Grand Rapids Business Journal 02.22.21 by Grand Rapids Business Journal

WEST Michigan native brings home the salmon.

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FEB 22, 2021 VOL. 39, NO. 4

The Business Newspaper of Metro Grand Rapids, Holland, Muskegon & West Michigan

THIS WEEK

YOO LEARNS TOUGH LESSON

Paperwork error sent his family back to Seoul 13 years ago, reinforced his dream to pursue a legal career. Page 11

City, CAA move forward on 201 Market option Sale will allow for more affordable housing funds, potential amphitheater. Ehren Wynder

ewynder@grbj.com

Trendspotting Philanthropy report stresses need to confront societal questions such as wealth inequality, systemic racism. PAGE 3

Business as usual? Lakeshore Advantage report analyzes business leader interviews pre- and post-COVID onset. PAGE 3

PLAN AHEAD 401(k)s and Roth IRAs might take a hit under new administration. Page 10

THE LISTS

The area’s top investment and brokerage ﬁrms. Page 6 The area’s top wealth management ﬁrms. Page 8

The Grand Rapids City Commission unanimously approved an option agreement with the Grand Rapids-Kent County Convention/ Arena Authority (CAA) for the sale of a portion of the city property at 201 Market Ave. SW. The city’s approval follows an action by the CAA for the potential location of a 14,000-seat amphitheater at the 201 Market site. The option agreement provides for the sale of approximately 11.6 acres of the northern portion of the approximately 17.5-acre 201 Market property estimated at up

The option agreement provides for the sale of approximately 11.6 acres of the northern portion of the approximately 17.5-acre 201 Market property estimated at up to $24.5 million. Courtesy City of Grand Rapids

to $24.5 million. The property appraisal takes into account the CAA’s investment in the decommission and relocation of the east side trunk sewer and costs related to the demolition of existing site improvements.

The final sale price will be determined based on the appraised value per square foot of property established in the memorandum of understanding and the amount of property required for development of the amphitheater project.

The city teamed up with community partners in November 2020 on an agreement to move the eastside trunk sewer — a longstanding barrier to the future redevelopment of the Market Avenue corridor. The sewer relocation project will extend from Fulton Street to Wealthy Street with construction scheduled to begin this spring and completed in spring 2022. The partnership created the framework for this sale of the city’s 201 Market property to the CAA. The city, CAA, AHC Hospitality and 63 Market Avenue Holdings LLC are the principals behind this redevelopment approach. Under the November agreement, the parties involved will share the estimated $18.6 million cost of the relocation. Cost share is as follows: private entities, $7,383,942; CAA, $5,000,000; and city of Grand Rapids, $6,252,643. CONTINUED ON PAGE 7

Survey forecasts busy year for M&A deals Advisers recommend prospective sellers start the process early in the year for the best outcomes. Rachel Watson

rwatson@grbj.com

An improved public health environment and the possibility of higher capital gains taxes will likely drive increased merger and acquisition activity in 2021, according to a Citizens survey. Companies will rely on M&A for growth in 2021, and more sellers will be open to making deals, particularly in the second half, according to Citizens’ Middle Market M&A Outlook 2021, a report drawn from a survey of 700 leaders at U.S. middle mar-

ket companies and private equity firms. Typically, the economic outlook is the most significant factor in a company’s consideration of an M&A transaction, Citizens said. However, this year’s findings show that, in 2021, COVID-19 and tax policies of the incoming Biden administration are top drivers, with increased expectations for an M&A spike if the administration passes capital gains tax hikes. Upbeat expectations for Della Ratta corporate valuations and deal flow in the year ahead also are fueling a decidedly optimistic M&A forecast, the report said. “Many business leaders expect

Source: Citizens Middle Market M&A Outlook 2021.

the continued rollout of vaccines and the prospect of increased taxes to spur a robust year in terms of deal flow, especially in the second

Inside Track ...... 11 Guest Columns.. 16 Ransomware attacks

ENTREPRENEUR feeds home growers’ market with organic worm castings.

Change-Ups ..... 20 Calendar .......... 20 Public Record .... 21 Street Talk ...... 23

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half,” said Ralph M. Della Ratta, chair of Citizens M&A Advisory. CONTINUED ON PAGE 7

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Joint Book-Running Manager*

Joint Bookrunner*

Active Bookrunner*

Lead Arranger & Administrative Agent

$275,000,000

$500,000,000

$3,320,000,000

$450,000,000

$200,000,000

Senior Credit Facility

Senior Unsecured Notes Offering

Senior Secured Notes Offering

Senior Unsecured Notes Offering

Senior Credit Facilities

Entertainment, Lodging & Leisure

Energy, Power & Utilities

Entertainment, Lodging & Leisure

National Commercial Real Estate

Renewable Energy

Planet Fitness Midwest Joint Bookrunner*

Bookrunner*

Active Bookrunner*

Lead Arranger & Administrative Agent

Joint Book-Running Manager*

$6,000,000,000

$982,100,000

$1,250,000,000

$128,000,000

$1,250,000,000

Senior Secured Notes Offering

Follow-On Offering

Floating Rate Notes Offering

Senior Credit Facilities

Senior Unsecured Notes Offering

Diversified Industries

Entertainment, Lodging & Leisure

Energy, Power & Utilities

Consumer & Retail

Energy, Power & Utilities

Joint Lead Arranger & Joint Bookrunner

Administrative Agent, Joint Lead Arranger & Joint Bookrunner

Joint Book-Running Manager*

$3,215,000,000

$625,000,000

Senior Bridge Facility

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Joint Book-Running Manager*

Senior Unsecured Notes

Senior Secured Notes

$90,000,000

$450,000,000

$1,200,000,000

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Senior Unsecured Notes Offering

Healthcare

Technology, Media & Telecom

has been acquired by

sold a 294 MWDC utility-scale solar project to

$2,825,000,000

Diversified Industries

$625,000,000 Consumer & Retail

a portfolio company of

has been recapitalized by

has completed a recapitalization

has been acquired by

M&A Advisory*

Renewable Energy

Tech-Enabled Business Services

Healthcare

a Leading Private Equity Buyer M&A Advisory*

Consumer & Retail

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Industrials: Transportation & Logistics

*Transaction completed by Fifth Third Securities. Fifth Third Capital Markets is the marketing name under which Fifth Third Bank, National Association, and its subsidiary, Fifth Third Securities, Inc., provide certain securities and investment banking products and services. Fifth Third Capital Markets offers investment banking††, debt capital markets†, bond capital markets†, equity capital markets††, financial risk management†, and fixed income sales and trading††. Fifth Third Bank, National Association, provides access to investments and investment services through various subsidiaries, including Fifth Third Securities. Coker Capital Advisors is a division of Fifth Third Securities. Fifth Third Securities is the trade name used by Fifth Third Securities, Inc., member FINRA / SIPC, a registered broker-dealer and registered investment advisor registered with the U.S. Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training.

Securities and investments offered through Fifth Third Securities, Inc.: Are Not FDIC Insured | Offer No Bank Guarantee | May Lose Value | Are not Insured by any Federal Government Agency | Are Not a Deposit †Services and activities offered through Fifth Third Bank, National Association. ††Services and activities offered through Fifth Third Securities, Inc. Deposit and credit products offered by Fifth Third Bank, National Association. Member FDIC. Equal Housing Lender. Credit products are subject to credit approval and mutually acceptable documentation.

GRAND RAPIDS BUSINESS JOURNAL

FEB 22, 2021

West Michigan native brings home the salmon Marie Rose cofounded Shoreline Wild Salmon, a troll fishery that sells king and coho salmon in Michigan and across the U.S. Rachel Watson

rwatson@grbj.com

Marie Rose is living many a nature lover’s dream — residing in remote Alaska, where she coowns a fishing business with a focus on sustainability and quality. Rose’s journey to the fishing industry was anything but predictable, but there was a certain logic to it, she said. After graduating from Lakeview High School in her native Battle Creek, she attended Michigan State University, where she earned a bachelor’s degree in social work. A longtime activist for progressive causes in her home state, it was a natural next step when, the summer before her

senior year at MSU, Rose landed a three-month gig as canvass manager for the Alaska Center for the Environment’s Salmon Beyond Borders conservation campaign. While going door to door that summer — and continuing the work a year later after commencement, when she was promoted to deputy canvass director of southeast Alaska for the same nonprofit — Rose said she learned just how integral the salmon fishing industry is to the residents she met. “So many people in Alaska had some type of connection to wild salmon. You could literally knock on door after door in any neighborhood, and everybody wanted to talk to you about it — whether they fish for fun, or whether their freezer was full of fish, or they were commercial fishermen, or their brother or sister was — everybody had some connection to it. I was really drawn to how much that meant to people to have a resource like that in their backyard,” she said. During her work with Salmon Beyond Borders, Rose met lifelong fishermen Keith Heller and Capt. Joe Emerson while living in

Visits back home to Michigan convinced Maria Rose there was a market here for wild Alaskan salmon. Courtesy Shoreline Wild Salmon

Juneau, Alaska. As her appreciation for quality salmon grew, she became determined to bring the best of Alaskan salmon back to Michigan. In 2016, she co-founded Shoreline Wild Salmon with Heller and Emerson, starting by primarily distributing salmon caught on Emerson’s boat, the F/V Tommy L II, and later adding on purchasing and selling

the catch from several fishermen friends, a job Heller now handles as dock manager and fish buyer for the business. “It was really inspired by the fact that I was taking these trips back to visit my family and my friends back in Michigan, and I started paying attention to what was available for them as far as wild salmon goes. I was really

disappointed with the options that were available for them. I learned how important wild salmon is, in terms of the health benefits that it provides, and I really wanted them to be able to have access to that,” Rose said. “While having a salmon business and working in the fishing indusCONTINUED ON PAGE 14

Center urges attention to trends Employers report positive Philanthropy report outlook despite challenges stresses need to confront societal questions such as wealth inequality, systemic racism. Rachel Watson

rwatson@grbj.com

The Dorothy A. Johnson Center for Philanthropy at Grand Valley State University released its fifth annual 11 Trends in Philanthropy report, identifying trends that will shape the philanthropic and nonprofit sectors in the coming months and years. The Johnson Center is an academic center within Grand Valley State University’s College of Community and Public Service dedicated to understanding, strengthening and advancing philanthropy. The center provides competency-based professional development, applied research and evaluation, and resources and tools aimed at transforming communities for the public good. In the 11 Trends in Philanthropy for 2021 report, the Johnson Center identified how, in 2020, long-running themes from previous reports manifested in critical social issues that led experts at the Johnson Center to identify trends for the sector that they said must be addressed “more forcefully.” The trends report includes essays from industry and thought leaders in the philanthropic sector and the nonprofit sector

sharing ideas on trends they see for 2021. According to Johnson Center experts, some of the most critical issues to address include: •The sprawling impacts of wealth inequality •The systemic racism permeating so many aspects of our society and democracy •The bright and dark sides of technological proliferation •The next generation’s differing priorities and perspectives on the role of philanthropy •Significant declines in public trust in institutions and in each other The report further identified other important trends to watch in 2021, including how data is coming of age in the nonprofit sector, how philanthropy is working to right the wrongs of our institutional histories through reparations, how philanthropy and government are increasingly playing overlapping roles in the public sphere, and how it’s getting harder to distinguish between philanthropy and business. Teri BehBehrens rens, executive director of the Johnson Center, spoke to the Business Journal this month about some of the standout trends from the report. “The philanthropic sector is an important part of our life and our economy, and as such, it’s influenced by all the same trends

that the rest of society is,” she said. “Nationally, we’re having a conversation about race and systemic racism in our country, and philanthropy is having conversations about how that plays out in philanthropy, both on the giving side — for foundations and for nonprofits, the concentration of wealth has been a big topic of conversation among policy folks — and as part of the left/ right economic discussions in the country.” Behrens cited the group Justice Funders — which includes some of the largest foundations in the country, e.g., the California Endowment, Marguerite Casey Foundation and Irene S. Scully Family Foundation — and how it’s committed to seriously looking at how wealth and power was accumulated over generations and working to redress those wrongs. “Much of the concentrated wealth that I was just talking about came from exploitation of certain populations — money that was made on the basis of slavery or taking land from Native Americans — and now those institutions are coming to a reckoning with how they address that, so sharing decision-making with communities who have been marginalized or disenfranchised, turning grantmaking responsibility over to communities. ... So we’re definitely seeing some more thoughtful conversations in the sector about that,” Behrens said. She noted that as social justice movements like Black Lives

CONTINUED ON PAGE 7

Lakeshore Advantage report analyzes business leader interviews pre- and post-COVID onset. Rachel Watson

rwatson@grbj.com

Total company sales, new product development, and plans to expand in the next three years remain strong for West Michigan Lakeshore employers despite COVID-19 challenges, according to a Lakeshore Advantage report. The 2020 Business Intelligence Report, published Jan. 29, is an analysis of business executive responses from 120 companies in Allegan, Muskegon and Ottawa counties in 2020. In the West Michigan lakeshore region that includes the above three counties, manufacturing accounts for 28% of all jobs. These workers tend to earn 33% more in hourly compensation (wages and benefits) than comparable workers in the rest of the private sector. Manufacturing accounts for 39.7% of the gross regional product for Allegan, Muskegon and Ottawa counties, according to Economic Modeling Specialists International. “Data drives our work, and employer input is crucial to support our local economic base. In the first three months of the COVID-19 pandemic, we admin-

istered 10 weekly quick polls and received 1,000 responses that enabled us to meet immediate business needs,” said Jennifer Owens, president of Lakeshore Advantage. “The 2020 Business Intelligence Report offers a pre-pandemic baseline and reveals what’s top of mind for area employers as Owens we emerge from crisis stage and look to the future.” Business leader responses before the COVID-19 pandemic onset and again several months later show that while down from preCOVID-19 responses, 72% of companies are reporting increasing or stable sales. Companies with increasing or stable sales were likely to be in advanced manufacturing, durable goods manufacturing and food processing industries. When company owners were asked about changes they plan to make in the next six months, their top response was increasing sales efforts (47%) followed by increasing marketing efforts (32%). “This report gives companies in Muskegon, Ottawa and Allegan counties an incredibly valuable perspective on how COVID has affected businesses in our region,” said Morgan Carroll, director of business development for Greater CONTINUED ON PAGE 10

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GRAND RAPIDS BUSINESS JOURNAL

FEB 22, 2021

Entrepreneur feeds home growers’ market with organic worm castings The microbe-rich fertilizer is product of a composting effort that includes 300 homes and businesses. Ehren Wynder

ewynder@grbj.com

Using food scraps collected from over 300 households in Grand Rapids, Wormies produces organic, m i c ro b e - r i c h fertilizer for gardeners and an emerging industry of cannabis home growers. Eight years Aguilera ago, owner Luis Chen Aguilera was looking for a lifestyle change that included gardening and agriculture. The search got him into backyard composting, where he began to experiment with vermicomposting, or feeding food scraps to worms to produce an organic fertilizer.

