Shenandoah Valley Business Journal by Daily News-Record

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Volume 18, No. 5, March 28, 2017

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, March 28, 2017

Inside This Issue Focus Section: Real Estate The Shenandoah Valley Business Journal is a monthly publication of Rockingham Publishing Company, Inc., 231 S. Liberty St., Harrisonburg, VA 22801.

Editorial Staff

■ Tactical Walls Business Flourishes In Shenandoah...Page 3 ■ City, County Officials Discuss Economy At Outlook...Page 4

■ Rosetta Stone Cuts Local Positions.....................Page 10 ■ ViaAir Improves Service After DOT Rebuke........Page 12

Managing Editor: Jerry Blair

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: 574-6267 (news) 574-6229 (ads)

■ Summit Bank Buys Land In Stone Port...............Page 13

Staff Writers: Tony Brown, Vic Bradshaw Contributing Photographers: Nikki Fox, Daniel Lin, Stephen Swofford

HARRISONBURG — Cari Orebaugh has joined the Harrisonburg-Rockingham Chamber of Commerce as its director of marketing and communications. Orebaugh earned a bachelor’s degree in political science from James Madison University. She most recently was a communications specialist at the MillerOrebaugh Coors Shenandoah Brewery near Elkton being the executive assistant for the Shenandoah Valley Partnership and working in economic development for Rockingham County. In November 2015, the Shenandoah Val-

Other Business News

■ Trump Budget Threatens Rural Airport Subsidies....Page 6

Editor and General Manager: Peter S. Yates

Orebaugh Takes Chamber Post

■ Move-Up Homes Few And Far Between.........Page 8

Harrisonburg, Va.

■ Local Ledger...............................................Page 14

Columns ■ Financial Focus with Kathy Armentrout..........Page 5

ley Business Journal named her one of 10 local business professionals under the age of 40 to watch. — Vic Bradshaw

Gay Joins Good Wealth Staff HARRISONBURG — Good Wealth Management has added Raymond Gay, a certified financial planner and accredited investment fiduciary, to its staff. Gay is a Virginia Tech graduate who most recently was the vice president of investment analysis and education for a large retirement-plan advisory firm, according to a news release. In that role, he handled institutional investments for corporate and municipal retirement plans across America. At Good Wealth Management, Gay will See MOVERS, Page 4

USDA Seeks Farmland Rental Data HARRISONBURG — The U.S. Department of Agriculture’s National Agricultural Statistics Service will collect data from farmers this month on farmland rental rates. Data from the Cash Rents and Leases survey is used by the Farm Service Agency and other USDA offices to develop and administer federal farm programs tailored to each county, according to a news release. The results are shared with farmers to help their decision-making process on land leases. NASS will publish national, state and county average cash rental rates for nonirrigated and irrigated cropland and pastureland on Sept. 8. Nearly 6,500 Virginia farmers will receive survey forms, and responses can be provided online. Those who don’t supply

On The Cover: Stephen Swofford / DN-R Real estate agent Gail Mitchell (left) takes Lara Puffenbarger on a walk-through of the home she and her husband, Terry, are purchasing.

the information by late March will be called or visited by a NASS representative. — Vic Bradshaw

Brown, Edwards Cited For Growth HARRISONBURG — Brown, Edwards & Co. was one of the fastest-growing accounting firms in the country in 2016. According to results published recently by trade publication Accounting Today, Brown Edwards ranked eighth nationally in growth last year. Its $33.17 million in revenue was 27.38 percent more than it posted in 2015. The Roanoke-based firm was the only accounting business based in from Virginia to make the list. See SCENE, Page 3

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Tuesday, March 28, 2017

Tactical Walls Business Flourishes In Shenandoah By VIC BRADSHAW

More products, and perhaps even new brands not targeting weapons owners, are coming. “We try to continue to set ourselves apart with products as opposed to anything else,” said Wood. “We want our products to be so innovative, so unique that they drive the business. “We have product releases scheduled through early next year. That should help continue to push [our] growth.”

Daily News-Record

SHENANDOAH — At first, Tim Matter thought he’d just scratched an itch in a way that would put a few bucks in his pocket. It wasn’t long, though, before he knew he’d uncovered a lucrative business. Matter is the founder of Tactical Walls, a company that makes and markets furnishings that conceal weapons, jewelry, cash, medicines and other valuables. Founded in late 2012, it employs 27 people and occupies Million Dollar Idea more than half of the 58,000-square-foot forMatter, 36, said he was designing parts mer Genie Co. plant in Shenandoah. for Virginia Industrial Plastics in Elkton “We’re trying to provide solutions in 2012 when he realized he wanted to to problems that everybody’s had create something all his own. His and not been able to figure out goal was to pay the company he a great way to do,” Chris worked for to make items for Wood, Tactical Walls’ exhim. Somebody ... once ecutive vice president of His inspiration came sales and marketing, from having to hide his described it to me said. “Somebody at a rifles and handguns all as a really elegant trade show once deover his house when he scribed it to me as a went out of town for an way to solve a really really elegant way to extended period. Realinelegant problem. solve a really inelegant izing most walls conproblem.” tain 15 inches of unused Chris Wood, The company space between studs, Tactical Walls launched with a plastic he figured he could make wall inset disguised by a a plastic tub that could be mirror. It’s since expanded its inserted between studs to hold product line to include coffee, night his weapons and buy a wall mirror to and end tables; concealment shelves; a table conceal the stash. lamp; a wall clock; and a tissue box. They It worked, and the concept became a also sell Hide-A-Mag, a powerful magnet product. that can hold a gun under a desk or table. “I thought maybe this solution that The tables are made of maple; the mir- works for me will work for a lot of people,” rors, shelves and lamps are poplar and said Matter. birch. Prices range from $17 for the Hide-AThe Elkton resident said he posted a phoMag and $49 for the tissue box to $795 for to of the insert on the internet, thinking he the coffee table. might sell enough to make $10,000 a year.

