A Byrd Newspapers Publication
Volume 18, No. 10, August 29, 2017
Getting Into The Spirit Of Spirits Trails
n:
o Spotlight
ne i W , r e Be Tourism Page 6
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SHENANDOAH VALLEY BUSINESS JOURNAL
Tuesday, August 29, 2017
Inside This Issue Focus Section: Beer, Wine Tourism The Shenandoah Valley Business Journal is a monthly publication of Rockingham Publishing Company, Inc., 231 S. Liberty St., Harrisonburg, VA 22801.
■ Happy Hours And Happy Trails..............................Page 6
Other Business News ■ Local Ledger..................................................Page 10
Editorial Staff
■ Pale Fire Brewing Installs Bottling Line..............Page 11
Editor and General Manager: Peter S. Yates
Columns ■ Financial Focus with Kathy Armentrout..........Page 3
Managing Editor: Jerry Blair
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)
Daniel Lin / DN-R Old Hill Cider sales and marketing manager Kelli Stover pours a sample for a group visiting the tasting room.
Contributing Photographers: Daniel Lin
HARRISONBURG — Roger Mast has been selected as a member of the board of trustees for the Crossroads to Brain Injury Recovery. A graduate of Eastern Mennonite University, Mast is entering his 27th year as the school’s men’s soccer coach, according to a news release. He earned his master’s degree from West Chester University in Pennsylvania and his doctorate from Argosy University Mast in Orange, Calif. Crossroads to Brain Injury Recovery is a nonprofit organization that serves residents in Rockingham, Augusta, Bath, Highland and Rockbridge counties and the cities of Harrisonburg,
Contact us
On The Cover:
Staff / Contributing Writers: Vic Bradshaw, Preston Knight
Mast Joins Crossroads Board
Harrisonburg, Va.
Staunton, Waynesboro, Lexington and Buena Vista. It aims to improve the quality of life for people affected by brain injury. — Vic Bradshaw
WAW Lawyers Recognized HARRISONBURG — Daniel Fitch of Wharton Aldhizer & Weaver and seven of his colleagues were recognized recently as being among Virginia’s top lawyers, according to a news release. “Best Lawyers in America 2018,” a peer-review publication, tapped Fitch as the top lawyer in its Charlottesville region for defendants’ personal injury litigation for 2018. Only one lawyer in each region receives the honor annually. He also recently was recognized by “Super Lawyers” as one of the state’s top 100 lawyers. See MOVERS, Page 3
City, HDR Bring Home Honors HARRISONBURG — The city and Harrisonburg Downtown Renaissance walked away with four awards during the annual Virginia Main Street Conference in Winchester. The Chesapeake Western Railroad Depot won for Best Adaptive Reuse Project. The owners of the building at 141 W. Bruce St. worked with The Gaines Group to restore the structure, which was damaged by fire in 1982. The building, constructed in 1913, is now home to Marvin Window and Doors showroom on the ground floor and three offices upstairs. Harrisonburg Downtown Renaissance, a nonprofit focused on revitalization efforts, captured the Best Innovation Idea for its Pop-up Event, which was held in April. HDR also received a Virginia Main
Street Milestone Achievement Award for accumulating 100,000 volunteer hours. In addition, Harrisonburg was honored for obtaining $75 million in private investment. — Pete DeLea
First National’s Earnings Rise HARRISONBURG — First National Corp. (OTC:FXNC) announced last month that it boosted its income by 23 percent in the second quarter compared to the same period in 2016. The parent company of First Bank reported net income of $1.8 million, or 36 cents per share, in the quarter that ended June 30. That was up from the $1.4 million, or 29 cents per share, the Strasburg company earned in the second quarter last year. See SCENE, Page 3
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Are You A ‘Hardworking’ Investor? N
ext week, we observe Labor Day, a celebration of the American worker. You work hard your whole life with the hope that your efforts will ultimately allow you to achieve your financial goals, such as a comfortable retirement. But for that to happen, you may need to apply some of the lessons of the workplace to your efforts as an investor. So, what are these lessons? Here are a few to consider: ■ BE CONSISTENT. The most successful workers are the ones who show up, day after day, and strive to overcome the inevitable obstacles that crop up. As an investor, you, too, need to be consistent in your habits — which means you should keep investing in all types of markets. If you take a “timeout” every time the market drops, you might end up missing opportunities when the next rally begins. ■ BE FLEXIBLE. When good workers see that something is not going well, they change what they’re doing. And when you invest, you also may need to make adjustments.
