Shenandoah Valley Business Journal - January 2020

Volume 21, No. 3, January 29, 2020

Valley Employers Looking To Ensure Wisdom Passed Down

Spotlight

on:

t

en Retirem Page 3

2

SHENANDOAH VALLEY BUSINESS JOURNAL

Wednesday, January 29, 2020

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

Focus Section: Retirement ■ Employers Looking To Ensure Wisdom Passed Down...Page 3

Shenandoah Valley Business Journal P.O. Box 193 Harrisonburg, VA 22803

By fax: 540-433-9112 By phone: 540-574-6281 (news) 540-574-6223 (ads)

Columns

Managing Editor: Jim Sacco

Contact us

By email: svbjnews@dnronline.com

Editorial Staff Publisher: Craig Bartoldson

Harrisonburg, Va.

■ Investments with Matthew R. Frakes..............Page 6

On The Cover:

Contributing Writers: Ian Munro

■ Financial Focus with Kathy Armentrout..........Page 7 Daniel Lin / DN-R Blauch Brothers HVAC estimator David Flick, center, works with plumbing and piping estimator Chris Blauch at the company’s office on Jan. 23.

Contributing Photographers: Daniel Lin

Dynamic Aviation Promotes Pascarella, Weisgerber

tems and became a certified public accountant in 2014.

University Center Bought By Northern Virginia Company

Dynamic Aviation has promoted Doug Pascarella to vice president of information technology and Taylor Weisgerber to controller, according to press releases.

Pascarella joined Bridgewater-based aviation solution company in 2018 as the director of IT. He holds a computer science bachelor’s degree from Clarion University of Pennsylvania and a master’s in information systems management from George Washington University.

Weisgerber first worked with the business as an intern in 2010 before returning as a senior accountant in 2018. Her experience includes work as a senior associate at accounting firm Brown, Edwards & Company and as a financial analyst at AccuTEC Blades.

The James Madison University graduate holds a bachelor’s degree in accounting with a minor in computer information sys-

Lyons Appointed Head Of Sunnyside Communities

Maryland-based company Yim and Pifer LLC has sold the 2-acre shopping center at 291 University Blvd. to Fairfax County-based HDJR United LLC, according to Rockingham County real estate records.

The nearly $5.3 million deal was submitted to the Rockingham County court system on Dec. 17. The property’s assessed value in 2020 is slightly more than $4 million, according to the Harrisonburg online GIS system.

The 11,646-square-foot complex, named University Center, is home to four storefronts.

It houses a Buffalo Wild Wings, Burgerim, 5 Star Nutrition and Dunkin’ Donuts.

Buffalo Wild Wings, Dunkin’ Donuts and Which Wich were the first to move into the new center after it opened in 2015. The following year, the businesses were joined by the first 5 Star Nutrition location in Virginia.

After Which Wich closed, Burgerim moved in and opened in January 2019.

HDJR United LLC could not be reached

Josh O. Lyons was appointed president and CEO of Sunnyside Communities by the company’s board of trustees, according to a press release.

Lyons, who served as the executive director of the Sunnyside campus in Harrisonburg since 2014, has more than 20 years experience in the senior-living industry, according to the release.

Prior to joining Sunnyside, Lyons was vice president of health services at Bridgewater Retirement Community and previously held leadership roles at Culpeper Baptist Retirement Community, Chesapeake Retirement Community and King’s Grant House.

Lyons is a graduate of the University of

See MOVERS, Page 6

for comment.

650 Sentara RMH Medical Center Employees To Receive Pay Bump Sentara RMH Medical Center announced in January that pay for 650 employees will increase from $12.75 to $13.50.

The pay bump is part of a “phased approach” to raise hourly minimum wages to $15 by January 2022.

The nearly 700 workers who will experience the pay increase are in the clerical, service and clinical departments in medical and nursing assistants, food and environmental services as well as admissions, according to Jenn Downs, the director of marketing and communications The change amounts to another $90 in take-home pay a month for a single person working two 80-hour pay periods, according to SmartAsset’s paycheck calculator.

The minimum wage in Virginia is $7.25, the same as the federal minimum wage — less than half of $15.

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Wednesday, January 29, 2020

3

Valley Employers Looking To Ensure Wisdom Passed Down

By IAN MUNRO

Daily News-Record

Across the United States, workers are retiring later, and for many skilledtrade companies, it offers benefits beyond seeing the co-workers they’ve come to grow and love stay part of the team for longer.

