FEBRUARY 2013
Members of the Conway Arvest team, from left: Josh Dunlap, business banking loan officer; Kevin Wish, vice president and commercial lender; Doug Hailey, vice president and mortgage loan officer; Pat Murphy, Conway market president; Lori Case, vice president of business development; and Karolyn Ziemer, vice president and mortgage loan officer.
The Arvest Difference: Arkansas’ largest bank has a small, family atmosphere FULL STORY, PAGE 4
Chamber recognized for commitment to education
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he Conway Area Chamber of Commerce’s commitment to pre-K education has earned it the Business Pacesetter award from the Arkansas Campaign for Grade-Level Reading. The organization, which is dedicated to increasing the number of children who read proficiently by the end of third
grade, presented the Chamber with the award at the statewide AR-GLR Action Summit. The Arkansas Campaign for Grade Level Reading is a collaborative effort of the Winthrop Rockefeller Foundation and Arkansas Advocates for Children and Families. In October 2012, the Conway Area Chamber announced a partnership with local nonprofit Lifelong Learners Inc. to develop a pre-K program focused on kindergarten readi-
ness, parental involvement and quality instruction. To fund the effort, the Chamber will commit $50,000 annually from its Toad Suck Daze festival proceeds. Senior vice president Jamie Gates said that investing in early childhood education furthers the Chamber’s commitment to prepare the next generation’s workforce and create more opportunities for Conway’s young people. “The Chamber has been an advocate for high-quality edu-
cation in Conway for more than 100 years; our goals haven’t changed,” he said. “While we will continue to support higher education in our area, we also recognize the importance of early learning. We want to equip our day cares, preschools and parents with the best in training and teaching materials.” A number of studies show that 85 percent of brain development occurs before age 5. For this reason, Lifelong Learn-
ers aims to give child care providers access to professional development opportunities and high-quality curriculum. The organization will also develop and distribute milestone-focused parenting and teaching methods to the parents and caregivers of children up to age 5. The Lifelong Learners initiative began working with four pilot sites in the fall of 2012. The sites encompass nine child care providers and more than 270 area preschoolers.
Local conferences promote, celebrate entrepreneurs
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onway will soon host two events dedicated to building a stronger entrepreneurial community in Arkansas: BarCamp Conway and ThinkBig Arkansas.
BarCamp Conway BarCamp Conway gives area technology professionals the opportunity to learn about and teach a variety of topics. The fourth annual event will take place Saturday, Feb. 23, at the University of Central Arkansas’ College of Business building. According to the event’s website, a BarCamp is a “participatory ‘un-conference’ event where the attendees are in charge of what happens.” Participants have the opportunity to propose a breakout session of topics to present. All conference attendees then select which topics they want to see presented. The result is a conference with an instantly tailored agenda. 2 | FAULKNER COUNTY BUSINESS JOURNAL
“Our goal with BarCamp Conway is to grow and connect the tech and entrepreneurship community in Arkansas,” said event organizer Drew Spurgers. “The event isn’t exclusive to just web designers or graphic designers. Our hope is that anyone interested in design, promotion, business, entrepreneurship or technology will attend and leave with new energy and passion.” In keeping with BarCamp tradition, the event is free. The inaugural event drew more than 100 participants in 2010. Last year’s effort drew more than 200 attendees, and Spurgers thinks that hosting the event during the school year could attract 300 or more people to attend this year. To register for BarCamp Conway, visit BarCampConway.com. The 2013 BarCamp is presented by the Conway Area Chamber of Commerce, UCA College of Business and ABC Financial. ThinkBig Arkansas On the heels of BarCamp
Conway is ThinkBig Arkansas, a new event that will officially launch Startup Arkansas. Startup Arkansas is part of the Startup America Partnership, an effort that supports a national network of startup communities. ThinkBig Arkansas will take place Friday, March 1, at Hendrix College. The goal of the daylong event is to connect entrepreneurs from around the state and facilitate an open discussion around building a strong and vibrant startup ecosystem in Arkansas. The event will feature two high-profile entrepreneurs who will speak about startup communities and help lead discussions: Scott Case, the CEO of Startup America and the co-founder of Priceline.com; and Brad Field, a managing director at Foundry Group and the co-founder of Tech Starts. “This will be an exciting, motivating day of thoughtprovoking discussion to get people thinking big, or bigger, on how to start more businesses here in Arkan-
• See Conferences, 3
Worksite Wellness Programs Benefit Employers, Employees
W
ith the rising costs of medical care and health insurance, many employers have implemented wellness programs that are mutually beneficial to both the company and its employees.
