A Daily News-Record Publication
Volume 19, No. 6, April 24, 2018
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ines s u b i r g A Page 4
Va. Ranks 9th For Direct-To-Consumer Sales
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Tuesday, April 24, 2018
SHENANDOAH VALLEY BUSINESS JOURNAL
Inside This Issue Focus Section: Agribusiness The Shenandoah Valley Business Journal is a monthly publication of Daily News-Record 231 S. Liberty St., Harrisonburg, VA 22801.
■ Local Markets Offer Connection To Farms.......Page 4
Other Business News
Editorial Staff Publisher: Craig A. Bartoldson Managing Editor: Jerry Blair Staff / Contributing Writers: Ryan Cornell, Vic Bradshaw Contributing Photographer: Daniel Lin
■ SVRA Sees Smooth Carrier Transition.............Page 8 ■ House Sales Rise In City, County......................Page 9 ■ County Economic Director Steps Down............. Page 9
Columns ■ Financial Focus with Kathy Armentrout..........Page 3
Harrisonburg, Va.
Contact us By mail: Shenandoah Valley Business Journal P.O. Box 193 Harrisonburg, VA 22803 By email: svbjnews@dnronline.com By fax: 433-9112 By phone: 574-6281 (news) 574-6229 (ads) On The Cover: Maggie Walker of Monterey pays for vegetables from Woods Edge Farm part-owner Calvin Nolt at the Harrisonburg Farmers Market. Daniel Lin / DN-R
Harrisonburg, Va.
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Tuesday, April 24, 2018
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Should You Make Extra Mortgage Payments?
E
very month, you pay your mortgage. And, depending on your circumstances, you may be able to afford to put in additional payments — perhaps sizable ones. But should you? Or, if you really have the extra money, should you invest it? Initially, you might think it would be quite nice to rid yourself of that mortgage sooner, rather than later. But is it really the burden it seems? Actually, you get some real benefits from a mortgage. It certainly provides something of great value to you — your home. If you got your mortgage — or refinanced your home — within the past decade or so, you are borrowing money at a pretty favorable interest rate, by historical standards. And even assuming a mild rate of inflation, such as we’ve had for the past several years, you’ll essentially be paying off your mortgage with cheaper and cheaper dollars over time. Plus, your interest payments may well be tax deductible. (The new tax laws limit deductions on new mortgages of $750,000 or more. For questions on your specific situa-
tion, consult your tax professional.) So, given these advantages, an argument could be made that you should be in no hurry to pay off your mortgage. Still, you might be tempted to make the extra payments because you’ll be building home equity. After all, isn’t this equity valuable? It is — to a degree. The larger your home equity, the more money you’ll get to keep when you eventually sell your home. But in the meantime, that home equity may be less useful than you might imagine. For one thing, just building more equity won’t make your home more valuable — it will rise (or fall) in value along with whatever’s happening in the housing market. By contrast, you could take the extra money and buy more shares in an investment such as stocks – and the more shares you own, the more valuable your investment will be if the price per share rises. Also, if you were to experience a temporary job loss or some other financial emergency, your home equity might not help you much; if you’re not working, you could even have trouble getting a home
Miller Promoted To Lead Northwestern Mutual Of fice
She earned at bachelor’s degree in integrated science and technology from James Madison University in 2002. Twelve years later, she obtained a master’s degree in business administration from Capella University. Miller also is an instructor at The American College of Financial Services in Bryn Mawr, Pa., and is vice president for the National Association of Insurance and Financial Advisors for the state of Virginia. She holds Series 6 and 63 licenses and earned a Life Underwriting Training Council Fellow designation from The American College of Financial Advisors. Northwestern Mutual provides insurance and wealth management services.
HARRISONBURG — Christy Miller has been promoted into the managing director’s position at Northwestern Mutual’s Harrisonburg office. Miller, who began working as a financial adviser in the officer in November, has more than 15 years of experience in the industry. She’ll be responsible for Miller managing and training advisors, building the staff, starting an internship program, and finding ways to enhance the company’s community involvement.
