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playing to win Charlotte pri des itse lf on bei ng a big-ti me sports city. Bu t ju st wha t is t he im pact of pro fessiona l sport s teams on the region ? And how are bus inesses taki ng adva nta ge of their presen ce?

de artments

a run for their money SouthTrust Bank's N. Brad ley Thom pson is com peting w ith North Caro li na's

•

bank ing gian ts by givi ng customers w hat t hey want: co mpetitive prices and exce ll ent service.

22 masters of their universe iXL's Cha rl otte office general manage r Allan Lackey says his company has but

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one sim ple goal: "to be the world's best con su ltin g company for Internet and e-co mmerce serv ices ." Base d

publisher's post

editor's letter

regional biz:

at the crossroads

Fro m textil e mill s to racin g team s and d airy fa rms to p recisio n m anufacturers, Iredell County h as its roots deep in Pied mo nt so il a nd its future ti ed to a rap id ly growing pop ul ati o n a nd a d ivers ified economy.

expert opinion:

beating the tax man

Closely-held businesses must co nfro nt issues li ke how to raise cap ital and how to attract, retain a nd m o ti va te empl oyees.

on the ir success to date, they' re we ll on the ir way.

They face unique iss ues as we ll , such as ownershi p success io n planning. An

36 a "capitol" move

em p loyee stock ownership pl an ( "ESO P")

Richa rd Siskey has always had an

each of these issues.

abi lity to discern situations in advance,

b)' Keith D. Butcher, ]ames E. Daniel and William R. Whitehurst

can be an effecti ve strategy to address

th en devise a st rateg ic res ponse accordin gly. In coll ege, hi s ga me was chess . Tod ay, it's the financia l markets.

44 finding refuge in work Charlotte's Cathol ic Social

on the cover: This month 's

feat !Ires Max Muh lema n of Muhleman Marlleting Inc., 11 Clia rlolte-based sports marl1eti11g f irm , i11 th e stands 111 Ericsson Stadium . Ph oto by Wa yne Morris.

CO l'el"

Se rvices helps fo reign refugees adjust to this country and find jobs . Pictu red : Hassan Abdi and Mohamed Mohame d of Somalia, two of mo re than 20 employed at BB & T's ope rations cente r.

g rea t er charlotte bi z

clraflotte

'ffl

a ugu s t 2000

cliaflotte

August 2000 Volume 1 • Issue 7 Publisher Joh n Paul Galles jgalles@greatercharlottebiz.com

[publisher's ost)

...........

if we build it, will they come? a civic arena vs. a sports arena While I may be a relative newcomer to Charlotte, I am certainly not a newcomer to the rhetoric involved with the proposed sports arena . And, it can't be new to anybody

Associate Publisher Mary! A. Lane maryl.a .lane@greatercharlottebiz.cJm

w ho's lived here for t he last fifteen years either, when the

John Paul Galles Publisher

Coliseum was subjected to similar scrutiny. We were prompted by the public debate over the proposed new Hornet arena to investigate the benefits that pro sports bring to Charlotte for an article in this issue. As it happens, Tim and I had some personal observations on the

Editor Timothy J. Parolini tparoli ni@greatercharlotteb iz.com

situation that were surprisingly similar, so we've combined them as follows .

& [editor's tter) •

Account Executives

Unlike what you might think, listening to some the

Ta lbert Gray tgray@greatercharlottebiz.com

rhetoric surrounding the arena debate, the issue before the city council is not about subsidizing the wealth of George

Breon Klopp bklo pp@grea tercharlottebiz.co m

Shinn and Ray Wooldridge. It's not about supporting the lifestyles of overpaid pro athletes who spend as much time in court as they do on the court. Nor is it about corporate

Contributing Writers

bankers getting luxury boxes at the expense of Joe Six-Pack.

Casey Jaco bus Heath Hardage Lee Kathy Mendieta Bea Quirk Neth ea Fortney Rh inehard t

Tim Parolini, Editor

Those who ask why we should give public money to such "scoundrels" are asking the wrong questions.

The issue of a new publicly funded arena should be, "Are the revenues generated from all sources because of a new arena at least likely to offset the costs incurred, both pu blic and private?" We may choose to once again pay what is necessary for the time

Contributing Photographer Wayne Morris

being (i.e., making fu rther lease concessions) to keep a professional basketball team here . This, however, merely postpones further debate over the real issue, which is ultimately an argument between hard economic evidence against public funding and

Greater Charlotte Biz is published

12 times per year by: Galles Communications Group, Inc. 804 Clanton Road, Su ite B Charlotte, NC 28217-1358 www.greatercharlottebiz.com

unquantifiable, but sign ificant, benefits in favor of it. First, the economics. The proposed funding via hotel tax, the purpose of which is to promote tourism, isn't very convincing- tourists aren't real big on luxury boxes. Moving the arena from Tyvola Road to Mint Street won't attract any more tourists to Charlotte than would moving Sears from one end of South Park Mall to the other. The only way an arena downtown will provide an economic boost is as the catalyst for a dynamic center city district that wouldn't otherwise exist. Economic impact arguments are nonsensical. An overwhelming number of inde-

For editorial or advertising inquiri'?s, call 704.676 .5850.

pendent studies consistently show that the direct economic impact of a professional

Please fax subscript ion inqu iries to 704 .676.5853 or e-mail t hem to info@greatercharlottebi z.com

Proponents who argue that the land where the current Coliseum is (which the city is still

All contents © 2000, Galles Communicati:n; Group, Inc. All rights reserved. Reproducti c in whole or in part without permission is prohibited . Products named in th ese pag~~ are trade nam es or trademarks of their respective companies . The opinions • expressed herein are not necessarily those of Greater Charlotte Biz or Galles Communications Group, Inc.

spo rts team on a community is minimal. And since the Hornets are already here, what benefits the re are will simp ly move a few miles northeast of where they currently accrue. paying for) could be reverted back to the tax rolls with new office development ignore the fact that such a boon would be offset by the loss of potential tax revenue from the land under a city-owne d are na downtown. It's a wash. On the other hand, when you examine the big picture, the idea of building a downtown arena and keeping the Hornets in Charlotte makes some sense. The problem is that most of the benefits can't be quantified. The biggest benefit of professional sports - and the hardest to pin down- is the energy created simply by being a "big league" city. Professional sports help separate Charlotte from other mid-size cities, as well as the "C" cities, Charleston and Charlottesvi lle, with which Charlotte is often confused. The distinction helps attract

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and keep quality businesses and their employees here, and the teams are an important identifier for a city that lacks significant geographic or historical qualities. Pro sports are an amenity that people like to have at their disposal. The teams extend Charlotte's reach into the rest of the world. You can't put an accurate value on that, but it should not be underestimated. And, at the same time, no other industry has been able to create the same sense of civic pride and garner the same emotional support as professional sports. Surely this same "energy" could be magnified if such an arena hosted a variety of sports teams and competitions, whether hockey, tennis, NCAA activities, Olympic competi路 tive events, or whatever. A newly built arena could accommodate the Charlotte Checkers, albeit a minor league team, for example. The Checkers currently play at Independence Arena. Considering that there is only one year remaining on their lease, that it is was built in 1955 and last renovated in 1992, and that it accommodates only 9,570, it is perplexing that Ray Wooldridge- having recently become owner of the Checkers as well- should comment that it is "not necessary" and would provide no "economic advantage" for the Checkers to play at the Hornets' new arena ... particularly since the proposed plans would accommodate a hockey team . A new arena could also host a rich cultural agenda of concerts and events as a more centrally located alternative to Blockbuster Pavilion and Independence Arena. Such uses would make the arena more profitable because it could not only be used throughout the year, but would also attract a variety of new and different users. Because economic benefits from arenas are primarily a result of pedestrian and vehicular traffic, arenas work best when situated centrally in a pedestrian-friendly envi路 ronment near restaurants, bars, hotels, parks, museums, shops and other interesting places. A center city arena, particularly if planned in coordination with a new convention facility, would truly be a catalyst for much-needed urban development projects, such as department stores and movie theaters in the center city area. (Where can you see a movie, get underwear or a pair of shoes now- or even an aspirin after 7:00p.m.?) Additionally, with the city and surrounding region moving inexorably towards a mass transit system that centers on downtown, it makes sense to create that "critical mass" of interests that increases the potential for ridership. (If you could hop on a train to a Panthers game this fall, wouldn't you? Particularly if you could comfortably shop, eat, see a movie, or whatever?) In the end, it's going to cost us something. Too many other cities are interested in hosting a professional basketball team, and the costs of starting up a new franchise or buying another existing one greatly exceed maintaining a current one. At a minimum, it will cost further lease concessions at the Coliseum. The question really is- do we want to build something for ourselves in the process? The city should contribute to the new arena because in the long run the city is better off with the Hornets than without them. The Hornets are good for business. But Charlotte can't afford to build just a sports arena- the plans approved should contemplate other uses as well. Additionally, the plans approved should be flexible and forward-looking enough to be modified over time in response to changing needs, unlike the existing Coliseum. The city needs to have a cohesive, coordinated plan for the area surrounding the proposed site to be developed in a manner that will generate significant advantages for all of us, including tax revenues for the city. And finally, WE need to demand it. Seeking to expand the use and purpose of the arena, making sure it is designed for the future, and planning for it as a center city mecca will certainly further serve to substantially offset the cost of a new arena . We can leave the particulars of the financing to those who know better.

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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [regional r.J c d'>PY

jdC

ob.Jc,

at the crossroads

b ~ z info Th~

iz]

No ·tfl Carolina

iredell county revs its economic engine

Ch3mbe · of Co-nmer:e reports that 1 S3 new or exoandes:l businesses tl ave 3dded a

From textile mills to racing teams and dairy farms to precision manufacturers, Iredell County ·w a has its roots deep in Piedmont soil and its future tied to a rapidly growing population and a diversified economy.

totll of t,908 jobs to lredeii ·: Junty since

1994 .. .5ince 1989 me:re th;: n 100 co-npanies have op:nec 1ew facilities or ad dec on to

Once predominately a farming and diary community, the southern part of Iredell County

regional economy, many companies are relocating to Statesville or expanding existing facilities. "The last five or six years have been really active," says McKay. Indeed, since 1989 more than 100 companies have opened new facilities or added on to existing ones in the greater Statesville area. The North Carolina Chamber of Commerce reports that 153 new or expanded businesses have added a total of 4,908 jobs to Iredell County since

was transformed by the 1963 creation of Lake

1994. The county has attracted an increasing number

Norman. Over 300 miles of Lake Norman's 520

of companies involved in plastics, automotive and

miles of shoreline

truck-related sup-

are in Iredell

plies and precision

County. Where

manufacturing.

there were once

Among the

farms, there are

newcomers is

now subdivisions.

Oregon-based Tube

ex stin! ::>nes in the greater Statesville area ... ~J.-SCAR teams in redel have an

Specialties,

Access to All Areas

a manufacturer of heavy truck tubing.

The construc-

It has invested

tion of 1-77 and its

$10 million in a

connection with

109,000 square-

es· imated $8 to $12

1-40 in Statesville

foot facility and

mi.lion cirect impact

in the early '70s

employs about

also had a dramatic

100 people.

on the e: onomy and

impact on the

Rene Composite

create about 1440

county. Easier access to Charlotte pushed the

jot•s... RE1ail sales in : he ccunty have more thc.n doubled fran $2:!8 million in 1994 : o nearly

industry, has invested $5 million in a 56,000 square-

Mecklenburg County into the southern part of

foot building and employs about 60 workers.

Iredell. At the same time, it provided Statesville with

Rubber Company opened

U.S., making it very attractive to industrial growth.

its facility in Statesville in

Future plans to widen Highway 70 and provide a

1996. It has already added

link between 1-77 and 1-85 at Salisbury will further

32,000 square feet to its

enhance the area's position as a major transporta-

original 15,000 square-foot facility. The plant

tion hub.

