David R. Badger & Associates • Autobell Car Wash • Afton Village Land Company • UNC Charlotte Urban Institute
june 2006
Drive
& Tenacity In Pursuit of Middle-Market Transactions Hugh L. McColl Jr. Chairman McColl Partners LLC
MANUFACTURING TECHNOLOGY TRAINING
Different Technologies, One Great Solution Integrated Systems Technology Training at Central Piedmont Community College fills an important need. Training workers in new and emerging technologies for good paying high tech jobs. The IST program’s participants learn in a world class facility designed by top industrial leaders including Caterpillar, IBM, Alcoa, Ford, GM, Motorola, Siemens, Honda and Toyota. The hands-on training involves participants in structured activities that replicate real industrial situations in electrical, PLC and mechanical technologies. The combination of instructors, self paced and activity based strategies create a unique and effective learning environment. Delivered in a flexible way that allows individuals and businesses to schedule easily and quickly, the IST program at CPCC is a great solution for high tech manufacturing training. For more information contact the CPCC IST program at 704.330.6860 or visit the website at www.cpcc.edu/et
integrated
An equal opportunity institution.
system technologies
in this issue
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cover story
McColl Partners LLC
“What have I got to lose?” David Vorhoff thought that spring day in 2001 as he dialed the internal Bank of America number for his big boss, Hugh McColl Jr. Much to his surprise, he was invited to McColl’s 58th floor lair less than ten minutes later.“I went up and conceptualized with Mr. McColl,” Vorhoff remembers. By September 2001,Vorhoff and several of his friends had forged a venture called McColl Partners LLC.
14 David R. Badger
departments
& Associates
Death. Disease. Bad coffee. Bankruptcy. Certain things strike dread in the hearts of most people. So it is often with a sense of dread that Charlotteans caught in a web of debt trudge through the doors at Dave Badger’s South End law firm, ready to throw their hands up.What they don’t realize is that bankruptcy can be a new beginning.
20 Autobell Car Wash The outlook is upbeat at Autobell Car Wash. Business is growing, recognition for its environmentally friendly record is building, and its civic image shines. Already the largest car wash chain in the Southeast, Autobell projects it will perform two million vehicle cleanings in 2006. For owner Chuck Howard, the best part is watching his employees succeed.
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publisher’s post
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employers biz
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Legislative and Regulatory Highlights for Area Employers
on top
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workforce biz
bizXperts
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Smart Salvos, Select Strategies and Succinct Solutions
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bizview
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The Charlotte Region: The View from Another Perspective
executive homes
Mayfield Development’s Afton Village in Concord, is setting the stage for groundbreaking development ideas for both residential and commercial buyers, not to mention fellow developers looking for a way to reconcile the many challenges of growing markets. It has actually been a work-in-progress since 1998.
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CPCC’s Integrated System Technology Program Meets Industry’s High Tech Demands
IBC
Luxury Homes above $350,000 on the cover: Hugh L. McColl Jr. Chairman McColl Partners LLC
42 UNCC Urban Institute You’re standing around the water cooler when someone says,“They say most people want the new light rail system,” or “They say the population of University City is booming.” Have you ever stopped to think who “they” are? For the Charlotte region, often “they” are members of the UNC Charlotte Urban Institute, a nonprofit research and community outreach unit.
Photography by Wayne Morris.