— Vic Bradshaw See MOVERS, Page 6
Financial Focus Kathy Armentrout
equity loan. Conversely, your investment portfolio can offer you greater liquidity, depending on your specific investments. Most investment vehicles, such as stocks and bonds, generally can be sold quickly, without much difficulty. (Keep in mind, though, that if you were forced to sell investments when their price was down, you could take a loss on the sale.) Clearly, you could gain some advantages by using any extra money to invest, rather than paying down your mortgage. Nonetheless, you may simply get emotional and psychological satisfaction by
Cadence To Be Acquired By Kohlberg & Co. Of New York STAUNTON — Cadence Inc., a provider of precision components and finished devices for advanced surgical and specialty industrial applications, announced April 17 that it is being acquired by Kohlberg & Co., a private equity firm based in Mount Kisco, N.Y. Alan Connor, Cadence’s president and CEO, will continue to lead the company and its management team will remain in place, according to a statement announcing the sale. Kohlberg, according to the statement, plans on maintaining Cadence’s current operations, which are based in Staunton. The company employs 475 worldwide, according to the release. Cadence did not disclose the purchase price or when the sale would be complete.
speeding your progress toward the day when your house is paid off — and that type of satisfaction certainly has value. You’ll need to weigh these intangible factors carefully in deciding whether to increase your investments or make extra mortgage payments — because, ultimately, you need to feel that you’re doing the right thing, for the right reasons. This article was written by Edward Jones for use by Kathy Armentrout, an Edward Jones financial adviser at 560 Neff. Ave., Suite 100, Harrisonburg; 540-574-1013.
“This transaction is a significant milestone in the history of Cadence and a testament to the outstanding team we have assembled,” Connor said in the statement. “We are proud of what we have achieved as a team and excited about partnering with Kohlberg and writing the next chapter of the company’s history together.” Cadence provides end-to-end design, engineering and manufacturing services for its customers across the entire product life cycle. According to the company, it manufactures devices for medical device and specialty industrial companies for the endoscopy, minimally invasive orthopedics, laparoscopy, robotics, life science and specialty industrial end-markets worldwide. According to the statement, Kohlberg’s See SCENE, Page 5
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Tuesday, April 24, 2018
SHENANDOAH VALLEY BUSINESS JOURNAL
Harrisonburg, Va.
A Direct Connection To Consumers
Farmers Market Vendors Make A Living Off The Land By RYAN CORNELL Daily News-Record
HARRISONBURG — The Y2K bug brought Sue Freesen and her husband to the Shenandoah Valley. It was 1999, she said, and they were searching for a way be self-sustaining. They found their answer in a 40-acre patch of farmland outside Staunton. So, the Freesens packed their bags, left their home in central Illinois and traveled halfway across the country to live off the land in Augusta County. Flash forward nearly 20 years later and you might find one of the Freesens on a Tuesday or Saturday manning their booth at the Harrisonburg Farmers Market at Turner Pavilion. The Freesens, who have been setting up their stand for the past 17 years, are one of the roughly 60 vendors that make up the city farmers market. Their operation, Charis Eco-Farm, sells jams, eggs, pork and grass-fed beef, among other products.
Ninth In The Nation According to survey results released by the U.S. Department of Agriculture’s National Agricultural Statistics Service in December 2016, Virginia ranks ninth in the U.S. in direct farm sales. In 2015, the survey said, 3,415 Virginia farms reported direct farm sales of food, including value-added products, bringing in a combined $217 million. Studies have shown that each dollar spent at a farmers market can generate as much as an additional $1.40 in spending in the businesses surrounding the market, according to a website for the Virginia Farmers Market Association. And, the VFMA says, successful farmers markets increase property values, bring permanent businesses into empty storefronts and increase tax revenues for host cities. Freesen said one advantage of selling her produce directly to consumers at a
Daniel Lin / DN-R
Tara and Haydon Caldwell of Mathias, W.Va., talk to Rich McDonough of Wild-Wood Gardens at the Harrisonburg Farmers Market at Turner Pavilion. According to survey results released by the U.S. Department of Agriculture’s National Agricultural Statistics Service in December 2016, Virginia ranks 9th in the U.S. in direct farm sales. The survey said in 2015 that 3,415 Virginia farms reported direct farm sales of food, including value-added products, bringing in a combined $217 million. farmers market is that she gets to set her own prices and makes a greater profit. Another benefit, she said, is the contact with customers. “They get the chance to talk to you and say, ‘How have you raised this?, What is different between the way you raise it and when you go to Walmart and buy it?’” she said. “And we can tell them how we rotationally graze our animals, we can tell them what kind of feed we use.” Not only are farmers markets important for buying fresh local food, but also
they fill a social niche, said Reber Cribb, operations manager for the Harrisonburg Farmers Market. “When I’m at the market, it always reminds me of the town squares of old where people would gather together and talk about the week and just kind of see what’s going on in each other’s lives,” he said. As operations manager, Cribb is responsible for a lot of what goes on behind the scenes of the market: promoting, designing maps, manning the social media accounts, attending meetings.
