Providing High-Quality Financial Advisement with a Hometown Feel (Winter 2022)

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NORTH METRO BUSINESS JOURNAL

WINTER 2022

BUSINESS JOURNAL

Conway Wealth Management: Providing High-Quality Financial Advisement with a Hometown Feel

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NORTH METRO BUSINESS JOURNAL

WINTER 2022

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Conway Chamber subsidiary Conway Publications Inc. launching new publication North Metro Business Journal to be discontinued

Conway Publications Inc. is introducing a new publication and website to its suite of advertising opportunities.

Pulse of Conway is replacing the monthly North Metro Business Journal and will be the premier source for business news in the region. The publication – available in print and

Businesses are invited to submit company news, such as new hires and promotions, to Pulse of Conway at no cost.

Email news@pulseofconway.com to submit.

To sign up for Pulse of Conway’s monthly newsletter, visit pulseofconway.com/signup-2. n

via pulseofconway.com – will feature economic development news, business profiles, interviews with local leaders, and a comprehensive look at the local economy. The goal is to make Pulse of Conway readers the most informed professionals in the market.

Pulse of Conway will offer advertisers an exclusive partnership with Arkansas Business Publishing Group. Every month, more than 3,000 copies will go to all Arkansas Business subscribers within the Conway trade area and to “C-Level” subscribers statewide. Print editions will also be direct mailed to 1,000 high-value businesses and households.

The remaining regular circulation will be available at newsstands located in high-traffic areas around Conway, including hotels and restaurants. Finally, Pulse of Conway will be distributed at major events organized by the Conway Area Chamber of Commerce, such as Annual Meeting, Outlook Conway, and Women in Business.

Advertising opportunities in Pulse of Conway includes a 500to 550-word article with images featured in the print publication and on pulseofconway.com, full-page ads, and half-page ads.

Priority has been given to businesses that commit to advertising in all 12 issues. Those interested in advertising can email ads@conwayarkansas.org.

”

The health of our communities relies on every eligible Arkansan getting the COVID-19 vaccine as soon as it becomes available to them .

– Curtis Barnett, Preside nt and Chief Executi

ve Officer, Arkans

as Blue Cross

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Westrock Coffee Company Comes to Conway in City’s Largest Capital Investment Project Westrock Coffee Company announced plans Dec. 16 to expand its

The Conway facility will be used to develop, produce and distribute

operations to Conway in the largest capital investment project in the

Westrock’s coffee, tea and ready-to-drink products and provide

city’s history.

space for a product development lab to create, test and produce new

Westrock purchased the former Kimberly-Clark plant in the Conway

beverages. The space will be designed to manufacture and package

Industrial Park and plans to invest more than $100 million in the

canned and bottled cold brew coffees, lattes, assorted teas and juice-

524,000-square-foot facility, creating 250 jobs.

based products.

“I don’t think we could have been more fortunate to find a match for this facility,” Brad Lacy, president and CEO of the Conway Area Chamber of Commerce and Conway Development Corporation, said.

Westrock also announced new developments in North Carolina and Malaysia.

“We are expanding our finished product offerings, adding end

“Not only are we filling a specialized facility, we’re doing it with a

beverage packaging solutions, and expanding our geographic reach to

company that is growing rapidly, holds a great reputation and is led by a

meet our growing customer demand,” Scott Ford, CEO and co-founder

family who knows how to grow a business. We’re fortunate to be a part

of Westrock Coffee, said in a news release. “Our growth benefits

of that story now.”

everyone at Westrock Coffee — from our global customers and farmer

Westrock Coffee, headquartered in Little Rock, is the leading integrated coffee, tea and extract service provider in the country with offices in 10 countries and operations around the world. Westrock

partners to our current and future employees and the communities where they live.”

Fifty jobs will be created in Conway following phase one of the site

sources its coffee and tea from 35 countries and partners with its

build out — expected to be completed by early 2023 — with a total of

local farmers to provide sustainable agriculture education and better

250 jobs over time. Hiring will begin for select positions in January with

growing practices.

an operations start date slated for late 2023.

“Their entire story is exciting,” Lacy said. “The mission as it relates to farmers in an array of countries, being a part of this greater mission that is bringing prosperity to people across the globe is impressive. It’s business with a mission, and it’s a mission that is honorable and good.”

Lacy said the addition of Westrock Coffee puts Conway in the middle of a growing industry sector that has never been part of Conway’s business profile.

“Westrock Coffee and Conway will be an exceptional partnership.