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[publisher’spost] Live Healthy, Wealthy & Wise! With healthcare costs continuing to grow at double digits and the aging baby boomer population nearing its retirement years, an impending healthcare crisis seems insurmountable. Businesses and their employees are facing ever-increasing healthcare premiums, deductibles, co-pays and out-of-pocket expenses. While health care savings accounts may provide some relief, many businesses and their employees cannot even afford the increasing premiums alone. In addition, more and more people are living longer lives. On average, men are now expected to live to age 78 and women to age 83. Advances in medical treatments including heart bypasses, heart valves, pacemakers, drugs, therapies, surgeries, and safer environments have extended their lives even further. By living longer, they use more health care to achieve those ages. As more people access more health care, healthcare costs will continue to rise. Together, businesses and individuals need to attack healthcare costs and utilization rates at their roots, to do a better job of maintaining and improving their own health through healthy diets, regular exercise, quitting smoking and moderating alcohol consumption. Changing human behavior on a massive scale is just like climbing a mountain; it must be done one step at a time. In the Charlotte region, we are fortunate to have an abundance of highly accessible and talented healthcare professionals and well-equipped facilities. We are also blessed with a network of YMCAs and physical fitness facilities to support our ambitions to exercise regularly. What we need are healthy living programs that motivate and facilitate businesses and their employees to participate in healthy life practices, including regular exercise and healthy diets. In support of that agenda, the Wellness Councils of America (WELCOA) has created an excellent blueprint outlining the fundamentals of workplace health promotion and programs in a book entitled Healthy, Wealthy and Wise. The book is downloadable free of charge and provides detailed information for businesses interested in setting up wellness programs. (Available at www.welcoa.org.) WELCOA recognizes that any effort of this magnitude and importance requires planning, packaging, distribution and measurements. They recommend that actions become policies in the workplace, including policies on tobacco use, safety and emergency procedures, alcohol and drug abuse, safe driving and use of safety belts, healthful food choices at work, and vacation and leisure time policies. In implementing such policies, they emphasize the importance of understanding the impact of cultural diversity and differences within a company. Participation in any program depends on the plan and how it is communicated. It must recognize the privacy of individuals as well as provide valuable training and educational programs to support the overall endeavor. Flexibility, childcare, latchkey programs and elder care may all be necessary to support participation in a broad health improvement program. Incentives, prizes, gifts and rewards may be used to engage participants and to keep them involved over a longer period of time. Locally, Carolinas Healthcare System has initiated a new preventive health awareness multimedia campaign called “LiveWELL Carolinas!” They have also implemented “LiveWELL Carolinas!” in their own workplaces. In December 2005, when this program of physical exercise and weight management was announced to all of their employees, over 200 employees signed on in the first 45 minutes. And, in the first three months, the combined participants lost more than 2,000 pounds of body fat! Imagine the possibilities when hundreds of businesses and their employees sign on to a more massive region-wide initiative. How about organizing that campaign all around Charlotte? Would you, your business and your employees participate? Carolinas Healthcare System is the first company. Who will be next? Will you? Call me or write me with your ideas. This might actually work! biz
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June 2006 Volume 7 • Issue 6 Publisher John Paul Galles jgalles@greatercharlottebiz.com
Associate Publisher/Editor Maryl A. Lane maryl.a.lane@greatercharlottebiz.com
Creative Director Rebecca G. Fairchild rfairchild@greatercharlottebiz.com
Account Executives Maria Abate mabate@greatercharlottebiz.com
Gaye Bigelow gbigelow@greatercharlottebiz.com
Michelle Killi mkilli@greatercharlottebiz.com
Mimi Zelman mzelman@greatercharlottebiz.com
Contributing Editor Susanne Deitzel Contributing Writers Ellison Clary Susanne Deitzel Lisa Hoffman Contributing Photographer Wayne Morris Galles Communications Group, Inc. 5601 77 Center Drive • Suite 250 Charlotte, NC 28217-0736 704-676-5850 Phone • 704-676-5853 Fax www.greatercharlottebiz.com • Press releases and other news-related information, please fax to the attention of “Editor” or e-mail: editor@greatercharlottebiz.com. • Editorial or advertising inquiries, please call or fax at the numbers above or e-mail: info@greatercharlottebiz.com. • Subscription inquiries or change of address, please call or fax at the numbers above or visit our Web site: www.greatercharlottebiz.com.
© Copyright 2006 by Galles Communications Group, Inc. All rights reserved.The information contained herein has been obtained from sources believed to be reliable. However, Galles Communications Group, Inc. makes no warranty to the accuracy or reliability of this information. Products named in these pages are trade names or trademarks of their respective companies.Views expressed herein are not necessarily those of Greater Charlotte Biz or Galles Communications Group, Inc. No part of this publication may be reproduced or transmitted in any form or by any means without written permission from the publisher. For reprints call 704-676-5850 x102. Greater Charlotte Biz (ISSN 1554-6551) is published monthly by Galles Communications Group, Inc., 5601 77 Center Dr., Ste. 250, Charlotte, NC 28217-0736. Telephone: 704-676-5850. Fax: 704-676-5853. Subscription rate is $24 for one year. Periodicals postage pending at Charlotte, N.C., and additional mailing offices. POSTMASTER: Send address changes to Greater Charlotte Biz, 5601 77 Center Dr., Ste. 250, Charlotte, NC 28217-0736.