1998 ..• -he county ra1ks f Gt in

$5 million in new machinery to manufacture

three cities in the state

equipment that produces carpet padding and

at the intersection of a

building a new 60,000 square-foot facility.

a major east-west interstate," says Jeff McKay,

in :Jeef 1=roduction ~ort1

Carolina.

Other important industries and top employers in the Statesville area are Dana Spicer off-highway

director of economic development at the Greater

products division which employs about 700 people

Statesville Development Corporation <www.gsdc.org>.

at its 450,000 square-foot facility; Autec, a soft-

Driven by Iredell's relatively low land costs, in

employs 150 people. B&B Fabricators is investing

"We're one of two or

major north-south and

poultry c.nd second

Goodyear Tire and

transportation links to large portions of the Eastern

$546 rwilion in

d~ry, ~econd

Materials, which makes resins for the heavy-truck

booming population growth in northern

incentives from local governments, and a booming

grEate r charlotte biz

cloth car wash system, which occupies over 103,000 square-feet of space; ASMO North Carolina, Inc., august 2000

which makes

municipalities in Iredell County have

area, all located near the interstates.

electric motors

also adopted a pro-business attitude

Eleven hundred acres are set aside for

and employs

that creates a very welcoming climate

manufacturing, light manufacturing,

830 workers,

for new companies.

distribution and other types of industry.

and Lowes

"Our governmental leaders have

Regional Distribution Center which

taken an aggressive approach towards

employs 625 .

maintaining and attracting a diverse eco路

If location is important to a company, Statesville is not only at the crossroads of 1-40 and 1-77, it's also within one day's trucking of 60 percent of the U.S. population and less than hour's drive from airports in Charlotte and Greensboro. The county government and the

nomic base," says McKay. "If a company

Population Booms in the South While South Iredell an d Mooresville

is a good match for the community, we

have experienced some of the same sort

can put together an incentive package

of industrial growth that the greater

that is very competitive." Businesses can choose from six industrial parks in the greater Statesville

Statesville area has, they have also experienced a much larger residential boom. This spring the Mooresville-South Iredell Chamber of Commerce retained the Karnes Research Company to document recent demographic and economic trends in the area and to forecast growth over the next five years. Their report showed Mooresville to be the sixth fastest growing municipality in North Carolina. Over the last ten years, the area grew by an average of 106 new residents per month. It is projected to increase by 215 new residents each month for the next five years. This phe路 nomenal residential growth is a powerful incentive for economic development. "Having such a tool in our economic development arsenal will help us get to the next level in pulling in quality retailers, restaurants and businesses," says chamber president Mark Childers. Retail sales have more than doubled from $228 million in 1994 to nearly $546 million in 1998. Consumer Square, a 600,000 square-foot shopping center, is under construction at I- 77's Exit 36. Morrison Plantation, a mixed use development on 450 acres at Williamson Road and Highway 150, will not only add 1,600 homes, it will also have a commercial component of 1.3 million square feet.

Race City USA Mooresville was primarily an agricultural community until John Franklin Moore, for whom the town is named, brought the railroad to town in the latter half of the nineteenth century. With the upsurge in the cotton trade and access to transportation, Mooresville's economy quickly expanded to include textile production.

august 2000

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For most of the twentieth century,

facturers, merchandise licensors, decal

McKay says there is a market which can

textiles were the foundation of this mill

makers, and distributors located nearby.

be tapped. He also says Statesville is

town's economy. That era ended with

Ironically, the 39-acre campus where

working on increasing its supply of

the closing of Burlington Industries'

blue jeans were once manufactured will

apartment units and lower cost housing

denim plant last summer.

soon be refitted to serve racing teams and

to attract more workers.

However, as the textile mills

suppliers. The Burlington Industries plant

Other challenges facing the county

closed one by one, another industry was

in downtown Mooresville, which just a few

are keeping up with the growing pres-

growing. About ten years ago, Bahari

years ago employed 1,100 workers, is

sures on schools and roads. Overcrowded

Racing (now Eel River Racing) moved to

being transformed into Mooresville Race

schools and traffic congestion are partic-

Mooresville's Lakeside Park, an industrial

Center where it will provide space for racing

ularly acute in South Iredell where the

development just off 1-77 at Exit 36. The

related businesses. Renovation is expected

population is booming, but the pressures

attractiveness of its location soon drew

to take up to 18 months and will cost

are increasing in the Statesville area as

other race shops. Penske Racing South

approximately $1.1 million.

well.

Dale Earnhardt's racing shop, the "Garage Mahal", in Mooresville epitomizes the economic impact of racing teams in Iredell County. followed and by the mid-1990s,

In addition to racing, Underwood

North of Statesville, Iredell County is

Mooresville had almost 20 race shops.

says Mooresville has been successful in

primarily agricultural. In fact, the county

Today, Lakeside Park has 60 percent

recruiting a good mix of new businesses.

ranks first in dairy, second in poultry and

racing related occupants who employ

Matsushita Compressor Company

second in beef production in North

721 people. Nearby Talbert Pointe

expands almost annually and now

Carolina. It also ranks first in hay and

Business Park is home to another seven

employs over 600 workers. Michael

silage corn production which is related to its large numbers of dairy and beef cows.

teams. Altogether there are approximately

Weinig, Inc., a German company that

44 race shops, the N.C. Auto Hall of Fame,

makes industrial wood-working machin-

and numerous other suppliers to the race

ery, is locating a 63,000-square-foot-

community is a great place to live, work

car teams in the area.

training facility in Mooresville's Crosslake

and grow a business. Several outside

"Racing is one of our largest growing

In all, Iredell county leaders say their

Business Park. Cardinal FG Co. recently

sources support them. In 1997, Statesville

industries," says Melanie O'Connell

completed a $75 million glass plant that

was one of ten cities nationwide to be

Underwood, executive vice president and

employs 450 people.

economic developer for the MooresvilleSouth Iredell Chamber of Commerce. Six years ago town officials adopted

selected as an All-American city. In 1998, Business North Carolina called it one of the

Future Challenges Loom

top ten "best cities for business." Most

All of this economic growth brings

recently Site Selection magazine named

the appropriate nickname

many challenges to Iredell County. With

Statesville the top small town in America

"Race City U.S.A." The

a low unemployment rate that hovers

for attracting new and expanding business.

NASCAR teams have an $8

around 2.7 percent, companies may won-

to $12 million direct

der where their employees will come from.

impact on the economy

Underwood says that isn't a big problem.

and create about 1,440

"We do have low unemployment,"

However, the opinion which counts the most is that of the growing number of people who choose to live in Iredell County and the growing number of

jobs. With many of the shops offering

she says, "but that's true everywhere in

businesses which locate there. And

tours and the racing museum in town,

the region. If they are a good employer,

those numbers are going up every day.

tourism has become another big industry.

they'll get their employees."

Suppliers to the racing industry have also made their home here with parts manu-

august 2000

With a population in excess of 250,000 and a labor force of 59,000,

Casey Jacobus is a freelance writer and an Iredell County resident.

greater charlotte biz

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pinion)

beating the tax man solutio 1-ur ented ptann1ng with esops Closely-held businesses are the "bread and buller" of the Carolinas' economy. In addition to raising capital and attracting good employees, they also face unique issues such as ownership succession planning. An employee sloe!? ownership plan ("ESOP") combined with an S corporation structure is often the best solution.

stock acquired by the ESOP are held in a trust where the shares are allocated to an account for each eligible employee. The stock is then held in this account until the employee retires or otherwise becomes eligible to receive a distribution. ESOPs are especially effective when combined with a Subchapter S corporation (or simply "S corporation"). Together, they create a powerful tool for income tax deferral and capital accumulation within a business. Here's how it works. S corporations are

So what is an ESOP and how does it work?

considered "pass through" entities, meaning their

Basically, an ESOP is a tax-qualified retirement pro-

income is not subject to a corporate level income

gram that owns stock of the sponsoring company

tax. Instead, income is passed through to the

for the benefit of the company's employees. ESOPs

company's shareholders, who individually pay tax

have been around for over 30 years, but most have

on the income. Since ESOPs are tax-exempt enti-

been implemented since 1985.

ties, to the extent that income from the S corpora-

Because an ESOP is a tax-qualified retirement plan, it is subject to many of

that income escapes cur-

the same rules and restric-

rent income taxation at

tions as other tax-qualified

both the corporate and

retirement programs, such

individual levels. Since the

as 401 (k) plans and pension

corporation doesn't have to

plans. But ESOPs are per-

distribute any cash to the

haps better known as tools

shareholder to use to pay

of corporate finance than as

taxes on income, that

employee benefit plans, and this dual function can pro-

money can be kept in the

duce some confusion. The

corporation and used for James Daniel, Bill Whitehurst and Keith Butcher

two major differences between ESOPs and these other retirement plans are that an ESOP can borrow money to purchase its sponsor's stock either from

50 percent by its ESOP and 50 percent by

outside shareholders or directly from the company,

Shareholder A, and the company has taxable

and that Congress has established significant tax

income of $1,000,000, then only $500,000 of that

incentives to encourage employee ownership of

income (the amount allocated to Shareholder A) is

their employing companies through ESOPs.

subject to federal income tax in the current year. Therefore, the ESOP has produced a tax sav-

ownership of a company in two ways. First, the

ings of nearly $230,000 at a combined federal and

company can simply make annual contributions of

state tax rate of 46 percent. If the ESOP had owned

stock to the ESOP as an additional employee bene-

100 percent of ABC Company, no income tax would

fit. This type of arrangement is commonly referred

be paid on the company's current income (because

to as a "nonleveraged ESOP." Second, by borrowing

it is allocated to the ESOP, which is a tax-exempt

funds from either an outside lender or the company

shareholder).

itself to purchase company stock, the ESOP can

: ~a - lctte

other (business) purposes.

An example may help illustrate these points. If ABC Company, an S corporation, is owned

ESOPs allow employees to participate in the

gre3 : er

tion is passed through to an ESOP as a shareholder,

In either case, since ABC Company will not

become a tool of corporate finance. This second

need to distribute cash to the ESOP to pay income

type of arrangement is commonly referred to as a

taxes, that money can be retained in the company

"leveraged ESOP." In either case, the shares of

and used for business purposes.

biz

august 2000

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ESOP combined with a charitable remainder trust is a powerful charitable giving strategy.

ESOP Tax and Planning Incentives Comp2 Share'10lder Benefits E50Ps provide shareholders the ability to obtain liquidity and

Similar to other qualified retirement plans, company contributions to an ESOP are tax deductible. Consequently, the contri-

diversify their wealth without necessarily losing control of their com-

bution to the ESOP to repay the loan are tax deductible within

pany. ToJ encourage employee ownership, Congress added Section

certain limits. This means that both the principal and interest

1042 to the Internal Revenue Code to provide eligible selling share-

can be deductible on an ESOP loan (as opposed to an ordinary

holder~ with the opportunity to sell their shares to the ESOP and

loan where only interest is deductible). This tax benefit creates

defer tc.x on the proceeds. As long as the selling shareholder rein-

the opportunity to raise tax efficient capital for the company.

vests the proceeds in qualified replacement property (debt or equity in U.S. companies) within twelve months after the sale, the selling

E pi 1

Similar to other qualified retirement accounts, the growth of

shareh Jlder does not pay capital gains tax on the shares sold to the ESOP. 1=properly structured, the selling shareholder can have com-

the employees' ESOP accounts is tax deferred until retirement. In

plete Fl:!xibility in the use of the sale proceeds and will never pay

addition, special tax advantages are available to employees who

the car:ital gains tax on the sale.

receive company stock from the ESOP.

