Volume 19, No. 8, JUNE 27, 2018
THE BUSINESS OF RECREATION
VALLEY PROVIDES PREMIER DESTINATION FOR OUTDOOR ACTIVITIES PAGE 4
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SHENANDOAH VALLEY BUSINESS JOURNAL
Wednesday, June 27, 2018
Harrisonburg, Va.
Inside This Issue Focus Section: Recreation The Shenandoah Valley Business Journal is a monthly publication of Daily News-Record 231 S. Liberty St., Harrisonburg, VA 22801.
Contact us
■ Valley Ideal Spot For Outdoor Recreation..............Page 4
Column ■ Financial Focus with Kathy Armentrout..........Page 3
Editorial Staff
By mail: Shenandoah Valley Business Journal P.O. Box 193 Harrisonburg, VA 22803
Publisher: Craig A. Bartoldson
By email: svbjnews@dnronline.com
Managing Editor: Jerry Blair
By fax: 433-9112
Volume 19, No. 8, JUNE 27, 2018
Staff / Contributing Writers: Justin McIlwee, Vic Bradshaw Contributing Photographer: Daniel Lin
THE BUSINESS OF RECREATION
VALLEY PROVIDES PREMIER DESTINATION FOR OUTDOOR ACTIVITIES PAGE 8
By phone: 574-6281 (news) 574-6229 (ads)
On The Cover: Daniel Lin / DN-R Customers at Walkabout Outfitter browse through outdoor recreational equipment and clothing on June 15.
Purciful Makes Maxwell Top 100 Sustainable Solutions Tops List
Rosetta Stone Finances In Red
HARRISONBURG — A city businesswoman has been named one of the top 100 nominees for an international leadership award. Sacha Purciful, general manager WHSVTV, recently was announced as a candidates for the 2018 John Maxwell Transformational Leadership Award, according to the John Maxwell Team’s website. The list will be whittled to 30, then 10, before the winner is announced during the International Maxwell Certification Live Event from Aug. 5-9 in Orlando, Fla. Purciful is a Maryville, Tenn., native who earned her bachelor’s degree from the University of Tennessee, according to the WHSV website. Maxwell is a leadership expert who holds the day-long Live2Lead event held annually in Atlanta and simulcast around the world.
HARRISONBURG — Sustainable Solutions of Virginia recently made Remodeling magazine’s list of the 550 largest full-service remodeling companies in America. The construction company headquartered at 1583 CF Pours Drive ranked 326th on the list. It reported remodeling revenues of $625,526 in 2017, projected revenues of $1.25 million this year, and 21 employees. Sustainable Solutions was one of 33 Virginia companies to make the list, which is published annually.
— Vic Bradshaw
See MOVERS, Page 3
HARRISONBURG — Rosetta Stone Inc. (NYSE: RST) lost $6.4 million, or 29 cents a share, in the first quarter, according to financial results the company announced May 9. The Arlington-based company’s loss compared to a $454,000 profit, or 2 cents a share, recorded a year earlier. But that profit, first for Rosetta Stone in five years, was greatly affected by a $9 million initial payment on a licensing deal. The technology-based learning solutions company collected $42.8 million in revenue in the quarter, down 10 percent from $47.7 million in the first three months of 2017. However, Rosetta Stone’s literacy segment, Lexia, posted record sales of $12.4 million in the quarter, a year-over-year increase of 22 percent. Rosetta Stone carried no debt as of March 31 and had $39.2 million in cash
— Vic Bradshaw
First Bank CEO Named VBA Chair STRASBURG — During the 125th
and cash equivalents on its books. The company was founded in Harrisonburg and maintains a significant workforce in the city. — Vic Bradshaw
Blue Ridge Earnings, Dividend Up HARRISONBURG — Blue Ridge Bankshares Inc. (OTC Pink: BRBS) closed the first quarter with big increases in its net income and its dividend. The Luray-based parent company of Blue Ridge Bank earned $1.2 million, or 43 cents a share, in the quarter that ended March 31. That compares to the $633,000, or 23 cents a share, that it netted in the first quarter of 2017. Most of the revenue increase was See SCENE, Page 3
Harrisonburg, Va.