I am delighted to welcome them to our community,” Conway Mayor Bart Castleberry said. “The city is fortunate to have Westrock Coffee bring its global presence, outlook and commitment to investing in the lives of their partners throughout the world. I look forward to Westrock continuing their success in Conway and abroad for years to come.”

The full build-out is estimated to take the company 2-5 years to complete.

“This is an extremely quick repurposing of a facility,” Lacy said.

“Especially one this large and specialized.”

The jobs created will be advanced and highly skilled positions with some salaries reaching more than $100,000. n

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Virtual Business Series: Year-End Spending The end of the year always provides a unique opportunity for

“That includes for tractors, trucks, work vans, agriculture

businesses to invest in their company and lower their tax liability by

equipment, technology equipment, printers, signage, phone

purchasing equipment for their operations, said Arvest Equipment

systems and more,” Lewis said. “We even financed football turf for

Finance Vice President Patrick Lewis.

a local high school. There isn’t a whole lot that is out of the realm of

“Using a tax strategy, known as accelerated depreciation, small business owners can purchase equipment or spend money on

possibilities.”

The Virtual Business Series is co-hosted by the Conductor and

improvements and lower their tax liability for the year,” Lewis said

the Conway Area Chamber of Commerce and sponsored by Arvest

during the December Virtual Business Series. “If you’re purchasing,

Bank and Kanga Studio. It runs the second Thursday of each month

say a truck for your company, you can use the wear-and-tear of

between April and December. n

that asset in the earlier years to lower your income.”

Lewis urged small business owners to review year-end spending plans with an accountant before moving forward.

The influx of federal dollars to small businesses and banks, alike, has created a situation where small businesses are looking to spend money and banks are looking to lend money, as well, said Lewis.

However, supply shortages mean equipment purchases might require more work on the front-end to complete, Lewis said.

“Demand for goods is up,” he said. “If you need equipment, you

“Using a tax strategy, known as accelerated depreciation, small business owners can purchase equipment or spend money on improvements and lower their tax liability for the year.”

may have to expand that search beyond central Arkansas.”

Arvest Equipment Finance is a division of Arvest Bank that offers customer-focused banking and creative solutions for its clients. It advises clients on equipment financing options.

- Patrick Lewis, vice president, Arvest Equipment Finance

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WINTER 2022

Conway Regional announces $8 million capital campaign Conway Regional has launched the public phase of the largest

Conway Regional announced the campaign during a gala celebration

fundraising effort in the Health System’s history. We’re Growing

marking the organization’s centennial anniversary. Troup was joined

Together is a $60 million comprehensive capital investment with a

by Michael Stanton, MD, and Charles Nabholz, co-chairs of the capital

goal of raising $8 million through the support of generous donors and

campaign, the Conway Regional Board of Directors, physician partners,

partners. This enables Conway Regional to bring innovative services,

employees, and other community members and special guests.

more specialists, new clinics, and expanded access to care to the surrounding communities.

“For more than 100 years, Conway Regional has provided highquality, compassionate care to the communities we serve,” said

Troup also recognized William Furlow, MD, Barbara Williams, Ph.D., RN, and Pastor E.C. Maltbia for decades of service to Conway Regional and the community. Each of the honorees received an exclusive commemorative coin celebrating the centennial anniversary.

Matt Troup, President and CEO. “Our vision to enhance the patient

For more information about We’re Growing Together or to donate

experience, ensure excellence in life-saving treatment, and train and

to the Conway Regional Health Foundation, call 501-513-5191 or email

recruit world-class providers is supported through gifts made to the

foundation@conwayregional.org. n

Conway Regional Health Foundation.”

In announcing the public phase of the campaign, Conway Regional also announced that $7 million has been raised toward the total goal of $8 million. The total includes a $2 million gift from the Sunderland Foundation, the largest gift to date.

Additionally, Conway Regional was awarded a $1 million challenge grant from the Mabee Foundation, and for the first time, funded two projects entirely by philanthropy: a new laboratory and expanded behavioral health services.

“We’re Growing Together is an opportunity to demonstrate our community’s incredible generosity,” said Troup. “Our team has taken significant steps toward achieving the goals of this campaign. and making a transformational difference in the health of individuals in north central Arkansas, central Arkansas, and the River Valley. We invite the community to join us on this exciting journey.”

“Our vision to enhance the patient experience, ensure excellence in life-saving treatment, and train and recruit world-class providers is supported through gifts made to the Conway Regional Health Foundation.”