If an investment has consistently underperformed, or if you have too many others very similar to it, or if it just doesn’t meet your needs anymore, you may be better off by selling it and using the proceeds to invest elsewhere. This doesn’t mean you should constantly be buying and selling — in fact, you’ll likely be better off by purchasing quality investments and holding them for the long term. But you need to be flexible enough to make the appropriate moves at the appropriate times. ■ BE INFORMED. The best workers are those who regularly update their skills and acquire knowledge that helps them do their jobs better. As an investor, you should also keep learning — about the investment world in general and about new opportunities for you to explore. And you should always understand what you are investing in — and why. Even if you work with a financial professional, you need to inform yourself about every aspect of your investment portfolio — after all, it’s your money and your future. ■ BE FARSIGHTED. Good work-
Offices In Harrisonburg, Staunton Movers
FROM PAGE 2
Joining Fitch among WAW attorneys recognized by “Best Lawyers” as standing out in their specialty areas were Charles Hilton (medical malpractice-defendants, personal injury-defendants, and professional malpractice-defendants), Glenn Hodge (health care, real estate), Stephan Milo (bankruptcy and creditor debtor rights/ Fitch insolvency and reorganization), Donald Showalter (trust and estates, corporate), Gregory St. Ours (antitrust), Thomas Ullrich (commercial litigation, employment-management, labor and employment litigation), and P. Marshall Yoder (collaborative law, family law). Wharton Aldhizer & Weaver serves cli-
ents in the mid-Atlantic region from its offices in Harrisonburg and Staunton. — Vic Bradshaw
Paulk Joins Brain Injury Board HARRISONBURG — Davis Paulk has been added to the board of trustees of Crossroads to Brain Injury Recovery. Widely published in the field of child maltreatment, he co-authored the Physician Assistant Review Guide. Paulk was the only physician asPaulk sistant selected for a Centers for Disease Control and Prevention expert panel to develop guidelines to diagnose and manage See MOVERS, Page 10
Financial Focus Kathy Armentrout
ers not only know what they’re doing — they also can visualize the desired outcome of each task. And, of course, people who are in charge of a particular endeavor, or who are responsible for the fortunes of a business, have a clear view of what they want to accomplish, even if the achievement of that goal is many years in the future. When you invest, you also need to see where you want to go. If you can constantly keep in mind your long-term goals — such as the type of retirement lifestyle you desire — you will likely find it easier to stick with an investment
strategy that’s appropriate for your needs and risk tolerance. Conversely, if you lose sight of your destination, you might be more prone to taking short-term detours, which could work against you. Labor Day reminds us to appreciate the skills and dedication of all workers — and as an investor, you can put these same attributes to good use. 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.
Netted $3.3 Million Through Six Months Scene
FROM PAGE 2
The positive results were mostly attributable to a $250,000 increase in net-interest income, according to company financial data. Through six months of 2017, the banking company has netted $3.3 million, or 67 cents per share. That’s a 30 percent increase over the $2.5 million, or 51 cents a share, recorded in the first half of last year. First National operates 14 branches in the Shenandoah Valley and Central Virginia, including offices in Elkton, Mount Jackson, Strasburg and Woodstock, and a loan-production office in Harrisonburg. — Vic Bradshaw
Bank Of The James Earnings Dip HARRISONBURG — Bank of the James Financial Group (NASDAQ:BOTJ) reported last month that its net income was down in the second quarter of 2017 and
through the first six months of the year. The Lynchburg-based parent company of Bank of the James netted $787,000, or 18 cents per diluted share, in the quarter that ended June 30. That was below the $1.05 million, or 24 cents per diluted share, earned in the same period in 2016. The drop was mostly because of increased non-interest expenses, attributable partly to interest paid on capital notes issued in February, and additional set-asides for potential loan losses, according to company data. At midyear, the company has reported net income of $1.55 million, or 35 cents per diluted share, which is down from the $1.94 million, or 44 cents per diluted share, earned in the first half of last year. The company’s board of directors approved a quarterly dividend of 6 cents a share, to be paid on Sept. 22 to shareholders of record on Sept. 8. Bank of the James operates 13 offices in Virginia, including one See SCENE, Page 4
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Harrisonburg, Va.