As part of the Conway Area Chamber of Commerce’s Small Business Lunch and Learn series, the Arkansas Department of Health will discuss the
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advantages worksite wellness programs can have on an organization’s employees and its bottom line. The session will take place Tuesday, Feb. 12, from 11:30 a.m. until 1 p.m. at the Chamber building, located at 900 Oak Street. Research has shown that companies with worksite wellness programs have reduced health care costs as well as fewer employee absences and on-the-job injuries. Companies with worksite wellness programs may also experience an increase in productivity and
employee morale. In addition to the presentation by the Arkansas Department of Health, a large Conway employer will also talk about the success of their wellness program. Jayme Mayo, wellness director at Nabholz Construction Services, will share how the wellness program Nabholz implemented six years ago has resulted in improved health for employees and below average increases in health insurance rates for the company. The Nabholz wellness program has been featured in the
HBO documentary series “The Weight of the Nation.” Employees of Chamber member businesses can attend the Lunch and Learn at no cost. Seating is limited to the first 40 participants, so advance registration is required. To reserve a seat at the Small Business Lunch & Learn, visit ConwayChamber. org/events. For questions or additional information, contact Mary Margaret Satterfield, director of events at the Conway Area Chamber, at 501-9325412 or Mary@ConwayArkansas.org.
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sas,” said Josh Smith, chief operating officer and cofounder of Conway-based PrivacyStar. Registration for ThinkBig Arkansas is available online at StartupArkansas.com. There is no cost to attend, but attendees are asked to bring money for lunch and dinner, which will be provided by area food truck vendors. Jamie Gates, senior vice president of the Conway Area Chamber of Commerce, said BarCamp Conway was a success from day one, and ThinkBig Arkansas will be no different. “Events like BarCamp Conway and ThinkBig Arkansas are part of having a satisfied, modern workforce,” Gates said.
Inuvo locates HQ in Conway, plans to add new jobs
nuvo Inc. (NYSE MKT: INUV) announced last week that it would move its corporate headquarters from New York to Conway, Ark.
The Internet marketing and technology company anticipates the creation of 50 highly-skilled jobs within the state over the next four years. Senior leaders in the company have committed personally to
the move. Inuvo develops consumer applications that make using the Internet easier and delivers targeted advertisements onto websites owned by partners and the company. Inuvo recently announced fiscal 2012 preliminary unaudited revenues of $53.3 million dollars, up 49 percent from the previous year. Working closely with the Arkansas Economic Development Commission (AEDC),
Inuvo analyzed in great detail the benefits of relocation and anticipates that within six months of the move, the company would be on a run rate to improve operations by as much as $1.5 million dollars annually. The state will be helping Inuvo move through a grant that can be used to fund relocation and equipment expenses. Inuvo’s headquarters will be located in downtown Conway at 1111 Main Street.
“Conway continues to build an attractive climate of success for knowledge-based industries,” Gov. Mike Beebe said. “Between the three universities and numerous existing technology companies, Inuvo’s leaders knew they would find a hard-working, educated workforce ready to fuel the company’s continued growth.” Inuvo facilitates the purchase of hundreds of millions of dollars in product sales
online annually through a combination of its marketing and technology skills. “Our community is excited to welcome not only Inuvo’s investment but Inuvo associates from around the country,” said Mayor Tab Townsell. “Conway has spent the last decade investing in education, quality of life and infrastructure for the very purpose of attracting talented people like the ones so critical to Inuvo’s success.”
Chamber program connects businesses, community
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he Conway Area Chamber of Commerce is launching a new program called “13 in 13” that gives individuals an inside look into 13 businesses that have had a significant role in developing Conway’s economy.
