Rhode Island Guide to Real Estate

FREE

volume three issue eight

GUIDE TO

REAL ESTATE

IN RHODE ISLAND

Smart Buildings Smart Real Estate Transactions Development in Our

CAPITAL CITY

featured nonprofit The Matty Fund

3

Tips for Quality Tenant Retention

www.risbj.com | volume three issue eight

1

With Neighborhood, there’s nothing small about your business.

The New, Affordable Choice for Small Employers 2

1-855-321-9244 • nhpri.org • RISBJ | rhode island small business journal

We bring the caring home.

Focusing on both short term and long term sustainable goals, Capitol Home Care incorporates our comprehensive network into planning for every client in our care.

Our Comprehensive Network Includes: • Registered Nurses • Physical Therapists • CNA’s • Occupational Therapists • Speech Therapists • Medical Social Workers • Community Outreach Liaisons • Phenix Home Care • Health Care Services • Community Care Nurses • Coventry Home Care

Medicare Certified | Medicaid Licensed CHAP Accredited

All Major Insurances Accepted

Call 401-941-0002 400 Reservoir Avenue Providence, RI 02907 www.capitol-homecare.com www.risbj.com | volume three issue eight

1

one source integration Cornerstone 360 offers businesses with less than 50 employees the ease and convenience of a comprehensive package of integrated administrative services for all aspects of employee management.

At its core, Cornerstone 360 is based on our

Âť together we can make a difference

Payroll & HR platform. Employers can select additional services when and where they need them to meet their unique needs.

Redirect Your Focus on Your Business Cornerstone 360 seamlessly integrates all services so any triggering event, such as a new hire or termination, that impacts one program

Save time & money

will automatically be reflected across all data platforms.

Simplify administration

Select from our integrated suite of services: Human Resource Services Flexible levels of HR support, by telephone, onsite

and online. Hiring/termination assistance, handbooks, compliance and training.

Ensure accuracy

Payroll Tax depositing and filing, online payroll and general ledger integration.

Health Benefits Design and administration of group plans for medical, dental,

Eliminate multiple vendors

vision, life and disability insurance.

Benefits Administration Eligibility maintenance, payroll deduction calculations,

COBRA and Flex Plan administration, and employee total compensation statements.

401(k) Advisory Fiduciary risk management, employee investment education, and best-of-breed fund lineup.

401(k) Administration Flexible plan design, discrimination testing, 5500 tax filing, and general plan compliance.

RISBJ | rhode island small business journal electronic payments and reporting.

2 Compensation Workers’ Pay-as-you-go automatic

C O R N E R S TO N E G R O U P 800.678.1700 www.teamcornerstone.com

www.risbj.com | volume three issue eight

3

from the founder DO YOU OWN IT, OR DOES IT OWN YOU? Real estate investing takes a little bit of luck and a whole lot of skill. I remember my first real estate transaction back in 1999. I purchased a multi-family home as an investment property. I didn’t realize at the time just how lucky I was – buying when the market was low. That investment paid off several years later when I sold the property for an 80% gain.

The feeling of making a great real estate investment on my first attempt was empowering. I felt like the Donald Trump of Cranston, a real estate mogul and investment connoisseur.

Little did I know, that my first experience with real estate was much more luck than it was skill.

In 2004, shortly after I sold my rental property, I was starting my new business. At the time I had no staff and was in search of my first clients. What made sense was to set up a home-based office for the time being, or rent a small office for myself with potential to add a few part-time staff. Instead, I thought to myself, what would a savvy real estate investor do? Of course! I should buy a property to run my company out of. Being my own boss and owning my office put me in complete control of my surroundings. But just what exactly did I sign myself up for?

There are obvious benefits to owning your own office space. There is great pride in property ownership, there are substantial business write-offs for tax purposes, and there is the potential to ultimately sell your property for a profit down the road.

At the time, I thought that growing a profitable company while also making smart real estate decisions was the ultimate way to get ahead. What I wasn’t considering is that owning property is also a business, one which we have very little control over once we make the purchase. Here are a few things to consider when deciding if renting or owning is right for your business.

Financing – Typically, commercial loans require a larger deposit and higher interest rates than traditional residential mortgages, making them more expensive.

4

RISBJ | rhode island small business journal

Cash Flow – With a larger deposit often required, how will this affect your business cash flow? We frequently hear the expression “cash flow is king,” and it’s true. We never want to jeopardize our ability to run our company properly by making investments that tie up our cash on hand.

Taxes – When determining how much our mortgage will cost, we also need to factor in the cost of taxes. In most cases, that will add up to several thousands of dollars per year.

Repairs – Maintaining a property can often have hidden, unexpected expenses. My office building was built in 1950 so it had the original heating system, old windows and an old roof. When it was time to renew my commercial insurance policy, my insurance company required a roof replacement. $6,500 later I was able to renew my policy.

Utilities – When you’re renting a space, often times some utilities are included and others are shared, helping to reduce the cost. When you own the building, you’re responsible for it all.

Space Limitations – About 4 years after I started my company, I was up to 13 employees and looking to hire. We had maximized the space at the property I owned. Where would I put employee number 14? We looked at renting a second location, but in the end, we decided to reconfigure the office we had. Running out of space is definitely a concern when you’re locked into a long-term mortgage.

And of course, the most important thing to consider is your own sanity. Owning a business can be stressful enough.

Give careful consideration to your reasons for wanting to buy commercial real estate for your office location. Weigh all the pros and cons and in the end, make the decision that makes the most short-term and long-term financial sense.

For me, I’m happy where we are now, renting our office with free air conditioning in the hot summer months.

BE IN DEMAND.

Gil Lantini Founder Ralph Coppolino Co-Founder John Resnick Marketing Coordinator Mike Casale Senior Designer Pam Walsh Managing Editor Sara Celano Production Assistant Intern Keri Biron Brighid Donnelly Brianna Duffy Amanda Silverman Contributing Writers Chris Barnett Kristin Carcieri-MacRae Stacy Corrigan Ted Donnelly Susan Esposito Marisol Garcia Adam Harvey Mark S. Hayward Robert Johnson Zachary P. Levesque Byron McMasters, Esq. Secretary of State Ralph Mollis Kerry Park Matthew R. Plain, Esq. Treasurer Gina Raimondo Dr. Ronald G. Shapiro Chris Sheehy Lisa Shorr Mayor Angel Taveras Angela M. Thomson Kristen M. Whittle, Esq.

www.facebook.com/risbj twitter.com/risbj 401 831 7779 info@risbj.com www.risbj.com

©MMXIII Rhode Island Small Business Journal

P

repare to meet the demands of global business with the Bryant University Graduate School of Business.

“We consider Bryant University one of the best institutions a

Attend an information session or

student could attend

schedule an individual advising session to learn more about Bryant’s nationally recognized full- and part-time master’s degree programs.

to earn an MBA.” ROBERT FRANEK, PRINCETON REVIEW SENIOR VICE PRESIDENT– PUBLISHER

•

Bryant University’s MBA program is named among the best in the country according to the 2013 edition of “The Best 296 Business Schools,” the annual guidebook by the Princeton Review.

•

Bryant University has a powerful network of 40,000 accomplished alumni working in leading organizations across New England and around the world.

Master of Business Administration (MBA) Full-time and part-time MBA programs with specializations in Global Finance, Global Supply Chain Management, and International Business

Master of Professional Accountancy (MPAc) Master of Science in Taxation (MST)

To learn more, visit gsb.bryant.edu Bryant University | 1150 Douglas Pike | Smithfield, RI | (401) 232-6230 | gradprog@bryant.edu

www.risbj.com | volume three issue eight

5

UPCOMING EVENTS NETWORKING AND WORKSHOPS For More Events Visit www.risbj.com SEPT

10

Wednesday, September 17 Newport Chamber Pilates with Train with Jane 4:00pm-5:00pm 35 Valley Rd., Middletown

Wednesday, September 10 Rogers Free Library, Herreshoff Community Room East Bay Chamber Rebuilding Your Credit 9:00am-1:00pm 525 Hope St., Bristol

Wednesday, September 17 Location TBA Central RI Chamber Business After Hours 5:30pm-7:30pm

Wednesday, September 10 Centerville Seminar Center The 5 Marketing Mistakes Small Businesses Make…and What to Do Instead 6:00pm-8:00pm 875 Centerville Rd., Building 2, Suite 5

12 SEPT

15 SEPT

16

Monday, September 15 Newport Chamber Calculating the ROI on Social Media 8:30am-10:00am 35 Valley Rd., Middletown Tuesday, September 16 Centerville Seminar Center Play to Win! How to Build Your Annual Plan Like a Professional Team!

2:00pm-4:00pm 875 Centerville Rd., Building 2, Suite 5

RISBJ | rhode island small business journal

SEPT

23

SEPT

18

Tuesday, September 23 Kirkbrae Country Club Northern RI Chamber Annual Golf Outing 11:30am-7:00pm 197 Old River Rd., Lincoln

Thursday, September 18 East Greenwich Yacht Club East Greenwich Chamber Savor East Greenwich 5:30pm 10 Water St., East Greenwich SEPT

19

Friday, September 19 Newport Chamber Accounting for Non-Accountants 9:00am 35 Valley Rd., Middletown Friday, Sept. 19 – Sunday, Sept. 28 East Greenwich East Greenwich Chamber Restaurant Week

SEPT

22

Tuesday, September 23 The Greenwich Club East Greenwich Chamber Business After Hours 5:30pm 5426 Post Rd., East Greenwich

Thursday, September 18 Newport Chamber Business During Hours 12:00pm-1:30pm 35 Valley Rd., Middletown Thursday, September 18 Bristol Visitor Center East Bay Chamber Accounting for Non-Accountants 4:00pm-6:00pm 400 Hope St., Bristol

Monday, September 22 Newport Chamber Accounting for Non-Accountants 11:00am 35 Valley Rd., Middletown

Tuesday, September 23 Northern RI Chamber Leadership Skills for Lead People II 8:30am-4:30pm 6 Blackstone Valley Place, St. 402, Lincoln Tuesday, September 23 Woonsocket Harris Library Northern RI Chamber Determining Your Business’ Legal Structure 9:30am-11:30am 303 Clinton St., Woonsocket

Wednesday, September 17 Centerville Seminar Center How to Start or Run a Profitable Small Business 6:30pm-8:30pm 875 Centerville Rd., Building 2, Suite 5

Friday, September 12 Lifestyle Café at Poliquin Group East Greenwich Chamber Common Grounds (Breakfast Networking) 8:00am 1598 South County Trail, East Greenwich

Tuesday, September 16 Rhode Island Blood Center Newport Chamber Blood Drive 4:00pm-7:00pm 405 Promenade St., Providence

6

17

Wednesday, September 17 Centerville Seminar Center Selling for Professionals and Techies 1:00pm-3:00pm 875 Centerville Rd., Building 2, Suite 5

Wednesday, September 10 Newport Chamber HR Roundtable: Increase Employee Engagement 8:30am-9:30am 35 Valley Rd., Middletown

Wednesday, September 10 Hope & Main East Bay Chamber Meet & Greet Networking 5:30pm-7:00pm 691 Main St., Warren

SEPT

SEPT

Tuesday, September 23 Centerville Seminar Center Effective Business Plan Writing & Finance Boot Camp 6:30pm-9:30pm 875 Centerville Rd., Building 2, Suite 5 SEPT

24

Wednesday, September 24 Centerville Seminar Center Resolving Conflicts and Dealing with Challenging Employees 9:00am-10:30am 875 Centerville Rd., Building 2, Suite 5 Wednesday, September 24 Custom House Coffee Newport Chamber Business After Hours 5:00pm-7:00pm 796 Aquidneck Ave., Middletown

SEPT

26

Friday, September 26 Roger Williams University East Bay Chamber Coffee & Commerce 7:30am-9:00am 1 Old Ferry Rd., Bristol Friday, September 26 Newport Chamber Exploring Entrepreneurship 9:00am-10:30am 35 Valley Rd., Middletown

contents

volume three issue eight

INSIDE THIS ISSUE

6 Upcoming Events, Networking and Workshops

13

8 Secretary of State Ralph Mollis 9 Spotlight on Startup 10 Small Business News 14 Treasury Continuing to Achieve Great Results for Rhode Islanders 17 National Honors for Our Backyard 19 Technology Forces on Community Banks 20 Development in Rhode Island’s Capital City of Providence 22 5 Things to Do Before You List Your Home to Sell 24 RILiving Commercial 26 3 Tips for Quality Tenant Retention 27 The Smartest Home on the Street 28 Real Estate News 30 Real Estate Tax Rates 31 Holding Real Estate in Your IRA 32 HomeSmart Professionals Opens First Franchise Office in Warwick 36 SBA Loan Funds Available to Purchase Commercial Real Estate 39 We are the Big Bank Alternative 40 “Open the Pod Bay Doors, Hal” 42 Ocean State Business Expo 45 You Are Creative. Yes! You! 46 Personnel Practices 48 4 Ways Leaders Can Help Their Business Grow 51 The Matty Fund 54 Where Do Search Engines Get Their Information?

56 Life Insurance Agent: The Key to Estate Planning 58 Local Small Business Directory 60 It is Time for Fall Planning

17

23

28

ON THE COVER

Featured

Guide To Real Estate in Rhode Island

Non Profit The Matty Fund

51 www.risbj.com | volume three issue eight

7

SECRETARY OF STATE | Ralph Mollis

New App Literally Puts Voter Information in the

Palm of Your Hands

by Secretary Of State Ralph Mollis

Election season is here! The primary election and general election is fast approaching, and I am pleased to announce a new mobile voter application our office has launched, which delivers voter information to Rhode Islanders with the touch of a button.

RI VIC is the name of the new mobile application, and it’s designed to assist Rhode Island voters from mobile devices such as cell phones and tablets. This app is FREE and available for online download for Apple devices at the Apple store, and for Android devices at Google Play.

This is exciting news for all Rhode Islanders. Our new RI VIC application literally puts voter information in the palm of your hands, from your home, office, car, or anywhere on-the-go. I

Our new RI VIC application literally puts voter information in the palm of your hands, from your home, office, car, or anywhere on-the-go.

8

RISBJ | rhode island small business journal

am very proud of this new technology, offered by our office, which will help voters access their voter information more easily, and on a 24/7 basis.

The RI VIC application is incredibly user-friendly and is perfect for anyone looking to learn their voter status, find out where to vote, research district information, and even get GPS directions from your current location to your polling place, and more.

Simply download the RI VIC app to your mobile device. Tap the icon, which reads RI VIC, and this launches the app on your device. Here, you have the option to conduct a “personal search” or a “general search.” After you make your selection, simply type in the required information and hit search.

A video demonstration of RI VIC is available on our website at: http://www.sos.ri.gov/mobileapp/ For more information on this year’s elections, and resources for voters and candidates, please visit our website at www. sos.ri.gov/elections/, which includes our Voter Information Center, and important deadlines.

I am committed to making it easier for Rhode Islanders to vote, making it easier to do business in Rhode Island and making government more open and accessible.

For more information on the Office of RI Secretary of State, or our Elections Division, please visit our website at www. sos.ri.gov or visit our office at 148 West River Street in Providence during normal business hours from 8:30 a.m. to 4:30 p.m., Monday through Friday.