F&M Bank Corp.’s Net Income At $2.33 Million For Quarter Ending June 30 Scene
FROM PAGE 3
in Harrisonburg. — Vic Bradshaw
F&M Reports Level Gains HARRISONBURG — F&M Bank Corp. (OTCQX: FMBM) reported that its second-quarter performance was relatively level compared to the same period a year earlier. The Timberville-based parent company of Farmers & Merchants Bank announced that its net income was $2.33 million for the quarter that ended June 30, down $30,000 from the second quarter of 2016. Earnings per share were 68 cents for both quarters. Midway through the year, the company has netted $4.7 million, up from $4.5 million for the first half of 2016. F&M’s net interest income has risen $533,000 during that period. F&M’s board declared a dividend of 23 cents per share for the quarter, up 1 cent over the prior quarter and 3 cents over the second quarter of 2016. The dividend is payable on Aug. 17 to shareholders of record as
of Aug. 3. The company operates 13 bank branches in the central Shenandoah Valley, a loan-production office in Penn Laird, VBS Mortgage, and settlement services company VSTitle. — Vic Bradshaw
Shentel Reduces Quarterly Loss HARRISONBURG — Shenandoah Telecommunications Co. (NASDAQ:SHEN) posted a virtual break-even second quarter, greatly reducing the loss it recorded a year ago and significantly boosting its operating income. In financial results released this month, Edinburg-based Shentel reported a loss of $80,000 for the period ending June 30. A year earlier it lost $7 million, or 14 cents per share. As the company continued its expansion into new service territories, it increased operating revenue by $23 million to $153.3 million and reported $8.3 million in operating income, up from a loss of $6.2 million in the second quarter of 2016. The Sprint affiliate continued system up-
grades and its integration of former nTelos wireless customers to Sprint’s system during the second quarter, but it expects to complete both by Oct. 31. Those efforts cost the company $5.4 million in the quarter. For the first half of the year, Shentel has netted $2.3 million, or 5 cents per share, versus $6.9 million, or 14 cents a share, in the first six months of 2016. Shentel provides multiple communications services in the mid-Atlantic region. — Vic Bradshaw
PBMares, Brown Edwards On List HARRISONBURG — Two accounting firms with Harrisonburg offices are among the 100 largest in America based on financial performance, according to industry trade publication Inside Public Accounting. PBMares, headquartered in Newport News, moved up one spot in the rankings to No. 98. Roanoke-based Brown Edwards & Co. joined the Top 100, rising five spots to take over the 99th position. Both companies reported net income
of $37.5 million in 2016, the IPA rankings show. They were the third- and fourth-largest accounting firms in Virginia. — Vic Bradshaw
Pioneer’s Net Income Jumps HARRISONBURG — Pioneer Bankshares Inc. (OTC Bulletin Board: PNBI) boosted its earnings 31 percent in the second quarter compared to the previous year. The Stanley-based parent company of Pioneer Bank reported Aug. 1 that its net income for the three months that ended June 30 was $1.154 million, or $1.19 per share. That easily eclipsed the $880,000, or 91 cents per share, it netted in the second quarter of 2016. The improved financial performance was attributed to decreased operational expenses and provisions for loan losses and gains on securities transactions. Pioneer reported loan growth of $4 million during the quarter, raising its amount on loan to $164.8 million. It also increased See SCENE, Page 5
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Pioneer Operates Seven Branches, Including Harrisonburg, Page County Offices Scene
FROM PAGE 4
assets by $7.6 million, boosting its total to $202.3 million. Pioneer Bank operates seven branches, including offices in Harrisonburg, Stanley, Luray and Shenandoah. Pioneer Bankshares also owns and operates Valley Finance Services, a consumer and auto-lending business based in the Pioneer Bank branch in Harrisonburg. — Vic Bradshaw
Rosetta Stone Cuts Loss Again HARRISONBURG — Rosetta Stone Inc. (NYSE:RST) continued to improve its financial performance in the second quarter, greatly reducing its net loss for the period on the heels of its first profitable quarter since 2012. The language-learning technology company based in Arlington announced Aug. 8 that it lost $1.1 million, or 5 cents per diluted share, in the quarter that ended June 30, down from a loss of $9 million, or 41 cents a share, for the same period in 2016. Its reve-
nue totaled $45.9 million, up $200,000 yearover-year. The positive results were driven by growth in the company’s literacy segment, Lexia. Revenue provided by the segment rose to $10.37 million, an increase of $2.42 million or 30 percent versus the same quarter in 2016. Total operating expenses were down $9.6 million, or 20 percent, compared to the previous year’s second quarter. It was the 10th straight quarter in which the company has cut expenses. Through six months of 2017, the company has recorded a net loss of $681,000, down from $16.5 million at the midway point of the previous year, Rosetta Stone, which was founded in Harrisonburg and maintains a significant local workforce, ended the quarter with $26.4 million in cash and cash equivalents and no debt. — Vic Bradshaw
Blue Ridge Bank Nets $1.27M HARRISONBURG — Blue Ridge Bank-
shares (OTC Pink: BRBS) more than quadrupled its net income in the second quarter and has completed a stock split. The Luray-based parent company of Blue Ridge Bank netted $1.27 million, or 69 cents per common share, in the period that ended June 30 compared to $311,000, or 23 cents per share, in the second quarter of 2016. Last year’s earnings were impaired by costs related to the bank’s acquisition of River Bancorp Inc. Through six months, Blue Ridge Bankshares has net income of $1.9 million, or $1.04 per share. The bank netted $836,000, or 60 cents per share, in the first half of 2016. Merger costs affected the company’s quarterly and midyear earnings by 20 cents a share in 2016. Blue Ridge Bankshares declared a second-quarter dividend of 12 cents per share for the second quarter, up from 11.75 cents a year earlier. The company’s board of directors approved a 3-for-2 split of common stock shares that was completed on Aug. 11. — Vic Bradshaw
Cadence Announces $2 Dividend STAUNTON — Cadence Inc. announced unaudited results through the second quarter of 2017, including a 6 percent increase in revenue from continuing operations to $45.6 million compared to first half of 2016. According to a company press release, earnings per share from continuing operations decreased 10 percent over prior-year results to $2.10 per share. Earnings before interest, taxes, depreciation and amortization from continuing operations was down 4 percent at $8.8 million. See SCENE, Page 11
10 UNDER
40
Nominations for the Shenandoah Valley Business Journal’s “10 Under 40” list should be submitted before Oct. 12 to svbjnews@dnronline.com.