SHENANDOAH VALLEY BUSINESS JOURNAL
Wednesday, June 27, 2018
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Help Protect Vulnerable Family Members From Scam Artists
I
f you have older family members whose cognitive functions or decision-making abilities have declined, or who are lonely or recently widowed, you might need to help protect them against financial scams. What steps should you take? First of all, try to gain a good sense of their overall financial activity. Look for red flags, such as a reluctance to discuss money matters, consistently unpaid bills, unexplained withdrawals, mysterious wire transfers or a sudden need to purchase large quantities of gift cards. And watch out for new “best friends” or caretakers who show an unusual interest in your loved one’s finances. Whether or not you’ve observed any of these activities, you can help your elderly family members by making these moves: ■ Have checks (such as Social Security payments) directly deposited. You can help your family members avoid a lot of potential trouble by having their checks deposited directly into their bank accounts. ■ Seek permission to become a joint account owner. By becoming a joint account owner on your elderly family members’ checking and savings accounts, you can review statements for suspicious activity. Of course, your loved ones may be initially re-
luctant to add your name, but if you have a good relationship with them, you should be able to explain the benefits. ■ Shred bank statements, credit card offers and notices of lottery or sweepstakes winnings. One of the most useful gifts you can give to your elderly family members may be a shredder. Encourage them to use it to shred old bank statements, credit card offers and other financial documents. ■ Get on a “do not call” list. Telephone scammers are persistent and devious. By registering your family members’ house and cell phones at www.donotcall.gov, you may be able to reduce their exposure to unwanted calls. ■ Obtain power of attorney. By creating a power of attorney, your loved ones can designate you or another trusted relative or friend to assist with their finances now — for dayto-day assistance and protection from scammers — and later, should they become incapacitated. Again, you will need to employ some sensitivity when discussing this issue. ■ Check references of caretakers. As mentioned above, some caretakers are, unfortunately, dishonest. Before you hire one, check out this person’s references. And even when you do, be careful — scam artists have
Financial Focus Kathy Armentrout
been known to use accomplices as references, so you will need to be thorough in your research and questions. ■ Get to know your family members’ financial advisers. If possible, become acquainted with your older family members’ financial advisers. Any reputable adviser will welcome a connection with their clients’ loved ones. And if you are involved in any estate plans, this multi-generational relationship will prove beneficial for everyone. ■ Ask to meet any new “friends” they have met online. When someone is lonely, they become vulnerable to online friend-
ships. Sometimes, these new friends make promises of meeting, but never show — and then they suddenly need money for one reason or another. It can be challenging to guard against all threats posed by the scammers of the world. But by staying alert and taking the appropriate preventive actions, you may be able to help safeguard your loved ones’ financial security. 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.
JMU Alumnus Named Chairman-Elect Declared Dividend Of 12 Cents A Share Movers
FROM PAGE 2
annual convention of the Virginia Bankers Association, Scott Harvard, CEO and director of First Bank, Virginia, in Strasburg, was named VBA’s chairman. Harvard succeeds William Hayter, president and CEO/director of First Bank & Trust Co., to become VBA’s 126th chairman. Prior to joining First National Corp., He owned and operated Harvard Resources from 2009 to 2011, according to a press release announcing his selection. Harvard Harvard served as chairman of Federal Home Loan Bank of Atlanta, a subsidiary of Federal Home Loan Banks, from 2007 to 2012 and recently rejoined the board, accord-
ing to the release. He holds a B.A. from Rollins College and has participated in a number of banking associated schools. Also during the convention, James Madison University alumnus Jeffrey Haley was named VBA’s chairman-elect. Haley is president and CEO of American National Bank & Trust Co. As chairman-elect, he is slated to become the association’s chairman in June 2019. Haley has served as president of American National Bank & Trust since 2010 and as CEO of the bank since 2012. He has served as president of its holding company, American National Bankshares Inc., since 2012 and as chief executive officer of the holding company since 2013. In addition to JMU, he is a graduate of the North Carolina School of Executive Bank Management. — Staff Reports
Scene
FROM PAGE 2
recorded in net interest income. Blue Ridge’s revenue in that segment jumped nearly $420,000 to $3.96 million. Its loan portfolio grew by nearly $33 million year-over-year to $341.9 million. The company declared a first-quarter dividend of 12 cents a share, up 50 percent from 8 cents a share a year earlier. Blue Ridge Bank has eight branches in Virginia, including offices in Harrisonburg, McGaheysville, Shenandoah and Luray. — Vic Bradshaw
Leadership Greater Augusta Program Taking Applications HARRISONBURG — The Greater Augusta Regional Chamber of Commerce is
accepting applications for its 2018-19 Leadership Greater Augusta training program. LGA is an intensive, nine-month program designed to prepare participants to take professional and community leadership roles. Founded in 1984, the program has worked with more than 500 Staunton, Waynesboro and Augusta County professionals over the years to provide a greater understanding of their community. Participants are exposed to different community programs and the diverse challenges the region faces. The application deadline is 5 p.m. July 13. Tuition for the program is $590. Visit augustava.com/leadership-greater-augusta/ to register or for more information. — Vic Bradshaw See SCENE, Page 7
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SHENANDOAH VALLEY BUSINESS JOURNAL
Wednesday, June 27, 2018
Harrisonburg, Va.