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[employersbiz]
Legislative and Regulatory Highlights for Area Employers
Medical Information - When Is It Private? Q: An employee’s doctor filled out the Family and Medical Leave Act (FMLA) form by stating the employee needs time off but the reason is confidential under the privacy sections of Health Insurance Portability and Accountability Act (HIPAA). What should we do? A: An employer has the right to know the reason in order to make sure it’s something that qualifies under FMLA. If the employee wants the time off, the forms must be filled out completely, including information on a diagnosis. Give the form back to the employee and tell him the doctor must complete it or the leave will not be granted. HIPAA does apply in this situation, but to the doctor, not to you. The doctor cannot release medical information without the employee’s permission. Typically, the employee just needs to sign a HIPAA release form for the doctor, and the doctor will complete the FMLA paperwork. Since the HIPAA issue is between the doctor and employee, the doctor’s office should provide the release form. Q. An employee is upset because we told
her new supervisor that she is on a “last chance drug agreement” with us. She says we violated HIPAA’s privacy restrictions. Did we? A. No. For employers, HIPAA privacy rules generally apply to information received through a health insurance program, which this is not. Records that an employer creates or holds in its capacity as an employer as opposed to as a sponsor of the health plan are thought to be exempt from the HIPAA privacy regulations due to the way the statute is worded. This information is relevant to her job performance, and it was appropriate for the supervisor to know. Q. We’ve had an employee ask to be accommodated for his disability by taking additional breaks during the day, but he’s saying that his exact condition is none of our business. Is that true? A. Again, no. In order to invoke the legal rights to a reasonable accommodation under the Americans with Disabilities Act (ADA), an employee has to have a condition that qualifies as a disability. To determine its responsibilities for accommodation, an employer has
to know the condition and how it affects the person’s ability to function. Without further information, the employee’s request can be denied. Q. Our clinic did a drug test and exam on an employee after a work accident, but it is refusing to release the results to us, claiming HIPAA privacy rights of the employee. How can that be? A. The clinic is wrong. Workers’ compensation information is specifically exempt from the HIPAA privacy regulations, meaning a clinic or doctor can release the information without the employee’s consent since this is a workrelated accident. Q. An employee asked me to help her with insurance bills, and I found out that she has cancer. Can I tell her supervisor? A. No. This situation is precisely why the HIPAA privacy rules were enacted. Any information you receive due to the organization’s role as a sponsor of a health insurance program is considered confidential and cannot be shared without the employee’s permission. (Employers Resource Association)
Enhance Your Hiring Success With Assessments You read resumés, conduct interviews, do background checks, consult business references, and provide training. Yet you still experience turnover, employee dissatisfaction, and disciplinary problems. What can employers do to increase their hiring success rates? Traditional hiring techniques leave something to be desired: Resumés: Resumé writers write great fiction. In a survey of college graduates, 95% said they would be willing to make a false statement in their resumé in order to get a job. Interviews: There is only a coincidental correlation between the ability to deliver well in an interview and to deliver well on the job. Studies peg this correlation at 14% – one good employee in every seven hires. Background checks: Background checks in conjunction with interviews increase the hiring success rate to 26%, but that is still only one good hire in every four.
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References: Traditional business references are of little value because most past employers will tell you nothing but “name, rank and serial number.” Training: When training employees, a “one size fits all” approach has failed to provide the desired results. Many employers have accepted these poor results and the high cost of excessive turnover as a business reality. They have flown the white flag of surrender. But you do not have to do that! Assessments offer a solution: Assessment tools are a proven method to increase your hiring success. Certain valid and reliable instruments can improve your hiring success rate to over 75%. Using assessments results in better selection, increased productivity, improved employee relations, and lower employee turnover. All of these lead to lower human resources expenses.