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SHENANDOAH VALLEY BUSINESS JOURNAL
Harrisonburg, Va.
Happy Hours And Happy Trails Winery, Brewery Regional Marketing Efforts Paying Off By PRESTON KNIGHT Special to the SVBJ
HARRISONBURG — Trail maps are helping put area wineries and breweries on, well, the map. Business representatives and tourism leaders are buying into the notion that there’s strength in numbers, saying early returns are positive for a pair of marketing trails that launched last year. The Shenandoah Spirits Trail, which highlights more than 40 wineries, craft breweries and a cidery from Rockingham County to Frederick County, and Shenandoah Beerwerks, which features craft breweries from Harrisonburg on south to Lexington, have attracted tourists from around Virginia. Both efforts rely on local government funding and support from the Virginia Tourism Corp., and they complement other local and statewide trails and programs that focus on agritourism. “There’s a lot more of a lure if we can show what we have as a whole to offer,” said Jenna French, Shenandoah County’s tourism director, who was integral in starting the Spirits Trail. “This [effort] is a tourism service. The fear is only those that can afford to pay will pay otherwise.” Started in September 2016, the Spirits Trail went through its initial run of 20,000 printed maps in a matter of months, French said, and analytics off its website indicate that a growing number of people are visiting the page or business sites linked off of it. Measuring success for the trail, however, is mostly anecdotal at this point. But positive stories seem easy to come by. “It’s worked very well here. It brings in a lot of different kinds of people interested in agriculture, connecting the dots that this is a working farm,” said Kelli Stover, sales and marketing manager at Showalter’s Orchard and Greenhouse outside Timberville, home of Old Hill Cider. “This opens up a whole new door not only for the cidery, but the farm, too.”
Part Of ‘Something Bigger’ Trails rely on the physical maps and websites to draw people, but they also require businesses to be more than happy to
Daniel Lin / DN-R
Kelli Stover, sales and marketing manager for Old Hill Cider, talks to a group of visitors at the cidery’s tasting room. Old Hill, which is crafted at Showalter’s Orchard and Greenhouse outside Timberville, is one site on the Shenandoah Spirits Trail. refer customers elsewhere. It may sound counterintuitive to openly advocate for a “competitor,” but there’s a greater good everyone in the Valley seems to recognize. “The appeal of trail marketing is that it takes a number of individual promotions and multiplies their impact. Each event still has its own appeal, but then it’s also part of something bigger,” said Bill Wood, an economics professor at James Madison University. “In economics, we’re always looking for economies of scale in promotion. This is a great example. The cost of reaching a customer goes down as you add more sites to the trail. “It doesn’t go down forever, but a well-focused trail can be a highly effective way of reaching customers.” Cost benefits aside, the idea of a trail works for craft breweries, in particular, because of the nature of the industry: Many business owners know each other,
made home brews together and are fighting to stay relevant against “big beer,” said Josh Harold, the taproom manager at Brothers Craft Brewing. “If we can all rise together, we could all fall together,” he said. “I go to other taprooms frequently and they welcome me like anybody else, and I welcome them like anybody else. You aren’t going to see that in a Burger King or McDonald’s.” That mentality would seem to be vital to fulfilling the goal of Shenandoah Beerwerks, which since being formed in May 2016 has sought to put itself on “equal footing” with other fast-growing beer tourism regions in the country, said Courtney Cranor, Waynesboro’s assistant director of economic development and tourism and this year’s chairwoman of Beerwerks. She said tourism officials are “absolutely serious” about making the Shenandoah Valley a “top American beer destination.”