- Matt Troup, president and CEO, Conway Regional

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Conway Wealth Management: Providing High-Quality Financial Advisement with a Hometown Feel When new clients walk into Conway Wealth

As an independent firm, Pillow said it allows

The typical new client at Conway Wealth

Management, owner Greg Pillow wants them

his team to provide the best of both worlds:

Management comes in for an assessment

to leave with a clear and extensive picture

the services of a big-name firm from a local

and a follow-up appointment with

of their financial situation and how they can

staff of experts.

recommendations. After that, there’s a

move forward to achieve their goals, whether it be saving for retirement, a house or a child’s future education.

Conway Wealth Management offers comprehensive financial planning.

“We do a full, comprehensive plan that

meeting once or twice every year to make sure things stay on track.

Pillow said the firm’s approach gives

involves retirement, investments, insurance

its clients the confidence to navigate the

a difference in someone’s life and help

analysis, and talk about tax situation and

ups and downs of the market, strengthen

someone,” Pillow said. “It’s meaningful work.

estate planning,” Pillow said. “We look at all

their financial standing and build wealth

To see clients execute what we’ve planned

the areas of their finances.”

over time.

“It’s a job where you can truly make

over the years is fulfilling.”

Conway Wealth Management started in 2013 as a two-person shop with Pillow and Rita

Many prospective clients are scared to

“If we’ve done that comprehensive

visit a financial advisor, Pillow said, but it’s

planning on the front end, it’s designed

something everyone needs to do.

to withstand these kinds of events,” he

Stapleton, operations manager, and has since

“A lot of people are worried they won’t

said. “We anticipate these events in our

grown to a seven-person staff, including four

stack up, they’re not prepared or they’re

planning so that our clients can weather

financial advisors with decades of experience.

just apprehensive. They don’t want to be

those things.”

“I’ve learned through the years that

embarrassed,” he said. “We don’t do that. We

Conway Wealth Management is located at

having good people is probably one of the

meet with our clients, work out a plan and if

825 Parkway St. It is open 8:30 a.m. to 4:30

most important things because you can’t do

you’ve done all these steps beforehand, that’s

p.m. Monday through Thursday and 8:30

everything yourself,” Pillow said. “We have

great, but if not, we help set you on the path to

a.m. to 3 p.m. Friday.

good, good people who are helping us grow

achieving those things.”

and provide great service to our clients.”

Pillow is joined by fellow financial advisors Nancy Jackson, Taylor Shouse and Jeff Wicks. Receptionists Kathleen Strack and Sandra McCoy round out the local financial planning office.

“We do a full, comprehensive plan that involves retirement, investments, insurance analysis, and talk about tax situation and estate planning. We look at all the areas of their finances.”

- Greg Pillow, owner, Conway Wealth Management

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Greg Pillow, CFP®

Jeff Wicks

WINTER 2022

Nancy Jackson

Taylor Shouse

Q&A with Greg Pillow, owner of Conway Wealth Management What is the biggest mistake you see

Another common mistake is never getting

What are some of the misconceptions

people make regarding financial

started. You can start with $50 a month.

you encounter about financial

planning and investment?

Instead, people put it off for years and miss

advising?

People continually try to time the market.

They will try to decide when to invest based

valuable growth.

Another is putting money in gimmicky

Number one is that we just sit around and trade stocks all day. Yes, we provide

on the market, when in reality, the best thing

investments that make unrealistic

retirement and investment services, but

is to invest on a regular basis in good, quality

promises that never come to fruition.

we do so much more for our clients on

investments. Just this last year, there were

A lot of these are insurance products or

a daily basis. Another is that we charge

some who cashed out in the spring of 2020

non-registered products, so there is no

an exorbitant amount for our services.

over concerns over COVID — at the time the

accountability or recourse when they

We do charge a fee, but we don’t receive

market was down 20 to 30 percent — and

don’t perform as promised and are

complaints from our clients about them.

missed some of the best investing periods of

difficult to unwind.

their lives.

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What are your thoughts on Bitcoin and

What are the signs or red flags of a bad

recommendations, but we also listen to our

other cryptocurrencies?

financial advisor?

clients. If someone wants to do something

I feel like it is incredibly speculative, so if a

If there’s not an initial interview and

that I don’t think is a good idea, we’re

person has a portion of their portfolio that he

assessment where they try to learn as much

courteous and respectful, and we share our

or she considers to be speculative, that is when

as possible in the beginning, you know, how

opinion. We don’t shame our clients or

it’s appropriate. People have been successful

would they know what to recommend? Now,

ignore them. n

using it as a speculative investment, but I would

there are times when that’s not needed, but

not recommend it being the main thing a person

most of the time, you need to sit down with an

invests in, just based on experience with similar

advisor and give them a clear picture of what’s

things in the past.

going on, so they can be informed and provide

Everyone has a different percentage they are willing to commit to speculation, but that’s how I look at every speculative investment.

