4 1 16 by Kat Hughes

A PR I L 1 - A PR I L 7, 2016 | TH R E E D O LL A R S

FLOR IDA’S NE WSPAPER FOR T HE C - SUI T E

CRE | Why trade an industry giant for a boutique firm? It’s all about the energy. PG.16 PASCO • H ILL SBOROUG H • PIN ELL AS • P OLK • M A N ATEE • SA R ASOTA • C H A R LOT TE • LEE • COLLIER

WHAT MILLENNIALS WANT

SPECIAL ISSUE The newest generation is changing everything, from how we work to the way we shop. How to navigate the new world, so you don’t get left behind. PAGES 7-15

Anisley Mena, Ogden Clark and Simone Peterson | MANATEE MILLENNIAL MOVEMENT ECONOMIC DEVELOPMENT

MARKETING

GOVERNMENT

The Long View

Give them Shelter

The Future is Now

REAL ESTATE

MARKETING

EDUCATION

Millennial Match

Motors Running

A New Path

The Tampa Hillsborough Economic Development Corp. goes big on gathering data about millennials. PAGE 8

Matt Drews balances two worlds with a plan to meld youth with experience at Michael Saunders & Co. PAGE 9

The key to car sales among young people is to keep it simple, and to prioritize technology. PAGE 11

Affordable housing is a buzzword for millennials across the region. Manatee County is on the issue. PAGE 12

Cor porate A mer ica is pa sse. Entrepreneurship is hot, and colleges have pounced on the demand. PAGE 13

Tampa office space crosses threshold: $30 per square foot. 16 Demand heats up for flex space in the region. 16 Nearly $400 million in deals fuels downtown Tampa surge. 18

PAGE

15 To build loyalty with millennials, make it personal.

190782

DON’T MISS

Millennials don’t like to be sold. And they don’t have loads of money. How does a homebuilder tackle that? PAGE 10

REAL ESTATE

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BUSINESS OBSERVER | APRIL 1 – APRIL 7, 2016

BusinessObserverFL.com

Vol. XX, No. 12

A Division of The Observer Media Group

BusinessObserverFL.com Founded in 1997, the Business Observer is Southwest and Central Florida’s newspaper for business leaders. With offices in Hillsborough, Pinellas, Polk, Pasco, Manatee, Sarasota, Charlotte, Lee and Collier counties, the Business Observer is the only weekly business newspaper that provides business leaders with a regional perspective. The Business Observer’s mission is to deliver relevant news and information on Southwest and Central Florida’s leading and growing companies, up-and-coming entrepreneurs and economic, industry and government trends affecting business. The Business Observer is also the leading publisher of public notices on the Gulf Coast of Florida.

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He raised his hand and over the desolate earth he traced in space the sign of the dollar. Ayn Rand, Atlas Shrugged 201798

APRIL 1 – APRIL 7, 2016 | BUSINESS OBSERVER

BusinessObserverFL.com

CoffeeTalk

AN ALTERNATIVE TO MONEY MARKET FUNDS April is behind us and what a month it turned out to be! The investment community witnessed the amazing upward climb in the major stock indices despite the US Dollar’s continuing strength. Bond yields continue to remain low globally since the end of 2014. In fact, the yield on the 10 Year German Bund briefly dropped below 5 basis points last month.

Penney’s manager stays in lane

US economic growth forecasts were slashed in late April after the weak Durable Goods report was released on April 24. Nondefense capital goods orders excluding aircraft fell by 0.5% while the prior month’s data was revised lower.

AN ALTERNATIVE ALTERNATIVE TO MONEY MARKET FUNDS AN TO MONEY MARKET FUNDS Weak business spending is leading more economists to revise their target date forbarrel a ratelevel hike March is behind us. What a month it was! Crude oil prices rallied above the $40 per

competition. The Desoto Square Mall, owned by New York-based Mason Asset Management, has likewise struggled recently. Tenants big and small, from anchors such as Dillard’s and Macy’s to Chick-Fil-A in the food court, have bolted. But Joy says running a high-performing department store is all about focusing on the one factor that matters most: customer service. “If we can operate well in the customer service arena, even in a declining mall, we will succeed,” Joy tells Coffee Talk. “We must make the customer feel like their dollars matter.” Joy has been with J.C. Penney since 1985, when he was a management trainee in North Carolina. Joy ran a store in Tampa for four years before he was appointed to oversee the Desoto Square location last summer. Joy takes the control-what-you-cancontrol philosophy to heart. He holds a daily meeting with floor leaders and reminds them good retail customer service is in the details. “We strive to listen to the customer,” he says, “and we take pride in that.”

April is reports behind that us and aOPEC month it turned outoil be! Thenumber investment community by the Federal Reserve. CNBC.com reported that atogrowing of economists dowitnessed notThe see amid the what major and non OPEC producers will meet April 17 in Qatar. the amazing upward climb in the major stock indices despite the US Dollar’s continuing beinguntil called as the major producers to stabilize the oversupplied global market. Fed rateishike December at the earliest. seek Our position is that the Fed will not raise rates ameeting strength. Bond yields toasremain low since the end ofdebt 2014. fact, yield ISIS attacks in Brussels prior toasEaster served as US another reminder thatInacts ofthe terror inSadly, 2015the due to the softcontinue economy well theglobally size of the Treasury outstanding, now AN ALTERNATIVE TO MONEY MARKET FUNDS occur anywhere and anytime. 30 people were the Brussels attacks. on the 10 Year German Bund brieflOver y dropped below 5 killed basisinpoints last month. atcan over $18 trillion and counting. April is behind us and what a month it turned out to be! The investment community witnessed

amazing upward climb meeting in the major indices the US Dollar’s continuing Ateconomic the conclusion of the Federalthewere Reserve’s two day onstock March 16,despite Fed Chair Janet Yellen US growth forecasts slashed in late April after the weak Durable Goods report As we clear have the noted ifstrength. the overall interest expense this $18the trillion debt were to Bond yields continue to remain low on globally since end ofIt2014. In fact, the yield made Fedpreviously, will not be as aggressive as originally feared in raising rates. now appears on the 10 Year German Bund briefl y dropped below 5 basis points last month. was released on April 24. Nondefense capital goods orders excluding aircraft fell by 0.5% increase by 1limit percentage point (100 basis theincreases. US budgetMany deficit would climb the Fed will the planned increases to atpoints) most two economists feel by the$180 Fed while the prior was revised lower. US economic growth were slashed in late April after weak Durable Goods report billion dollars, assuming all2016. other expenditures remain unchanged. And record tax will only raise month’s rates oncedata in The Fed willforecasts next meet April 26-27 and ittheisdespite expected the Fed was released on April 24. Nondefense capital goods orders excluding aircraft fell by 0.5% revenues theit 2014 budget defi cit was over $480 billion dollars. will standlast pat year, here as did atUS the March meeting. while the prior month’s data was revised lower. their target date for a rate hike Weak business spending is leading more economists to revise Shareholder activism made headlines last month as well. The Starboard hedge has business spending is leading more to revise their target datefund for rate hike by the Federal Reserve.having CNBC.com reported that a growing number ofValue economists doa not see I strongly recommend aWeak cautious outlook for the USeconomists stock market. Last month’s S&P by Yahoo’s the Federal entire Reserve.Board CNBC.com reported that aatgrowing numbermeeting of economists do this not see launched a proxy fight to replace of Directors its annual later 500 quarterly earnings reports demonstrated the negative impact of the strong US dollar on the earliest. Our position isOur that theisFed will not raise rates a Fed rate hike until Decembera at Fed rate hike until December at the earliest. position that the Fed will not raise rates year. stands an excellent succeeding here. tsStarboard for Revenue remains diffi cult by. Valuations have inprofi 2015 dueUS to multinationals. the soft economy aschance well asof the size of the Treasury outstanding, now in 2015 due togrowth the soft economy as well asUS the sizeto of come the US debt Treasury debt outstanding, now at over $18 trillion and counting. Yahoo’s Board of Directors is elected annually so a simple majority of the Yahoo shareholders is extended as well. atbecome over $18 trillion and counting. all that is needed to replace each Board member. Yahoo’s Officers Directors own less As we have noted previously, if the overall interestand expense on this $18 trillion debtthan were to According a report inshares Barron’s month, 71% of points) fund managers believe increase by 1last percentage point (100 basis the US budget defiitcitpolled would climb by $180to As we of have noted previously, ifwhile thelate overall interest expense onYahoo’s this $18 trillion debt 10% thetooutstanding Institutions own over 70% of shares. There iswere only dollars, assuming allthem expenditures remain The unchanged. And also despitepointed tax stocks are valued, just 8% consider undervalued. article one class stock while outstanding and Yahoo is other incorporated in Delaware. Chances arerecord increase byoffairly 1Yahoo percentage pointbillion (100 basis US budget defi citbillion would climb byvery $180 revenues last year, points) the 2014 USthe budget defi cit was over $480 dollars. high that Yahoo’s beleaguered CEO Marissa Mayer will be ousted at some point this year. out that Wall Street analysts expect S&P 500 earnings to rise less than 1% this year. Stock billion dollars, assuming all other expenditures remain unchanged. And despite record tax I strongly recommend having a cautious outlook for the US stock market. Last month’s S&P buyback activity isthe enabling many companies to report improving earnings per share even revenues last year, 2014 US was over $480 billion dollars. 500budget quarterly earnings reports the negative impact of the strong US dollar on Meanwhile, the SEC rejected Exxon’s biddefi to cit block a demonstrated shareholder proposal that would require though revenue growth remains diffi to achieve. profi ts Statement forcult US multinationals. Revenue growth remains difficultwill to come by. Valuationsby have Exxon to disclose in its 2016 Proxy how its business and profits be impacted as well. for the US stock market. Last month’s S&P I strongly recommend having will abecome cautious climate change. This proposal beextended votedoutlook on at Exxon’s annual meeting in late May. Exxon will We have news toreports report to29our Clients oflastAmes Capital have According to readers. awill report inthe Barron’s month, 71% fundManagement managers it polled believe 500 quarterly earnings demonstrated negative impact ofoflater the strong dollar on report its good quarterly earnings April and also host alate conference call that day.US stocks are (15.75%) fairly valued, year while just 8% consider them undervalued. The article also pointed seen their accounts grow nearly 16% to date. Our dividend capture strategy is profi ts for US multinationals. Revenue growth remains diffi cult to come by. Valuations have out that analysts S&P are 500 earnings to rise than 1% this year. Stock Also thiswell. month, Exxon, Southern Co.Wall andStreet Procter & expect Gamble expected to less raise their quarterly working become extended as well. buyback activity is enabling many companies to report improving earnings share even dividends. For Southern Co., this would mark the 15th straight year it has increased itsper dividend though revenue growth remains difficult to achieve. while forS&P Procter & Gamble, the increase would be its 60th their consecutive increase and for Exxon, Several 500 companies have once again increased quarterly dividends to reward According to a report in Barron’shavelate of fund managers it polled believe goodlast newsmonth, to report to71% our readers. Clients of Ames Capital Management the 34th straight year. their shareholders. I encourageWeyou to contact my firm to discuss how we can assist youhave inis accounts grow nearly 16% undervalued. (15.75%) year to date. Our dividend stocks are fairly valued, whileseen justtheir8% consider them The articlecapture alsostrategy pointed capital. conservative, income oriented approach may be obtaining better returns on dividend your working well. Our These firms offer generous yields and the potential for large capital gains over the next out that Wall Street analysts expect S&P 500 earnings to rise less than 1% this year. Stock just you have holds been seeking. year.what If an investor the shares at 61todays, all again of the dividends will beper taxed at the Several for S&P 500least companies have once increased their quarterly dividends to reward buyback activity is enabling many companies report improving earnings share even their shareholders. encourage youtax to contact my firm to discuss how we can assist you in favorable 15-20% tax rate, depending on theIinvestor’s bracket. though revenue growth remains diffiWWPR cult achieve. I now host a weekly radio show on 1490 in theOurTampa Bayincome region. Theapproach show may airsbe conservative, oriented obtaining better to returns on AM your capital. just 1490 what you have beenat seeking. My weekly show WWPR AM airs 2pm each The on show also bewebsite heard from 2pm - radio 2.30pm ESTonevery Friday. The show can also be Friday. heard live thecan station’s We good news to report to oura weekly readers. Clients of 1490 Ames Capital Management have livehave on the station’s website (www.1490wwpr.com). prior radio shows I now hostof showMy on WWPR AM in the Tampa Baynews The show airs (1490wwpr.com). Taped broadcasts eachradio show are also available on and my firegion. rm’scolumns website are available on my firm’s website (www.amescapmgmt.com). seen their accounts grow nearly (15.75%) year to date. dividend capture strategy from16% 2pm - 2.30pm EST every Friday. The showOur can also be heard live on the station’s websiteis (www.amescapmgmt.com). Enjoy! (1490wwpr.com). Taped broadcasts of each show are also available on my firm’s website working well. If you are unhappy with the returns now offered byEnjoy! money market funds feel free to contact us. (www.amescapmgmt.com). If you are unhappy with the returns offered by money market funds, feel free to contact us. If you are unhappy with the returns offered by money market funds, feel free to contact us. Several S&P 500 companies have once again increased their quarterly dividends to reward their shareholders. I encourage you to contact my firm to discuss how we can assist you in obtaining better returns on your capital. Our conservative, income oriented approach may be just what you have been seeking.