Valley Ideal Spot For Outdoor Recreation By JUSTIN McILWEE Daily News-Record
HARRISONBURG — Twin brothers Colby and Brian Trow made the decision to attend James Madison University in the fall of 1998 partly because of the academics, but mostly because of the opportunity to continue a hobby the two of them had done since they were kids. “We came to JMU not only because of the proximity to Wintergreen and some of the ski resorts, but also because of the quality of fishing in the area,” Colby Trow, co-owner of Mossy Creek Fly Fishing, said. “We’ve been fishing and fly fishing since we were kids.” According to the 2017 Outdoor Recreation Economy Report put out by the Outdoor Industry Association, $887 billion is spent by consumers annually on outdoor recreation products, trip and travel spending. The study shows that recreation spending has the fourth highest consum-
er spending total, only behind hospital care, outpatient health care and financial services and insurance. That same study, which is also broken down by state, shows that spending on outdoor recreation in Virginia added $21.9 billion to the commonwealth’s economy and created 197,000 jobs. With multiple businesses that cater to outdoor recreation coming to the area, what is it about the Shenandoah Valley that makes it such a commodity?
Nature Sandwich One of the aspects that makes the Harrisonburg area a premier destination for outdoor recreationists is its location. The Shenandoah Valley is sandwiched between 196,000 acres of Shenandoah National Park and 1.8 million acres of George Washington National Forest, which makes it ideal for those See OUTDOOR, Page 6
Daniel Lin / DN-R
Mossy Creek Fly Fishing employee Nick Secrist restocks hats at the Harrisonburg store. According to a 2017 report, spending on outdoor recreation contributed $21.9 billion to Virginia’s economy.
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SHENANDOAH VALLEY BUSINESS JOURNAL
Wednesday, June 27, 2018
Harrisonburg, Va.
Outdoor Recreation Industry Growing At Faster Rate Than Overall Economy Outdoor
FROM PAGE 4
interested in outdoor activities such as hiking, fishing, camping or cycling. “We wouldn’t be here without either of those,” said Kyle Coleman, owner of Bluestone Bike and Run. “Most of the people that ride seriously will ride in the national forest. What we do is sell the bikes, but we also provide a lot of education to people who come in and say, ‘Hey, where do I ride?’” The region’s proximity to both SNP and the National Forest has led Harrisonburg Tourism to incorporate the surrounding areas into their latest marketing campaign. “Our new brand strategy is our ‘Friendly by Nature’ campaign,” said Brenda Black, director of tourism for Harrisonburg. “We are using ‘Adventurous by Nature’ for our outdoor campaign. elements Once you introduce Those are that you can someone to a sport stay in Harrisonlike fly-fishing, and burg and it’s an area where you you earn their trust can not only road as a customer, bike, but you can that becomes your mountain bike. We have tour services. most valuable Our campaign will be focused on cycustomer going cling, hiking and forward. fly fishing.” Because the Colby Trow, area provides an co-owner of Mossy opportunity for Creek Fly Fishing places to thrive, businesses, such as Walkabout Outfitter and Mossy Creek Fly Fishing saw Harrisonburg as a landing spot in which to set up shop. “Harrisonburg is only one of maybe 30 or 40 designated Appalachian Trail communities,” said Vince Mier, manager of Walkabout Outfitter. “Kirk Miller [owner of Walkabout] hiked the Appalachian Trail and not too long after that, he started the original Walkabout in Lexington. Since then, he’s opened six additional locations.” Trow echoed Mier’s statements, praising Harrisonburg’s location as a contributing factor to opening Mossy Creek in the area. “[Location] is one of the reasons we placed our business here, was the access
“
Daniel Lin / DN-R
Walkabout Outfitter store manager Vince Mier (left) helps Keith Hummel of New Market (right) and Kate Hoffmeyer of Harrisonburg with selecting new hiking boots. to the waters around here and the diversity of the fisheries that exist,” Trow said. “The spring creeks in the Valley get overlooked a little bit. The diversity is why we’re here.”