“

Daniel Lin / DN-R

Tactical Walls, a Shenandoah-based company founded in 2012, makes and markets furnishings that conceal weapons, jewelry, cash, medicines and other valuables. It was well-received, but overwhelmingly people wanted the product to come with the mirror. He relented, and preorders started rolling in so quickly it was obvious he’d underestimated the market. Tactical Walls launched its website in October 2012. In less than six months, he and Wood — Virginia Industrial Plastics’ Fastenal Co. representatives — quit their jobs to keep up with the company’s growth. The product had become a business. A lot’s happened since then. They now have a few investors, and they took on debt for the first time a little over a year ago when

they got a loan to buy their building so they could stop paying rent on five units in the Shen Elk Plaza. That came shortly after Guns & Ammo magazine devoted eight pages to their products and company, with a front-cover mention, in its September 2015 issue. Three months later, the magazine declared Tactical Walls’ products the industry’s Innovation of the Year. “Going from where we started, with the idea that $10,000 a year would be See TACTICAL, Page 15

CrossKeys Vineyards Takes Home Gold Medal, Among 23 Awarded Distinction Scene

FROM PAGE 2

Harrisonburg is one of its nine office locations in Virginia, West Virginia and Tennessee. — Vic Bradshaw

CrossKeys’ Cab Franc Takes Gold HARRISONBURG — CrossKeys Vineyards won a gold medal in the 2017 Governor’s Cup and was one of four wineries

from the region to medal in the competition. The 2015 cabernet franc entered by CrossKeys was one of 23 wines awarded a gold medal in the competition, held over multiple weeks in January and early February. The Cross Keys winery also received two silver medals and one bronze medal for other wines it entered. Bluestone Vineyard in Bridgewater was awarded 13 silver medals and five bronze medals for its entries. Fishersville’s Barren Ridge Vineyards

brought home six silvers and two bronzes, while Muse Vineyards in Woodstock was awarded three silvers. According to the Governor’s Cup website, more than 490 wines and ciders were entered into the contest and 483 received medals. — Vic Bradshaw

Adams & Garth Staffing Sold HARRISONBURG — Adams & Garth, a

staffing company with offices in Harrisonburg and Verona, has been sold. Qualified Staffing, headquartered in Flint, Mich., bought the Charlottesville company that has offices in five Virginia cities. The deal was announced earlier this month; terms were not disclosed. Adams & Garth provided labor for light-industrial and clerical clients. Qualified Staffing has offices in Michigan, Alabama, Georgia, Mississippi, North See SCENE, Page 14

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, March 28, 2017

Harrisonburg, Va.

City, County Officials Discuss Economy At Outlook By VIC BRADSHAW Daily News-Record

HARRISONBURG — When he worked for the Virginia Economic Development Partnership during Gov. Jim Gilmore’s administration, George Anas said companies looking for a new location were focused on a shell building being in place and whatever incentives state and local governments could provide. The emphasis has changed dramatically. “It’s about our people,” said Anas, Rockingham County’s economic development director. “It’s about our workforce.” While there’s room for improvement via training, Anas and Brian Shull, Harrisonburg’s economic development director, told a group of local business leaders the area has the human and other assets necessary to compete in many desirable industries. The men were speaking during the Harrisonburg-Rockingham Economic Outlook presentation to more than 70 people in Montpelier Hall in the East Campus Dining Hall at James Madison University on March 16.

The event was organized by the Harrisonburg-Rockingham Chamber of Commerce. The talent gap statewide and nationally is in middle-skilled jobs that require education beyond high school but less than a four-year degree. Anas said it will take an attitude adjustment to fill those positions effectively. “There was an expectation, and I think to a large degree it still exists, that success is a four-year degree,” he said. “That’s not the world we live in anymore. “We have employers in this community that are struggling for skilled employees. And oh, by the way, if you walk in the door with some training and education from Massanutten [Technical Center] or Blue Ridge Community College, I’ll start you at $52,000 a year. And if you stay and if you’re good enough, I’ll send you back to school to get that four-year degree or that advanced degree.”

Switch In Job Mix As evidence of the attractiveness of the area in today’s climate, Anas pointed to

Brian Shull (right), Harrisonburg’s economic development director, and George Anas, Rockingham County’s economic development director, give a presentation during the Harrisonburg-Rockingham Chamber of Commerce Economic Outlook breakfast at James Madison University. Nikki Fox / DN-R

more than $300 million in investment in expansions and new locations made recently by five existing businesses — Merck & Co., MillerCoors Shenandoah Brewery, WhiteWave Foods, Virginia Poultry Growers Cooperative and Wal-Mart Stores Inc. Shull said the area counts as strengths a low cost to do business and cost of living, a supportive regulatory environment, the

Interstate 81 corridor, local education offerings, quality health care, quality of life and safety. The city and county are most interested in attracting manufacturing, technology, bioscience, food and beverage, logistics and agriculture businesses. See OUTLOOK, Page 11