Or call us at (401) 222-2340.

Spotlight | STARTUPS

Spotlight on Startups They’re Using

Tools!

Company Name: They’re Using Tools!

Open Date: 2012 Employees: Two Address: 80 Fountain St., Suite 305, Pawtucket, RI Website: www.theyreusingtools.com Facebook: https://www.facebook.com/TheyreUsingTools Twitter: theyusetools Profile: They’re Using Tools started in 2007 as a team for the 48 Hour Film Project, a national competition that is staged in cities all over the globe every year. Our first year,

it was just Mel Rainsberger, a freelance animator, looking to learn some new skills and have some fun. What ended up being created was a group of amazing creative professionals with a knack for making awesome videos in very short time frames.

In 2012, we incorporated and since then, They’re Using Tools! has become a small studio known for our ability to produce videos and animations that are very complex– puppets, special effects, animation, tradeshow videos, installation, etc.–with very little time.

Biggest Challenge: The companies we work with might have created some marketing pieces, but video adds another dimension of difficulty. Most clients believe video is too expensive/time-consuming for a small business. If clients know their audiences and the messages they need to get across, we can help them develop strategies that work within their budget.

www.risbj.com | volume three issue eight

9

SMALL BUSINESS

NEWS

The Jeffrey Osborne Softball Classic Raises $50,000 for Local Non-Profits

PROVIDENCE, RI — The Jeffrey Osborne Celebrity Softball Classic, which took place on Sunday, August 10, at McCoy Stadium, raised $50,000 for local non-profits including: The Amos House, The Boys & Girls Clubs of Providence, The Music School of the RI Philharmonic, The MET School, St. Mary’s Home for Children, and Button Hole to name a few.

Nearly 7,600 folks attended the all-star line-up of celebrities to play a fun-spirited East Coast versus West Coast 9-inning game. The East Coast was victorious with a score of 18-16 on a Sammy Morris walk-off, two-run home run in the bottom of the ninth inning. Earvin “Magic” Johnson co-hosted the event with Grammy nominated singer/song writer and Rhode Island native Jeffrey Osborne.

The Softball Classic was the opening event for the starstudded, two-day Celebrity Classic golf event taking place August 11-12 in Portsmouth, RI. Both events support initiatives

10

RISBJ | rhode island small business journal

to bring music and arts back to public school systems as well as provide a safe, enriching environment and services for families and children in need. To date, more than $300,000 has been distributed to Rhode Island non-profits that represent the organization’s mission.

About the Jeffrey Osborne Celebrity Classic: The Jeffrey Osborne Celebrity Classic mission, in partnership with the Clarence J. “Clay” Osborne Foundation (a 501(c) (3) organization), is to support non-profits who provide services and safe, enriching environments for families and children including those in need, and also those supporting a continued push for music and arts to children including initiatives to put music back into public school systems. This partnership also provides music- and arts-based scholarships along with humanitarian awards to deserving individuals and organizations. For more information, please visit us at www.jeffreyosborneclassic.org.

SMALL BUSINESS

NEWS

Jobs Up 1,200 From June Unemployment Rate Drops To 7.7 Percent In July 2014

PROVIDENCE, RI — The RI Department of Labor and Training announced today that the state’s seasonally adjusted unemployment rate for July 2014 dropped to 7.7 percent, down two-tenths of a percentage point from the June 2014 rate and down one and ninetenths percentage points from the July 2013 rate. This is the lowest unemployment rate since June 2008. The unemployment rate is down one and six-tenths percentage points since the beginning of the year.

The number of unemployed RI residents—those residents classified as available for and actively seeking employment—was 43,100, down 1,100 from the June figure of 44,200. This represents the 12th consecutive over-the-month decrease and the lowest unemployment level since May 2008. Over the year, the number of unemployed dropped by 10,200.

A total of 12,561 individuals collected Unemployment Insurance (UI) benefits in July 2014, down from 13,552 a year ago. This month, UI claimants accounted for 28 percent of the total unemployed.

The number of employed RI residents was unchanged from the June figure of 515,400. Over the year, the number of employed RI residents was up 13,100 from July 2013.

The RI labor force totaled 558,500 in July 2014, down 1,100 from June 2014 and up 2,900 from July 2013.

JOBS BASED IN RHODE ISLAND: Estimated nonfarm payroll in Rhode Island totaled 477,800 in July, reflecting a gain of 1,200 jobs from the revised June employment estimate of 476,600. The July employment level represents the highest employment level since September 2008 (478,600). The U.S. unemployment rate was 6.2 percent in July 2014, up one-tenth of a percentage point from the previous month and down one and one-tenth percentage points over the year.

Robust employment gains were reported in the Professional and Business Services and Financial Activities sectors, which grew by 1,400 and 900 jobs, respectively. The Professional and Business Services sector was fueled by gains reported in professional and technical services as well as gains in administrative services. The real estate segment was the catalyst behind the job surge within the Financial Activities sector.

In addition, the Educational Services (+600) and Government (+400) sectors noted strong employment gains in July.

The Other Services (+100) sector was the remaining sector to add jobs over the month, while the number of jobs within the Construction,

Information and Mining and Logging sectors remained unchanged.

Job gains in July were offset by large losses reported in Manufacturing, Accommodation and Food Services and Health Care and Social Assistance, as all three sectors lost 500 jobs each. The durable goods component suffered job losses in the Manufacturing sector, while employment was down among food service establishments within Accommodation and Food Services.

Health Care was negatively affected by job losses reported within ambulatory health care services and social assistance. Employment in Retail Trade, Wholesale Trade and Arts, Entertainment and Recreation declined by 200 each since June, while Transportation and Warehousing employment decreased by 100.

Over the year, total nonfarm employment increased by 5,600, as job gains appeared in seven economic sectors, including Professional and Business Services (+3,700), Financial Activities (+1,200), Arts, Entertainment and Recreation (+800), Retail Trade (+700), Construction (+700), Manufacturing (+600) and Transportation and Utilities (+200).

Employment in six sectors — Health Care and Social Assistance (-600), Government (-400), Other Services (-400), Educational Services (-400), Wholesale Trade (-300) and Information (-200) — was down over the year. Employment in Accommodation & Food Services and Mining and Logging remained unchanged.

MANUFACTURING: In July 2014, production workers in the Manufacturing sector earned $18.06 per hour, down 25 cents from June 2014 and down 82 cents from July 2013. Manufacturing production employees worked an average of 40.4 hours per week in July, down one-tenth of an hour over the month and up four-tenths of an hour from a year ago.

METHODOLOGY: The unemployment figures are based largely on a survey of households in Rhode Island and measure the unemployment status of people who live in the state. Unemployment rates prior to 1976 are not recognized by the U.S. Bureau of Labor Statistics as official since the methodology used at that time is not comparable to today’s methods. The establishment employment figures are derived from a survey of businesses in Rhode Island and measure the number of jobs in the state. Rhode Island labor market information is available at www.dlt.ri.gov/lmi. Additional information on procedures for producing Current Employment Statistics (CES) estimates is available on the BLS web site at http://www.bls.gov/sae/ cesprocs.htm. The August 2014 labor force figures are scheduled to be released on Thursday, September 18, 2014, at 2:00 p.m.

www.risbj.com | volume three issue eight

11

SMALL BUSINESS

NEWS

M A Y O R

T A V E R A S ,

R I P T A

A N D

Break Ground on Kenne PROVIDENCE, RI – Mayor Angel Taveras was today joined by representatives of the Rhode Island Public Transit Authority (RIPTA), the Downtown Providence Parks Conservancy, city, state and federal officials, and other community stakeholders to break ground on the renovation of Kennedy Plaza.

The reinvention of Kennedy Plaza is designed to improve the pedestrian and bus passenger experience, boost safety in the area and transform the Plaza into a lively destination for residents, commuters and visitors to the Capital City.

The project is a top priority of Mayor Taveras’ economic development action plan, Putting Providence Back to Work, and is part of Phase III of the Downtown Circulator Project, a multi-year project aimed at making a more vibrant downtown for passengers and pedestrians.

“Transforming Kennedy Plaza into a vibrant public square is a top priority of my economic development plan,” said Mayor Taveras. “Kennedy Plaza is the heart of transportation in our city and state, and its success is essential to the economic vitality of our Capital City. I am thrilled to break ground on this project and begin work to make the Plaza a safer, more navigable civic destination for pedestrians, bicyclists, passengers and motorists.”

12

RISBJ | rhode island small business journal

The redesign of Kennedy Plaza has been several years in the making and is the result of a collaborative planning and input process between the Providence Department of Planning + Development, RIPTA, Downtown Providence Parks Conservancy, the Providence Foundation, the Kennedy Plaza Working Group, and other community stakeholders. The project supports a balanced transportation system that maximizes the use of Kennedy Plaza for pedestrians, bicyclists, passengers and motorists.

“RIPTA is extremely enthusiastic and looking forward to the positive improvements to the transit passenger amenities, as well as the overall aesthetic changes to Kennedy Plaza,” said RIPTA CEO Raymond Studley. “Having both a transit center and a multi-use space is going to be an enhancement for all users of Kennedy Plaza. We value our strong partnership with the City of Providence and look forward to improving transit service in downtown Providence.”

Kennedy Plaza will be renovated to include more open space, new plantings and decorative lighting to create a vibrant public square and promote Kennedy Plaza as a public meeting space.

The City is working in partnership with the Downtown Providence Parks Conservancy to bring new programming to the space.

SMALL BUSINESS

NEWS

C O M M U N I T Y

S T A K E H O L D E R S

edy Plaza Renovations The redesign includes new berths for buses and covered wait stations for passengers. Some bus berths will be consolidated and several will be relocated to the perimeter of Greater Kennedy Plaza.

“We are very pleased to see this significant step in the efforts of our public-private partnership come to fruition,” said Cliff Wood, Executive Director of the Downtown Providence Parks Conservancy.

The Kennedy Plaza redesign is part of the third and final phase of the Downtown Circulator Project that began in Summer 2013.

Remaining steps of Phase III of the project include converting Dorrance Street, between Washington and Sabin Streets, and Exchange Terrace, from Dorrance Street to Exchange Street, to two-way traffic. Empire Street between Broad and Fountain Streets and a segment of Greene Street will also be changed to accommodate two-way traffic.

New bike lanes and signage downtown will better accommodate bicyclists. Sidewalks will be widened and crosswalks shortened in Kennedy Plaza and LaSalle Square to make downtown safer for pedestrians. Previous phases of the Downtown Circulator Project have improved the flow of vehicle

traffic downtown by changing Washington Street, Weybosset Street and a section of Empire Street to two-way traffic.

“This project is a major step forward in the reconstruction of Greater Kennedy Plaza into a wonderful public space that will serve transit riders and park goers well,” said Dan Baudouin, Executive Director of the Providence Foundation. “It is a continuation of the major projects such as rail relocation, river relocation and I-195 relocation which has transformed downtown into a downtown for the 21st century.”

The redesign of Kennedy Plaza and Phase III of the Downtown Circulator Project is expected to cost $7.2 million, including City bond funds and $700,000 in federal funds allocated by RIPTA. Kennedy Plaza renovations are scheduled for completion in late Fall 2014 and Phase III of the Downtown Circulator Project is scheduled to be finished in September 2015.

RIPTA has temporarily relocated all bus stops out of Kennedy Plaza to accommodate renovations of the Plaza. RIPTA passengers with questions regarding temporary bus stop locations during construction should visit...

www.ripta.com www.risbj.com | volume three issue eight

13

SMALL BUSINESS | Treasury Continuing To Achieve Great Results For Rhode Islanders

GREAT

TREASURY CONTINUING TO ACHIEVE

by Gina Raimondo

Our focus in Treasury is to provide exceptional performance and results and make government work for you.

In order to achieve that goal, we have been working on some operational improvements to ensure we are able to deliver ideal outcomes for you.

It is exciting to see the positive results these changes have created in Treasury’s Unclaimed Property division.

Recently, the Unclaimed Property team was able to reunite 35 Rhode Island cities and towns with a total of $59,318.32, which was turned over to the state for safekeeping.

Unclaimed property includes assets that are considered lost or abandoned after an owner cannot be located. In the case of cities and towns, included on the list are unclaimed insurance premiums and smaller checks for various fees, among

RESULTS FOR RHODE ISLANDERS

Recently, the Unclaimed Property team was able to reunite 35 Rhode Island cities and towns with a total of $59,318.32

other monies. This year, the value of municipal unclaimed property ranged, reaching up to $16,650.76.

Most notably, the continuation of Treasury’s Smart Money Tour throughout the summer gives me and my team the opportunity to share information and answer questions about our services.

In fiscal year 2014, the Unclaimed Property team processed nearly 12,000 claims worth $26 million. This increase of nearly 50 percent in the number of claims processed is in large part due to Treasury’s increased outreach efforts.

This is a true example of

14

RISBJ | rhode island small business journal

government working.

Currently, Treasury still holds more than $275 million in unclaimed property and we encourage people to search our online missing money database to see if they are entitled to any missing money.

Also, on August 23rd, the Unclaimed Property division acted as a seller at a live auction of abandoned property at the Department of Administration in Providence. Auction items included unclaimed jewelry, coins, and other valuables.

I am proud of Treasury’s continued commitment to bettering our services so that we are able to achieve great results for Rhode Islanders.

Gina Raimondo Rhode Island General Treasurer

www.risbj.com | volume three issue eight

15

Bishop Hendricken High School

Visit us on

Catholic Values Fostering a Tradition of Excellence

Open House Sunday, October 19, 2014 Noon - 3:00 pm

As the region’s premier Catholic, college preparatory school for young men, Bishop Hendricken has a proud tradition of attracting gifted scholars, artists and athletes who are men of character and compassion.

Entrance Exam Saturday, December 6, 2014 8:15 am

www.hendricken.com

Please contact Cathy Solomon, Director of Admissions, at 401.739.3450, ext. 163

SERVICING FINANCIAL INSTITUTIONS SINCE 2005 GRAPHIC DESIGN

CONTENT MANAGEMENT

RESPONSIVE WEBSITES

Call 401.566.3000 www.scandiaconsulting.com 16

RISBJ | rhode island small business journal

MOBILE APPS

National Honors for Our Backyard | SMALL BUSINESS

National Honors F O R

O U R

At its Lincoln headquarters, Amica proudly displays all the J.D. Power awards it has earned over the years.

B A C K Y A R D

Amica’s commitment to customer service can be seen in the lobby of its headquarters in Lincoln.

by Chris Barnett

Another company in Our Backyard has racked up another national honor. Amica Insurance is number one in the J.D. Power 2014 U.S. Auto Insurance Study. This marks the 15th year in a row that J.D. Power has recognized the Lincolnbased company for customer satisfaction among auto insurers.

But, Amica isn’t resting on its laurels. This year its score was 868, up 18 points over 2013. The study measures customer satisfaction in five key areas: interaction, price, policy offerings, billing and payment and claims.

“This acknowledgment is once again a demonstration of the hard work and dedication of all of our employees,” says Bob DiMuccio, Amica’s chairman, president and CEO. “We will strive to continue providing the best customer service possible.”