“I figured, OK I’m going to try worms,” he said. “I did that for myself. I learned a lot. Soon I was doing it for my family and neighbors.” Aguilera then was introduced to SpringGR, which encouraged him to turn his passion into dreams. The organization helped him form a business model and gave him a platform to share his idea with the community. Aguilera began offering a food scrap pickup service for households and communities in 2017. The food scraps are fed to worms, which then turn them into probiotic-rich worm castings. Once he had a finished product, he started selling the worm castings as organic fertilizer at farmers markets. “It was all about, ‘why isn’t our system of waste management done this way?’” Aguilera said. “Why is there a landfill having all these gases and methane and emissions? Why isn’t everyone composting?” Wormies focuses on regenerating soils with animal waste, in this case the castings produced by worms. Benjamin Oliver, who heads up business development and strategy for Wormies, said Aguilera’s approach is unique because it is richer in nutrients than oth-

Futures for Frontliners boosts state’s economy GRCC had nearly 3,000 applicants for tuition- and fee-free education. Kristia Postema

Capital News Service

LANSING — In the spring of 2020, Gov. Gretchen Whitmer announced the Futures for Frontliners program to thank essential workers, but the program also may prove to be an economic asset to communities involved. The program gives qualified essential workers the opportunity to attend community college tuition-free and fee-free, according to Michael Hansen, the president of the Michigan Community College Association. Hansen said applicants “must have worked in one of the predetermined industries that the governor and her team considered frontline workers.” There is no minimum or maximum age limit to participate. Students must be frontline workers who worked in the field between April 1 and June 30, 2020, for 11 of the 13 weeks, said Debra Alexander, the dean of students and enrollment services at Montcalm Community College. Applicants must be Michigan residents who were required to work outside their home at least some the time during the pandemic, and they cannot already have an associate or bachelor’s degree, Alexander said. Many workers in health care were considered frontline work-

ers, as well as sanitation and grocery workers, according to Hansen. Applicants must live in a community college district to receive full coverage of costs. According to Hansen, about 80% of applicants live in such districts. The other 20% pay the in-district tuition rate themselves, while the program covers the difference between that and the higher out-of-district rate. The deadline to apply was last Dec. 31, so many Futures for Frontliners enrollees began their classes at the start of the spring 2021 semester, according to Hansen. The Futures for Frontliners website said more than 100,000 essential workers applied for the program. “Many of the early applicants and enrollees were already enrolled in college,” Hansen said. However, essential workers who weren’t previously enrolled also have been admitted to the program. According to Hansen, although the program funds only two-year degrees, many higher-paying jobs in fields where many essential workers were already employed require associate’s degrees. Paul Isely, the associate dean of undergraduate programs at Grand Valley State University’s Seidman College of Business, said acquisition of an associate’s degree can have a positive economic impact. “As people have more education, the more economic output CONTINUED ON PAGE 21

er composting companies. Oliver became involved in Wormies because he was launching his own cannabis business and began using Wormies products for the soil. “Anybody can make a pile of compost in their backyard, and yeah, if you do it right, you can get some good quality compost. But through Wormies … what you end up with is a product that’s much more rich in microbiology, fungal content and nutrients,” Oliver said. Conventional composting is thermophilic, Aguilera said, meaning the bacteria thrive in extreme temperatures. Wormies uses thermophilia, but to add value to its product, it adds a mesophilic, or moderate-temperature step to the process, so the worms can survive in the pile. The probiotic bacteria in the guts of the worms comes out through their castings, including growth hormones and enzymes to protect the plants from predators. Additionally, keeping worms for composting comes with many variables, Aguilera said. Climate, source materials and inputs all factor into the quality of the finished product. “The way I keep my worms is not the way someone in Florida would keep their worms,” Aguilera said. “I figure that’s one reason why this industry is not very big. It’s not standardized.” Oliver added vermicompost already is in practice, but many large composting companies only feed their worms one raw input,

like cow manure from large farms. Wormies carefully sources its inputs to avoid pesticides, herbicides, antibiotics and microplastics. “We carefully source our other inputs, like manure from small farms that are organic, or if they use antibiotics, we know when they’re going to do that, so we don’t contaminate what we’re doing, which is very different from these large composting companies,” Oliver said. “Because waste is so abundant nowadays, that’s why we can pick and just make high quality soil,” Aguilera said. Wormies has diverted 750 cubic yards of waste, including food scraps from over 300 households and businesses in Grand Rapids, from landfills in the three-and-ahalf years it has been operating. Because of the potency of the worm castings, Aguilera said, users only need to mix one part vermicompost per four parts soil, or about 20%, for it to work, whereas conventional composts may require up to 50% or 70%. “It’s a lot more expensive, but you only need a little bit,” he said. Vermicompost also is a time-consuming process, and it takes at least eight months to produce worm castings. But in addition to its worm castings, Wormies offers a subscription for a weekly or bi-weekly food scrap pickup, which brings down the price of the finished product. Products include half-gallon, four-gallon and 15-gallon bags of

worm castings, as well as living soil, potting and gardening mixes, all available on thewormies.com. Subscribers also receive a fourpound bag of worm castings for every eight pickups and 20% off all Wormies products. Customers also can choose, if they aren’t going to use their bag, to donate it to local organizations with which Wormies is involved, including Our Kitchen Table, Dwelling Place, Other Way Ministries, Cascade YMCA and New City Neighbors. Wormies still is in the startup phase, but Oliver said the company is at the point where it’s figured out its product lineup and is ready to introduce more products. Additionally, the company is excited to tap into an emerging market of cannabis home growers. “We have people coming to us now, fairly frequently … wanting to have not just our castings, but also some of the soil mixes that we’re doing, in their small home grows,” Oliver said. “And we’re starting to get bulk orders, even, in that area as well.” The end game is to hopefully get into large-scale farming once Wormies grows large enough to meet that scale. “We started small, and with home growers that’s a great place to build your reputation,” Oliver said. “Those people are getting in the nitty-gritty, are experimenting and are passionate about it. So, as we establish ourselves in that market, we certainly expect to see larger operations also.”

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GRAND RAPIDS BUSINESS JOURNAL

FEB 22, 2021

THE LIST

Top Area Investment & Brokerage Firms (RANKED BY NUMBER OF WEST MICHIGAN LICENSED REPRESENTATIVES IN 2020) No. of licensed representatives local/ national

No. of No. of support staff offices local/ local/ national national

Top ranking

2020 2019 corporate assets (stockholders' equity) Services offered

Resident manager

Year established in W. Mich.

Chris Carlson

1969

120 19,000

200 DND

100 15000

DND DND

Helping long-term individual investors achieve their financial goals by understanding their needs and implementing tailored solutions

DND

1866

79 DND

DND DND

DND

David Pasciak

1992

55 DND

33 DND

14 24

$3.8B $3.48B

Investment advisory services, family and business wealth management

Wells Fargo Advisors 99 Monroe Ave. NW Grand Rapids (616) 458-3100 p (616) 458-3100 wellsfargoadvisors.com

DND

42 DND

DND DND

4 DND

DND DND

Advisory services, asset management, brokerage services, estate planning strategies, retirement planning, portfolio analysis and monitoring, access to lending services through Wells Fargo affiliates

Centennial Securities 3075 Charlevoix Drive SE Grand Rapids 49546 p (616) 942-7680 f 942-6389 info@centennialsec.com centennialsec.com

Randall Hansen

1978

38 DND

16 DND

4 5

DND DND

Retirement planning, financial planning, risk assessment, portfolio management, education savings plans, and wealth management including stocks, bonds, mutual funds, UITs, ETFs, insurance products, 401(k) administration

Stifel 5181 Cascade Road SE Grand Rapids 49546 p (616) 942-1717 f 942-2412 stifel.com

Paul Drueke

1989

36 DND

22 DND

3 443

DND $3.61B

Mark Redfield

1986

7 8

5 DND

3 4

DND DND

Discovery Financial LLC 971 Spaulding Ave. SE, Suite A Ada 49301 p (616) 957-9999 f 957-9949 discoveryfinancialllc.com

David Muilenberg

2001

6 DND

5 DND

1 2

$609.32M $567.57M

Ameriprise Financial Services, LLC 6300 E. Fulton St. Ada 49301 p (616) 682-5000 f 682-5500 sylvia.j.frattallone@ampf.com ameripriseadvisors.com/team/ frattallonewealthmanagementgroup

Sylvia Frattallone

1994

4 4

2 2

DND DND

Wealth management services, comprehensive financial planning, tax and estate strategies, life, Disability, annuities, and long-term care insurance

Raymond James Financial Services/Veltman Investment Management 741 East Beltline Ave. NE Grand Rapids 49525 p (616) 774-2281 f 774-0059 veltmaninvestments.com

Linda Westbrook

1989

4 8,239

3 DND

1 DND

$7.11B $6.64B

Fee-based accounts, retirement planning, IRA rollovers, financial planning, asset management, insurance annuity programs

Pure Real Estate Brokerage 32 Market Ave. SW, Suite 500 Grand Rapids 49503 p (616) 780-0768 purerealestatebrokerage.com

Ray Kisor, SIOR Devin Manino

2016

2 DND

DND DND

$50M DND

DND

Success Financial Group LLC 4144 Chicago Drive SW Grandville 49418 p (616) 261-9480 f 261-9507 lindsey@successfin.com successfin.com

Lindsey Chrystan

1990

2 DND

3 DND

2 2

$95M $80M

Retirement strategies, investments, federal benefits

Sytsma Wealth Strategies 922 Wealthy St. SE Grand Rapids 49506 p (616) 608-3755 f 635-2079 tamara.sytsma@raymondjames.com sytsmawealth.com

Tamara Sytsma

2014

2 8,200

1 DND

$7.1B $6.58B

Wealth management services for business owners and their families, including asset management, charitable giving, estate coordination and wealth blueprints

DND

2015

1 DND

4 DND

DND DND

Edward Jones 6769 Courtland Drive NE, Suite 200 Rockford 49341 p (616) 874-8335 f 598-8805 edwardjones.com

Northwestern Mutual - West Michigan 55 Campau Ave. NW, Suite 400 Grand Rapids 49503 p (616) 774-2031 f 774-0338 nm.com

VantagePointe Financial Group 3333 Evergreen Drive NE Grand Rapids 49525 p (616) 534-9623 f 534-1340 vpfgroup.com

Redfield Financial Group 4120 East Beltline Ave. NE, Suite 100 Grand Rapids 49525 p (616) 447-1600 f 447-1616 redfieldfinancialgroup.com 8

Old National Bank 5200 Cascade Road SE Grand Rapids 49546 p (616) 228-6000 oldnational.com

Stocks, bonds, mutual funds, annuities, retirement plans, managed accounts, financial planning, cash management, estate planning

Wealth management and financial advising

Fee-based planning and management, retirement plans, estate planning, life insurance

Edward Jones was ranked No. 19 on Training magazine’s 2021 Training Top 100 list. It was up six spots from last year in its 21st consecutive year on the list.

Record growth Stifel reported its 25th consecutive year of record net revenues of $3.8 billion, an increase of 12.4% compared with 2019.

Donations to organizations Raymond James donated more than $2 million to charitable organizations including Feeding America, a national food security charity, to help reduce the impact of the COVID-19 pandemic.

Partnership Old National formed a partnership with the Metropolitan Economic Development Association and the North Central Minority Supplier Development Council to provide access to capital and business development resources to support Black, indigenous and people of color entrepreneurs

Bank: retail, commercial, mortgage, investments, wealth management

The Grand Rapids Business Journal list of top area investment and brokerage firms, ranked by number of West Michigan licensed representatives in 2020, is the most comprehensive available. The Business Journal defines "West Michigan" as Allegan, Kent, Ottawa and Muskegon counties. The Business Journal surveyed 57 firms; 14 returned surveys and 14 are listed. To be considered for future lists, email dnelson@grbj.com. DND = Did not disclose

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GRAND RAPIDS BUSINESS JOURNAL

FEB 22, 2021

Survey forecasts busy year for M&A deals CONTINUED FROM PAGE 1

Jim Childs, CEO, Citizens M&A Advisory, said, “2020 left a backlog of pent-up demand for M&A. With strong valuations, we think a lot of PE firms and liquidity-seeking owners will be eager to get to the market. The Childs pandemic may have been the last straw for many business owners who are looking to step back or retire.” Della Ratta added Citizens M&A Advisory had an astonishingly solid year of transactions in 2020, with companies in certain sectors actually benefiting from the pandemic, and buy-side interest in those companies being high. “If we were representing a restaurant chain or a lodging chain or retail — any kind of business that requires heavy foot traf-

fic — those businesses, you can’t sell those lately, at least not at a price that makes sense, but there are a lot of different businesses, whether they be technology businesses, software businesses, educational services, IT consulting, remote learning, that were really in favor and people were willing to pay out for those types of businesses,” he said. In Michigan, Della Ratta said automotive aftermarket companies are an “exciting area” of “high demand,” and he also expects to see an appetite for deals in the future in “cranial capital” industries such as health care services, tech-enabled services, softwareas-a-service businesses, etc., both on the east and west sides of the state. Other findings of Citizens’ 10th annual Middle Market M&A Outlook: •The pandemic seems to have reduced overall economic optimism, with only 47% of middle-market companies anticipating broad improvement in 2021, but business leaders are more

confident in their own corporate outlooks, with 55% feeling bullish about the coming year. •The majority of business leaders (60%) expect corporate growth to continue to come from M&A activity, as strategic growth remains a top priority in 2021. •Top reasons to sell were to increase focus on strategic growth opportunities (67%) and to take advantage of current valuations (44%). The top reasons to buy were to increase revenue and growth (61%) and to improve operational efficiency (41%). •Respondents gave the current M&A environment a muted grade, with 49% of corporate and 41% of PE respondents characterizing it as weak. However, they agree a turnaround is ahead. Thirty-six percent of companies and 45% of PE firms expect marked improvement in 2021, with a particular focus on the second half of the year. “I expected it to be a little less optimistic, but I’m happy to see (optimism), and the numbers don’t lie,” Della Ratta said. •Interest in finding an inter-

national deal partner is down nue) that are currently engaged in among both buyers and sellers, or open to mergers and acquisia trend for the past three years. tions activity, as well as private eqDella Ratta said in 2020 this was uity firms with clients in the same probably partly attributable to revenue range. The latter group the inability to travel due to the being included in the survey was pandemic, with companies look- new this year. Core business sectors representing to find ined in the report vestors closer to “The pandemic may included health home, and partly have been the last care, technology, due to the trendindustrial, coning interest in straw for many services, nearshoring operbusiness owners who sumer B2B services and ations with local are looking to step other industries. ownership. Business ex•Confidence in back or retire.” ecutives at 470 deal completion middle market is down starkJim Childs firms and 230 prily and is an area vate equity firms where teaming with an M&A adviser could help who are directly involved in deto overcome deal roadblocks, Cit- cision-making related to mergers izens said. Sellers are looking for and acquisitions (owners/parta strong partnership to help them ners, CEOs, presidents and other find potential offers — a need that C-level and directors) completed didn’t make the list of top priori- a 15-minute phone or web-based survey in November and Decemties last year. The Middle Market M&A Out- ber 2020. The full Middle Market M&A look was conducted among U.S.based middle market businesses Outlook 2021 is at citizensmna. ($50 million to $1 billion in reve- com.

Center urges attention to trends City, CAA move forward CONTINUED FROM PAGE 3

Matter progress from grassroots individual giving to more support from philanthropic institutions, the risk is that as the movement establishes formal structure, its original goals may become diluted and the organization could shift focus from amplifying suppressed voices to bowing to what its funders require. One of the ways to mitigate risks like this is emphasizing unrestricted giving rather than strings-attached gifts, which could include a shift away from donor-advised funds to more of an emphasis on trustbased philanthropy, where the donor chooses a nonprofit that works on issues they care about and then trusts them to do the work.

“Hopefully, nonprofits and the philanthropic sector more broadly can help us come together in some ways around, ‘Let’s focus on the problems and how we can all contribute to the solution’ rather than on what’s dividing us.” Teri Behrens Another area in which issues of racial equity showed up in philanthropy in 2020 was in access to technology infrastructure such as data and broadband. The COVID-19 pandemic highlighted disparities in high-speed internet access across the U.S., especially in school districts and communities with high poverty rates. The term “bitlining” — a spinoff of “redlining,” which is a systemic denial of services, es-

pecially housing, based on race — describes this phenomenon of high-speed internet access bypassing communities of color, rural areas and areas with high unemployment. Behrens said this “digital divide” is nothing new, but the pandemic has brought forward conversations about how this plays out on a nonprofit organizational level, surrounding “who has access to what services (and) who has access to what data.” If the divide is to be narrowed, philanthropy will have to address the inequities of technology access in the way it structures its services. The pandemic also highlighted a blurring of lines with how philanthropic institutions stepped in to cover what many would argue should be the government’s job — distribution of PPE and food; access to housing; creating internet hotspots; boosting access to health care; and more, Behrens said. “Philanthropy is never going to have the resources that government has,” she said. “Take all of the philanthropic dollars and they supply only about 13% of the funding for the nonprofit sector. Government and individual giving are by far the biggest sources of support for the work that the nonprofit sector does. So, from that perspective, government is able to have the biggest impact on what services can be provided. Where the line gets drawn exactly, that needs to be renegotiated, but certainly it’s clear that for the large-scale issues we’re facing now, government is going to have to play a bigger role.” The lines aren’t just being blurred between the roles of government and philanthropy, but between business and philanthropy, as well, the report showed.

Whether it’s companies becoming benefit corporations, or B Corps, to commit to the good of people and the planet instead of only being concerned about profit; or whether it’s an increased focus on corporate social responsibility; or whether it’s nonprofits launching social enterprise businesses that offer job training and experience as a tool for reducing poverty, Behrens said the coming together of business and philanthropy is a trend that shows no signs of stopping, particularly because the next generation — millennials and Gen Z — demand it. “They are coming into leadership positions, and they like to see less of a divide between their work and their philanthropy. It’s definitely a generational shift there,” Behrens said. “(Whether it’s) environmental issues, racial justice issues — how can they be part of the solution? We live in a capitalist society. How do you use the tools of capitalism to help promote social good? We’re seeing the next generation really finding creative ways to do that.” In 2020, Behrens said a big trend was the erosion of public trust in institutions as the country becomes more polarized and partisan. With studies such as the Edelman Trust Barometer showing that adults trust charities and nongovernmental institutions more than corporations and governments, there’s an opportunity on the table for nonprofits to help build trust. “Hopefully, nonprofits and the philanthropic sector more broadly can help us come together in some ways around, ‘Let’s focus on the problems and how we can all contribute to the solution’ rather than on what’s dividing us,” she said. The full report detailing all 11 trends can be read at bit.ly/ JC11trendsreport.

on 201 Market option

table recreation purposes, aligning with the city’s River for All strat“This partnership, I think, em- egy. The CAA and Grand Rapids bodies the best of public private also will collaborate on use of porpartnerships,” Deputy City Man- tions of the amphitheater property ager Eric DeLong said. “It has for passive recreation when not worked really well for us in this in use for events. The balance of community and delivered oth- the 201 Market property will be er major investments that have reserved for future private develmoved us forward, and in this case, opment. With the approval of the option to help us with economic recovery and reinvestment as we move out agreement, the CAA will proceed with its final due of the pandemic.” with The city plans “We are going to take diligence amphitheater to use sale proceeds, in part, for some pretty prime land project partners. relocation of city ... and have a greater The option agreeanticipates facilities from 201 public benefit with the ment the CAA will exMarket, developamphitheater that’s ercise the option ment of the recreational river’s very, very timely, con- by June 30 but provides for an edge along the riverfront prop- sidering the amount of extension of that erty and other outdoor engagement due diligence peupon agreepotential investthat we’ve learned is riod ment of the parments in service needed for people to ties. If the CAA of the city’s strategic plan, including enjoy during COVID.” proceeds to exercise its option, the providing support option agreement for the affordable Mark Washington anticipates the housing fund. CAA will close on “We are going to take some pretty prime land … the property by Dec. 31 unless othand have a greater public bene- erwise extended by agreement of fit with the amphitheater that’s the parties. The terms of the option provide very, very timely, considering the amount of outdoor engagement for payment of $10 million at closthat we’ve learned is needed for ing with the balance due in equal people to enjoy during COVID,” installments over 10 years. The initial $10 million down City Manager Mark Washington said. “But also, there will be amaz- payment from the sale to the CAA ing community benefits created … and future proceeds from the sale we will be able to fund more ad- of the remaining portions of the equately the community invest- 201 Market property will be dement fund that will also allow us to posited into the community increate more funding in our afford- vestment fund to be established by able housing fund, so we are really the city. If the project does not proceed, accomplishing a lot.” The development will retain the city must then pay the CAA the waterfront frontage for equi- back the $5 million it invested.