“Many of the Beerwerks breweries are becoming nationally known for their excellence,” she said. “By every measure, craft beer is an economic engine in Virginia, and we’re actively tapping into that buzz by promoting our trail.”
Drawing A Crowd Perhaps as important as any feature, wine and beer trails can drive all facets of tourism. Beerwerks, for example, is promoted alongside outdoor recreation such as Shenandoah National Park and music festivals in the Valley to show the diversity of entertainment the area has to offer. The Spirits Trail, meanwhile, tends to give tourists an opportunity to select a handful of places to visit in tandem with stays at a local bed and breakfast, said Curt Hartman, president of Bluestone See HAPPY, Page 7
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Cros s
rds ya
ys Vine e K
Vi rg i n i a
CrossKeys Vineyards is a family owned and operated winery located in the heart of beautiful Shenandoah Valley. Our 125 acre estate currently houses 35 acres of vines, and we grow 12 varietals of grapes all used to produce our one of a kind award winning wines. Stephen Swofford / DN-R
Chelsea Wood, 29, of Harrisonburg, serves customers on her birthday at Brothers Craft Brewing.
Valley An ‘Early Pioneer’ With Vineyards Happy
FROM PAGE 6
Vineyard outside Bridgewater. “Even if they don’t try to hit the whole trail, they’ll start with a gross overview and narrow it down,” he said. “We see people from Northern Virginia, Richmond, Tidewater — they’ll do three wineries on Saturday and maybe one on Sunday. … It’s much more of a source of information versus a trail, per se. They pick their favorites.” Trail organizers are interested in the hometowns of those who use the marketing tool, as well as demographic information such as ages. Beerwerks is definitely attracting younger people to the area, Cranor said. But craft brewing, by its nature, can span generations, Harold adds. He said it’s not just those in their 20s and 30s or those who have been labeled beer “nerds” who appreciate the industry anymore. “My father and his generation, they hear about it, and people think of it as something as close to living the American dream as anything right now,” Harold said, noting that craft breweries begin as small, local businesses. “People really take to that.” Wood said trail marketing does serve to educate the public. “[It] helps on the supply side of involved businesses, but it also helps on the
demand side, by creating a group of educated consumers who find out about previously unknown providers,” he said. “It also helps consumers find each other. This is really a combination of economics and psychology. It helps consumers feel good about their community and their fellow consumers.” For the Valley, these latest trails fit within the agritourism portfolio because of the crossover between vineyards and farm craft breweries, French said. It’s no longer “either or” for beer and wine, as offerings expand and people generally appreciate and want to know more about the similarities in the processes of growing grapes and hops, she said. While the trails may be new, the Valley was an “early pioneer” on the vineyard front in Virginia, she said, with Shenandoah Vineyards opening in the late 1970s and being the third oldest vineyard in the commonwealth. Recognition for the area was slow to develop, though, because of a lack of concentration of similar business ventures, French said. That’s not the case anymore for wine and beer enthusiasts. “The Valley is gaining notoriety,” French said. Contact the Shenandoah Valley Business Journal at svbjnews@dnronline.com
We offer year round entertainment and events. See our website for a full calendar, and learn about how you may rent our beautiful facilities for your special event. Tasting Room: 11 am to 7 pm daily Bistro: 11 am to 6:30 pm daily Sunday Brunch: 10 am to 2 pm Tours: 12 pm, 2 pm, and 4 pm daily Winter hours subject to change. Always call ahead to guarantee reservations and hours.
CrossKeys Vineyards 6011 E. Timber Ridge Road, Mt. Crawford, VA 22841
540-234-0505 | CrossKeysVineyards.com
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HARRISONBURG – ROCKINGHAM
Chamber of Commerce Letter From The President TIME FLIES WHEN YOU ARE BUSY
T
he Harrisonburg-Rockingham Chamber of Commerce seems to be as busy this year as anyone can remember. In August alone, we hosted the annual university and college Presidential Address Breakfast, worked with our state Delegates and a number of entities supporting business and economic development to hold the Valley Business Summit, kicked off the next class of Leadership Harrisonburg-Rockingham (LHR) and BOLD, our advanced leadership program, held two Business After Hours and kept up our usual pace of meetings, programs and activities promoting business in our community. We are also heavily engaged in planning future events including our annual golf tournament at Massanutten Resort, Valley Vines Twilight 5K at CrossKeys Vineyard, and our annual Connections event (an information, networking and leadership conference and business expo) coordinated in partnership with the Shenandoah Valley Small Business Development Center at JMU Festival Center. The Chamber of Commerce in any community is reflective of the economic base, business activity, and the caliber of community leadership. We are fortunate to live and work in a community that has strong roots, scenic beauty, economic vitality, world class educational assets, and a wealth of past, present and future leaders. Your Chamber continues to Lead, Advocate, Network and Promote for the betterment of the community. Our success is based in part on our existing local partnerships and relationships and we are excited to begin our new partnership with the Daily News Record to share Chamber information and updates in the Business Journal. We hope you appreciate this information and encourage you to get involved.
