On Cambridge Analytica and your data
The Tryon International Equestrian Center in Mill Spring, N.C., will host the FEI 2018 World Equestrian Games Sept. 11-23. Official s say the event could attract more than 1,000 riders, 1,500 horses, and 500,000 spectators from 70 countries — and have a $400 million economic impact in Western North Carolina and the CAB234_CJ_qtrHor_bird.qxp_Layout 1 4/9/18 4:16 PM Page 1 Upstate. Read more on Page 12. Photo courtesy of Tryon Resort.
“On Monday, the social media giant began rolling out a ‘see how you’re affected’ tool at the top of News Feeds to inform users if they’re among the tens of millions of people who had their data improperly harvested by Cambridge Analytica. The full roll out will happen over time, so not all users will see the link at the same time.” “Was your Facebook data shared with Cambridge Analytica? You can now find out” By Kaya Yurieff, CNN Tech
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NEWS |
INFORMATION YOU WANT TO KNOW
Soon-to-be-announced retail, restaurant, and office tenants at the 4-acre Camperdown development will be a combination of new-to-market and local concepts, says Brody Glenn of Centennial American Properties, the site’s developer. Renderings by Wakefield Beasley & Associates
DEVELOPMENT
What’s Going in Camperdown? Tenant announcements forthcoming as construction gets underway ARIEL TURNER | STAFF
aturner@communityjournals.com Within the next 60 days, the restaurant, retail, and office tenants for the 4-acre Camperdown development at South Main and Broad streets should be ready to announce as construction gets underway, says Brody Glenn, owner of the property’s developer, Greenville-based Centennial American Properties. 4
UBJ | 4.13.2018
The tenants will be a combination of newto-market and local concepts, Glenn says. Construction on the underground parking garage, which will be serviced by a central valet station and self-parking, should be completed in June. The apartments and office building should break ground midsummer, and construction of the AC Hotel should begin later this summer, he says.
“Everything’s finally coming together,” Glenn says. The first restaurant tenant announcement came last week. Local restaurant group Larkin’s Restaurants has signed a lease for the 6,000-square-foot, second-floor location of the building also occupied by The Greenville News at East Broad and Falls streets. Access to the new restaurant, the concept of which has not been disclosed, will be from
INFORMATION YOU WANT TO KNOW
| NEWS
CLEMSON MBA PROGRAM
SET THE STAGE FOR ADVANCEMENT
MBA e
ENTREPRENEURSHIP & INNOVATION Glenn says he has spent considerable time looking at downtown developments … that have significantly changed Greenville to make sure the Camperdown project was in keeping with what the leaders have done before. Broad Street, but the views will be on all four sides, looking out over the future Camperdown plaza, as well as Broad, Main, and Falls streets. Restaurant co-owner Larkin Hammond says the space includes a patio, dining for 250 guests, private dining for 40 to 45 guests, and a conceptual kitchen/dining room. The result will be unlike anything in Greenville, she says. The lease for Larkin’s on the River, 318 S. Main St., is up in 2022, but Hammond says this new concept will not be taking its place regardless of future plans. The Camperdown development includes the 140-room AC Hotel from Auro Hotels, which has been through multiple design revisions; a 217-unit, mixed-use apartment building by Daniel Corp. that became the subject of what Glenn
says is unfounded speculation since construction appeared to halt earlier this year; and about 80,000 square feet of retail, 150,000 square feet of office space, and 18 condominiums between the four buildings that will border the property. Glenn says he has spent considerable time looking at downtown developments, such as the Hyatt, Peace Center, and RiverPlace, that have significantly changed Greenville to make sure the Camperdown project was in keeping with what the leaders have done before. A main concern is keeping downtown walkable and pedestrian-friendly, and connecting downtown and the West End. “I knew we could make it all those things but didn’t want it to be different than what it’s been in the past,” he says. 4.13.2018 | upstatebusinessjournal.com
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COLUMN |
THE SPARK
The Spark Happenings in Upstate Biz with Trevor Anderson
Diversity is a concept that is highly championed, yet remains somewhat elusive in terms of its implementation and realization. As South Carolina seeks to capitalize on its status as one of the nation’s most businessfriendly states, one event in the Upstate provided a blueprint for a cultural change across the nation and, maybe, the globe. BMW Manufacturing Co. hosted its seventh annual Tier 1 Supplier Diversity Matchmaker Conference on Thursday, April 5, at the TD Convention Center in Greenville. Louise Connell, head of supplier diversity for the plant, said the event featured 243 of its Tier 1 suppliers and community partners, up from 213 during the previous year. She said more than 2,200 people filled the convention hall, compared with about 2,000 in 2017.