CONTINUED FROM PAGE 1

GRAND RAPIDS BUSINESS JOURNAL

FEB 22, 2021

THE LIST

Top Area Wealth Management Firms (RANKED BY 2020 WEST MICHIGAN ASSETS UNDER MANAGEMENT) Top W. Mich. executive(s) 1

VantagePointe Financial Group 3333 Evergreen St. NE Grand Rapids 49525 p. (616) 534-9632 f. 534-1340 vpfgroup.com

2020/ 2019 W. Mich. assets under management

Certifications/accreditations

Perfect score Broker/dealer affiliates

Commissions, fees or both

Specialization

David Pasciak

$3.8B $3.48B

DND

Royal Alliance Associates Inc.

Both

Investment advisory and wealth management services. Building lifelong relationships with clients while becoming a resource to families and businesses as their needs change

Zhang Financial 460 Ada Drive SE Ada 49301 p. (888) 777-0126 f. 385-5705 zhangfinancial.com

Charles Zhang Lynn Chen-Zhang

$3.72B $3.22B

CFP, CPA, MBA, MSFS, ChFC, CLU Custodians: LPL Financial, TD Ameritrade, Charles Schwab

Fees

Fee-only asset management, retirement planning, investment advice, comprehensive financial planning, wealth management

Stifel 5181 Cascade Road SE Grand Rapids 49546 p. (616) 942-1717 f. 942-2412 stifel.com

Paul Drueke

$2.04B $1.9B

DND

Stifel, Nicolaus & Company Incorporated, Century Securities Associates, Stifel Bank & Trust, Stifel Trust Co.

Both

Full-service wealth management and investment banking

Greenleaf Trust 25 Ottawa Ave. SW, Suite 110 Grand Rapids 49503 p. (616) 888-3210 greenleaftrust.com

Thomas DeMeester

$1.52B $1.35B

CFA, CFP, CTFA, J.D.

Not affiliated with any one broker/dealer

Fees

Trust administration, wealth management, retirement plan services, foundation and endowment services, family office services, estate settlement

Discovery Financial LLC 971 Spaulding Ave. SE, Suite A Ada 49301 p. (616) 957-9999 f. 957-9949 discoveryfinancialllc.com

David Muilenberg

$609.32M $567.57M

CLU, ChFC, AIF

LPL Financial

Both

Fee-based wealth management and financial planning, 401(k) and deferred compensation

Midwest Capital Advisors LLC 630 Kenmoor Ave. SE, Suite 206 Grand Rapids 49546 p. (616) 454-9600 f. 454-9608 midwestcap.com

Michael DeSmyter Mark Satkoski Jack Tunge

$567.78M $480M

CFP, CRPC, AIF

DND

Fee-only

Grand Wealth Management LLC 333 Bridge St. NW Grand Rapids 49504 p. (616) 451-4228 f. 451-4229 grandwealth.com

Jeff Williams Steve Starnes Janelle Anderson Anastasia Wiese

$487.51M $404.21M

CFP, JD, MBA, MST, CPA, PFS, CIMA, AIF

None

Fees

Comprehensive wealth management for financially successful families

Advance Capital Management Inc. 625 Kenmoor Ave., Suite 307 Grand Rapids 49546 p. (616) 954-2066 f. 954-2499 acadviser.com

Ryan Sheffer Jared VanDenBerg James Walsh

$472.09M $395.29M

CFP, CMFC

DND

Fees

Retirement, financial and tax planning

Growtrust Partners 979 Spaulding Ave. SE, Suite A Ada 49301 p. (616) 949-8300 f. 696-1919 growtrust.com

Chris Engle Brian Sandberg Ryan Smith

$441M $367M

Certified financial planners, LPL Financial chartered financial consultants, accredited estate planners, chartered adviser for senior living

Both

By using a comprehensive, goal-oriented planning approach, we seek to help clients create and maintain wealth to assist in meeting their current and future financial objectives

Henrickson Nauta Wealth Advisors 2325 Belmont Center Drive NE, Suite A Belmont 49306 p. (616) 361-9308 f. 361-9370 hnwealthadvisors.com

Doug Henrickson Jeff Nauta

$428.98M $381.52M

CFA, CFP, CAIA, CIMC, AIF, CDFA, DND CRPC, CMFC

Both

Comprehensive wealth management services

Rinvelt & David, LLC 1700 E. Beltline Ave. NE, Suite 150 Grand Rapids 49525 p. (616) 957-0022 f. 957-4409 rinveltdavid.com

Roger David Jacob Rinvelt

$387M $359M

CFP

Kestra Financial

Both

Financial planning/wealth management, social security optimization planning, portfolio risk analysis, major life event planning

Huizenga Gamache & Associates 44 E. Eighth St., Suite 215 Holland 49423 p. (616) 392-6614 f. 392-6694 tim-huizenga.com

Tim Huizenga

$362M $315M

CFP, ChFC, BFA

Ameriprise Financial

Both

Pre-retirees, retirees

Rehmann 2330 East Paris Ave. SE Grand Rapids 49546 p. (616) 975-4100 f. 975-4400 rehmann.com

Ronald Knipping Derrek Klimek

$349M $371.83M

CFP, MBA, AIF, CRPC, CPA, MST, Rehmann Financial Network EA

Both

Tax-managed investments, financial and estate planning, advanced design 401(k) plans, nonqualified deferred comp. plans

Ameriprise Financial Services, LLC 2856 Port Sheldon St. Hudsonville 49426 p. (616) 379-5248 f. 379-5256 ameripriseadvisors.com

Brian Timmer

$328.22M $283.25M

CFP, CLU

Ameriprise Financial Services, LLC.

Both

Retirement income portfolios, retirement plan rollovers, retirement account construction

JVL Wealth Strategies 1535 44th St. SW Wyoming 49509 p. (616) 261-2800 f. 261-2866 jvlwealth.com

Jerry VanderLugt

$270.38M $208.09M

CPA, CFP, CVA, CFA

None

Fees

Estate planning, financial planning, wealth transfer strategies, investment advisory services

Voisard Asset Management Group 99 Monroe Ave. NW, Suite 504 Grand Rapids 49503 p. (616) 988-5778 f. 988-5694 voisardgroup.com

Douglas Voisard

$257.19M $216.13M

CFP, AIF

None

Fees

Portfolio management, retirement planning, financial planning, retirement plan accounts

West Michigan Community Bank 5367 School Ave. Hudsonville 49426 p. (800) 664-1778 f. 669-7496 wmcb.com

Phil Koning

$248.29M $208.98M

DND

Infinex Investments, Inc.

Both

Investment management, IRA rollovers, 401(k) plans, corporate trustee and personal representative for estate settlement

Wealth management, financial planning, company-sponsored retirement plan management

Edward Jones scored 100% on the Human Rights Campaign Foundation’s 2021 Corporate Equality Index, a national survey and report that measures corporate policies and practices related to LGBTQ workplace equality.

Board chair Lynn Chen-Zhang, West Michigan executive for Zhang Financial, was appointed the new chair of the board of trustees for Western Michigan University.

New hires Greenleaf Trust hired Tiffany Clubs and Steve Wilbur. Clubs is a trust relationship associate and Wilbur is a wealth management associate.

Promotions Rehman promoted several associates this year including Grand Rapids’ Kari Gerber, Amy Rottman, Dave Cook, Jimmy Crusoe, Ryan Terpstra, Aaron Thimm, Stacy Tilstra and Michael Wilks.

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CONTINUED ON PAGE 9

GRAND RAPIDS BUSINESS JOURNAL

THE LIST

FEB 22, 2021

YOUR PASSION YOUR PURPOSE Wealth management shouldn’t get in the way of doing what you love. With Rehmann’s multidimensional team on your side, you’ll have a customized, fully integrated financial plan that provides for your present while setting the stage for a strong tomorrow. We’re more than just financial planners — we look at the whole picture to help you prioritize your personal growth and prosperity. Contact a Rehmann advisor today and put our experience to work for you. Visit rehmann.com or call 866.799.9580.

Securities offered through Rehmann Financial Network, LLC, member FINRA/SIPC. Investment advisory services offered through Rehmann Financial, a Registered Investment Advisor.

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Top Area Wealth Management Firms (RANKED BY 2020 WEST MICHIGAN ASSETS UNDER MANAGEMENT) CONTINUED FROM PAGE 8

Elected partners

Top W. Mich. executive(s)

2020/ 2019 W. Mich. assets under management

James Blakeslee Kristy Nicol

$210.59M $223.05M

CLU, CFP, CPWA, CRPC, JD, RIA

LPL Financial, member FINRA/SIPC, insurance products through LPL Financial or its licensed affiliates

Both

Investment, insurance, banking, financial and retirement planning, estate and college planning

Ronald J. VanSurksum, CFP

$118.21M $110.19M

CFP, NAPFA

None

Fees

Fee-only financial planning and investment advisory, comprehensive financial planning

$94.07M $80M

CFP, CWS, AIF

Cetera Advisor Network

Both

Retirement planning, wealth management, tax planning

Certifications/accreditations

Broker/dealer affiliates

Commissions, fees or both

Specialization

MaxWealth Management at Lake Michigan Credit Union 2024 Celebration Drive NE Grand Rapids 49525 p. (616) 234-6358 lmcu.org/maxwealth

Advanced Asset Management LLC 4555 Wilson Ave. SW Grandville 49418 p. (616) 531-5220 f. 531-7773 aamllc.com

Success Financial Group LLC 4144 Chicago Drive SW Grandville 49418 p. (616) 261-9480 f. 261-9507 successfin.com

Lindsey Chrystan

Ron Courser & Associates 2900 Charlevoix Drive SE Grand Rapids 49546 p. (616) 301-2581 f. 301-2593 roncourser.com

Ron Courser

$74M $61M

CFP

Brookstone capital management

Both

Wealth management, retirement income planning

Benchmark Financial Design Group 2358 S. Garden Court Jenison 49428 p. (616) 667-8834 f. 667-8835 mibenchmark.com

Bernard Bowhuis

$39M $34M

CFP, CLU, CHFC, EIF

Founders Financial Securities

Both

Relationship-based comprehensive financial planning

*Edward Jones 6769 Courtland Drive NE, Suite 200 Rockford 49341 p. (616) 874-8335 f. 598-8805 edwardjones.com

Philip Streng Chris Carlson

DND DND $1.5T*

CFP, ChFC, AAMS, CRPC

Edward Jones

Both

Retirement planning, insurance solutions, education planning, estate and trust services

*Huntington Private Bank 40 Pearl St. NW Grand Rapids 49503 p. (800) 480-2265 huntington.com/privatebank

John Irwin

DND $17.5B $19B*

CFA, JD, CBES, PPC, RPA, CRC

Huntington Financial Advisors

Fees

Comprehensive fiduciary counseling focused on affluent and high net worth banking, investment management, trust and retirement plan services

The Grand Rapids Business Journal list of top area wealth management firms, ranked by 2020 West Michigan assets under management, is the most comprehensive available. The list is based on responses to Business Journal surveys. The Business Journal defines "West Michigan" as Allegan, Kent, Muskegon and Ottawa counties. The Business Journal surveyed 134 companies; 28 returned surveys and 24 are listed. To be considered for future lists, email dnelson@grbj.com. DND = did not disclose.* = total assets under management

JVL Wealth Strategies elected Matt Kunnen and Chad Soukup as partners. Kunnen joined JVL Wealth Strategies in 2013 and Soukup joined in 2019.

New advisor MaxWealth Management promoted Jake Mitchell as LPL financial advisor for the Detroit area.

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FEB 22, 2021

GRAND RAPIDS BUSINESS JOURNAL

Expected tax hike could aﬀect retirement funds Employers report positive 401(k)s and Roth IRAs might take a hit under new administration. Danielle Nelson

dnelson@grbj.com

Tax rates are at a historical low, courtesy of the Tax Cuts and Jobs Act (TCJA) that was signed into law in 2017 by former President Trump. That may change in the near future. In 2017, a single filer whose taxable income was between $91,900 and $191,649 fell under the 28% tax rate bracket, according to Investor’s Business Daily. A year later, in 2018, after TCJA was fully implemented with a new tax bracket, a single filer whose taxable income was between $82,500 and $157,499, fell under the 24% tax rate bracket. The tax rates have continued to shrink in all income brackets, including for married joint filers and heads of households. The tax rate for single filers who were making between $85,526 and $163,300 in 2020 was 24%. This year, single filers earning between $86,376 and $164,925 will have a 24% tax rate, per Investor’s Business Daily. The TCJA is set to expire after 2025; however, with a new administration and mounting national debt, Mitch Lyons, a former NFL player, financial expert and founder of Mitch Lyons Wealth, said tax rates are bound to increase sooner rather than later.

“I foresee taxes going up in the future due to an ever-increasing national debt of $28 trillion,” he said. President Joe Biden was vocal about raising taxes on the rich while he was running for president. His new official tax bracket has yet to be revealed. Nevertheless, Lyons said he believes the tax rates will increase, which will, in turn, affect people who have 401(k) plans or a Roth IRA (individual retirement account) and are poised to retire soon. “Ultimately, there is going to be less money for your retirement,” he said. “If your 401(k) is worth $1 million on paper, you really don’t have any idea what that is really worth because you don’t know what the tax rate is going to be when you end up taking that out. You are going to be taxed on all $1 million. If you are in a 25% tax bracket, then you are going to pay $250,000 to the government. But if you are in a 40% tax bracket, you are going to end up paying $400,000. So, you really don’t know how much you have Lyons in your retirement account because you don’t know what the tax environment is going to be when you pull that money out when retiring.” As a result, Lyons said he is ad-

vising his clients to seek other options when saving their money for retirement. “I’m recommending my clients look at investment strategies that mitigate the risk of higher taxes,” he said. “While Roth IRAs are a step in that direction, frankly, I don’t have a lot of confidence that the rules pertaining to tax-free Roth distributions will remain unchanged by Congress. With that in mind, I utilize insurance-based strategies that allow for tax-free policy loans. These insurance-based strategies are a private contract between you and an insurance company, which makes it more unlikely Congress can affect them.” In addition to steering his clients away from the investment options that are dependent on tax rates, Lyons said investing retirement savings in the stock market also can negatively impact the value of savings because of volatility in the market. “The pandemic showed us again how quickly our retirement accounts can be decimated by factors out of our control,” he said. “While the market has recovered in record time, it doesn’t lessen the likelihood it could happen again. I utilize strategies that completely eliminate the downside risk associated with the stock market which allows my clients to rest easy knowing that won’t lose value due to things beyond their control such as pandemics, financial crises or market bubbles bursting.”

outlook despite challenges CONTINUED FROM PAGE 3

Muskegon Economic Development, formerly Muskegon Area First. “They can compare how they’re performing with some of the top corporations in West Michigan, see how their own industry has been impacted and learn about what others are doing to adapt. This report also reinforces that every company, no matter (its) size, has had to make changes, but the overall outlook for growth along the lakeshore is strong.” While down slightly from preCOVID numbers (81% to 74%), nearly three out of four respondents anticipate new products in the next two years. Companies reporting new products on the horizon tended to be in advanced manufacturing, aerospace, automotive, durable goods manufacturing and food processing industries. “While the pandemic has been disruptive in many ways, it hasn’t curtailed Gentex’s product development efforts,” said Craig Piersma, director of marketing and corporate communications for Gentex. “This past year, we developed new partnerships, acquired innovative technologies and expanded our product portfolio not only in the automotive industry, but also (in) entirely new markets. This growth trajectory will continue in 2021 as we extend our capa-

bilities in digital vision, dimmable glass, car connectivity and sensing systems.” Prior to March 15, 2020, three out of four employers indicated they had plans to expand in the next three years. When asked this question again several months post-pandemic onset, 55% of business executives indicated plans to expand in the next three years. Perrigo, a provider of self-care products with its North American headquarters in Allegan, started construction on two distribution centers in the region in 2020. “Our combined Allegan and Ottawa county campuses comprise the company’s largest manufacturing operations by far, representing more than half of all the units we produce on a global basis,” said Ron Janish, executive vice president, global operations and supply chain for Perrigo. “With 11,000 employees globally, and over 4,000 employees in West Michigan, the region is truly the cornerstone of our global operating network.” Business executive interviews for this West Michigan lakeshore-area report were conducted by Lakeshore Advantage, Greater Muskegon Economic Development, The Chamber of Commerce Grand Haven, Spring Lake, Ferrysburg and other area chambers. The full 2020 Business Intelligence Report is available at bir. lakeshoreadvantage.com.

