Shenandoah Valley Business Journal - December 2019 by Daily News-Record

Volume 21, No. 2, December 18, 2019

Legal Elite Valley Lawyers named best of the bar

Wednesday, December 18, 2019

SHENANDOAH VALLEY BUSINESS JOURNAL

Inside This Issue The Shenandoah Valley Business Journal is a monthly publication of the Daily News-Record, 231 S. Liberty St., Harrisonburg, VA 22801.

Editorial Staff Publisher: Craig Bartoldson Managing Editor: Jim Sacco

Focus Section: ■ Legal Elite......................................................Page 4

Columns ■ Investments with Matthew Frakes..................Page 3

Other Business News ■ Port’s Economic Impact Grown......................Page 6

Harrisonburg, Va.

Contact us By mail: Shenandoah Valley Business Journal P.O. Box 193 Harrisonburg, VA 22803 By email: svbjnews@dnronline.com By fax: 540-433-9112 By phone: 540-574-6281 (news) 540-574-6223 (ads)

Contributing Writer: Ian Munro

If you know of any local Movers & Shakers in the business community, send their information and a headshot to svbjnews@dnronline.com for consideration. (Include Movers & Shakers in the subject line.)

JMU Partners With Valley Airport Shenandoah Valley Regional Airport is sporting purple and gold after James Madison University President Jonathan Alger announced a new partnership with the Weyers Cave airport. As of Dec. 5, SVRA is the official airport of JMU, with Alger telling faculty and staff that the partnership is “a great example of how institutions of higher education can have exponential impact on community growth as JMU strives to become the national model of the engaged university.” Alger also wrote in an email to faculty and staff that the partnership would improve efficiency, productivity and cost savings for the university when considering total travel costs. Heather Ream, director of marketing and communications for SVRA, said that due to the partnership, travelers at SVRA can expect to see changes in the terminal soon. The SVRA commission awarded a contract to Lantz Construction during its Nov. 20 meeting to

build a secure area partition — a removable glass wall that would be installed in the passenger lobby to allow flexibility to increase the size of the post-screening gate and lobby area during peak flight periods. Greg Campbell, executive director of SVRA, said the current area can get crowded on full flight days and does not provide sufficient space to ensure an “exceptional passenger experience.” Campbell said the addition would allow the airport the flexibility it needs to accommodate larger aircraft with more passengers for current charters and future service providers, which may use aircraft larger than the 50-seat jets operated by SkyWest. The cost of the partition project is estimated at $213,000, with 80% funded by the state. The airport would be responsible for the other 20%, Campbell said. The airport also introduced new flights to Washington-Dulles and an improved schedule to Chicago O’Hare starting Dec. 4, which was made possible by the SVRA Air Service Task Force, according to Ream.

Harrisonburg, Va.

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Wednesday, December 18, 2019

How To Raise Kids With Money Smarts Parents have a responsibility to teach their children about finances—and that’s true for wealthy families and less affluent families alike. Kids are smart enough to pick up on signals that their family may have more than others. But if the conversation stops at the benefits that money can bring, you’re missing out on important life lessons. They’re not really being taught how to be financially responsible once they leave the house and become independent. What steps can parents take to teach both sensitivity and responsibility about money? Step 1: Find teachable moments. It can be difficult to find time to sit down and talk specifically about wealth, but natural opportunities to teach pop up every day. For example, you can incorporate financial responsibility into an impromptu math lesson about money: If you find something that originally

cost $100 and it’s on sale for 30% off, you can ask kids how much the new price is—and, now that they are only spending $70, what they might do with the $30 that’s left. Step 2: Take a lifelong view toward financial literacy. Every child, and especially those who will one day inherit substantial wealth, should have a tool kit of basic financial literacy skills by age 18, including concepts such as how to spend, how to save, how to give, and the value of a dollar. This can start very early with an exercise as simple as a three piggy banks analogy. You encourage the child to divide any money he or she receives into three piggy banks: spending, saving, and community/ charity. This shows the concept of different types or purposes of money as opposed to all being for spending. Repeating this exercise can help ingrain the habit of saving regularly. By late childhood or adolescence, parents can add concepts such as

Investments Matthew R. Frakes what it means to invest, what companies one might invest in, and how you assess risk with an investment. You can encourage children in high school to think about college expenses logically by examining the costs and coming up with a credible college budget. Ask them to consider basic questions: What will you need in order to make this happen? What will the family need to supply, and what is the student expected to supply, in terms of tuition, books, room and board, transportation, and normal spending money?