Founded in 2011, the event was originally geared to connect women and minority smallbusiness owners with companies and organizations that could provide them with opportunities to grow their ventures. Veteran-owned businesses were added to the mix this past year. The first conference was held in a parking garage at Clemson University’s International Center for Automotive Research. It featured about 50 suppliers and attracted about 600 participants. Connell said supplier support for the event has evolved into an almost unstoppable force. The buzz and energy throughout the hall this past Thursday were palpable. “We are sending a message that we are not a good old boys club,” said Knudt Flor, president and CEO of BMW. “We need and depend on diversity. These companies provide us with ideas and better supply. They are passionate. One of our goals is to show we are really rooted in the community. It isn’t just
words. It’s easy to stand up on a stage and say [we’re all about diversity]. It’s another thing to [put it into practice].” Flor said the plant’s supplier network has increased by 400 percent since the conference’s inception. Officials from BMW’s plants in Mexico and Germany were at this year’s conference to collect information that could eventually lead them to replicate the event in their respective communities. State Treasurer Curtis Loftis, who was also part of the crowd, said his impressions of the event were very positive. He said he wouldn’t mind someday seeing a similar statewide conference. While diversity has been hailed for all of its benefits as a means of giving companies a competitive edge, it’s still widely viewed as a word that gets a lot of lip service and a lukewarm embrace. BMW appears to be demonstrating how diversity can have a tangible impact on growth, performance, and corporate culture. And it might become another model for the Upstate automaker to export.
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Sharing Life, Saving Lives 6
UBJ | 4.13.2018
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INFORMATION YOU WANT TO KNOW
| NEWS
MANUFACTURING
MANUFACTURING
Growing Innovation
The Total Package
SCRA invests $200K in Duncan-based Global Transplant Solutions
Orbis Corp. acquires Greenville-based Response Packaging
STAFF REPORT
The South Carolina Research Authority’s S.C. Launch program has finalized a $200,000 investment for Global Transplant Solutions, a Duncan-based company that develops and distributes products for the human organ procurement and transplant marketplace. The investment will be used to finalize global sales, develop proprietary products, and further the company’s research efforts, according to a news release.
Canadian transplant market. The company has received clearance from the U.S. Food and Drug Administration (FDA) to distribute its first product in the United States and is awaiting FDA clearance for a second product. The company also plans to gain clearance from the FDA for four additional products, which together will represent 99 percent of all organ preservation solutions used worldwide. It already has distribution agreements with several national and international partners, according to a news release.
STAFF REPORT
Reusable packaging company Orbis Corp. has acquired Response Packaging, a Greenville-based company that designs and manufactures custom dunnage and fabricated steel rack solutions for the automotive and industrial markets. The acquisition includes Response Packaging’s design, testing, and manufacturing facilities in Greenville, S.C.; Auburn Hills, Mich.; and León, Mexico, according to a news release. The company will now
“ There is a worldwide demand for Global Transplant Solutions’ products, and to see the demand being fulfilled by a company in Duncan, S.C., is very exciting.”
components in the supply chain, according to a news release. Dunnage is an inexpensive material used to load and secure the cargo as it is being shipped. Orbis, which is part of Wisconsin-based Menasha Corp., manufactures plastic reusable totes, bulk containers, pallets, and dunnage. Additionally, it offers the ability to track and manage these assets in the supply chain through its Reusable Packaging Management (RPM) services offering. The company has 2,300 employees in 50 locations across North America and Europe.
Jill Sorensen, director of entrepreneurial programs, SCRA
“We are proud to partner with SC Launch and the state of South Carolina as we establish, build, and grow our worldwide organ transplant business,” said John Bruens, CEO of Global Transplant Solutions. “As a company exclusively focused on supporting the critical need for more donated organs and partnering with the dedicated professionals in this market who every day save countless lives around the world, Global Transplant Solutions Inc. is poised to position South Carolina as the epicenter for the advancement of transplant technologies, products, and policies.” Global Transplant Solutions currently supplies products to the
“There is a worldwide demand for Global Transplant Solutions’ products, and to see the demand being fulfilled by a company in Duncan, S.C., is very exciting,” said Jill Sorensen, director of entrepreneurial programs at the South Carolina Research Authority (SCRA). The SCRA is a state-chartered organization that fosters job creation and grows the innovation economy. The S.C. Launch program is the authority’s entrepreneurial platform that provides mentoring, grants, and investments to qualified companies in the advanced materials, information technology, and life sciences industries.
operate and be branded as part of Orbis Corp. “This acquisition brings us talented people, efficient plants, and strong capabilities in geographic areas where Orbis wants to grow,” said Orbis Corp. president Bill Ash. “Response Packaging is strongly aligned with Orbis in areas like supply chain expertise, innovation, and customer knowledge.” Response Packaging has 245 employees across North America and specializes in highly engineered custom dunnage designed for the safe and efficient transport of vehicle
“Orbis has been pursuing a strategy to expand its custom business to serve customers with a broader portfolio of solutions,” said Jim Kotek, president of Menasha Corp. “The acquisition of Response Packaging supports this objective by adding complementary capabilities and establishing a manufacturing presence in the Southeast and expanded capabilities to meet our customers’ needs in Mexico.”