Printer eyes Sarasota, Tampa

See COFFEE TALK page 5

TAMPA FEELS LIKE ‘VALUE STOCK’

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housing market is hopping. “Sellers are in control, and inventories are extremely low,” Gay says in the story. “Buyers are looking for that perfect house, where they can just bring a toothbrush.” ¡¡ And no view of Tampa would be complete without Jeff Vinik, owner of the NHL’s Tampa Bay Lightning and lead developer behind a $2 million project that could transform 40 acres near downtown. “This area is an undiscovered gem,” Vinik says. “Tampa is like a value stock. It really has not been found out yet. Business is taking off and I think we are in the middle of a bull market here.”

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201391

Tampa was recently showered with some love from CNBC, in a 1,200word article on the positive attributes of the city and region. “America’s other city by the bay, but decidedly less expensive, has come a long way from its origins as a cigar manufacturing hub,” the article starts out. “Sprawling, fastgrowing and diverse, the Tampa-St. Petersburg-Clearwater area is now home to nearly 3 million people.” Highlights in the piece include: ¡¡ Recent data shows more than 200 people a day move to Tampa, about a fifth of Florida’s total net in-migration; ¡¡ A look at the area’s robust job market, where the 4.4% unemployment is below the national average. That includes the financial services sector, where Chase and Citigroup have about 9,000 employees collectively. It also includes St. Petersburg-based HSN, with 10,000 employees; ¡¡ Quotes from real estate agents, including Stephen Gay with Smith & Associates, who says Tampa’s

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1686590

CFO. “We are interviewing new sales people as we speak,” says Held. “We have pretty aggressive growth.” Wacker says print remains a desirable selling tool despite advances in digital marketing. Companies that abandoned print are now returning to that medium because it’s effective. “Many customers came back full circle from email and social media only,” Wacker says. With technology, Wacker says directmail marketing can be more targeted on specific neighborhoods and other demographics. “It’s not necessarily more paper,” says Held. “It’s more of a focused approach.” The company has diversified its client base after the recession to include health care, nonprofits and senior living. “As tough as a period of time as that was, it enabled us to come out of it stronger than ever,” Wacker says. “We were heavily focused on real estate and development.”

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Naples-based Intech Printing & Direct Mail has seen its business grow 10% annually since the end of the recession, a reflection of improving business conditions. “Print and direct mail is alive and well,” says David Wacker, founder and chief operating officer of Intech. “Our business has been growing; 2011 was the first mark of when things really started to bounce back.” Now the printing and direct mail company is scouting for acquisitions up and down the Gulf Coast and plans to recruit another dozen people to add to its 22-person staff. “We’re looking to expand up into Sarasota and probably as far north as Tampa,” says Wacker. “We’re currently talking with three different companies right now. We’re very excited, but we want to make sure our cultures match. We’re pretty far along with two of them.” Printing industry veterans Rodney Held and Dale Haddad recently joined Intech. Held is CEO and Haddad is

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Vincent Joy is a living example of his last name these days — and a reminder for executives to remember a valuable lesson: Don’t fret about things out of your control. Joy is the general manager of the J.C. Penney store in the Desoto Square Mall in Manatee County. His store recently won a coveted Founder’s Award from the company for outperforming sales and margin goals. Only the top 10% of the chain’s 1,000 stores qualify for Founder’s Awards, according to a statement. Joy joined fellow Founder’s Award winner Cheri Musheno, manager of the J.C. Penney Lakeland Logistics Facility, at a company ceremony in Texas March 16. George Williams, district manager for the Lakeland and Tampa regions, was also there, in addition to J.C. Penney CEO Marvin Ellison. Recognition of the Desoto Square location is notable for two reasons: One, Penney’s has been one of the most battered retailers in the industry the last five years due to a confluence of internal and external forces. That ranges from a failed strategy shift to increased

4 topstories from BusinessObserverFL.com

BUSINESS OBSERVER | APRIL 1 – APRIL 7, 2016

BusinessObserverFL.com

SARASOTA-MANATEE

Executive enters House race Sarasota health care executive Alex Miller announced she will run for a seat in the Florida House. Miller, a Republican, filed for the election about a week after State Rep. Ray Pilon, R-Sarasota, announced he would enter the race for State Senate. A 22year Sarasota resident, Miller aims to represent District 72, which encompasses much of the north portion of Sarasota County, including Siesta Key. Miller will likely face Democrat Edward James III for the seat. Miller, CEO of Sarasotabased Mercedes Medical, was previously elected to the Sarasota County Hospital Board.

Yacht club launches renovation Bird Key Yacht Club, a private yacht club in Sarasota County, has started a $2.6 million renovation project. The project includes a new seawall and reconstruction of its 10,648-square-foot dock along the Sarasota Bay waterfront, according to a statement. When finished, the marina will have 45 boat slips,

quote of theweek

two fueling stations, a floating kayak launch, new electrical and fire suppression systems and an entirely new seawall. Established in 1959, Bird Key Yacht Club has more than 340 members.

These kids have grown up during a time when corporations have stopped being a pathway to a wonderful life.

CHARLOTTE-LEE-COLLIER

Rebecca White | John P. Lowth Entrepreneurship Center, University of Tampa

Donor pledges gift for hospital

SEE PAGE 13

what do you think?

Country Club plans $13.8M expansion Collier’s Reserve Country Club plans to spend $13.8 million to renovate its clubhouse and build a new boathouse. The club selected DeAngelis Diamond Construction, Humphrey Rosal Architects and Noller Design Group for the project. When completed in 2018, it will include a completely renovated clubhouse and a new boathouse along the Cocohatchee River offering informal and alfresco dining. Groundbreaking is scheduled for April 1 for the first phase of the three-year project.

Naples philanthropist Janet Cohen pledged $3 million for the Golisano Children’s Hospital under construction in Fort Myers. The garden on the grounds

of the hospital will be named in honor of Cohen. The garden’s features will include seating, tables, a water fountain, play structures and herb and butterfly gardens. Lee Memorial’s 128-bed children’s building is under construction on the grounds of HealthPark Medical Center. It’s scheduled to open in spring 2017. TAMPA BAY

Insurance firm expands to Hawaii Heritage Insurance Holdings Inc., a property and casualty insurance holding company, has established its presence in Hawaii. The Clearwater-based firm completed its acquisition of Zephyr Acquisition Co. and Zephyr Insurance Co. for $134 million, according to a statement. The price comes in about $14 million higher than the original acquisition price the statement says, because Zephyr reported higher earnings in the second half of 2015 and first quarter of 2016. Zephyr, which writes windonly insurance coverage for personal and commercial residential damage, will remain based in Hawaii. Heritage Insurance Holdings wrote more

Which generation has provided your business with the best employees? Vote at BusinessObserverFL.com

than $590 million of personal and commercial residential premiums in 2015.

Health care fraudster heads to prison A federal judge in Tampa sentenced Terri Schneider, 57, of Lakeland, to seven years and 10 months in prison for her role in a multimillion-dollar health care fraud and money laundering scheme. Schneider was also ordered to pay more than $2.5 million in restitution. In December, a jury convicted Schneider and coconspirator David Lovelace of conspiracy to commit health care and wire fraud, health care fraud, conspiracy to commit money laundering, money laundering and aggravated identity theft. Between June 2010 and May 2014, Schneider and co-conspirators used Cornerstone Health Specialists, Summit Health Specialists and Coastal Health Specialists to submit more than $12 million in fraudulent claims, authorities alleged. Medicare paid more than $2.8 million on those claims. Lovelace was sentenced earlier this month to 14 years and six months in prison.

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42.31% Yes 57.69% No

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APRIL 1 – APRIL 7, 2016 | BUSINESS OBSERVER

CoffeeTalk FROM PAGE 3

BusinessObserverFL.com

INSURING OUR CLIENTS’ TRUST SINCE 1953

The eagle hasn’t landed — yet qualified individuals. The committee’s first meeting is scheduled for April 5. The committee includes longtime business leaders such as Ken Smith, president BRADSHAW and CEO of Tarpon Blue Resource & Land Management and former chief operating officer of Alico; Robbie Roepstorff, president of Edison National Bank; Ed Morton, principal at Wasmer, Schroeder; David Call, regional president of Fifth Third Bank; and Richard Ackert, retired president and CEO of SouthTrust Bank of Southwest Florida. There are entrepreneurs on the committee, too. Those include Harry Casimir, chief technology officer of website design and marketing firm Atilus, and Charles Winton, president of Estero Bay Chevrolet.

Wheels up for fitness The national craze of indoor cycling gyms, with high-tech theater-like spaces for stationary rides, has pedaled into the Gulf Coast in a big way. The source is CycleBar, a Bostonbased franchise operation that opened its first Florida location in east Manatee County in March. The CycleBar Sarasota UTC is one of what the area franchisees project will be 10-15 locations along the Tampa-Orlando Interstate 4 corridor by the end of 2017. A pair of Sarasota area investors, under the name Ciclo Management, leads the regional franchise entity. (The word “ciclo” translates to cycling in Italian.) “We see a significant opportunity,” Ciclo Vice President of Operations and Marketing Annie Bernstein tells Coffee Talk. “The trends on health and wellness are tremendous.” CycleBar’s founders, Bill Pryor and his sister Alex Klemmer, sought three elements when they opened their first cycle studio in 2004. The trio: great instructors, great music and a great

environment. The Sarasota UTC CycleBar, in a 2,500-square-foot studio in a shopping center with Kohl’s and The Fresh Market, follows that mission. On instructors, there are seven cycle stars who lead classes through a 50-minute high-energy ride while playing DJ up front. Classes take place in the CycleBar theater, where there’s widescreen graphics and state-of-the-art audio. The custom-made bikes include a bar riders lift during the class. While the class is high-energy, Bernstein says the goal is to make CycleBar approachable and non-intimidating. Age ranges at other locations go from high school students to people in their 70s. The model is pay-per-class, with no membership necessary. Says Bernstein: “Anyone can do this at any fitness level.”