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GRAND RAPIDS BUSINESS JOURNAL

FEB 22, 2021

Immigration experience attracts Yoo to law Paperwork error sent his family back to Seoul 13 years ago, reinforced his dream to pursue a legal career. Rachel Watson

rwatson@grbj.com

ungjin Yoo learned early on in life that the devil is in the details — a fact that makes him passionate today about creating legal contracts that minimize risks and errors. The second of four children and a native of Seoul, South Korea, Yoo grew up looking to the example of his father, who was the second of seven children born to a poor farmer in a small village in post-war South Korea. Yoo’s father was driven by his Christian faith, which manifested in a lifelong devotion to social justice and civic activism in his home country. After enrolling at Seoul National University — which has around a 1% acceptance rate and is the country’s most prestigious university — Yoo’s father was involved in pro-democracy protests against South Korea’s then-military dictator, Park Chung-hee, for which he spent time in jail. Rather than pursuing a career in business or politics after graduating, he worked at a Christian nonprofit that battled government corruption and advocated for other social issues. After he met Yoo’s mother at church, the pair married in 1988 and started their family. Working in a Christian setting sparked Yoo’s father’s interest in theology, for which he moved the family to Grand Rapids to study at Calvin Theological Seminary in 1996 so he could become an ordained minister. When Yoo was just 17, right after his junior year of high school in 2008, the family’s immigration attorney made a vital mistake on his father’s visa paperwork, filing for a green card instead of a nonimmigrant religious workers visa, and suddenly the Yoos found themselves without legal status in the U.S. Rather than waiting to be deported, they moved from their home at the time in Charlottesville, Virginia, back to Seoul, where Yoo’s father became a Presbyterian pastor in an economically disadvantaged part of the city.

Yoo was homeschooled for a year to finish his high school education, then he moved back to the U.S. in 2009 to study international relations, classics and German at Calvin University (then Calvin College), graduating in 2013 with a triple major. During his years at Calvin, he studied abroad in Vienna, Austria, and Hamburg, Germany. He had been interested in the law since middle school, and his family’s devastating immigration experience reinforced his decision to pursue a legal career after completing his bachelor’s degree. Financially strapped, Yoo applied for and received a $1,500 scholarship from Warner Norcross & Judd to cover the cost of his Law School Admission Test (LSAT) in 2012. This paved the way for him to land other scholarships and enroll at Washington University Law School in St. Louis, Missouri. After earning his juris doctor in 2017, Yoo decided to return to West Michigan, which he said has been the place that felt the most like “home” to him. “I have lived in many places: Seoul, Grand Rapids, Charlottesville, Vienna, St. Louis and Hamburg. But Grand Rapids is my home and the city that I love. “From the beginning, my family has been the recipient of so much generosity in time and financial assistance from the Grand Rapids community. For that, I am eternally grateful. While we were a Korean family living in Grand Rapids in the late 1990s and early 2000s (back before when K-Pop and Korean food were considered ‘cool’), we were overwhelmed with the support of the Grand Rapids community, who did not judge us for our skin color, funny accent or different culture. Rather, we were embraced and given opportunities to share our culture and food over dinners and get-togethers. Their kindness, curiosity and love stuck with me throughout the years and drew me to love the Grand Rapids community and start my legal career here.” Instead of returning to Barnes & Thornburg in Chicago, where

SUNGJIN YOO Organization: Ottawa Avenue Private Capital Position: In-house counsel Age: 29 Birthplace: Seoul, South Korea Residence: Grand Rapids Family: Married with a son Community/Business Involvement: Metro Health Hospital Foundation impACT Board, Korean Connection in Grand Rapids, monthly mentor for students at The Potter’s House High School who are interested in pursuing a career in law, Calvin University liaison for recruiting students to participate in the ACG Cup, committee member with Sister Cities International to help Grand Rapids become a sister city of the district Gangnam-gu in Seoul Biggest Career Break: Getting a job at Honigman after law school in August 2017.

Sungjin Yoo makes a point to give back to the community, including mentor work with The Potter’s House High School. Courtesy Justin Razmus, 616 Media

he had worked as a summer associate before finishing his J.D., Yoo took a job as an associate attorney at Honigman in Grand Rapids in August 2017, where he discovered his love for business law — an area about which he knew very little at the time. “Regarded as the top business law firm in Michigan, Honigman provided me with opportunities to work on various corporate and M&A projects that challenged and developed me. Besides soft skills such as being responsive or discerning the right tone in an email for a given audience, I put my law school coursework into practice every day,” Yoo said. “… I had so many mentor-teachers at Honigman who were patient, provided substantive feedback and helped me grasp complex concepts.” Married with a son on the way, in 2019, Yoo decided it was time to move in-house to a company instead of continuing to work long hours at the law firm. In January 2020, he made the move from Honigman to Ottawa Avenue Private Capital (OAPC), an investment advisory office in downtown Grand Rapids that is a subsidiary of the DeVos-affiliated RDV Corp. As in-house counsel, Yoo helps draw up legal documents for investment deals as well as helping to manage the firm’s compliance obligations. He said he appreciates the sophisticated nature of the work as well as the intellectual challenge, although he can’t discuss most of the work due to confidentiality. Yoo said while he is proud of the M&A deals he facilitated at Honigman and the private equity investments he’s advised on at OAPC, his

most gratifying personal accomplishment thus far was co-hosting Chuseok: A Celebration of Korean Thanksgiving in fall 2019 alongside Catherine Behrendt, community and program director for WZZM-13. The event, organized by Korean Connection in West Michigan — a group that provides support to Korean nationals, adoptees, immigrants and students, as well as hosting cooking classes and cultural events in the community — was both a celebration of the Korean harvest festival Chuseok and a fundraiser for the nonprofit Korean Kids and Orphanage Outreach Mission (KKOOM). In addition to co-hosting the sold-out celebration, Yoo promoted the event on The WGVU Morning Show with Shelley Irwin; sold corporate tables; solicited raffle prizes from local businesses; recruited Calvin University students to do K-Pop, Taekwondo and song performances; and invited Korean War veterans to the event to honor them. “Korean Connection in West Michigan received such positive feedback and was able to raise money to sponsor a student from the Korean orphanage support group (KKOOM) to study in West Michigan,” Yoo said, although he noted the opportunity had to be put on hold due to the travel restrictions surrounding COVID-19. Yoo said he feels grateful to be able to contribute to Korean Connection as a person who has had a foot in several worlds and sometimes struggles with defining where he fits. Although all of his siblings attended Calvin, they are now back in Korea, and he is the

only Yoo left in Grand Rapids. “In West Michigan, there’s a pretty significant number of Korean adoptees because of Bethany Christian Services. I kind of connect with Korean adoptees because they have that same experience where they look different, but they might have an American name and were raised by Americans, so they have that sort of ‘third culture.’ … For a lot of Korean adoptees, they don’t know a lot about Korean culture, but people always ask, ‘Where are you from?’ … I think I’m sort of drawn to Korean adoptees.” At the Chuseok event, Yoo said besides the “amazing” Korean food, he “most enjoyed seeing those who are interested in Korean culture or connected to Korea learn about Korean culture and make connections with people in the community.” For the time being, Yoo said he plans to keep serving at his other volunteer gigs — as a member of the Metro Health Hospital Foundation impACT board, a recruiter of Calvin students to compete in the Association for Corporate Growth (ACG) Cup challenge, and a mentor of socioeconomically disadvantaged students at The Potter’s House Christian school. He was the driving force behind the latter initiative. As a friend of the school’s assistant superintendent, who is a fellow Calvin grad, he mentioned that he would love to mentor any students interested in pursuing a career in law, and the school took him up on it. He has so far recruited attorneys from Miller Johnson, Honigman and Warner Norcross to join him as mentors.

GRAND RAPIDS BUSINESS JOURNAL

FEB 22, 2021

Medical cannabis is family aﬀair for WellFlower Cousins create dispensaries that feature Michiganmade products.

gan, as well as a former executive for Henry Ford Health Systems. For the physician of the group, discovering the medicinal benefits of cannabis came from a family health crisis. While he was in the process of looking for his next career jump, Rob McCurren’s wife Ehren Wynder Samantha was diagnosed with ewynder@grbj.com metastatic breast cancer. “That was a tough medical Family-owned and 100% Michigan-made medical cannabis com- situation,” Rob McCurren said. pany The WellFlower not only “You’re really just buying time is becoming a big player in the and figuring out how much you medical and recreational cannabis have with chemotherapy. At that industry, but also is an advocate time, my wife got connected with for medical-grade cannabis as an a medical dispensary in Ann Arbor, and she found it was helpful alternative to opiate use. The WellFlower was founded in terms of decreasing her need by cousins Trent and Rob McCur- for pain suppressants. I believe it ren, M.D., who respectively bring significantly reduced her suffering marketing and medical experience and extended her quality of life.” Rob McCurren started lookto the operation. Trent McCurren is a former marketing executive ing into the real estate aspect of with experience working for com- medical cannabis and decided panies like Johnson & Johnson to leave the traditional health and Yellow Tail Wines. He most care sector to start the business. recently served as vice president Around the same time, in 2018, of marketing for Founders Brew- Trent McCurren decided to leave Founders and make a new career ing Company. “For a marketing guy, building move as well. “We found our skills were coma brand from the bottom up is extremely satisfactory,” Trent Mc- plementary, and we could come together to make this thing fly,” Curren said. Trent McCurren added his Rob McCurren said. The McCurrens spent about cousin provided more inspiration for wanting to get into medicinal another nine months formulating cannabis, and he believed can- a strategy, including growth, pronabis offered much better health cessing and retail distribution, as benefits than his previous work in well as putting together local partnerships that led to the portfolio the alcoholic beverage industry. Rob McCurren is a former ER WellFlower has currently. While the main focus of Wellphysician who received his trainai161185545163_GRBJ ad TevinS.pdf 1 is1/28/21 12:37 PMand proFlower on providing ing from the University of Michi-

moting medical cannabis for patients and medical professionals, the company provides recreational products as well. Rob McCurren said the rapidly emerging cannabis market cannot allow WellFlower to remain separate from adult-use retail and viably compete with other cannabis businesses. “We want to be the top-tier source for people who are seeking medical cannabis, but we will be providing a lot of high-quality, safe products for recreational users,” he said. “Right now, it’s been an absolute rush to adult use, and people are trying to move as much product as possible, where we’re trying to target a little bit more demographically.” WellFlower currently operates a 12,000-square-foot grow facility that can grow between 1,000 and 1,500 plants, as well as a processing facility in Bangor. Medical and retail customers can purchase WellFlower products out of its dispensary in Big Rapids. The company has major plans to spread throughout Michigan with another store under development in Manistee and another 10,000-square-foot grow facility under development in Harrison Township. On the prospect list, WellFlower has three locations its applied for in Pontiac, one location in Ypsilanti and another in Muskegon. Compared to municipalities on the east side of the state, the owners of WellFlower found Grand Rapids and other West Michigan municipalities are more cautious

Good with numbers because he starts with people.

and conservative when it comes to permitting for cannabis businesses. “I think a lot of the reticence is just predicated on misconceptions to what cannabis is,” Trent McCurren said. Rob McCurren echoed the observation, saying there was a real strong sentiment in some communities that, even though they were moving in the direction of approval, they wanted to wait it out and see how other communities fared. Part of WellFlower’s work, as a medical provisioner, is educating the public, not only about the safety of cannabis use, but how it also can be an alternative to more dangerous drugs like opiates. “There is, I would say, a market of people who are cannabis curious, but they’re scared because they don’t know what to do or where to get it,’ Rob McCurren said. “They may have smoked some bad weed in college and are scared from that experience.” Even in the medical community, there are many health care providers who are opposed because there isn’t enough research out there to promote it with confidence, Rob McCurren added. From his own experience with

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It all starts with a simple conversation. Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Lake Michigan Credit Union and MaxWealth Management are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using MaxWealth Management, and may also be employees of Lake Michigan Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Lake Michigan Credit Union or MaxWealth Management. Securities and insurance offered through LPL or its affiliates are: Not Lake Michigan Credit Union Guaranteed.

his wife’s cancer treatment, Rob McCurren became a strong proponent in medical cannabis’ ability to alleviate the pain and nausea associated with chemotherapy. In addition to the state-approved uses for medical cannabis, like treatment for glaucoma, seizures and inflammatory pain, Rob McCurren touted cannabis as a treatment for insomnia and gastrointestinal issues. “The other major thing is, unlike even Tylenol or ibuprofen, cannabis has no significant side effects from the standpoint of overdose and dependence,” he said. WellFlower also gives comprehensive training to employees at its dispensary locations to consult customers. “Our intention is to have the ability for all our customers to have easy access to higher level consultation,” Rob McCurren said. “That would get them an appointment with a very experienced cannabis care professional, which includes myself and another couple of people at this point.” WellFlower employs about 25 people, among its leadership, grow facility and Bangor storefront, and hopes to grow to 50 or 75 by the end of 2021.

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WellFlower’s Big Rapids store was designed by Rob McCurren’s wife Samantha. Courtesy The Wellflower

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The Citizens Business Conditions Index showed a second consecutive quarter of economic gains as optimism fueled by COVID-19 vaccine announcements and increased election certainty began to outweigh concerns about spiking pandemic cases. Citizens — which is based in Providence, Rhode Island, and has branches in Michigan and 10 other states — published its fourth-quarter Business Conditions Index on Feb. 4. The national index rose modestly to 61.4 in the final quarter of 2020, up from 61.2 at the end of the third quarter, showing a continuing rebound after the impact of the COVID-19 pandemic put downward pressure on the

index earlier in 2020. The Michigan index rose more significantly, from 55.1 in the third quarter to 56.4 by the end of Q4, the highest index number since Citizens started the measurements in 2012. The index draws from public information and proprietary corporate data to establish a view of business conditions across the country. An index value greater than 50 indicates expansion and points to positive business activity for the next quarter. The Business Conditions Index is derived from a number of underlying components, many of which improved during the fourth quarter. •The Institute for Supply Management (ISM) Manufacturing Index rose sharply for the quarter, helping to buoy the Citizens Index, while the Non-Manufacturing Index dipped. •Employment increased overall during the fourth quarter despite a disappointing jobs report for December. Wage growth was flat. CONTINUED ON PAGE 14

GRAND RAPIDS BUSINESS JOURNAL

FEB 22, 2021

State looks to improve migrant farm labor housing Several West Michigan members land spots on advisory board. Danielle Nelson

dnelson@grbj.com

Some West Michigan agricultural leaders were recently appointed to the Michigan Department of Agriculture and Rural Development’s (MDARD) Migrant Labor Housing Advisory Board. The 14-member board now includes Evangelina Alvarez, Kalamazoo; William Groenink, Holland; Joann Hoganson, Walker; and Dorian Slaybod, Grand Rapids. The board is tasked with advising the department and the state on ways to alleviate obstacles in the development of adequate migrant labor housing throughout Michigan and improve conditions for the workers, according to MDARD. “Even during stable and predictable years, the number and complexity of challenges surrounding migrant labor housing can be quite overwhelming,” said Gary McDowell, MDARD director. “Natural disasters, urban sprawl, social and political shifts, climate change, out-of-state competition, and now even pandemics take these complexities to a whole new level. A shortage of migrant labor housing can easily lead to the devastation of an entire farm — thousands of acres of high-quality produce can literally die on the vine. This new board will help us navigate a rapidly changing world and keep Michigan a national leader in the food and agriculture industry.”

870 There is a Migrant Labor Housing Program, which has approximately 870 licensed housing sites or migrant housing labor camps, including 4,000 living units with a capacity of 23,000. Licenses are required for housing sites when five or more migrant workers are living in a unit. According to Jim Johnson, the director of the environmental stewardship division at MDARD, over 90,000 migrant farmworkers and their families come to Michigan each year. After they’ve worked in the southern states, they gradually migrate north in the warmer months. Agriculture is the state’s second largest industry. Johnson said migrant farmworkers arrive in Michigan around April or May and start with harvesting crops like asparagus and end in the fall with

apples. They plant, cultivate, harvest, pack and help to process fruits and vegetables like blueberries, cherries, strawberries, melons, raspberries, squash, soybeans, tomatoes, potatoes, corn and beets, among other crops. The vast majority of migrant workers work on the western side of the state where apples, cherries, blueberries, squash, zucchini, asparagus, cherries and peaches are grown. Johnson said one of the challenges Michigan is facing is the lack of farmworker housing in

rural areas, which impedes their ability to hire entry-level workers and it slows food processing and food operations. There is a Migrant Labor Housing Program, which has approximately 870 licensed housing sites or migrant housing labor camps, including 4,000 living units with a capacity of 23,000. Licenses are required for housing sites when five or more migrant workers are living in a unit. “Obviously, this is something that we’d like to get our arms

around,” Johnson said. “When we are only doing (23,000) and there are over 90,000 people coming to the state, there are some questions about where are the rest of those folks? How are they living? Where are they living? Is there quality housing?” Along with licensed housing units, some farmers are leasing homes while they are working in the state and others are living in farmer-owned housing. Alvarez, who is the public policy coordinator for the Mich-

igan Immigrant Rights Center in Kalamazoo, said there is a need for new housing because they want to ensure that all migrants and seasonal workers and their families can receive the proper accommodations and are not denied employment due to the lack of housing. In the Michigan Food and Agriculture Housing Task Force Report that was released in January, Slaybod and Alvarez emphasized the need for affordable CONTINUED ON PAGE 17

Dear Clients, We hear you loud and clear, and we love what you’re saying. Thank you for giving us the privilege of serving you. Sincerely, Greenleaf Trust

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GRAND RAPIDS BUSINESS JOURNAL

West Michigan native brings home the salmon CONTINUED FROM PAGE 3

try might not seem in line with social work, I found that it actually is still very relevant, in terms of trying to increase access to something that has a lot of health benefits that can be really good for people.” Rose started her journey with Shoreline Wild Salmon during its first few years by learning all aspects of the business, from catching fish on Emerson’s boat, to loading the catch onto bush planes to be taken to grocery stores, to flying home to Michigan to sell the fish at farmers markets and in specialty stores. Shoreline now sells king and coho salmon at about 60 grocery stores in the Ann Arbor/ Detroit area, and with the launch of its online store in November, at shorelinewildsalmon.com, it is now expanding sales to West Michigan and across the U.S. Heller and Emerson are based at and do all their fishing from a rural coastal outpost called Pelican in southeast Alaska, population 80-90 souls. Since there is no cellphone service or internet there, Rose lives about 100 miles north in Haines, population 2,000, where she manages the business’ sales, marketing and logistics full time. Shoreline Wild Salmon is a troll fishery, where salmon are caught by hook and line, as opposed to a trawling fishery, where

fish are gathered in nets in larger quantities. “I really loved and was immediately drawn to the sustainability and quality aspect of (troll fishing),” Rose said. “Because you’re catching fish one by one, it allows you to handle them and take immense care of them and really provide the highest quality of salmon possible, but it also is the most sustainable way of commercial fishing. You’re not overfishing, you’re able to target what you’re fishing for so that you’re not bringing in other species that you’re not intending on catching, and it’s a very intentional fishery (that focuses on quality over quantity).” With the trolling method, Shoreline fishermen pull in fish off the line, clean them immediately and pressure bleed them — a process that removes the blood, replaces it with seawater and helps the fish last longer, as fish blood is the first thing to go bad and is what causes the “fishy” smell — and finally pack the fish on ice and place them in the hold of the boat until unloading time. Customers who order the fish online can either purchase frozen salmon fillets, which are vacuum-sealed in 1-pound portions and shipped on dry ice within about five days from purchase, or shelf-stable smoked salmon that are canned in glass jars and typically arrive within about a week.