About the Chamber
T
he Harrisonburg-Rockingham Chamber of Commerce is a not-for-profit community organization. The Chamber exists to connect area businesses into a powerful network through leadership and advocacy. Since 1916 we have been influencing public policy on behalf of the business community and helping the Harrisonburg-Rockingham area become a thriving and dynamic marketplace of opportunities. The Chamber offers a variety of programs designed to meet the needs of our member businesses. Through networking events, educational programs and committees, we build community relations and offer our members a variety of ways to make new customer contacts and network with fellow Chamber members.
(photos by Nikki Fox)
STAFF Frank Tamberrino President & CEO frank@hrchamber.org (540) 434-3862 x 102 Sheena Armentrout Director of Membership Development & Investment sheena@hrchamber.org (540) 434-3862 x 106 Cari Orebaugh Director of Marketing & Communications cari@hrchamber.org (540) 434-3862 x 108
CONTACT US Harrisonburg-Rockingham Chamber of Commerce 800 Country Club Road Harrisonburg, VA 22802 (540) 434-3862 information@hrchamber.org
VISIT OUR WEBSITE TODAY TO: BECOME A MEMBER
http://chamber.hrchamber.org/ member/newmemberapp VIEW AREA JOB POSTINGS
http://chamber.hrchamber.org/ jobs
Frank Tamberrino President and CEO Jonathan Alger, JMU president (left), and David Bushman, Bridgewater College president (right), speak during the annual Presidential Breakfast hosted by the Harrisonburg-Rockingham Chamber of Commerce.
Harrisonburg, Va.
Our programs range from monthly business networking events, to an annual awards banquet honoring business leaders. Periodic training programs and issues-based forums all develop leadership and communicate information that influences decisions for the benefit of businesses within our community. We look forward to beginning our second century of building our community together.
JOIN THE CONVERSATION + KEEP UP WITH YOUR CHAMBER NEWS & EVENTS www.facebook.com/hrchamber www.twitter.com/HR_Chamber www.youtube.com/hrchamber www.linkedin.com/company/ harrisonburg-rockinghamchamber-of-commerce
SHENANDOAH VALLEY BUSINESS JOURNAL
Harrisonburg, Va.
Tuesday, August 29, 2017
CHAMBER COMMITTEES If you’re interested in building relationships with local businesses and community leaders who share similar interests and passions, join a Chamber Committee. Visit the Chamber’s Online Events Calendar or call the Chamber Offices for more information on upcoming committee meetings.
Aging in Place Roundtable educates the community about local services supporting vitality and choice in the second half of life and provides a forum for discussion and collaboration about the issues surrounding aging in place. Shenandoah Women’s Alliance is a network of dynamic, diverse women empowering one another through inspiration, education and service. Rita McClenny (from left), president and CEO of Virginia Tourism, and Frank Tamberrino, president of Harrisonburg-Rockingham Chamber of Commerce, listen to Ben Trumbo, the lead brewer at Pale Fire Brewing, talk about their new bottling line at the brewery during an unveiling ceremony.
Business Councils - including Broadway-Timberville, East Rockingham, Greater Ashby, Diversity and Military Affairs provide businesses opportunities to connect through informational and educational meetings in order to promote the economic vitality and quality of life throughout the community.
Hospitality Committee exists to improve the economic competitiveness of the hospitality industry through dialogue and relationship building. Public Policy identifies, evaluates and monitors social, political and environmental trends, issues and concerns affecting the business community.
CHAMBER MEMBER2MEMBER DISCOUNT PROGRAM Save money and help support the local economy by choosing HarrisonburgRockingham Chamber of Commerce members for your business and personal needs. If you’re a member and haven’t taken advantage of this member benefit, contact Cari Orebaugh at 540-434-3862 x 108 or cari@hrchamber.org to sign up today!