E~OPs

also provide shareholders the opportunity to mini-

mize their estate tax burden, and the period immediately follow-

ESOP Operational Incentives In addition to the tax and cash flow benefits of an ESOP,

ing an ESOP sale is an attractive time to implement an estate tax reduction strategy. This is because an ESOP transaction generally will rec uce the value of the shares of the company temporarily,

participative employee ownership can be a powerful tool for adding value to a company.

thereb·t creating a window of opportunity to make gifts of stock to

see esops, continued on page 40.

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by nethe a ·o r: 'ley rh·nehcrdt •

•

.E 0

E Q)

c >ro

$: 0

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o._

'Our : orr mit me:nt to North Carolim io vo:: ry s:r:m§. In addition to the new fadlities h t--. past ~w months, we anti cip31:E TJore branch expc11s on by tre end of this year:· - N. Brad.'el ThJnpsJr, Jr., North Carolina cEO, So:JihTrust Bank

augus : 2000

greate1 charlotte biz

•

A~UNFO~ THEI~MONEY SoulhTrusl Bank's Bradley Thompson is (·ompeling \\'ilh North Carolina's banking· g·iants by giring (·ustomers \\'hal they \\'ant: (·ompelilire pri(·es and excellent se r\'ice .

. Bradley Thompson, Jr. , isn 't your

accident. Thompson points out the bank's focus on a consistent

average banker. II is hand-tied bowties

service delivery across its franchise. "We've improved our client

and engaging manor belie a keen ,

focus to help you have that same feel whether you're in an

insightful mind that approaches

office in Palm Beach or on Park Road." Of course, North Carolina isn't the easiest banking

banking with flexibility and new ideas. As the North Carol ina

CEO

SouthTrust Bank <www.southtrust.corn>, he strategically plans market operations throughout the Tarheel state. But then again, SouthTrust isn' t your average bank. Birmingh a m , Ala.-based SouthTrust Corporation is the only big o ut-of-state banking company with branches in North Carolina. SouthTrust entered the state by acquiring a thrift in 1991. Unde r Thompson's leadership, the bank has successfully moved into the Charlotte and Triad markets as an aggressive commercial lender with premier customer service. Despite its hometown feel, the bank is actually a mega-regional enterprise- th e 22nd largest banking company in the nation with 623 offices in Florida, Alabama, Georgia,

environment. Competit ion is fierce in the face of Bank of America <www.bankofarnerica.corn>, First Union

<www.firstunion.corn>, and Wachovia <www.wachovia.corn> -

not to mention the proliferation of mid-tier and smaller

banks. Steering the North Carolina operations is undoubtedly demanding, but Thompson seems to be up to the challenge. li e has grown the "de novo " market from II initial retail locations to 36 branches today, directing th e commercial and retail functions of five markets. "It is competitive," he admits, "but we're here because we can compete." Business development is a daily charge for South'J'rust in North Ca rolina. The bank's competitively priced products and commitment to service have convinced many businesses and

North Carolina, Texas, South Carolina, Tennessee and

consumers to leave long-standing banking relationships for SouthTrust. Thompson notes, "O ne of our new clients moved

Mississippi. That "neighborhood touch ", however, is no

his business here after 42 years with another company."

greater charlotte biz

august 2000

Thompson adds, "We have great products that are very aggressively priced, and we focus on a lot of the new growth in the market. " Part of that new growth is in entrepreneurship. "We create partnerships with entrepreneurs and nurture the relationship as their business grows." Customer satisfaction, in addition to pricing, may indeed be the key to SouthTru t's success. In its june 2000 issue, Consumer Reports rated SouthTrust as the No. 2 bank for customer satisfaction.

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"Our commitment to North Carolina is very strong. In addition to the new facilities in the past few months, we anticipate more branch expansion by the end of this year." - N. Bradley Thompson, Jr.

Catherine Pulley, spokeswoman for the American Bankers Association <www.aba.corn>, believes that financial services is one of the most competitive industries in the country. "Customers are the most powerful force in the marketplace, " she says. "We've found that if consumers shop around, they can find the services they want at the prices that suit them ." Thompson declined to comment on the Consumer Reports story. Some regional banks have come under scrutiny lately in today's uncertain interest rate environment. Rising interest rates put pressure on bank earnings by driving up the cost of their deposits, while dampening demand for their loans. Wachovia, for example, is bo lstering its reserves for loan losses partly due to an increase in troubled loans. Although slower earnings growth has been a problem facing the entire banking sector, SouthTrust is in the enviable position of having healthy reserves. John B. Moore, banking analyst at Wachovia Securities says, "SouthTrust's reserves have actually increased over recent periods, while those of its competitors have decreased." As the Federal Reserve continues to raise interest rates, SouthTrust, like all banks, is adjusting to changing conditions. "It does require us to look at

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o ur processes and find a way to be m o re effi cient," Tho mpson says. "A nd that's a n o ngo ing res po nsibility at SouthTrust. O ur cha irm an is very encourag ing o f us findin g new ways to do thin gs." So uthTrust Co rp o rati o n, th e b ank's

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Sa n Anto ni o. But d es pite th e co rp o rati o n's focus o n its Texas fra nch ise, North Ca ro lin a h as n't been left o ut in the co ld . In fac t, th e ban k h as raised its p ro fil e in th e Ch arl o tte a nd Gree nsboro m arkets with impressive new fac iliti es.

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monthly access

'25

'35

'55

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monthly airtime minutes

100

250

500

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throu gh o ut th e state and th e So utheast.

Addtttonal plans avatlable

n February, SouthTrust fo und a new home fo r its Mecklenburg Coun ty headq uarters o n Fa irview Road . This tower, named SouthTrust Pl aza, encompasses 50,000 square feet, with the bank occupying 33, 000 square

SingleRate" Carolinas Plans

feet. Greensboro, N.C. recentl y ga ined its own SouthTrust Plaza, a fi ve-story, top-

~c~~~Y

'25

'35

'55

'200

qu ali ty o ffi ce building - o ne o f th e few

~~m~~y

125

3oo

6oo

2,1oo

new projects in its downtown area. "Our commitment to No rth Carolina is very stro ng," Tho mpso n says. "ln ad ditio n to th e new facilities in the past few mo nths, we anti cipate mo re branch expansio n by th e end of this year. " Bradl ey Tho mpso n grew up in Sh elby, N.C., th e o ld est o f fo ur boys. In hi gh school he d iscovered a fl air fo r numbers and set his sights o n th e acco untin g professi o n. li e earned a bac helo r's d eg ree in acco untin g from Appalachi an State Uni ve rsiry in 1980 and co mpl eted th e m as ter's program in business administratio n in 1982. Tho mpso n planned to be a CPA, but

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august 2000

â&#x20AC;˘ â&#x20AC;˘ >>>> Rising out of the ashes of the former Neble hosiery mill in trendy South End is a phoenix: iXL, Inc. <www.ixl.com>. The old textile mill has been transformed into a tech -heavy Bat Cave, home to general manager Allan Lackey and his posse of Gen X'ers: a group whose bravado and technological savvy are complemented by the skills and experience of older members of the firm. The goal of this hip outfit? Simply "to be the world's best consulting company for Internet and e-commerce services."

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>>>

august 2000

ert Ellis, Chairman and ceo of iXL Enterprises, founded iXL, Inc. (iXL stands for Internet Excellence) in 1996. iXL Enterprises is the parent company of iXL, Inc., as well as of the Consumer Financial Network (CFN) and iXL Ventures. While headquartered in Atlanta, iXL Enterprises, Inc. is definitely not Southern-centric. The company has offices in 20 cities in the United States, Europe, Latin America and japan, and employs approximately 2,500 people. The Charlotte iXL, Inc. operation is one of the corporation's fastest growing outposts. The staff has doubled since December 1999 to 120 today. It has just leased additional space at the same location to house new employees. jennifer Lucas, senior marketing manager, says iXL's primary goal is "to partner with corporations in changing their business. We are a consulting firm whose nich e happens to be the Internet. " Ashley Summerlin, senior

august 2000

what you do, and it helps us to be around quality assurance analyst, emphasizes that. " Lucas concurs, "The risk reward the demand for this type of service: factor is intriguing." "We're consulting about something Quantz explains that just a few people want desperately." Lucas agrees years ago, bigger companies were resistand notes the frustration factor so often ant to the idea of Internet service comencountered by businesses wanting to panies. "Now, they want it done yesterget involved in e-commerce: "Co mpanies day. They've seen that they have to get are often so structured that they can't get on board today. Now, their competitors out of the box. That's what they pay us are all over e-commerce. They know they for." General manager Allan Lackey have to develop that portion of their sums up the iXL product this way: "This business." Lucas points out that is a complete soup-to-nuts, cradle-toCharlotte's banks were a little ahead grave service. We will help the customer of the game "since they had to be do everything it needs from writing a nationally focused." However, "with business plan to delivering the product. " iXL's business consulting firm is comyou ' ve never hear d 0 f'" . -jennifer lucas, sr. marketing manager posed of business to business, we're still on the 80 percent large corporations with the cusp. Textile companies are an example remaining 20 percent in dot corns. While of the type of company that may want iXL employees enjoy the rewards of workto sell to their clients online. We help to ing with the larger companies, they also create a common platform for buyers seem to enjoy the thrill of working with dot corns. Beth Quantz, resource manager, and sellers to transact business." As visitors enter the Charlotte office notes, "They [dot corns] are entrepreneurs. One of iXL's core values is passion for of iXL, they are immediately drawn to a large computer kiosk flashing up synchronized movies of iXL clients and staff at work. Oversized, mod furniture looks like it might have come from movie character Austin Power's London apartment. Lucas acts as tour guide: "Bold colors are our corporate standard." As we proceed through an enormous workspace, Lucas comments: "Everything is set on an angle so staff don 't feel like they are working on top of each other and so they can think more creatively." All the conference rooms are equipped with state-of-the-art audio-visual gadgets, speakers, remote blinds, tabletop connectivity and teleconferencing capabilities. Giant neon signs that say "Chill" accompanied by HTML symbols point employees to break rooms furnished with pinball machines, video games and a ping-pong table. "People come in here during work and after work to hang out and to talk" says Lucas. Like many of their associates, Lucas, Quantz and Summerlin range in age from 25 to 30. Fashionably casual, they reflect a key part of the business culture at the firm. Lackey at age 51 represents

"iXL is 'the biggest

greater charlotte biz

the older guard. lie comments: "Work:ng with young people keeps you young. Young people are much smarter today than when I was coming along. They have a great knowledge base. llowever, their problem is that they might not understand the 'blocking and ta ckling' styles that you have to have to turr: a profit, serve your customer and so on. !laving a little bit of experience from o th e r jobs in other industries helps a lot. " Summerlin agrees with Lackey's statements: "As we've grown bigger and bigger, we've needed the experience that comes with age" on iXL's project management teams. Th is staff dynamic creates a relaxed, playfu l atmosphere at iXL's Charlotte office. To e mphasi ze this, Lackey cites two concepts e mployees must buy into:

"We trt to put th e customer first: we

continually try to improve on that. The

> co

second req uirement is fun. I refuse to

:;:

stay here if it's not fun anymore .. .! have

purposely hired peop le with sim ilar mindsets." The company features Lhemed parties like "Vegas Day" where

0..

Among the youthful charges leading iXL's Charlotte office are (clockwise from top of stairs): Beth Quantz, Ashley Summerlin and Jennifer Lucas.

Make the Right Connections! MBA and Executive MBA students make important connections at the McColl School of Business at Queens College. With the high caliber of students at the McColl School, students learn from each other as well as from the professors. After all, they do represent the rising stars of the Charlotte business community. And, after graduation, the relationships and connections established in the school often prove invaluable throughout their careers.