4.13.2018 | upstatebusinessjournal.com
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REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION
ARIEL TURNER | STAFF aturner@communityjournals.com |
@arielhturner
Wells Fargo Center Will Crooks/Upstate Business Journal
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A New Training Ground Grace Hill moves headquarters to the Wells Fargo Center Grace Hill, an online training provider for the property management industry, has moved its corporate headquarters to the Wells Fargo Center, 15 S. Main St., Suite 500, downtown Greenville. The company has signed a lease for a little more than 8,000 square feet, leaving between 8,000-11,000 square feet of office space available in the recently renovated Wells Fargo Center. Brantley Anderson and Taylor Allen of Colliers International, who handle the building’s leasing efforts, worked directly with Grace Hill corporate to execute the transaction. Anderson attributes Grace Hill’s choice of locations to the recent updates the building has undergone. With this move, Grace Hill, which already has a smaller presence in Greenville County, is expanding existing operations. This move will create 53 new jobs in the Upstate. UBJ | 4.13.2018
“The area is easy to recruit talent in, beautiful and rewarding to live in, and welcoming to new business,” said Dru Armstrong, Grace Hill CEO. The law offices of Haynsworth Sinkler Boyd (HSB) assisted Grace Hill, a longtime client, in the transition. “Grace Hill’s decision to locate its headquarters in Greenville represents a validation of the region’s business climate by a worldclass technology company. HSB has been privileged to support Grace Hill throughout this process and looks forward to working closely with the company as it continues to grow its leadership position in the online training market,” said Frank Davis, HSB’s corporate and economic development attorney.
REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION
ARIEL TURNER | STAFF
aturner@communityjournals.com |
@arielhturner
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IN-HOME CARE SERVICES
Helping Hands When You Need Them
The Beach Company plans to individually stain each of the yellow bricks on the BB&T Building. Rendering by Antunovich Associates
FRONT ROW
April Design Review Board
The April City of Greenville Design Review Board Urban Panel public hearing, with six items on the docket, was destined to run long, even without the late start as a result of the previous meeting’s running 20 minutes over. Upon adjournment, however, even the three panelists in attendance mentioned their surprise that the meeting concluded before 7 p.m. That was due, in part, to two of the items — the TD Self Storage proposed for 101 O’Neal St. and new monument signage for the Shops at Greenridge — requiring little to no discussion before the applications for certificates of appropriateness received unanimous approval. The remainder of the two-hourplus meeting was spent discussing the AC Hotel by Marriott, the BB&T Building renovation, a twounit condo building at 229 Augusta St., and an IberiaBank ATM. Only the BB&T project received its certificate of appropriateness with conditions, while the other three items were tabled, requiring further revisions.
AC HOTEL BY MARRIOTT The AC Hotel component of the Camperdown development at 305 S. Main St. was back at the DRB with revisions to the rooftop area, and previously approved exterior materials were exchanged for new ones.
The new materials and elimination of windows on the north elevation facing Broad Street were the main points of discussion, with the three panelists unanimously recommending the proposed stucco elements be returned to the previously approved metal panels.
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REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION
“I don’t think that the stucco simplifies the building,” panelist Danielle Fontaine said. “Most important corner in Greenville, and it deserves in materials to be treated as such. I believe it deserves better material than stucco.” Chairwoman Carmella Cioffi agreed. “It looks more like a suburban hotel, not a hotel on a prominent corner,” she said. “Anything that’s been changed to stucco from metal is an issue.” Additionally, a grid of lights was proposed for a wall on the north elevation from which windows were eliminated per Marriott’s specifications for its guest rooms. While Fontaine didn’t mind the design, both Cioffi and Mitch Lehde took issue with its simplicity. “What happens during the day?” Lehde asked. “I think those will get lost.” It was recommended the brick pattern on the wall in question be altered to provide more architectural interest and the lighting highlight the features rather than be the focal point. A motion was made to table the application until the applicant, Auro Hotels, makes the suggested changes, after which they will return for consideration by the entire panel.
BB&T BUILDING
IberiaBank proposed a walk up ATM at 110 E. Court St. outside their new location on the first floor of the EP+CO. building. The scale was deemed too large and unnecessary.
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UBJ | 4.13.2018
The next phase of the Beach Company’s redevelopment of the downtown gateway project at 301 College St. is an undertaking that, among other alterations, will involve individually staining each of the yellow bricks on the BB&T Building, and enlisting an artist to paint monochromatic murals on two sections of the iconic building. After an audible gasp went up from the panel and those in attendance when the applicant, Beach Company senior vice president Dan Doyle, described the painstaking process of staining the bricks a darker color and leaving the mortar its current hue, Cioffi validated that decision by saying she loved the
REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION
idea of updating the dated brick. Fontaine wasn’t as welcoming to the idea of changing the historic look but was open to discussion on it. Australian artist Guido van Helten, known for his historic monochromatic photorealistic murals, has expressed interest in the proposed project. Doyle says the subject of the murals, meant to connect the project to the art-centric Heritage Green, will be up to the artist. Overall, the panel like the idea of the murals, but the decision to approve it falls within the purview of Art in Public Places. The panelists did not approve the black banding proposed to wrap around the building. It was suggested that it be removed altogether or moved to the very top of the building. “The frame’s in the wrong spot,” Lehde said, referring to the building’s acting as a canvas. Revisions were also suggested to the green screen elements proposed
| SQUARE FEET
IBERIABANK ATM
Get a look inside the guidelines and processes of Greenville’s Design Review Board at greenvillejournal.com and this week’s issue.
to run along the side of the parking garage on Academy Street. The certificate for appropriateness was approved with conditions, with the suggested changes to be approved by city staff.