Sandra McCoy

sound advice.

I would say the same thing for someone who

Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC.

doesn’t listen to you as a client. We make our

Kathleen Strack

Rita Stapleton

“I’ve learned through the years that having good people is probably one of the most important things because you can’t do everything yourself. We have good, good people who are helping us grow and provide great service to our clients.”

- Greg Pillow, owner, Conway Wealth Management

North Metro Economy at a Glance Population US ..........................328,239,523 Arkansas ....................3,017,804 Conway............................67,638 Cleburne County ..............24,919 Conway County ...............20,846 Faulkner County ............126,007 Perry County ....................10,455 Van Buren County ............16,545

Bank Deposits June Conway 2020....................$2,294,135,000 2019....................$2,225,851,000 Percent Change .................3.07%

Civilian Labor Force October-2021 Seasonally Adjusted US ..........................161,458,000 Arkansas ....................1,353,519

Perry County Conway County 2021. . ...........................$206,888 2020........................$441,204,000 2019........................$394,275,000 2020.............................$152,253 Percent Change ............... 11.90% Percent Change.............. 35.88% Tax Rate........................... 2.50% Faulkner County Van Buren County 2020.................... $2,784,315,000 2019.................... $2,668,253,000 2021.............................$349,665 Percent Change..................4.35% 2020.............................$399,821 Percent Change.............-12.54% Tax Rate........................... 2.00% Perry County

Not Seasonally Adjusted US.......................... 161,863,000 Arkansas.....................1,344,667 Conway............................33,291 Cleburne County.................9,025 Conway County..................8,168 Faulkner County...............60,420 Perry County......................4,153 Van Buren County.............. 5,870 Unemployment Rate October-2021 Seasonally Adjusted US...................................... 4.6% Arkansas ........................... 3.7% Not Seasonally Adjusted US .......................................4.3% Arkansas..............................2.4% Conway................................2.1% Cleburne County ................. 2.7% Conway County ...................2.5% Faulkner County ..................2.1% Perry County ........................2.7% Van Buren County ................2.8%

Conway County 2021..............................$580,679 2020..............................$529,315 Percent Change .................9.70% Tax Rate .............................1.75%

Faulkner County 2021. . ........................$1,057,411 Cleburne County 2020.............................$919,762 2020........................$692,960,000 Percent Change.............. 14.97% 2019........................$638,385,000 Tax Rate........................... 0.50% Percent Change.................. 8.55%

2020..........................$79,502,000 2019..........................$71,362,000 Percent Change ............... 11.41%

Restaurant Sales Tax Collections* Van Buren County Year to Date (November) 2020......................$377,761,000 Conway 2019......................$324,814,000 2021...........................$4,303,864 Percent Change ............. 16.30% 2020...........................$3,533,268 Sales & Use Tax Collections Percent Change................21.81% *Includes mixed drink sales November Conway 2021...........................$3,318,368 Hotel Sales 2020...........................$2,928,441 Tax Collections Percent Change............... 13.32% Tax Rate.......................... 2.125% Year to Date (November) Conway Cleburne County 2021.............................$367,831 2021.............................$660,015 2020.............................$655,927 2020.............................$237,378 Percent Change................ 0.62% Percent Change.............. 54.96% Tax Rate......................... 1.625%

Residential Building Permits Year to Date (November) Conway 2021......................................390 2020......................................322 Percent Change.............. 21.12%

Residential Units Sales Year to Date (November) Conway 2021......................$196,766,873 2020......................$184,683,391 Percent Change.............6.54%%

Residential Units Sold (New and Existing) Year to Date (November) Conway 2021......................................804 2020......................................837 Percent Change...............-3.94%

Cleburne County 2021.......................$116,068,509 2020.......................$113,646,049 Percent Change..................2.13%

Cleburne County 2021......................................395 2020......................................461 Percent Change.............-14.32% Conway County 2021.......................................111 2020.......................................124 Percent Change.............. -10.48% Faulkner County 2021...................................1,683 2020...................................1,735 Percent Change...............-3.00% Perry County 2021........................................39 2020........................................44 Percent Change.............-11.36% Van Buren County 2021.......................................171 2020.......................................155 Percent Change................10.32%