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wcrk is "JUt aside for a turn at the blackjack tat~s fwith fake money, of ourse!). Monthly suff socials, sports teams and commllllit} outreach programs are also an imp·: rtant part of the iXL landscape. taff development is also encouraged. Summerlin is enthusiastic about "fabulous training opportunities" and the start of an "employee exchan~ pmgram'· to other iXL offices. Ac.:ordi:Jlg o Quantz, "staff have an op;JOrtunit:,r to move to any city, any office." '::'hE challenge, says Lucas, is "rccruiti gthe right people and keeping thE. rigb pe:ople." The key component is "cc·ncemed managers that work with yo·J to keep you engaged." Lackey agrees. 'V\.e do laav~ turnover, but sensitivity up froot ca:.- hElp. " Acorcing to Lackey, the Charlotte office hc.s a. reputation for being "a pretty ·.vell-:-_m office, very steady. The entire me nagE e:H is experienced at what were d•::in&. When corporate wants to try sotntth:ng new, they call us. " Lucas

agrees that the Charlotte office is a progressive one. "If a new system is proposed, we're always the guinea pig.

as "iDS," which Lucas describes as "a melting pot of different consulting strategies. It's a process and a mixture

We've had a lot of experience, and we like to adopt enterprise projects to see if they're doing good things We're pretty open-minded here, and Allan is a crazy

of the best experiences." iDS has five stages: Discover, Define, Design,

nut!" Quantz has also noticed the office's willingness to take a risk: "We're the first ones to say, 'We'll uy that!' "

ish. Lackey emphasizes that this process can be interpreted in both simple and complex manners. "iDS is simple

Lackey points to the company's six "Core Values" as key to iXL's success. "These are the basic rules for life" in this office: Commitment to Client,

enough that most people can understand and explain it. However, it can be very detailed in its complex form." The firm features a multi-discipline

Commitment to Team, Passion, Accountability, Adaptability. and Effective Communication. Each employee is given a card to carry in his or her wallet with these values

team approach to strategy and problem solving. Quantz emphasizes, "When you first kick off a project, everyone is present as a team ." Lucas adds that the inter-disci-

Develop and Deploy. The methodology directs an entire project from start to fin-

"we're the first OneS

as a to say, 'We'll reminder. try that!' " - beth quantz, resource manager Core plinary approach is "vertical and horizonValues posters are plastered all over the workspace These commitments help keep tal. We want to leverage the enterprise." employees on track. iXL competitors in Charlotte include In addition, iXL has developed its marchFIRST, Andersen Consulting, IBM, own engagement methodology known Mckinsey and Lante. What sets iXL apart? Lackey cites GE, one of iXL's larger clients, as proof of their dedicated approach to customer service. "GE is huge and extremely demanding as a client. They have a very rigorous model that you need to conform to. If you can meet their standards, you can work with anyone." One look at iXL's client list is further proof of their reputation. Companies like AOL, Belk Department Stores, BeiiSouth, Chase Manhattan Bank, Delta AirLines, First Union, Intel, Microsoft, and Virgin Atlantic Airlines, all come to iXL for Internet advice. Lucas says that iXL is "the biggest consulting firm you've never heard of" due to several years of acquiring and integrating so many different companies. The goal now is to make the public aware of this major Internet service resource. Later this year, iXL in Charlotte will launch new media advertising campaign in order to "differentiate ourselves from the rest of the marketplace. " The message? Lucas again echoes the firm 's mantra: "We aim to be the premier Internet services firm in the world." Heath Hardage Lee is a Charlotte-based freelance writer.

aJgust 2000

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<www.lowesmotorspeedwa.y.co:n>

c~ rlotte, says m;~.jor league sporG teams are very importarrt to the quali1y of life, prde and focus of a city. partimLw:ly to medium size marl<ELs liJ.e Charlatt£. "There is no d.:Jubt that spcrrs teams are part of the in:lex of li·.n: Uness and attractiveness fc.r citie.; ·which

and th e ct :rrlotte Knight~ cwww.a.lakrJghts.ooJil>. ne city alsc regular!> h083 such annual evenl3 as The Home [•epo Invitational Senior PGA golf toumarr ent :u TPC 'i;:•cr Glen, and topl ke tte flight co leg a:e eve ACC ba~ketl:::c.JI toumarne:-tt. Certainb the bcal t=rcfessional tc:arr s provide their share of exc ling momert~ for theil fall3 and co/Iric[J te to the entertainmert diversity th a can be -=jund in and aronnd the Q·.Jeen City. Bul how much d•Jes the city a:-.d the surrouniin .~ ~egio::1 benefit fran havirg these prJfess:onal ~po:ts here? .\t a tim e wh en ci-y lc:u::lers a-e debating inveslirg in a $224 m.iJion cowntnvm axna for the HonetE<:.nd th ~ Pan: hers' •:wners are renegoti:Jtmg rr any of tt.eir s::>onsorship agrc:ements, tfte time is righ_ to ook at the eono-nic impac pm=essi.onal sports, parti:l_larly tl e .'-lFL and E-lBA teams, have on the grezter Charlotte :un

coming to play )oh 1 Gnnau:~tcn, a prot~sso : o= econom_cs .:Jt UNC Charlotte has ccnducted several stud es ::lf the economic impact of p!'C·fessiooal sports on the area, and is perhaJ=s, the local c.uth::>ri:y on the &..~bj~. He estim;~.tes the im"Jact of professional sports on the n:gion approaoes -.he billion d·Jlfar level. "In term3 of toe income crc:ated and the job; genera:ec, tt.e oott!:om Lne is

august 2000

Max Muhlen " n, a natio raUr known sports ma: leter based in

aren't at the very top level of markets," says Muhlem c.n. "TJ-e .;:conomic fi :sures. 3.S impre>sive as they =y be, are only aboot onethird of the ·r;: lue these tearrs "7presen: to Charlotte.' Conmug- ton and Muhleman agree tftat, of al the prcfessional sports. NB.\ and NR.. fra::1chises are th E best fit for Cha .otte be: ause they hav:' : he best chan.::e oCJeing successful here. "When you look at the eccnomics of diFe~ent sports, the: NFL is the mocel fer how yo.1 create a league witr.

pari~

be:ween smalllllilrket dties a n:i large market cities,' says Cc-maughton. "f,e·:ause of

the hard salary a.p and the bread based reve-,ue sharing policy, all teams n the eague ate •)n eqJal footing. It doesn': matter ,;hether yo-J' re Green Bay ::lr --.Jew York. • Or Charlotte. "We have the light two leagu:-s here in the NFL an j the BA, ., ~a·,>s _\khleman. "The "FL i~ the ru1r- ber OnE 3pcrt in the naticn and our gre.-.: ::allege ::>a:::'ketball teams have created an :-ttere~t 3.n::l market for tJ-e NBA."

"ln U!rms of the income created and the jobs ge.11erated., the bottom line is that sports h :1ve a tremendous imP'!Jd

in dollars and cents.,. - John CcnnaJgt'bl. U 'CChar.otte

dunking for dollars T11e llomet~ and the Par lhe-s are 11::>re :han S]:Orts tem- s o f coJrst::; :hey are in busine:;s to mak ;a. profit. Both earn noney from a vc.-1ety of ;ources, :n:Jucing Li&t salef.. s-:adi-.n:rt renols, permcnent sem li.::ellCI:~ broa.::lcast right >. advertising, and :Ofi=OI?"Ie spcmsor;hips This is a pa-:.icula f im""lortatlt Lime b:r the Pcnth -s becau>e many •Jf t:!Eir spons:x!:.:ip 3.Cans "'m Ents ar.:: UJ= 'D::- fED t:Nal this yea. OO£ mcjc-r sponsor B<: nk •Jf lun~n :a , as ju>t sis·E:d c. n::w lo r g-tlnll p1r..nershp agreemen:. est mau:d a-r s~ miJlon c.nrruaU!-· "S(:anso rhg t.llz Pantil.:'rs is ~at for Ra - k of ..\merica':; )clentiry," says Todd lanl:::ord, 11a1agi~ director of Bane c:k A11£rica SE>-urit.rs. l1e cemographi:s c·f the Pa.----..he- .-Jien . base matches .,.,.e I witt DUr tar;set base. tt'~. a ~eat associajon lO :13'1-'e.' F)r its monEy, Ba nl:: d !• mer ca receiv _s naming -ights :o the club level ;a.t Ericsson S:3.drum thE righ to plac~ autorr a tic te :er machines at the >grE3t~r

:h · lotte

:::~iz

the

ckered flag goes to raci g

by cas o:!y j::c:: bJ5

While t~e Pa~t ers and Hornets get the lion·~ s1::re of the attention, NASCAR 135 J/ far t e tige-e:;t economic impact on the greater ::'l arlotte area of any professicnal sport "The real b 3 im:Jac

OD :T~

local economy is NASCAR," says Jef

$6.50 every workday, the resulting irr:Ji'lc t •:On re:ai l sdes

Beaver, di ,~ tor of tile C1c:rlotte Regional Sports Commission.

alone is $1.9 to $2.1 million per year

"It's bigger -han: tt-.:: Pc: ttt-.ers and the Hornets combined."

attributes 350 to 400 of the 628 hate ·oorr ~ com ple 1 ~ :l ::r

TI-e oc ::l ce•1e :J"tle motor sports industry is Lowe's Motor :.pe~vJcy r CJrcord. While events are held at the Speedway ilb•JLt :: )0 d3\.S a year, the major draw is the Coca-Cola

::o:J in ' .. a·r ).tout 500,000 fans- almost half of

them fom ou:-of-3:ate- attend the five major days of the

he l:cmes Rep1 c:lso

under construction in the area to the ace in~ i1d Jstry. "It's hard to get away from racing when

~·au

n lk EC•Jnomic

development," says Melanie O'ConnE l UnderNo :>d, E<ea..tive vice president of the Mooresville-South lre::Ell Clt:mb=! of Dllllerce. Tourists from all over the world

c::~me

to N\oores\111€ b

annual eVElt. Vlh I= he·e they spend about $42 million,

tour the Racing Hall of Fame and indi·. i:lu31 B ee shor:-:. Ol the

accordi g : J the Char otto:! Convention and Visitors Bureau.

week before the Coca-Cola 600, an es:inated 19,000 peo: le

BL.t eo.·=n mo·E

im~· o·tant

than the races are the numbe·

of race she :JS ale · he scores of related industries, such as engine ma·ers,

cb•s~s

ooilders and companies that supply

safety r.ecr, wh ct- 3re ~·e· manently located in the area. Davie Hartgen, a sports

J~.C

C :Irt ot:e professor who has studied the mo:·:. r

u;i1ess, ccLr :s ll1ore than 130 motor sports firms,

ranging fr: .-J $ ~ tJ $ :.0 rrillion-a-year businesses. Moore:;vi ll-=, ··st 30 miles north of Charlotte in Iredell

visited the museum. Shops like Dale Earnha rdt's $15 mi on palatial showplace on Highway 136, e bbed he Garc:ge Mahal, attract fans from as far away a:; ALs.1 Bl ia, 'lev. Ze3.and and South Africa. As a result, Moores, i.le

rEcE-i v E ~

tax averaging $3,180 per month, whid· it u;~:; to furt1er promote travel and tourism attraction; Motor sports is also the third la~es t bu; ne!".s in Cab:Irrus County, where it employs about 1,00: .YorkEr; . . c• we ·~

County, is -o lle t:J aJJpro.ximately 44 race shops for NASCAR's

Speedway has contributed to infrastrv: tu ·e

Winston CLJ>, Bu':rll C:rard National and Craftsman Truck cir-

the county, paying for the widening o= U.~ .

cuits.

"'~ac~

Cit; USA,"

a~.