229 AUGUSTA ST. A residential two-unit condo project by Nick Gilley, president of
general contracting company Base 360, was tabled for staff and two members of the DRB to review once revisions to the plan were made. Specifically, the gated entrance to the building was strongly opposed, and Cioffi, in particular, did not think the renderings provided enough detail to approve the proposed materials.
The applicant, Jaclyn Cirillo of Gensler, for a walk up ATM at 110 E. Court St. outside IberiaBanks’ new location on the first floor of the EP + Co. building, managed to wrangle a tabling rather than having to resubmit to a future regular meeting when the design wasn’t approved. The scale of the awning was deemed much too large and unnecessary. Cioffi at first wanted to request a redesign and new submission, which the applicant said would cause unnecessary and expensive construction delays. “This thing is huge,” Cioffi said. “I realize you have to have room to service the ATM, but that’s a lot of room.” The decision, after much discussion, was for the applicant to redesign the awning on a smaller scale and have it approved by staff and two members of the DRB in a timely fashion.
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4.13.2018 | upstatebusinessjournal.com
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COVER |
THE ECONOMIC IMPACT OF THE 2018 WORLD EQUESTRIAN GAMES
SADDLE UP
Photo courtesy of Tryon Resort
How will the 2018 World Equestrian Games in Mill Spring, NC, impact the Upstate?
Words by Trevor Anderson
pstate business leaders aren’t putting the cart before the horse, but they are champing at the bit to see what kind of impact one of the world’s largest equestrian events will have on the region. The Tryon International Equestrian Center (TIEC) in Mill Spring, N.C., will host the Federation Equestre Internationale (FEI) 2018 World Equestrian Games (WEG) Sept. 11-23. TIEC officials said the event could attract more than 1,000 riders, 1,500 horses, and 500,000 spectators from 70 countries, and have a $400 million economic impact in Western North Carolina and the Upstate. “We’re excited for our neighbors 12
UBJ | 4.13.2018
in Tryon [N.C.] to host the World Equestrian Games late this summer,” said John Lummus, president and CEO of Upstate SC Alliance. “While the core action will occur in North Carolina, the event’s location within the greater ‘Charlanta’ region is a great testament to the transportation connectivity, beautiful climate, and hospitable environment this area has to offer. “We anticipate a great deal of eyes will be on Tryon and nearby communities like Asheville [N.C.], Greenville, Spartanburg, and the surrounding retreats. The event draws 500,000 attendees from throughout the globe,” Lummus added. “Because the Greenville-Spartanburg International Airport is the designated airport
of entry for the games, we anticipate a great deal of economic impact as visitors explore our region’s additional amenities.” Hotel operators in Greenville and Spartanburg counties said room blocks allocated for visitors of the games are filling up fast. The local tourism industry is abuzz. “This could quite easily be the largest multiday spectator event between Charlotte and Atlanta, which will certainly benefit Spartanburg County in terms of hotel and restaurant spending,” said Chris Jennings, executive vice president of the Spartanburg Convention and Visitors Bureau. “We plan to work closely with our tourism partners to welcome WEG visitors, showcase all that our
community has to offer, and make sure they want to come back again to visit and explore.” SO, WHAT EXACTLY ARE THE GAMES ALL ABOUT? FEI, the world’s governing body of equestrian sports, describes the games as the major international championship for eight core equestrian disciplines. Founded in 1990, the event is held every four years in the middle of the Olympic cycle, similar to the World Cup in soccer. The disciplines are show jumping, dressage, para-equestrian dressage, eventing, driving, endurance, vaulting, and reining. In layman’s terms, show jumping involves a course where horse and rider must jump over a series of
THE ECONOMIC IMPACT OF THE 2018 WORLD EQUESTRIAN GAMES
2018 FEI WORLD EQUESTRIAN GAMES $400 million
Estimated economic impact
500,000
Spectators anticipated to attend
50,000-60,000
| COVER
“ This could quite easily be the largest multiday spectator event between Charlotte and Atlanta, which will certainly benefit Spartanburg County in terms of hotel and restaurant spending.” Chris Jennings, executive vice president, Spartanburg Convention and Visitors Bureau
Spectators expected per day
1,000
Athletes expected to compete
1,500
Horses anticipated to compete
70
Countries expected to be represented at the games
350 million
Global broadcast audience of 2014 games held in France
8
Equestrian disciplines featured Jumping, Dressage, Eventing, Para-Equestrian Dressage, Driving, Vaulting, Reining, and Endurance The World Equestrian Games will be accompanied by the inagural World Equine Expo and the WEQx Games.