It’s easy to see why Amica does so well. In spite of its size—with almost $5 billion in assets and 1.4 million policies in force—Amica still thinks of its customers and 3,300 employees as family.

“We feel we’re part of something bigger than ourselves, and that’s what a family is. You’re part of something, you belong to something,” DiMuccio explains. “If we randomly ask anybody in the company what their primary job is, I think almost

universally people would say, ‘service to policy holders and service to each other as a team.’”

Recognizing that its people are crucial to its success, Amica promotes from within, bases pay on performance and provides entry-level management opportunities through its Future Leaders Program. So it’s no surprise that the company is a regular on Providence Business News’ annual list of the “Best Places to Work in Rhode Island.”

“We believe our employees are the key to our success because they work directly with our customers. That’s why we focus on providing our employees with excellent programs and benefits,” DiMuccio explains. “Everybody we hire at Amica, we see something special in—something unique that we think will add to our team.”

No wonder staff don’t leave. Honoring employees who hit 25 years of service has become an annual event. This year, 86 associates reached the 25-year milestone, representing a total of 2,150 years with the company. Amica strives to apply its simple 12-word mission statement to customers and employees alike: Our mission is to create peace of mind and build enduring relationships.

“It’s 12 words that describe our reason for being,” says DiMuccio.

Chris Barnett Senior Public Affairs Officer Rhode Island Foundation

www.risbj.com | volume three issue eight

17

From Your Family and Friends at the Rhode Island Small Business Journal

401 808 1224

Stop By Today and Check Out Our Incredible Selection of Quality Pre-owned Cars, Trucks, Work Vans and SUV’s.

244 Greenville Avenue Johnston, Rhode Island

18

RISBJ | rhode island small business journal

Technology Forces On Community Banks – What’s A Bank To Do? | SMALL BUSINESS

TECHNOLOGY FORCES ON COMMUNITY BANKS

WHAT’S A BANK TO DO?

by Robert Johnson

Small banks in Rhode Island excel at customer service and are very customer-centric. In many cases, branch staff and leaders know customers by name. This has been the hallmark of community banking for generations. With the world of bank customers rapidly changing, is the branch-centric, face-to-face interaction model enough to retain existing customers and gain new ones? I have my doubts.

Bank customers, both consumers and small businesses, are using technology in myriad ways every day, from reading email and browsing the Web to buying concert tickets, receiving or transferring money, and tracking personal spending. And more people are using mobile devices. According to a 2013 Pew Research report, as of June 2013, 56% of U.S. adults are smartphone users and the number is growing rapidly. Moreover, a Bain & Company article on mobile payments cites 25% of users are shopping on mobiles with another 15% willing to try. We should expect more people wanting to use their mobile device to conduct their banking business.

While some small banks are offering access to their services via mobile devices, many have yet to do so. These banks need to develop plans to increase

their use of technology, centered on mobile, which will gain a lot more and happier customers. Here’s an approach to help bank executives develop those plans: First is the analysis phase. Banks should analyze their customers’ technology usage and preferences. If possible, treat consumers and business customers separately since their needs are different. For consumers, look not only at assets and net worth, but also at generational categories. While Millennials may not be big customers today, they will be tomorrow. And Gen X folks are buying cars and homes, and establishing college savings and retirement plans now. These are great long-term bank customers. For business customers, consider their business type. For example, do they allow their customers to transact business using a mobile device? If this examination doesn’t yield enough insight, consider surveying your customers to learn their technology usage. This analysis will give bankers a picture of how your customers want to conduct business using technology.

Next, examine what your institution has in place for electronic access. Does your online banking system work well only with a PC? Is it cumbersome to access a checking account via a smartphone? Look at the various consumer and business services you offer through technology channels. If the institution’s online offering is narrow, you’ll want to expand it. For example, Needham Bank, a Boston-area based community bank, offers a broad range of services via mobile technology including their own mobile banking smartphone application, text message banking, and online appointment scheduling.

Lastly, develop institutional plans to deploy more mobile-based technology access to your institution’s services. Implement your plan in phases, each centered on a particular use case—for example, text message banking or P2P (person to person payments). Since most, if not all of these, will need to access the core banking system, each will require separate integration efforts; plan for it. If your institution can implement multiple phases simultaneously, do so.

New, tech-based companies are encroaching the banking space by offering easy-to-use services such as mobile payments (e.g. Square), small business lending (e.g. Kabbage) and personal financial management (e.g.

Hellowallet). Small banks must move ahead with offering mobile-based technology access to bank services or risk losing customers who will never return.

Robert Johnson Senior Director of Strategic Intelligence Atrion Networking Corporation

www.risbj.com | volume three issue eight

19

What Clams Taught Me About SMALL CAPITAL BUSINESS CITY | Development || How Manage in ARhode A Remote Island’s Worker Capital orCity Office of Providence SMALL BUSINESS Dear To Mom: Letter Home From ALeadership One Day Warrior

DEVELOPMENT

IN RHODE ISLAND’S CAPITAL CITY OF PROVIDENCE

by Mayor Angel Taveras

It’s hard to believe that just three and a half years ago Providence stood at the abyss as we worked to keep our Capital City out of bankruptcy.

We never lost hope, and we never stopped believing that better days were ahead. Working together, we turned a $110 million structural deficit into an operating budget surplus. I’m very proud of the work we have achieved to make this remarkable turnaround possible.

South Street Landing is a once-in-ageneration economic development opportunity for our city and state. This $200 million project to bring a joint University of Rhode Island /Rhode Island College Nursing School to fruition will transform long-vacant and crumbling infrastructure into a job-creation center for our young people and a vital link in the chain of health care services. We have witnessed the construction of a nearby Physician Assistant School by Johnson & Wales University – close to the newlyconstructed Brown University Warren

IT’S HARD TO BELIEVE THAT JUST THREE AND A HALF YEARS AGO PROVIDENCE STOOD AT THE ABYSS AS WE WORKED TO KEEP OUR CAPITAL CITY OUT OF BANKRUPTCY Now we are working together to secure a future of lasting economic strength and prosperity for Providence, and we are seeing results. Development is one of the surest signs of recovery.

20 20

RISBJ | rhode island small RISBJ | rhode island smallbusiness businessjournal journal

Alpert Medical School. We have also seen the new downtown construction of a $20 million parking garage with first-floor retail by Johnson & Wales University.

Providence has experienced close to a quarter-billion dollars in new construction since 2011, including the restoration of America’s oldest indoor mall, the Arcade; a $20 million four-building project, the Providence G on Dorrance Street; a $14.2 million upgrade to the Regency Plaza; $6.5 million renovation of the C.J. Fox Building in Federal Hill; restoration of the Columbus Theatre; renovation of the historic Biltmore Hotel; the $9 million construction of the Highlands Health Center on the East Side; the relocation to LaSalle Square and renovation by Hasbro; the final phase of the Downtown Circulator; and so much more.

We have reinvigorated the Providence Redevelopment Agency and are putting vacant and abandoned properties back on the tax rolls, just like we did with the historic George Arnold Building and the former Sportsman Inn, now the internationally famous The Dean Hotel.

With the transformation of Kennedy Plaza; the $40 million project at the Promenade at the Foundry; the planned development at the Fogarty Building, Kinsley Building, and Capital Cove; and so much more ahead, things are looking up.

So you want to talk stats?

Let’s talk Stats!

Approximately $350,000,000 In Rhode Island Real Estate Sales 19 Years Experience Two Time Five Star Realtor Nine Time Platinum Award Winner

Kathleen Odell 401 486 2832 kodellsells@msn.com *see mydreamhomenow.com for details

98% Sale Price To List Price 15.25 Days On Average Our Listings Go Pending 1 Out Of 3 Listings Are Sold To Our Buyers

the real estate simplified 21 MyDreamHomeNow.com

www.risbj.com | volume three issue eight

SMALL BUSINESS | 5 Things To Do Before You List Your Home To Sell

5

Things To Do Before You List Your Home To Sell

by Kristin Carcieri-MacRae

If you are getting ready to sell your home, this is a must read!

Just thinking about packing up everything you own will send you into a tailspin. Selling your home can be an overwhelming and stressful process, but it doesn’t have to be if you plan and prepare ahead of time.

Before you get your home ready to sell, 1. Make a plan and organize your thoughts. Sit and take a moment with a pad and pen to write down your thoughts.

Moving is a process and like any other process, you have to break your project down into small, manageable tasks.

The minute you start to think about the entire process on a whole, you will get overwhelmed and shut down. Start making a list of everything you need to do. Don’t worry about the order in which you are jotting things down. Just unload your mind and then categorize later. It will feel good to put everything onto paper.

2. Gather a team. Start making a list of all the people you need to recruit to make your move a smooth transition.

Do you need a moving company, boxes, packing material, markers and tape? Do you need to bring in a cleaning crew when you are done packing? If the process is too overwhelming, enlist a professional organizer who can help you keep this all together and even help you pack to make your move seamless.

3. Declutter. Sell, toss, or keep. Make your piles. Take inventory of everything you own. Yes, everything! Moving is one of the times where you actually have to go through every item in your home. Now is the time to declutter. Don’t

22

RISBJ | rhode island small business journal

take anything with you to your new home that you know you will not be using. It will be a waste of time for you to pack items you will never use again. The transition of moving will go much smoother if you just take with you the items you need.

4. Manage your paper. Now is the time to get control of all the paper clutter in your home. Develop a filing system so you aren’t just throwing piles of disorganized paper into boxes. Trust me, if you throw papers into a box, you will never go through them once you move into your new home.

The boxes will end up getting tossed in the basement or attic. The project will be too overwhelming and it will never get done. Control the paper clutter now.

5. Pack and downsize. This process will only become overwhelming if you allow it to be. Do you really need everything you own? When was the last time you used these items? Pack what you can before you move. If it’s holiday décor and it’s not the holiday season, go through these items, label and pack them up now. Anything else you can pack and take care of, do it now. It’s one less thing you have to worry about. Don’t forget to pack in an organized fashion. Don’t just throw random items into boxes.

Categorize and itemize your boxes. Once you get to your new home, you can unpack and set up your organized systems, making the transition a breeze.

You have enough to worry about when selling your home. Think about alleviating the stress of going through everything you own by planning and preparing ahead of time. Put an organized plan into motion!

Kristin Carcieri-MacRae Owner Organizing in RI, LLC

www.risbj.com | volume three issue eight

23

SMALL BUSINESS | RILiving Commercial Changing the Way Consumers View Commercial Real Estate

RILiving Commercial

Changing the Way ConsumersView

Commercial Real Estate

by Kerry Park

Businesses, landlords and others with an interest in business or industrial properties have long been dependent upon commercial agents for information about commercial properties for sale or lease. RILiving Commercial is changing all that. Launched last spring by State-Wide Multiple Listing Service, RILiving Commercial aims to be the commercial equivalent of RILiving. com, the well-known online resource for consumers looking for a new home. Just as RILiving.com allows consumers to browse at their leisure among properties for sale or rent, honing in on choices before taking them to a Realtor for further exploration, RILivingCommericial.com allows owners, buyers, and tenants the opportunity to scope out the commercial real estate landscape before targeting the properties that interest them. Both sites offer flexibility for clients who can browse when and where they want, plugging in the features that are important to them.

“The role of a Realtor has changed. Realtors used to be the gatekeeper of information but today, consumers like doing their own research. Most people now find their homes online and use their Realtor’s expertise to make sure they’ve made a good choice and to negotiate the best price. For some reason though, that same logic hasn’t really carried over to the commercial side.

Though it’s common sense to offer business people the same type of online resources to narrow down their options as we offer potential homeowners and renters, it hadn’t been done on a wide scale. We just expanded on the success we had on the residential side with RILiving in building RILiving Commercial,” said Michael Letendre, CIO of the State-Wide Multiple Listing Service.

RILiving Commercial is fueled by the Rhode Island Commercial Information Exchange or RICIE. RICIE, another service of State-Wide MLS, is a database of commercial properties for sale or lease used by commercial real estate professionals, lenders, appraisers and others to exchange listing information. RICIE is part of the Catylist system, a national leader in data information exchange. Through Catylist, RICIE listings are shared with over 40 other CIEs nationwide and are syndicated to over 10 commercial property-focused websites. While consumers can view the properties entered on RICIE by commercial agents, they

24

RISBJ | rhode island small business journal

can also view the information on RILiving Commercial on a more consumer-friendly platform.

“We launched the Rhode Island Commercial Information Exchange about 18 months ago to give Rhode Island commercial real estate professionals a better option to exchange information about commercial listings. Prior to RICIE, commercial professionals only had national information exchange systems to tap into and they didn’t answer some of our local Realtors’ needs. We let the RICIE database develop for about a year before focusing on the consumer side. Now both RICIE and RILiving Commercial are fully operational and growing,” said Letendre.

So far, reaction to RILiving Commercial has been positive, though both it and its data provider, RICIE, are in their infancy. The number of users on the Rhode Island Commercial Information Exchange increased more than fifty percent from November, 2013 to July, 2014. That growth has led it to outrank every other real estate channel that State-Wide MLS syndicates its data to including Google, Bing and OfficeSpace. And as RICIE grows, so too does RILiving Commercial since RICIE provides information to RILiving Commercial.

The key to continued progress, according to Letendre, is to encourage Realtors to join RICIE, which it has done by offering free basic service to all members of State-Wide MLS. Broader services can be purchased at different price increments. MLS is also offering the data to local municipalities and economic development resources. Woonsocket was the latest city to sign on.

Like all new products and services, getting the word out takes time, but Realtors who are using the new systems are encouraged.

“RICIE is easy to use and economical, and when coupled with RILiving Commercial, it answers a consumer need. It’s the best tool I’ve seen offered to commercial brokers in my 35 years as a Realtor,” said Jeff Butler, a commercial Realtor who co-chairs the RICIE Task Force and is President of the Commercial & Appraisal Board of Realtors. “In my opinion, it’s a win-win for everyone,” he commented.

Kerry Park State-Wide Multiple Listing Service

Rhode Island Property Advisory Company

FULLY STAFFED MAINTENANCE

Managing Your Property Matters Property Management More than paying bills & responding to complaints it demands commitment, experience, constant attention & clear communication.

Financial Management Meeting and conquering the countless steps in making payments, billing, collections and banking is the business of property management.

Advisory Management Our goal is to work in cooperation, providing advice and creating a management plan for the physical and financial affairs.

Winter Watch Services We are now offering a new service “Winter Watch� for all unit owners. We will take care of your home as you vacation giving you peace of mind.

www.risbj.com | volume three issue eight

call 401.736.8300 or visit www.ripac.net

25

3

SMALL BUSINESS | Top Three Tips for Quality Tenant Retention

Tips for Quality Tenant Retention

by Stacy Corrigan

The housing crisis has produced another level of unexpected fallout: the tired, stressed, overburdened part-time landlord.

We enter into the real estate investment business eager, excited and ready to make money, until the reality sets in that landlording is a business just like any other that requires hard work, dedication, and a solid set of systems to make it work.

If you are a landlord trying to keep your head above water, implement these strategies and see if you don’t observe a noticeable shift in your tenant quality.