At each visit, 13 attendees will gain insight into the history and operations of some of Conway’s largest employers. “We anticipate the 13 in 13 program will give people a unique opportunity to learn more about the community where they live and work,” said Lindsay Wygal, senior vice president of Chamber operations. “It’s a value-added
benefit to our members and an opportunity to get a behind-thescenes look at the organizations that have helped shape the Conway economy.” Hewlett-Packard is the site of the first visit, which will take place Wednesday, March 20, from 10:30 a.m. until 12:30 p.m. Participants will receive a tour of the $36 million, 155,000square-foot, LEED-certified
facility. They will also learn about the business groups and technology that reside at the Conway site. Future visits with the following businesses are scheduled for this year: Acxiom Corporation, Central Baptist College, Conway Public Schools, Conway Regional Health System, Kimberly-Clark, Nabholz Construction, RockTenn, Snap-
on Equipment, Southwestern Energy, The Village at Hendrix, the University of Central Arkansas and Virco Manufacturing. The 13 in 13 program is free to the employees of Chamber member businesses. Space is available on a first-come, firstserved basis. For more information or to make a reservation, email Lindsay Wygal at Lindsay@ConwayArkansas.org. FAULKNER COUNTY BUSINESS JOURNAL | 3
COVER STORY
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The Arvest Difference:
Arkansas’ largest bank has a small, family atmosphere
fter nearly a decade of growth and commitment to Conway, Arvest Bank knew it was time to expand its local capabilities to better serve the needs of its customers and the community.
In doing so, four long-term bankers joined Arvest in 2012. All have the same thing to say about their new employer: “It’s different here.” Lori Case serves as vice president of business development and had previously been with another bank in Conway for more than a decade. “Customer satisfaction takes top billing at Arvest and that requires associates who like what they do and are excited to be able to take good care of our customers. While earnings are important at Arvest, everything we do doesn’t hinge on quarterly profits.” According to Case, Arvest has a culture focused on providing exceptional customer service with a style that makes for a pleasant place to work. Case went on to say that while Arvest is the largest bank chartered in Arkansas with about $14 billion in assets, the bank operates as a community bank in each of its geographical markets. Arvest has more than 240 locations — three of which are in Conway — and is in the process of purchasing 29 Bank of America branch locations in Arkansas, Kansas, Missouri and Oklahoma. Arvest is also the state’s largest originator of home loans and small 4 | FAULKNER COUNTY BUSINESS JOURNAL
At the January 2013 sales rally for Arvest’s Little Rock-central Arkansas region, Lori Case of Conway (center) was recognized as Top Referral Associate in the non-lender category for the second quarter in a row. business loans. Doug Hailey, vice president and mortgage loan officer at Arvest, has been in the banking industry for 22 years. Hailey has worked for large national lenders and two of the 20 largest banks in the United States. Being a privately-owned institution and having leaders focused on customers and communities is what Hailey says distinguishes Arvest from other banks. “The biggest difference I see starts at the grass roots — the culture of this company,” Hailey said. “Arvest’s mission is, ‘People helping people find financial solutions for life.’ This is apparent in just about everything we do here — from the transparency of the decision-making processes to the customer service at the teller window. It’s very much a family atmosphere for the employees, and that’s the approach we take with our customers.”
Hailey said he had always worked for mortgage servicers and continuing to do so was important to him. “My goal is to create a customer, not a transaction,” Hailey said. “Arvest is a large mortgage servicer as well as a home loan lender, meaning we almost always service the loans we make. We work with that customer from the day they obtain financing to the day they pay the loan off and are one of the few banks that do that.” Kevin Wish, vice president and commercial lender at Arvest, worked two years at another bank in Arkansas and 12 years at a big bank ranked in the Top 25 largest nationally. He said the culture at Arvest Bank is unlike any other. “Arvest is an enjoyable place to work because there are genuinely happy workers here,” he said. “Little things that happen here make for a customer-friendly banking experience.”