Endurance is a timed long-distance competition across different types of terrain. FEI said the emphasis is on “finishing in good condition rather than coming in first.” Vaulting, according to the U.S. Equestrian Federation (USEF), is like gymnastics on horseback. Competitors are “judged on their ability to smoothly execute compulsory movements” during their routines. USEF said reining “shows off the skills and athletic abilities necessary in the working ranch horse, but does so within the confines of a show pen.” Winners receive gold, silver, and bronze medals. Past games have been held in Sweden, the Netherlands, Italy, Spain, Germany, the U.S., and, most recently, France. This will be the second time the games have been held in the U.S. The first was in 2010 in Kentucky. HOW DID THE GAMES LAND IN TRYON?
obstacles. They are judged on their performance and the time it takes them to complete the course. Dressage includes multiple tests that each involve a series of movements that must be performed by the horse and rider. Para-equestrian dressage is similar to traditional dressage, but the riders who compete have some form of physical impairment. Eventing is basically a triathlon that includes dressage, show jumping, and a cross-country test designed to “prove the speed, endurance, and jumping ability of the horse over varied terrain and obstacles,” according to the U.S. Eventing Association. Driving is similar to eventing, but it involves one or more horses pulling a carriage driven by “drivers” through three phases, including dressage, cross-country marathon, and obstacle/cone driving.
In 2012, Tryon Equestrian Partners (TEP), an investment group composed of several families, purchased the White Oak golf community in Polk County near Tryon via bankruptcy sale for $11 million. The group, led by Harvard Business School graduate and equestrian enthusiast Mark Bellissimo, then purchased additional acreage and began moving forward with a vision to create one of the world’s premier equestrian lifestyle destinations. TIEC, which officially opened in 2015, is the focal point of TEP’s 1,600-acre Tryon Resort. The group describes the resort as a “spring, summer, and fall haven for equestrian competitors and enthusiasts, and a year-round destination for connoisseurs of diverse cuisine and shopping, lodging getaways, and family entertainment.” In August 2016, TEP submitted a bid to host WEG after a lack of funding forced the withdrawal of Bromont, Quebec, as the host venue. Its bid was secured in November of that year.
WHAT’S THE BIG PICTURE? Officials have said WEG is anticipated to be this nation’s highest attended sporting event in 2018 and the fourth largest in the world behind the PyeongChang Winter Olympics, the World Cup in Russia, and the Tour de France. TIEC spokeswoman Kathryn McMahon said the 13-day event could draw in 50,000 to 60,000 people per day. In December, NBC Sports Group announced it had reached an agreement for exclusive multiplatform U.S. media rights to the games. The group said the agreement includes “an unprecedented amount of national equestrian coverage.” The Olympic Channel will present more than 50 hours of coverage, while NBC and NBCSN will combine for almost 15 hours of live coverage from TIEC, according to NBC Sports Group. Coverage will be streamed live on NBCSports. com, the NBC Sports app, OlympicChannel. com, and the Olympic Channel app. Bellissimo said in a statement that the 2014 games held in France attracted a cumulative global broadcast audience of 350 million. IS THERE ANYTHING MORE FOR SPECTATORS? In February, Bellissimo announced WEG will be accompanied by three unique fixtures, including the inaugural World Equine Expo, the WEQx Games, and World Horse Day. The collective event theme is “Celebrate the Horse, Celebrate the Sport,” which focuses on the connection between horses and mankind. The expo is designed to be an annual event that honors, celebrates, and promotes horses and horsemanship, Bellissimo said. It will include a trade fair, demonstrations, educational seminars, clinics, panel, an equine art and film festival, and competitions on topics that support global equestrianism. Bellissimo said the WEQx Games, which will also be included in the expo, are spectator-friendly equine competitions that highlight the acces4.13.2018 | upstatebusinessjournal.com
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COVER |
THE ECONOMIC IMPACT OF THE 2018 WORLD EQUESTRIAN GAMES
HOW DO I WATCH? The Olympic Channel 50 hours of coverage NBC and NBCSN 15 hours of coverage Coverage will be streamed live on NBCSports.com, the NBC Sports app, OlympicChannel.com, and the Olympic Channel app.
sibility, diversity, athleticism, and passion for horse sports for athletes of all ages. The ultimate goal of the WEQx games will be “finding formats that promote personal, spectator, and commercial interest in equestrian sport,” Bellissimo said. World Horse Day will debut at the expo with a charity gala. “World Horse Day will be the ultimate celebration of the horse, an animal that has supported humans since the beginning of time,” Bellissimo said in a statement. “While often an unsung hero, this incredible animal is overdue for its turn in the spotlight. World Horse Day honors the horse and its unparalleled contribution to our world.” TIEC said more details about the three events will be available in the coming weeks. More information about tickets, scheduling, volunteer opportunities, lodging and hospitality opportunities, vendors, and sponsors can be found at www.tryon2018.com.