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All eyes are on Florida Gulf Coast University in Fort Myers. But fans are not wagering on the school’s basketball team, the Eagles of Dunk City. That game’s over. Instead, there’s intense speculation as to who might replace Wilson Bradshaw, who is retiring as president of the university next summer. A pro-business university president is considered critical for economic development of the region and its diversification. In recent years, the university has created a research park and its faculty and staff have taken on greater roles in helping the region’s economy recover from the downturn. The university is now 20 years old and has 15,000 students and more than 22,000 alumni. It has embarked on a campaign to raise $100 million in private contributions to its foundation. The university’s board of trustees has selected a committee to recommend

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Sun Apr 3 Already, the Accelerator boasts 22 companies at the Naples offices on Kraft Road, and Marshall Goodman (pictured above), president and CEO of the nonprofit, says it needs to double the space. With corporate heavy hitters on its board such as Jean-Pierre Garnier, former CEO of pharmaceutical giant GlaxoSmithKline, there is an effort underway to create a venture fund to invest in some of the Accelerator’s most promising companies. “This is very exciting news and an important show of support from Tallahassee,” says Goodman in a statement. “It shows they support the business climate and entrepreneurial culture we are trying to grow in this community.”

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A Naples business incubator avoided the governor’s veto pen and will receive $2 million from the state. Business Observer readers might recall the recent story of Arpad Solti, the Hungarian software entrepreneur who based his U.S. operations at the Naples Accelerator. Solti selected Naples for the base of his U.S. operations because of the Accelerator, which helps foreign companies establish a presence in this country. Now, with the additional funding, the Accelerator plans to open an office in Immokalee, in rural eastern Collier County. The Immokalee office will focus on working with small- and medium-sized businesses involved in food technology for the agribusiness and culinary industries.

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BUSINESS OBSERVER | APRIL 1 – APRIL 7, 2016

BusinessObserverFL.com

CoffeeTalk

FROM PAGE 5

Business pulse beats faster — sort of The SunTrust Banks Business Pulse Survey is the latest example of a rebounding economy. To wit: More than four of 10 small businesses with annual revenues of $2 million to $10 million plan to introduce a new product or service, up from 31% in 2015, the survey reports. At least onethird, 36%, of middle market companies with annual revenues of $10 million to $150 million are exploring mergers and acquisi- BRINKMAN tions, up from 25% last year. And 80% of survey respondents say their businesses are strong and they are confident about their company’s finances. Another shift: Nearly three of 10 middle market companies, 29%, want to expand into international markets, while 32% of small businesses seek to grow their business domestically. The survey is a national sample. But Allen Brinkman, CEO of SunTrust’s West Florida division, says he sees evidence of the bounce-back optimism in the region, particularly in mergers and selling companies. Many of the bank’s loan officers and others who work with businesses, says Brinkman, have shifted their client focus to talk about transition planning — something not always common.

datasnapshot Where Florida ranks among southern states for average cost of car repair: $1,033

West Virginia Arkansas

$1,088

Mississippi

$1,102

Alabama

$1,153

Louisiana

$1,154

Tennessee

$1,155

Florida

$1,159

North Carolina

$1,170

National average

$1,176

Georgia

$1,177 SOURCE: REPAIRPAL INSTITUTE CAR REPAIR INDEX

The fix is in “One of the most important things a business owner can do,” Brinkman tells Coffee Talk, “is to think about the end.” One dent in the good news is uncertainty for business decision makers shows no quit. Nearly 7 of 10, 68%, of small business leaders are most concerned about uncertainty in the economy, the survey reports. Ditto that rate for worry over changes in health care laws. The rates of concern for cash flow stability, 66%, and employee morale, 65%, also represent solid majorities. Brinkman, based in Tampa, has noticed the worries among the bank’s client base. Says Brinkman: “There is still a lack of certainty in health care that creates an area of anxiety moving forward.”

Florida, it turns out, is more than oranges, tourists and condo booms and busts. It’s also a state that’s relatively inexpensive to fix a car, at least compared with others with lots of people. In terms of the five mostpopulous states, Florida has the cheapest average car repair costs, at $1,159 per auto, according to the RepairPal Institute Car Repair Index. Illinois is the most expensive of the Big Five states, at $1,215 per car, followed by California, at $1,212 per car. On a national scale, Florida is ranked 32nd for car repair costs, the survey reports. The most

expensive state for car repair, at $1,374 per car, 17% greater than the national average, is Alaska. The least expensive state, at $1,033 per car, 12% less than the national average, is West Virginia. The national average is $1,176. The RepairPal Institute, a research and data division of auto repair website RepairPal, looked at auto repairs in every state for its survey. It looked at the average cost of three common auto repairs (water pump, alternator, and brake pad replacements) on three popular car models (2010 Ford F-150, 2010 Honda Accord and 2010 BMW 328i) in a range of zip codes across each state.

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APRIL 1 – APRIL 7, 2016 | BUSINESS OBSERVER

My oh My, Millennials Nearly every generation has its detractors: Parents in the 1950s worried Elvis Presley would ruin their kids, now the baby boomers. The general feeling about Generation X, people born from 1965 to 1984, was they were slackers. The Greatest Generation, people who survived the Great Depression and later fought and died in World War II, is the obvious exception. Then, of course, come the millennials. They are the current generation du jour to scrutinize, criticize and demonize. Some people, it would seem by a reading of the litany of articles and publications on millennials, would prefer hospitalize and criminalize. A 2014 article on the years that define generations in The Atlantic, for example, shared more than 20,000 times on Facebook, starts with this line: “We can all agree that millennials are the worst.” This issue is the Business Observer’s breakdown of millennials. While there are several unofficial definitions, millennials are generally thought of to be people born from 1982 to 2002. At companies, these are workers right out of college through their early 30s. This cohort, by any definition, is supersized: There are roughly 92 million millennials, according to a Goldman Sachs report, which is about 30% of the United States. That trumps the 61 million people in Generation X and the 77 million baby boomers. We looked at millennials from four angles. One is the strategy of how Gulf Coast businesses sell big-ticket products to millennials, such as cars and homes. Another is a look at what some local governments are doing to address the generation, from large surveys to conferences. A third side is education — particularly in the rise in entrepreneurial-centric programs in college campuses from Tampa to Fort Myers. The last piece is millennials themselves: What do they want? How do they view their generation? What motivates them to succeed? We hope you find this issue illuminating and enlightening. And we would love to hear about your experiences hiring, working with, teaching and understanding millennials. Send a note to mgordon@businessobserverfl.com — Mark Gordon, Managing Editor

BusinessObserverFL.com

THE MILLENNIAL ISSUE The following data provide a snapshot of who they are, how they think, and how they view themselves. WOULD YOU VOTE FOR A SOCIALIST PRESIDENT? Millennials (ages 18-29)

30 to 49

50 to 64

BY THE NUMBERS

65+

Millennials make up

60%

50%

37%

Millennials represent a generational peak in people who live with their parents. SHARE OF 18- TO 34-YEAR-OLDS LIVING WITH PARENTS

34%

MILLENNIALS ARE SELF-CRITICAL

34% 32%

90%

83% 77%

80%

28%

50%

of millennials would be more willing to make a purchase from a company if the purchase supports a cause.

70%

26% 24% 22%

of consumer discriminatory purchases, estimated in $1 trillion in buying power. Almost

WOULD YOU DESCRIBE YOURSELF AS “HARD WORKING”?

30%

21%

60% 1980

1990

2000

2010

50% 40%

Probability of owning a home is on the decline. PROBABILITY OF OWNING A HOME, 18- TO 34-YEAR-OLDS 19%

54% 36%

30% 20%

18%

Long-run trend

16%

Actual n rs ls X ratio ome nnia tion o e a l l r B i ene e y G M n b t e a n G B Sile

15% 14%

of millennials are willing to purchase a product or service to support a cause they believe in, even if it means paying a bit more.

46%

10%

17%

37%

13% 12%

of millennials say they have 200 or more friends on Facebook, compared to 19% of non-millennials.

11% 10%

1980

1990

2000

2010

of millennials say their generation is self-absorbed

PERCENT REPORTING LIFE GOALS AS BEING “QUITE OR EXTREMELY IMPORTANT” Millennials

Generation X

59%

Baby Boomers

100%

70%

of millennials feel a responsibility to share feedback with companies after a good or bad experience.

69%

80%

of millennials crave adventure

60% 40%

49%

20%

Time for Contribution Children recreation to society better off

Live close Find new to friends ways to and family experience things

say their generation is wasteful

“VERY IMPORTANT” JOB CHARACTERISTICS AMONG HIGH SCHOOL SENIORS 100% 80%

43%

60%

say their generation is greedy

40% 20%

See results Interesting Advancement Earnings

Creative

SOURCES: MILLENNIALMARKETING. COM, FUTURECAST, GALLUP, PEW RESEARCH, WHITE HOUSE COUNCIL OF ECONOMIC ADVISORS REPORT, 15 ECONOMIC FACTS ABOUT MILLENNIALS

8 infocus | millennials |

BUSINESS OBSERVER | APRIL 1 – APRIL 7, 2016

BusinessObserverFL.com

BY MARK GORDON | MANAGING EDITOR

Survey Says MARK WEMPLE

COLLEEN CHAPPELL (right) is leading an effort to study millennials at the Tampa Hillsborough Economic Development Corp. The growing lot of millennial entrepreneurs and budding executives in the region includes OMAR SOLIMAN, co-founder of College Hunks Hauling Junk.

An influential business group seeks a long-term guide for how companies in the region can better understand — and conquer — the next workforce wave.

he advertising and marketing industry has long been a magnet for young people, a trend Colleen Chappell has seen proliferate in the 15 years she’s helped run Tampa-based ChappellRoberts. Now, as chairwoman of the Tampa Hillsborough Economic Development Corp., Chappell sees young employees with a bigger focus. “We spend a lot of time talking about millennials,” says Chappell. “I want this to be the year we talk with them.” That’s why the EDC commissioned a pair of studies into what millennials want, and where they will go for it. “This isn’t just to win for one year,” says Chappell. “This is a long view on how we can make our market the most powerful for young people and win for 10 years.” Both surveys combined will cost around $35,000. Organizations that chipped in to fund it include ChappellRoberts, Mof-

We spend a lot of time talking about millennials. I want this to be the year we talk with them.

Colleen Chappell | Tampa Hillsborough Economic Development Corp.

fitt Cancer Center and the United Way Suncoast. EDC officials will use the studies help to focus their marketing and messaging, and pinpoint where there are misconceptions about the region. This is the most widespread and in-depth look at an emerging demographic ever in Tampa, says Michelle Bauer, EDC vice president of marketing and communications. “There are people out there who think this part of Florida doesn’t have as much talent as places like Atlanta,” says Bauer. “Our research flies in the face of that.” One study will gauge what roughly 2,600 millennials nationwide, in a variety of fields and levels of jobs, think about Tampa — both negative and positive. One section, 600 people, are from Tampa, and 400 people will be surveyed in each of four Southeast markets Tampa is often compared to: Atlanta, Charlotte, Dallas and Nashville. The remaining 400 will come from random cities across America. “We want some solid data,” Bauer. “We want to find out what they love, what they don’t love and what can drive them away.” The second survey is a hyperspecific look at 125 CEOs, ages 35 and under, with companies that do at least $5 million a year in sales. Participants will be asked about factors that drive possible business expansions or

relocation decisions. They will also be asked about Tampa, and if they would ever move their business to town. EDC officials expect to release information from the surveys by June.