In 1990, 38% of adults between the ages of 62 and 64 were working. By 2017, that number had grown to 53%, according to data from the U.S. Census Bureau.

Linda Seekford, the human resources director at Mount Crawford-based metalworks company Riddleberger Brothers, said she has noticed the trend increase over her 25 years in the industry.

Workers “are not entirely sure about retirement and because it’s a little bit of an unknown, so they may take a step back and take a look” at continuing work, she said.

Seekford said many people retire later due to a variety of personal reasons that could include insurance coverage. She emphasized that it varies person to person.

Nationwide, workers report working later in life due to lingering economic damage from the Great Recession, longer life expectancy and personal preference.

“It used to be that people said, ‘OK, I’m retiring,’ and then gone out the door, but I see a lot more people wanting to do the part-time thing,” she said.

Jay Hammer, 68, of Stanley, is a superintendent with Riddleberger who is in the process of transitioning into retirement.

“I’ve been thinking about [retiring] for a couple years, but I wanted to make sure Riddleberger had somebody

Daniel Lin / DN-R

Riddleberger Brothers superintendent Jay Hammer poses for a photo outside of the company office Jan. 23. that could take my place,” he said.

Hammer first started working in Norfolk-area shipyards in 1969. He moved back to his native Shenandoah Valley in 1974 after he married his wife.

He joined Riddleberger in 2006.

“When I came to work for Riddleberger, I told them I wanted to find a place to retire,” Hammer said.

He said he has enjoyed his time and grown close to his co-workers as he has continued to hone his craft at the Mount Crawford business.

“Now, I’ve got two young 20-couple-year-old guys that are working with me and they’re doing a really good job,” Hammer said.

“Once I’m comfortable that they can handle it without any problems, I’ll eventually phase out.”

This in-house mentorship gives an opportunity to newer employees to

gain knowledge and wisdom from those who have worked for decades in the industry.

“It’s not always about backfilling,” Seekford said.

“Sometimes, it’s a good way to expand people’s knowledge, skills and abilities, which is a win for the employee and employer.”

Jim Blauch, the president of Harrisonburg contracting company Blauch Brothers, said his firm has the same issue with ensuring that the wisdom from experienced craftsmen is properly passed to the next generation.

“It’s going to be a real challenge for us to get the knowledge extracted from our retiring folks to the younger people that are entering the work world,” Blauch said.

Beginning in 2011, roughly 11,000 Americans have been turning 65 each day in a trend that will continue until 2030. Some have

referred to a potential retirement “wave” as the baby boomer generation finds its way out of the workforce. “ We c u r r e n t l y h a v e about 20 persons retiring in the next 10 years, and that’s assuming [they do] when they’re 65-ish,” Blauch said.

David Flick is 56 and has been with Blauch Brothers for 32 years. He went straight to work after graduating from Turner Ashby High School in 1981.

Flick, though with no plans to retire, is already guiding a younger employee on how to best do the job he has been doing for three decades.

“The goal for us then is to get those students into the workplace and have them work alongside a seasoned veteran who can mentor and teach them,” Blauch said.

Seekford said Riddleberger is working to do the same.

“We’ve got to be proactive here, not to say it’s not a loss when somebody retires, because all that knowledge and skills go out the door with them,” she said.

And though Hammer wouldn’t be coming in to Riddleberger regularly and receiving pay, he would still keep his co-workers close and stop by to say hello.

“They’re like family,” Hammer said.

Seekford said many Riddleberger employees have between 30 and 50 years of experience.

Working beyond retirement by three to six months has an identical effect on the standard of the living as saving 1% of earnings for 30 years, according to a 2018 report by the Stanford University Institute for Economic Policy Research.

In a section of the report, a worker who began saving for retirement at the age of 36 is analyzed. Nearly 10% of their income went to a 401(k) plan, and they experienced no wage growth and no returns on investment.

They then retired at the age of 66, and 81% of their income came from Social Security, and 19% from their 401(k).

If they had saved a full 10% of their income to the 401(k) back when they began saving 30 years prior, the return would have been 11.11% higher — however still only slightly increasing the ability to rely on the small 19% of funding available to the 66-year-old.

“The impact of working longer relative to saving more increases as individuals get closer to retirement,” the report concludes.

Flick envisions working for at least the next decade.