The business primarily sells king and coho salmon because other species, such as sockeye salmon, don’t tend to bite hooks. Although troll fishing is a less common and more selective method than high-volume fishing, Rose was quick to say the entire fishing industry in Alaska is known for its sustainability, as the state has enacted laws “to monitor the number of salmon that are caught every year to make sure that populations are sustainable and healthy.” Rose said these are fundamentally important policies, as Alaska has the largest number of wild salmon fisheries on the planet, and the state quite literally feeds the world. As Shoreline has grown, Rose’s father, Mark Rose, who now lives in Saline with her mother, came on board as a contractor and is the one doing most of the deliveries in southeast Michigan year-round. In addition to the tie-in to social justice that Shoreline has from a sustainability perspective, Rose said she is proud of the fact that Shoreline has been active with events in southeast Michigan, such as when it partnered with Zingerman’s Roadhouse in March 2020 to do a private Alaskan salmon dinner, with proceeds going to SafeHouse Center, a domestic and sexual violence resource center and shelter in Ann Arbor. Rose said she would welcome the opportunity to do similar events in West Michigan or the

other markets where Shoreline does business, after the pandemic subsides. “We always love the opportunity to visit where our customers are and to be able to meet them in person and have events that allow them the opportunity to get to know who we are and more about our brand through us personally,” she said. Rose said it’s been fun to have a foot in two worlds — Alaska and Michigan — and she finds that Michiganders tend to find a lot of common ground with Alaskans: they are used to long, tough winters; nature is a big part of their lives; and the water calls to them. “Alaska is like a tenfold version of northern Michigan,” she said. “The mountains definitely are much bigger here, and the wildlife is much bigger, but people who have an appreciation for the outdoors, for nature, and are willing to brave those elements to live amongst it, I think Alaska definitely attracts those people.” That’s partly why, in addition to maintaining Shoreline’s online shop and retail sales, Rose also writes a blog with recipes and

Report shows economic rebound continues CONTINUED FROM PAGE 12

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tidbits about Alaska. She said she likes to be able to share stories about life in the wild these past five-plus years. “It’s a lot of fun (in Haines); it’s really quiet, it’s really peaceful and (it’s) challenging in ways that I had never experienced before, living in Michigan, where you can drive to the grocery store and drive to a restaurant and you have so many things within reach. Here, you have to be a little bit more patient.” Rose said she invites anyone interested to sign up for Shoreline’s e-newsletter for updates and more information about their business model. “I know a lot of people are looking for reliable, transparent, traceable, high-quality sources for Alaskan salmon, and we’re really excited to finally be able to (provide) that for people. A lot of people have inquired over the years, and we’re excited to finally have the opportunity to reach customers and people who we haven’t been able to help in the past,” she said. More information about the company is at shorelinewild salmon.com.

•Proprietary measures of business activity in the fourth quarter among Citizens’ more than 7,000 clients across the U.S. were down slightly. Optimism for the future was a clear theme in Q4, Citizens said in the national report. Still, the operating environment of the fourth quarter reflected the ongoing challenges. Among components of the Business Conditions Index, Citizens saw softening in the ISM non-manufacturing numbers and within proprietary data measuring business activity for Citizens’ commercial banking clients. Wages were steady, while a strong rebound in manufacturing drove the index higher. Jim Malz, Midwest regional executive for Citizens, said the rebound in manufacturing, especially in the automotive manufacturing sector, bodes well for continued expansion in Michigan. Whether that will extend to the labor market is another matter, as employers may be relying on increased automation and the capabilities of Industry 4.0 to increase productivity while not necessarily adding back jobs, Malz said. “That’s always been a phenomenon over time because of technology advances and companies getting more efficient … It’s a matter of survival,” Malz said. “Behaviors are changing so fast these days in terms of how consumers buy and pay for goods and services, and the same holds true in the manufacturing side, around how we rethink our models that years ago may have worked. It’s a great reminder that we always

have to be ahead of the curve because things do change, especially if we have an uncontrollable event like this pandemic. It really just showed or exacerbated the need for companies to get more creative and find new ways to reach their end users.” Labor markets in the national index showed strong gains from earlier lows. Some sectors continued to fare better than others, with the Q4 report showing strength in the financial and energy sectors. Malz said continued upticks in the index moving into 2021 will depend on how the vaccine rollout progresses, as well as whether the U.S. will be able to effectively contain the new strains of the COVID-19 virus that are emerging around the world and have already made their way to Michigan. He said economic optimism could increase if Congress passes an additional stimulus bill — at press time this was still uncertain — and signals its willingness to move forward in unity under the new presidential administration. In general, Malz said the business climate for the second half of 2021 looks promising, with markets expected to be in good shape, interest rates remaining low and companies able to pay down debt and leverage their liquidity for investments. On the consumer side, Malz said additional stimulus funds could position families to pay down debt, and low interest rates mean it’s still a good time to consider homebuying and mortgage refinancing. The full Q4 Citizens Business Conditions Index report can be found online.

GRAND RAPIDS BUSINESS JOURNAL

FEB 22, 2021

Kombucha microbrewers offer Zen in a bottle College friends take the plunge after reviewers offer overwhelming support. Ehren Wynder

ewynder@grbj.com

were brewing tasted better than what they could get on store shelves. After an overwhelmingly positive response from friends, family and colleagues, they started their certifications with the Michigan Department of Agriculture and Rural Development (MDARD) and other regulatory agencies. “That was probably the first real confidence booster,” Manning said. “Friends and family have a bias to tell you it tastes good even if it doesn’t, but with both of us having different networks, we got overwhelming response from people saying this was better than the other brands, from people who drank kombucha regularly, and that gave us the confidence to go through the MDARD procedure.” One of the feedback comments that stood out for Manning was Zenned Out Kombucha didn’t have a synthetic taste profile from artificial sweeteners and preservatives found in other kombucha. “There’s a difference in taste between when you do it with live cultures and sugar and all of that,” Manning said. “The national chains, some of them use kombucha from starter, which makes the process go faster, but you’re essentially using a concentrate to start your brew.” Additionally, Zenned Out does not filter its brew of kombucha cultures. While it does filter

“There’s a difference in taste between when you do it with live cultures and sugar and all of that. The national chains, some of them use kombucha from starter, which makes the process go faster, but you’re essentially using a concentrate to start your brew.” Kyle Manning Grand Rapids Downtown Market incubator kitchen and is in the process of moving in. The operation’s current capacity is about 30 gallons per brew, and with the new space, Manning and Hoff hope to increase their capacity to 60 gallons, once they plan to go live in March. The company will be fully ecommerce to start but will offer wholesaling to eventually set itself up for brick-and-mortar retail. The company has one distributor locked in, and Zenned Out’s product also will be available at Juice By J in downtown Grand Rapids. Zenned Out also will offer a monthly delivery subscription via zennedoutkombucha.com to directly sell to consumers. Benefits include lower prices, free Zenned Out merchandise and free samples of new flavors before they are released. Non-subscribers in West Michigan still will be able to enjoy delivery service with a minimum quantity of one six-pack per order.

out the yeast, the resulting brew comes packed with more probiotics than some commercially available kombucha. The best reviews, Manning said, came from tasters who tried kombucha before and didn’t like it, but enjoyed Zenned Out Kombucha. “That might be a bit harder to put into words as to how they find it different, but those are the best reviews for us,” Manning said. Hoff said he believes Zenned Out’s tea blend is a major factor in positive consumer reviews. Zenned Out uses green tea, rather than black tea, resulting in a lighter flavor profile. “It’s not as sharp, maybe, for people who wouldn’t like kombucha to begin with,” Hoff said. “A lot of the black teas have higher tannins in them, which gives it a ‘deeper’ flavor, which is not a bad thing, but it kind of doesn’t appeal to a broader amount of people.” Zenned Out Kombucha recently secured space at the

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Two home brewers in Grand Rapids hope to help people find their Zen with the launch of Zenned Out Kombucha, a kombucha microbrewery coming soon to ecommerce. Co-founders Kyle Manning and Matt Hoff met each other through a mutual friend, at a time when both of them were leaving college — and trying to leave behind poor health choices Manning that come with it — for a more health-conscious lifestyle. Hoff started drinking kombucha about five years ago and discovered a positive impact on his personal health. The experience inspired him to want to share the health benefits with as many people as possible, and he and Manning, who were gym partners at the time, began to devise how to turn kombucha brewing into a business. “We started with home brew-

ing. It took us about a year before we were giving it to our friends and family,” Manning said. “Matt’s roommate was our first guinea pig, so he drank some of the ‘bucha that wasn’t quite up to scratch.” Getting started in Beer City USA also helped, considering kombucha also is a brewed beverage. Kombucha, however, is nice for consumers who would rather make more healthful choices than going out for a beer after work. “Part of the name of ‘Zenned Out Kombucha’ is we want to be able to offer healthy alternatives,” Manning said. “It’s been a building block of living a healthier lifestyle for both of us.” The process is very simiHoff lar to brewing beer, except the pH of kombucha does not allow bacteria to thrive, so the brewing vessel for kombucha does not have to be 100% sanitary. “It’s simpler than brewing beer in that you don’t need all the sanitation and everything, although obviously we sanitize all of our stuff,” Hoff said. Once Hoff and Manning decided they had the recipe down, they were confident what they

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FEB 22, 2021

GRAND RAPIDS BUSINESS JOURNAL

COMMENT & OPINION

GUEST COLUMN Adam D. Bruski, Norbert F. Kugele and Nathan W. Steed

What you need to know about ransomware attacks

patient dies after hackers launch a ransomware attack against a hospital’s computers, delaying her treatment. This may sound like the plot of a sci-fi thriller, but it really happened last fall at a German hospital — and experts say it’s only a matter of time before ransomware attackers target your business. More sophisticated and destructive ransomware attacks are on the rise, according to government regulators and law enforcement oﬃcials. The primary targets: Businesses in highly regulated industries such as health care, finance and government contractors, as well as companies whose older computer systems can’t be regularly patched or supported by anti-ransomware software. Ransomware attackers know businesses have a lot to lose — in productivity and potential fines and penalties — so will feel cornered into paying the ransom. Companies must decide between paying the ransom or facing prolonged business or data loss. The FBI and U.S. Department of Health and Human Services recommend against paying ransoms. Payment doesn’t guarantee decrypted or returned files, and it may even embolden attackers to launch future assaults. The Department of Treasury’s Oﬃce of Foreign Assets Control, or OFAC, recently warned companies that payments made to ransomware attackers might violate U.S. sanction laws. This includes business-

es that facilitate ransomware payments to cyber actors on behalf of victims, including financial institutions, cyber insurance firms and companies involved in digital forensics and incident response. In recent years, the OFAC has used its cyber-related sanctions program to designate numerous bad actors as targets of U.S. enforcement. In addition to these individuals and groups, ransomware payments that require the transferring of funds to embargoed nations or regions of the world, such as Cuba, the Crimea region of Ukraine, Iran, North Korea and Syria, may violate U.S. law. Businesses that pay these ransoms may face civil penalties that carry a hefty price tag — up to $20 million — even if they don’t know they’re engaging with someone on the blocked list. While the intent of OFAC’s recent advisory is clear — to limit the ﬂow of funds to sanctioned actors and disincentivize them from engaging in future attacks — the means for implementing the policies is less clear. Identifying ransomware attackers can be challenging, making it diﬃcult for businesses to evaluate their risk of violating sanction regulations. Continued monitoring of enforcement is in order to see what kind of posture the OFAC takes on these issues. In the meantime, businesses can take steps to guard against ransomware attacks — and it starts with employees. The individual user continues to be the

weakest point of vulnerability for any organization. Most ransomware attacks come cloaked as phishing scams, waiting for an unwary user to click on a malicious link. Further complicating matters is the move by many organizations to store information on the cloud. When moving data to the cloud, an organization still retains liability for that data in the eyes of the law. Cultivating a culture of com-

pliance with security policies provides the most effective safeguard against ransomware attacks. Adam D. Bruski is a senior counsel and Norbert F. Kugele and Nathan W. Steed are partners in the law ﬁrm Warner Norcross + Judd LLP. They practice in business and corporate services and cybersecurity and privacy issues. They can be reached at abruski@wnj.com, nkugele@wnj. com and nsteed@wnj.com.

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GUEST COLUMN Lou Glazer

Lessons to attract good-paying jobs

learly economic development is just one component of state and regional economic policy and programming. It almost certainly is less important to economic well-being than the quality of the human capital development system from birth through college. Having said that, the design of economic development programming matters. So, let’s look at the lessons Michigan should learn from leading-edge states and regions in order to grow, retain and attract far more family-sustaining jobs: Lesson 1: The primary goal of economic policy should be rising income for all Michiganders. In Michigan’s strong pre-pandemic economy, 43% of households — most with a working adult — could not pay for basic necessities. When more than 4 in 10 Michigan families are not succeeding, our state is not succeeding.

Lesson 2: Place attracts talent and talent equals economic growth. So placemaking — creating a place where people want to live and work — is key to economic well-being. In “Triumph of the City,” Harvard’s Edward Glaeser writes: “The bottom-up nature of urban innovation suggests that the best economic development strategy may be to attract smart people and get out of their way.” Attracting smart people and getting out of their way isn’t the way Michigan and its various regions do economic development today. The focus, almost exclusively, is on attracting business investment through some combination of being a low-cost place, providing investment-specific incentives and business-assistance programming. And yet the evidence is on Glaeser’s side. The fact is that the single best predictor of regional and state prosperity is the proportion of adults with a four-year degree or more. Concentrated talent is what attracts high-wage employers. Talent also is entrepreneurial, so where it is concentrated are the places with the most highwage business startups. The new economic reality is that the path to prosperity for states and regions is human-capital driven. The asset that matters most to employers — particularly high-wage employers — is talent. Lesson 3: A region’s human-capital assets, not what is included in the offer for a specific business investment opportunity, are central to being economic development

competitive. Northern Virginia’s winning Amazon HQ2 proposal offered cash incentives far less than offered by metro Grand Rapids and metro Detroit. What the region did offer Amazon — which matters far more to high-wage employers — is an area with talent concentration, being welcoming to all, and a quality of place that is an attractive place to live and work. Working on creating these characteristics on an ongoing basis is what matters most to growing, retaining and attracting good-paying jobs. Lesson 4: Winning in the 21st century is led by public investment. Creating places where people want to live and work is driven by quality basic services, infrastructure and amenities. Yes, those public investments must be paid for, which inevitably means higher taxes. But those taxes pay for services and amenities that are both important to improving the quality of life of current residents and are a vital to future economic growth, particularly growth of high-wage jobs. Lesson 5: Welcoming to all is a core characteristic of high-prosperity regions. That is because talent is both diverse and mobile. If a place is not welcoming,

it cannot retain and attract talent. People will not live and work in a community that isn’t welcoming. That means providing everyone with basic civil rights and treating everyone the same no matter where they are born, their sexual orientation, race, religion or ethnic background. Lesson 6: Placemaking must benefit both current and future residents. The data are clear that the most prosperous places across the country are those with the largest talent concentrations. And that mobile talent is choosing to live in places with quality basic services, infrastructure and amenities. But the economic development needed to retain and attract mobile talent should not be at the expense of current residents. For communities this must be a both/and — not an either/or — proposition. Both current and future city residents should be provided with quality basic services, infrastructure and amenities that make the city an attractive place to live, play and work. Turns out that both current residents, across race and class, as well as potential new residents all want walkable urbanCONTINUED ON PAGE 19

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GRAND RAPIDS BUSINESS JOURNAL