1. STICK TO YOUR GUNS – Being a landlord is similar to parenting. You must set clear rules for your tenants and enforce them. I’ve found the landlords who suffer most are the ones who allow people to get too far behind on their rent. I strictly enforce the terms of my rental agreement: a late fee on the 6th, a five day demand on the 17th, and filing court papers five days later. Your tenants know immediately that you won’t tolerate late payments and they become conditioned to pay on time.

2. BE RESPONSIVE TO MAINTENANCE REQUESTS – The biggest complaint I hear from tenants is their landlord doesn’t fix anything. It’s important to address little issues quickly before they become bigger problems. If a tenant has to look at the drippy faucet every day, which they’ve called you about three times already, they become increasingly dissatisfied with the apartment and will move at the next issue. A turnover is much more costly than a faucet. Maintaining your property helps retain quality tenants and you preserve value in your building when you’re ready to sell later.

3. ANSWER THE PHONE – or return calls quickly. Treat your tenants as

26

RISBJ | rhode island small business journal

you would any other client or co-worker. They pay your mortgages every month. Your tenants are an important part of your business plan and most times they just need to feel heard. If you answer their calls and follow through with their requests, they will feel cared for, be likely to stay longer, and treat your property better.

Ultimately, the landlords who treat their properties as a business and focus on the bottom line using consistent, fair practices are the ones who fair best. If you’re struggling with managing your properties, it might be time to call in a professional to help give you some Peace of Mind.

Stacy Corrigan, MM, C3P, GRI, ABR Broker President Peace of Mind Property Management & Real Estate, Inc.

The Smartest Home On The Street | SMALL BUSINESS

The Smar test

HOME on

by Lisa Shorr

The buzz today is on the word smart. A decade ago, the word smart was associated with SAT scores and Albert Einstein. Or the word smart had a stylish connotation: “You are wearing a smart suit.”

Thanks to technology and IBM’s launch of their Smart Planet campaign in 2008, this 5-letter word is now applied to mobility, too – i.e. the smartphone and the smart home.

I know most of you probably own a smartphone, unless you are that small percentage of folks who refuse to jump into the 21st century! Through your phone, you have the ability to call, email, text, post on social media sites, watch a movie, and order tickets to a concert. Did you know that through your mobile device you can also open your garage door, turn up the heat, turn on the lights and some music, and monitor your home for suspicious activity? This is known as a smart home.

WHAT MAKES A HOME SMART? According to Google, a smart home, also known as home automation, is: “a home equipped with lighting, heating, and electronic devices that can be controlled remotely by phone or computer.” In other words, warm up your house, turn on the lights and monitor the sitter from your office, gym or away on vacation!

SCHOOL YOURSELF ON THE BENEFITS: PEACE OF MIND: Have you ever left the house and wondered if you left the heat on? I have! Simply open the phone app to check on the temperature in your home. Have you taken a business trip, arrived at your destination and wondered, “Is my son/daughter having a party at the house?” If you need a quick answer, view the video surveillance footage. Instant information at your fingertips affords you peace of mind, allowing you to focus on nailing that presentation or meeting a client’s deadline.

ENERGY EFFICIENCY: What will your electric, gas or oil bill look like this winter? If you are like me, I try very hard NOT to turn on the heat until late October (unless my fleece jacket just isn’t working anymore!)

Instead of leaving the heat on all day, turn the heat down when you leave in the morning and turn it up when you get in your car to drive home. Maybe you just turn on the heat in a certain zone of your home versus the entire house? Control your lights so they turn on /off at designated times during the day. Even better,

the

Street

elevate your blinds remotely to let in natural light. Take control of your energy bills by taking control of your thermostat and lights!

FUN: It’s just cool to be a tech geek. You can spend hours in this amazing hobby coming up with new automations to make your house even smarter. The possibilities are endless!

Automation Ideas • Lights – Turn them on, turn them off, and turn them up via the Internet.

• Network Video Surveillance – Keep an eye on the goings-on in your home. Did the kids get home from school safely? Is the electrician sleeping on the job? Did a pipe burst and flood your basement? Experience peace of mind through the eye of a lens with network video surveillance.

• Sound – Ahh, kickback and relax on the couch listening to smooth jazz streamed through your wireless speakers.

Cook dinner while dancing to the Top 40 hits. Hosting a party? Place your mobile speakers around the house then pop some corks and blast the tunes!

• Heat – See Energy Efficiency!

• Smoke Detectors – Why climb dangerous ladders to check on the status of your smoke detectors if you don’t have to? Be proactive and monitor the status of your smoke detectors from any device around the globe on the ground.

• GPS – OK this might be a little creepy, but many smart applications have a GPS capability built into it that informs your home automation systems when you are home or away. A text message is sent to your phone or mobile device letting you know of various activities. Are you less than a mile from your home? The app will text you a greeting as well as trigger a series of automations to welcome you, such as turning on the lights or activating the air conditioner. Did someone just enter your home? You can be alerted to this as well. I know it is a bit like Big Brother is watching you, but it is better safe than sorry!

• Keyless Entry – Have you ever closed the front door and realized you just locked the keys in your house? You can check this worry off of your list with keyless entry. Another plus—your smart locks can text you when your child arrives home from school.

Take charge of your energy bill. Keep an eye on the smoke detectors in your home and watch for any suspicious activity in and around your house. As the saying goes—there is an app for that! A smart home is a smart choice!

Lisa Shorr VP of Marketing, PC Troubleshooters, Inc.

www.risbj.com | volume three issue eight

27

REAL ESTATE

NEWS

Randall Family Of Companies Earns Spot On The 2014 Inc. List Of Fastest Growing Private Companies In America

Charlestown, RI - The Randall Family of Companies has earned a spot on the 2014 Inc. 5000 list of fastest growing private U.S. companies. Each year, Inc. Magazine ranks businesses by overall revenue growth over a three-year period.

The Randall Family of Companies is the only New Englandbased realty company on this year’s list.

The Randall Family of Companies, which includes Randall, REALTORS in Rhode Island and Connecticut, Kinlin Grover on Cape Cod, and Pequot Commercial and Page Taft Real Estate in Connecticut, transacted more than $1.1 billion in sales last year. The company has grown from five Rhode Island offices to 29 offices throughout southern New England over the past decade.

28

RISBJ | rhode island small business journal

“Randall was founded in my home in 1977. We’ve come a long way,” said Douglas Randall, CEO of the Randall Family of Companies. “The growth that we’ve had recently is pretty amazing considering the fact that the housing market wasn’t as good as it could have been for quite a while. It’s a testament to our agents who consistently put their customers first. Our growth has been fueled by their good work and the referrals that come from it.”

Information about the southern New England market area and access to the Randall, REALTORS®, Page Taft and Kinlin Grover websites can be found on http://www.coastalnewenglandliving.com/.

REAL ESTATE

NEWS

Median Home Price Among Highest Since August 2008

Providence, RI - Rhode Island’s median price of single family home sales in June declined four percent from the prior year.

With the exception of June of last year, however, this June’s median price reached the highest dollar value since August, 2008. Sales activity remained relatively stable with three less sales this June than last. The data released from the Rhode Island Association of Realtors today was pulled from records from the State-Wide Multiple Listing Service, which tracks all Realtor-assisted sales.

“Sales activity is still constrained by the fact that nearly one in five sellers are not likely to buy another home in the near future and some potential buyers don’t have enough equity if they sell to have an adequate down payment on their next home, even if they’re not in a distressed sale situation. Despite the fact that interest rates remain near all-time lows, many people still can’t take advantage of the great market conditions. Fortunately, a number of reports indicate that our economy is slowly getting better and so too is our housing market,” said Martin.

Looking at a broader picture, the association also released sales data for the first six months of the year. The median price of single family home sales rose six percent from January through June, compared to the same time frame a year earlier.

Sales activity moderated slightly.

The first half of the year ended with condominium sales falling a marginal one percent in June from 12 months earlier, while median price fell four percent. Both sales and median price were down by four percent overall in the first half of the year.

“We are slowly making progress. Rhode Islanders are regaining equity, though not at the same pace as most states. We continued to be plagued with higher unemployment than other areas and for many people, wages haven’t kept up with the cost of living. Obviously that makes it difficult for some people to consider a move,” said Robert Martin, president of the Rhode Island Association of Realtors.

Though foreclosure and short sales have diminished substantially, the statistics showed that 19 percent of all single family home sales were distressed in the first half of the year.

The investor-driven multi-family market ended the first half of the year on a strong note, however, with a 15 percent increase in sales activity and a 12 percent increase in price. Though sales did decline slightly through the six-month period from January through June, the median sales price of $140,000 was 17 percent higher than the prior year.

The number of properties on the market in June hovered near a six-month supply, which is considered to be a market balanced between supply and demand.

www.risbj.com | volume three issue eight

29

Rhode Island State Tax Rates Municipalty

Residentiial Tax Rate

% Full Value

Revaluation Year

Commercial RE Tax Rate

Business Personal Property Tax Rate

Barrington Block Island Bristol Burrillville Central Falls Charlestown Coventry Cranston Cumberland East Greenwich East Providence East Side of Prov Exeter Foster Glocester Hopkinton Jamestown Johnston Lincoln Little Compton Middletown Narragansett Newport North Kingstown North Providence North Smithfield Pawtucket Portsmouth Providence Richmond Scituate Smithfield South Kingstown Tiverton Warren Warwick West Greenwich West Warwick Westerly Woonsocket

$18.00 $5.21 $12.80 $18.58 $25.72 $9.46 $18.66 $22.84 $15.78 $22.90 $22.78 $19.25 $1,472 $20.40 $21.24 $19.77 $8.75 $28.75 $23.49 $5.38 $15.71 $9.80 $11.71 $18.80 $24.29 $15.86 $23.06 $14.53 $19.25 $19.76 $37.37 $17.52 $15.47 $19.37 $18.67 $19.79 $22.55 $24.67 $10.53 $34.56

100% 80% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 50% 100% 100% 100% 100% 100% 100% 100% 100% 100%

2011 2012 2010 2012 2012 2010 2010 2011 2010 2011 2012 2012 2011 2011 2010 2010 2009 2012 2012 2006 2008 2011 2011 2009 2007 2009 2008 2010 2012 2010 2012 2009 2012 2011 2009 2009 2010 2012 2009 2008

$18.00 $5.21 $12.80 $18.58 $37.06 $9.46 $22.49 $34.26 $15.78 $22.90 $25.21 $36.75 $14.72 $20.40 $24.14 $19.77 $8.75 $28.75 $26.85 $5.38 $20.87 $14.68 $16.23 $18.80 $31.03 $17.57 $30.88 $14.53 $36.75 $19.76 $43.20 $17.52 $15.47 $19.37 $18.67 $29.68 $22.55 $Varies $10.53 $39.81

$18.00 $5.21 $12.80 $18.58 $73.11 $9.46 $18.66 $34.26 $28.86 $22.90 $56.25 $55.80 $14.72 $28.03 $42.29 $19.77 $8.75 $59.22 $36.89 $10.76 $15.71 $14.68 $16.23 $18.80 $69.41 $42.75 $52.09 $14.53 $55.80 $19.76 $39.75 $61.06 $15.47 $19.37 $18.67 $39.58 $33.85 $39.00 $10.53 $46.58

Per $1,000 of Assessed Value • Tax Roll Year 2013 (Assessed 12/31/12) • FY 2014 Source: RI Department of Revenue, Municipal Finance.

30

RISBJ | rhode island small business journal

Holding Real Estate In Your IRA – An Investment Alternative Part One | SMALL BUSINESS

Holding Real Estate In Your IRA An Investment Alternative Part One

by Angela M. Thomson, CFP®

Traditionally when we think of investments in our IRA, we think stocks, bonds and mutual funds. The reality is your IRA can hold a wide variety of assets, including real estate.

The following will be a two-part discussion of the IRS regulations related to holding hard (tangible) assets within your IRA. As we are all aware, the real estate market is significantly undervalued in some markets as compared to traditionally traded assets like stocks and bonds. These lower valuation levels can make the purchase of investment real estate very attractive.

The Internal Revenue Service has strict rules for assets held within IRA’s, but hard assets such as bullion, real estate and mineral rights, to name a few, easily fall within the IRS guidelines (for a full list, please refer to IRS Publication 590).

How does one go about adding real estate into their retirement portfolio? Essentially this is a fairly simple process. What I recommend is to first establish an account with a trust company that handles these types of transactions. There are several firms nationwide. The companies I have completed transactions with are PENSCO Trust Co. and Millennium Trust Co. These firms are regulated trust companies.

These organizations fully understand the tax ramifications associated with “hard-asset” investments and operate as the “gatekeeper” for the processing of transactions.

An account can be established with as little as $100 or a rollover from your existing IRA investment custodian. Generally, it takes two weeks to establish an account on your behalf. It is important that an account is in place before you purchase your real estate investments, as proper titling of the transaction is essential to the success of the procedure. If titling is not completed properly, the IRS can disallow your transaction, which will trigger harsh tax ramifications. You should always consult with a professional for your first IRA real estate purchase to ensure the documentation is in line with the IRS requirements.

Once the IRA has been established on your behalf, you are now free to find a suitable investment that meets your needs. Your search for properties should be limited to properties that generate revenue, as the real estate IRA is now responsible for taxes, insurance, maintenance and any other variables related to the upkeep of the property.

As with any real estate purchase, you should always complete a due diligence process before your closing, inclusive of property inspections.

For example purposes, let us assume you have found a property for $150,000. You have put an offer in and it has been accepted.

The next step would be to secure the funding to pay for the property. At this point, you can wire the residual funds necessary from your current custodian to your new trust custodian. Once the fund transfers have settled, you will need to send your trust company a signed purchase and sale agreement, along with a request for funding. At this point, you are now in a phase which is similar to a traditional closing. Your attorney will review the closing documents and at some point generate a closing statement. Upon receipt of a closing statement, you can now request a wire payment for the funding of your real estate purchase.

All other closing documents would reflect that of a traditional real estate closing.

The above review simplifies the procedures necessary to place real estate in your IRA, but further discussion needs to be given to the many caveats that are in place that can allow you to maximize your investment and be compliant within the IRS guidelines.

Part 2 will discuss the homework you must do to successfully manage these types of investments.

We will also discuss funding arrangements to allow multiple investors to invest in a single property. I will also provide you with a real example of local individuals who have successfully participated in this form of investing.

Angela M. Thomson CFP®

www.risbj.com | volume three issue eight

31

We’re proud to announce the gra of HomeSmart Professionals R

For all your real e count on one of ou professionals to h in accomplishing

32

RISBJ | rhode island small business journal

and opening Real Estate!

estate needs, ur experienced handle all the details your goals.

HOMESMART PROFESSIONALS OPENS FIRST FRANCHISE OFFICE IN WARWICK WARWICK, RI – Real estate firm HOMESMART PROFESSIONALS REAL ESTATE hosted their Grand Opening Celebration in Warwick, Rhode Island on July 25, 2014. Mayor Scott Avedisian hosted the ribbon cutting ceremony with over 250 guests in attendance. Representative Frank Ferri, candidate for Rhode Island Lieutenant Governor was also present.

HomeSmart Professionals Real Estate offers one of the most attractive business models in the real estate industry. Since opening in May 2014, HomeSmart Professionals has had tremendous success growing to 47 associates in Rhode Island and over 8,000 agents nationwide. HomeSmart Professionals provides their associates with specific systems and technology that create efficiency in operations and paperless transactions.