“I don’t see myself stopping at 65,” he said. “I would like to think before I get out of here, I could slow down — maybe work a couple hours a day and maybe half days.”

“I’d like to learn how to slow down, but I don’t want to stop, at the same time,” he said. “Looking back, this is a trade I really enjoyed, and I can’t imagine what else I would’ve done.”

And many in the Valley and the nation, like Flick and Hammer, will continue to pass their knowledge on as they find their way to greener, calmer pastures.

Contact Ian Munro at 574-6278 or imunro@dnronline.com. Follow Ian on Twitter @iamIanMunro

GUIDING CLIENTS THROUGH FINANCIAL PLANNING Stuart French is committed to providing clients with bestin-class comprehensive financial planning to address financial concerns and to help attain investment goals.

Reach out for a complimentary financial planning consultation at sfrench@janney.com or 540.236.9220.

TAKE CHARGE OF YOUR FINANCIAL FUTURE STUART T. FRENCH, Financial Advisor Lantz & Gochenour Investment Group of Janney Montgomery Scott LLC 313 Neff Avenue, Suite E, Harrisonburg, VA 22801 www.lantzandgochenour.com © JANNEY MONTGOMERY SCOTT LLC • MEMBER: NYSE, FINRA, SIPC

4

Wednesday, January 29, 2020

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Wednesday, January 29, 2020

5

6

SHENANDOAH VALLEY BUSINESS JOURNAL

Wednesday, January 29, 2020

Harrisonburg, Va.

Five Ways To Help Protect Your Family From Fraud

F

rom listening to music to ordering groceries, almost all aspects of our daily lives are connected to the internet in some way.

Nearly a third of Americans say they’re “almost constantly” online, with 81% using the internet at least once a day.¹ But our always-connected nature can come with risks: The FBI’s Internet Crime Complaint Center² averages more than 900 complaints a day; the center recorded $2.71 billion in victim losses in 2019.³ Here are some ways you can help protect your family online.

1. Learn to spot imposter scams.

Have you ever received a call, text, or email purporting to be from your credit card provider regarding suspicious activity detected on your account? It could be a scammer trying to convince you to share sensitive information that would enable them to access your accounts.

Increasingly, these criminals may be able to spoof caller ID or an email address so it appears they are legitimate. When in doubt, do not respond. Instead, alert your

provider about the suspicious communication. Learn more about how to spot common scams at www.wellsfargo.com/scams.

2. Manage and monitor your credit.

If your data has been compromised through a security breach, consider placing a fraud alert on your credit file with the three major credit bureaus. Visit https://www. consumer.ftc.gov/features/ feature-0014-identity-theft for more information on identity theft prevention tips and resources you can share with your family.

Make a habit of reviewing credit reports for you and your child at least once a year. Look for unauthorized accounts that may have been opened in your names.

More than 1 million children were victims of identity fraud in 2017, according to one study from banking industry research firm Javelin Strategy & Research.⁴ 3. Limit what you share on social media.

Thieves scour social media profiles for clues to security questions, passwords, and other information that could help them impersonate potential victims online.

Movers

FROM PAGE 2

Maryland-Baltimore County and received a B.S. in health services administration from James Madison.

Suter, Falls Named To LD&B Leadership Team LD&B, the Harrisonburg insurance and financial company, has named Troy Suter as president and CEO and Sheryl Falls as the director of human resources, according

First, set your profiles to private — and encourage your family members to do the same. Also, restrict your social media contacts to people you know personally. Finally, watch what information you disclose. Revealing too much personal information in your social profiles can put you at greater risk of identity theft, especially if your bank or other companies use that information to verify your identity.

4. Protect your home network.

Create a strong password for your wireless network in your home. Consider using a unique phrase with a mix of letters and numbers.

Avoid using any part of your email address or information shared on social media, like the name of your pet, favorite movie, or anything else someone could easily guess. When you are configuring your router, the Department of Homeland Security recommends choosing the Wi-Fi Protected Access 2 (WPA2) Advanced Encryption Standard (AES) setting, which is the strongest encryption option.⁵ 5. Stay up to date.

Cybercriminals change

to a press release.

Suter has worked for LD&B since 2008 in sales and leadership roles, such as the board of directors.

Falls brings over 20 years of human resources experience from her work in multiple private and public organizations.

“We are proud of the tradition of service and generosity our founders instilled within the organization,” Suter said in the release.