Chappell and Bauer are confident the information will quickly be put to good use. “The business community has millennial mania,” says Bauer. “They are paying very close attention to what they want.”

AT A GLANCE MILLENNIALS, TAMPA REGION Hillsborough County, millennial population growth Fiscal year Total millennials 2014 313,793 2015 316,220 2016 326,605

% Growth .08% 3.3%

MILLENNIALS BY COUNTY IN TAMPA MSA County % of Millennials Hernando 5% Pasco 15% Pinellas 28% Hillsborough 52% MILLENNIAL GROWTH RATE, NATIONAL Here’s how the Tampa region compares with other major cities in millennial growth rate City Total millennials, 2015 Growth Rate ’10-15 Orlando 571,746 7.5% Denver 646,923 6.1% Charlotte 530,121 5.7% Austin 517,388 5.5% Dallas 1,640,094 5.2% Nashville 428,358 4.9% Tampa 604,623 4.7% Jacksonville 324,233 4.5% New York City 4,706,174 2% Chicago 2,24,3240 -0.5% Note: Millennials are 18- to 34-year-olds in data. SOURCES: NIELSEN SITEWISE 2010, 2015 CENSUS, TAMPA HILLSBOROUGH ECONOMIC DEVELOPMENT CORP.

APRIL 1 – APRIL 7, 2016 | BUSINESS OBSERVER

infocus | millennials |

BusinessObserverFL.com

BY STEVEN BENNA | STAFF WRITER

Broker of Youth

MILLENNIAL SPEAK

SUNNIE SCHUSTER, 28 Front desk clerk/office agent, Grand Hyatt Tampa Bay | Tampa

LORI SAX

MATT DREWS joined Michael Saunders & Co. in August.

Success in commercial real estate traditionally only comes with experience. An innovative leader aims to disrupt that model.

n commercial real estate, where experience and a deep client list is crucial, bringing in young, inexperienced professionals can be risky. And in a commission-centric industry, selling the youthful recruits on it is a tough task. But Matt Drews, director of commercial real estate and property management at Sarasota-based Michael Saunders & Co., believes it’s essential to both increase growth at his brokerage and discover and train the next generation of agents. “We want to bring in young talent to pair with our seasoned agents,” Drews says. “It’s kind of like an apprenticeship where they have a hands-on learning experience working with someone who’s had a lot of success in this industry over the past 15 or 20 years.” The idea is a “best of both worlds approach,” says Drews, who joined the 17-employee commercial division of Michael Saunders in August. Seasoned agents can teach the business,

but millennials can offer their own expertise, including technological skills and a fresh perspective. The pairing of the separate generations can help Michael Saunders grow organically, says Drews, who, at 41, is a middle child to the two generations he’s melding. So far, he has brought in three commercial real estate rookies — ages 25, 29 and 33 — and he is currently interviewing a fourth. The goal in the coming months is five or six agents. One benefit of the program has been an improved efficiency with technology, Drews says. For example, after becoming familiar with the company’s processes, a new agent suggested using a plug-in to enhance existing software. The different approach millennials have in the office has also promoted an overall positive change, Drews says, mostly because the younger generation looks differently at ways to improve things. “Agents with longtime suc-

Anytime you challenge what the norm is, that’s a good thing. Matt Drews | Commercial real estate director | Michael Saunders & Co.

cess can fall into the trap of doing what they’ve always done,” Drews says. He adds: “Anytime you challenge what the norm is, that’s a good thing.” One big challenge for Drews would seem to be bringing in young talent for a job with no salary. Due to the pairing with a senior broker, however, that hasn’t been especially difficult. The paired teams often split commissions, although that choice is left to the senior broker. “Part of the pairing is getting new agents involved quicker with transactions,” Drew says. Finding new agents with a willingness to take on complex issues and pairing them with seasoned agents who think ahead is key. “We have to find people that match up well with other people,” Drews says. “We can’t just plug and play.” To ensure compatibility, senior brokers also interview potential apprentices. The tricky part is integration. Drews knows he already has experienced brokers who run successful businesses. So the possibility of resentment lingers. Drews says he can’t, and wouldn’t, force seasoned brokers to change. But he wants them to take note of other brokers integrating the newer, younger agents successfully. Says Drews: “Success breeds success, so as you see a process working, it makes you more comfortable giving it a shot.”

Do you resent the sometimes negative view people have of your generation? Is it accurate or misguided? My generation has grown into adulthood viewed as something totally different than the generation before us. As a whole, we are the ones who have tattoos and piercings. We are also spontaneous and adventuresome. We make short-term decisions and can text while doing pretty much anything. I would not resent the sometimes negative view society has on my generation, as I view my generation as self-expressive. We are open to change, and upbeat and we are quickly taking over our parents’ generation in the career field. We can accomplish anything in our every day lives with our iced coffee in one hand and our smartphone in the other. What’s important to you when choosing a place to live? (Neighborhood, house or condo, etc.) Home for us is the key for a successful and happy life. This is where we prop up our feet and enjoy a glass of wine, while watching Netflix or Hulu. I live in a house in a residential neighborhood with my best friend. I think a lot of us are still very open to having roommates, whether it’s to cut costs or to have someone around at all times. I have a lot of friends who choose to live in condos or apartments because of the simplicity. They like how they are all inclusive, and love to have a pool or gym within walking distance. What advice do you have for employers on how to be a great place for millennials to work? What are the elements that make up a fulfilling job for you? I think employers should know that we as 20-somethings are very technologically inclined. They should be aware that we communicate via text and should not reprimand us for doing so. I think we as a whole are taught at a very young age to multitask. I think a fulfilling job for me includes being able to take small breaks throughout the day, rather than one break at a certain time. I personally thrive in an environment that is fast paced and think I am able to do my best work under pressure.

10 infocus | millennials |

BUSINESS OBSERVER | APRIL 1 – APRIL 7, 2016

BusinessObserverFL.com

BY JEAN GRUSS | EDITOR/LEE-COLLIER

illennial homebuyers are a wary bunch. You can’t blame them. After all, millennials grew up during the recession when foreclosures were rampant and numerous banks failed. But the leading edge of the millennial generation is having children or thinking about it. It’s time to move out of the apartment and settle down. In some ways, millennials are not much different from older generations. “They’re looking for a yard for their kids and their pets and a secure garage where they can keep their car inside,” says Steve Seeger, director of marketing and sales for Lennar in Tampa. But millennials do lots of research before they step into a sales center. “They ask for a floor plan by name and they have a good sense for what they’re looking and for what they like,” Seeger says. “Millennials are very fast. They’ve grown up with the cell phone. They’re checking stuff in real time while they’re on their way to your communities.” Despite the fact that they do a lot of homework online before they decide to buy a home, a majority of millennial buyers seek the counsel of Realtors and involve them in the decision. “It’s a little counterintuitive,” Seeger says. Just like older generations, millennials with children start thinking about education and look to the suburbs for good schools. “It’s harder within the inner city to find the better schools,” says Dustin Holbrook, market intelligence manager with Pulte Group in Bonita Springs. Misconceptions about financing and student-debt burdens sometimes hold back millennials who could afford to buy a home. “They have some mistrust of financial institutions. That came back in our research as well,” says Holbrook. So Pulte, Lennar and others provide information about financing that dispels the notion that it’s still difficult to obtain a mortgage. “We use the word ‘easy’ a lot,” says Seeger. To do that, homebuilders are reaching millennials almost exclusively online on social media sites such as Facebook and Twitter and house-hunting websites such as Trulia and Zillow. “We’re trying to start a conversation and make friends,” says Seeger. “They don’t want to be sold and sold and sold.” At Ave Maria in Collier County, developer Barron Collier Cos. hired a fulltime social media person to reach the millennial demographic. The company estimates 25% of its Facebook followers are millennials and 98% of all of its followers check Facebook every day. “We need to provide fresh content to them every single day, something relevant to them,” says Andrea McLendon, a marketing and media relations consultant for Barron Collier. Ave Maria’s outreach includes showing prospects what millennials do at the town in eastern Collier County by using images of young people exercising, practicing yoga and socializing. One campaign showed young millennials playing with toddlers. “The millennial market in Southwest Florida is now just coming into play,” says Robyn Bonaquist, founder and president of B2 Advertising in Naples, who helps homebuilders around the state reach new customers. “Most of my clients are putting a lot more effort in social media campaigns because that’s where they get their news.” Building industry associations are helping their members figure out millennials, too. For example, on April 29 the Tampa Bay Builders Association will hold a special general membership meeting devoted exclusively to the millennial market, says Jennifer Doerfel, executive vice president of the organization. Social media and delivering useful, relevant information is the key because it establishes trust. “You have to get them to buy into you before they buy you,” Bonaquist says. “They won’t fall for a line of BS. This is a generation that has

ED CLEMENT

ROBYN BONAQUIST, founder and president of B2 Advertising, helps homebuilders reach prospective buyers, including the millennial generation.

#SWFL

#Homebuyers Builders are using social media and a more conversational approach to attract millennial homebuyers. seen everything: 9/11, Iraq. You have to be straight with them.” Younger millennials without children have shown a preference toward a more urban lifestyle. For example, a proposed condo project called Longitude in downtown Bonita Springs with local shops on the ground floor has attracted interest from millennials, says Paul Benson, with developer EBL Partners. “They walk into our showroom with apps and show us what they want,” he says. In some cases, parents of millennials are helping with the financing or even buying a second home for their millennial children to keep them close. “A lot

of millennials come with their parents to the showroom,” says Benson. Still, developing mixed-use projects can be a challenge because some communities on the Gulf Coast remain opposed to such projects. “The big problem we have and we’re hearing is that zoning in both Manatee and Sarasota counties, and even in the cities, don’t allow for densities that millennials desire,” says Jon Mast, CEO of the Manatee-Sarasota Building Industry Association. Increased density makes housing more affordable, a key for cash-strapped millennials. “They’re limited on what they can buy,” Mast says.

We’re trying to start a conversation and make friends. Steve Seeger | Director of marketing and sales | Lennar

APRIL 1 – APRIL 7, 2016 | BUSINESS OBSERVER

infocus | millennials |

BusinessObserverFL.com

BY BETH LUBERECKI | CONTRIBUTING WRITER

Down the Road LORI SAX

MATT BUCHANAN has run Sarasota Ford since 2011.

Millennials don’t like to do a lot of wheeling and dealing in the car showroom, which means dealers have had to change the way they sell.

illennials may love things like Uber and public transportation, but they still buy cars. J.D Power and Associates, for example, found millennials accounted for 27% of new car sales in the U.S. in 2014. That’s the secondlargest group of new car buyers behind the baby boomers. Yet how this generation buys cars differs from their boomer and even Gen X counterparts. By the time millennials step foot in the dealership, they’ve already done lots of online research and had plenty of conversations (usually by email or text) with a dealer’s sales team. “They’re more informed than any other group has been,” says Ken Caraglio, digital marketing manager at Naples Nissan. Informed, and determined. “They do not like to negotiate, so they do most of the work before they come into the store,” says Bill Finocchiaro, general manager of Gettel Toyota of

Lakewood in east Manatee County. “They’ve found the vehicle in stock, already negotiated the price where they want to be, and they come in basically to test drive it and pick it up.” At Gettel Toyota of Lakewood, millennials gravitate toward models such as the Corolla and Yaris. At Sarasota Ford, it’s the Fusion, Escape and Explorer. “The style factor is big for them,” says Caraglio. “Millennials like Nissan because our cars aren’t just durable and reliable, but they have a little sex appeal. Our cars are not stodgy.” But no matter the brand or model, if the car can’t keep up with millennials’ digital lifestyle, forget about it. “T he tech nolog y-d r iven pieces of the car are typically the ones that drive the millennials into them,” says Matt Buchanan, general manager and operating partner at Sarasota Ford and a millennial himself at age 31. “They don’t have to have

the nicest car or truck out there. They just want to make sure it has the technology inside of it that goes along with the phone they use.” And maybe a little bit of personalit y. “Millennials tend to personalize their vehicles more than non-millennials,” says Finocchiaro. That means things such as custom wheels or opting for a leather interior over standard fabric. If a millennial is buying a car, they seek to put down as little as possible, say area dealers, or they choose leasing. “We’ve become more of a rental society than an owner society,” says Caraglio. “Plus, millennials’ lifestyles can change in three years pretty rapidly.” When Buchanan took over the Sarasota Ford dealership in 2011, he abandoned what he calls its “old school” techniques of pricing everything at full MSRP and “doing the negotiation thing.”