Dynamic’s Senior Vice President Of Flight Operations A Retired U.S. Army Pilot Movers

FROM PAGE 2

lead the investment committee helping clients with their portfolios. Good Wealth Management is an independent wealth-management firm headquartered in Harrisonburg. — Vic Bradshaw

BRC Fills Three Key Positions HARRISONBURG — Bridgewater Retirement Community has filled three senior administrative openings created by the retirement of longtime employees. Barbara Frye, who was a junior volunteer at BRC at age 12 and worked summers at the community in high school and college, is its new director of nursFrye ing. A registered nurse, she studied at Dabney Lancaster Commu-

nity College before earning her bachelor’s degree in nursing at Eastern Mennonite University. She previously covered the Virginia and Washington, D.C., territory for Abbott Laboratories, which supplies products and technology for the health care industry. Sarah Hagan is Hagan BRC’s new vice president of independent living. She previously was program director of the assisted living memory support wing at Fauquier Health Rehabilitation and Nursing Center in Warrenton. Elizabeth Smith McNeal is the commuMcNeal nity’s director of marketing. She obtained a bachelor’s degree in business administra-

tion with a concentration in accounting from Bridgewater College before earning a master’s degree in business administration at Eastern Mennonite University. McNeal previously worked at Sentara RMH Medical Center. — Vic Bradshaw

Dynamic Appoints Senior VP HARRISONBURG — Dynamic Aviation has promoted Darrell Pope to senior vice president of flight operations. A retired U.S. Army pilot, Pope joined the Bridgewater company in 2009 as a pilot. He’s moved up in the organization since then, most recently serving as vice president of flight operations. Pope He earned a bachelor’s degree in professional aeronautics from Embry-Rid-

dle Aeronautical University in Daytona Beach, Fla., and a master’s degree in business management from Webster University, a college based in St. Louis with campuses around the world. He has multiple Federal Aviation Administration licenses for fixed-wing and rotary aircraft. In his new role, Pope will be in charge of flight operations, including personnel, compliance, and fleet dispatch. Dynamic Aviation provides aviation solutions for government and commercial clients around the world. It has about 600 employees working from 18 locations in five countries on three continents. — Vic Bradshaw

Advertising gets results. call 574-6229

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, March 28, 2017

Time For Some Financial Spring Cleaning

pring is in the air. This year, as you shake off the cobwebs from winter and start tidying up around your home and yard, why not also do some financial spring cleaning? Actually, you can apply several traditional spring cleaning techniques to your financial situation. Here are a few ideas: ■ Look for damage. Damage to your home’s siding, shingles and foundation can eventually degrade the structure of your home. Your investment portfolio is also a structure of a sort, and it, too, can be damaged. Specifically, you may have deliberately constructed your portfolio with an investment mix — stocks, fixed-income vehicles, cash instruments, etc. — that’s appropriate for your goals and risk tolerance. But over time, your portfolio can evolve in unexpected ways. For example, your stocks may have grown so much in value that they now take up a larger percentage of your holdings than you had intended, possibly subjecting you to a higher degree of risk. If this happens, you

may need to rebalance your portfolio. ■ Get rid of “clutter.” As you look around your home, do you see three mops or four nonfunctional televisions or a stack of magazines from the 1990s? If these items no longer have value, you could get rid of them and clear up some living space. As an investor, you also might have “clutter” — in the form of investments that no longer meet your needs. If you sold these investments, you could use the proceeds to fill gaps in your portfolio. ■ Consolidate. Do you keep your lawnmower in a shed, a rake in your garage, and your gardening tools in the basement? When working on your outdoor tasks, you might find it more efficient to have all these items in one location. You could also have your investments scattered about — an IRA here, a new 401(k) there, and an older 401(k) someplace else. But if you consolidated all your investments in one place, you might cut down on paperwork and fees, and you wouldn’t risk losing track of an asset (which actually happens more than you might think). Even more importantly, when you have

Financial Focus Kathy Armentrout all your investments with one provider, you’ll be better positioned to follow a single, centralized investment strategy. ■ Prepare for a rainy day. As part of your outdoor spring cleaning, you may want to look at your gutters and downspouts to make sure they are clear and in good repair, so that they can move rainwater away from your home. Your financial goals need protection, too, so you’ll want to ensure you have adequate life and disability insurance. ■ Seal leaks. In your home inspection this spring, you may want to investigate doors and windows for leaks and drafts.

Your investment portfolio might have some “leaks” also. Are investment-related taxes siphoning off more of your earnings than you realize? A financial professional can offer you recommendations for appropriate tax-advantaged investments. This spring, when you’re cleaning your physical surroundings, take some time to also tidy up your financial environment. You may be pleased with the results. 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.