Creating a positive and memorable experience for the customer is an essential part of Arvest’s success. The bank creates the customer experience though the experiences of ethics, courtesy, competency, concern and commitment. Arvest associates also follow seven simple rules to show how much they care about their image, fellow associates and their customers. These small actions that have a big impact include picking up debris in and around any Arvest location, returning all messages before leaving work for the day, and wearing the “Blue Badge” nametag at all times. “The seven rules are instilled in everyone,” said Josh Dunlap, business banking loan officer. “It’s the little things that make the biggest difference.” Dunlap is Arvest’s most recent hire in Conway after working 13 years with a big bank ranked in the Top 25 nationally. “Even the working hours at Arvest are unique. We are open from 7 a.m. until 7 p.m. We actually open five minutes early every day and close five minutes late. That’s a small detail that makes a difference.” It’s not only the new Arvest employees who love their job. Karolyn Ziemer, mortgage loan officer and vice president, will have worked for Arvest Bank for nine years in March. “Associates enjoy working here,” Ziemer said. “It starts with the ownership and trickles down. Our owners and leadership set the tone.” Ziemer said that each of the 16 Arvest markets holds quarterly sales rallies and monthly communications meetings. The sales rallies recognize top producers in all areas — from tellers to
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rvest is an enjoyable place to work because there are genuinely happy workers here. Little things that happen here make for a customer-friendly banking experience. assistant managers to lending managers — and associates enjoy breakfast, door prizes and entertainment. At the most recent rally for central Arkansas, Lori Case was recognized as Top Referral Associate in the non-lender category for the second quarter in a row. Ziemer said that Arvest is good about recognizing employee achievement both formally and informally. In addition to the awards given at sales rallies, associates in the central Arkansas region are also encouraged to send ‘People Helping People’ emails when they witness co-workers going above and beyond to help a customer. “We receive PHP emails every day,” Ziemer said. “It is great to work with people who love what they do and who go the extra mile to provide a customer with a positive experience.” Conway market president Pat Murphy, a nine-year Arvest veteran, agreed. “I am excited about our new team. We all enjoy working together and taking care of our customers.”
A welcome expansion of government Few seats EDITORIAL
Sometime during the last decade Conway emerged as a destination for retail, dining, healthcare and even entertainment. It became a city that looked more like a regional center for trade than a just county seat. Thanks to our U.S. Congressman Tim Griffin you can add another attraction to the list — constituent service. Rep. Griffin became the
first member of the Arkansas federal delegation to open a “branch office” office in Conway. Two members of his staff will be on hand to address the needs of residents from around the second congressional district. This is a tremendous service to any area resident who deals regularly with the federal government on issues ranging from veteran’s
benefits to agriculture. The Conway office will also likely serve residents from Perry, Van Buren, Conway and White counties. The time and trouble a nearby office saves is the first step toward providing good government. Conway’s central location and other regional services make for a great match. The congressman would
be upset if we didn’t let everyone know that the addition of a Conway office doesn’t mean an increase in government spending. In fact, it could mean a decrease. Rep. Griffin has downsized his Little Rock office and put the savings to work at 1105 Deer St. Decisions like that are just smart. That’s another reason it’s a good match for Conway.
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remain at Annual Meeting
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lthough the Conway Area Chamber of Commerce’s Annual Meeting is more than a month away, most of the 900 seats available have been sold. Bart Shaw, vice president at the Chamber, said that he expects Annual Meeting to sell out completely as it has in previous years. “Annual Meeting is Conway’s largest business event and draws attendees from across the state,” Shaw said. “Seating is limited, and we expect a sell-out event soon. We encourage any businesses or individuals that want to attend to get their tickets now.” The event is scheduled for Thursday, March 14, at 6:30 p.m. and will take place at the University of Central Arkansas’ HPER Center. Scott Howe, president and CEO of Acxiom Corporation, will be the featured guest at this year’s event. A marketing and advertising veteran, Howe has extensive experience in digital media and technology. He was a corporate vice president of Microsoft Advertising Business Group prior to being named Acxiom’s top executive in July 2011. Another highlight of Annual Meeting is an award presentation honoring individuals and businesses that have made a difference in Conway over the past year. “Annual Meeting is a chance for us to take time to appreciate the individuals and businesses that make Conway an even better place to live,” Shaw said. “Our city continues to flourish in large part because of them.” To reserve a table at Annual Meeting, email Shaw at Bart@ConwayArkansas. org or call 501-932-5405.