What millennials are looking for is a fair deal. They want to feel like they’re getting taken care of, like they’re special. Matt Buchanan | Sarasota Ford “You shouldn’t have to go in and feel like you’re getting beat up,” he says. “What millennials are looking for is a fair deal. They want to feel like they’re getting ta ken care of, like they’re special.” Adds Buchanan: “If dealerships aren’t changing the way they do business, then they’re going to lose a lot of business in the future.”

MILLENNIAL SPEAK

ZACH KATKIN, 31 CEO and co-founder of Web design firm Atilus | Bonita Springs Do you resent the sometimes negative view people have of your generation? Is it

accurate or misguided? On the whole I’d say in our limited experience at Atilus, the conceptions I’ve heard about — lack of work ethic, flighty (bouncing from job to job), and a sense of entitlement to be extremely accurate, unfortunately. We have and are struggling with these issues, and although we’re in a high-tech industry, we’re a fairly oldschool service company with margins that don’t allow us to have super fancy offices and an on-staff chef, which makes attracting technology

savvy prospects with dreams of Google-like work environments somewhat difficult. Although I don’t think all millennials fit into this category, I’d say it’s been a big problem for us in particular and we can definitely see. What defines success for your generation? What are the biggest obstacles to getting there? I don’t think it’s a money issue. It’s more about feeling like you’re a part of something, feeling good (hence bouncing around when things

get hard, money is tight, etc.). In talking with some other generations about this, I know there’s this idea we have (or are striving for) more of a work-life-balance and free time. For me success is freedom. One of my favorite quotes has always been from Bob Dylan: “A man is a success if he wakes up in the morning and goes to bed at night and in between does what he wants.” Ironically, I wake up and feel like I work for our employees, and clients, and sometimes our

partners. But it is fun, exciting and makes me happy on the whole. What’s important to you when choosing a place to live? (neighborhood, house or condo, etc.) I’m old school – affordability. Can I afford to live, and have a little left over for savings and occasionally some splurges? After that the neighborhood, proximity to amenities (I prefer more general ones, rather than a gated community.)

12 infocus | millennials |

BUSINESS OBSERVER | APRIL 1 – APRIL 7, 2016

BusinessObserverFL.com

BY BETH LUBERECKI | CONTRIBUTING WRITER

Speak Up LORI SAX

SIMONE PETERSON, 26, ANISLEY MENA, 25, and OGDEN CLARK, 32, are all part of the Manatee Millennial Movement.

With a future-is-now mindset, Manatee County looks to reel in millennials. The next five years could be crucial.

anatee County officials don’t want to just talk about millennials. They want to get the generation involved in shaping the county’s future. That’s the goal of the Manatee Mi l len n ia l Movement, which began in January 2015 when several county employees were tasked with studying the housing needs of millennials. The group, known as M3, now numbers almost 40 millennial county employees from various departments who work to educate younger residents about their community and how to play a bigger role in it. “Leadership recognized that young people were not being engaged in the process that’s currently going on to determine what Manatee County looks like 20 years from now,” says Ogden Clark, 32, one of the group’s co-founders and an employee in the county’s Neighborhood Services department. “It’s easy

for young people to say maybe later on I’m going to be thinking about that, but then it’s a little too late because there’s policy being decided right now.” M3 has experimented with a variety of methods to reach this age cohort, everything from the expected use of social media to fliers, word of mouth and visits to local colleges and organizations. Through these efforts, regula r meetings a nd specia l events, it’s learned of millennials’ desire for things such as affordable rentals, increased connectivity to the urban core and entertainment and leisure options that appeal to their age group. And it’s helped provide them with the resources and tools to make their voices heard and affect change. “It’s about getting people to recognize that now is the time to voice their opinions,” says Simone Peterson, 26, another group co-founder. “Ultimate-

ly, we want them to become the future leaders of Manatee County.” M3 plans to continue the conversation by bringing millennial residents, county government officials and other interested parties together for its first-ever #4Progress Millennial Con, scheduled for April 1 through 3. And the group is already planning the 2017 conference, with hopes of drawing attendees from outside the area. That could help with another goal: changing the image of Manatee County as just a retirement or vacation spot. M3 members say many area college

students don’t see Manatee as a place to live and work longterm. But this age range will be desperately needed to help fill jobs as baby boomers retire. “We don’t have a lot of young professionals coming into the county, so we’re probably going to experience somewhat of a workforce shortage in the next five years,” says group cofounder and Neighborhood Ser v ices employee A nisley Mena, 25. “We live in a beautiful place and there’s so much to do here. Maybe we can change the perception of Manatee County to be more young professional friendly.”

Ultimately, we want them to become the future leaders of Manatee County. Simone Peterson | Manatee Millennial Movement

MILLENNIAL SPEAK goals and providing for a family someday. Clearly there are obstacles along the way, however I tend to have an optimistic outlook on the future and don’t know of any insurmountable obstacles to achieving success. BRANDON TAAFFE, 26 Attorney, Shumaker, Loop & Kendrick | Sarasota What defines success for your generation? What are the biggest obstacles to getting there? Success for me would be working hard, achieving my

What’s important to you when choosing a place to live? (Neighborhood, house or condo, etc.) It has been very important for me to be close to downtown and the Sarasota waterfront. I spend most of my free time on the water and I enjoy working downtown and living close to my workplace.

What advice do you have for employers on how to be a great place for millennials to work? What are the elements that make up a fulfilling job for you? Support millennials in living active, healthy and balanced lives. One example in my workplace that has been great has been having a shower. I have been surfing at Lido Beach or standup paddle boarding from Bird Key Park most mornings before work. It has been great for me to get up, be active, show up to work to shower and change into a suit and tie. That type of support for living an active lifestyle has been very important to

me. It’s small things like having a shower that can and do have a huge positive impact on millennials’ workdays and their ability to balance having an active and healthy life with work. In my field being given both responsibility and mentorship have made my job fulfilling. I have a lot to learn, but I am also trusted to handle important matters on a regular basis. When I don’t know how to do something or don’t have experience in a certain area, I have been very fortunate to have great mentors who will take the time to teach or explain things to me.

APRIL 1 – APRIL 7, 2016 | BUSINESS OBSERVER

EDUCATION

BusinessObserverFL.com

BY JEAN GRUSS | EDITOR/LEE-COLLIER

ED CLEMENT

SANDRA KAUANUI, director of the Institute for Entrepreneurship at Florida Gulf Coast University in Fort Myers, works with students CALEB COURVILLE, AMY RIDGWAY and DIXIE VILLARRAGA.

Entrepreneur U Millennial generation students are signing up in record numbers for entrepreneurship classes after seeing their parents lose their corporate jobs during the recession.

n fall 2014, Florida Gulf Coast University in Fort Myers quietly opened its entrepreneurship program to all students. Until then, the entrepreneurship program had enrolled 200 students within the Lutgert College of Business. The response was immediate and overwhelming: “We now have about 800 students,” says Sandra Kauanui, director of the Institute for Entrepreneurship at FGCU. Set aside any preconceived notions you may have of the millennial generation and visit any university campus on the Gulf Coast. Entrepreneurship is so cool that colleges can barely keep up with the demand. There are many reasons for the high demand, but chief among them is that the millennial generation saw their parents laid off by corporations during the recession. Combine that with advances in technology and the generation’s desire

for meaningful work and it’s no surprise many want to be entrepreneurs. Even though they didn’t advertise it in the student handbook, the response at FGCU was enthusiastic. “I added classes as fast and furious as I could,” Kauanui says. For example, the four Introduction to Entrepreneurship classes fill up within five minutes when registration opened online at 6 a.m. When she asks students in the introductory classes whether they’ve ever started a business, nearly half the students raise their hands. “Their perspective of the world is very different,” Kauanui says. PARENTS FIRED Widespread layoffs during the recession made a big mark on the millennial generation, much like the children who grew up during the Great Depression. “These kids have grown up during a time when corporations have stopped being a pathway to retirement and a

wonderful life,” says Rebecca White, director of the John P. Lowth Entrepreneurship Center at the University of Tampa. Millennials view corporations with a jaundiced eye. While they may consider working for someone else for a few years to build some savings, many of them realize they need entrepreneurial skills that will help them survive the next downturn. Michael Fountain, director of the Center for Entrepreneurship at the University of South Florida in Tampa, says students think: “I’ve got to be prepared and be a constant, life-long learner.” Still, some parents aren’t ready to let their children grow up to be entrepreneurs. “They are very wary about me being an entrepreneur,” says Amy Ridgway, a graduate student at FGCU who is developing a software company that makes products to help autistic children. “They want me to be secure,” she says. But for many millennials, entrepreneurship promises a

EXECUTIVE SUMMARY Trend. Millennial generation Industry. Education Key. Entrepreneurship is popular on campus.

more secure future. White says students tell her: “I watched my parents dedicate their life to a corporate environment and get downsized. I decided I didn’t want to put my life in the hands of anyone else and control my life and career.” Some millennials have seen their entrepreneurial parents struggle, too, because they didn’t have the business skills they needed. For example, Dixie Villaraga, 25, a senior at FGCU majoring in special education, watched her own mother’s entrepreneurial struggles. “I want to open my own clinic one day,” she says. “I feel like entrepreneurship is connected to everything in life.” Courville, the FGCU student, puts working for a corporation this way: “You’re playing someone else’s game.” Plus, millennials want to use their skills for a good cause. “They try to have a positive imSee U on Page 14

BUSINESS OBSERVER | APRIL 1 – APRIL 7, 2016

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U from page 13 pact through enterprise and venture creation,” Fountain says. For example, some students are involved in developing new inexpensive water-purification and solar technology for use in poor countries. “They’re socially responsible in solving problems,” he says.

These kids have grown up during a time when corporations have stopped being a pathway to retirement and a wonderful life.

ALL ACROSS CAMPUS The entrepreneur programs at universities on the Gulf Coast attract students from a wide variety of majors, from anthropology to zoology. “Entrepreneurship is not just for business,” says Kauanui. At FGCU, for example, 45% of students choosing the entrepreneurship minor don’t attend the College of Business. Health sciences, engineering and other schools at FGCU steer students who want to start a business in their fields, too. Likewise, the USF Center for Entrepreneurship has always been multi-disciplinary, open to all students. “They approach problem-solving in ways our business students may not,” says Fountain. At the University of Tampa, one student who studies dance and psychology is starting a dance-therapy studio. “She’s created a dance-curriculum program,” says White.