FEB 22, 2021

GUEST COLUMN Mark Burton

State needs to push economic recovery plans As

we begin 2021, the importance of the working together — across all levels of government and community — has never been more clear if we are to speed an economic recovery that is more equitable and more resilient than it was before the pandemic. The Michigan Economic Development Corporation has been committed to this work throughout the crisis and seeks to build a better economy where a path to a good job is clear and available to every Michigander. That is why the MEDC is continuing to work closely with Gov. Gretchen Whitmer and her administration to lead additional small business relief efforts. We’re getting relief quickly into the hands of our restaurants, retailers and more — while staying focused on creating opportunities to attract and grow businesses and build resilient communities across the state. It remains vital that we continue efforts to end the COVID-19 pandemic because we will not have a healthy economy unless and until we address this public health crisis. Through the Governor’s recently announced MI COVID Recovery Plan, the state is at the same time working to speed vaccine distribution and to stimulate our economy, which will be critical to helping Michiganders get back on their feet. Whitmer’s plan includes a call for an additional $225 million for small business support. These

funds will provide additional operational relief for some our hardest-hit industries — such as restaurants — while recognizing that we need to start looking once again at longer term recovery and shore up those businesses and industries — such as high-tech startups — that provide the best opportunities for jobs growth in Michigan. The economic recovery initiatives built into the MI COVID Recovery Plan address existing gaps in the COVID-19 relief efforts at both the federal and state levels. By filling these gaps, we can ensure that businesses with nine employees or less, businesses in rural areas and tech startups all have a path toward recovery in the coming year. In the meantime, critical small business relief continues to be deployed statewide. Through the Michigan Small Business Survival Grant Program, we are working with 15 local economic development organizations, including The Right Place, Lakeshore Advantage and Southwest Michigan First in West Michigan, to provide $55 million in relief funds for small businesses that have experienced a significant financial hardship. Funding for this program, as well as the Michigan Stages Survival Grant Program and the Pure Michigan Small Business Relief Program, will be fully deployed by the end of the month to continue to address the immediate needs of businesses with continuing im-

pact from the pandemic. This relief is important to stabilize our economy. At the same time, we are also looking ahead by building the runway for longterm economic recovery, working closely with colleagues across state government as well as our local partners on initiatives and projects big and small that will protect, grow and create more jobs in sectors ranging from manufacturing and mobility to tech and clean energy. We also continue to stand in support of the Governor’s call to renew the Good Jobs for Michigan Program, which has been proven as a transparent and accountable tool in securing the type of growth and expansion that can have a

transformational impact on our communities and workforce. This program played a vital role in securing a commitment from Acrisure to relocate and build its global headquarters in downtown Grand Rapids, where it’s investing $33 million and creating 400 jobs that pay 125% of the regional area wages. This program also was a key factor in securing Pfizer’s new sterile processing facility planned for its global manufacturing campus in Portage. As we set a course for economic recovery, key initiatives that will stabilize, recover and ultimately grow our economy — like the Good Jobs for Michigan Program and the MI COVID Recovery Plan — are needed to build on the foun-

dation of more than $240 million in small business relief the MEDC already has deployed statewide and continue making a difference for Michigan workers and businesses. Michiganders across our state work hard every single day. That ethic and spirit is what will help us get through this crisis and will strengthen our resolve in building a better Michigan in the future. We are proud of the work we’ve done together over the past year and look forward to partnering with more businesses and more communities in the weeks and months ahead for a brighter 2021. Mark Burton is CEO of the Michigan Economic Development Corporation.

Battling COVID today, expanding for tomorrow.

State looks to improve migrant farm labor housing CONTINUED FROM PAGE 13

off-farm housing options for migrant farmworkers because the seasonal nature of farmworker jobs does not allow migrant farmworkers to sign traditional 12-month leases. They often must leave Michigan when Michigan’s growing season ends in order to follow employment opportunities in the southern part of the country. Alvarez said SunRISE Apartments in Carleton is Michigan’s only active nonprofit, nonfarm that is dedicated to the agriculture housing community. According to the report, SunRISE provides 22 income-adjusted apartments for rent to farmworkers. The seasonal farm labor apartments are open in April and they are closed after the end of the growing season in November. The apartments are available and are maintained only for farmworkers. “One of the concerns for farmworkers is that when they work for their landlords, there is a real risk that they are going to be fired and evicted on the same day,” said Slaybod, an attorney at Farmworker Legal Services in Grand Rapids. “We see that a lot. So, a place like SunRISE provides more housing security.”

Johnson said the other concern is the quality of migrant labor housing in Michigan. Along with being responsible for issuing the licenses for migrant housing sites, MDARD also is responsible for inspecting the housing. “Our aim here is to ensure food and worker health safety in migrant housing,” he said. “We have to make sure that the plumbing works properly, the electricity works properly, there is the proper number of windows in the building, there is a screen door at the front door because these people are here during the summertime. We have to make sure the septic system is functioning properly, there is drinkable water and bathing water and proper washing facilities. There is a whole host of things that we look at. All the things that are basic necessities for anybody who is living a period of time in one location.” While they already know some of the challenges that migrant labor housing poses, the 14-member advisory board has a five-year term so members will have more time to decide what is working and what isn’t, then make recommendations to improve accommodations.

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FEB 22, 2021

GUEST COLUMN Scott Patchin

Fear kills culture: two tips to reduce fear in your team

don’t think I have to explain fear to anyone, because if we look around right now in our lives and our businesses there are lots of examples. In the final weeks of the presidential campaign the commercials reminded me that fear is a strategy to make me act in a certain way. Imagine getting paid to be great at creating fear. In working with owners of companies, I have heard stories of how that has been brought into the workplace, causing issues with teamwork, attendance and productivity. The good news is that, as leaders, there is something we can do about it. In my most recent book, “Truth at the Heart: How honesty, trust, and teamwork can transform your business,” I interview six leaders about how they create a positive and high-performing culture in their business. Fear was a topic that came up often, and their wisdom

GRAND RAPIDS BUSINESS JOURNAL can help you get better at this. As leaders, there are a couple basics on fear that need to be shared. Understand it To understand fear, we need to understand the brain. The amygdala is at the base of the brain, and it captures fear and the decisions that get made are fight or ﬂight. Seth Godin calls this the lizard brain and makes the following observation: “The lizard brain is here to keep you alive; the rest of your brain merely makes you a happy, successful, connected member of society.” Name it Fear is invisible until we name it, which simply gives it a physical presence that others can see. The irony is that we think we are the only ones who see it, until we name it and realize it was the “elephant in the room” that nobody wanted to talk about. Dr. Diana Wong, Ph.D., shared this: “In myself and in working with many people, the greatest hesitancy in speaking truth is not valuing truth more than fear. It’s: •Fear of what other people may think •Fear that they don’t like me •Fear of the negative consequence that are imagined Some of it can be real, but often we project the consequences. I find fear to be a great barrier to truth. When it’s a truth-telling moment, when it’s really important, and when the stakes are really high, one has to have courage to confront one’s own fears, battle them and wrestle them to the ground.” We need to remember that 95% of the things we fear or worry about never happen. The first step in taking the power away from fear

is naming it. We have established an understanding of fear and we have named it … now what? In spending thousands of hours as an observer and participant in team conversations where fear was present, here are two tips that you can do tomorrow to decrease its presence and power in your organization. The bigger picture Javier Olvera knows about fear as an entrepreneur and someone who is responsible for the livelihood of over 100 employees at the Supermercado Mexico chain in Grand Rapids. Here is his wisdom around fear: If we all understand the plan and are committed to working to achieve it, fear loses its power. The simple act of creating a plan, reviewing it with your team at least every 90 days, and always following the same format: 1. How did we perform over the last 90 days vs. our plan? 2. What is the state of the business today? 3. What are the top priorities over the next 90 days? Through the lens of fear, the first point allows us to address the issues or concerns (our business words for fear) that we entered the quarter with and how we were able to perform despite them. This reminds people of our 95% rule on worries/fears. The second point allows us to address questions or worries we hear from people. In other words, name the elephant(s) in the room. The third point allows us to set the priorities, which is the simple act of listing the key opportunities we are going after or the threats that we all need to focus on so they don’t hurt our business. The

plan, in part, can be seen as a prioritized list of our fears and how we will react as an organization. The observation I have made about leaders who got this during the current COVID-19 crisis is they decreased the planning/communication loops to somewhere between 7 and 28 days so that fear loses its room to grow without being addressed. Display vulnerability The most powerful current voice on fear and vulnerability is Brene Brown. She defines vulnerability as, “The emotion that we experience during times of uncertainty, risk and emotional exposure. As leaders, people look for strength from us, and they also are comforted by seeing us address the elephants in the room or some of the hidden feelings we have that invariably align with things they are feeling. Not every demonstration of vulnerability requires an action, because sometimes just saying it out loud starts the process of conquering fear. But sometimes it is the first step in getting help from those around us. Be ready for the phrase ‘How can I help?’ because in my experience it will be said and it will be real, so take advantage of help.” My stories of vulnerability range from amazing to tragic, and unfortunately most of them are on the ends of this spectrum and not in the middle. I think of a leader say-

ing they are “overwhelmed by their work” and after 45 minutes of help from their team all the elephants had been chased out of the room and they went on to great success in their role and the organization thrived! I also think of a leader who carried around an elephant on their back for over a year and after each offer of help from others they responded, “I got it.” In that year they aged 10, experienced multiple health issues and eventually lost their job. While displaying vulnerability is the tip, the second half of that is be open to and ready to receive help if that is the solution. When I hear the word “help” from the mouth of someone I know, we are embarking on a fear-reduction activity. While the political campaign commercials are done, there are still lots of things to be afraid of in the coming months. Crises always bring fear, and part of leading is having the courage to address it. As leaders, we are fear warriors in our families, organizations and communities. Scott Patchin is a Certiﬁed EOS Implementer and author of the newly released book, “Truth at the Heart: How honesty, trust, and teamwork can transform your business.” A special feature of the book is insights into leadership from a diverse group of six experienced leaders. The book is available at Amazon.com.

GUEST COLUMN Matt Smartt

Now is the time to prepare for upcoming changes to FAFSA

ongress recently passed the Consolidated Appropriations Act, known by most for providing those who qualified with an additional stimulus check worth $600. What most may not know is this 5,593-page bill also included 167 pages detailing changes to the Free Application for Federal Student Aid (FAFSA) with intentions to simplify the application. These changes will be effective starting July 1, 2023, for the 20232024 academic year. While the form itself will be shortened, the language in the bill may add more complexity to certain families’ situations. Here are a few of the most important changes. Semantics When families submit the FAFSA, they receive their Student Aid Report (SAR), which details the output of their application. An important calculation on the SAR is the family’s Expected Family Contribution, or EFC. This number is calculated based on numerous factors including the family’s income, assets and family size. The EFC is basically the amount of money a university would expect the family to contribute toward the education each year. This has caused some confusion in the past as families understood their EFC to be the amount they’d have to pay for the education. That is not the case, though. If the tuition for a given university is higher than a family’s EFC, that family still may have to pay more than their EFC indicates depending on how much need-based or mer-

it-based aid the university offers. In an attempt to mitigate the confusion, the Expected Family Contribution will be replaced with the Student Aid Index (SAI). This may not make the process any simpler, but will hopefully reduce the misperception about the amount a family is expected to pay. The more, the not merrier Under the current law, a family’s EFC is adjusted based on how many students they have attending college. For example, if a family’s EFC was $40,000 with one student attending college, $40,000 would be used as the index for that student’s financial aid awards. If that family has another student attending college the next year, the EFC would be adjusted for each student, meaning each student would have $20,000 used as the index for financial aid awards. This offers a planning opportunity for a student to take a gapyear if they’d have a sibling attending college that following year. By waiting one year to attend college, the same EFC would be split between the two students, potentially increasing the amount of aid the older student would receive compared to the aid received if they did not take a gap year. Once these new changes are implemented, each student will have the full index. In the example described above, the EFC (or SAI at that time) will be $40,000 for each student, not $20,000. This effectively doubles the family’s EFC when more than CONTINUED ON PAGE 21

GRAND RAPIDS BUSINESS JOURNAL

FEB 22, 2021

GUEST COLUMN Tracey Hamlet and Robert Stein

Some lessons are better left in the classroom: Michigan’s direct care worker crisis

conomics is a beautiful discipline. In essence, it’s the study of balance — all markets naturally seek it, the point where supply equals demand and a stable equilibrium has been reached. On paper, it’s all very elegant. In practice, however, that’s not always the case. Unemployment, homelessness, hunger — these are all examples of market imbalance, of supply and demand failing to sync and the very real human casualties that come along with it. Unfortunately, without action, Michigan is about to experience one of those painful lessons and the victims will be some of our state’s most vulnerable — those in need of the care and support Michigan’s direct care workers provide. It’s a substantial population. An estimated 100,000 Michigan residents with mental illness and developmental disabilities receive critical personal care, training and emotional support from direct care workers, and the reach of those positively impacted by these indispensable workers goes well beyond that. All told, nearly a million Michigan residents rely on the value direct care workers provide. It’s noble, highly in-demand, important work that can at times be mentally challenging, emotionally taxing, and physically straining, and all of that has only been amplified by the COVID-19 pandemic, which has further eroded mental health and increased the prevalence of substance-use disorders. In any free-functioning market, a job matching that description would be a highly compensated one. Unfortunately, market forces don’t dictate the wages of Michigan’s direct care workers. Their salaries are instead directly tied to state Medicaid funding and have always been artificially lower than they should be. As a result, the

Lessons to attract good-paying jobs CONTINUED FROM PAGE 16

ism. Communities can do both/ and placemaking. And when they do, the result is a place that both improves the quality of life for current residents and attracts mobile talent that drives future economic growth. For Michigan and its various regions to be competitive with leading-edge communities, we need to completely redesign our economic development strategy and practice. If Michigan is to retain, attract and create high-paid 21st century jobs, it will require making places where talent wants to live, play and work the priority. Lou Glazer is president of Michigan Future Inc.

starting wage for Michigan’s direct care workers is less than what they would earn had they instead decided to take your order at Starbucks. The problem should be clear by now: due to low pay, inadequate (and oftentimes non-existent) benefits and limited professional growth opportunities, Michigan is struggling to find and retain the direct care workers we so desperately need. To stem the tide, Michigan’s lawmakers acted to provided direct care workers with a temporary

$2-per-hour increase through a supplemental appropriations measure that passed last June. Without additional action, that temporary pay increase is set to expire on Feb. 28. Should that happen, it isn’t hard to predict what will transpire next. Anyone with a basic grasp of the laws of supply and demand could arrive at the obvious conclusion: direct care workers will leave the profession in droves, making an already bad situation even worse. It’s an economics lesson we’d

all prefer to avoid experiencing, but the only way that happens is if our state’s lawmakers act immediately to — at the very least — sustain the wage increase Michigan’s direct care workers have been receiving. The appetite for action is there. State Senate leaders have introduced a measure to make the $2/ hour increase permanent, and even to increase it by 25 cents. Gov. Gretchen Whitmer unveiled a similar concept in her recent State of the State message. However, we simply cannot afford to wait until

next year’s budget has been enacted for a solution to this looming crisis. March 1st isn’t months away; in fact, it’s just days away. The time to act is now. It’s time to demonstrate that we greatly value our state’s most vulnerable residents and the workers who do so much to protect and serve them. Tracey Hamlet is executive director of MOKA and Robert Stein is general counsel for the Michigan Assisted Living Association.

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FEB 22, 2021

ARCHITECTURE & ENGINEERING

Benton Harbor-based Wightman earned an honorable mention award for its architectural and interior design of a STREAM lab for the Bishop Noll Institute and two awards by American School & University magazine’s 2020 Education Interiors Showcase for Outstanding Design in both the Technology Centers and Interior Renovation categories completed for the STREAM lab.

ARTS

The Arts Council of Greater Kalamazoo announced the addition of Erin Bruce as an integrated membership/media specialist who serves as the organization’s public and media relations contact. The Frauenthal Preservation Campaign Fund has received a $250,000 grant from the Howmet Aerospace Foundation for the preservation and renovation of Muskegon-based Frauenthal Theater. The Grand Rapids Public Library announced Ericka “Kyd Kane” Thompson has been named Poet Laureate of the Greater Grand Rapids area for a three-year term that started in January. The Grand Rapids Public Museum recently published all of its collections, records and the vast majority of its 150,000-plus digital images under a Creative Commons Zero License, which denotes GRPM has dedicated its images — photographs of artifacts, specimens, scans of photographs, catalogs — to the public domain so they can be downloaded directly and used freely by anyone, anywhere, at any time. The Grand Rapids Public Library Foundation has received a $20,000 grant from the Wege Foundation of Grand Rapids to support Grand Rapids Public Library’s Black History Month and Hispanic Heritage programming, the One Book, One City for Kids program that provides books to 1,800 GRPS 5th graders, and a new mobile hotspot lending program.