Mooresville dubbed itself about si:.

a tXJri.Em

Ncto r

· l1pr :O'/ erren t~

tc· ; ix 1.: ·e:; and

picking up half the $10 million cost f:rthe :Jnstr Jcti:Jn o=

years a30 . is alsc - orne b the North Carolina Racing Hall of

Speedway Boulevard, a two -mile par -.wa•; ::n neo:tinr.I-E: and

Fame . 3ta:-=5·Ji le. in - ort hern Iredell County, is also home to

U.S. 29. The Speedway has also rece-t y anrounced

several ra e ~ shops.. illC u:ling Bill Elliott's $3 million headqucr-

million expansion project.

ters in a 40,0•)CI-9:uarE fJot building.

r $ :_ 8

Nationally, NASCAR is a giant ec::roni: engine rith

A recen: eco or K: 5rowth study commissioned by the

total revenues estimated at $1.56 bil CJn tlli!O year, ac•:odl1g r~a r : h

MooreStiU::-SJllt- rec ell Chamber of Commerce says racing

to Paul Kagan Associates, a media

accoun:s =.: r c: pp-.xim;;tely 1,444 jobs in the area. Assuming

more than $1 billion in licensed mere 3nj i:;: arc ne-. tel=vi-

these ernpi:Jyee s ~erd even just an average of $6.00 to

sion deals worth $400 million annua ·,.

irm. Tha· i1c des

At 'Our ~ext Sales Meeting, Ask Your Sales Tea • • • •

Do Do Do Do

yo ur prospects resist y:::u:: selling points? they fight you o n pncc- Dd stall you with excuses? they refuse to make J dei:ision? they shop yo ur propJs;o] . all over town?

Break Throng!J he Barriers! how your sa les team un c: velop an undefeatable

Learn technique for getting inside tl- c ninds of your toughest prospects by learning the Sz.::1dkr Selling System. Sandler

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It -=--....JI 762.1 Little A,·enut:. S·1 t~ )()] • Charlotte. NC 2.H2.'J.(, Soles Institute• (704) 544-738 ~ •JI....-.v. henri c ks corp.sandle r.com ;}r : ater c ..arlu -:: e biz

Mik~

Fish.-:r

aagust 2.))0

• I •

does ·t make sense? No~

a~re~

everyone

t hE -=c.:•romic impact of spo-t:; is wo r t hE :•ut lic inve.; :ne ~ Li·:e c:ny pmf~ssiorc: l sprts fr:tndls e

tc•::lay, ti-e to

:3v

Ch:~rlo~te

1-o- ets.v1..;nt tlE ::ity

a = 5E ::hLr k

C• · : h ~

arera ThE -lcne~~ o.-cy t1~

l:iJ fo~ 2 n:=w d~~ 1•1iJ er joy Mar -: Pat:l'er \NfNZ S'llorts Rad o

nL-TErDL.> eco·om c bere" t; l rorw 3 11evv

arer a, b .i 1ot eve ry:n~ ~ : c"l'li -:e d.l n fact, most inCEpe-ldent .:tuai::-s show th 3t t tl~

=c•Jrt:>lllic mpa-::tDf a f: Df~ ss rn c:l ;port; t~am or a c:omrwur ty i:; 1inimal. :og:: r \leU of St:t1f-.:.-.: Ln vers1y who cnnducted such a

k5"JJ rt5 a<:T·ie-s

J c.~i::a l

\ 31efi.l;: c v,itl

Tt-:: 3::-: c= : re:r.ins th~ sp•: 1; l.a-::

pecpl ~

:;tu : ~.

nol:-:!s,

who l\oe i1 th:= local community.

dc esn't cuse them t:J hc:v-:! To ·e ·n come

to :;Je1c.. tl reallocrEs 112 cig:r=: i·Jn:Jry incom;: they .>pe · d oo r-:o cre90 on and en :Er.c:ir

=rt froo : : h ~ ac : h. ' ties1o:attencin[the sro ·ti l g EVer ts."' F:cbert

Ba :Je, 1= -c =e ~ sJr cf ~=croll1 c.> 2:: Lilloe Fore st College, e:<c:11in2d 36 U ; , mE:·c po t:: n sat'~J:io . c rE33 •.\o\.SA.5) t~ at hc·st :•ro spJ ·:s : ean~ :. nd 12 MSAs thctcid -c: 1-o.>t 3 m~ · m ~ ~ e ==~rr from ::. 958 to U E7 He f oL 1<1 - ~ o. t pro sp::: 1.> had nc staf :>:.::nl )o

~ i 5r i fiG 1t i'Tlpact on

econurric fro-vt~

rat~:i.

hdd:: f:on::r U 3-. JttE d::>t cou1:i m:tr MikE Ja:kson 01 1is 'tVeJ siiE ~.,....hc::netsnet.cq> :

·• -=HIE s ve devel·JpTent a·c Jr:l Cam c en Y::tds

ba::-=Ja lL : .;; rf: n

Bc: h 'llo-ei ~

Cc1·:: vi :~

ci l·1•• Bu· :J:::;::ite3 huge public nves!Tr-:!ri in rEI. taliz=t'on,

ze'

c=ten :i!J2d as c: n ~ .<amp l = ofro'l' sp.:-rt:;f3 cilities

Bc...tinor= corCnLes t .ose 3I es:i11ate d 1,000 citizefiS ~ari:;b l· 1•

art

on .::: 'l:JC s.

rronrh. - b=se peoplE

mo·J rgto ju iso:i a J s t~ at hc:ve focused p _blic iwesT1Ent more

~bli:

s3=et\, t':: n:.pcl"t3t on and b::.sic g0'1 err11e r t s.e\·i:::-s."

Mar• Fad<er, 1-J::· of'....'=tJZ-{)J) AI''\ ;port.> talk radi o's ~ c:~

~ =r

al:erro:x~

ol-e ..,, feels

if:he -klnets ""'" · t a r E'l' otadLm they shou ld buil:l i": t- enrselowes. ~-:seems

-~~c::

:1e o nl·rEran-~

"\'IC

doo t lirxl the eX: sting C:Jls-:o Jm tc• j-e-i · • .i ng is thE

Ch=. io:te Horn ets." TT= re-c:::cr :Jf c:u~e is the leek of cc·rpcnc.te-spc nsc ~ :J luxury bo ~t:s

"\ 'E hc:d H·J-r"E!; cc -J-.. er ~c:y }/Joldr dg.= on the shoTN c: n:J I a*:! him hov;

m;;r, lwcry

oc~es ~1-e lEY'

:trena - eecs. He ans-..ered,

'S i)(~· fiv =.'

ho ' ' nar;t :or:orat'< n: h:t~·= 5i 5ne-:J u :• or at leas:: agred ~o

i:hen 3Sked him

tuv irtD '//IJ~ever that

arcr t n.::-:od:. tn be 31d 1 :: c.n; w-:or .Nc. s 'Zero.' 1: 'Nould see.- to: mE :hc:t :::~efore you

s:::r :'. skiE.lgtr e city fr $:so 11 .l io1 ()r a dimE yw wouW at eas: ge! a 1£1· perature fre T a,e rc-pcate :cnmJ1 t J i t· = ~~e ::Sa denard for y:>LI p odJct.

"I've o3 i::l fronr j 3y 0 1:~ I thin it JV·Juld Je 5reat

i ~the

omet:;

s~ed,

and I

tt il { i: II": _lc : e grEet if1o.1~ 1- ad :: •e ...- upto"Vn arena. E.ut i " B-u::= Sj:ngsteen,

t:J- o;, -\O::::C, -~ ~ : ircus ard c:l :- e olt-er events tha: come into Ch~rlc:tE 1?\e no problem v{:h the C:::.i;.eLn c: n:J ti-e 1-Jrnets :!o, then I 1E 1-orn:=t:s r EEc to go and bu .:J the 'r Jv. n are 13 · d ralt er use toe hote l t3x dollars to bLild

zoo and an

aq_:ttiur. l r ec= n tt 1• 1x~ TY k. d.oili'l'n to Colu.11bia t c• F iv=rb~nk.Zoc• =:n d to the P.i r . ~~·· s

.:!c JiT Jm r

~ c.~ in c-a -lot:~

to 18

au ~u 5 t

2000

: ~E

'll~ rte

3Eac an:J I was blown av. c:~ . =we hc: d th n!l'slike

in :=cd ito• :o. o: Er th ings, .Ne "Vould t ring a l ot 1101e hterest

Qu:::;: Cty rr•) ll c :cui:;t

[11(0

se;:t c: rena

'.11~ '·1 = §'ct

S:c nd~oint

cthertt- ings

: hen whetter Jr nJt 'f"e r c""e a new

w-2

r eed tot e ·: oins irr : h~ : cwn."

stadium, and a backdrop for Panthers press conferences featuring

business v-ith

_h ~

Panlh;:> rs =:ac io n-:T,v.xk.

"Co rpo-aliom luv::>

::a es

~enamllen :

all

the

7 3,~4E - s;eat

~c.r ·-~-i ~ :~~ ::lETa~

the bank's logo next to the team

budgets they d idn't bve ocfc.-e profes-

-:>L: es 1his

logo. An annual Bank of America

Carolina Panthers Caravan Tour

sional spc·rts came tc toiNu " ;c.:s Cr:tt:s "The ente:.-tairment sad~ ·:- t:-.e Pa :1 th ~:5

takes Panthers players to other cities in the Carolinas, extending Bank

is a huge JUS Loess. Its al sc a -JU5irt~

wu-ag£ cf $3)4.31

which ger.erclft5 busice5s."

5ame. ?<X that

of America's identification with the team throughout both North and South Carolina.

~ t::

Another major source of revenue is broadcast rights. The Panthers have

Atten:ling a profe.osi•Jmt sp;d.ng lWnt isn't cheaiJ. Part ::~ f :he f-arrthe:-s· .1rc u 3..

recently restructured both its radio and 1V deals, so the franchise retains

revenue omes

: o-Jrse

f::~m

at lE ast S2S

Lc:J :~a rl y. l pcr. ::· ~r.dtal ::Ecently ·e-::ort:: d :rt a .:c.mi_y o::· t::JUr spends an

show me the money ::~ f

Ericss:m

:)t;diLID . A J pcr::ent i.ncEc.sc: in ticket

ri o::e

a len:! a Pc.nthers' fa r tick-

t~_ ey ~~

. 1-\IJ

fc:Jr l ( ) t do:?,->, n..•o ~·=•ft d rinks, and lxer.o. lhe :ornpc.-a :: le mst, accord-

tc Sl br c. l or:1 :: ~ garre is ~· 183 . 15

ad ±a-:. s f.Jr r::gula sa: 'Its. T'1e rea l m::onE"", i.n staj i .1

ticl:':"t

~s::: da~JS

is in

e'!Sin; cXJ::arare .L<u.ry be XEs.

more advertising inventory revenue. According to Scott Crites, who worked in Panther radio sales for Capitol Broadcasting, the Panthers generate millions of dollars in broadcasting revenues. On the radio side alone, the annual income is $5.5 to $8 million. Since leaving Capitol in January, Crites has started his own company, called First in Ten Marketing, which develops events for entertaining dients. He says the business grew out of the relationships he form ed when doing

Buy a new Po you could wi

To c "'ebrate bcilclng .- elr 01 = mUi o•lll autanaf ic , Pol• ris is g "'iAJ a•~ a} t1 r I ~ "\ Ca •r "isit au · store ~r •cr! d ~:a i ~

"Sponsoring the Panthers is great for Bank ofAmerica's identity. The demographics of the Panther client base matchES well with our target base. n

n-ugh Augat: S.Sie!o Step Flnmclng + t1 ,ooe relliat8l Hi= ere · is g::>o j u-t i k.lg JSt :31 200 w~

tlr~

t..-s.:. BW/t ' o

wn w..rt itnrrs< stor""*' I .JJS 1ttnnc.erl

p.ot.IU,

Fz?ki1g ar... ;.ni • •mriJf! tD r..at 1p ~I!

tlr! tM;f'es. g,vr.JI'lrs rrd ~~q ".o

I< 3J ppies last

A fu.·~-'s

Th e - w Vk:tor1• Spo-'tC..ui serlr.tr:Jiur.,i tile 'Ill · 1~w li: t.•r

~talrr

we;, a ~ei77E t!