Technology brings many of these entrepreneurial students together. “They’re so well connected with technology and each other, they see opportunities where we didn’t,” says Fountain. For example, Caleb Courville, a junior at FGCU who is studying computer information systems, pitched an idea in his freshman speech class to make it easier to store phone numbers on a cell phone using a QR code. “Now I’m working with three friends,” says Courville, who enrolled in the entrepreneurship program at FGCU to help develop it. “We have a product that’s going to launch this summer,” he says. Technology brings obvious low-cost advantages, such as an instant marketplace for new products via the Internet. But they can also cast a wide net

Rebecca White | Director | John P. Lowth Entrepreneurship Center at the University of Tampa

for building their companies. “They realize that a company doesn’t have to be physically located in one location,” Fountain says. “They can build teams from around the world.” No need for students to beg for a bank loan to start their business, either. “Now these students can go after crowd sourcing,” Fountain says. REAL WORLD Universities on the Gulf Coast are keen to see entrepreneurship students succeed with their ideas and put them to work. For example, USF has a student innovation incubator, office space in which students can get training, mentoring and learning from guest entrepreneurs who volunteer their time. Currently, there are 39 student-created companies at the incubator who are selected

from a panel of entrepreneurs. “They have to pitch their way in,” Fountain says. To remain in the incubator, students have to show progress and pitch again. “We don’t kick them out, but we do require they reapply the second year,” Fountain says. Fountain estimates that graduates of USF’s entrepreneurship program have created more than 300 companies. “They’re really having an impact,” Fountain says. “The ones who have stayed here are doing exceedingly well and they’re giving back now. That’s the legacy.” At the University of Tampa’s entrepreneurship program, 16 student-led businesses are operating from the program’s new building that opened on campus last fall. “The center offers experiential opportunities: start companies, practice pitches, get mentors,” says White. Besides mentoring students, successful entrepreneurs on the Gulf Coast are giving substantial funds to these kinds of programs. For example, Naples entrepreneurs Frank and Ellen Daveler recently gave $2.9 million to USF to help undergraduate students prepare to launch successful businesses. “Our first group of scholars will be selected in the spring,” Fountain says.

MILLENNIAL SPEAK Do you resent the sometimes negative view people have of your generation? Is it accurate or misguided? Yes, as would any generation — the thought that simply because you are a millennial you are believed to be a certain way is misguided. It depends on the individual and my age shouldn’t influence that.

KAYLA RICHMOND, 28 Associate, Henderson Franklin law firm | Fort Myers

What defines success for your generation? What are the biggest obstacles to getting there? I think a stereotypical millennial defines success as being fulfilled in their career, instantaneously. Gratification and satisfaction from a job, being liked by their peers and given opportunities and benefits are also sought.

My personal definition would be financial security, not having any debt. I believe the biggest obstacle for millennials is that they aren’t patient to achieve their goals. They don’t believe in putting in hard working years and struggling in a position they might not enjoy to see what will pay off. I think the older generation’s perception of this, that millennials want the “next best thing” and “bigger and better” is an obstacle. What’s important to you when choosing a place to live? (Neighborhood, house or condo, etc.) Other young professionals, networking events and the ability to join organizations are important. I also look at the expense. I want my dollars earned

to go far. Safety of a neighborhood is more important to me than the type of structure. What advice do you have for employers on how to be a great place for millennials to work? What are the elements that make up a fulfilling job for you? Give millennials tasks that give them autonomy. I want to feel like I’m going to work and making a difference during the hours that I’m there or on the projects I’m working on. It is fulfilling to know what you’re working on has a purpose and will make a footprint, somewhere. It is not about structured work hours or dress codes for millennials, but more about getting things done outside traditional guidelines.

MILLENNIAL SPEAK

JAMES MARTINEZ, 27 Commercial employee benefits consultant, Lassiter-Ware | Tampa

Do you resent the sometimes negative view people have of your generation? Is it accurate or misguided? I recently defended my generation from an anonymous commenter on a business post. I do sometimes resent the occasional negative view people have of our generation because overall, it is stereotyping. Sure, there are some overarching truths about many millennials, but often times we are unfairly viewed in a way that is either detrimental, or just plain wrong. The one adjective that frustrates me most is “entitled.” Many of the new age, high powered and high paying jobs (think tech sector) are held by millennials. By entitled, I wonder if it is meant that we work hard, have

unique skill sets and believe we should be compensated and promoted appropriately based on merit, not age — and have the confidence to voice those beliefs. What’s important to you when choosing a place to live? (neighborhood, house or condo, etc.) Cost is number one. With rents significantly rising and me still having somewhat of a fear of home ownership, the first criteria is not being house poor. By house poor I mean spending over 20% of my monthly income on rent. From there, I like walkability, safety and convenience. Living with my girlfriend currently in a one-bedroom, we frankly don’t need much space.

What advice do you have for employers on how to be a great place for millennials to work? What are the elements that make up a fulfilling job for you? Personally, culture is No. 1 for me. If the office is a sad, melancholy place on Monday, I want nothing to do with it. I understand that work is work, and not really meant to be fun, but it shouldn’t be miserable, either. You spend more time with the people you work with than your direct family. At least enjoy one another. Second would be ability to consistently learn and be trained and then an understanding of how an individual can grow with the company.

APRIL 1 – APRIL 7, 2016 | BUSINESS OBSERVER

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bottom-line behavior

BY DENISE FEDERER | CONTRIBUTING COLUMNIST

How to think like a millennial They may not sound like you or want the same things, but that doesn’t mean they’re not valuable. Inspiring loyalty from this generation requires considering things from their perspective. It seems like everywhere you turn, people are talking and writing about millennials as employees. However, much of the rhetoric out there is conjecture and isn’t based on real, qualitative research. Time and again I have heard clients bemoan how frustrating it is for them to understand the behavior of their millennial workers and knowing “what motivates them.” Often these feelings are based on the values they perceive this group of workers to possess. Whether it’s having difficulty staying focused on tasks they may not enjoy, wanting to be promoted quickly and not being willing to “pay their dues,” or not appearing committed to the job; very few of these same bosses have taken the time to have the type of conversation that would lead to a better understanding of what millennials actually want from work. While certainly there are general patterns in behavior that resonant with many employers, a lot of inaccurate conclusions about this particular generation’s behavior have been made as well. One of the biggest inaccuracies about this generation — made up of people born between 1982 and 1994 — is that they don’t believe in working hard, or that they are lazy. Millennials value different things than older employees, especially baby boomers. Many of this generation are skeptical and dubious about what their parents sacrificed and the hours

they worked to achieve career success. In many cases, they want to manage their careers and their personal lives differently than their parents and grandparents.

I have seen this fierce loyalty of millennials in the daughter of a client. This particular individual had a difficult pregnancy with several medical challenges that made being in the office difficult. However, she was able to continue working at home and stay on top of all her projects. Her employer didn’t actively track the number of hours she clocked and instead valued that she completed her projects and stayed on top of all her duties. After the pregnancy, my client’s daughter was recruited by other firms — many offering a higher salary — but she remained loyal to her employer because of the flexibility her current employer offered her. Flexibility is a top priority for millennials. They are looking for organizations that value the quality of work over the quantity of hours worked. They are driven to career success like their colleagues, but culture is more essential to them than it is for other, older generations. In fact, according to the Bentley study, nearly three out of four (70%) of millennials will seek another opportunity rather than endure unpleasant work conditions.

WHAT DO MILLENNIALS VALUE? Let’s take a look at what millennials have to say about their work ethic and career goals. A Bentley University study of working, college-educated millennials found that members of this generation hold a unique set of professional values and are motivated by different factors than their predecessors. Traditionally held values, according to this study, aren’t relevant to millennials. A major mistake that managers can make is evaluating millennials by the values of previous generations. It’s time to change the rules and how employees are evaluated. TOP NEED OF MILLENNIALS: ACCOMMODATION Millennials place a lot of value on their time and personal relationships. This recent study found that one of the top things millennials look for in a workplace is a company that will respect and accommodate their personal values: time and relationships. Essentially, they want to work for employers who actually care about them. A company that allows them to live by their true personal and family values will produce fiercely loyal millennial employees.

MANAGEMENT TIPS The main point here is that millennials do care, but they value different things than baby boomers and other older generations. For example, they don’t subscribe to the hierarchy of an organization, something that people

CAITLIN MOORE, 27 Senior Community Manager, NetWeave Social Networking | Bradenton Do you resent the sometimes negative view people have of your generation? Is it accurate or misguided? Completely misguided. I think they’re thinking of us when we were 13 without real responsibilities and a then-new global soapbox called the Internet. What defines success for your generation? What are the biggest obstacles to getting there? Success would be getting ourselves out of financial debt — typically caused by student loans. A lot of us don’t feel like we’ve had a great opportunity to better our situations due to this debt — and to the disproportionate, yet widely accepted rates of entry-level incomes in consideration of this debt.

Denise P. Federer, Ph.D. is founder and principal of Federer Performance Management Group. She has 27 years of experience working as a behavioral psychologist, consultant, coach and trainer. Contact her at: dfederer@fpmg.info

may consider insubordinate. Instead, they have the few that “we’re all in this together” and that everyone must earn respect — rather than just have it. There are three things that affect everyone’s motivation (including millennials): ¡¡ Strength and constancy of needs ¡¡ Expectations ¡¡ A reward’s value (as perceived by the recipient) Understanding what millennials value can enable an organization to avoid disaster by closing the gap between what the millennials value and what the company values. By meeting the expectations of millennials and not judging what they value, managers can often see an improvement in performance and loyalty. The Bentley study also uncovered that millennials don’t go to their bosses or colleagues for advice or perspective, choosing instead to bounce ideas off their parents or spouses. Offering true mentorship to a millennial worker can make a big different to him or her and can positively impact the entire company. Despite much of the rhetoric floating around out there, millennials can be highly valuable members of an organization. Learn what they value and provide leadership to effectively integrate them into your existing workforce.

calendar

MILLENNIAL SPEAK What advice do you have for employers on how to be a great place for millennials to work? What are the elements that make up a fulfilling job for you? Be patient. Remember: we’re still learning and the American education system tends to leave a lot of gaps when it comes to office protocol, email etiquette, etc. Sometimes we will ask obvious questions, sometimes we will get stressed over little things. If we don’t have answers or guidance to these questions, we won’t deliver a satisfactory product, even if we are fully capable of doing so. Yes, this may occasionally include how to work the copy machine. Don’t worry — we’re usually nice enough to return the favor and show you how to use your new gadget. What inspires you, in life and work? I’m inspired by positive collaboration in life and the workplace that aims to encourage everyone to work as a community. I’m deeply inspired by a communities’ acceptance of diversity in all aspects of the word. I’m dedicated to assisting in the prevention of environmental damage and to the reversal of damages already done.

events

APRIL 7

FOUNDER TALK: Brandon Phillips, the founder of Global HR Research, will discuss how he started and grew the company at a gathering of VenturePitch. The presentation will last from 5:30 p.m. until 7:30 p.m. at Paragon Pavilion Theater, 833 Vanderbilt Beach Road, Naples. Cost is $10. Register at tamiami-e.co. NETFEST: Developers, business executives and government officials will gather at NetFest, an event organized by the Pasco Economic Development Council. The cowboy-themed event will take place from 5 p.m. to 8 p.m. at Starkey Ranch Welcome Center, 2500 Heart Pine Ave., Odessa. Cost is $35 for members and $45 for others. Register at pascoedc.com/events.

APRIL 8 HOPE CEO: Samira Beckwith, president and CEO of Hope HealthCare Services, will address The Speakers Assembly of Southwest Florida at a luncheon meeting. The event starts at 11 a.m. at Quail West Golf and Country Club, 5950 Burnham Road, Naples. For more details visit speakersassembly.com.