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UBJ | 4.13.2018
12 LOIS AVENUE GREENVILLE , SC
WHAT ’S NEXT FOR THE UPSTATE, AND HOW WE’LL GET THERE
| FORWARD
Action Plan Response options for businesses with sensitive data breaches Your heart raced when the caller on the partner, Womble Bond phone identified himself Dickinson as an FBI agent. But the conversation was matter-of-fact. About 2,500 sets of credit card information from your clients had been posted for sale on a Ukrainian cybercrime forum along with the personal information of 125 of your current and former employees. The FBI believed that this information was possibly stolen from your business computers and concluded that your network may have been hacked by an Eastern European criminal gang.
the steps you must take to respond. The expertise and assistance that comes packaged with cyber insurance can be as valuable as the liability coverage under the policy — perhaps even more so. Typically, the provider’s breach response team can respond to the breach more efficiently and cheaper than your own team. And your internal leadership team can focus on managing your business during the months ahead.
As you consult with your leadership team, you realize that the list of actions you will need to take seems endless.
• Network security coverage to protect you against claims made by third parties that were economically harmed by the breach, including both customers and vendors. (More than half of the major breaches that have involved national or global companies have come through small vendors whose systems were initially breached.)
By BELTON ZEIGLER
1
2
ou will need to get your IT systems functioning again and ensure Y that the bad guys are out of your system for good. You learn that this may not be easy because hackers often leave back doors to let them return to continue their theft. It will take significant IT expertise to delete them from your system permanently. ou will need to find out how long the criminals were inside your Y system, what data was stolen, and how the criminals may have used your system to hack into the systems of your customers or vendors. This forensic investigation also requires special IT expertise.
3
ou will need to check the contracts you have with customers and Y vendors whose data was compromised, verifying your contractual obligations. Payment card companies have specific provisions concerning breach response and notification, and you need to pay attention to them.
4
ecause of the liability issues involved, you will probably want the B most sensitive parts of the investigation to be guided by an attorney. This allows the results of parts of the investigation to be treated as attorney-client privileged.
5
he biggest headache may be notification of affected customers and T employees. You must notify each person whose personal data was compromised. Legal requirements are different from state to state. The notice you must give will be determined by the breach notification laws of the state in which each customer or current or former employee now lives. You will also need to notify the attorney general’s office in many of these states.
6
ou will probably need a dedicated website for posting information. Y You may need a call center unless you want the people you notify calling in on your business switchboard.
For even a small business, responding to a data breach can be a major expense and a costly distraction from managing the enterprise. One helpful option is to add once-exotic cyber insurance policies to standard property, casualty, and business liability insurance packages.
WHAT DOES CYBER INSURANCE DO? Cyber insurance pays for breach response costs up to policy limits. Often the insurance company provides breach coaches and a pre-positioned team of experts with the roadmap and experience required to walk you through
WHAT ARE THE BASIC PROVISIONS YOU NEED IN A CYBER INSURANCE POLICY? • Coverage for breach response costs, including system restoration, forensic investigation, third-party notification, legal expenses, credit monitoring services, and web and call center response.
• Insurance for third-party liability that may arise if your website is infected with malware that loads itself on to the computers of people who access your site. This is referred to as a watering hole attack. • Business interruption coverage. Businesses that do a lot of sales through the web or by email or telephone may find business interruption coverage a higher priority. • Cybercrime coverage against wire transfer fraud and internal social engineering attacks — the sorts of attacks where employees are tricked into making wire transfers or diverting payments to false accounts. Businesses that deal with multiple foreign customers and suppliers may prioritize coverage for wire transfer fraud and funds transfer loss. • Coverage for costs and damage caused by ransomware or other cyber extortion, and for the damage done to internal systems by malware. Since cyber insurance is a new field, the terms and conditions of cyber insurance policies have not been standardized by decades of practice, as with property and casualty insurance, and it is important when reviewing cyber insurance options that you consult with a skilled adviser who can assess your business’s level of risk and guide you through the terms of the available policies. Lily Tomlin pointed out that “reality is the leading cause of stress among those in touch with it.” Increasingly we are aware of the reality of cybercrime, but reviewing the security steps we need to take to prevent it — as well as our response options should we experience it — will go a long way toward lessening that stress. The author gratefully acknowledges the insights of Bob Graham, vice president of Hub Insurance, on cyber insurance policy provisions. Belton Zeigler, a partner with Womble Bond Dickinson, has a South Carolinabased practice in cybersecurity, utility, environmental, and energy law. He is a senior member of the firm’s data management and cybersecurity team. Connect with Belton at linkedin.com/in/beltonzeigler.