Broker/owner Dean deTonnancourt brings 25 years of real estate experience to HomeSmart Professionals. Dean has been named Kent Washington Association of REALTORS 2014 REALTOR of the Year, his second time receiving this honor. A lifelong resident of West Warwick and Coventry, Dean has held many leadership roles within the Realtor organization, and served on many committees.

“Getting rid of the splits is what makes HomeSmart different. Associates keep more

money in their pockets and that translates to the consumer. They benefit because the associates are reinvesting that money into their marketing. They get to use it for their own lead generation and marketing for their clients and the clients love it.” – Dean deTonnancourt The Phoenix, Arizona-based HomeSmart Franchise continues to open new offices and add jobs across the United States, with offices throughout thirteen states and international operations in Shanghai, China.

They added approximately 1,321 new jobs in 2013, and their goal is to continue to grow nationally and internationally in 2014 and for years to come.

For more information on HomeSmart Professionals and its career opportunities, visit www.homesmartcareers.com. Follow HomeSmart on Facebook at http://www. facebook.com/hsprofessionalsrealestate, Twitter at https://twitter.com/HomeSmartRI. About HomeSmart International:

Founded in 2000 by entrepreneur Matt Widdows, HomeSmart International quickly became the fastest growing real estate brokerage firm in Arizona and still holds that distinction today. HomeSmart International is ranked as one of the top 20 real estate brokerages in the United States, and was recently ranked as the number one brokerage firm in the Metropolitan Phoenix market. From its international franchising headquarters based in Phoenix, HomeSmart International began franchising in 2010, and continues to grow by offering franchisees efficiency and innovation coupled with the systems and technologies necessary to succeed in today’s evolving real estate industry. For more information on HomeSmart International and its array of franchise opportunities, visit http://www. homesmartfranchise.com.

501 Centerville Road, Suite 102 Warwick, RI 02886 Office: 401-921-5011 www.TheRhodeHome.com www.risbj.com | volume three issue eight

33

PEA E OF MIND Property Management & Real Estate, Inc.

Full Service Property Management Leasing Screening Real Estate Sales Consulting Serving quality landlords in Northern Rhode Island and MA border towns. call or email to receive our free packet of detailed service information and pricing

Stacy 401.829.8323 scorrigan@earthlink.net www.pmpmre.com

“so you can sleep at night”

Promises Made. Promises Kept.

Call Us Today At

401.270.1740 1395 Atwood Avenue, Suite 105, Johnston, RI 02919

34

RISBJ | rhode island small business journal

Sierra Pacific Mortgage We’re here when you need us.

Our connection to local professionals provides customers to access to the best realtors, home inspectors, and underwriters in the business!

Rhode Island Licensed Lender 20072187LLB02 Branch NMLS ID: 289053

So you want to talk stats?

Let’s talk Stats!

Our Average, Listing Goes into Pending In 15.25 Days on Market Our Average, Listing Sells at 98% Sale Price to List Price Our Sellers Profit More with The DiSpirito Team Compare Our Stats to What You Read in this Issue...Real Estate Simplified

*data from MLS on DiSpirito Team sold listings from 1/1/14 to 9/2/14

100% of clients satisfied Call us 401 359 2338 to have a full time top producing agent help you list or buy today!

the real estate simplified 35 MyDreamHomeNow.com

www.risbj.com | volume three issue eight

SBA | U. S. Small Business Administration Loan Funds Available To Purchase Commercial Real Estate

U. S. Small Business Administ T O

P U R C H A S E

by Mark S. Hayward

Small business owners thinking of purchasing or renovating commercial real estate or purchasing equipment to grow or expand their businesses should consider the U.S. Small Business Administration (SBA) 504 Loan Program. The 504 loan provides small businesses access to the same type of long-term, fixed-rate financing enjoyed by larger firms. Interest rates are equivalent to favorable bond market rates.

Most Rhode Island businesses would be eligible for this loan program. The 504 Loan Program defines a business as small if its net worth is under $7 million and net profits after taxes are under $2.5 million. Any type of legitimate business is eligible for 504 financing, including manufacturing, wholesale, service, professional service or retail.

A 504 loan may be used to purchase fixed assets such as: land and improvements, including owner-occupied buildings, grading, street improvements, utilities, parking lots and landscaping; construction of new facilities, or to modernize, renovate or convert existing facilities; or to purchase long-term machinery and equipment with a useful life of at least 10 years. Soft costs like architectural and legal fees, environmental studies, appraisals, and interest and fees on the construction and/or interim bank financing can also be rolled into the loan. Financing for other needs such as working capital, inventory, debt consolidation or refinancing are eligible through a separate SBA 7(a) Loan Guaranty Program.

A typical 504 project is structured with fifty percent of the project costs provided through a private-sector lender. This senior loan is usually for a 10-year term at a fixed or variable rate, depending on the relationship with the lender. Forty percent of the project costs are financed with a fixed-rate debenture secured with a junior lien from a SBA Certified Development Company (CDC). The debenture is backed by a 100 percent

36

RISBJ | rhode island small business journal

C O M M E

SBA-guaranty. And the final 10 percent of the project cost is provided by the purchaser.

The low 10 percent down payment is the big attraction of this program. It is possible to require even less from the business if a city, town or state trying to attract businesses to their community is willing to provide a small piece of the financing in a subordinate position. Because of the lower down payment required and the ability to finance the soft costs, the small business will realize upfront cash savings of approximately $100,000 on a $1 million project.

The maximum SBA debenture can be up to $2 million. Certain manufacturing entities are eligible for up to a $4 million debenture.

This means that a CDC can work with you to put together financing for a $10 million project with the bank providing a $5 million first mortgage with a SBA 504 debenture of $4 million, and only 10 percent equity.

Maturities of 10 or 20 years are available. Interest rates on 504 loans are pegged to an increment above the current market rate for five-year and ten-year U.S. Treasury issues. The rate on the 504 loan is fixed for the life of the loan and is set when the CDC sells the bond to fund the loan. Effective all-in rates on 20-year bonds, which include all fees and closing costs, vary monthly. The January 2005 rate was 6.61 percent fixed for 20 years.

One example of a 504-financed project is Abbott Valley Veterinary Clinic in Cumberland, RI. When Dr. Joyce Gifford, the owner, researched constructing a larger building to house her growing business, she was directed to the SBA’s 504 Loan Program.

Growth had been steady and upward for the 14-year-old business and in 2002 they decided that the business had outgrown its rented facility. Annual revenues continued to be impressive and in order to accommodate the growing demand for her services, Gifford determined that she could expand the business and add more staff if she relocated to a larger property. The 504 loan

U. S. Small Business Administration Loan Funds Available To Purchase Commercial Real Estate | SBA

stration Loan Funds Available

E R C I A L

R E A L

also allowed her to purchase the equipment needed to add the specialized services that her clients requested.

Providence-based Ocean State Business Development Authority (OSBDA) took the lead in coordinating the financing package for Gifford. The Washington Trust Company provided a first mortgage and OSBDA/SBA provided a second mortgage to complete the financing to purchase land and construct a new building a few miles from the existing location. The additional space included more examination and operating rooms, an expanded recovery area, and it even has room for a grooming business on the lower level. Gifford says that business is healthy and that they could “never have achieved our goals without the financing structure possible under SBA’s 504 program.”

Consider the following advantages of the SBA 504 program versus conventional mortgage financing: ADVANTAGES TO THE BUSINESS: •

•

•

Low down payment. In most cases, the company is required to inject just 10 percent of the total project cost, which includes renovations and soft costs. This allows the business to preserve cash for working capital. (Ordinarily, banks require a 20 to 30 percent down payment on the purchase price.)

Fixed rate on the SBA 504 portion. Small businesses don’t have to worry about the prime lending rate going up and can calculate the exact amount of their mortgage payments for 20 years.

Long term. 504 loans are for 10 or 20 years.

Because the CDC is in second lien position, the lender doing the 50 percent first lien loan, they are willing to lend at a longer term. Longer terms reduce monthly payments.

• Low interest rate. Even with fees and closing costs

E S T A T E

included in the rate, the 504 program offers a low fixed rate for a subordinate mortgage loan. The blended rate between the lender portion and the SBA’s 504 portion makes the project very affordable, particularly for small businesses.

ADVANTAGES TO THE FIRST MORTGAGE LENDERS IN A 504 PROJECT: • • • •

The lender has less risk because the SBA 504 loan is in second position A lower loan-to-value ratio The first mortgage lender gets CRA credits Keep a growing customer happy

ADVANTAGES TO THE COMMUNITY: The community gets the advantage of keeping or attracting a healthy, growing small business that will be creating jobs and contributing to the health of the local economy.

To learn more about this program, call SBA at 401-528-4561 or contact one of the following Certified Development Companies serving Rhode Island.

• • • • •

Mary Mansfield, Bay Colony Development Corporation, 781-478-3655 Gary Toole, Community Development Corporation, 203-776-6172 Ext. 124 Nancy Gibeau, New England Certified Development Corporation, 508-254-7891 or 401-450-0047 Bud Violet, Ocean State Business Development Authority, 401-454-4630 Maria Gooch-Smith, South Eastern Economic Development Corporation, 508-822-1020

Mark S. Hayward District Director U.S. Small Business Administration Rhode Island District Office

www.risbj.com | volume three issue eight

37

AVA I L A B L E P RO P E RT I E S

400 South County Trail, Exeter: Great location!! Design Award of Excellence. Private baths.

Centrally located 6 minutes South of Home Depot in North Kingstown. Easy access at the gateway to South County. Taxes are approximate. Assessment as unfinished. 900-4,000 sq.ft. available. From $105,000

1755 Smith Street, North Providence:

Former Dunkin Donuts for over 30 years (they bought & moved across the street). Seats 30+. Has a drive-thru. Parking for 20+. GREAT for ANY fast food concept.

2000 sq. ft. $2,500/mo.

1950 South County Trail, East Greenwich: 20,000 SF warehouse space with 5 dock height doors, 24’ clear height. Ample Parking, Located off Route 2, Great Access to Route 4. Lease at $5 psf.

6 Jefferson Drive, Coventry:

Attention: Investors and 1031 facilitators... Solid National Tenants in this like new office, production, and distribution space. Lead tenant is Neptune-Benson, a leading supplier of commercial water filtration systems. Ryan-Herco is secondary tenant who is a major supplier of parts that support Neptune-Benson. Synergistic relationship adds to already stable companies and likelihood for long term tenancy.

Approx. 9% CAP, $4,250,000.

963 Victory Highway, Mapleville:

111 Hopkins Hill Road, West Greenwich:

2220 South County Trail, East Greenwich:

2240 South County Trail, East Greenwich:

Post Office. Great investment opportunity!; stand alone building, with long-term USPO lease and other income units with upside potential. The front of the building has been divided into a retail/ studio, garage, and apartment.. The entrance to the post office is in the back of the building, where there another garage, and large parking lot. Approx. 9% CAP, $579,000

One year lease offers buyer(s) time and income to space plan & seek permits. Close to Exit 7 on Rte 4 across from Stanley Bostich and adjacent Stork’s Nest Child Academy.

Lease at $14 psf.

Commercial • Investment • Residential

½ acre – 16 acres Very fast growing area off Exit 6A near GTech, Amgen & Centrex. Front pad is busy Dunkin Donuts, balance of site permits office, retail, warehouse & light industrial. Traffic count 15,000 and growing! Multitude of possibilities- 6 other avail. lots. From $150,000

All spaces include utilities except warehouse. Warehouse space includes 1,200 SF of office space and shared loading dock.Located in expanding business park with ample parking. Quiet, wooded site. Direct highway access to Route 4.

On Route 2, near intersection of 402 (Frenchtown Rd.).

6-12 sq ft warehouse from $6 psf. Call for details.

111 Airport Road, Warwick:

Very nice 2nd floor office space near Hoxsie 4 corners. Tastefully decorated, good paint & carpet, possible office furnishings (nice stuff!) Three offices, conference, reception, lav., plus large basement storage. $180/month condo fee. $77,500

222 Jefferson Boulevard, Warwick:

Class “a” law office includes conference room, 4 private offices, lavette, reception, storage, kitchen. over 1450 sq ft, plus 500 sq ft storage! Reduced $179,900

N CTIO EDU R E HUG

7265 Post Road, North Kingstown:

7.82 acres on US Rt.1. Zoning permits apartments/office/medical/retail. Many possibilities!! Will build to suit, sale or lease, or land only. Great location. Dozens of acres and walking trails behind property. Adjacent 5+- acres also available.

Call For Details!

39 Nooseneck Hill Road, West Greenwich:

2,000 to 20,000 sq. ft. flex space for lease. Warehouse, office, classrooms, thearte, recreational, 6 acre site with 500’ front on route 3 land lease available for outdoor storage, nursery greenhouse, ect. Only 1.2 mile from Exit 6. Next to retail plaza. From $5 psf.

Many more Commercial Properties

www.RemaxCommercialRI.com or email Jeff Butler at jab@ButlerRealty.us Trusted Real Estate Service Since 1977 Looking to Buy or Lease? Call the Butler!

38

RISBJ | rhode island small business journal

300 Centerville Road, The Summit West, Ste 204, Warwick, RI 02886 NMLS#7706

Zachary P. Levesque

NMLS #16841

Vice President 401.773.7223 zlevesque@maverickfunding.com

We Are The

Big Bank Alternative

Local Direct Lender • Personalized Service • Unparallelled Efficiency Rhode Island is such a wonderful state to call home.

Born and raised in the Ocean State, I have grown to love the people, the sites, the ocean and the marketplace as well. Quite simply, there is no other place like it, and fellow Rhode Islanders, you know what I mean! I believe the saying “Bigger is not always better” rings true, especially here.

Although Maverick Funding Corporation is a strong Direct Lending operation, our slogan is “The Big Bank Alternative.” This distinction is engrained into our fabric and carried out daily by our employees on every single level. We pride ourselves in staying connected to our clients daily. At Maverick Funding, our clients are faces and names, NOT numbers. When we opened in 2007, the goal was to provide every resource that the larger banks could provide: competitive interest rates, a large selection of mortgage products and low financing costs. Where we stand out is by providing personalized service and unparalleled efficiency. Our average loan closing time is about half of the industry norm, which means less stress for our clients!

If you are in the market to purchase a home, you have many options in choosing a lending partner. At Maverick Funding, we strive to make every client happy from day 1 to the day of closing. With an office centrally located on Centerville Road in Warwick, we are convenient to residents and there is always a mortgage professional available to help with any questions or

concerns you may have. You have my assurance that when you contact Maverick Funding, you will be treated like a person and NOT just a number.

Although we are known as The Big Bank Alternative, we offer numerous products for a new home purchase or a refinance of a current mortgage. We are Direct Seller/Servicers to Fannie Mae and Ginnie Mae, therefore we offer Conventional, FHA, USDA, VA, Reverse and Jumbo mortgage products. Our main goal is to tailor the mortgage product to fit your needs.

Bigger is not always better! Please contact me personally to see why Maverick Funding is different. As proud sponsors of Lite Rock 105 and the Dunkin Donuts Center, we are very committed to this great state and the people that call it home. If you are tired of being treated like a number, you know where to look! Just dial 800-259-3050.