(photos by Nikki Fox)
2017 Calendar of Events ANNUAL EVENTS
Spotlight On New Members
Golf Tournament
BUSINESS SMARTS BREAKFAST SERIES –
October 6
Valley Vines Twilight 5K
TOOLS & TIPS FOR BUSY BUSINESSES
October 19
Connections 2017
October 21
Broadway-Timberville Fall Festival
Held the 2nd Friday of each month, 7:30-9:00 a.m. American National University, 1515 Country Club Road
December 14
Navigating Your Chamber Membership – open to current, new and prospective members
September 15
September 8
Personal Planning System
October 13
What Your Employees Wish You Knew
November 10
Networking
December 8
Marketing Calendar
To view and register for events, please visit the Chamber’s Events Calendar at www.chamber.hrchamber.org/events/calendar
Happy Little Dumpsters, LLC LegalMatch RJF Construction, LLC Creative Cause Solutions, Inc. Olive Garden broadSPECTRUM Marketing Services & Consultation Magnolia’s Tacos & Tequila Bar H & J Beauty Supply, LLC Harrisonburg Harmonizers Rockingham County Republic Party Harrisonburg City Republican Committee House of Clues, LLC Mason Dixon Lavender Farm Breaking Free Hometown Values Magazine McNett Angus Beef Histand Services Schultz Theatre and School of Performing Arts
Eagle Express Lines–Atlantic Republic Services
Visit our website for an easy-to-use, online database of all Chamber Members or pick up your free copy of our Membership Directory at the Chamber Offices.
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Earned Master’s From West Virginia Movers
FROM PAGE 3
mild traumatic brain injury in children and adolescents. A paramedic before he attended physician assistant school at Alderson Broaddus University in Philippi, W.Va., Paulk then earned a master’s degree in health education from the West Virginia University and a doctorate in education from Rutgers University. — Vic Bradshaw
Lenhart Pettit Attorneys Honored HARRISONBURG — Lenhart Pettit announced that 12 of its lawyers were recently selected by their peers for inclusion in the 2018 edition of Best Lawyers in America. According to a press release from the Harrisonburg firm, Lenhart Pettit attorneys included in the 2018 list include Michael E. Derdeyn, Roberts Ralph L. Feil, John W. Flora, Lisa Anne Hawkins, Richard H. Howard-Smith, Jeffrey G. Lenhart, Donald D. Long, George H. Roberts Jr., Jennifer E. Shirkey, Bill Shmidheiser, Cathleen P. Welsh and J. Page Williams. In addition, the firm announced that Shmidheiser Roberts has been named Best Lawyers’ Lawyer of the Year for 2018 in corporate law; Shmidheiser has been named Lawyer of the Year for 2018 in bankruptcy and creditor debtor rights/insolvency and reorganization law; and Williams has been named Williams Lawyer of the Year in real estate law for the Charlottesville metropolitan area, which See MOVERS, Page 11
Harrisonburg, Va.
Local Ledger Central Valley Area Home Sales Median Price Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro
July 2017
July 2016
Pct. Change
$179,000 $229,000 $191,000 $196,000 N/A N/A N/A
$180,000 $219,250 $178,500 $186,250 N/A N/A N/A
-0.56% 4.45% 7.00% 5.23%
Days On Market Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro
July 2017
July 2016
Pct. Change
35 15 75 168 N/A N/A N/A
23 56 140 103 N/A N/A N/A
52.17% -73.21% -46.43% 63.11%
Units Sold Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro
July 2017
July 2016
Pct. Change
33 81 59 17 N/A N/A N/A
43 72 52 14 N/A N/A N/A
-23.26% 12.50% 13.46% 21.43%
Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro
June 2017
May 2017
June 2016
5.2% 3.6% 3.6% 4.6% 3.6% 3.8% 4.2%
4.6% 3.5% 3.6% 4.7% 3.6% 3.7% 4.0%
5.8% 3.8% 3.8% 4.7% 3.6% 3.9% 4.2%
Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro
Source: Virginia Employment Commission
Labor Force Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro
June 2017
May 2017
June 2016
24,901 41,354 21,403 12,021 38,193 12,374 10,493
24,593 40,756 21,062 11,806 37,673 12,256 10,398
24,127 40,117 21,036 11,736 36,985 11,933 10,101
Source: Virginia Employment Commission
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Sources: Funkhouser Real Estate Group; Real Estate Business Intelligence
Retail Sales (in millions)
Unemployment
May 2017
$109.3 $67.0 $38.1 $17.7 $48.3 $34.3 $45.1
Source: Weldon Cooper Center for Economic and Policy Studies
UNDER
40
Do you know a business leader under 40?
The Shenandoah Valley Business Journal is seeking nominations for its 2017 “10 Under 40” list of rising business leaders under the age of 40. Nominations should be submitted before Oct. 12 to svbjnews@dnronline.com.
Harrisonburg, Va.