Unemployment Rate December 2012 US . ........................ 7.8% Arkansas................. 7.1% Faulkner County..... 6.6% Conway................... 6.3% *Faulkner County & Conway not Seasonally Adjusted Sales Tax Collections Conway* November 2012............. $1,853,144 2011............. $1,842,520 Percent Change 0.58% Year to Date (Nov.) 2012........... $20,719,269 2011........... $20,045,396 Percent Change 3.7% Annual* 2011........... $22,366,464 2010........... $21,868,102 Percent Change 2.3% *Tax Rate 1.75% Faulkner County* November 2012................ $660,842 2011................ $675,614 Percent Change -2.2% Year to Date (Nov.) 2012............. $7,700,145 2011............... 7,445,249 Percent Change 3.4% Annual* 2011............. $8,279,301 2010............. $7,834,226 Percent Change 5.7% *Tax Rate 0.5% Restaurant Sales* December 2012........... $12,815,001 Annual Sales 2012......... $153,412,988 2011......... $144,646,055 2010......... $134,082,891 Percent Change (201211) 6.1% *Not including mixed drink sales Hotel Sales December 2012............. $1,156,995 2011............. $1,184,875 Percent Change -2.4% Annual Sales 2012........... $18,683,676 2011........... $18,662,136 2010 ......... $17,590,242 Percent Change (201211) .12% Conway Building Permits Single Family Homes January 2013................ 4 Permits
2012................ 7 Permits 2011................ 6 Permits 2010 ............ 28 Permits Percent Change (201312) -42.9% Average Construction Cost* January 2013................ $112,500 2012................ $215,000 2011............... $328,333 2010................ $131,518 Percent Change (201312) -47.7% Average Square Footage* January 2013...................... 1,967 2012...................... 3,002 2011...................... 3,409 2010...................... 2,116 Percent Change (201312) -34.5% Annual 2012............ 186 Permits 2011............ 153 Permits 2010 .......... 223 Permits Percent Change (201211) 21.6% Average Construction Cost* Annual 2012................ $207,537 2011............... $204,387 2010................ $182,340 Percent Change (2012 -11) 1.5%. *Not including land or lot improvements Average Square Footage* Annual 2012...................... 2,910 2011...................... 2,814 2010...................... 2,722 Percent Change (201211) 3.4% * Total under roof Lottery Sales Faulkner County January 2013............. $1,224,016 2012............. $1,337,499 2011............. $1,404,002 2010............. $1,615,289 Percent Change (201312) -8.5% Annual 2012........... $18,393,242 2011........... $16,788,678 2010........... $17,540,450 Percent Change (201211) 9.6%
Total State December 2012........... $33,691,499 2011........... $39,180,699 2010........... $39,762,737 Percent Change (201211) -14.0% Annual 2012 ........ $452,245,217 2011 ........ $474,879,701 2010......... $459,916,256 Percent Change (20212011) -4.8% Natural Gas Severance Tax Distribution January Faulkner County 2013.................. $14,395 2012.................... 13,599 Percent Change 5.9% Conway 2013.................. $17,789 2012.................. $16,844 Percent Change 5.6% Annual Faulkner County 2012................ $131,418 2011................ $204,052 Percent Change -35.6% Conway 2012................ $162,457 2011................ $254,822 Percent Change -36.2% Wellhead Price per MCF* November 2012 ..................... $3.35 2011 ..................... $3.35 2010 ..................... $4.12 2009...................... $4.20 2008...................... $5.23 2007...................... $6.46 Yearly Average 2011......................$3.95 2010......................$4.48 2009......................$3.67 2008......................$7.97 2007......................$6.25 2006......................$6.39 2005......................$7.33 2004......................$5.46 2003......................$4.88 2002......................$2.95 *MCF=1000 cubic feet Number of Active Wells* Faulkner County....... 350 Total in Field ......... 4,481 *As of December 12, 2012 Estimated Life Time Value of Production* Total Field....................... $11,382,327,198 *As of September 30, 2012
Information provided by pulseofconway.com
Restaurants: Conway’s Latest Growth Industry
By Roger Lewis