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And parents and grandparents can continue to encourage responsible, long-term financial responsibility by giving young adults an incentive to begin saving for retirement early. If you’re able, and they have earned income, offer to match what they save into a Roth IRA. It’s also wise to coax contributions to a 401(k) at work. Step 3: Show your kids how it’s done. Your child’s healthy relationship with money begins with an open and honest relationship within a family

that models good money behavior. These discussions can be challenging, but the fruit is well worth the labor. Stress education and expect them to do well in school. The parents who do really well in teaching financial literacy typically lead by example— they tend to be savers, and they’re more careful with spending money. Remember to be that example. This article was written by/for Wells Fargo Advisors and provided courtesy of Matthew Frakes , Financial Advisor in Harrisonburg at (540) 801-3211. Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. © 2018 Wells Fargo Clearing Services, LLC. All rights reserved.

2019 Legal Elite

Charles F. Hilton

Daniel L. Fitch

Donald E. Showalter

Gregory T. St. Ours

Humes J. Franklin III

James L. Johnson

Jeffrey R. Adams

Lauren R. Darden

Derek J. Brostek

P. Marshall Yoder

Stephan W. Milo

Thomas E. Ullrich

Serving corporate, institutional, & individual clients in Virginia, West Virginia and other mid-Atlantic states

540-434-0316 Glenn M. Hodge

Ashley H. Waterbury

Lucas I. Pangle

Alexandra E. Humphreys

Briana A. Stevens

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Wednesday, December 18, 2019

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

An Elite Group Virginia Business Magazine named 31 lawyers from Harrisonburg, Rockingham County and the surrounding area as Legal Elites.

Jason Ham

Stephan Milo

Derek Brostek

Administrative Gov’t

Bankruptcy Creditors Rights

Alexandra Humphreys

Civil Litigation

Wharton Aldhizer & Weaver PLC

Lucas Pangle

Stephen Heitz

Charles Hilton

Gregory T. St. Ours

Administrative Gov’t

Business Law

Civil Litigation

Construction

Litten & Sipe LLP

Wharton Aldhizer & Weaver PLC

Marshall Yoder Alternative Dispute Resolution

Litten & Sipe LLP

Wharton Aldhizer & Weaver PLC

Jeffrey R. Adams Business Law

Wharton Aldhizer & Weaver PLC

William Shmidheiser

Andrew Baugher

Bankruptcy Creditors Rights

Civil Litigation

Flora Pettit PC

Hannah Hutman

Jason A. Botkins

Bankruptcy Creditors Rights

Civil Litigation

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John C. Holloran

Humes J. Franklin III

Criminal Law

Law Offices of John C. Holloran, Esq.

Wharton Aldhizer & Weaver PLC

Matthew Sunderlin

Briana Alexandra Stevens

Elder Law

Family Law Domestic Relations

Clark & Bradshaw

Wharton Aldhizer & Weaver PLC

Glenn Hodge

Daniel L. Fitch

Health Law

Intellectual Property Information Technology

Wharton Aldhizer & Weaver PLC

Cathleen P. Welsh

Melisa Michelsen

Labor Employment

Flora Pettit PC

Litten & Sipe LLP

Lauren Darden Labor Employment Wharton Aldhizer & Weaver PLC

Continued on Page 6

Wednesday, December 18, 2019

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

An Elite Group Virginia Business Magazine named 31 lawyers from Harrisonburg, Rockingham County and the surrounding area as Legal Elites.

Thomas E. Ullrich

John E. Whitfield

Lisa Hawkins

James L. Johnson

Labor Employment

Legal Services Pro Bono

Real Estate Land Use

Wharton Aldhizer & Weaver PLC

Blue Ridge Legal Services Inc.

Flora Pettit PC

Wharton Aldhizer & Weaver PLC

John Flora

Donald Showalter

Jordan Bowman

Ashley Hart Waterbury

Taxes Estate Trusts

Young Lawyer

Flora Pettit PC

Wharton Aldhizer & Weaver PLC

Litten & Sipe LLP

Wharton Aldhizer & Weaver PLC

Port’s Economic Impact Grows Over Past Five Years By IAN MUNRO

Daily News-Record

A new study conducted by the College of William and Mary found that between July 1, 2017 and June 20, 2018, the Port of Virginia had an economic impact of $92.1 billion and supported the employment of more than 397,000 Virginians. The Port of Virginia is a state body that operates the commonwealth’s six terminals, which connect American goods directly with nearly every nation on the planet. A stronger port helps build a stronger Shenandoah Valley, said Frank Tamberrino, president and CEO of the Harrisonburg-Rockingham Chamber of Commerce. “We’ve got a lot now, but we’ve got a lot more potential the more product that comes through the port,” Tamberrino said. Many Valley companies receive materials from overseas to create value-added products to sell, sometimes shipping the completed products back overseas, he said.