“Something we struggle with is just trying to figure out the best way to get the word out there,” Cribb said. “We do a lot of posters and things of that nature. I know social media is big these days so we’re trying to embrace that more ... it seems like everyone supports us but it’s just hard to figure out what most people are going to see.”
Mushroom Man Across the pavilion from the Freesens’ See CONNECTION, Page 5
SHENANDOAH VALLEY BUSINESS JOURNAL
Harrisonburg, Va.
Tuesday, April 24, 2018
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Harrisonburg Farmers Market Open Tuesdays, Saturdays During Normal Season Connection
FROM PAGE 4
Charles Long, owner of Long Roots Farm in Middlebrook, works on his ledger in between helping customers at the Harrisonburg Farmers Market. Studies have shown that each dollar spent at a farmers market can generate as much as an additional $1.40 in spending in the businesses surrounding the market, according to a website for the Virginia Farmers Market Association.
booth, Steve Sheng stands beside a table loaded with gray oyster and pearl oyster mushrooms. Before moving to Stanley two years ago, Sheng worked in information technology and commuted to an office in Manhattan, about three blocks from Wall Street. He grew mushrooms in the backyard of his Queens apartment as a hobby, he said, but soon “grew tired of the city life and the nine to five.” Sheng, who produces about 100 pounds of mushrooms a week, started selling them at the Harrisonburg Farmers Market in January. Before he joined the market, he was selling them to a Falls Church supermarket, but wasn’t making much profit off his wholesale prices. He said he’s appreciated the helpful atmosphere at the farmers market. “It’s a very friendly community,” he said. The Harrisonburg Farmers Market is open through Thanksgiving from 8 a.m. to 1 p.m. on Tuesdays and Saturdays. For more information, visit the market’s website at harrisonburgfarmersmarket.com. Contact Ryan Cornell at 574-6283 or rcornell@dnronline.com
Daniel Lin / DN-R
Kohlberg ‘Excited’ For Partnership Scene
FROM PAGE 3
acquisition will speed up Cadence’s expansion of it capabilities and ability to serve customers in all its core locations. “We are excited to be partnering with the team at Cadence,” Roger Prevot, operating partner of Kohlberg, said in the statement. Kohlberg, founded in 1987, has organized eight private equity funds, through which it has raised $7.5 billion of committed equity capital, according to the statement. — Staff reports
VBS Mortgage Changes Name To F&M Mortgage In April HARRISONBURG — VBS Mortgage announced April 1 that its name had changed to F&M Mortgage to reflect its parent company. The company will continue to operate in its current structure, according to a press release. According to the release, the Timberville-based Farmers & Merchants Bank’s decision to rebrand the mortgage division coincides with the bank’s 110th anniversary. This year also marks the 10th year
of ownership of the mortgage company, the release states F&M Mortgage, a full-service mortgage lender, has branches in Harrisonburg, Woodstock and Fishersville. F&M Bank Corp., parent company of Farmers & Merchants Bank, also owns VSTitle. — Staff Reports
LD&B Insurance Ranks Seventh Among 2,200 Erie Affiliates HARRISONBURG — LD&B Insurance and Financial Services has been recognized as a top 10 agency by Erie Insurance. According to a news release, LD&B ranked seventh out of 2,200 Erie affiliates nationwide based on an analysis of growth, business quality and other metrics. The company has been recognized by as an Erie Insurance Elite award winner for more than a decade. LD&B operates offices in Bridgewater, Broadway, Harrisonburg, Luray, Mount Jackson, Staunton, and Woodstock. — Vic Bradshaw
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Wealth Adviser Huggins Tapped For Ameriprise Hall Of Fame HARRISONBURG — Andrew Huggins, a private wealth advisor with The Myrias Group’s office in Harrisonburg, has been earned recognition in the Ameriprise Financial Hall of Fame, according to a news release. Hall of Fame honors are reserved for professionals that perform at a high level for years. CreHuggins ated in 1986, less than 2 percent of the company’s advisors have been selected for the honor. With Ameriprise, the Hall of Fame is considered a lifetime achievement award. Huggins is one of 22 advisors that will be inducted into the Hall of
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Fame at the company’s 2018 National Conference in San Francisco. The Myrias Group is a private wealth advisory practice for Ameriprise with offices in Harrisonburg, Strasburg and Winchester. — Vic Bradshaw
Slaven Named 2018 Virginia Farm Bureau Ambassador HARRISONBURG — Madison Slaven of Augusta County has been selected as the 2018 Virginia Farm Bureau Ambassador. Slaven’s family owns and operates Maple Springs Farm on Burketown Road in Weyers Cave. She’s in her senior year at Virginia Tech, majoring in animal and poultry sciences and minoring in international trade and development. She received a $3,000 cash award from Farm Bureau and its women’s
S S
See MOVERS, Page 7
Harrisonburg, Va.