Wishing everyone a fantastic end of summer and a wonderful year’s end.

Sincerely,

Zachary P. Levesque Zachary P. Levesque

www.risbj.com | volume three issue eight

39

SMALL BUSINESS | “Open The Pod Bay Doors, Hal”: Smart Buildings, Smart Real Estate Transactions

“Open the pod bay doors, HAL” Smart Buildings, Smart Real Estate Transactions

by Byron McMasters, Esq.

An affordable robot butler may still be years away, but you can certainly enjoy some of its conveniences now. Connected home appliances and devices are already part of a multibilliondollar industry, and with major tech companies such as Apple, Samsung and Google investing in the segment, analysts expect exponential growth to continue. Most of the focus thus far has been on basic security, lighting and climate control, but there is a clear push toward the fully-wired “smart home” where you can, for instance, access appliance diagnostics over the internet to facilitate repairs and optimize energy usage or utilize built-in cameras to monitor home security. In-home and remote access is also becoming more robust, providing, for example, text alerts for smoke and carbon monoxide and emergency utility shutoffs.

Even health and fitness tracking devices are being integrated into the wired home.

Smart appliances and devices for the home fall into a broader category of objects (even people) embedded with sensors that allow them to connect to the Internet. In addition to home-based and consumer devices, commercial and industrial applications are nearly limitless: smart manufacturing, connected

40

RISBJ | rhode island small business journal

infrastructure, enhanced supply chain. The resulting network has been dubbed “The Internet of Things,” and it is huge. By some estimates, the number of connections to the Internet of Things will exceed 100 billion by 2020.

As the Internet of Things grows, real estate transactions will shift from a straight transfers of real estate to a combined transfer of real estate and intellectual property rights. This means new software, hardware and potentially support and maintenance agreements, in addition to a traditional purchase and sale contract.

Although such transactions should be quite straightforward, technology transfer requires new thinking about the nature of the sale. Here are some key items to include in the transaction: 1. KNOW WHAT IS BEING TRANSFERRED Technology may be purchased outright or licensed. In either case, the seller’s rights may be limited. The buyer should perform due diligence to ensure all installed technology was purchased or licensed by the seller and they should understand the precise rights being transferred, including potential use restrictions. Once due diligence is complete, the final agreement should include appropriate terms transferring all applicable rights and tangible property.

“Open The Pod Bay Doors, Hal”: Smart Buildings, Smart Real Estate Transactions | SMALL BUSINESS

As the Internet of Things grows, real estate transactions will shift from a straight transfers of real estate to a combined transfer of real estate and intellectual property rights.

2. UNDERSTAND THE UNDERLYING AGREEMENTS AND INCORPORATE NECESSARY TERMS It seems obvious, but then again, the read rate on clickthrough licenses is remarkably low. For off-the-shelf software, consumers are not going to negotiate terms. In commercial settings, especially if there has been customization, the seller may have negotiated terms, but there also may be restrictions on transfer of the license or conditions of the transfer. Whatever the transfer requirements, they need to be accounted for in the purchase and sale agreement.

Typically, it is as simple as an assignment of the license, but the software/technology provider may insist that the buyer establish a new user account or extend maintenance agreements. If those terms are not finalized prior to closing, the buyer could face the inconvenience of not using the connected device until the issue is resolved. In the residential setting, not being able to communicate with a refrigerator may not impact its overall utility, but in a commercial sale, the downtime associated with not having Internet access to manufacturing equipment may be hugely detrimental to the buyer’s business.

3. ALLOCATE LIABILITY There is always a risk that software or hardware was not installed correctly or is otherwise being used in violation of its license and, therefore, infringing the patent or copyright that is the subject of the license. Since the buyer did not undertake the installation, the buyer should seek to obtain some protection from the seller concerning infringement or other liability arising out of misuse prior to purchase or the seller’s improper installation. The seller may argue that the buyer had the opportunity to perform due diligence and investigate the use of the technology prior to closing and refuse any indemnification or liability shifting. Ultimately, this will be resolved through negotiation, but it should be on both parties’ minds.

With careful planning and consideration of the particular issues relating to the Internet of Things in a real estate transaction, the purchase and sale should not be materially different than a traditional real estate deal. The most important aspect of the transaction is identifying relevant technology early in the process and ensuring all material terms are included in the contract documents. If that is done, the transaction should proceed as smoothly as any real estate purchase.

Byron McMasters, Esq. Scott & Bush, Ltd.

our mark of distinction…

great legal teams working for you

PLDW

PANNONE LOPES DEVEREAUX & WEST

401

824

LLC

pldw.com

5100

www.marcumllp.com

As a national firm, we have never lost sight of our loyalty and commitment to the community in our backyard. With our deep expertise and diverse skill-set, we are able to provide the local business community with a variety of services to help them achieve success.

Discover the

Difference

A S S U R A N C E I TA X I A D V I S O R Y

International Member of Leading Edge Alliance

www.risbj.com | volume three issue eight

41

OCEAN STATE

BUSINESS

2014 OSBE SEMINAR SCHEDULE 10:00am – 12:00pm - $20 With Refreshments (Registration Encouraged) Description: “Release Your Inner HorsePower” - Release the power you need to move yourself and your business toward what matters while removing the obstacles you put in your way.

Presenter: Brian Sean Reid - Business Owner, Entrepreneur, Life Coach, Author, Motivational Speaker

The Ocean State Business Expo, Rhode Island’s premier event for connecting businesses to each other, is scheduled for Thursday, October 2, 2014 at the Crowne Plaza in Warwick.

A keynote address will take place in the Rotunda from 10am-12pm, and the expo will open in the Grand Ballroom at noon and run until 6pm.

The expo’s mission is to support the growth and development of Rhode Island’s business community.

The excitement is building as we welcome more sponsors and exhibitors than ever before.

The expo features over 100 exhibitors and valuable informational seminars throughout the day, and a VIP networking party on Monday, September 29th from 5:00 – 8:00pm.

Take a look at the Seminar Schedule so you can mark your calendar for the ones you are planning to attend.

42

RISBJ | rhode island small business journal

1:00pm - Strategies to Achieve Positive Business Results With Terry Wildemann Description: You pick up a magazine and read about business folks who make tons of money, live in great places, have lots of great toys, vacation in exotic places and are amazing philanthropists who constantly give to charity. You ask yourself, “Why can’t I do that?”

Well, you can. The key is to understand and work with core tools and techniques used by the masters of industry: Charles M. Schwab, Andrew Carnegie, Henry Ford, Thomas Edison, and Steve Jobs to name a few.

International bestselling author, speaker and certified success coach, Terry Wildemann, shares her Positive Results Blueprint to help you become a “Prosperous Attractionpreneur.”

Using her 40 years of business experience, Terry will identify key business tools, skills and attitudes necessary to achieve the results you seek.

2:00pm - A New Relationship With Money By Kerry Cudmore Description: Kerry Cudmore used to have a terrible relationship with money. A disorganized wallet, piles of unopened bills, and daily calls from angry creditors were indications of just how bad it was. She decided to change things once and for all, redefining her relationship with money, and now helping others do the same in her Spiritual Finance class series. She has taught the class to hundreds of people since 2008, and now presents the basic Spiritual Finance philosophies in this easy-to-digest bite of a book.

In this engaging interactive talk, Kerry Cudmore will share her unique perspective--exploring how we create our relationship with money--and how to change it for the better. After the talk, books will be available for sale, and the author will happily sign them.

3:00pm - Use Your Brain For A Change With Alex (The Y Guy) Bering – MBA, LUTCF Description: Neuro-Linguistic Programming (NLP) explores the relationship between how we think (Neuro), how we communicate (Linguistic) and our patterns of behavior and emotion (Programming). By studying and learning NLP, you will become more aware of your impact on others, how to manage and influence your own behavior for optimal results, how to improve and enhance your own interpersonal communication which will lead to building better relationships with others at work and at home.

4:00pm - Organize & Energize Your Workspace! With Kristin MacRae Description: Are you losing time, money and clients due to your disorganization? Is the disorganization in your office burying your business alive? Is it all too overwhelming for you to handle? I’ll break down the process to tackle the disorganization in your office, helping you become more efficient and productive. It’s time to put a plan into motion and get you motivated, organized, and energized!

5:00pm - 10 Secrets Of Happy Entrepreneurs With Ryan Wells Description: Ryan will share simple ways happy and successful entrepreneurs balance their business to focusing on successful result-creating activities.

Ryan R. Wells, J.D. has developed several successful local and national businesses and currently hatches “Super-Plans” for Emerging Entrepreneurs and Ideas in the Ocean State at Team Awesome RI.

L ear n m ore abou t o u r k e y n o t e s p e a k e r a n d p r e s e n te r s a t

790AM Talk & Business OSSBE Broadcast Schedule Live Broadcast during the Expo!

OceanStateBusinessExpo.com List of Exhibitors: AM 790 Talk & Business A New Leaf A Vital Life & A Good Life American Lung Association (New England) Amwins Benefit Group B2B Advanced Media, LLC Big Fish Results, Inc. Bryant University - Executive Development Center Busidex.LLC CCMS Go Mini’s Central Rhode Island Chamber of Commerce City of Cranston/Greater Cranston Chamber of Commerce Clean Rite Cleaning and Restoration ConnectPay Payroll Services Delta Dental of Rhode Island Goodwill Industries of Rhode Island Green Home Solutions Howley Bread Group/Panera Bread INNOVEX Jennifer L. Wilkicki, LMT & Esthetician Johnson & Wales University Josh Edenbaum Photographer Lasalle Bakery Liberty Mutual Insurance Company Lincoln Technical Institute Lynch’s Cleaning & Restoration Service Lyoness America Massage Envy Spa Medi Weight Loss Cranston, LLC

12:00-3:00 pm AM 790 Hosts

Natural Awakenings Magazine Neighborhood Health Plan of Rhode Island NPU, Inc. Office Direct Office of the Secretary of State Organizing in RI, LLC PC Survivors of Massachusetts, LLC Pier Cleaners Promail Providence Fire Restoration Puro Cleean Qivana Quality Transistions, Inc. Rescom Exteriors Rhode Island Small Business Journal Rhode Island Telephone RI Society of Enrolled Agents Scandia Consulting Secure Future Tech Solutions Sign Guild Silpada Sir Speedy Small Business Adminstration South Eastern Economic Development Corporation The HR Engineers Wellness Scribe Wireless Zone WRIK Entertainment WRIK Photo Booth

3:00-5:00 pm “Diet Busters” with Meg O’Rourke

See A Complete List Of Exhibitors At OceanStateBusinessExpo.com

VIP Networking Party Socialize with our exhibitors and sponsors at our VIP Networking Party on Monday, September 29th from 5-8pm at the Crowne Plaza Hotel Rotunda. www.risbj.com | volume three issue eight

43

BUSINESS EXPO 2 0 1 4 O C E A N S T A T E Thursday, October 2nd at the Crown Plaza in Warwick, RI

OCEAN STATE

BUSINESS sponsored by

DONT MISS THE 2014 OCEAN STATE BUSINESS EXPO

B U S I N E S S

E X P O

BUSIDEX, LLC Power Your Network - Power Your Business.

•

We focus on empowering the core of your business - your contact information.

•

Connect your business card with Busidex and reach your network and community.

For More Information Email Us At Busidex.LLC@gmail.com

or Visit www.busidex.com

Thursday, October 2nd at the Crown Plaza in Warwick, RI

Also Available

Optical Media Shredding

Request An On-Site Pickup Call 844-514-5093

www.pcsmass.com

Goodwill Industries of Rhode Island

Donate - Textiles, Linens, Clothes, Shoes, Small Toys, Household Items, E-Waste, Vehicles of All Types

Shop - Computer Works

Sells Computers, Computer Accessories and Electronics all at great discounted prices.

Store Hours Monday Through Friday 10:00AM - 4:30PM

Donations = Jobs

Visit Our Website For More Information www.goodwillri.org

44

RISBJ | rhode island small business journal

You Are Creative. Yes! YOU! | SMALL BUSINESS

You Are Creative.

Yes! YOU!

by Adam Harvey

I hear it from people all the time: “I’m not creative. That’s why I hire you guys.” But I don’t think that’s true.

At our agency, we’re professional creatives who are trained to conceptualize and execute an artistic vision, but that’s just one kind of creativity. I think that people define it too narrowly, assume they’re not creative in the traditional sense and then fail to recognize their abilities. But really, there are as many ways to be creative as there are people in the world. So, for all of you “non-creatives” out there, I say “bologna.”

Here’s a little advice about nurturing your creativity from a guy who is lucky enough to work closely with some amazing creative minds every day.

1) Use Your Talents

Are you great with a spreadsheet? Put your ideas in there! If you think better when writing with pen and paper, do it! When you’re using tools that you’re comfortable with, your thoughts will flow more smoothly.

2) Don’t Follow The Rules

The surest way to stifle creativity is to think about the way it’s always been done or how everyone else does it. When you sit down to brainstorm, put everything on the table.

Nothing is too silly, expensive or impractical.

The words “I can’t” are not a part of this conversation.

3) Take A Break

Taking a walk gets your blood flowing and helps your mind relax. If you can, take a friend or co-worker with you on that walk and hash out your challenge as you go. There’s a very good chance that an idea will come out of nowhere!

5) Talk About It

The hardest part is getting started, so a good way to get over that is to just start talking about it. Talk to your co-workers, your spouse, your kid, your dog—anyone who will listen!

The ideas will start flowing, but don’t be frustrated if some of them aren’t gems. It’s part of the process.

6) Work Backwards

Think about your goal. What do you expect to get from this project? Start with that and take steps backward from there. This isn’t the time to think about how you’re going to implement your plans. You can worry about how you’re going to do it after you’ve decided what to do.

7) Create An Idea Board

Every time you have an idea, write it down. It doesn’t matter if it’s good or not, just write it down on a Post-it or a white board, pin it on Pinterest—whatever. Visit that idea board every so often. You never know when a word or a sentence will spark something that turns into something solid. Your idea board can inspire your team members too, so make sure you put it in a place where everyone can see it and contribute. Lots of times, great ideas are the result of collaboration.

Everyone needs a mental break once in a while. When you’re mulling something over, there’s nothing better for you than taking a break. A tired, burned out brain will produce nothing, so take frequent breaks—even if it’s just to go cruise Facebook for five minutes. It helps a ton.

Innovation and creativity are incredibly important to running a successful business.

Don’t be afraid to nurture your creativity and never sell yourself short. You are creative and there’s a whole world of genius ideas in there, you just have to unleash them!

4) Go For A Walk

Adam Harvey GLAD WORKS www.gladworks.com

The folks at my office swear by this one.

www.risbj.com | volume three issue eight

45

SMALL BUSINESS | New Laws Impacting Employment Pre-Screening

Personnel Practices

New Laws Impacting Employment Pre-Screening

by Matthew R. Plain, Esq. & Kristen M. Whittle, Esq.