Tuesday, March 28, 2017

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Trump Budget Threatens Rural Airport Subsidies By VIC BRADSHAW

service remains in the Shenandoah Valley.” Eliminating the Essential Air Service program was one of five initiatives highlightHARRISONBURG — President Donald ed in the Department of Transportation secTrump has proposed eliminating a pro- tion in “America First: A Budget Blueprint gram that supports commercial air service to Make America Great Again,” released Thursday by the White House. to Shenandoah Valley Regional and other rural airports across the Doing so would save $175 million “Access to nation as part of his plan to make from the 2017 continuing resolucommercial air tion that’s guided federal spendAmerica great again, a move local service at the economic development officials say ing in the absence of a budget. would hurt some area businesses SVRA is essential ViaAir, the Orlando, Fla., comand could hinder future growth. pany that began providing service for continued “Access to commercial air serbetween the Weyers Cave airport growth and vice at the SVRA is essential for and Charlotte Douglas Internasustainability continued growth and sustaintional Airport in November, will in the Valley.” be paid up to $3.8 million from ability in the Valley,” George Anas, Rockingham County’s economic EAS funds for serving this market — GEORGE ANAS this year. That amounts to about development director, wrote in an ROCKINGHAM COUNTY email. “Our businesses depend on $3,045 per completed flight. ECONOMIC it and we need it to be competitive Greg Campbell, SVRA’s execuDEVELOPMENT in a global economy. DIRECTOR tive director, said the airport once “Future economic development supported seven daily flights to investment and tourism dollars two airports in the 1990s without depend on it, and we will work hard with a subsidy. But the airport re-entered the proour partners to ensure that commercial air gram in 2003 when air travel fell following

Passengers disembark from a ViaAir flight from Charlotte, N.C., at the Shenandoah Valley Regional Airport in Weyers Cave on March 21.

Daily News-Record

Daniel Lin / DN-R

the Sept. 11, 2001, terrorist attacks. He’s optimistic the market can grow enough that a subsidy no longer is needed, but said it’s not close to that point yet.

gram is on the chopping block, he’s not overly concerned because it’s been there before. Two factors, he said, weigh in the program’s favor when legislators determine

No Tax Dollars While Campbell’s not glad the pro-

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Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Sens. Kaine, Warner Back EAS Program is a lifeline providing affordable air travel to small communities around the country,” Democrat Mark Warner said the program’s fate. One is its reach. As of October, 102 through an aide. airports in the contiguous United States “For rural areas, including the and Puerto Rico received EAS support, Shenandoah Valley around Staunton, meaning many senators and congressmen air service helps the region stay conrepresent an area with a facility that de- nected, helps local businesses and pends on the subsidy. helps drive economic development in The second factor is its funding source. the region. Campbell said his understanding is “Where we can improve federal prothat most funding for the program, as well grams, we should, but completely elimas for the federal government’s portion of inating Essential Air Service would be capital improvements to airports, is de- extremely harmful to rural America rived from fees travelers pay to and represents a broken promfly and other aviation-related ise President Trump made to fees. Tax money isn’t used. “Since [Essential grow the economy in rural ar“Federal aviation is a usAir Service] is eas of the country.” er-funded system,” he said. Fellow Democrat Tim Kaine funded by “That’s a point we always try to offered similar thoughts, addaviation user make with our representatives.” ing that airlines would focus fees and not Anas; Brian Shull, Harrisonon large hubs without the subburg’s economic development disidy program and leave rural federal tax rector; and Carrie Chenery, exresidents with hours to travel dollars, I am ecutive director of the Shenanto reach an airport. hopeful that this doah Valley Partnership, a “President Trump has talkeffective regional economic development ed a lot about infrastructure organization, made the same program will not and a lot about rural Amerpoint. be eliminated.” ica, but his budget proposes “Since EAS is funded by avito eliminate this rural infra— BRIAN SHULL structure program and cut ation user fees and not federal HARRISONBURG funds that could help fix Virtax dollars,” Shull wrote, “I am ECONOMIC ginia’s roads and bridges,” the hopeful that this effective proDEVELOPMENT gram will not be eliminated.” senator said through an aide. DIRECTOR In the budget document, the “The incredible gap between rationale for nixing the EAS President Trump’s words and program was its high per-pashis actions makes me wonder senger subsidy cost in some cases and the how much he really cares about these proximity of some subsidized facilities to goals.” major airports. Rep. Bob Goodlatte was noncommit“Communities that have EAS could be tal about the proposed elimination of served by other existing modes of trans- the EAS program. portation,” the narrative read. “While I am reviewing President Chenery, though, wrote that regional Trump’s proposal and its impacts on the air service is a priority for most companies Sixth District specifically,” the Roanoke weighing opening a plant or service center. Republican said through an aide, “with “In this global economy where we’re com- nearly $20 trillion in national debt, I peting for jobs and investment not just with strongly believe that the federal govother states but with other countries, this ernment needs to take a close look at air service allows us to remain competitive every federal program and determine as a region,” she wrote. “That competitive where and how the budget can be cut. edge is not only for potential new companies “It’s important to remember that the to the Valley, but also for our existing cor- [p]resident’s budget is simply a proporate partners who rely on this market-ac- posal and not the law. The [p]resident cess infrastructure for the sustainability must submit his proposal, but it is the and growth of their operations.” responsibility of Congress to set our nation’s final budget and appropriate Dems Oppose Elimination funds.” Both of Virginia’s senators unequivocally back the EAS program. Contact Vic Bradshaw at 574-6279 “The Essential Air Service program or vbradshaw@dnronline.com

Airport

FROM PAGE 6

Tuesday, March 28, 2017

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, March 28, 2017

Harrisonburg, Va.