Let Us Be Your Guide Once a customer has come to the area and is supplied with the all the necessary equipment, Trow explained that maintaining a loyal customer base is all about what steps the businesses take next. “Once you introduce someone to a sport like fly-fishing, and you earn their trust as a customer, that becomes your most valuable customer going forward,” Trow said. “Repeating that over and over is the model of sustainability in outdoor recreation. You can teach somebody how to fly fish and they might go to the spot you took them once or twice. Then they go back and it’s low and dry for summertime drought and they don’t really have a plan
B. Fly rod ends up in the closet.” In May, Bluestone Bike and Run obtained a permit through the U.S. Forest Service to conduct bike tours through George Washington National Forest. “Most of the time, the person doesn’t live here that we’re guiding,” Coleman said. “We get to show someone our home; it’s really awesome to show off what we’re proud of. We get to take them out there, show them our piece of Virginia and make it a really good experience.” Another benefit to having such diversity in outdoor recreation activities is that businesses get to work together rather than compete. “Just [recently] I had a customer who had gone out with Mossy Creek and now they’re going on a hike,” Mier said. “It goes hand in hand. Not too long ago we did a partnership with Shenandoah Bicycle Co.; it was an overnight bike camping trip. Oftentimes, our world overlap, as do our cus-
tomers, so the more aware of that we are, the more of an asset we are to Harrisonburg and the general public.” It’s no surprise that the population of outdoor recreation businesses is on the rise in the Shenandoah Valley. The federal Bureau of Economic Analysis released a report showing that the outdoor recreation industry is growing at a faster rate (3.8 percent) than the overall U.S. economy (2.8 percent). With that growth, comes the growth of the cities and towns that support outdoor recreation, such as Harrisonburg. “We have these outdoor adventure shops: cycling shops, Mossy Creek that has all the gear that you need,” Black said. “So not only are you staying and buying their gear, but they’re also eating and going to our craft breweries. It’s a huge economic impact for the city.” Contact Justin McIlwee at 574-6265 or jmcilwee@dnronline.com
Harrisonburg, Va.
SHENANDOAH VALLEY BUSINESS JOURNAL
Honored In Best Website Category HARRISONBURG — The Shenandoah Valley Builders Association received a 2017 award of excellence for its new website and online directory from the Executive Officers Council of the National Association of Home Builders. The organization was honored in the Best Website category for associations with fewer than 200 members. According to a news release, valleybuilders.org and its directory have been marketed using Facebook ads and Google AdWords, which have increased traffic to SVBA member websites. It also features a monthly guest blog by an association member that addresses a marketing or home improvement topic. The NAHB presents its Association Excellence Awards annually to recognize the outstanding accomplishments of state and local home builders’ associations and their employees.
for those years can reapply if they have additional losses or their application was denied because it was filed late. Reopening the submission period was made possible due to program changes included in the Bipartisan Budget Act of 2018. ELAP’s $20 million funding cap was removed, as was the per person and legal entity annual program payment limitation of $125,000 for LIP for 2017 and future years. Changes to LIP allow producers to receive payment for injured livestock sold at a reduced price due to an eligible event. The program had covered financial losses related to livestock death above normal mortality. Farmers in Shenandoah, Frederick, Clarke and Warren counties interested in LIP or ELAP should contact the FSA at 540-465-2424. Producers will need to provide verifiable production records and other information about their operation. For more information about U.S. Department of Agriculture disaster programs, visit usda.gov/disaster.
— Vic Bradshaw
— Vic Bradshaw
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FROM PAGE 3
SVBA Wins National Award
Strasburg Farm Service Agency Taking Disaster Applications HARRISONBURG — The Farm Service Agency in Strasburg is has reopened the disaster-assistance applications for producers that have suffered livestock, honeybee, farm-raised fish and other losses due to natural disasters. The agency is taking applications for losses that occurred in 2017 and 2018 covered under the Livestock Indemnity Program or the Emergency Assistance for Livestock, Honey Bees, and Farm-raised Fish Program. Farmers that have received decisions on previous applications
Classifieds get results call
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We Love Small Business! Upcoming Events Business Smarts July 13: Retirement Plans Made Easy Aug 10: Giving & Receiving Feedback 8:00-9:30am, Harrisonburg
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HOME FINANCING Q. What is PMI (Private Mortgage Insurance)?
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PORCHES, ARBORS & PERGOLAS, HANDICAP RAMPS
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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