Polaris 100 N. Filla in St

Inc. Stan le, , ... c. 2.8164

•.:oa..~-:ry, ~

704-

- Todd Lankford, managing director of Bane ofAmerica Securities greater charlotte biz

c:ug.J ~t

2000

3: 3

C.ao.'id Good~ of Southern Real Estate S3.ys his co:npany sh P-S a box for Pan-:hers' gan:_es witt_ aDCther comp3.ny. Til.ey use it f e r ent.::rtzining client~ . "Ale we doir.g m::>LE bnsiness b .:: cau~e vre take tt.em t:J g<rrr.es? Absolutely," says GJooe. Lankford agrees that tc:=<~ ng dientE to games is more than e:1tertainment. Ifs an cp?Ortunityto sp.::nd several h :mrs 'Ai th a client in a lotalfy different atmos:>:1ere than at the offiCe. ''Fwo a dien~ entencinment perspecti'7e, it's great,., he says. ll:.ere's a social

"Are we do.in9

ore business

because we take clients to games? Absolutely." - Dcvki Good~. S'JUthem flea/ Estate. whose compary shcres a fwxur;rbax at Erlcsscm StadiUP'1 ~ anotfo.er CJ:Jmpany;

environment; eveiJO:le's havi::-tg fun." For William Eray, ·..vh.:Jse l::usiness, ·weltor Sports, desig:1s cutom golf vc.catians and arranges cc-rpo:a:e entertainment, the p:esence of the Hornets and PMrllers has temmdou:;. Yalue. "f'wfessional sports give a company iil::e mine more ve:mes to e~ain dieoo and m-xeways to do ic," :1e .;ays. "I can sell a d iwt in the Triangle a~a on taking a .ong v.-eekend in Chc.rl::tte They bring in 20-.': 0 salespeople to play golf on Saturday and go teo a Par:ther~ game on

Sunday. They stay overnight, eat dinner and spend money." Fans come to Charlotte from a 150-mile radius to attend Panther games, and from a smaller geographic area for Hornets games. 'There's a huge increase in game day business," says Crites. "All kinds of business around the stadium benefit, from discount shoe stores to restaurants. Eating establishments, transportation companies, parking garages - all of them benefit." Goode's business is commercial real estate. His company has been doing business in Charlotte for 100 years. He says there is no question that Ericsson Stadium has significantly increased the economic value of the properties which surround it. He believes the same thing could happen downtown with a new Hornets arena. Steve Luquire, a principal with Luquire George Andrews, a loca advertising firm that works with the Panthers, agrees the location of Ericsson Stadium has had a very positive economic impc:ct on the surrounding area.

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"The stadum ....,c.s buil ~ :. an underutilized aea.' he says ··It 1-. as .ed to a lot of devclo p1ent in Sou End a:-~d the west si:le \>..h ~ch hai .~d to an expansion in tcx rt7enue anc helped rejuvenate the uea.' Charlotte Hor::€ts own ~r Ray Wooldridge is tyi~ b sell a :-1ew do·NTItown arena for the !?am as c.r: eccnomic d~velopment p1ckc:ge forth~ rity of 01arlotte. (See "p ·lie fun.: ins on page 31.) In a recent int~ew hE said, !be

see sports, crmtinue!l iln page 41.

baseb L waits its tur A major !eagLe b-1Seball sta:lium would likely co IT•Jre to hoe:lr:t revitalize downtown Ctoarlct:e :han a naskettall arena. Bu: is ::ha-.o:te rea:!-,?

With Tegra, We're IHore Productive. "We needed a phone S}'S~em that allowed our customers direct dial access to the ir r:J ationship managers but, at the same time, gave us the a ility to transfer customers to others quickly without losing calls. We also wanted to be able to interrupt a call that is going tJ 'Joice mail so that we can give the customer personal service. Tegra had the right system at a reasonable price. Tegra even pre-progra 11 ed all of our phones and labeled the employees' names on their Extensions before installing the phones. Nothing could ha\1-3 been easier."

Tim Newman, gen~r:ll marager of t he Charlotte Kni~hts.. the AAt• c: =filiate of the Chicago \IJhit:: Sex, is n the midst of assessing :>lar.s f:lr a ne....- stadium in downtown Ch

ot t e or

m~ he city's

burgeonirg S::JUtb E1d. If Crarbt:e were to securz a •.ajor Le c: gue Baseball fran : hisc, :he stc<I!m woJ ld

covm

either be exp3nd:::d cr torr

www.tegra.com

and

a new one bLilt i its plac~. New-nan 3drr · s :1at t12 Charl•Jtte area would bemor= sJited "c•ra maior league team ira few years, 'fir en the area has a larger popLiation. ''Tirne is ou

Wesley W. Sturges President First Commerce Bank

friend," he Sc-ys, :: u: adds ttoat Beaver Sports Propertie~ vnich :>Ans t1e Knights, woulc gla:lytake a :eam tcday. Unli ke tre N=t., basetalJ ha5 no provision for ·eve•ue shar rg anong teams. In tod3y's Norld of huge free agent salaries, sraller m:.-k.:t te31T s - such as tr e o!lf' t 1at WDU!:l be i1 Charlotte - S.:mpl/ cannctcompete against the d ~ ep pockets of teams located in major -.arkets wi:h lucrative televisic

deals.

·ecent

study comm i ~ sio'Jed by t1E Jasmall commiss io ne ·'s c "ri•:e recc mme1ds the league institL1e some =em o" revenue sha r' ng

restor~

competitive

balance to th~ game.

greater c hilfktte bi z

august 2000

[biz

m e-,dieta pro'file] by. .kcthy . . . . . . . . . . . . . . . . . . .. . . . .. . . . . . . .. . .

aJgu ~ t

2000

~re3te r cl-crlJtt~

biz

A"Ca itol" Move Richar Siskey has then

de'i~e

becoming

alway~

hac an uncmny c. bility to clisceo situat.iom in acvanc e,

ar..d in:plemeLt c.. ::tra .::gic response accordingly. He honed ti :::.se skills while : hess m::lster as a fOt:nsste:r, once eo;e::1 playin.s 10 oppon.::nts s· mu~ tane ::msly.

In his arenas of competijc::l. he says it's the : halL:nge and art foTm that motivates him.. After coLege, h1s gam.:: board became th~ fin::~n:Uil mark~ts . :-Jow hes gJt a[ t1e ITIDves cov:::red ar.d is

~xp anding

:Us :nastery of the ::hallenge to oth_r :n:rr.lo:ets.

rom the ·=·e& '"lni1·g, Richat•J Sisky ~rvis. ::>-.ed a compa:::y th :o: f.::>cuseJ oo the corplKate markEtplace. ==\NOt:. :1 faciEnte aO tbE (ncncia_ , swe~ of high net v..ont. indiY :IJa s :ord entrepreneus by JX•Jviding the taler: and skills urjer cc.e rcof. Today, at ;oge -ll, h> dream is quidly Ecoming ;o reali-y

All The Pieces \Nhrn hein·tially corczhr"d the icea Siskey found that nothing in th:' ma[~etplace v..as coo· p eh ~ nsive enough. Ulunatel ~, tl-_.s type of mvirooment h,.J to be cr::ated,. he insists. "'>lo ·J nE had t1 e who!~ p ctu re al th s Ieve . Wren a client rrO";ed rnveo:o fi n:oncia l :i vis.o::1s <:nj a-eas of diso pline

in Wall Street Capitd, :o ccnpa'"ly that ohrs fDJx.ill.and es:ate planning with six d visiQr.s that fa.:ibtateti-e f D3JCi :d r; rcces>.

~·=•me th _ q WG>

The divi iions are iffilJEnc.:, inves: men:, pensi:m ;:•:a m, ~ JTployee benefits, ·1westmen: ba'"!ki:r:.g and m::>st E:er.tl-): r:::::a l cstat:>. "W1 I Street Capi:::::>l ·=·ffers rom prE:tenskE fin::mo a: se-vices as opp~ :>d to havin?, ;t singular focu~/ .) i s ·<~ o:pla. ns. As a

JTe like I h1d ~~n h.oads." VIall reet Capitol taJgE:i high n ~t worth and entr ~ pre I: ~ uri a l c· ie:n:>. cr~aling a per:;oml : iwt sroup The·1 u~ually come th-ough rEfe::Tal by :•: I- ~- hg, TY-t •1orth o:- ntrepreneurs. &epben lbsenburgh, pr~ide t of U S. Lar : I n·1estrnents =-. Ch3rl:Jtte, lnE be£n a di~m of S 8<cy's for se.-en ).eaG and :-_3s sEen ·.he v1isdc:n in Si!ko::/s visiJo fi rsthano::.. "Very -':e·,i srr aL compar.:ies aP- :;e ::1 this -,-ision o-= the

client rr o:•ves betwee::1 divisi ::ms or -'inaocia: ci>cip.ires, it's a hand-of:f as far as tr.e talcr_t le·;e 3nd e:o:::>ertise sconce-ned . Whethe: clients mo•.-e bet'.veen a businf'ss co•mltar.t and c CPA, or ;en insura nce and penJioo plan speciali3t, the expe:nis.e is at an £Xtremely hi5t- Ie-, :>1 .1he.peopk in eao: B diYis~ cn I·avE: been trc ..ned in th a fielc their entire J r:~s pr::r• ding ev2r :;:s t::> 100 yea:= combined e::::pet:.Ence.'

greate- charlo-:te tiz

~ars

lost in the : 3ient level =InL skills ~et. But 15

.1go, whm I "'Juld t31k<Dout ·.his, peoplE wodd ook at

-JUrE- no: •uEt rranagi r g o:Je pc·duct but rr:rnaging the d irnts iocorne ~rrrngth. Ri el; :.::no·..,~ ho0v. to tab:: a client's come

;;r:rer.:~

aod deploy

t teo

the clie"Jt's acfora ntage by

3ugu:;t 2000

> 37

wholesc.l <.:s -

The Essential Support Services Leader

the

thing< :-.c-:- pen -

or.~s

who make

anc bought them

natio:u l

sour:~

ipate~

SO pe:rcent of o.y ex"tra business.

IJ.l.:lng WaL

s.::es hi> tec.rn at the level

Ca:: ito] to the eng~

I've fac:d in rr.y career" Siskey a::1.-l. :ie~ 'Tve bc.d :his •Jisio::J. fer X

finaocia 53ues.

The g:-Ea est chaUenge novo i:; hew :•

Capitol~

maintai::. a versicn

)'eCJ&

cf·~-c. ll ~ tree:

Capito- i.r: each locaticn ."

ThE _.;:e:: iE firu:'.i:rl!:: bcal

:loing its job

tale:~ ~.

corre.::tly ...-e will receJ<'e :he first phone

Greeocu?,h doesn·t .:J.c...::X r.: the- lOJ:"•- level

call i:n ~:l::J.ancial ar~c. ."

prodt:.CIS v<"ill rea ::lily i·:·in the : Eillt5.