Move-Up Homes Few And Far Between who analyze the market as part of their jobs. “It’s mind-blowing,” said Micah Branson, an associate broker at Old Dominion Realty. By TONY BROWN Daily News-Record “There is just very little to look at,” in the $200,000 to $300,000 range, she HARRISONBURG — As the spring mar- added. “We looked the other day, and ket begins in earnest, the move-up there were 14 listings” of single-family homebuyer in the city and Rockhomes, the kind move-up buyers ingham County has precious crave, in the city. few places to move up to. By comparison, there The dearth of midwere twice as many pickThere is just very priced, single-family ings under $200,000. little to look at. ... We detached homes — “Fourteen is a starthe houses costing tling figure,” said looked the other day, $200,000 to $300,000 Scott Rogers, an asand there were 14 that first-time buysociate broker with listings. ers in $150,000 to Funkhouser Real $200,000 town homes Estate Group. “Twen Micah Branson, aspire to — is the dety-seven is about what Old Dominion Realty fining feature of the 2017 I’d expect.” The analyst-brokers Harrisonburg-area real esalso say the top layer of the tate market. market, luxury homes priced over That’s according to an informal survey of local real estate professionals $500,000, is soft. There are few listings

Real Estate Agents: Dearth Of Options In $200K-$300K Range

“

Stephen Swofford / DN-R

Lara Puffenbarger checks the blinds during a walk-through of a home she and her husband, Terry, are buying. and those sometimes sit on the market a Kemper Funkhouser, owner of Funkyear, more than three times as long as the houser Real Estate Group, agreed. market average of 100 days. “The money is just not there” for buildThat’s in part because the market is a ers to construct anything “‘on spec’ other reflection of the area’s economy. In Har- than starter homes,” he said. Spec is short risonburg and Rockingham County, jobs for “speculatively,” without buyers under are largely in the relatively low-paying contract. “We’re not Charlottesville,” he agriculture and agriculture processing added. sectors of the economy. That is one of the reasons why those The median price of a home in sought-after middle-range homes, Harrisonburg-Rockingham is which average only a relatively $190,000, low by the stanbrief 25 days on the market, dards of many other marare so scarce. It used to be the kets. Other factors contribThe strength in Haruting to the lack of midrule that a lot of risonburg residential dle-range product — as people move every real estate sales was, well as slow sales in seven years. Now, is and most likely the upper-range marshall be in the startup ket — include low it’s more like 10. home stratum. In Harinterest rates for refirisonburg-Rockingnanced mortgages. Karl Waizecker, ham, that largely means Those factors help to Kline May Realty attached town homes. keep the midpriced ownThe high volume of sales ers in their homes — and in that sector led to a 44 permore cautious about what they cent drop in the inventory of homes will buy. under $200,000, comparing last year to “It used to be the rule that a lot of peo2015, Rogers said. ple move every seven years,” said Karl “It is absolutely not a challenge” to Waizecker, principal broker at Kline May sell town homes, Rogers said, in part be- Realty. “Now, it’s more like 10.” cause new-home builders can’t keep up “With the interest rates where they with Harrisonburg’s exploding population See HOMES, Page 9 numbers, keeping demand high.

“

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Photos by Stephen Swofford / DN-R

LEFT: Lara Puf fenbarger checks the closet light during a walk-through of a home she is buying with her husband, Terry, in Harrisonburg. BELOW: Terry Puf fenbarger checks out the kitchen cabinets.

‘Buyers Are Less Emotional’ Than Before Homes

FROM PAGE 8

are,” he added, “and with a lack of new construction” in the upper-end layer of the market, owners are “more likely to stay in their homes longer.” “Last year, we had buyers bidding up the prices of homes,” Waizecker added.

“But now, buyers are less emotional and will to keep on looking.” Much of the above has led to an interesting combination of dynamics in the city-county market, noted Rogers. Sales were up 15 percent last year See HOMES, Page 10

Tuesday, March 28, 2017

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, March 28, 2017

Active Listings Down Homes

FROM PAGE 9

compared to 2015, he said. That’s largely thanks to sales of new and existing town homes, and the bidding wars in the middle sector. Add to that the fact that the 400 or so active listings now on the market is down 25 percent from last year at this time. Meanwhile, he concluded, prices remained fairly steady. “But,” Rogers said, “I expect that will begin to change this year.” “With fewer and fewer homes to choose from, especially in the middle of the market,” Rogers continued. “And with the housing stock not being replaced quickly enough with new construction” to keep up with Harrisonburg’s growing population, “prices will move up.” Everyone else contacted for this story agreed with that analysis, citing the old rule about supply and demand driving prices. “It’s basic econ 101,” Funkhouser said. Contact Tony Brown at 574-6286 or tbrown@dnronline.com

Harrisonburg, Va.

Rosetta Stone Cuts Local Positions By VIC BRADSHAW Daily News-Record

HARRISONBURG — Rosetta Stone Inc.’s restructuring efforts continue to cut into the company’s local workforce as it works its way back toward profitability. The language-learning company recently laid off an unspecified number of its Harrisonburg employees, Michelle Alvarez, Rosetta Stone’s head of global communications, wrote in an email earlier this month. Some customer-service jobs are being outsourced. Taken before the March 14 fourth-quarter results were announced, the action is part of an ongoing restructuring effort aimed at cutting costs and enhancing business segments that benefit from recurring sales. The company is targeting growth in its Enterprise and Education (schools, businesses, public sector) and Lexia Literacy (language literacy) segments and de-emphasizing one-time consumer sales. Those efforts seem to be paying off. Rosetta Stone (NYSE: RST) lost $5.6 mil-

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lion in the fourth quarter of 2016, down from 11.4 million a year earlier, and cut its loss for the year by $19.2 million to $27.6 million. “Our strategy is working,” Alvarez wrote, “and as we continue our efforts to right-size our business and find solutions that enable us to optimize our cost structure, we plan to further leverage an outsourced model for a large portion of our customer operations. This required us to realign our product and distribution headcount to the changing focus of our business and did impact some employees in the Harrisonburg office.” Harrisonburg, Alvarez noted, is Rosetta Stone’s largest office, with more than 200 employees. The company historically has been tight-lipped about its local employee counts. However, in December 2015, Alvarez indicated that Rosetta Stone had approximately 300 staffers in Harrisonburg. Alvarez wrote that decisions to cut jobs aren’t easy but are “necessary to address changing business needs.”