APRIL 12 CEO TALK: Arnie Bellini, the CEO and chief product officer of ConnectWise, will discuss how changing a company’s business model can lead to growth at a meeting of the Tampa Bay Innovation Center. The meeting will start at 8:30 a.m. at the offices of Microsoft, 5426 Bay Center Drive, Suite 700, Tampa. There is no cost, but advanced registration is suggested at techtalkapril2016.eventbrite.com.

WATER RESOURCES: Dan Delisi, the former chief of staff for the South Florida Water Management District, will discuss water management issues and their impact on economic development at a meeting of the Real Estate Investment Society. The lunch meeting will start at 11:45 a.m. at the Pelican Preserve clubhouse on Treeline Avenue at Colonial Boulevard in Fort Myers. Cost is $30 for members and $40 for guests. Register at reis-swfl.org.

APRIL 13 TECH AWARDS: Carl Stringer, vice president of information technology for U.S. Sugar, will be the keynote speaker at the Southwest Florida Regional Technology Partnership awards dinner. The dinner will start at 5:30 p.m. and end at 9 p.m. at the Crowne Plaza, 13051 Bell Tower Drive, Fort Myers. Cost is $125 per person. Register at swfrtp.org.

APRIL 19 SOCIAL MEDIA: Kevin McNulty, president and CEO of NetWeave Social Networking, will discuss social media strategies for business. The Suncoast Technology Forum luncheon will start at 11:30 a.m. at the Polo Grill and Bar, 10670 Boardwalk Loop, Lakewood Ranch. Cost is $18 for members and $28 for others. Register at suncoasttechnologyforum.com.

commercial real estate

BUSINESS OBSERVER | APRIL 1 – APRIL 7, 2016

BusinessObserverFL.com

Tampa office space crosses $30 PSF threshold Amid continued demand and an evershrinking supply, especially for top-level, Class A space, some Tampa office landK.L. MCQUAID lords are now commanding rents of $30 per square foot from new tenants. The $30-per-square-foot threshold is significant because it marks the first time in more than a decade that rental rates have risen to that level, a reflection of the health of the market. To date, only top tier towers downtown, such as the SunTrust Financial Centre and the Bank of America Plaza, have pierced the threshold, but landlords and office brokers believe other buildings are likely to follow suit if the market maintains its current activity level for the balance of 2016. “For what I’ll call Class A-plus buildings, we’re already there,” says Dan Woodward, vice president in charge of Highwoods Properties’ Tampa office, of the $30-per-square-foot rental rate. “And it’s not a glass ceiling by any means, given the demand and limited supply that’s out in the market. We’re seeing rental rates that are completely justified.” Highwoods, which owns nearly two dozen office buildings in the Tampa area, is quoting $30 per square foot and above rents at the 35-story SunTrust Financial building, which it acquired last year for $124 million knowing that a significant amount of space would come available for lease. Tampa has flirted with the $30 figure before, in 2006 and 2007, only to have rates settle back down with the economic recession. Just four years ago, most Tampa landlords were quoting rates in the low- to mid-$20per-square-foot range. Just as interestingly, the phenomenon doesn’t appear to be limited to ritzy, downtown skyscrapers. Upscale offices in the Westshore suburban submarket also are quoting asking rents north of $30 per square foot, including Redstone Investment’s five-building Austin Center property, commercial brokers say. “People are being drawn both to downtown and to Westshore by the overall improvements in the Tampa market,” Woodward says. Still, the rising rents do not appear to have reached a point to justify See MCQUAID page 17

MARK WEMPLE

KURT KEATON is the new president of real estate and management services at Tampa-based Franklin Street, a boutique real estate and insurance firm that is aiming to compete with industry giants like CBRE Inc. Keaton left industry leader JLL earlier this year to join Franklin Street after learning about the firm’s values and goals.

FreshStart

Kurt Keaton left more than a decade of success at JLL to join relative upstart Franklin Street. He’s energized by the switch.

urt Keaton played football at the U.S. Air Force Academy, where he learned what it was like to win on a big stage. After a mandatory stint in the military, he spent 16 years climbing the corporate ladder at JLL, one of the largest commercial real estate services firms in the world. There, Keaton rose from managing commercial properties in Atlanta to managing JLL’s diverse 30 million-square-foot portfolio and multiple offices throughout Florida. By 2013, he was managing investor and institutional clients’ properties nationally. But at the beginning of this year, Keaton shocked his colleagues, his

clients and the Florida commercial real estate community when he left JLL for Tampa-based Franklin Street, a relative startup created by an entrepreneur a decade ago only now in his thirties. Keaton says he couldn’t be happier with the move. “From a platform standpoint, I believe we can touch and do more things here than national firms can,” says Keaton, Franklin Street’s president of real estate and management services. “We have multiple avenues from which we can solve problems for clients, from real estate to insurance to lending, and for me personally, there’s an absolute alignment of our values.

For me personally, there’s an absolute alignment of our values.

“The personal mission statement here is integrity first, and while other commercial real estate firms say that, what’s different about Franklin Street is we live it every day. Accountability permeates the organization,” Keaton adds. “I’ve never seen anything like it.” The South Carolina native comes to Franklin Street amid a surge of growth, a slate of impressive numbers and a growing list of accolades, including being named a “fastest growing company” by Real Estate Forum in 2015. Last year, the company completed $25 million in leasing transactions, including 87 retail deals. At the same time, the company

Kurt Keaton | President of real estate and management services| Franklin Street

APRIL 1 – APRIL 7, 2016 | BUSINESS OBSERVER ratcheted up its insurance division’s book of business to more than $10 billion in property values; increased its total landlord representation to 9 million square feet; crossed the $500 million mark in loan originations, and notched more than $300 million in property sales. That growth has, in turn, propelled the company to expand internally. From its start as a mortgage brokerage in 2006, Franklin Street now has more than 200 employees. Later this year, the Tampa-based firm plans to open its seventh office, in Orlando. “I think there’s space in our culture today for disruptors, from craft beer to denim,” says Keaton, 44. “People are looking for something different, and at the end of the day, as a client, Franklin Street’s difference is that we’re going to look at you as a person and find out what your individual problem is, and then have specific tools to address it.” Unlike many commercial real estate services firms that specialize in leasing and management, Franklin Street also offers insurance services, lending, appraisals across a wide spectrum of property types, including office, retail, industrial and multifamily. Those who know Keaton say they understand why he’d be a good fit for Franklin Street. “He has a special ability, with people of all ages and types, he’s someone people look up to,” says Linda Dolan, who recruited Keaton to work at JLL during her 22-year career there. “He doesn’t ever make you feel like he’s your boss. You work with Kurt, not for Kurt. That’s how he makes you feel. He’s an exceptionally nice guy, but he also has the ability to get a lot of things done.” Andrew Wright, Franklin Street’s founder and CEO, calls Keaton “A No. 1 draft pick.” “We could not have ended up with a better person to lead our real estate

and management efforts,” Wright says. But Keaton took an unlikely path to a real estate career. After the Air Force Academy, Keaton worked for the militar y in weapons systems and development, alongside companies like Boeing and Lockheed. When JLL came calling, in late 1999, he took a leap and transferred his skills to property management. By 2005, he was overseeing the company’s commercial portfolio in Atlanta, some 5 million square feet in all. It was around that time that JLL asked him to help it establish a beachhead in Florida, at the time a relatively new market. By year-end, he had relocated full time to help the company expand its presence and diversify into institutional asset sales. In 2008, JLL acquired Staubach Co., the commercial brokerage begun by former Dallas Cowboys’ quarterback Roger Staubach, and Keaton helped integrate it into the company fold. A year later, he was named JLL’s market director for Florida, with responsibility for offices in Orlando, Miami and Tampa. Over the next four years, Keaton quadrupled JLL’s business in the Sunshine State, and helped the company diversify into the retail and industrial sectors. The success attracted the attention of JLL leaders, who asked him to begin handling national accounts. But while his numbers grew, Keaton says he didn’t feel he was making the impact he wanted to make. Franklin Street, he says, fills that void. “Here, it’s not how or what so much as a matter of why. Leadership here is dedicated to developing people, not just to doing deals. That’s why my absolute goal in 20 years is to be right here.” – K.L. McQuaid

transactions | DEEDS/MORTGAGES The following features the top real estate transactions of more than $1 million filed in Charlotte, Collier, Hillsborough, Lee, Manatee, Pasco, Pinellas, Polk and Sarasota county courthouses. The information lists the buyer, seller, address, property type, amount of sale, previous price and date, if available. CHARLOTTE NONE COLLIER Buyer: APNI 2 LLC Seller: 852 First LLC Address: 852 First Ave. S., Naples Property Type: Mixed use commercial and residential Price: $1,950,000 Previous Price: $975,000, April 2013 Buyer: Goodman Grove Partnership Seller: LWD 123 LLC Address: Naples Property Type: Orchard groves Price: $1,475,300 Previous Price: $1,226,400, April 2013 Buyer: Goodman Grove Partnership Seller: Lake Florence Partners Ltd. Address: Naples Property Type: Orchard groves Price: $1,112,540 Previous Price: $169,900, August 1995 HILLSBOROUGH Buyer: GPIF Wildwood LLC Seller: Wildwood Acres LLC Address: 13418 Dottie Drive, Tampa Property Type: Duplexes Price: $38,550,000 Buyer: EM Corrigan LLC and H Corrigan LLC Seller: Jeffrey and Linda Kime

BusinessObserverFL.com MCQUAID from page 16 new downtown development — yet. Feldman Equities’ owner Larry Feldman, who together with Tower Realty Partners is planning a 52-story, office, condominium and retail called Rivergate Tower, says he will be seeking rents of between $35 and $37 per square foot for the new downtown, Class A-plus offering.

manufacturing space. “There’s not a great deal of hightech manufacturing space in the Tampa market,” Esposito says. “And there are challenges with parking and other limitations. From a tenant perspective, manufacturing facilities are difficult and costly to relocate. And to do a build-to-suit, from an internal standpoint that would absorb staff time and require a longer lease commitment than Trak was willing to do at this point.”

Trak deal shows lack of flex availability

Bowden No. 1 SVN agent in Florida

Trak Microwave Corp. looked at roughly a half-dozen sites before deciding this month to renew and extend its commitment to its Tampa headquarters, a sign that available “flex” and manufacturing space is in short supply along the Gulf Coast. John Esposito, a senior managing director at commercial brokerage firm Newmark Grubb Knight Frank, says Trak considered sites in East Tampa and Pasco County beginning in 2014 before ultimately renewing its 117,000-squarefoot lease for 4726 Eisenhower Blvd., effective April 1. Building owner Chew Family Tampa LLC, of Atherton, Calif., agreed as part of the new lease to invest money into a new roof, air conditioning system and other improvements to the building, which Trak has occupied for more than two decades. Franklin Street’s Clay Wommack represented Chew Family in the negotiations. In restructuring its lease, Trak also cited the building’s proximity to the Tampa International Airport and Westshore shopping and amenities. Its building contains about 30% office space and 70%

Gail Bowden is breaking the mold at brokerage firm Sperry Van Ness International Corp. For 2015, Bowden, who works with SVN’s Commercial Advisory Group of Sarasota and Bradenton, was the firm’s top agent in Florida and the first woman to achieve that designation. She also ranked No. 3 in the U.S., with more than $50 million in sales volume last year. “I’m pretty motivated, I work very hard, I travel throughout Florida and I’m focused on a specialty instead of trying to do everything the way some agents do,” says Bowden, a SVN senior investment adviser who was named an “Advisor of the Year” in 2014. Bowden, who has been a commercial agent for more than three decades and with SVN since 2009, specializes in medical and industrial property sales. The Sarasota/Bradenton SVN affiliate, part of a network of more than 200 locations globally that generated more than $10 billion in sales and leases last year, was ranked sixth nationwide in 2015, it was announced at the company’s recent annual conference in San Diego.