SHENANDOAH VALLEY BUSINESS JOURNAL
Tuesday, April 24, 2018
Program Open To 18- to 26-Year-Olds Movers
FROM PAGE 6
committee for being selected an ambassador, a recognition program open to people ages 18 to 26 who want to be a spokesperson for agriculture and Farm Bureau. She’ll make public appearances as an industry and organization advocate. Ashley Yanego of Shenandoah County was second runner-up for the honor. — Vic Bradshaw
tion, including Rep. Bob Goodlatte, R-Roanoke, or members of their staffs. The apple industry representatives talked to the elected representatives about issues important to the future of agriculture, includCoffman ing labor and foreign trade matters, the upcoming Farm Bill, and the need for more research on apples.
Coffman Lobbies In Washington, D.C., For Apple Industry In March HARRISONBURG — Aaron Coffman of Cootes Store Farms was among a group of nearly 60 apple growers from across the country that visited Washington, D.C., in mid-March to lobby for the industry. The trip arranged by the U.S. Apple Association included visits with some of the state’s congressional demonstra-
— Vic Bradshaw
Payne Added To Miller, Earle & Shanks Law Firm Roster HARRISONBURG — Stephen Payne has been hired as an associate at the Miller, Earle & Shanks law firm. According to a news release, Payne See Movers, Page 10
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Tuesday, April 24, 2018
Harrisonburg, Va.
New SVRA Carrier ‘Solid’ SkyWest Airlines Sees Smooth Transition To Service For Region By VIC BRADSHAW Daily News-Record
HARRISONBURG — Through its first week, SkyWest Airlines’ launch of commercial air service locally has proven to be as advertised. “Solid performance. No cancellations,” Greg Campbell, executive director of the Shenandoah Valley Regional Airport, said of the St. George, Utah, carrier’s first 19 flights to and from Weyers Cave under the United Express banner. “They are proving to be exactly what we’d heard they were and hoped they would be.” Its first full day of flights to and from Dulles International Airport in Northern Virginia and Chicago O’Hare International Airport was April 4. For years, the local airport has sought a regional carrier to provide
service to major hubs that business and frankly,” he said. “As I recall, they had leisure travelers could count on. to [cancel] some flights even in the first Officials thought they’d solved the week, a couple of flights, because they problem in 2016, when Orlando, couldn’t deliver. Fla.-based ViaAir was chosen “We thought it would improve to serve the airport and and never did. That first 90 began providing daily days was a disaster.” flights to and from Campbell said he’s From our observations, Charlotte Dougnot aware of any siglas International nificant delays that it looks like passenger loads Airport in North caused problems for are really good. With the Carolina. But travelers over the fare enhancements ... I Via proved unpast week. Despite reliable, leading some weather isthink the service is going to local airport ofsues last weekend, see some good traffic this ficials to seek an he said, the airline summer. early exit from ran on time and, in their two-year consome cases, early. tract through the He added that Greg Campbell, SVRA federal Essential Air he’s been impressed executive director Service program. by the professionalism Via’s problems, Camphe has seen from SkyWest bell said, became evident earcrews, and the reviews from ly on and never improved on a consis- travelers he has talked to have been tent basis. positive. “They struggled from the beginning, The number of people flying, said
“
Campbell, also appears to be up. SVRA doesn’t get reports on passenger counts until the end of each month. “From our observations,” he said, “it looks like passenger loads are really good. With the fare enhancements that came along a couple of weeks ago, along with, hopefully, continued good performance by SkyWest, I think the service is going to see some good traffic this summer.” People are asking how SkyWest is doing, Campbell said, and many have told him they’ve booked flights. James Madison University also has embraced the service, booking a number of flights. Under its two-year contract, SkyWest will receive a federal subsidy of up to $2.9 million a year for serving Shenandoah Valley Regional under the EAS program. That money comes from fees air travelers pay whenever they purchase a ticket. Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com
2018 Roll of Honor The Daily News-Record wishes to recognize the many businesses, industries, churches and organizations that have played a vital part in the economic growth and prosperity of our beautiful Shenandoah Valley Area.