4.13.2018 | upstatebusinessjournal.com
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YOUR MONEY |
NEWS AND TIPS FOR YOUR PERSONAL BOT TOM LINE
Relief for Private School Tuition The new tax benefits of the 529 College Saving Plan Are you a parent or grandparent of a child attending private school? If so, I have good news for you. With the new tax bill, parents who send their kids to private elementary, middle, and high school will have more options when it comes to saving and paying for tuition. Previously, the primary vehicle that offered tax-free growth for K-12 was the Coverdell Education Savings Account (ESA). I have ESAs for my kids, and they’re pretty cumbersome. The contribution amounts are low, and they’re subject to earned income phaseout limits. Enter the recent tax law changes and the South Carolina Future Scholar 529 College Savings Plan. By ROB DEHOLLANDER
CFP®, AIF®, CRPC® Managing Principal, DeHollander & Janse Financial Group
529 PLAN AND THE COVERDELL ESA: Originally designed to help families pay for college — not K-12 — 529 college savings plans are tax-advantaged investment accounts. The earlier you started saving, the greater the benefit from tax-free compounding. Currently, 529 withdrawals are tax-free as long as the funds are spent on qualified higher education expenses, which include tuition, room and board, and computer software and equipment at any eligible post-secondary institution. This part isn’t changing, but the new tax law now allows funds from 529 savings plans to pay for K-12 tuition. With a shorter time horizon, you might not see much of a compounding benefit from using a 529 to pay for elementary or middle school tuition. However, you may be eligible for a state tax break if both you and the student are South Carolina residents. Currently, South Carolina offers residents an unlimited state tax deduction for contributions to their 529 plans. Nationally, the amount of the potential benefit varies by state, but South Carolina’s is one of the best in the country. There are two possible benefits — an immediate state tax deduction for new contributions and a possible long-term tax savings from growth of the underlying investments.
HOW DOES THIS WORK? Here’s the strategy: Assume you’re paying tuition directly to a private school (i.e. Southside Christian, Christ Church, Bob Jones Academy, etc.). Right now, you probably receive no tax relief — you simply use after-tax dollars to pay the tuition bill. Under the new tax law,
you can do two things: 1. Use your existing 529 funds to cover a portion of your tuition (up to $10,000 per year) with tax-deferred savings; and 2. Put new savings in the South Carolina 529 (the money you’re paying for tuition), then withdraw and use these funds for private tuition (contributions must be in the plan at least 10 days), earning a nice state tax break. Finally, a caveat: This works best for annual tuition dollars. Be careful not to raid your existing college savings simply for a tax break. A good financial adviser can help you run the numbers and determine what makes sense.
WHAT ARE THE HIGHLIGHTS? In summary, here are a few highlights of the tax law changes as they relate to the South Carolina 529 plan: • The Tax Cuts and Jobs Act, which was signed into law in December, allows families to use 529 plans to pay for up to $10,000 in tuition expenses at elementary or secondary public, private, or parochial schools. The changes became effective Jan. 1. • Although not all states have adopted it, South Carolina has, and qualified distributions from South Carolina and non-South Carolina 529 plans are exempt from taxes. • The final tax reform bill did not allow 529 plans to be used for homeschooling expenses. • Contributions can be made up to April 15 for the 2017 tax year. • There is no age or income limit to set up a South Carolina Future Scholar 529 plan. • Within the South Carolina Future Scholar 529 Plan, you must leave the contributions in your account for at least 10 days, then allow up to two weeks for processing any transfers to an institution. More information can be found at www.savingforcollege.com, and information regarding setting up a 529 account can be found at www.futurescholar.com. Robert DeHollander is a managing partner and co-founder of the DeHollander & Janse Financial Group in Greenville.
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UBJ | 4.13.2018
PLAY-BY-PLAY OF UPSTATE CAREERS
PROMOTED
PARTNERED
SELECTED
PROMOTED
| ON THE MOVE
HIRED
CHRIS MOORE
SARA SHUMPERT
STEVEN FARRAR
ANNEMARIE MURPHY
BRITANY OCHALEK
Has been promoted to vice president and general manager of CarolinaPower. Moore has been with CarolinaPower since it was established in 1999. He previously served as operations manager. Moore is a graduate of the Georgia Institute of Technology with a bachelor’s in electrical engineering.
Has partnered with packagingschool.com. Shumpert was part of the founding team in 2015 and has worked to create the premier resource for online education for the packaging industry. Shumpert graduated from the Clemson University College of Business and is president of the local LeadHER organization.
Has been selected to the National Foundation for Judicial Excellence Board. Farrar currently works for Smith Moore Leatherwood LLP in Greenville and previously worked as a certified public accountant. He serves as the firm’s assistant general counsel and risk manager.
Has been promoted to president of United Community Bank SBA Division. Murphy has more than 22 years of experience in SBA lending and has been a leader in the bank’s SBA team since it launched in 2014. Murphy holds a bachelor’s degree from Alleghency College and a master’s degree from the University of Alabama.
Has joined Engenius as a content strategist. Ochalek brings over five years of marketing and writing experience to the team. She earned her bachelor’s degree in English from the University of North Carolina Charlotte.
LEADERSHIP Julie Capaldi, President of United Way of Pickens County, has been recognized by local business leaders for her impact on local students. Capaldi received the 2017 Distinguished Service Award from Manufacturers Caring for Pickens County for her work with Camp iRock, a summer reading camp for students struggling with reading in Pickens County.
HEALTH CARE Interim HealthCare of the Upstate has been given a 5-star rating on Medicare. gov for the 10th consecutive quarter, out of the 11 quarters the ranking system has been in place. Interim HealthCare of the Upstate is a locally owned hospice and home health care agency. Medicare.gov awards the rankings based on patient surveys.