Japanese Deal Announced Arlington-based Rosetta Stone’s revenue fell to $51.7 million last quarter from $58 million in the fourth quarter of 2015. For the year, sales were down to $194.1 million from $217.7 million. However, the company has slashed expenses, too. Its loss per share was 25 cents last quarter versus 52 cents the previous fourth quarter and $1.25 in 2016 as compared to $2.17 in 2015. The revenue drop was most pronounced in the consumer segment, where sales fell 27 percent to $87.9 million from $119.6 million in 2016. Rosetta Stone also announced that it has reached a licensing deal with SOURCENEXT Corp., Japan’s leading software distributor. The Asian company will receive a perpetual, exclusive license to certain brands and trademarks, including the Rosetta Stone brand, and product for use with Japanese E&E and consumer clients. Rosetta Stone will receive $13.5 See ROSETTA, Page 14

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SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Tuesday, March 28, 2017

Sixth Congressional District Has More Colleges Than Any In U.S. Except Boston Outlook

skilled workers.” Harrisonburg is close enough to the Manufacturing employs more people tech-heavy Washington, D.C., market for locally than any sector with 10,215 jobs, companies to locate here and service cliaccording to Virginia Employment Commis- ents in that region, Shull said, and do it sion data. Education is second at 7,772 jobs. at a lower cost in an area that provides an But other types of jobs are expected to excellent quality of life. be on the rise. The fastest-growing He pointed to three IT busisectors over the next decade are nesses that found a home in projected to be in the health Harrisonburg’s downtown care, construction, and hostechnology zone — softI think it’s going to pitality industries. ware developer Jenzbe a game-changer. Shull said the city is abar Inc., artificial infocused on attracting telligence startup Ax Brian Shull, city’s onAI and growing IT information technolocompany Chiedo Inc. gy and cybersecurity economic development Some redevelopment companies, leveraging director, on new is expected soon in the JMU’s presence and Harhotel-conference center East Market Street retail risonburg’s proximity to corridor, he said, and the city other colleges. Virginia’s 6th is providing incentives for the recongressional district, which indevelopment of large properties along cludes the city, has more colleges than any district in the country except the Boston part of South Main Street. metropolitan area. His expectations for the Hotel Madison “We really feel like we have a strate- and Shenandoah Valley Conference Center, gic advantage in [IT and cybersecurity,” rising at the corner of South Main Street he said. “Why? Our pipeline of young, and Martin Luther King Jr. Way, are high. FROM PAGE 4

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“I think it’s going to be a game-changer for us,” said Shull. “When it’s completed March of next year, it will be the largest meeting space between Northern Virginia and the Hotel Roanoke. “So we’re going to attract a lot of new blood here, a lot of people who haven’t been to meetings in this area, and hopefully they’ll bring a lot of money to spend.”

Rockingham Rising Rockingham is well behind the city in business development, but Anas said the county is finally starting to attract the businesses it needs to grow as a community. Much of that activity is occurring in and around the Stone Port Retail Park, along Port Republic and Stone Spring roads. When Bojangles became the first business to open there, Anas said it was the largest franchise opening in company history in terms of sales. Wendy’s and Wal-Mart Neighborhood Market have opened there since, with other businesses on the way. “We are finally getting the commercial retail development we need,” he said. “It’s one thing to bring jobs and capital investment

to the community, but we have to have the amenities to support that, right?” Upscale apartments at The Reserve at Stone Port and high-end student housing rising at The Retreat on Reservoir Street point to a shift in how companies view Rockingham, he said, and Preston Lake Marketplace is close to landing tenants to jumpstart that shopping center. Anas said he expects Rockingham Park at the Crossroads, a large recreation facility under construction along U.S. 33 east of Harrisonburg, to provide an economic boost when travel teams flock to the area. “We’re trying to create a world-class or regional sports destination,” he said. “We want to fill the hotels in the city of Harrisonburg, and we want excuses to build new hotels in Rockingham County.” Rockingham also is trying to attract businesses to its Innovation Village @ Rockingham business park, with existing bioscience company SRI Shenandoah Valley as what Anas called “a catalyst.” Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

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SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

ViaAir Improves Service After DOT Rebuke By VIC BRADSHAW Daily News-Record

HARRISONBURG — A bit more than a month after it was called on the carpet by federal transportation officials over reliability issues, ViaAir has drastically improved its service to the Shenandoah Valley Regional Airport and is adding more weekly one-stop flights to Florida. Greg Campbell, executive director of the Weyers Cave airport, said the carrier’s service has been “very good” since Feb. 17, when the U.S. Department of Transportation sent the Orlando, Fla.-based airline a letter outlining service issues at SVRA and a West Virginia airport. “With the exception of one weather-related issue, which is completely understandable, their performance has been exceptional,” Campbell said. “We’re encouraged by what we’re seeing. We just need to make sure it’s sustained.” ViaAir began providing service between SVRA and Charlotte Douglas International Airport in North Carolina on Nov. 30, flying