As part of the hiring process, most employers engage in some sort of pre-screening, including reference checks, background checks, and, increasingly, internet searches to investigate applicants’ web profiles. Two recent pieces of Rhode Island legislation have impacted employers’ abilities to conduct such pre-screening in the areas of social media inquiries and criminal background checks. Each of these new laws requires employers to use extra caution in these areas to avoid lawsuits and other penalties.

SOCIAL MEDIA INQUIRIES The Rhode Island General Assembly recently enacted a new social media privacy law, limiting the ability of employers to access the personal social media accounts of job applicants and employees. This law, which took effect on June 30, 2014, sets forth strict prohibitions on the rights of employers to access the social media

accounts of job applicants and current employees.

Violations of these new requirements may give rise to lawsuits for injunctive relief and/or civil money damages.

Specifically, under the new law, employers may not require job applicants or current employees to disclose passwords or other means of accessing a personal social media account, and may not require the applicant or employee to add the employer or its agent as a contact associated with a social media account. In addition, employers are not permitted to discipline, refuse to hire, or otherwise penalize an applicant or employee due to his or her refusal to disclose or provide access to his or her social media account, or to add the employer or its agent to his or her list of contacts. However, the new law carves out an exception for information about an applicant or employee that is publicly available and states that it shall not prohibit or restrict an employer from completing its pre-employment screening and employee monitoring obligations, or from undertaking reasonable investigations of alleged employee misconduct.

When using social media to pre-screen job applicants: • DO use only publicly available information about job applicants.

• DON’T require applicants to give you access to their personal social media accounts.

• DON’T require the applicant to add

46

RISBJ | rhode island small business journal

New Laws Impacting Employment Pre-Screening | SMALL BUSINESS

Most employers engage in some sort of pre-screening, including reference checks, background checks, and, increasingly, internet searches to investigate applicants’ web profiles you, or any agent of the employer, as a contact on their personal social media accounts.

TOGETHER SMALL BUSINESSES ARE

RI’S BIGGEST BUSINESS. “Mereco decided to use the Exchange due to its unique Employee Choice option which enabled our employees to choose from sixteen different plan designs.”

Phil Papoojian, President & COO, Managing Director MERECO

CRIMINAL BACKGROUND CHECKS Another new law, which took effect on January 1, 2014, prohibits employers from inquiring about the criminal history of job applicants on the job application form. This law, known as “ban the box” legislation (because of the prohibition on a checkbox on job applications concerning an applicant’s criminal history), prohibits employers from inquiring about an applicant’s criminal convictions prior to the first interview. The new “ban the box” law applies to all public and private Rhode Island employers with four or more employees. Under the new legislation, in conjunction with existing laws, it is unlawful for such employers to ask job applicants about arrests, charges, or criminal convictions (including any verdicts or findings of guilt, guilty pleas, or pleas of nolo contendre) on any employment application. Employers who do not use formal job applications are similarly prohibited from asking about these topics until at least the first interview.

There are exceptions to this new law where state or federal law bans an applicant from employment due to certain criminal histories, and where a position requires a fidelity bond, and the applicant’s criminal convictions would prevent him/her from obtaining the bond. In addition, law enforcement agency positions or positions related to law enforcement agencies are exempt from this provision.

When considering applicants’ criminal backgrounds as part of the hiring process: • • •

DON’T inquire about an applicant’s arrests, charges, or criminal convictions on a job application or at any stage prior to the initial interview.

DO develop a narrowly tailored written policy for screening applicants with respect to criminal conduct, and train human resource personnel on this policy.

DO proceed with caution in order to avoid violating federal anti-discrimination laws.

Matthew R. Plain, Esq. Partner, Barton Gilman LLP

Kristen M. Whittle, Esq. Associate, Barton Gilman LLP

“The employees at Pilgrim Screw made the decision to obtain health coverage through HealthSource RI because we saved enough money on the premiums to fund our health savings accounts.”

Geoff Grove President & CEO PILGRIM SCREW

As a small business owner, you know that big businesses get all the breaks. That’s why they pay less for pretty much everything — including health insurance. But with HealthSource RI, small businesses can join forces and get a better deal on health and dental insurance.

To find out more call 1-855-840-HSRI, visit HealthSourceRI.com or come by.

HealthSource RI is the official healthcare portal for the state of Rhode Island. Copyright ® HealthSource RI logo is the trademark and service mark of HealthSource RI.

www.risbj.com | volume three issue eight

47

4 Ways Leaders

SMALL BUSINESS | 4 Ways Leaders Can Help Their Business Grow

THEIR BUS

by Susan Esposito

As a business leader, there is constant competition for your attention—customer crises, operational decisions, employee issues, and future planning, just to name a few.

With all you have to do, it’s easy to become unaware of what’s going on around you. That

lack of awareness can have serious consequences!

To stay up-to-date and keep your business growing, here are four things every leader should do:

1. Listen to Fresh Perspectives Business leaders must learn to listen to fresh perspectives in order to keep their ideas and businesses from going stale.

US News highlighted an emerging trend of senior executives being mentored by young, entry-level professionals on issues like technology, culture and social media. This reverse mentoring phenomenon has already been adopted by big-name companies such as Johnson & Johnson, GE, and Cisco, and it’s having a two-fold effect. Not only is it helping to make baby-boomer executives technologically and socially relevant, it’s also helping businesses retain eager millennial employees.

As you know, innovation is the key to success in today’s business world.

“Business must look ahead, not behind… Every business must innovate to compete. They must create new products and services for new markets,” said Scott MacFarland, a digital marketer and brand strategist. There are definitely tried-and-true business principles that stand the test of time, but the way in which you implement and communicate those principles to your employees, customers, and the general public continues to change.

2. Embrace the Latest Technology Second, leaders have to learn to embrace technology. Michael Robson, general manager of General Assembly’s

48

RISBJ | rhode island small business journal

4 Ways Leaders Can Help Their Business Grow | SMALL BUSINESS

rs Can Help

SINESS GROW Leaders who continue to learn, engage, and grow enable their businesses to go far beyond where they’re at today and reach the level of success they’ve long aspired to.

enterprise business, told The Wall Street Journal, “Ninety-nine percent of executives say [digital growth] is important, but only 10% of companies are satisfied with the speed at which they are making the transition.” To keep their companies from falling behind, many executives and managers are now taking lessons on how the online world works.

These technology lessons aren’t just about digital terminology or how to use social media. “They put the service in context, explaining which strategies work and what a company’s competitors have done,” said Gretchen VanEsselstyn, Director of Education at Mediabistro Inc., a media job board and training site. This enables leaders to make wiser decisions on what to invest in and how to guide their growing businesses.

3. Stay Engaged Business leaders also have to learn to stay involved and connected to their team. With all the responsibilities associated with leadership, it’s so easy to push connecting with employees, and even customers, into the background.

However, it’s vital that leaders are always talking with and listening to their employees and customers. This communication is how leadership can monitor the pulse of engagement, production and morale.

4. Embrace the Entrepreneurial Spirit Glenn Llopis, president of a business strategy consulting firm, pointed out in a Forbes article that today’s leaders must think like entrepreneurs. “They need to view their departments and/or functional areas like a small business that is constantly looking for creative, resourceful and cost efficient ways to grow and compete profitably.” This is what will enable leaders to be proactive and instigate changes before they’re forced to.

Leaders who continue to learn, engage, and grow enable their businesses to go far beyond where they’re at today and reach the level of success they’ve long aspired to.

Susan Esposito Business Developer Express Employment Professionals of Warwick, RI

www.risbj.com | volume three issue eight

49

ONE RESOURCE for all your voice & data needs.

Warwick, RI

Business Telephone & Voicemail Systems Security Cameras & Access Control Structured Cabling Computer Network/Servers

Got Hiring Needs?

“FALL” Back on Express Employment Professionals of Warwick

for all of your Permanent and Temporary Staffing Solutions

www.ExpressProsWarwick.com With over 25 years of experience, CTI has successfully become the one technology resource for hundreds of businesses. We are a one-stop one-resource technology provider. This makes your life easier to manage your IT budget and support costs.

Experienced professionals that work together for you.

401-739-8460 110 Jefferson Blvd., Warwick, RI 02888

Are you Moving… Expanding… Upgrading?

Call today for a free quote. Mention this ad and get 10% off.

401.737.5300 / www.computertelephone.biz

Executive Recruitment • Administrative • Commercial/Manufacturing • Healthcare

AT C W S G A S E S

Helping to Build and Preserve Wealth

SPECIAL SAVINGS 20 LB. REFILL

E PA N PRO ON P U CO

We are pleased to announce our new Ocean State Office:

ONLY

$15.99

propane .80¢ per pound Offers Expire September 30th, 2014

STOP BY AND EXCHANGE YOUR COMPRESSED CYLINDERS

Offers Expire September 30th, 2014

FREE

T-Shirt with any welder purchase, new account.

Enter To Win A Free T-shirt

1300 Division Road • Suite 204 West Warwick, RI 02893 401.381.0531 Visit www.bulfinchgroup-osp.com for more information.

Let us know what we can do for you.

in our weekly store giveaway!

1425 Park Avenue Cranston, RI phone. 401-942-4411 fax. 401-275-5799 www.cranstonwelding.com

Check Out Our Full Line Catalog!

Locally Family Owned And Operated Since 1946

50

RISBJ | rhode island small business journal

David A. MacMillan Managing Supervisor

MEMBERS OF

Jason A. Souza Financial Advisor

Securities & advisory services offered through Park Avenue Securities LLC, member FINRA, SIPC. 160 Gould St, Suite 310, Needham, MA 781-449-4402. 2014-10966 Exp 8/15

The Matty Fund | FEATURED NONPROFIT

The Matty Fund The Matty Fund was established as a non-profit organization in 2003 by Richard and Debra Siravo in memory of their son Matthew, who passed away on Mother’s Day that same year from a prolonged epileptic seizure. Matthew was just five years old at the time of his death.

Through their painful ordeal, the Siravos recognized that public awareness, understanding and most of all resources and support for children and families impacted by epilepsy needed to be greatly expanded in Rhode Island. The Siravos turned their grief into action by creating the Matty Fund. Today, the organization’s mission is to provide family resources, raise epilepsy awareness, promote patient safety and improve the quality of life for children and families living with epilepsy. Most importantly, all services and programs are provided free of charge.

Since its inception, the Matty Fund has helped hundreds of families across the region confront the challenges of epilepsy.

One of those families impacted by the Matty Fund is the Dexter family from Lincoln, Rhode Island. A recent testimonial from them is indicative of the support the Matty Fund provides to families in the community: “My name is Michelle Dexter, my husband, Eric and I have two children, Grace who is eleven and Blake who just turned six.

Grace was diagnosed with epilepsy when she was 11 months old. This diagnosis came out of the blue and changed our life completely in a matter of minutes.

I first became aware of the Matty Fund while searching online about eight years ago because I needed support desperately and wasn’t finding it. I found the Matthew Siravo Memorial

Foundation website and read everything about them. Prior to this, I could not find any other organization or group locally that could respond to my questions or concerns. I needed to discuss the trials and tribulations of everyday life raising a child with epilepsy, the side effects from medications and the isolation you sometimes feel.

Once we learned about the Matty Fund, we became and have stayed very involved with the programs they provide: the 5K Road Race, Snow Angel Ball, Camp Matty and the Support Group to name a few. I cannot describe the feeling I felt the day we connected to people that were living and breathing the same challenges that we faced. It was amazing!

Grace really enjoys the special events like the Egg Hunt and Pumpkin Festival. Camp Matty was truly an amazing experience for the children as well as the adults. I saw an unbelievable transformation while Grace was riding the horses – she was calm and collected and really focused on the moment. It was a moment I will remember for the rest of my life!

I am at a point in my life where I want to share my story and let people know that the Matty Fund is an excellent resource that is ready to help families in any way they can. We are extremely grateful to Richard and Deb—they are amazing people who took their tragedy and turned into something positive for so many.”

The Matty Fund is committed to providing resources for families, raising awareness of epilepsy, promoting patient safety and improving the quality of life for children and families living with epilepsy. To learn more about the Matty Fund, go to www. mattyfund.org or join us on Facebook.

www.risbj.com | volume three issue eight

51

tom Full & Partial Restorations/Concourse or Cus

Rod Classic, Muscle cars & Trucks, ProTouring, Hot rical Full Mechanicals - Engine Rebuilding/Elect ir/Stock & Custom Interiors In-house Body & Paint/Fabrication & Rust Repa RE ARTICLES MANY NATIONAL AWARDS & MAGAZINE FEATU

35 Railroad Street Slatersville, RI

401.762.5544 | xtremerestorations.com

CERTIFIED PUBLIC ACCOUNTANTS SMALL BUSINESS SPECIALISTS

LUCIER

CPA INC

Quality and Experienced

Property and Construction Project Managers...

Providing Comprehensive Services to Public and Private Sector Clients

We Guarantee Success Tax Services

Bookkeeping | Payroll Service Business Consulting 1308 Atwood Avenue, Johnston RI 02919 401 946 1900 david@luciercpa.com

52

RISBJ | rhode island small business journal

www.abmgroupllc.com

National Association of Insurance and Financial Advisors Rhode Island

We protect and promote the critical role of insurance in a sound financial plan and the essential role provided by our professional agents and advisors.

NAIFA-RI thanks its 2013 - 2014 Sponsors!

Gold

Silver

Bronze

Contributor

www.risbj.com | volume three issue eight

53

SMALL BUSINESS | Where Do Search Engines Get Their Information?

SMALL BUSINESS | Strong Collaboration Promises a Successful Future for more RI Area Students

WHERE DO SEARCH ENGINE

by Chris Sheehy

Well, you probably know that search engines gather information about your business directly from the words on your website, but you may be surprised to learn your government and other industries also play a part in your online visibility.

Here is a (rare) list of data sources by a search engine: • • • • • • •

on search engines, you’ve got to have consistent data about your business where search engines can find it.

Sometimes, and more often than you might think, the information search engines have about your business differs from what you may use as your standard business information. This difference dilutes the information about your business that search engines use and ultimately impacts your online visibility and ranking.

Perhaps you only list “LLC” with your business name occasionally (I never use it), or at times use your cell number as the primary number instead of the business line (common with small businesses), or maybe you didn’t use your suite number with consistency.

Dun & Bradstreet US Federal Government State Governments SEC Filings Company Websites Our Users And More

As if that’s not scary enough, the same goes for your bank, credit card company, mortgage company, car leasing company, utility companies, and more.

Clearly, the data about your business that search engines see and use to index and rank it comes from more than just your website.

Search engines use these off-website datasets as a way of matching your physical address, contact information, and type of business to your website and to other datasets (like other search engines and directory listings).

Hundreds of datasets like this all feed into their algorithm (search program) and are used to index and display your business when someone searches for the services or products you offer, as well as how to connect to you, or travel to your actual place of business (think mobile phone and GPS).

These small variations in data all add up to giant headaches down the road that impact how discoverable a business is when someone searches for them. With recent changes to search engine’s algorithms, these problems have become much more prevalent over the past eighteen months or so. And the older the business, the larger the data discrepancies.

“Branding consistency and accurate online citations of our college and its programs is very important to us,” says Leslie Peck, Marketing Director of Rhode Island’s New England Institute of Technology. “As a commuter college, most of whose students commute, many of the same marketing elements that work for Rhode Island’s small businesses work for us as well, including the need to have people find us on their home computers, smartphones, or GPS. Our online data needs to be consistent.”