Fo:- Craig Cass,

pr~sident

'·[ 1~ ~ck ""h..i -~

of Casco

Inc. c.f ·-c:t Carel ina that's a given. ' 11\.-.:H::l vve started working together

trying to fit

l was' vol:>llSaler

lot of 31L:IIE p egs ir round

hole~. b=:r.a:u~e

we cicn't 1H.·e the ;cope

five yean ~o. 1 fo'.1nd R:id<'s key trait to be h _ ~ abi ity to unce:r>tand our needs

of tho: p:cdum that

and :-Ldf

conftC.es ··v.-nat imptE!&:d

.::3

::nove in DE right direction .

cons:ar::ly bringin5 d:r 1amic and fresh ideaE Lc _ 3. Then Pjck .:Cllows through on thos-e iceas. Yo·..1 don't find that often today. ar •: ' r.. my busiress it's priceless."

a rE: r.a labk ·w:e or iii::; to oealivcly rues -_hur ," he

the

=c '>pil Siskey mcvcd the company

offering different investmeor opions. to

th ~ir

m::-.<> 75,000 sc•.Jare foot, four-

story buildng at 4521 3haron Road. Wall

~U«:t

:::::apitol oc: _r;:lies 17,000

mcH was

th ~ Ia~

of thE lc..n:: well." GrEenough figu 2 s they're startng Rick's ia>ight. He P-00 ;

theirnati:mal pus!- f::c--11 wlid g:oud . "':/.. c::.:- has brouglr : or ti:Ju ity tc our bufires5. Ou: tEa This is

The Offensive

be threa:l that l:inds the , -isico together.

s a v:e. L

~trE:

natiOfla !.eYe! is th e t gg.::st ::h::.l

He's aiK n entreprerreur at heart and is

Rose:nburgh sees Siskey's integrity as

~. 3 ::>ElC:l,

of tht:ir dimts, understcnding their

If Wall SOet

But he's also not a one-mao tand. He hnows how to build a team ..,

offices in '.Jc.f, -

great deal of conuol 0"/er the culture and

appl:..inf :-~)I primary finc.ncial advisors.

800 Clan1on Road, 'uite W I OS ~. C: 1t:r Street Charlotte. N.C. 28217 Stac:..'Y l t t; .c. 28677 (704) 52:-8400 (70-l) ;73-H44

By 2 0•) : , )i>Jey =.nti: -

New '{o:k City and Da

''A''=.'re busint:ss-p anning specialists

Temporary Temporary to Hire Direct Hire

pr~srnce

Now WE: Jruource 30 :;we:cent. It allows a

Si ~-

Ref!ional(Nationaljlnm~rl.tional

and CI-icago, ,si";::l§ the : egi :mal -"illl c.

here : r. tbe early days- I ·.1sed to out-

envi~·ntoe:r: ."

Professional and Industrial Placement

will ::~ p:n offices in A.rJ 3nta.. Ft. Ld.y <:r&

;>lace for

outgro::>vn their

COEsn't craoge.

pec"J I~

cu:-rcr_~

YJL-o h.,..-e

bmi.J:ess mcd el ~d extra

as a finmcial consul:an1, and

services f:rr lhEir c lc:'ll"' -. 1:';; for those lookin§ tl:.r something deq :EL

"I fl .:-.a7e

clier.t s :tin ~ ir. th e

squarr itet :m the fow.h floor.

confence room c.o::l

b be number one in financi.a:. s~rvices.

lh.c :•fee has e\'~rything I ever .,.Tltt:.: Siskey soiles. "This

up irr;d,ing no:bcr Enc.nci3.1 ar:2. ; can wall< :lowr. ti-e ~ - 1 3. nd uJ i::J. -:..1.e

1 have personally seen his integrity

shouW

peopLe .'lho can s.c-1...-.::

r::toved from words to actio

businEs~

Rank and File

mahogc.:r , :m d lea~ her But. as is his tradem c. d~. 3iskey doe~ ic ]i~e no one

"Integrity, without qu.esj : •n, has

:.liE': 311

According to Siskey, his clit:nrs are l eooking fJr a personal tou :.L. we're a ':;:mtique and prvately helc. \VE think m ere's a certain niche of the marketp_ace ~ (s

tha ~

wants a high tou ch approach.

like p referrin.s a communi:-{ bank to

a national bank "In o.ost business mocel.s.

exter:.sior of our client's

cmd homeE .·• i nc~ udes lot~ nf marble,

else. ?::H =::rzmple. the oe:iia room, with

prob_e:=1 :n:oes.

:t~

The Strategy h nay ;;ppear th e. _ buiLing a new

age fm<IIl:ial

empir~

v...:::ulc w.ke 311 of

Siske:r s time and c.~rL•::>n. ~~o~ ;o. [ r. fact, t :;_ eEs is severa: _:enE down on

stadicm >IJ-e seating and international satelfue ::ar;:a ilities, and ~e conference

his pOOity list

room bc·:b :>.::fer touch of the button contn:lE. &.ft recessed lighting creates

value

a soouir.§ :J.nd pec.ceful environment

"Wh a~

'.~tt.:r.:lmel.t 11:;:.~

·:>i a ;rnJ

a 31E:: ood

fud .::s: h :: (:hllc-wpbt:es

il :na.< es o:: you in the pmsuit of it is c:: pr:mary impc•r.r ce Wba!-{ou

toancial consultant has to be aD things

along •.vi-:J- lush carpeti::J..s to capture any escapi:~g~ :·unds, a harm_c.ny of subdued

tc· all peo ple. There's not enough meat

color, a 35C-gallon salt'.va.ter fish tank

on the bones there. Our fim.n:::ial coun-

and a ~i~r. t view of tte ::lowntown Char](JtlO: ~l:yline.

3ure y:m ;:.: e

The Challenge

and spe::ill wd yoc.'rE t:•ucbin ~ pee p ie'~ lives. ,;t the end of th d3.y, r ais th .::

sdors have six drvisions to "'.crrk a.:nongst at any

~iven

mome:n ."

To accomplish this dauntb5 task, Siskey brought his wholesalErs i:lside. "We

3-8

identifi ~d

the rainma.<.::r

august 2000

AJb .::-..:.gh the company is just a year old. , ... j-J- in the nert 90 days it

make a11::. get i > tempa:ary. \•!tat )'C'J becoo:e _:;: p ~ rman .:: r::. ·~.vl:.;:.~e7er

ycu

ar<. .~obg

aftcr: :-:take

creaLn~ scmethin ~

oique

::mly Ll. L-l§ that's g:m ::1.a ~ remember=d. ' w ~f

-,ays til a ~ :-dk so?.::Y i >Jivro

grea-::Er ·: harlotte bi.1:

li ~. '1'...ick's ·: n:- o:' a k:::1 ::., · ·) -YEr<:'s Ca:ss, who ~-;due ;, SE.::::o>?

c Jt iD SS:ey' i

as;:: f:ieo ·=

3.~

"'lcll as bJsinesE ai30G.c.u:.

'fn 3prte of .:lOVT S'JCC~fu] .:te i;

e =?J=e d gu~t' ~oJ' d inv:ite to 3. t ~ rbcuc md enjoy ~i Uing and l ~ lkir.;; v;-it:-. E'; a ;:erwn -t'Ou'd introdJce tJ y::> ...IT folks. ·or.e = reaJ y got to know .:J.io.. v.·in :toed 01.:.t was that he is su :h 3. fu.mi~ g~. Hls ?:it'e :::>:ane :sa great partnu kJc- him ;md 1e ob,,;:rus.ly lc-..:Es t:J l:earo·_rd her anc his kids. • Rid:~ 2 givff IDd OU COII.ffiUJ.ity ben:--'its fran:;_ th;~t. • b/s

Com e experien ce an authentic

' churrascaria rodiz(o, or

Brazilian

S t eakhou se, and be sure t o bring you r appetite. Waiters circle t h e room with sizzling skewers of over

20 kinds of fres hly grilled m eat and carve them directly onto you r plate. E n joy ou r h ot bar, with delectable

A[ he Right Moves

items such as garlic sh rimp in lobst er

5iskE-; tu:.s been irrvoh-e::l in : hE YMC;, QueEns Ccllege, MEcklenbu:g

sau ce and ou r cold bar with t ropical

luec. 2artd.i: Scbods, Unr1ed Way ..:::-..d num~ot:E

ether ::wn-pofi-:s He .>ay~. .:te Sfecixai._{ ;tickd them b t:C3. JS ~ of thEir fu.r-J60Kl- illg i:np.m. Dr. E lly \4/ire::llc.n. presider-.1 of QuEEn' :::xl~e. rr.et Siske:•

fruit s and other delicacies. It 's a t ast e experience you won't want to m iss!

Op>.n Ohmer On!¥ Tuesday thro1.1J1l Saturday md for Lunch aLi Dinn

as a s tu-:irnt

R.:;:~rva ti om ~eco~e n :led

v.·_l i.E hE =.n:. h is wit~ Diar_e we:IT a:te'1:iiru= t..' :e 'vkili __ ~.chool of

e_ ti,-e MBA pro.s-am.. 'Rid-.:. i>SUzd 3. dEUengE to o-Jr c... J::-l.:J.:i tt at h :: would oatc..': 11 r::t ill!•)::l

oa Smda:v

B.w r zss

b£- p tnikl :he S~kes Learning CerJ:e:. :- u::-_::.er3:ar:c> the re:spon~ibilicy of v.·ea tJ to -Ea·::h out t: stren.? 1en th e~.;: iostil.J.t.icns jk:e chur::hes, college:=. ho:p::a l ~ =.n:i such th3.t con:ritutt th.: fu.::Jiic ::·f oti :;ncie~. !illd he has a sreri:a.l p;rrt:'lef ir_ Di~le. ShE'> a ·r..ry bighm.irrled :wd ::.ece::n p ~r>on w' o W]Jp:Jru him ir. a] t ::i;. !'::::1 pr:>ud to h w e :h.eJ:l...n the T.00g: :X cur conTllllnitr. • ~- ci-rea: n? "I r's im~: rta :-. t f:!r3.ny E::H.Il?re:r _uL pr::·fess:ic nal a:Jrl 0:eL _tive tn beacti!'E in th ~ communTt-r teo m =.kE it a better p_<.;::e r.C'..•> and in: e fJtL:e. • Sisk£., ><-~- '"The levtl :Jf ln:ier.D ip dri·J£~ e\'e:-:yti.:ng- :1 ome, chu:-dle;.. co:•rrrnun_-y busines>Zs.. .. th::ir sun::E~ i : b :.c:d cu the kadrrsh ip . < -·rucl:: hc.s a rremendous :e ~u ta tion, • G-een·:: ugh :emarks. " In b:ust-_::>S, t:be:reare. rvot::· or three ma in line pl .:r}-;:::3 in to".l1 <:'1j peo le krow him. He'5 plugpn& irrto the fa ::ric hffe. ., t:J

~·;t;;y

ltler j :e:c. is

Who's Your Direct Marketing Partner? Our ability to deliver unparalleled service, innovative ideas and superior qwdity has

Who brings the right mix of capabilities, experience and solutions to support almost any direct marketing and sales effort? earned us the right to call ourselves a partner to each ofour clients.

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C.'IC/rlottE -base.:;

feEoJCe -ritr?t. ~ r e c:: e r c h a - [ •J

t t? b i z

au c u ;t 20)0

esops, continued from page 17.

Owners of a company can derive as much operational benefit from the ESOP as they wish . Some owners are content with taking the tax and cash flow benefits and are not concerned with the operational benefits. Other owners make a tremendous commitment to involve employees in the business, and they enjoy the performance benefits derived from their efforts.

Characteristics of an ESOP Candidate All of this raises the question, "If ESOPs are so great, why doesn't everyone have one?" ESOPs are very dependent upon the economy. When the economy is strong and the values of companies are high, owners are more interested in selling shares to their employees. The robust economy of the 1990s has fueled an increase in the va lue of companies and as a result, ESOPs are a very favorable current planning tool. However, not every business in the Carolinas is a good prospect for an ESOP. An ESOP may be worth investigating, if the company is:

profitable, with taxable income in excess of $100,000 per year;

thompson, continued from page 21 .

of sufficient size, most ESOP companies have minimum of 10 full time employees; and

<www.bbandt.com> offered me an intrigu-

fate beckoned him to banking. "BB&T

in a growing Industry, although not essential it is a very positive characteristic.