MANUFACTURING The U.S. Department of Commerce has announced the Department's Economic Development Administration (EDA) awarded a $1.5 million grant to Piedmont Technical College Inc. of Greenwood to construct a new building to house the Upstate Center for Manufacturing Excellence on the college's Greenwood campus. The project is expected to create 86 jobs and spur more than $16 million in private investment.
REAL ESTATE This year’s CoStar Power Broker Awards have been awarded to professionals who closed the highest transaction volume in commercial property sales. Forty brokers from the Greenville Spartanburg area have been recognized, and the top 10 brokers based on sales were the following: Bern DuPree (NAI Earle Furman LLC), Brian J. Young (Cushman & Wakefield | Thalhimer), Elliott Fayssoux (Cushman & Wakefield | Thalhimer), Joey Weinel (SVN Blackstream LLC),
VIP CHRIS G. NEELY The Office of the White House Press Secretary has released an announcement of President Donald Trump’s intent to appoint Chris G. Neely, executive director of the Meyer Center, as chair of his Committee for People with Intellectual Disabilities. He will serve the remainder of a two-year term, ending in May 2018, and an additional two-year term. Neely joined the Meyer Center in 2016 and previously served as director of development for the University of South Carolina’s Arnold School of Public Health. He has worked as director of government relations and public affairs for both Reynolds American and Walmart Stores. Neely is a major in the Army National Guard and has served in both the Army and Navy. Neely said, “I am deeply honored that President Trump has selected me to lead the efforts of this very important committee. I look forward to continuing my role at the Meyer Center while working with our administration to help improve the quality of life experienced by people with intellectual disabilities like my son, Marsh.”
John Parker (BroadStreet Partners), Kay Hill (NAI Earle Furman LLC), Peter Couchell (NAI Earle Furman LLC), Tony Bonitati (NAI Earle Furman LLC), Tripp Sellers (CBRE), and Tyson Glasser (RealtyLink).
CONTRIBUTE: New hires, promotions, & award winners may be featured in On the Move. Send information and photos to onthemove@upstatebusinessjournal.com. 4.13.2018 | upstatebusinessjournal.com
17
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INFORMATION YOU WANT TO KNOW
THE WATERCOOLER Social Chatter
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RE: HUB CITY Q&A
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RE: YOUNG PROFESSIONALS SHOULD DRIVE THE UPSTATE’S FUTURE
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RE: GREENVILLE’S FIRST HOMELESS COORDINATOR “Might want to take a ride down to the Dirty Myrtle for some quick lessons on how >NOT< to do that.”
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| PLANNER
DATE
EVENT INFO
WHERE DO I GO?
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Tuesday
Greenville Chamber of Commerce’s Gubernatorial Lunch series feat. Gov. Henry McMaster (R)
Greenville Marriott 1 Parkway E 11:30 a.m.–1 p.m.
Cost: $40 investors, $80 general admission For more info: kbusbee@greenvillechamber.org; www.bit.ly/2EFDFF1
Sunday
Greenville Chamber of Commerce’s Upstate Chamber Coalition Democratic Gubernatorial Debate
Furman University 3300 Poinsett Highway 7–9 p.m.
For more info: www.bit.ly/2DEg1Dq; kbusbee@greenvillechamber.org; 864-239-3748
Tuesday
Better Business Bureau’s Business at Breakfast: Shh, Finding Great Talent in a Tight Market
Keller Williams Realty Greenville For more info: 864-331-3319; Upstate, training room - 2nd floor hope@upstatesc.bbb.org 403 Woods Lake Drive https://go.bbb.org/2uQI0B5 8-9:30 a.m.
Wednesday
4/25
Upstate Business Journal’s Business on Tap
13 Stripes Brewery 250 Mill St., Ste. PW3101, Taylors 5:30-7 p.m.
Cost: Free
Thursday
4/26
Greenville Chamber of Commerce’s Leadership Summit
Greenville One Center 2 W. Washington St. 8 a.m.–1 p.m.
Cost: $40 investors, $80 general admission For more info: www.bit.ly/2DKBGdb; tmiller@greenvillechamber.org; 864-239-3743
Tuesday
Greenville Chamber of Commerce’s Excellence in Entrepreneurship Small Business Awards
Cascades at Verdae Ballroom 10 Fountainview Terrace 5:30–7:30 p.m.
Cost: $15 For more info: www.bit.ly/2DKBlap; tjames@greenvillechamber.org; 864-239-3728
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MAY 4 COMMERCIAL REAL ESTATE ISSUE
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
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.
>>
JUNE 1 INNOVATION ISSUE
Chairman larry Jackson, Jackson marketing Group. Photos by Greg Beckner / Staff
Jackson Marketing Group celebrates 25 years By sherry Jackson | staff | sjackson@communityjournals.com
JUNE 29 LEGAL ISSUE Got any thoughts? Care to contribute? Let us know at upstatebusinessjournal.com/submit.
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
2009 Jackson Dawson changes name to Jackson marketing Group when larry sells his partnership in Detroit and lA 2003
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
2009-2012 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
AS SEEN IN
NOVEMBER 1, 2013
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