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This can be a tricky and complicated answer but the only accurate answer is, nobody knows. There are plenty of predictions but in reality, that’s all they really are. Mortgage rates are determined daily depending on investor demand for bonds, and more specifically Mortgage Backed Securities. There are many things that affect whether or not investors are buying or selling bonds such as economic data, world events, Fed positions etc. The more demand there is for bonds the lower rates will go, and when bonds sell off rates go higher. Predicting rates is essentially the same as predicting market direction.
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First-Quarter Sales Rises 3 Percent By VIC BRADSHAW
First Quarter Home Sales
Daily News-Record
HARRISONBURG — Inventory, schminventory. The inventory crunch that led to a sales downturn the last half of 2017 didn’t abate in the first quarter of this year. But the number of sales in those three months was greater than in any first quarter over the last decade, and prices rose noticeably compared to last year. According to Multiple Listing Service data compiled by the Harrisonburg-Rockingham Association of Realtors, 239 homes sold locally in the first quarter. That was 3 percent higher than the 232 sold last January, February and March. Karl Waizecker, principal broker with Kline May Realty, said the trend reflects a necessary attitude adjustment among many buyers. “Inventory does continue to be a big, big problem,” he said, “but sales were strong in the first quarter because there were so many buyers out there that were hovering, waiting for the right home to come on the market. “People are concerned interest rates might rise. They figure it’s best to do it sooner rather than later. It is very, very competitive among buyers right now.” That competitiveness helped push prices up year-over-year. The median sales price jumped 8.4 percent, to $206,000 from $190,000 last year. The average price was $232,432, up $17,927, or 8.4 percent, versus the same period in 2017. “I assumed there would be an upward push in price based on the supply,” said Micah Branson, director of business develop-
The following data, compiled from the Harrisonburg-Rockingham Association of Realtors Multiple Listing Service reflects Q1 for 2018 and 2017 comparison.
2018 Total sales
2017
Pct. change
239
232
3.02%
Median sales price
$206,000
$190,000
8.42%
Average sales price
$232,432
$214,505
8.36%
48
63
-23.81%
Median days on market
Notes: Data is for residential sales in Harrisonburg and Rockingham County. Days on market is defined as the number of days from listing to contract.
ment for Old Dominion Realty, “and I think the diminished supply has hopefully caused us to be a little more aggressive about getting sellers of the fence.” Waizecker said he doesn’t think 8 percent price increases will last. The upward trend could be attributed to the lack of lower-priced homes available, meaning homes that command a higher price are selling.
Decisiveness Required The homes that sold also moved much quicker than they did a year ago. Median days on the market fell to 48 from 63, a 23.8 percent decline. Branson attributed the drop to local agents becoming accustomed to the dearth of available homes and counseling their clients to move fast if they see a house they like. “Buyers are getting more used to the market characteristics,” she said, “and I
think our agents as an association are becoming better at counseling buyers because our supply has been low for a while.” The inventory problem is most acute in the city, said Waizecker, with it hard to find a home priced under $400,000. The pinch also is considerable in southwestern Rockingham, with houses in Bridgewater, Dayton and the Belmont area in high demand. “Belmont homes are selling before they hit the market,” he said. As soon as an agent has a listing come up, word gets out, and we’ve had a couple of instances where homes sell before they go to market just because there are so many buyers lined up, waiting.” Buyers, Waizecker said, need to have their finances lined up, a pre-approval letter from their lender and a decisive attitude if they want to land a home they like.