SHENANDOAH VALLEY BUSINESS JOURNAL
Pale Fire Installs Bottling Line By VIC BRADSHAW Daily News-Record
HARRISONBURG — Pale Fire Brewing Co. has taken the next step in its evolution. The 2-year-old craft brewery in the Ice House complex on South Liberty Street on Aug. 18 celebrated its recently installed bottling line with a ribbon-cutting and demonstration. The new machinery will allow Pale Fire beer to be sold in six packs of 12-ounce bottles all over Virginia. Brewery owner Tim Brady said Pale Fire has been successful to date with keg sales even though draft beer accounts for about 35 percent of the Virginia craft beer market. The remaining sales are six packs, and the bottling line allows Pale Fire to tap into that market. “This bottling line that we have put in today ... that’s going to allow us to reach that other 65 percent of the market, which is going to allow us to grow even more to be more successful,” he said during the ceremony. “You really don’t need a great business mind to know that if you’ve already been successful with one-third of the market, you’re going to be way more successful with 100 percent of the market.” Rita McClenny, president and CEO of the Virginia Tourism Corp., said Pale Fire’s bottling line will contribute to Virginia’s economy. “This brewery is a fine example of what
visitors look for, as well as residents, in experiencing craft beer in a lovely tasting room, having your operation here and adding to the economy of Virginia in terms of the employment, the revenue that’s generated through the taxes that help locally as well as statewide,” McClenny said. More than 200 craft breweries are operating in Virginia, she said, and the industry contributes $1 billion to the state’s economy each year. In an email, Todd Haymore, Virginia’s secretary of commerce and trade, said Pale Fire’s manufacturing line could result in more tourists coming to Harrisonburg. People outside the area might buy its brews, enjoy the taste and decide to take a trip to see where it’s made. “The more craft beer that’s manufactured at Pale Fire,” Haymore wrote, “the more opportunities for locals and tourists — both out-of-region and out-of-state — to visit Pale Fire and buy their products.” Bottled beer started rolling off the line in early August. Brady said local Kroger, Food Lion and Walmart stores have been shipped 400 cases of the brewery’s Salad Days American Saison, which has won bronze medals at both the World Beer Cup and Great American Beer Festival. Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com
Tuesday, August 29, 2017
Risk Management, IT Roles Filled Movers
FROM PAGE 10
includes Harrisonburg. — Staff Reports
DCCU Promotes Two To VP Roles WAYNESBORO — DuPont Community Credit Union announced the promotions of Jason Clarke to vice president of risk management, and Cindy Nuckoles to vice president of IT support. According to a DCCU press release, Clarke joined the credit union’s retail team in 2004 before transitioning into the role of compliance officer, and finally into his previous role as the director of risk management. Nuckoles, according to the reClarke lease, has contributed in a number of key roles during her 30 years of service with DCCU. Since 2011, she has been instrumental in leading the support of IT driving significant change and growth through her lead-
ership. In her new role, she will participate in the strategic planning of future IT support related initiatives and oversee four IT support areas. DuPont, founded in 1959, is headquartered in Waynesboro and has 12 locations throughout the central Shenandoah ValNuckoles ley, including three branches in Harrisonburg. — Staff Reports
Advertising gets results. call 574-6229
We Love Small Business! Upcoming Events Business Smarts— 7:30-9:00 am, Harrisonburg
Cadence Employs More Than 475 People Worldwide Scene
FROM PAGE 5
Earnings per share from total operations increased 38 percent over prior year first half results. Cadence, based in Staunton, is a supplier of products and services to medical device, life science, automotive and industrial companies worldwide. Also, during its July 24 meeting, the Cadence board of directors approved a special dividend of $2 per share payable to shareholders of record July 24, on or before Aug. 23. The special dividend represents the desire to maintain an optimal capital structure based on the company’s performance and opportunities and should not be seen as the beginning of a regular and predictable dividend policy, according to the company. As a result of previously announced changes to its manufacturing footprint, the company’s financial results include a Discon-
tinued Operations section which include the results of the now-discontinued operations in the Dominican Republic and Massachusetts. Cadence employs more than 475 people worldwide with headquarters in Staunton
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and locations in Cranston, R.I., Pittsburgh and Sturgeon Bay, Wis., according to the release. — Staff Reports
Sept. 8: Optimizing Your Personal Planning System
Start Smart Workshops Sept. 13, 3:00-5:00 pm, Harrisonburg
Save the Dates Connections 2017— Oct. 19: 1:00-7:00 pm, Harrisonburg The Valley’s Premiere Networking Event
Cyber Security Seminar— Oct. 26: 1:00-5:00 pm, Harrisonburg Explore tools and techniques to enhance security
Rapid Fire Marketing— Nov. 2: 1:00-4:30 pm, Harrisonburg Meet the experts, ask your questions, improve your business See details of these & more at ValleySBDC.org
PORCHES, ARBORS & PERGOLAS, HANDICAP RAMPS
Small Business Development Center
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Tuesday, August 29, 2017
SHENANDOAH VALLEY BUSINESS JOURNAL
Harrisonburg, Va.