Daily Record Financial News &
Friday, February 19, 2016
Vol. 103, No. 070 • One Section
35¢ www.jaxdailyrecord.com
Strong market led to Interline sale
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When a window opens up, jump through it. You never get an 18-month notice of a window opening up.
Grebe shares lessons he learned as CEO
By Mark Basch Contributing Writer
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Michael Grebe, retired CEO of Interline Brands
Sometime around Thanksgiving 2014, the owners and management of Interline Brands Inc. noticed it was difficult to find acquisition targets at reasonable prices. So, Chief Executive Officer Michael Grebe reasoned, maybe the private equity firms that owned Interline should instead consider selling the company while the market was strong. Interline eventually agreed to a
$1.625 billion buyout last summer by The Home Depot Inc. The lesson from that, Grebe said Tuesday at a luncheon meeting of the North Florida chapter of the Association for Corporate Growth, is you always have to be prepared to take advantage of opportunities. “When a window opens up, jump through it,” he said. “You never get an 18-month notice of a window opening up.” Grebe, who retired from Interline a month ago, was giving lessons he learned as a CEO at the
meeting Downtown at The River Club. He said you shouldn’t necessarily wait for the perfect opportunity, just a good one. “Don’t let perfect be the enemy of good,” he said. Other lessons included treating “teammates” well and “the only way to be successful in business — and life — is to surround yourself with great people.” Grebe said a strong board of directors can help a CEO manage the business by bringing in different perspectives. “You’re too close to it some-
times,” he said. “It’s really important to have those alternative voices.” Grebe said three traits he looks for in recruiting are intelligence, grit and being a team player. He said you might find people with those traits anywhere, such as in your server at a restaurant. “Always be recruiting. You just never know when those people turn up,” he said. The CEO should never seem above the rest of the staff, he said. “Be humble, accountable and, Interline continued on Page A-4
HRO bills withdrawn after a bit of drama
Not letting foot surgery keep him down
Carl Schwait of The Florida Bar Board of Governors delivered the keynote speech from a wheelchair at the fifth annual joint meeting of the American Inns of Court at The Museum at MidtownCentre. Schwait, who recently had foot surgery, spoke about “Lawyer Advertising: Past, Present and Future.” See more photos from the event in Monday’s edition.
Photo by Fran Ruchalski
By David Chapman Staff Writer
220 Riverside getting neighbors Hallmark planning 190 apartments
NAI Hallmark Partners opened 220 Riverside in March and the market’s response to the apartment community along Riverside has been strong enough that the developer is ready to begin a similar project next door. The conceptual design for 200 Riverside, a $42 million, 190unit apartment building between 220 Riverside and Brooklyn Station, was approved Thursday by the Downtown Development Review Board. “We’re ready to go full-bore,” said Coen Purvis, Hallmark senior vice president. He said the residential leasing has “stabilized” and the retail space at 220 Riverside and Unity Plaza is 100 percent leased. Architect Neil Gray, president of Raleigh, N.C.-based DDRB
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legal notices begin on page
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Rendering of 200 Riverside, the 190-unit apartment development slated for construction along Riverside Avenue between 220 Riverside and Brooklyn Station.
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Special to the Daily Record
By Max Marbut Staff Writer
Minutes after the votes were cast, the rallying began. Directly in front of City Hall were proponents of expanding the city’s anti-discrimination laws, waving a rainbow flag and preaching about the need for equality. Across the street, prayer circles and chants opposing the law’s expansion. Neither side was particularly happy. The causes they both pushed for — some since the issue was last debated in 2012 — had been put on hold. Minutes before, City Council members went through with withdrawing two bills that would determine if the city should — and how it would — expand rights for lesbians, gays, bisexuals and transgenders. Council member Tommy Hazouri made his intent known Saturday. Long an advocate for expanding the law, he announced he Gulliford wanted to withdraw his bill that would have kept the decision with elected leaders. He wanted more time for questions and for education so a later vote would truly reflect any current issues. But, he vowed to bring it back. That’s what Bill Gulliford took issue with. A companion bill, of sorts, Gulliford’s bill on expanding the law would leave the decision up to voters. Two weeks ago, he and several others pushed for withdrawal of the Hazouri bill, an effort that came up short. On Wednesday, the roles were seemingly reversed. Hazouri wanted the withdrawal. Gulliford wanted the issue voted up or down. A way to settle the issue for the time being and prevent further distractions, he said. Gulliford said his intention to withdraw his own bill was based on Hazouri permanently withdrawing his.
26,870
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consecutive weekdays