Economic Development Director Resigns By VIC BRADSHAW Daily News-Record
HARRISONBURG — George Anas, who has guided Rockingham County’s economic development efforts since October 2014, is stepping down to pursue other professional options. Anas said April 12 that he turned in his letter of resignation and that his last day with the county will be April 27. He has focused on economic development for the past several years, though he also carries the title of assistant county
administrator. “There are other opportunities in front of me,” he said, “and I’m really excited to have the opportunity to pursue them. I think it’s best if I separate myself from the county to avoid any potential conflict.” Anas, 53, confirmed that he has been approached about another job. His county salary was $101,855. During his tenure, Rockingham County hasn’t landed the big, new industry that can be a game-changer for the local economy. But Anas said those
deals are few and far between now. Instead, four major county employers — Virginia Poultry Growers Cooperative ($62 million investment, six jobs created), Merck & Co. ($168 million, 25 jobs), MillerCoors ($60 million, 27 jobs), DanoneWave ($60 million, 49 jobs) — have expanded their local operations, creating new jobs and protecting existing workers. “I think the idea that all of our major employers have reinvested in Rockingham
Local builders have put some new construction on the market that wasn’t available early last year, Branson said, which helps sales. Value appreciation also could be convincing some owners that were underwater but want to sell that now is the time to move. Those that need to have a home by a certain date due to various circumstances must make a quick decision to buy from the limited inventory or rent temporarily, she said. The latter option is easier said than done, though, as the rental market “is extremely competitive right now.” Some key players in the local housing industry are meeting regularly to try to find ways to solve the supply issue, said Branson, but that’s not likely to provide relief anytime soon. “I think buyers are going to have a very competitive spring and summer this year,” said Waizecker, “fighting for the few houses that are out there.” Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com
We Love Small Business! Upcoming Events April 29-May 5: National Small Business Week Check our Web Calendar for a variety of free webinars offered all week!
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SHENANDOAH VALLEY BUSINESS JOURNAL
Tuesday, April 24, 2018
Five Attorneys Named To Super Lawyers List Movers
Harrisonburg, Va.
Sodikoffs Buy Harrisonburg Nissan East Market Street Location Seen As Key As Area Grows
FROM PAGE 7
graduated from the University of Miami School of Law. The focus of his practice will be domestic relations, civil litigation and insurance litigation. — Vic Bradshaw
WAW Attorneys Named To Super Lawyers, Rising Stars Lists HARRISONBURG — Five Wharton Aldhizer & Weaver PLC attorneys have been named Virginia Super Lawyer/ Rising Stars for 2018. Four of the firm’s attorneys were named Super Lawyers, an annual list in which only 5 percent of the attorneys in Virginia are selected. WAW, which has offices in Harrisonburg and Staunton, also had an attorney named to the Rising Stars list for lawyers younger than 40 or in practice for 10 years or less. WAW attorneys named 2018 Super Lawyers: ■ Daniel L. Fitch, civil litigation. ■ Charles F. Hilton, medical malpractice. ■ Gregory T. St. Ours, personal injury. ■ Thomas E. Ullrich, employment litigation. Lauren R. Darden, general litigation, was named a 2018 Rising Star. Wharton Aldhizer & Weaver serves individuals and businesses in the Shenandoah Valley and the Mid-Atlantic states in the areas of bankruptcy, commercial and civil litigation, corporate finance, employment law, health care law, intellectual property matters, medical malpractice, real estate and land use, tax planning, wills, estate planning and administration. — Staff Reports
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HARRISONBURG — The Sodikoffs have added a third brand to their vehicle dealership family. The owners of Steven Toyota and Steven Kia have brought Harrisonburg Nissan into their fold, according to Jake Sodikoff, president of the dealership that’s been renamed Steven Nissan. The deal, which closed April 11, included the East Market Street business and real estate associated with it. Sodikoff would not disclose the sale price in the private transaction. However, a deed recorded at the Rockingham County Courthouse indicates Soda Prop 33 East LLC bought the Nissan dealership’s two parcels on which the car lot and service department sit for $4.617 million on April 11.
Photos by Daniel Lin / DN-R
ABOVE: Charles Redifer of Pineville (left) talks with Steven Nissan General Manager Jake Sodikoff (center) and service adviser Mike Racca as he gets his vehicle serviced April 18. LEFT: Sales consultant Dylan Iorio installs a dealer plate on a car.