Conway County 2021.........................$17,017,005 2020.........................$17,127,116 Percent Change................ -0.64% Faulkner County 2021.......................$394,171,039 2020.......................$370,561,481 Percent Change..................6.37% Perry County 2021...........................$6,723,000 2020...........................$6,052,673 Percent Change................11.07% Van Buren County 2021........................$32,094,660 2020........................$26,124,345 Percent Change.............. 22.85%

Average Price of Residential Units Sold (New and Existing) Year to Date (November) Conway 2021..............................$244,735 2020..............................$220,649 Percent Change................10.92% Cleburne County 2021.............................$293,844 2020.............................$246,521 Percent Change.............. 19.20% Conway County 2021..............................$153,306 2020..............................$138,122 Percent Change................10.99% Faulkner County 2021..............................$234,207 2020..............................$213,580 Percent Change..................9.66% Perry County 2021..............................$172,385 2020..............................$137,561 Percent Change................25.32% Van Buren County 2021.............................$187,688 2020.............................$168,544 Percent Change.............. 11.36%

Sources: 2014-2018 ACS 5-Year Data Profiles, Arkansas Department of Workforce Services, C2ER, Sperling’s Best Places, Arkansas Department of Finance & Administration, Federal Deposit Insurance Corporation, Cooperative Arkansas Realtors’ Multiple Listing Services, Arkansas Realtors Association, and City of Conway.

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Sissy’s Log Cabin Women in Business Honors Best of Best In December, Sissy’s Log Cabin Women in Business honored individuals who have excelled in leadership and community service, marking the awards’ 10th year.

There were five recipients of the Outstanding Women in Business award. This year’s recipients were Dr. Amanda Bledsoe, Bledsoe Chiropractic; Carla Brockman, Rogers Group Inc.; Karil Greeson, Bank of America; Jennifer Mouser, Salter Construction Inc.; and Teneicia Roundtree, TreeHouse Cleaning LLC. The Sissy’s Log Cabin Women in Business Awards also honored one individual with the Outstanding Woman in Nonprofit Award, which is presented to those who work within the fields of nonprofit, education or government. This year’s recipient was Elissa Douglas, Independent Living Services Inc. The Diamond Achievement Award was also given and recognizes someone with at least 25 years of professional experience and has inspired and empowered many generations of women. This year’s recipient was Teresa Little, Milestone Services Inc. This year’s guest speaker was Natalie Stute, chief human resources officer at Gainwell Technologies.

Sissy’s Log Cabin Women in Business Awards was presented by Baptist Health Medical Center-Conway, Patticakes Bakery and Stoby’s. Legacy sponsors were First Arkansas Bank & Trust and Silverlake Design Studio. Diamond sponsors were RE/MAX Elite: Keith Pike Agency, Edward Jones, Elite Services and Gainwell Technologies. Speaker sponsors were Conway Corporation and Nabholz Corporation. Award sponsors were Acxiom and First Community Bank. Luncheon hosts were Engage Management and Salter Construction Inc. Gift bag sponsor was Bledsoe Chiropractic.

Gold sponsors were Arvest Bank, Braswell and Son, Cintas, Conway Regional Health System, First Security Bank, KimberlyClark, Klaasmeyer Construction, RE/MAX Elite: The Emily Walter Team, Rogers Group, Salter Construction and Simmons Bank. Gift providers were Crain Hyundai and Crain Genesis of Conway, Park Hill Home, Reynolds Performance Hall and Sherwood Urgent Care. n

Dr. Amanda Bledsoe

Carla Brockman

Karil Greeson

Jennifer Mouser

Teneicia Roundtree

Elissa Douglas

Teresa Little

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Conway Public Schools Superintendent Closes Out Year for CEO Luncheon Conway Public Schools Superintendent Jeff Collum closed out the year for CEO Luncheon on Dec. 7 at Central Baptist College.

Collum provided an update on the school district, detailing new programs and updates, future plans, and goals. The Conway School District has 16 campuses with nearly 10,000 students and more than 1,200 employees.

Collum became the superintendent in July, replacing Dr. Greg Murry, who retired at the end of the 2020-21 school year.

Prior to coming to Conway, Collum was superintendent in Hallsville, Texas, and Benton. He also served as the executive director of secondary education for the Tyler Independent School District in Tyler, Texas, and has also held roles as principal, teacher and coach across Texas.

Collum has 15 years of administrative experience. He was named administrator of the year in 2010 and 2014 for his work in Texas and Arkansas.

The CEO Luncheon Series is held four times throughout the year and features a top executive of a Conway-area company or organization. CEO Luncheon is presented

by Nabholz Corporation. Garcia Wealth Management-Northwestern Mutual is the speaker sponsor. The host sponsor is Central Baptist College. n

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