The large Elkton employer, Merck, which announced a $1 billion expansion in May, is a heavy user of the port, according to William and Mary’s study. The last time William and Mary conducted the study was 2013, according to Joe Harris, a spokesman for the Port. Back in Fiscal Year 2013, the Port had an economic impact of $60.3 billion and supported the employment of more than 374,000 workers in the state. The economic impact seen in 2018 of more than $92 billion is a 52.8% increase, while the employment increased by 6% to more than 397,000. Tax revenues for state and local governments also increased by 46.2% from $1.4 billion in FY 2013, to $2.1 billion in FY2018. Labor income and Gross State Product also both jumped by around 30% over the five years. In fiscal year 2013, the labor income related to the Port was $17.5 billion, and by fiscal year 2018, that number had jumped to $23 billion — roughly 7% of Virginia’s total employment compensation, according to the analysis.

Over the five years, the Port’s have announced and completed a variety of projects, and the shipping monolith has continued to dig deeper — literally. The Port is slated to begin dredging the Norfolk Harbor down to 55 feet, adding more space for more tankers, and thus cargo, according to previous interviews with Harris. Over 60% of the goods which travel to and from the port do so by truck, while more than a third travels by rail and 3% is moved by barge, according to the port. “Obviously, any kind of increase of freight coming into the state is going to benefit trucking because we haul a vast majority of it once it gets off the ships,” said Dale Bennett, president and CEO of the Virginia Trucking Association at the time of the announcement. However, finding out the exact impact of the port and it’s expansion on local businesses would be “quite difficult,” Tamberrino said. One would have to go to each of the area businesses and ask what materials they get in from overseas and ship out, he said.

Matthew C. Sunderlin named to the Virginia “Legal Elite” in Elder Law. Clark & Bradshaw, P.C. congratulates its managing partner, Matthew C. Sunderlin, on being named as a member of the “Legal Elite” in Elder Law among lawyers in Virginia by Virginia Business© Magazine. As a member of the National Academy of Elder Law Attorneys and the Virginia Academy of Elder Law Attorneys, Mr. Sunderlin represents the elderly, the disabled, their families and advocates in the area of Elder Law. He is Certified as an Elder Law Attorney by the National Elder Law Foundation (since 2003). There are only 18 Certified Elder Law Attorneys in Virginia. He is certified as a Guardian ad litem for incapacitated adults by the Virginia Supreme Court. He was listed in the 20082009 and 2012 through 2020 Virginia Super Lawyers© magazine in the area of Elder Law. He has been a lecturer and author in the area of Elder Law for Virginia Continuing Legal Education, Inc., the Virginia Bar Association, and an instructor in Elder Law with the James Madison University Life Long Learning Institute

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Wednesday, December 18, 2019

Litten & Sipe recognizes its attorneys for their selection as Virginia’s “Legal Elite,” “Super Lawyer,” and “Best Lawyers in America.”

Stephen T. Heitz

2019 Best Lawyers in America 2019 Virginia’s “Legal Elite” 2019 Virginia “Super Lawyer”

Jason A. Botkins

2019 Virginia “Super Lawyer” 2019 Virginia’s “Legal Elite”

Melisa G. Michelsen

2019 Virginia’s “Legal Elite” 2019 Virginia “Super Lawyer”

Jason J. Ham

2019 Virginia’s “Legal Elite” 2019 Virginia “Super Lawyer”

Jordan K. Bowman

2019 Virginia’s “Legal Elite-Young Lawyer” 2019 Shenandoah Valley Business Journal “10 Under 40”

Litten & Sipe, LLP

Designated a 2019 “Best Law Firm” by U.S. News & World Report

410 Neff Avenue, Harrisonburg, Virginia 22801 (540) 434-5353 | www.littensipe.com

Virginia’s “Legal Elite” is publishes by Virginia Business Magazine with the assistance of the Virginia Bar Association. Virginia “Super Lawyers” is published by Virginia Super Lawyers Magazine. Best Lawyers in America and “Best Law Firms” are published with U.S. News & World Report.

Wednesday, December 18, 2019

SHENANDOAH VALLEY BUSINESS JOURNAL

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