‘A Good Reputation’ Sodikoff said Ed Lewis, who owned Harrisonburg Nissan, was looking to retire and contacted the family to see if they were interested in buying the business. “Nissan has a good reputation here in Harrisonburg, and the brand fit,” he said, “so it was an easy decision.” The dealership had a good staff in place, said Sodikoff, so few personnel changes are expected. “We have a lot of very long-tenured employees here who bring a lot of enthusiasm and knowledge, so we definitely need them,” he said. The dealership’s sales force, in fact, will have a broader array of vehicles to offer clients. Sodikoff said his family recently announced that its sales people will be able to assist customers with any vehicle at any of its dealerships. While few personnel changes are planned, Sodikoff said new technology will be introduced at the dealership. Steven Nissan, he said, will feature state-of-the-art Facebook and Google marketing tools and digital platforms to sell vehicles online. The dealership also will price its used vehicles below book value and
share those book values with customers.
‘Best Frontage Space In The City’ “We’re planning to bring the dealership into the 21st century with technology,” said Sodikoff, the former general manager of Steven Kia. “Mr. Lewis ran a very classy establishment, but we’ll be bringing some technology we’ve used to the Nissan store to help it grow.” Though the family’s Toyota and Kia dealerships are on South Main Street, Sodikoff said the Nissan dealership won’t be joining them. In fact, he thinks the lot is ideally situated to take advantage of predicted growth patterns for Rockingham
County east of the city. “With the expansion of the entire city moving out [U.S.] 33 East, we feel this is going to be the newest and best area to be in,” Sodikoff said. “Everybody at some point’s probably going to want to be moving in this direction. “With 33 being the highest-traffic road in the city, we feel we have the best frontage space in the city.” Sodikoff said Matt Francisco, a 14year employee of Steven Toyota, has been promoted to general manager of the Kia dealership. The dealerships are led by company founder Steven Sodikoff. Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com
SHENANDOAH VALLEY BUSINESS JOURNAL
Harrisonburg, Va.
Tuesday, April 24, 2018
11
‘He Was Really Good At Making Connections With Our Local Business Community’ Resigns
FROM PAGE 9
County is nothing short of amazing,” Anas said. “That validates all the work we did to make sure the environment exists for their success. “Most of those companies have plants in other cities, some in other countries. We were competing with other plants in the corporate system. We had to demonstrate and prove that life was indeed better in the Shenandoah Valley.” County Administrator Stephen King said he’s evaluating and talking with Rockingham County supervisors about how to approach economic development once Anas leaves. The government might shuffle responsibilities among current staff members to cover such activities. “When any vacancy comes up throughout the entire organization, it causes us to take a look and make sure we don’t automatically fill any position,” King said.
ham County more on the map than it was from a state perspective.” A Charlottesville native and James Madison University graduate, Anas was Connections Man involved in updating Rockingham CounAnas had experience with a regional ty’s economic development website to construction firm, the Virginia align it better with the informaEconomic Development Parttion companies are seeking now nership and the Peninsula Alliand in creating the county’s first ance for Economic Development tourism website. — a regional organization simEconomic development has ilar to the Shenandoah Valley changed greatly since he startPartnership — on his resume ed, he said, with companies fowhen he was chosen over 49 cusing on a quality workforce inother candidates for the job. stead of available buildings and Those connections, King government incentive packages, said, helped raise Rockingham and large-scale projects harder County’s profile at the state levto come by. Anas el, while Anas worked to shore “The idea that a $100 million up relationships locally. project comes along, that’s not “He was really good at making connec- really the world that we live in anymore,” tions with our local business community Anas said. “There are a small number of as well,” King said. “And he put Rocking- jobs like that in the U.S., but the competi-
“We’re going to evaluate whether we want to fill it or do it differently. But economic development is still a high priority.”
tion for them is very high. At the state level, that requires aggressive incentive programs that Virginia has not been known for historically.” It’s far less expensive to help existing businesses grow than to recruit new business, he said, and the investments that companies have made in Rockingham County in recent years have helped ensure that they’ll stay here long term. Anas called his time in Rockingham “a phenomenal experience” and thanked his co-workers and regional-government and private-sector partners for their work. “I’m personally grateful for the team,” he said, “the local business community, the personal friendships I’ve developed. Our business community is strong. It’s such an asset. I’m very happy to have been a part of that.” Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com
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Tuesday, April 24, 2018
SHENANDOAH VALLEY BUSINESS JOURNAL
Harrisonburg, Va.