INSURANCE

DINING

If you want your business to have great visibility

SHOPPING

54

RISBJ | rhode island small business journal

HEALTH SERVICE

BOOK STORE

Where Do Search Engines Get Their Information? | SMALL BUSINESS Strong Collaboration Promises a Successful Future for more RI Area Students | SMALL BUSINESS

ES GET THEIR INFORMATION? All this different data about your business floating around the World Wide Web is how you can end up with multiple business listings on search engines like Google and Bing or on directories like Yelp and Manta. If you’re a young business with business listings all over the internet, but you don’t recall making them yourself—now you know how they got there.

It is critical to find any erroneous or duplicate online business listings and go through the processes of having them corrected, merged, or deleted. Being vigilant in purifying your business listing data (also called citation data) increases your online visibility on search engines, especially for local businesses. It’s a complicated and time-consuming process, but it has to get done. If not addressed, search engines will multiply this error-ridden data and your business could be pushed farther down the rankings.

Making sure this business data is consistent is recognized by top website developers.

“We always make sure the business contact information we list on a website is consistent with both Google and Facebook,” says Seedling Creative Jason Zagami. “If it’s not, we advise them [the client] on how to fix it,” he adds.

For website designers, getting their clients’ sites discovered through searches also means getting their own creative discovered through searches—it’s a win-win.

If you have ever considered using an automated link building service like Yodle or Yext to build or correct backlinks for your business, these services will only compound your problems. These companies are one-way directory providers; they do not merge or correct data, they only create new business listings. That’s all they do, so they’ll leave a lot of incorrect business citations untouched.

By the way, should you decide to cancel your service contract with them, the listings they created will be deleted, negating any gains.

Many companies and associations use branded versions of these services (called white-label services), so you’ve got to be careful. Yahoo,

MerchantCircle, and chambers of commerce all use a whitelabeled version of Yext while many franchise businesses like ServiceMaster, CARSTAR, and Meineke choose Yodle.

The first step to correcting this business data mess is discovering the errors. Below are a few search strings you can use to discover how search engines see your business data.

The quotation marks are intentional so be sure to use them, and mix up your business name if it consists of more than a couple of words. All you need to do is plug these into the search bar of your favorite browser and when you discover an error, look for ways to correct it. Sometimes the best way to correct these listing errors is to contact the webmaster; other times, there’s an edit link, but sometimes you’ve just got to rake through the Help files—every directory and search engine will have its own method.

Enter these 5 search strings into your favorite search engine to find the business listings that are ruining your online visibility: 1. “business name” zip code 2. “business name” phone number (like this: 123-456-7890) 3. “address” phone number 4. “business name” with and without LLC/Inc 5. “address” with and without suite#/Unit# (if applicable) If your business has changed names or has moved in the past 5 years, make sure you search for the old addresses, business name and phone number. Fix these by either merging, changing or deleting as permitted.

Using these methods to clean up and unify your online business listing data is HOTEL a great way to make sure your business is primed for discovery.

Chris Sheehy Local Marketing Expert Specialist Sidewalk Branding

COFFEE DINING

TRAIN

BOATING

www.risbj.com | volume three issue eight

55

SMALL BUSINESS | Life Insurance Agent: The Key To Estate Planning

Life Insurance Agent:

The Key to Estate

by Ted Donnelly

You may be used to doing just about everything yourself—or trying to become an instant expert by reading the latest articles on the hottest subjects. Still, when it comes to your financial affairs, it may be more efficient and effective to work with a team of experienced professionals.

Chances are that they can better guide you in the management of personal finances than you could by yourself.

There’s a wealth of business, financial, tax, insurance, and estate planning experience readily available. Tapping into these resources is a matter of knowing who to look for and how to get started.

A life insurance agent is a valuable resource.

There are many reasons why a life insurance agent should be a key member of your estate planning team. A life insurance agent’s job is more than just simply selling insurance and financial products—it’s much more.

Planning

Specifically, your agent can: 1.

Help you to coordinate business and personal affairs. Your personal and business matters may be closely intertwined, and if that’s the case, they should be addressed simultaneously. Needs may include family decisions in business succession planning, estate planning and conservation, and retirement funding. Your agent can help you decide on a program tailored to meet your financial goals.

2. Conduct what is called a factfinder. In the privacy of your home or office, a life insurance agent can help you see where you are at this stage in your life, financially, and where you’d like to be in the future.

3. Discuss financial products. Life insurance is not a one-

size-fits-all product. A life insurance agent can explain the various types of life insurance and other financial products, and how they can be customized to meet your specific needs. Of course, the final decision will be up to you.

4. Your life insurance agent can serve as the “quarterback” of your insurance team. Life insurance agents are trained to see the big picture and will be glad to cooperate with your other advisors in the creation of a professional team whose objective is to work in your best interests.

Life insurance agents will help you to evaluate your needs and provide solutions in concert with other team members. Talk to a life insurance agent today.

This educational, third-party article is provided as a courtesy by Ted Donnelly, Agent, New York Life Insurance Company.

Ted Donnelly Agent New York Life Insurance Company

A life insurance agent’s job is more than just simply selling insurance and financial products 56

RISBJ | rhode island small business journal

Is your car ready for

“Back to School”

?

Call AAMCO Today!

Total Car Care From The AAMCO Professionals

Check Engine Lights, Brakes, Factory Recommended Maintenance, Oil, Lube & Filters Changes, A/C Repairs, Tune-ups, Radiators, Cooling Systems, Exhausts, Shocks & Struts and More....

Total Transmission Care AAMCO Professionals

We Service, Re-Build or Replace any type of Transmission.

From Automatic to Manual, to Performance and Trucks.

422 Silver Spring Street Providence, RI | 401.831.6920 aamco-providenceri.com www.risbj.com | volume three issue eight

57

SMALL BUSINESS DIRECTORY

local small bus APPAREL

COMMERCIAL REAL ESTATE

J Hilburn Contact: Rae Medgyesy Rae.Medgysey@jhilburnpartner.com www.Jhilburn.com 3 Wagon Lane Attleboro, MA 02703 401-258-3656

Butler Realty www.butlerrealty.us jab@butlerrealty.us Contact: Jeff Butler 655 Main Street East Greenwich, RI 02818 401-884-6050

BUSINESS SERVICES The Business Develoment Company pdorsey@bdcri.com www.bdcri.com Contact: Peter Dorsey 40 Westminster Street, Suite 702 Providence, RI 02903 401-351-3036 Lyoness America (Local Loyalty Partners) www.lyoness.net/us Localloyaltypartners@gmail.com Contact: Ernie Pitochelli 130 Darwin Street Woonsocket, RI 02895 401-368-6911

COACHING & CONSULTING Redwood Environmental Group Gkaufman@redwoodenv.com www.redwoodenv.com Contact: Gary Kaufman 10 Elmgrove Avenue Providence, RI 02906 401-270-7000 The Growth Coach D.Marantz@thegrowthcoach.com www.thegrowthcoach.com/dmarantz Contact: Daniel Marantz 33 Urso Drive Westerly, RI 02891 401-612-4769

MG Commercial www.mgcommercial.com mike@mgcommercial.com Contact: Mike Giuttari 365 Eddy Street Providence, RI 02903 401-751-3200 Scotti & Associates www.scottirealestate.com pmbgs@scottire.net Contact: Peter Scotti 246 Hope Street Providence, RI 02906 401-421-8888

DESIGN & MARKETING Artinium, Inc. www.artiniuminc.com Darren@Artiniuminc.com Contact: Darren Marinelli 5 Division Street, Building D, 2nd Floor Warwick, RI 02818 401-729-1997 Big Fish Results www.bigfishresults.com Tony@BigFishResults.com Tony Guarnaccia 5 Division Street Warwick, RI 02886 401-484-8736

DISASTER RECOVERY Lynch’s Cleaning & Restoration www.lynchsrestoration.com

58

RISBJ | rhode island small business journal

Contact : Shawn Lynch 25 Starline Way Cranston, RI 02920 401-464-8937 PuroClean Disaster Restoration www.purocleanri.com Tabbruzzese@puroclean.com Contact: Terri Abbruzzese 5 Minnesota Avenue Warwick, RI 02888 401-633-5565

ENERGY Super Green Solutions www.supergreensolutions.com Robert Cagnetta 300 Quaker Lane, Box # 6 Warwick, RI 02886 401-932-1985

FINANCE J.P. Matrullo Financial www.jpmatrullofinancial.com jpmatrullo@matrullofinancial.com Contact: Jonathan Matrullo 10 Orms Street, Suite 410 Providence, RI 02904 401-276-8788 Morgan Stanley www.morganstanley.com Rick.Bellow@ms.com Contact: Rick Bellows 1 Financial Plaza, 19th Floor Providence, RI 02903 401-863-8400 The Ameriprise Financial Planning www.ameripriseadvisors.com/Eric.Coury Eric.Coury@ampf.com Contact: Eric Coury 1 Citizens Plaza, S. 610 Providence, RI 029O3 401-996-7660

Want To Get Your Busines Email sales@risbj.com fo

SMALL BUSINESS DIRECTORY

siness directory FOOD AND BEVERAGE

HOSPITALITY

RENTALS

3rd Rock Coffee Company www.3rdrockcoffee.com Newell@3rdrockcoffee.com Contact: Newell Brown 21 Old Town Trail Narragansett, RI 02882 401-413-4925

Choice Hotels www.choicehotels.com Keastman@teamadvantech.com Contact: Kate Eastman 360 Airport Road Fall River, MA 02726 978-290-0515

Ocean State Rentals www.oceanstaterental.net Oceanstaterental@gmail.com Contact: Jim Baldwin 530 Wellington Ave Cranston, RI 02910 401-941-4002

HEALTH & WELLNESS

INFORMATION TECHNOLOGY

SIGNS

Aflac Allen Miller 29 Crafts Street Newton, MA 02458 617-658-1820 www.aflac.com Allen_Miller@us.aflac.com

Thrive Networks www.thrivenetworks.com npacitto@thrivenetworks.com Contact: Kevin Ellis 836 North Street, Building 300, S. 3201 Tewksburry, MA 01876 978-243-1432

AA Thrifty Signs www.aathriftysign.com mcahill@aathriftysign.com Contact: Linda Iannotti 221 Jefferson Boulevard Warwick, RI 02888 401-738-8055

Amethyst Biomat www.mindfulness-abundance-healing.com healingartsri@cox.net Contact: Maria Sorensen 1130 Ten Rod Road N. Kingstown, RI 02852 401-932-6820 Jennifer L. Wilkicki, LMT & Esthetician www.styleseat.com/jenniferwilkick jlw531@aol.com Contact: Jennifer Wilkicki 51 Sockanosset Cross Road, s. 204 Cranston, RI 02920 401-935-3549 Qivana www.blessedwithhealthandwealth.com Janetdeleo@gmail.com Janet DeLeo 66 Club House Road Coventry, RI 02816 401-524-2339

ss Listed In Our Directory? or more information

TIMIT Solutions, LLC www.timitsolutions.com tmontgomery@timitsolutions.com Contact: Tim Montgomery 100 Randall Road, Unit 93 Wrentham, MA 02093 774-307-0652

INSURANCE Allstate Benefits www.allstate.com Jeff.Davide@allstate.com Contact: Jeff Davide 98 Hollis Avenue Warwick, RI 02889 401-500-3748

PAYROLL Paychex www.paychex.com apachomski@paychex.com Contact: Andy Pachomski 501 Wampanoag Trail Riverside, RI 02915 401-663-6677

TELECOMMUNICATIONS Wireless Zone www.wirelesszone.com j.sorensen@wirelesszoneri.com Contact: Jason Sorensen 76 Gate Road N. Kingstown, RI 02852 401-886-8484

TRANSPORTATION A Airlines Express Limousine & Car Service, Inc. www.aairlineexpresslimousine.com cottongin@cox.net Contact: Virginia Coulley P.O. Box 222 Saunderstown, RI 02874 401-295-4380

RESIDENTIAL SERVICES Rescom Exteriors www.iwantnewwindows.com Jrousseau@Iwantnewwindows.com Contact: Janette Rousseau 714 A South Bridge Auburn, MA 01501 508-832-5202 www.risbj.com | volume three issue eight

59

SMALL BUSINESS | It Is Time For Fall Planning

It Is Time For

Fall Planning

by Dr. Ronald G. Shapiro

Summer vacation season is over. Our back-to-school shopping season is concluding and most students are back in the classroom. Now is a great time for all of us to develop a written fall plan for our business and ourselves and encourage our employees, friends, and family members to develop their own plan. By developing and following this plan, we stand a much better chance of being where we want to be than if we have a vague unwritten plan, wait to make and break unsystematic New Year’s resolutions or, worse yet, don’t have any plans at all.

Developing a plan is a relatively straightforward process. For each of your major goals, start with a blank sheet of paper or an open computer text file and record a title called “Fall Plan for [your name].” Enter three section headings labeled: • • •

Goal Steps to Reach Goals Immediate Action Plans

Write a single paragraph detailing your long-range goal in the first section. A long-range goal could be: •

• • •

Buy our own building by 2019 Open a new branch office by 2018 Be proficient in a new language by 2016

List all of the steps necessary to achieve your goal in the second section with a timeline for completing the steps.

Sample steps might be: •

Increase size of company with existing products by 10% in 2014 Launch new product in first half of 2015 Increase sales of existing products by additional 20% in 2015

• •

Once complete, review this section to be sure that if you complete all of the steps listed, you will have a high probability of achieving your goal. Also, be sure that you have not skipped any major steps so that you will be able to begin each new step assuming you complete each of the previous steps.

Develop a very detailed plan for each step that must be completed this school year to achieve your first year goals in the third section. Assign dates to these steps.

Now, place an entry on your calendar for the start and end date of each of the items in the third section.

During the next year, treat each of these entries as being equally (if not more) important than the everyday items that will fill up your calendar over time. If you do this, next year you will be far closer to achieving your long-term goals.

Double the size of our company by 2020

Just three more suggestions: Limit yourself to one, two or three really important goals and focus on them. Share your plans (if they are not confidential) with family, friends, or colleagues. That way, they will be able to support you in your endeavors. Be sure that you don’t procrastinate on these important strategic items because of everyday demands.

1

I would like to thank Industrial Consultant Dr. Margarita Posada Cossuto for helpful comments.

Dr. Ronald G. Shapiro Independent Consultant in Human Factors Learning & Human Resources

60

RISBJ | rhode island small business journal

Let’s take a team approach to primary care and have everyone win.

Your employees want access to the highest quality healthcare at the lowest cost.

SelectRI Network

You want to provide your employees with the best coverage possible while saving on healthcare costs. Enter the SelectRI network. A new network of Rhode Island primary care practices employing a team-based approach to care. Your employees enjoy the benefits and convenience of 24/7 physician availability, nutritionists and lower out-of-pocket costs while your company sees lower rates than ever. A win for the hometown team. bcbsri.com/together

www.risbj.com | volume three issue eight

Blue Cross & Blue Shield of Rhode Island is an independent licensee of the Blue Cross and Blue Shield Association.

61

62

RISBJ | rhode island small business journal