AWARDS

Allendale/West Grand Rapids KOA Holiday is the recipient of the 2021 KOA President’s Award and KOA Founder’s Award from Kampgrounds of America, the world’s largest group of family-friend-

FEB 22 Grand Rapids Public Museum Special Virtual Presentation. Topic: The History of Grand Rapids in Black and Brown: A Conversation. Focusing on the history of Grand Rapids from the perspective of Black and brown citizens, with panelists Dr. Randal Jelks, Dr. Todd Robinson and Dr. Delia Fernandez. 6 p.m. Information/ registration: grpm.org. FEB. 22 World Affairs Council of Western Michigan Live Streamed Great Decisions Series 2021. Topic: The European Union’s New Agenda Post-Brexit, by Tomas Baert, head of agriculture and trade for the E.U. delegation to the U.S. 6-7:15 p.m. Cost: free/members, $10/nonmembers. Information/registration: worldmichigan. org/greatdecisions2021. FEB 22-28 Muskegon Museum of Art Contemporary Native American Art Exhibitions. MMA’s major winter show is in partnership with the Grand Valley State University Art Gallery and guest curator Jason Quigno. The MMA will present Jim Denomie: Challenging the Narrative, and Levi Rickert: Standing Rock, Photographs of an Indigenous Movement, along with The Art of the People. 11 a.m.-4 p.m., Tuesdays-Sundays. Information/registration: www.muskego nartmuseum.org. FEB 22-APR 24 Lakeshore Museum Center Quilt Exhibit. Displaying the work of the late Rosie Lee Wilkins in Who is Rosie Lee Wilkins: Piecing Together Her History. Cost: free/ members and those living in the area, $5/non-Muskegon County residents. Information/registration: (231) 722-0278 or lakeshoremuseum.org.

GRAND RAPIDS BUSINESS JOURNAL ly, open-to-the-public campgrounds. Applied Imaging for the 6th consecutive year since its inception in 2014 has been selected to receive the Elite Dealer Award through ENX Magazine. 8THIRTYFOUR was the only public relations agency in Michigan named to Forbes’ Top PR Agencies of 2021. Henri Boucher, ShowSpan vice president and Festival producer, is the recipient of Grand Rapids-Kent County Convention/ Arena Authority’s 2020 Chairman’s Award. iNFable Socks announced the local winners of its first Founder Impact Award for helping transform people’s lives: Christy Buck, be nice; Bridget Clark Whitney, Kids’ Food Basket; Dr. Floyd Wilson Jr., Cancer & Hematology Associates of West Michigan; Jane Eppard, Family Hope Foundation; Krista Mason, Benjamin’s Hope; Dondrea Brown, 1428 Financial Wellness; Shannon Cohen, Shannon Cohen Inc.; and Maggie Duba, West Catholic High School for sportsmanship. Kendra Vander Klipp, foster care case manager at Bethany Christian Services, was named the recipient of the John P. Steketee Child Welfare Advocate of the Year Award. Make-A-Wish America named Saugatuck resident Ethie Haworth as the 2020 Philanthropist of the Year for her impact on the local Make-A-Wish mission. Progressive Grocer recently announced a trio of SpartanNash associates as 2020 GenNext Award recipients: director, retail meat and seafood Dan Estelle; director, e-commerce Matt Van Gilder; and director, retail marketing Jessica Wong. The Association of Marketing and Communication Professionals awarded Kalamazoo-based LKF Marketing a Platinum Hermes Award for its work on JM Wilson’s website to reflect the company’s reputation as a reliable Managing General Agency and Surplus Lines Broker. The Grand Rapids Public Museum

FEB 23 Builders Exchange of Michigan Class. Topic: OSHA 10-Hour. 8 a.m.-2 p.m., RVC Offices Conference Room, 678 Front Ave. NW, Suite 212. Cost: $199. Information/ registration: (616) 949-8640, courtney@ grbx.com, or home.grbx.com/event/osha10-hour-february. FEB 23 Family Business Alliance Virtual Meeting. Topic: Developing an Owner’s Mindset, by Barbara Dartt, principal consultant, The Family Business Consulting Group. Cost: $25. 3:30-5 p.m. Information/registration: bit.ly/2021Own ersMindset. FEB 23 Inno-Versity Webinar. Topic: Why Microlearning Is A Game Changer For Your Training Programs. Three case studies of large and complex organizations that made good use of microlearning will be examined. 1-2 p.m. Information/registration: bit.ly/Inno-VersityMicrolearning. FEB 23-24 The Institute for Supply Management Greater Grand Rapids Webinar. Topic: How to Prepare for Any Negotiation. 8:30 a.m.-12:30 p.m., both days. Cost: $349/ members, group rates available for three or more attendees. Information/registration: (612) 801-8796 or ExecDirector@ ism-twincities.org. FEB 25 Acton Institute Online Conference Series. Topic: Business Matters 2021: Certain Principles for Uncertain Times. 1-5 p.m. Cost: $50. Information/registration: acton.org/conference-series. FEB 26 Michigan Food and Farming Systems/

announced six members of the museum’s staff have received the Clean Up Warriors Award from the Michigan Museums Association: Stevie Hornyak, exhibits specialist; Sarah Humes, associate registrar; Kelsey Laymon, curatorial assistant; Monica Taylor, curatorial assistant and photographer; Jake Van Wyk, collections technician; and Holly Waldenmeyer, registrar and collections manager.

BANKING

Ellen Hoffman joined Independent Bank as bank manager at the Grand Rapids Alpine location. Erin Smith joined Independent Bank as a mortgage loan officer, working from the bank’s Grand Rapids East Beltline location. She is responsible Hoffman for mortgage lending in Allegan and Kent counties. First National Bank of Michigan in Kalamazoo announced the promotions of Cindy Kole to executive vice president and Steve Piper to executive vice president. Lake Michigan Credit Union opened a full-service branch at 8630 E. Main Ave. in Zeeland. Joshua DeVries was hired as mortgage loan officer for the Lakeshore region. Tim Doyle joined Lake Odessa-based Union Bank as executive vice president and chief lending officer.

BUSINESS SERVICES

Senior vice president of business development for The Right Place Inc., Therese Thill, recently completed the Advanced Economic Development Leadership executive education program and was awarded the Economic Development Master Practitioner certificate. The Grand Rapids Chamber of Commerce announced the addition of Katie Doyen to its Government Affairs team in a recently created fourth position as government affairs coordinator. She is responsible for government affairs com-

MSU Extension/Taste the Local Difference Michigan Virtual Community Supported Agriculture Fair. Two drop-in Zoom sessions: noon-1 p.m., lunch hour, and 5-6 p.m., happy hour. Information/ registration: bit.ly/3rqyexA. MAR 1 World Affairs Council of Western Michigan Great Decisions Series 2021 Live Stream. Topic: The Future of Business and Global Supply Chains, by Judy Samuelson, director, Aspen Institute Business and Society Program. 6-7:15 p.m. Cost: free/members, $10/nonmembers Information/registration: world michigan.org/greatdecisions2021. MAR 8 World Affairs Council of Western Michigan Great Decisions Series 2021 Live Stream. Topic: Sustainable Globalization Post-COVID-19, by Julia Luscombe, managing director of strategic planning, Feeding America. 6-7:15 p.m. Cost: free/members, $10/nonmembers Information/registration: worldmichi gan.org/greatdecisions2021. MAR 9 The Institute for Supply Management Greater Grand Rapids Zoom Panel Discussion. Topic: Career Development. 4-5 p.m. Cost: free/members, $35/ nonmembers, $12/students, retirees. Information/registration: ismggr.org/ meetinginfo.php. MAR 10 W.K. Kellogg Bird Sanctuary Online Birds and Coffee Walk, featuring W.K. Kellogg Biological Station educators Lisa Duke, Kara Haas and Misty Klotz. Chat will center on woodpeckers, including Red-bellied, Hairy, Red-headed and Pileated woodpeckers, and Northern

CHANGE-UPS & CALENDAR

JetCo promotes Sweet to VP of client services JetCo Solutions, a Grand Rapids-based government sales and marketing firm, has promoted Jessica Sweet to vice president of client services. Sweet oversees the organization’s operations, including the capture (government business development), proposal management, research and General Service Administration departments. Sweet previously was director of client services at JetCo Solutions for the past two years where she developed the organization’s strategy and processes. JetCo creates tactical business-to-government sales and marketing programs that includes capture, research, proposal management and bid writing, and GSA submission and maintenance. munications, events, issue committees, and will have a focus on environmental policy. Total Fire Protection has a new division: Total Fire & Security, making the company a full-service fire and life safety provider with the ability to fully coordinate inspection, testing and maintenance across various systems and fire and life safety products.

FINANCIAL SERVICES

Merrill wealth management advisors Kimberly Hammond (Muskegon) and Brett Howell (Grand Rapids) were named to the Financial Times’ 2020 Financial Times 401 Top Retirement Advisors list. Privately owned investment management firm Norris Perné & Howell French changed its name to NPF Investment Advisors as part of a complete firm rebrand.

GOVERNMENT

The city of Grand Rapids received a score of 92 out of 100 on the 2020 Human Rights Campaign’s Municipal Equality Index scorecard, a nationwide evaluation of municipal law sponsored by the Human Rights Campaign Foundation

Flickers. 10 a.m. via Zoom. Cost: free and open to the public. Registration required at (269) 671-2510 or birdsanctuary@kbs. msu.edu. MAR 11 Builders Exchange of Michigan Virtual Legal Series Lunch and Learn. Topic: Standard Contract Terms. Noon-1:30 p.m. Cost: free. Information/registration: (616) 949-8640, courtney@grbx.com, or home. grbx.com/event/legal-series-lunch-learnmarch. MAR 11 Family Promise of Grand Rapids Virtual Gala. Night to feature music, a gift box for each household, Shining Star Award recipient, the Nikole Canute Scholarship Award and the Fund the Mission Auction. 7-8 p.m. Cost: $100 per household. RSVP by March 1 to (616) 608-8905 or kate@ familypromisegr.org. MAR 11 GVSU Van Andel Global Trade Center Virtual 22nd Annual Michigan Automotive Suppliers Symposium. 8 a.m.-noon. Cost: $145/members, $195/ nonmembers. Information/registration: bit. ly/2NGv36C. MAR 11 St. Cecilia Music Center Virtual Concert Series. Jazz pianist Robin Connell. 7 p.m. streaming for free. Information/registration: scmc-online.org. MAR 15 World Affairs Council of Western Michigan Great Decisions Series 2021 Live Stream. Topic: The Melting Arctic, by Bob Hollister, GVSU Arctic Ecology program, and Kaare Erickson, the Inupiat Organization. 6-7:15 p.m. Cost: free/ members, $10/nonmembers Information/

and Equality Federation Institute.

HEALTH

Mercy Health and Saint Joseph Mercy Health System implemented a social care hotline (1-833-247-1258 and press 2 for West Michigan or 3 for southeast Michigan) to connect individuals with needed support, including access to food, transportation, health insurance, medication assistance, dependent care and more. Wyoming-based Metro Health– University of Michigan Health promoted Monica Taylor to chief Taylor operating officer of the Metro Health Medical Group for primary and specialty care and hired Stacie Bommersbach as vice president of quality and patient safety.

CHANGE-UPS POLICY: The Business Journal welcomes submissions to the Change-Ups section. Send announcements concerning personnel changes, new businesses, changes of address etc. to Change-Ups Editor, Grand Rapids Business Journal, 401 Hall St. SW, Suite 331, Grand Rapids, MI 49503 or email bjchangeups@grbj.com.

registration: worldmichigan.org/great decisions2021. MAR 17 Talent Innovation Network of West Michigan Virtual Conference. Topic: SkillSense and Enabling Accomplishment, geared toward professionals in K-12 and postsecondary settings. 9-10 a.m. Information/registration: bit.ly/SkillSense. MAR 18 Acton Institute Online Conference Series. Topic: Why Black Lives Matter, by Anthony B. Bradley, professor of religious studies, The King’s College. Noon-1 p.m. Information/registration: acton.org/2021/ BradleyALS.

MEETINGS & CONVENTIONS Information: Stephanie Bradley, (616) 233-3577 or sbradley@experiencegr. com.

CALENDAR POLICY: The Business Journal welcomes submissions to the calendar section. Send items to Calendar Editor, Grand Rapids Business Journal, 401 Hall St. SW, Suite 331, Grand Rapids, MI 49503 or email bjcal endar@grbj.com. Submissions must be received at least three weeks prior to the event. The Business Journal calendar posted on the publication’s website (grbj.com) includes listings for events extended beyond those printed in the weekly publication that are limited by space restrictions.

PUBLIC RECORD MORTGAGES

Selected mortgages filed with Kent County Register of Deeds VANDENBERGE, Nathan S. et al, CIBM Bank, Parcel: 411425480003, $345,000 BAKER, Jodi L. et al, Colonial National Mortgage, Ada Twp., $335,000 BRUINSMA, Bradley G. et al, United Bank, Parcel: 412111104014, $464,000 GREENBAUER, Aaron et al, United Bank, Caledonia, $380,000 SIMPSON, Kyle et al, Zillow Home Loans, Ada Twp., $340,000 WOOD, Brandon O. et al, Lake Michigan Credit Union, Spencer Twp., $300,000 EVANS, Cameron et al, Stifel Bank & Trust, Parcel: 411428181005, $306,400 DAHLQUIST, Donald R. et al, PNC Bank, Cascade Twp., $363,330 RISKE, Michael J., United Bank, Gaines Twp., $344,300 MCLEAN, Michelle, Guaranteed Rate, Solon Twp., $450,000 VANDERKOLK, Patrick et al, Lake Michigan Credit Union, Parcel: 411432403040, $380,000 KOHLER, Christopher et al, Huntington National Bank, Parcel: 411427301010, $420,000 ZUKOFF, Brent et al, Benchmark Mortgage, Ada Twp., $472,500 STAUFFER, Robert J. et al, Benchmark Mortgage, Cascade Twp., $429,000 KNAUFF, Benjamin P. et al, ChoiceOne Bank, Cannon Twp., $460,000 EPIKERDIS 648 LLC, First National Bank of Michigan, East Grand Rapids, $1,000,000 BLEICH, Jeffrey et al, Lake Michigan Credit Union, Parcel: 412117277009, $500,000 MILLER, Brian, Northpointe Bank, Cascade Twp., $305,555 JUDSON, Hunter Jr. et al, Neighborhood Loans, Parcel: 411427431001, $450,000 ELLIS, Joshua et al, Northern Mortgage Services, Cannon Twp., $442,000 JONES, Gregory D. et al, Lake Michigan Credit Union, Byron Twp., $356,000 ADAMS, Daniel et al, Lake Michigan Credit Union, Parcel: 411426428002, $499,900 REWA, Kurtis J., Mercantile Bank, Cascade Twp., $800,000 LINDHOLM, Charles, Lake Michigan Credit Union, Oakfield Twp., $432,000 GIOLA, Robert, Mercantile Bank, Gaines Twp., $407,400 FLYNN, Paul V. Jr. et al, Mercantile Bank, Parcel: 411428401055, $1,344,000 SWEEBE, Nicholas et al, Newrez LLC, Gaines Twp., $342,000 MYERS, Mitchell D. et al, Lake Michigan Credit Union, Cascade Twp., $345,600 SANDMEYER, John C. et al, Ruoff Mortgage Co., Algoma Twp., $320,000 MICHELOTTI, Joseph, Neighborhood Loans, Parcel: 411720256002, $337,250 SELENT, Weston G. et al, Independent Bank, Cannon Twp., $413,250 PIERCE, Michael et al, Lake Michigan Credit Union, Algoma Twp., $442,161 DOW, Jason et al, Old National Bank, Cascade Twp., $323,000 KIETZMAN, Kevin E. et al, Lake Michigan Credit Union, Parcel: 411309378005, $327,899

GRAND RAPIDS BUSINESS JOURNAL MALMBERG, Ryan et al, Gold Star Mortgage, Plainfield Twp., $379,905 SUTFLIFF, Chad A., Independent Bank, Parcel: 411412325018, $349,200 HIGGINS, Jason et al, Finance of America Mortgage, Byron Twp., $370,000 DAVIS, Kelly et al, Lake Michigan Credit Union, Rockford, $355,500 MARING, Daniel J. et al, Anderson Financial Group, Byron Twp., $454,000 LUEHRS, Daniel, Lake Michigan Credit Union, Solon Twp., $304,000 CHADHA, Kanwal et al, Mercantile Bank, Cascade Twp., $410,000 HOWARD, Bryan et al, Northpointe Bank, Lowell, $510,400 LACKA, Ewa et al, Northpointe Bank, Byron Twp., $355,000 WINNINGER, Peter et al, Adventure Credit Union, Caledonia, $304,700 SOTTILE, Jaime et al, Lake Michigan Credit Union, Ada Twp., $308,191 KREMER, Mark et al, ChoiceOne Bank, Parcel: 411425301007, $322,000 MAXWELL, Tricia et al, Inlanta Mortgage, Plainfield Twp., $337,250 NOTENBAUM TRUST, TCF National Bank, Parcel: 411428401056, $637,000 PAVLAK, Daniel et al, Old National Bank, Ada Twp., $319,200 RUIZ, Byron E. et al, United Bank, Byron Twp., $405,850 WILDT, Larry et al, United Wholesale Mortgage, Plainfield Twp., $344,000 MLYNAREK, Evan M. et al, Team Mortgage Co., Byron Twp., $597,246 RECKLEY, Joshua M. et al, Lake Michigan Credit Union, Caledonia, $462,000 MEMELAAR, Brandt et al, Northern Mortgage Services, Cascade Twp., $365,500 ENG, Donna S. et al, Old National Bank, East Grand Rapids, $416,000 BRAYMAN, Matthew T. et al, Independent Bank, Lowell, $378,000 ALMONTE, Gerson et al, Macatawa Bank, Cascade Twp., $309,868 ZBOINEWICZ, Andrew et al, Lake Michigan Credit Union, Parcel: 411411402042, $359,650 HERBRUCK, Cody, Northpointe Bank, Kentwood, $400,000 UDY, Kevin et al, Mercantile Bank, Ada Twp., $359,500 BIALEK, David A. et al, BM Real Estate Services, Byron Twp., $325,850 CALLAHAN TRUST, Macatawa Bank, Parcel: 411414227013, $510,000 VANDRUNEN, Joshua et al, Old National Bank, Byron Twp., $318,000 WILBERDING, Jeffrey et al, Macatawa Bank, Ada Twp., $384,686 CAMPBELL, Arthur J. et al, Fifth Third Bank, Parcel: 411423326014, $400,000 HILLTOP MHC MI LLC, Berkadia Commercial Mortgage LLC, Parcel: 411032476001, $2,437,000 OWENS, Aaron et al, First Western Trust Bank, Cascade Twp., $300,000 DUBA, Russell et al, Lake Michigan Credit Union, Cannon Twp., $368,000 JTB HOMES LLC, Macatawa Bank, Byron Twp., $309,892 JANES TRUST, Sun West Mortgage Co.,