Conclusion An ESOP can be a powerful planning tool for maximizing financial strength, increasing employee performance and minimizing ta x liability. ESOPs are a complex planning tool and the laws related to them are constantly changing, therefore, if you are interested in exploring ESOP planning options, be sure to consult with an experienced ESOP practitioner. The authors are members of Womble Carlyle Sandridge & Rice <www.wcsr.com>, a Charlotte-based law firm, as well as the National ESOP Association and the Carolinas Chapter of the ESOP Association. The firm is planning an ESOP Life Cycle seminar in the fall of 2000. For more information, call 704.331.4900.

ing opportunity out of graduate school," he recalls. Thompson accepted and his banking career was off and rwming. That opportunity turned into a twelve-year tour of duty as Thompson rose through BB&T's corporate ranks. But in 1993, SouthTrust made the young executive an offer he couldn't refuse. "BB&T is a great company. But l had a cl1ance to work and learn a little closer to the heartbeat of the company at SouthTrust. " Thompson's community involvement includes the Charlotte Chamber of Co mmerce's Board of Directors, executive member of both the North Carolina Citizens for Business & Industry and the Charlotte Regio nal Partnership. But his most important commitment is to his family-wife, Amanda, and d1ildren Sall ie Katherine, eight, and Ellison, four. At on ly 42, Thompson has his best years ahead. When asked about his professional aspirations, he simply replies, "I 'm co nfident about the future." Nethea Fortney Rhinehardt is a Charlottebased freelance writer.

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sports, continued from page 35.

recognition. "I was in Dundee, Scotland recently and was amazed at how many

arena acts as a catalyst for the redevelop-

people knew Charlotte because of the llomets," he says. "That can't help but benefit the city." Adds Goode, "Everybody who buys

ment of downtown. 1l1ere is approximately $250 to $300 million of ajditional construction that we can .dentif)r and associate with the arena p,acement. And over the years, it's going to produce a tremendous tax base arxl a lot of tax dollars for the city of Chc.rlotte."

jump shot One of the biggest economic payoffs of professional spons, and one of the most difftcult to me;:sure, is the visibility they give to the region. "National TV games reach a broad audience of people who watch professional ball," says Connaughton. "The increased exposure for Charlotte through the Hornets an Panthers helps eliminate any confusion over who and where Charlotte is." (Of course, sometimes that kind of expos.Jre can backfire when players get into hi :~ h profile scrapes with the law, as has occurred in Charlotte recently.) Bray says llomets merchandising has given Charlotte international name

aT-shirt or cap and wears it out-of-state is helping to market Charlotte." How does name recognition pay off in financial decisions? Luquire explains, "The Panthers, llomets and NASCAR play an important role in people's perceptions of this as a growing region. !laving pro sports here influences decisions like whether Bank of America keeps its headquarters here and whether we are a hub city for an airline." National, even international , name recognition is also an important element in attracting new businesses to the Charlotte area. And, new and expanding businesses are fueling the city's economic growth. "Charlotte is no longer recruiting manufacturing firms ," says Connaughton. "The economic development focus is aimed at headquarter type firms. There is a different set of amenities that you need to recruit at this level. Pro sports, while only one element, is an important one. If yo u don ' t have all the amenities, you're not a major player. " As the market becomes increas ingly competitive, pro sports become an even more important element in an a rea's mix of amenities . The presence of pro sports a lso makes it easier for companies to recruit and retain employees. Bray is an example of the attrac tion pro sports have for tal -

"Professional sports give a company like mine more venues to entertain clients and more ways to do it,, -William Bray Welton Sp'Jrts

greater charlotte biz

ented young professionals. In 1993, he h ad just graduated from law school and was considering where he wanted to practice. "One of th e reasons I moved to Charlotte was the presence of the Panthers and the llornets ," he says. "''m a huge NFL fan. Seeing a team here made it a more attractive place to live." As evidence of the importance of professiona l teams on the economic

"Eriason Stadium was built in an underutilized area. It has led to a lot of development in South End and on the west side which has helped rejuvenate the area., -Steve wqulre, Luquire George Andrews jmpact cf an area, Connaughton points to the exa 1ple of cities like Baltimore, Clevelarxl. and I Iouston, which lost franchis(:s and the price they paid to get one back. "T1ey spent a lot of money to get a team l:ack because they found that without a major league team, an important part of their economic puzzle was missing."' says Connaughton.

pia ing together Spcrts teams provide one other importa l t ingredient to the life and busines~ of a city. A major league team provide~ an emotional release and a common i:J.terest for hundreds of thousands ol people. Communities come together to root for the home team . "Spons teams have a unifYing influence on Lle area," says Luquire. "They create a'1 allegiance, giving people the ability t.J connect with one another and to share a common goal." Casey }O!:obus is a Charlotte-area freelanc=! writer.

august 2000

At another company, when Charlotte was reeling from a snow

refugees, continued from page 44.

storm that kept everyone home, the new Russian employees reported

through the U.S. State Department and various agencies that

for work, having never heard of a snow day. Somalis, who also

contract with the government for this purpose. One of these agencies is the U.S. Catholic Conference, of which CSS is a part.

"The language has not been the problem I thought it would

Workers have varying levels of education, skills and experience, and their English-speaking ability also varies greatly. Recent refugees have included a film director from Kosovo, mechanical engineers from Bosnia, a graphic designer, woodworkers (several now employed by Executive Woodsmiths), a former Olympic gold medalist,

worked there and had never seen snow, also showed up.

Recent refugees have included a film director from Kosovo, mechanical engineers from Bosnia, a graphic designer, a former Olympic gold medalist, a Ph.D. in physics with a specialty in cryogenics, and the owner of a printing company.

a Ph.D. in physics with a specialty in cryogenics, and the owner of a printing company. What all these people share is a desire to work and succeed. After three months, 95 percent of the employable refugees in the program have jobs, and they have a 95 percent retention rate. Three-fourths of the adults pursue formal training in the English language during their first year

be," Reardon says. "They have a tremendous desire to work, and attendance is not a problem. CSS does a great job matching their skills sets with our needs, and if there's a problem, I know I can call them as a resource." Adds Phillips, "They're motivated and diligent and interact well with the other people in the office." If you think about it, observes Cira Ponce, director of the Charlotte refugee office, that

here. Most become citizens as soon

shouldn't be surprising. "These

as they're eligible, and it's not sur-

are people who have lost everything,

prising to see some buy homes within

seen their home and village bombed

a year of their arrival.

out, been raped, seen their fathers

"The labor market is really

beheaded right in front of them,"

difficult," Shusko says. "We're

she says, "so they are incredibly

exploring all kinds of new avenues

resilient. They also have a strong

to find good, service-oriented peo-

faith and spirituality."

ple. When I heard a presentation

CSS does a lot more than

at the Chamber of Commerce's

help the adult family members

Perimeter South Area Council

' find jobs. A staff person from the

meeting, I called right away."

refugee office- often accompanied

Two employment specialistsLinda Campbell and Kris Xaypangna

by volunteers, who are sometimes

-work diligently to match a

natives of the same country-

refugee's skills with a job.

meets the new refugee family Sometimes that's fairly easy- for at the airport. By this time, CSS has example Campbell placed two Somali Elma Kulovac of Bosnia and Hassan Abd i and Mohamed already found temporary housing, ' BB T B h . . Mohamed of Somalia are among the workers at BB&T's b an kers at & . ut ot er t1mes 1t operations center. gotten furniture and household items means being creative- a nurse donated, and stocked the kitchen with food from St. Gabriel's couldn't get her certification here because of her lack of English, food ministry. so Campbell placed her with a caterer, where her people skills Staff and volunteers help family members apply for social and experience as a service provider have came in handy. security cards, open a checking account, apply for public assis"They run the gamut- we have both subsistence farmers and college-educated farm managers," Campbell says. "What we

tance, and get utilities turned on. Health screenings are per-

do is take the skills they've got and place them. It takes a lot of

formed, and members are referred if there are dental or vision

time and effort, but I want to put them where they can maintain

problems. They help the family develop a plan to become self-

their dignity. They've already been through so much, and I don't

sufficient, and skills assessments are conducted for the adults.

want to see their spirits broken here." Before refugees are placed in positions, the two employment specialists make sure the individuals understand what is expected of them, and employers understand their obligations. CSS follows up regularly on how refugees are doing, and the employers or the workers know they can call CSS if any problems arise. Translators are available 24 hours a day if there is a serious problem. Campbell says the biggest problem so far was from an owner who said he was worried about OSHA violations because his new employees wouldn't take time off for lunch or breaks as required by law.

august 2000

"In the first three to six months, we do a lot of hands-on work," Ponce says. "They have a lot to learn at an accelerated rate, and it's amazing how well they do it." Says Campbell, "The people I am working with have lost everything, they have left everything behind . We are their last hope for a new chance." If your company would like to be part of this win-win-win situation, contact Cira Ponce at 704.370.3277.

Bea Quirk is a Charlotte-baed freelance writer. greater charlotte biz

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august z::: oc

[communitybiz]

by bea quirk

..... .... . ... . . ......... . .......... . ... . . . .. . finding refuge in work catholic social services helps refugees find work Win-win situations are hard to find these days, and they require a lot of hard work by the people involved to happen.

operations center manager. "And I feel we're making an impact on their lives by giving them a first chance here in the U.S." BB&T is so impressed with the refugee

Charlotte's Catholic Social Services' (CSS) <www.catholicsocialservices.com>

program that it recently awarded CSS more than

Refugee Resettlement Office offers

Language (ESL) classes held in community

something even more rare - a win-

meeting places in the neighborhoods where the

$10,000 to continue its English as a Second

refugees live. Last year, BB& Twas named the

win-win situation. The refugee office helps foreign refugees adjust to this country and find jobs, enabling

Outstanding Refugee Employer in the Carolinas, the first time a non -manufacturing company has received the honor.

the newcomers to support

Each year, CSS places

their families and become contributing members of the

about 200 to 250 refugees

economy and society. That's

in jobs and helps about 80

a win for the refugees.

to 90 families with about 350 members. It currently works

Area businesses- hardpressed to find good employ'

with about 40 area employers,

ees in a labor market with an

such as T.J . Maxx, Bageltime,

unemployment rate hovering

Ikon Office Solutions, Parks

at 2.8 percent - get workers

Chevrolet, Hilton Hotel, United

who have a strong work ethic,

Promotions and Florita Nova-

are eager to learn, are enthusi-

and is always looking for more. "These are stable people

astic abounheir work and have a high degree of loyalty.

who, unfortunately, had to be

That's a win for the employers.

relocated," comments Wayne Shusko, general manager ofThe

And CSS pursues its

Park Hotel in South Park. "They

mission of love, service and justice dedicated to

are happy to be here and want

supporting and empowering

to do their jobs well." Since 1979, when the

individuals, families and faith communities as they meet the challenges of life and address the conditions of society. And that's a win for all of us.

Charlotte refugee office Nina Soloshenko, Inn a Boyarskaya and Jenny Blyudova (I to r) of the Ukraine work at BB&T's regional operations center in Charlotte.

"The refugees get a new start at a decent wage,

opened, it has placed some 7,000 refugees from all over the world - Liberia,

Somalia, the Sudan, Bosnia, Albania, Kosovo,

and we get solid, experienced workers," says Mike

Russia, the Ukraine, Croatia, Cuba and Vietnam .

Phillips of Executive Woodsmiths, Inc. He has hired

Employers pay no fees for this service. Clients enrolled in the program have been granted asylum

five people - almost a third of his workforcethrough the CSS refugee office.

by the U.S. government because of religious or

About 25 refugees work at the Charlotte operations center of BB&T, about 10 percent of its workers. "We have been very pleased with the quality of people we've gotten through CSS," says Mike Reardon, BB& T vice president and regional

political persecution in their native land. Gaining

a u g us t 2 0 0 0

such status is not easy and requires substantial evidence that the person is in danger. The refugees are resettled in this country

see refugees, continued on page 42. greater cha r lJt : e

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