50-seat regional jets. Beginning Dec. 11, a Wednesday and a Sunday Charlotte flight continued on to carry passengers to and from Orlando Sanford International Airport. Matthew Magri, ViaAir’s vice president of operations, said the carrier will add a third one-stop Florida flight on Fridays beginning in June and a fourth over the summer. “We envision that the market will eventually support daily service” to Orlando, he said. “We’re taking a conservative approach to the growth.” ViaAir officials are “very optimistic” about the passenger loads it’s carrying to and from Shenandoah Valley Regional, said Magri, and they think adding Orlando flights will bolster use of the service. Due to the problems in the first three months of service, Campbell said the company has extended its introductory rates indefinitely. A one-way flight to Charlotte can be booked for as low as $44, while one-way service to Orlando is available for as low as $99.

DOT Monitoring Service Transportation Department officials are

A ViaAir flight from Charlotte, N.C., lands at Shenandoah Valley Regional Airport in Weyers Cave on March 21. Daniel Lin / DN-R

closely monitoring ViaAir’s performance at SVRA and Greenbriar Valley Airport in Lewisburg, W.Va., Campbell said. The federal agency and airline are having weekly check-in calls that officials with the two airports are invited to join to discuss any issues. In its letter to the carrier, the department said it had received complaints that included making unscheduled stops that caused travelers to miss connections, frequently de-

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laying flights without explanation, and canceling flights with little to no notice to make charter flights. The DOT is involved in the matter because it’s providing ViaAir a subsidy of up to $3.8 million a year to serve the community. Though ViaAir promised 98 percent flight completion in its proposal to serve SVRA, its See VIAAIR, Page 13

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

‘It’s A Pretty Big Deal’ ViaAir

FROM PAGE 12

completion rate was just 83 percent in December and 72 percent in January. “We’ve gotten support from the DOT,” said Campbell. “They’ve been really on top of this situation. They know this area has huge potential, and they want to see a carrier get it right.” Magri said the company’s only cancellation recently was a March 14 flight due to significant snow forecast in the Shenandoah Valley. The decision to nix that flight was made the day before to give travelers plenty of notice. ViaAir also has told Campbell and DOT officials that it is making progress on ticket and bag agreements that would make booking and traveling easier for many passengers. Clients using ViaAir to get to Charlotte for a connecting flight must now buy individual tickets for both legs of their trip, scanning schedules to make sure they’ll arrive in time to catch their second flight. Campbell said the ticketing agreement, tentatively set to go into effect in mid-April, would allow customers to book both legs of their trip with one purchase on major travel websites and help them sort out which connecting flights they could catch. The baggage agreements with major carriers would allow passengers to check their bags at SVRA and have them taken to their connecting flight for them, eliminating the need to claim their luggage and recheck it for their connecting flight. If a flight delay were to scuttle plans, Campbell said the agreements would allow the airlines to more easily accommodate affected passengers. “It’s a pretty big deal,” he said. Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

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Tuesday, March 28, 2017

Summit Bank Buys Land In Stone Port By VIC BRADSHAW

scenario,” he said. “We’re in the evaluation process.” The land is located along Stone Spring HARRISONBURG — A West Virginia Road, between the Will Spring Road and community bank has purchased land for a Stone Port Boulevard. It’s across the street potential branch in Rockingham County from The Reserve at Stone Port apartplus additional commercial space. ment complex and a short distance Summit Community Bank from Sentara RMH Medical Inc. bought 2.013 acres Center. in the Stone Port Retail “Obviously it’s a growI think that’s an area Park. The Moorefield, ing area,” said Maddy. that’s going to fill up W.Va., company paid “We want to continue to Stoneleigh Investments grow. The hospital has quickly. LLC $1.3 million for a number of employees, the land in a deal that there’s just a lot of traf H. Charles Maddy III, closed Feb. 24. fi c, and there’s a lot of chairman and CEO H. Charles Maddy new housing over there. I of Summit Bank III, chairman and CEO of think it’s just an attractive Summit Bank and president location.” and CEO of parent company If Summit opens at Stone Summit Financial Group (NASPort, it will be one of at least three DAQ: SMMF), said even though the bank financial institutions in the area. has added the property to its portfolio, it Farmers & Merchants Bank is buildhasn’t made a decision about whether it will ing just up and across Stone Spring Road open a branch there. in the Coffman’s Corner development and “We probably will. That’s the most likely expects to open this summer. DuPont Com-

Daily News-Record

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munity Credit Union bought land in front of The Reserve, almost directly across Stone Spring from Summit’s lot, and plans to open late this year. Summit has 1.66 billion in assets and serves parts of Virginia and West Virginia. The bank has branches on South Main Street and Neff Avenue in Harrisonburg. As of June 30 it held $57.2 million in deposits for local customers, good for 2.66 percent of Harrisonburg-Rockingham County market. The land Summit purchased is large enough to create space for multiple tenants. Maddy said if the company opens there, it could sell the remaining spaces to other businesses, and if it doesn’t he doesn’t anticipate problems selling the land. “I think that’s an area that’s going to fill up quickly,” he said. “We had this opportunity, so we purchased the property for evaluation and feel like we can easily resell it if something doesn’t happen for us.” Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, March 28, 2017

JCPenney Closures Affect 5K Workers Scene

FROM PAGE 3

Carolina, Tennessee, Texas and Wisconsin. It serves manufacturing, warehouse, clerical, professional, technical, medical and call-center businesses. — Vic Bradshaw