“And while it’s a new day at LD&B, we will hold fast to our values as we work together to serve our clients.”

SUBSCRIBE TODAY

CALL 574-6200

Investments Matthew R. Frakes their tactics frequently, so families should stay on top of the latest threats. Be sure to work with Wells Fargo Advisors and other financial providers to understand ways to protect yourself as you conduct financial business online. ¹ h t t p s : / / w w w. p e wresearch.org/facttank/2019/07/25/ americans-going-online-almost-constantly/ ² https://www.ic3.gov/de-

fault.aspx ³https://pdf.ic3.gov/2018_ IC3Report.pdf ⁴https://www.javelins t r a t e g y. c o m / c o v e r a g e area/2018-child-identityfraud-study ⁵https://www.ready.gov/ cybersecurity 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/ N O T B A N K - G UA R A N TEED/MAY LOSE VALUE Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and nonbank affiliate of Wells Fargo & Company. © 2018 Wells Fargo Clearing Services, LLC. All rights reserved.

Harrisonburg, Va.

Y

SHENANDOAH VALLEY BUSINESS JOURNAL

Wednesday, January 29, 2020

7

Don’t Play Politics With Your Portfolio

ou’re probably aware this is an election year. During the next several months, the candidates will discuss issues that should greatly interest you as a citizen. But as an investor, how concerned should you be with the results of the presidential and congressional elections?

Maybe not as much as you might think. At different times, the financial markets have performed well and poorly under different administrations and when different parties have controlled Congress. And after all the votes are counted, outcomes in the investment markets can be unpredictable. Consequently, you’ll be helping yourself greatly by not making big moves in your portfolio in anticipation of new legislation or political moves

down the line.

Of course, that’s not to say that nothing emerging from Washington could ever have an impact on your investment decisions. For example, if a future president and Congress decide to change the capital gains tax rate, it could affect some of your choices, such as which stocks and stock-based mutual funds you should buy, and how long you should hold them.

Overall, though, your investment results will ultimately depend on actions you can take, including these: • Making changes for the right reasons — While the results of an election may not be a good reason to make changes in your investment portfolio, other factors can certainly lead you to take steps in this direction. For one thing, as you get closer

to retirement, you may want to shift some — though certainly not all — of your investment dollars from more growth-oriented vehicles to more conservative ones. Conversely, if you decide, well in advance, that you might want to retire earlier than you originally thought, you may need to invest more aggressively, being aware of the increased risk involved.

• Following a longterm strategy — In pretty much all walks of life, there are no shortcuts to success — and the same is true with investing. You need to follow a long-term strategy based on your goals, risk tolerance and time horizon, and you need the patience and perseverance to keep investing in all markets — up, down and sideways.

• Avoiding mistakes —

Financial Focus Kathy Armentrout Many people think of an investment mistake as failing to “get in on the ground floor” of some company that ultimately grew to huge proportions. But it’s pretty hard to become an early investor in companies like these, many of which start out as privately held businesses without any stockholders. Furthermore, companies with shorter track records can be much more unpredictable investments. However, you do want

to avoid some real mistakes, such as chasing “hot” stocks.

By the time you hear about them, they may already be cooling off, and they might not even be appropriate for your needs. Another mistake: failing to diversify your portfolio. If you only own one type of asset, such as growth stocks, you could take a big hit during a market downturn. Spreading your dollars over a wide range of investments can help lower your

risk exposure. (However, diversification by itself can’t guarantee a profit or protect against all losses.)

After Election Day, regardless of the outcome, you can help keep your portfolio on track by not playing politics with it.

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.

Is it time to review your estate plan? Every July 1st, the statutory law of Virginia changes. Moreover, courts review and interpret law every day. You should review your estate plan to take advantage of changes in the law. Whether you are planning for the distribution of assets at your death, naming someone to act for you during periods of incapacity, needing guidance through the murky waters of applying for Medicaid, or handling the estate of a lost loved one, we are here to help.

Set your mind at ease by planning ahead for you and your loved ones at our convenient wheelchair-accessible downtown Harrisonburg location.

KAREN L. ROWELL, ESQUIRE

Clark & Bradshaw, P.C. 92 North Liberty Street, Harrisonburg, Virginia 22802 Telephone: (540) 433-2601 Email: krowell@clark-bradshaw.com Web: clark-bradshaw.com Clark & Bradshaw is a proud member of

8

Wednesday, January 29, 2020

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.