Parcel: 411414327015, $354,000 AUNGST, Kristin T. et al, Lake Michigan Credit Union, Nelson Twp., $427,500 MONROE, Amber J. et al, Lake Michigan Credit Union, Vergennes Twp., $367,675 HUNGERFORD, Peter T. et al, Lake Michigan Credit Union, Cascade Twp., $358,000 HAGLER, Kevin et al, Heartland Home Mortgage, East Grand Rapids, $332,405 STELTER, Matthew A. et al, Old National Bank, Plainfield Twp., $376,000 BRESCIANO, Bart S. et al, JPMorgan Chase Bank, Kentwood, $5,693,400 APT REALY LLC, JPMorgan Chase Bank, Byron Twp., $2,846,700 JARVE, Robert K. et al, Mercantile Bank, Algoma Twp., $389,600 HILLARY, Donald P. Jr. et al, Huntington National Bank, East Grand Rapids, $300,000 ESPARZA, Claire et al, Ruoff Mortgage Co., Ada Twp., $405,000 VANDENBERG, Brent et al, TCF National Bank, Wyoming, $306,000 TRUMBLE, Ronald T., Mr. Cooper, Parcel: 410802276019, $305,400 UELAND, Steven et al, Northpointe Bank, Parcel: 411411202141, $342,000 WONDOLKOWSKI, Amy S., Quicken Loans, Byron Twp., $450,400 KAMBARI, Lydia et al, Inlanta Mortgage, Gaines Twp., $327,000 STAWSKI, Phillip A. et al, Old National Bank, Ada Twp., $510,000 HOLMES, Brian D. et al, Lake Michigan Credit Union, Parcel: 411403252002, $420,000 PEREIRA, Mark et al, Fifth Third Bank, Parcel: 411433188001, $500,000 SPEES REALTY LLC, Comerica Bank, Cascade Twp., $1,250,000 CASCADE RAPIDS LLC, Comerica Bank, Cascade Twp., $1,800,000 SPEES REALTY LLC, Comerica Bank, Cascade Twp., $1,800,000 BUTER, Gerldine, Nations Lending Corp., Kentwood, $342,400 FULTON PARTNERS LLC, Macatawa Bank, Ketnwood, $1,573,150 FLOYD, Jimmie Jr. et al, Neighborhood Loans, Caledonia Twp., $315,094 YOUNG, Ryan H. et al, Quicken Loans, Courtland Twp., $312,000 APSEY, Marcia A. et al, AmeriFirst Financial Corp., Plainfield Twp., $336,500 VIDINLIC, Salih et al, Lake Michigan Credit Union, Ada Twp., $919,700 COLVIN, Michael D. et al, Huntington National Bank, Plainfield Twp., $300,000 VANSKIVER, Kelly T. et al, Northpointe Bank, Ada Twp., $315,000 KRYNAK, Brett P. et al, Community Mortgage Funding, Byron Twp., $396,000 CLARK, Jillian et al, Huntington National Bank, Cascade Twp., $508,000 PREVO, Emily et al, Lake Michigan Credit Union, Caledonia, $670,000

one student attends college. This will have a huge impact on those families that would receive needbased aid with more than one student in college. It also eliminates the planning opportunity of a gap year. Me or you? Under current guidance, if a student’s parents are divorced or separated and not remarried, the “custodial” parent completes the FAFSA. For FAFSA purposes, custodial has a different meaning than one might think. It is separate from which parent has custodial rights. For the FAFSA, the custodial parent is the parent the student spends the most days with throughout the year. For instance, if a student spends 182 days with Parent 1 and 183 days with Parent 2, Parent 2 would complete the FAFSA. This does not take the financial

situation of the parents into account. With the new changes, the parent that will complete the FAFSA is now the parent that provides the most financial support. If both parents provide equal financial support, the parent with greater income will be required to complete the FAFSA. In most (but not all) cases, this means the parent that would have the higher EFC will be required to complete the FAFSA, which may increase the cost of college for some families. Overall, the FAFSA will be shortened from 108 questions to 36 questions. The high number of questions on the form was a huge barrier for families to complete the application. Hopefully, this will encourage more families to submit the form and have the potential to receive aid. While the reduction of questions on the form may be a win, some families may lose with the new changes as described above.

The implementation of these changes may seem far away, but keep in mind FAFSA uses the prior, prior year tax returns. So, in 2023, you will use your 2021 tax return to complete the application. In this ever-changing college funding landscape, it is important control what you can control. Here are a few quick tips: 1. Determine your family’s budget before shopping for/visiting schools. 2. File the FAFSA as early as possible. 3. Review your Student Aid Reports in detail and understand the source of all types of aid offered on the reports. Matt Smartt is a Certiﬁed Financial Planner and Certiﬁed College Funding Specialist at Henrickson Nauta Wealth Advisors in Belmont. He helps families navigate and make the most out of the late-stage college planning process.

Futures for Frontliners boosts state’s economy CONTINUED FROM PAGE 5

an individual has,” Isely said. “The difference between a high school graduate and someone with an associate’s degree in the United States is just short of $100 a week, and the difference between a [bachelor’s degree] and a high school education is more than $450 a week, so we know that as education goes up so does income,” he said. According to Isely, the economic benefits of the program will extend to the community. “Increased wages alone will have a lot of impact very quickly,” Isely said. Isely said about 82,000 students have already been approved statewide, and there will likely be around 100,000 once all the applications have been reviewed. “So if roughly 100,000 people were able to take advantage of this, if they completed an associate’s degree they’d be making combined about $650 million a year,” Isely said. Isely said that $650 million will circulate back into the community because “individuals who are earning higher incomes no longer need as much public support for food, clothing and shelter.” At Grand Rapids Community College, new and existing students are taking advantage of

the funding. According to Dave Murray, its communications director, the program has accepted nearly 3,000 applicants to classes at GRCC. “At this point, at least 1,600 students have enrolled in winter semester classes, and the others can enroll in the summer or the fall semesters coming up,” Murray said. Isely also predicted that the program will provide an incentive for businesses to invest in Michigan communities. “The increase in economic output means now you have businesses that want to locate in Michigan that wouldn’t have wanted to locate here before,” Isely said. “We will have the talent that they need.” “The cost of community college is roughly $5,000 a year, so to get an associate’s degree would be roughly $10,000,” Isely said. “Spending that money in Michigan results in us getting that money back in about one and a half years and then it keeps going after that.” Although the application deadline for the Futures for Frontliners program has passed, applications for the Michigan Reconnect program, which provides similar funding for frontline workers over the age of 25, are now open.

PUBLIC RECORD AVAILABLE ONLINE: For the full version of this week’s Public Record, visit the Grand Rapids Business Journal’s website at grbj.com.

Now is the time to prepare for upcoming changes to FAFSA CONTINUED FROM PAGE 18

FEB 22, 2021

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GRAND RAPIDS BUSINESS JOURNAL

STREET TALK

Support for K-12, talent and mobility Think big.

usiness Leaders for Michigan, the state’s business roundtable, has weighed in to support key provisions of Gov. Gretchen Whitmer’s Fiscal Year 2022 Executive Budget recommendation. “Investing in people and innovation are some of the best things we can do to make Michigan a more competitive and prosperous state,” said Jeff Donofrio, president and CEO, Business Leaders for Michigan. “The Governor’s budget recommendation lays out investments in K-12, talent development and mobility programs that have bipartisan support, will help fill talent gaps, and increase income for families.” Key provisions in the budget recommendation include: •Establishing a K-12 education best practices center to help identify, replicate and scale best practices in K-12 education to improve academic performance across the state •Providing additional support for at-risk and special needs K-12 students •Implementing research-based solutions to help students recover lost learning hours due to the disruption caused by the pandemic •Helping residents acquire the skills and credentials employers need by providing additional support for public higher education

BUSINESS JOURNAL STAFF

institutions, and the Michigan Reconnect, Futures for Frontliners and Going Pro programs. •Support for a Mobility Futures Initiative to advance connected and autonomous vehicle deployment, economic and workforce development, equity and sustainability Donofrio said: “With COVID accelerating what was already a changing landscape for jobs and mobility, it is critical that we provide a strong educational foundation, ability to upskill throughout life and (measures that) keep us in the lead on future mobility. Plans released by legislative leaders have addressed many of these critical areas as well, and we look forward to working with the administration and legislative leadership to move our state forward.” The budget recommendation totals $67.1 billion and it includes a general fund total of $11.4 billion and a school aid fund total of $14.7 billion. Whitmer said it provides a significant amount of one-time funding made possible by the increase in federal aid and the effective job Michigan has done in managing the pandemic. The recommendation is built with an eye toward the future to ensure that the fiscal year 2023 budget is balanced as well, she said. Other subjects addressed in the recommendation include fund-

ing for child care, rebuilding the state’s bridges and water infrastructure and helping small businesses recover from the pandemic. Prior to the coronavirus pandemic, nearly 14,000 young people in Michigan needed temporary homes where they could feel safe and secure, and the number has only grown due to statewide shutdowns. To address this need Samaritas, one of Michigan’s largest faithbased health and human services nonprofits, was awarded more than $16 million in grants to further support its family preservation services across 11 counties, including Barry, Calhoun, Eaton, Genesee, Ingham, Ionia, Jackson, Kalamazoo, Kent, Muskegon and Wayne. The grants will allow the organization to create 46 jobs throughout the state, including clerical staff, program managers and direct line workers. Samaritas’ family preservation staff will work with at-risk families while they are still intact, surrounding them with community resources, as well as staff and peer relationships to help keep children with their biological parents. “We appreciate these grants as they come at the ideal time for the families we serve, as the COVID-19

pandemic has left many of them on the brink of a crisis and in dire need for critical support in order to keep their children in their homes,” said Sam Beals, CEO of Samaritas. “Keeping Michigan families together stands as a top priority for Samaritas as we continue to build and expand our programming to best serve our state’s vulnerable populations, including at-risk families, seniors, children in foster care, adoptees, persons with disabilities, those with substance-use disorder and refugees.” The grants, to be utilized through fall 2023, were awarded as part of Michigan’s Family First Prevention Services Act (FFPSA) and the HOMEBUILDERS program. HOMEBUILDERS is an inhome, intensive family preservation service and reunification program for families with children returning from foster care, group or residential treatment, psychiatric hospitals or juvenile justice facilities. The program is designed to eliminate barriers to service while using research-based interventions to improve parental skills, parental capabilities, family interactions, children’s behavior and family safety. HOMEBUILDERS’ goals are to prevent the unnecessary outof-home placement of children through onsite intervention and to teach families new problem-solving skills to improve family functioning. The Consumers Energy Foundation is bringing back a competition to provide $50,000 for big ideas in Michigan’s small towns.

FEB 22, 2021

The Put Your Town on the Map pitch competition provides dollars for three projects that build strong communities. Communities with a population of up to 10,000 have through Feb. 24 to submit proposals. Up to 10 finalists will compete for the funds at the Small Town and Rural Development Conference, held virtually April 13 and 14. “The pandemic has created challenges for communities of all sizes, but it hasn’t stopped communities from embracing bold ideas to put themselves on the map,” said Roger Curtis, Consumers Energy’s vice president of public affairs. “Consumers Energy is committed to ensuring Michigan’s communities of all sizes are growing and thriving, and we’re excited to provide financial help to turn original ideas into reality.” Consumers Energy and the Community Economic Development Association of Michigan (CEDAM) will select 10 communities to make their pitch at the Rural Partners of Michigan conference. The top three winners will receive grants worth $25,000, $15,000 and $10,000, respectively. Consumers Energy created the competition in 2019, awarding Port Austin, Spring Lake and Sparta a total of $15,000 in grants from the foundation. Last year’s competition was postponed due to the COVID-19 pandemic. The Put Your Town on the Map competition aims to reward innovative ideas that attract visitors to downtowns, focus on housing, education or employment, create community pride and more. Community leaders can learn more and apply at http://cedamichigan.org/ rpm/conference-rpm.

WINE | FOOD | AUCTIONS

pawsclawsandcorks.com Benefitting Humane Society of West Michigan

MARCH 15, 2021

7:00pm

PLATINUM COLLAR SPONSOR:

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For more info or to get involved, please contact Megan Ellinger, Events Coordinator at HSWM at mellinger@hswestmi.org or call 616.791.8089.

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The face of PCC 2021

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work every day, I see a community of people, God’s children, who are homeless and who are lacking resources. My heart aches for them all the time. “That’s why at Builders Exchange, we run a few networking events for our members that also allow us to highlight and support community organizations.” She points to the organization’s annual turkey party, which supports Mel Trotter Ministries’ Turkey Drop, as one example. Another is the annual golf outing, which has beneﬁted Guiding Light’s Back to Work program for the past ﬁve years and led to Bovard Strong joining the organization’s board.

Elizabeth Bovard Strong:

BRINGING PHILANTHROPY FULL CIRCLE. Elizabeth Bovard Strong has long been an advocate for others in need – particularly for individuals facing homelessness and addiction. Originally from Pennsylvania, she lived in several states before settling in Michigan. Her travels empowered her to do more after seeing struggles with substance abuse and homelessness firsthand. From her first eye-opening experience in Iowa three decades ago—being on a council for substance abuse—to her service on the board of directors for Guiding Light in Grand Rapids today, Bovard Strong goes “all in” to make a difference. A compassionate person, Bovard Strong has always given what time, money or resources she has to spare to help others. The golden opportunity for her was to be able to support the community on a bigger scale. That opportunity came when she grew into her current role as executive vice president of Builders Exchange of Michigan, a members-based, not-for-profit construction association with offices located near Heartside. “It’s always been a priority for me to give back to the community,” she explains. “Driving downtown to

“These organizations are both fantastic and serve different functions within the Heartside community,” she says. “We need organizations that will help get you off the street, feed you and get you into a warm bed as Mel Trotter does. We also need organizations like Guiding Light that can take you to the next level of getting back to work, ﬁnding housing and fully re-engaging with society. “Another beneﬁt our networking events offer is increased awareness of the need for these organizations. We engage our members in how we’re giving back, but we also always encourage them to learn about the organizations we’re supporting.”

“Seeing that Guiding Light offered proven and needed programs was such an easy match for us. And then to learn that a lot of the men in the programs find full-time employment in the construction field, that was a bonus. There is a such a need for people in the trades.” Flash forward to today, Builders Exchange has raised a total of $71,943 over five consecutive years with the help of construction industry and community members. The funds help sustain Guiding Light’s Back to Work program, which is designed to support men who face significant barriers to finding and keeping full-time work, including debt, lack of housing, lack of reliable transportation and other challenges. Men in the program are able to work and save money while they pay down debt and rebuild credit histories before they look for more permanent housing. Bringing the partnership full circle, Builders Exchange members have hired men who have completed the Back to Work program.

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I love that we get to see what good things happen to the community when we pour into them,

Guiding Light’s effective programming in rescue, recovery and re-engagement is what attracted Bovard Strong to the organization ﬁve years ago. At the time, Builders Exchange had fully funded its endowed scholarships through the golf outing event, so leadership was in search of a new recipient for the event’s proceeds.

Bovard Strong says. “In a perfect world, no one would have these issues, but the reality is we have a broken world, and these services will always be needed. We keep supporting Guiding Light and similar organizations because there is no doubt they need to continue their good work.”

A past Builders Exchange board member suggested Bovard Strong look into Guiding Light, which had recently shifted from a traditional homeless shelter to a program-based recovery and re-engagement community. Through its four pillars—Recovery, Back to Work, Iron House and The Job Post—Guiding Light partners with individuals to fulﬁll their Godgiven potential.

When Bovard Strong is not organizing fundraising events and making donations both personally and through her work, she’s ﬁnding time to volunteer for organizations like The Deborah Project, which provides a safe haven for pregnant mothers and their children. If there’s an opportunity to help individuals who are struggling and hurting, Bovard Strong will be the ﬁrst to raise her hand.

“We met with Stuart Ray, Guiding Light’s executive director, and to say I was impressed would be an understatement,” Bovard Strong recalls. “It was so refreshing to see the focus on accountability in how Guiding Light’s programs are run – that is such a huge factor for anyone to successfully recover from anything.

“It is great how these organizations all tie together in different ways,” she says. “I’m sure any nonproﬁt leader would love to be out of a job because there was no need for these things, but it is great to have a community that is so sensitive to what is needed and that they all work together. That’s the biggest thing. If they can, they do.”

Through the guiding light of God’s Spirit, Guiding Light partners with individuals to fulfill their God-given potential through rescue, recovery and re-engagement in the community. GIVE SECURELY ONLINE AT GuidingLightWorks.org/Give