Time was, if you wanted to go out in Conway to eat at a nice restaurant with a white tablecloth there was just one place to go: the Bachelor Hotel on Front Street. That time was about 1950. And what if you wanted pizza or Chinese food? Answer: head to Little Rock. These days you have many choices, whether you want white tablecloths, pizza, Chinese or some other specialty. Today, you have about 150 restaurants to choose from. Any establishment that sells prepared food that is ready to eat at the point of sale is required to collect the two percent Advertising and Promotion tax, often referred to as the hamburger tax. Those tax reports are the source of the information in this article. (Food vendor may be a more appropriate term than restaurants, but I am going to stick with restaurant.) Thus, restaurants include delis in grocery stores and gas stations and specialty shops such as those that sell frozen yogurt, ice cream, donuts and bakery items. During 2012 there were 235 establishments in Conway that sold prepared food. This number includes seasonal businesses such as concession stands, Toad Suck Daze food vendors and establishments that closed. Excluding these, and also establishments that sell prepared foods as an ancillary to their main business (convenience stores, supermarket bakeries, and delis for example), there were about 150 establishments in Conway, as of Dec. 31, selling prepared food as their full time business. Of course, this increase in number of restaurants can be attributed to both the overall growth of our area and to changing patterns of dining out. Two times stand out during
this period of change. In 1974 the population of Conway was 15,510 and the first McDonald’s Restaurant opened on Oak St. It was a huge success. At that time most restaurants were single establishments, locally owned. After that first McDonald’s, there was a proliferation of national fast food chain restaurants. Now with Conway’s population of approximately 60,000 and Faulkner County at 120,000, many more restaurants are supported. With a few exceptions, most of the successful restaurants today, in terms of sales, are national chains or franchises of chains. The two exceptions among the Top 20 are Stoby’s and Mike’s Place, both independent, locally-owned restaurants. A second important time was August 2004 when the Arkansas Alcohol Beverage Control granted Mike’s Place a permit to serve alcoholic beverages. This was the catalyst that brought more nationally-known restaurants such as Chili’s and TGI Friday’s to Conway. Though, as you will see later in this article, serving alcohol is not necessary for success, it is important for certain types of restaurants. Now, with all the amenities that Conway offers, including a large selection of restaurants, the once common practice of going to Little Rock for entertainment and dinning is passé. To use a metaphor, we have moved way up in the food chain. Restaurant sales have a significant effect on Conway’s economy. The $153 million in sales for 2012 produce an average of almost $13 million a month. These numbers do not include liquor sales, which add another $8 million bringing the total to $161 million. Data on liquor sales is not available by individual business. During 2012, 20 new restaurants opened and 16 closed —
several of the new restaurants lasted less than six months before closing. While the opening of a new restaurant takes business away from other restaurants and may cause some to close, the overall pie is getting larger. In the past five years annual sales grew from $124 million to $161 million, including alcoholic beverage sales, an average annual increase of $7.4 million approximately 5.5 percent per year. Restaurants, the 150 full-time ones, vary in annual sales from $100,000 to $4.4 million. Each day in Conway nearly $425,000 is spent on prepared food — no wonder every restaurant chain wants a presence here. Restaurants have been a growth industry in Conway. 1. Chick-fil-A 2. Golden Corral 3. Chili’s* 4. Cracker Barrel 5. McDonald’s (Salem) 6. TGI Fridays* 7. McDonald’s (Dave Ward) 8. McDonald’s (Hwy 65N) 9. Marketplace Grill 10. Outback Steakhouse* 11. Stoby’s 12. Fuji Japanese Steakhouse* 13. Mike’s Place* 14. Colton’s Steak House 15. Logan’s Roadhouse* 16. McDonald’s (Oak)^ 17. Buffalo Wild Wings* 18. IHOP 19. Taco Bell (Prince) 20. Taco Bell (Oak)
*serves alcohol
Conway Economy at a Glance
The table shows Conway’s Top 20 restaurants in sales for 2012. Note that in the Top 10 restaurants, only three sell alcoholic beverages and the top restaurant, Chick-fil-A is not open on Sundays. You can obtain more information on restaurants sales and the economy of Conway and Faulkner County by going to the Pulse of Conway website (www. pulseofconway.com). I thank my friend Chris Spatz for editing and helping me with this article. FAULKNER COUNTY BUSINESS JOURNAL | 7