BY STEVEN BENNA | STAFF WRITER

Address: 19651 Bruce B Downs Blvd., Tampa Property Type: Strip mall Price: $9,900,000 Previous Price: $7,500,000, September 2005 Buyer: RHH 200 7th Ave LLC Seller: IVY – 200 West 7th Avenue Tampa LLC Address: 220 W. Seventh Ave., Tampa Property Type: Office building Price: $7,425,000 Previous Price: $500,000, March 2009 LEE Buyer: South Point Shoppes LLC Seller: Covenant Ministries International Inc. Address: 6111 S. Pointe Blvd., Fort Myers Property Type: Churches Price: $1,750,000 Previous Price: $1,250,000, May 2001 Buyer: SJC 58 LLC Seller: Spectrum Opportunities LLC Address: 2581 Oleander St., Saint James City Property Type: Parking lots Price: $1,200,000 Previous Price: $1,500,000, August 2003 MANATEE Buyer: William Patrick McGinnis Seller: Richard and Shelley Wheeler Address: 202 35th St., Holmes Beach Property Type: Multifamily units Price: $3,000,000 Previous Price: $1,224,300, October 2001 Buyer: Cross Development CC Palmetto LLC Seller: Randall and Constance Hubbard Address: 2200 N. U.S. 301, Palmetto Property Type: Warehouse Price: $2,040,000 Previous Price: $1,050,000, August 2002

Buyer: Najmy Properties II LLC Seller: 9 Solutions LLC Address: 2508 N. Gulf Drive, Bradenton Property Type: Vacant residential land Price: $1,250,000 PASCO Buyer: SR54 Pleasant Properties LLC Seller: First Chapel Associates LP Address: 28652 State Road 54, Wesley Chapel Property Type: Commercial building Price: $1,300,000 Buyer: Orion Venture XII Florida LLC Seller: Trouble Creek of Pasco Trust Address: 4442 U.S. Highway 19, New Port Richey Property Type: Restaurant Price: $1,130,000 PINELLAS Buyer: AARA Hospitality LLC Seller: Donte Hotel LLC Address: 3211 Executive Drive, St. Petersburg Property Type: Hotels and motels Price: $5,100,000 Buyer: 7-Eleven Inc. Seller: Fadi Malki Inc. Address: 8301 Fourth St. N., St. Petersburg Property Type: Convenience store Price: $1,350,000 Previous Price: $882,400, November 2003 POLK NONE SARASOTA Buyer: GS Rosemary Subsidiary LLC Seller: Eva B. Morris Address: 7th St., Sarasota Property Type: Vacant commercial land Price: $1,680,000

Buyer: The Fischbach Company LLC Seller: McNulty Development LLC Address: 2983 Executive Drive, Venice Property Type: Vacant commercial land Price: $1,475,000 Previous Price: $248,800, December 2014 Buyer: GS Rosemary Subsidiary LLC Seller: Eva B. Morris Address: 1541 Boulevard of the Arts., Sarasota Property Type: Vacant commercial land Price: $1,320,000

LEASES TAMPA BAY ¡¡ Paul Castaglioa P.A. leased 1,563 square feet of space at 4020 Park St. N., St. Petersburg from Lighthouse Joint Venture. Jason Aprile of RMC Ross Realty handled the transaction. SARASOTA-MANATEE ¡¡ Mobile Fix LLC leased 1,365 square feet of retail space at 4820 14th St., Bradenton from RH Holdings Bradenton LLC. Steve Horn of Ian Black Real Estate handled the transaction. CHARLOTTE-LEE-COLLIER ¡¡ The Violin Shop Inc. renewed its lease of 1,973 square feet of retail space at 16355 Vanderbilt Drive, Bonita Springs from Barefoot Enterprises of SWFL LLC. Todd Sabin of Equity Inc. facilitated the transaction. ¡¡ Stantec Consulting Services leased 14,239 square feet of office space at 5801 Pelican Bay Blvd., Suite 300, Naples from Steelbridge Pelican Bay LLC. Dave Wallace of CRE Consultants and David Steinfeld of Jones, Lang, Lasalle negotiated the transaction.

18 marketspotlight |

BUSINESS OBSERVER | APRIL 1 – APRIL 7, 2016

BusinessObserverFL.com

BY K.L. MCQUAID | COMMERCIAL REAL ESTATE EDITOR

Downtown Tampa Office Market Tampa’s downtown office market surged in the final half of 2015, the result of shrinking vacancy, a dearth of new construction and improved leasing activity, an analysis of CoStar Group data shows. Those improving fundamentals, in turn, spurred sales of such high profile buildings as the SunTrust Financial Centre, Rivergate Tower and Bank of America Plaza, right. Combined, those three sales generated more than $387 million. At year-end 2015, office vacancy in the Tampa and St. Petersburg market stood at 10.1% overall, down from 13.3% at the same point in 2011, though downtown Tampa’s rate was slightly higher, at 10.6%.

SQUARE FOOTAGE STACK-UP 198,750

$500,000

Square footage of the largest lease in the Tampa area for 2015, a renewal by Syniverse Holdings Inc. at Highwoods Preserve I, at 8125 Highwoods Palm Way, with Highwoods Properties.

$400,000

51,132

Square footage of the largest Tampa CBD lease in 2015, law firm Shumaker, Loop & Kendrick’s renewal at Bank of America Plaza, 101 E. Kennedy Blvd.

$300,000

176,000

Square footage of the largest office building under construction in the Tampa market. The six-story Laser Spine Institute at Avion Park, which is 100% pre-leased, is being developed in Westshore by Highwoods Properties. It will be completed by the end of this month.

$200,000

$24.52 Per square foot rental rate for Tampa central business district (CBD) at year-end 2015, vs. $24.55 for the suburban Westshore submarket

$100,000

500,000

12.9%

Square footage of the largest office building proposed in downtown Tampa, in the Channelside district, by Strategic Property Partners.

Class A vacancy in Tampa CBD’s 13 buildings as of December 2015, vs. 11.3% in Westshore, with 42 buildings.

CAP RATES

7.78%

6.75%

Average cap rate for 2015 office deals in the Tampa and St. Petersburg market. At the end of 2014, the rate was 8.4%. Lower cap rates reflect higher sales prices.

Cap rate on the Bank of America Plaza sale to Banyan Street Capital and Oaktree Capital Management.

COURTESY PHOTO

The $193.5 million sale of the 42-story Bank of America Plaza tower in December capped a flurry of activity in downtown Tampa’s office market in 2015, activity pushed by improving fundamentals and investor confidence. SOURCE: COSTAR PROPERTY, AS OF MARCH

corporatereport |

BY STEVE BENNA | STAFF WRITER

Connecticut company relocates to Sarasota

CHARLOTTE-LEE-COLLIER

Hertz Equipment names chairman

Herbert Henkel, retired chairman and CEO of Ingersoll Rand, has been named non-executive chairman of the equipment-rental business of Hertz Global Holdings. Hertz is preparing to separate Hertz Equipment Rental Corp. as a standalone, publicly traded company later this year. The division is one of the largest equipment rental businesses in North America, primarily serving the construction, industrial, oil, gas, entertainment and government sectors. “Herb Henkel has had a long and distinguished career in the equipment business,” says John Tague, Hertz president and CEO, in a statement. “His experience, insight and guidance will be invaluable to HERC as it continues to transform its business.” Henkel was Ingersoll Rand’s CEO from 1999 until his retirement in February 2010, and he served as the company’s board chairman from 2000 until June 2010. Henkel is currently a director for The Allstate Corp., C.R. Bard and 3M, where he chairs the audit committee. SARASOTA-MANATEE

Cell tower venture seeks $500 million Grain Management LLC, a Sarasotabased private equity firm that also owns and operates wireless towers and relat-

GRAIN ed infrastructure across North America, seeks to raise $500 million. The firm is raising the money for Grain Communications Opportunity Fund L.P., according to an SEC filing. Specific plans were not released. This marks Grain’s third round of funding in the past five years. The company raised $108 million in 2011 and $240 million in 2012. Grain acquired 85 wireless towers from Ntelos Holdings Corp. in February 2015. That acquisition provided nearly $2.2 million in cash flow. Founded in 2007 by David Grain, Grain Management has offices in Sarasota and Washington, D.C. and focuses on investments in the media and communications sectors. The firm manages funds for a number of the country’s leading academic institutions, endowments and public pension funds.

Ergotech Inc., a Danbury, Conn.based manufacturing company, is relocating its corporate headquarters to its Sarasota location, effective April 1. The company opened the facility at 6408 Parkland Drive June 1, 2015. As part of the transition, its operating name will officially become Ergotronix Inc., a statement says. Ergotronix makes ergonomic equipment for workers in a manufacturing or industrial setting. Its clients range from the federal government to a host of Fortune 500 companies. TAMPA BAY

Firm expands, plans 35 jobs Nitro Mobile Solutions, a Tampa-based software development firm, plans to relocate its headquarters from New Tampa’s Highland Oaks to downtown Tampa. The move will add up to 35 jobs by 2018, according to a statement from the Tampa Hillsborough Economic Development Corp. Nitro is also investing $100,000 in renovation, equipment and office furnishings and will triple its space to 9,000 square feet. The new headquarters is at 501 E. Kennedy Blvd., Suite 910. Nitro Mobile Solutions joins a list of local companies, such as Accusoft, ReliaQuest and Tribridge that have expanded recently in Hillsborough County.

Founded in 2009, Nitro Mobile Solutions offers four core products that help companies optimize operations through technology. The company was ranked No. 248 on the 2015 Inc. 500 list.

Top executive switches roles

Laser Spine Inst itute announced Bill Horne will transition from his role as CEO to executive chairman, effective later this spring. Horne will remain involved in the straHORNE tegic direction of the company in his new role, according to a statement. Laser Spine President David Pillsbury will take over as CEO. “It has been my honor to serve as CEO, where I have had the privilege to work alongside the most supportive and dedicated staff who holds patient care to the highest of standards,” Horne says. “In many ways, our staff and patients have become an extension of my family, and I value those relationships.” Tampa-based Laser Spine Institute has helped more than 60,000 patients deal with neck and back pain. The company has more than 1,100 employees.

APRIL 1 – APRIL 7, 2016 | BUSINESS OBSERVER

BusinessObserverFL.com

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BUSINESS OBSERVER | APRIL 1 – APRIL 7, 2016

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• 6 BR, 7 Full + 4 Half Baths, 6-Car Garage • Beautiful, Covered Outdoor Area • $8,500,000 MLS 214028789 Steve Suddeth & Jennifer Nicolai 239.784.0693

F O RT M Y E R S

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• Located in Exclusive Gulf Harbour Yacht & C.C. One of SWFL’s Best! • Spacious Indoor & Outdoor Sanctuaries, Exotic Subtropical Retreat • $5,995,000 MLS 215030165 McMurray & Nette 239.850.7888

• Over 2 Acres of Land, 3 Parcels w/4 Homes • Direct Gulf Access, Boat Dock w/Lift • $5,950,000 MLS 215000955 Burns Family 239.464.2984

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• 4 BR + Den (or 5th BR), 4.5 BA, Gulf Access • Double Negative Infinity Edge Pool w/Lap Lane • $4,995,000 MLS 216001345 Connie Lummis, The Lummis Team 239.289.3543

• Beautiful 4 Bedrooms, 4 Bathrooms w/Pool & Spa • Private Location w/Spectacular Views • $3,795,000 MLS 216001685 McMurray & Nette 239.281.4435

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201715

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