Valley Mall Penney’s Not Closing HARRISONBURG — Two JCPenney stores on the Interstate 81 corridor are slated to close in the next few months, but the Valley Mall store in Harrisonburg will remain open. The stores at the Tanglewood Mall in Roanoke and the New River Valley Mall in Christiansburg are among the 138 underperforming stores J.C. Penney Co. will shutter in a cost-saving effort. The closures will affect approximately 5,000 employees, the company said in a news release. — Vic Bradshaw

H&M Opens In Valley Mall HARRISONBURG — Trendy Swedish clothing retailer H&M opened its store in the Valley Mall earlier this month. The company announced in a news release that the store hours will be 10 a.m. to 9 p.m. Monday through Saturday and 12:30 to 5:30 p.m. Sunday. H&M’s store is about 22,000 square feet, according to the release. — Vic Bradshaw

Founded In City Two Decades Ago Rosetta

FROM PAGE 10

million before certain adjustments and is guaranteed at least $6 million more over the next decade and has the first right to sell SOURCENEXT products outside Japan under the Rosetta Stone trademark. Rosetta Stone was founded in Harrisonburg more than 20 years ago. Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

Harrisonburg, Va.

Local Ledger Central Valley Area Home Sales Median Price Harrisonburg Rockingham Page Shenandoah Augusta Staunton Waynesboro

Feb. 2017

Feb. 2016

Pct. Change

$163,500 $192,000 $139,000 $175,000 N/A N/A N/A

$180,550 $197,250 $79,000 $143,700 N/A N/A N/A

-9.44% -2.66% 75.95% 21.78% N/A N/A N/A

Days On Market Harrisonburg Rockingham Page Shenandoah Augusta Staunton Waynesboro

Feb. 2017

Feb. 2016

Pct. Change

33 63 124 105 N/A N/A N/A

44 72 76 132 N/A N/A N/A

-25.00% -12.50% 63.16% -20.45% N/A N/A N/A

Units Sold Harrisonburg Rockingham Page Shenandoah Augusta Staunton Waynesboro

Feb. 2017

Feb. 2016

Pct. Change

22 47 8 35 N/A N/A N/A

25 44 8 38 N/A N/A N/A

-8.33% 6.82% 0.00% -7.89% N/A N/A N/A

Sources: Funkhouser Real Estate Group; Real Estate Business Intelligence

Retail Sales (in millions) Harrisonburg Rockingham Page Shenandoah Augusta Staunton Waynesboro

Dec. 2016

$131.6 $68.3 $15.7 $42.0 $53.9 $40.2 $55.6

Source: Weldon Cooper Center for Economic and Policy Studies

Unemployment Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Jan. 2017

Dec. 2016

Jan. 2016

4.5% 3.5% 3.8% 8.4% 3.7% 3.9% 4.3%

4.2% 3.2% 3.5% 7.3% 3.7% 3.9% 4.3%

4.9% 3.9% 4.1% 8.5% 4.1% 4.5% 4.7%

Source: Virginia Employment Commission

Labor Force Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Jan. 2017

Dec. 2016

Jan. 2016

24,559 40,424 20,802 11,423 36,875 12,072 10,259

23,932 39,858 21,018 11,609 35,955 11,762 9,858

23,712 39,066 20,770 11,226 35,591 11,760 9,863

Source: Virginia Employment Commission

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, March 28, 2017

Company Produces YouTube Demonstration Videos To Show How Products Work Tactical

FROM PAGE 3

just phenomenal, to now,” Matter said, “I can’t tell you how much our mindset has changed because we’ve had multimillion-dollar years already.”

Internet Driven As it makes its way toward its fifth anniversary, Wood estimated that 80 to 85 percent of Tactical Walls’ sales are online, but that percentage is declining. It now has 85 dealers in 43 states, three in Canada and one in the United Kingdom — gun stores and ranges, furniture stores, locksmiths and consignment stores. Outdoor retailer Cabela’s and specialty retailer Brookstone offer its products in stores and online; catalog and online firearms retailer Brownells carries them, too, Tactical Walls is making a custom line for firearms manufacturer SIG Sauer. Wood said demonstrations help sell the product, so the company produces YouTube videos to show how they work. They’ve even paid some industry influencers to appear in company videos.

One of those men, on his own YouTube channel, later posted a video about his house being burglarized. Guns, jewelry and other valuables were taken, but the crooks walked by a Tactical Walls mirror with no idea it concealed a gun. Though the company has grown quickly, it hasn’t always grown. Wood said 2016 sales were off more than 10 percent compared to 2015, which he attributed to the election. “People were buying guns and ammo like crazy, but accessories across the industry were way down,” he said. “And almost like a light switch, after the election was over, everything went back to normal and now we’re growing like crazy again year-over-year.” The downturn, Wood said, was “sort of a silver lining.” After years of operating full tilt to keep up with their growth, company officials had time to review their processes and make cost-saving improvements. Nearly five years after he came up with his simple idea, Matter said he’s surprised by how many people it’s affected.

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Daniel Lin / DN-R

Tactical Walls employee Travis Long assembles an end table at the company’s plant in Shenandoah earlier this month. “We’ve done a great of not only creating parts but creating jobs,” he said. “That part to me is really exciting, looking at it from the point of how influential

we’ve been to help other people.” Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

Tuesday, March 28, 2017

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.