However, not all assessment tools prove to be effective hiring tools. The most impressive results are achieved when an integrated assessment is used – one that measures behavioral traits, thinking, occupational interests, plus “job match.” Job match is cited by a well-documented study published in Harvard Business Review as by far the most reliable predictor of effectiveness on the job. These integrated assessments successfully identify potentially excellent employees better than 75% of the time. Regardless of your hiring process, there is one prediction that will always hold true. Firms that are leaders will continue to have one thing in common – they will acknowledge, nurture, and develop their people. Good people ARE a company’s competitive advantage. Are you using the best selection process, and who are you hiring? (Whitney Martin, ProActive Consulting)
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Is Etiquette Dead? Here are some of the basic courtesies people expect in the workplace when it comes to interruptions, telephone usage, and scheduled meetings. HANDLING WORK INTERRUPTIONS. Interruptions are considered one of the most annoying distractions in business today. Interruptions keep you from doing what you’ve already identified as important. To avoid being interrupted, keep your door closed. If someone barges in, acknowledge that person’s presence, say how long you’ll be, and ask if you can get back to him or her. TAKING PHONE CALLS WHILE IN MEETINGS. Why should a telephone call take precedence over the person who is in front of you? Answering a phone during a meeting says, “Anyone else has got to be more important than the person who is in your office.” With the exception of calls from customers, taking phone calls while in a meeting is a rude practice. Have your receptionist take calls with instructions to interrupt you only for urgent calls or a call you are waiting for. INTERRUPTING OTHERS IN MEETINGS. It is rude when more than one person
speaks at the same time during a group meeting. Try having everyone in a meeting speak at once! This demonstrates how futile it is when there is more focus on talking than on listening. Everyone has a laugh and then returns to a more civilized process of sharing information. TELEPHONE USAGE. Return all phone calls either personally or by someone else you work with, even if it is just to say you received the call and need more time to respond to the caller’s need. VOICE MAIL. Voice mail keeps you from missing calls, but people report it is now almost impossible to get through to someone who has voice mail. Furthermore, it has become too easy to roll over one’s phone to voice mail and never get a call at all. If you have to leave a message on voice mail, be concise and explicit about what you need. If you really need to talk to the person “live,” schedule a telephone appointment or leave specific times for a call to be returned. BEING ON TIME. Good business meetings start and stop on time. To decrease tardiness, make the last
person to the meeting take minutes. BEING KEPT WAITING FOR APPOINTMENTS. If you can’t make a scheduled meeting, call the individual and explain the circumstances and what time you will be able to meet. If the delay is great, suggest another meeting time at the other person’s convenience. PEOPLE HOVERING WHILE YOU’RE IN A MEETING. If someone is waiting to speak to you, excuse yourself and ask the person waiting if you can get back to him. This same tactic works for people who hover while you’re on the phone or walk into your office without knocking first. OUTSIDE THE COMPANY. Everything here holds true even more so when you are dealing with someone from outside your organization. Keep in mind that he or she may be a potential customer, a future employee or investor, or a friend of your manager. Give others the benefit of the doubt and treat everyone with the simple respect and courtesy that we’d all like to receive. (The Employers Association)
Mandatory Temporary Shutdowns Member companies that require a mandatory temporary shutdown week may wonder whether or not employees would be eligible to collect unemployment during this time. Many organizations in textiles and related industries have made it a regular practice to shut down their operation the weeks of July 4th and December 25th. The North Carolina Employment Security Act permits employers to designate up to two weeks per calendar year as vacation shutdown weeks. The Employment Security Commission does not consider employees as “available for work” during these periods. Thus, the employees are not eligible to collect unemployment,
greater charlotte biz
even if the vacation period is without pay. Employers must give employees reasonable notice and specify the shutdowns as vacation weeks. South Carolina employers should be aware that vacation shutdowns may be treated differently by the South Carolina Employment Security Commission. In South Carolina, if an employee is not working and is not receiving pay, he or she is eligible to apply for unemployment benefits. Whether or not the employee will qualify for benefits is determined on a case-by-case basis. If an employee has accrued vacation benefits and receives vacation pay equivalent to a full week’s pay during the vacation
shutdown period, he or she is not eligible for unemployment benefits. Employers that schedule shutdowns should clearly communicate their policy to employees in writing. (www.scesc.org) biz The Employers Association is a nonprofit Charlotte organization providing comprehensive human resources and training services. Founded in 1958, the Association maintains a broadbased membership of over 700 companies from all industries in the greater Charlotte region. The above excerpts were taken from The Management Report, the Association’s monthly newsletter. For more information, please call Laura Hampton at 704-522-8011 or visit the Web site at www.employersassoc.com.
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Advertising & Media WCNC-TV 6 News has been recognized with the Associated Press Best Newscast award for the Charlotte market and the Edward R. Murrow Award for Best Newscast in a five-state region from the Radio and Television News Directors Association. Charlotte advertising veteran Charlie Elberson is joining Wray Ward Laseter (WWL), one of the city’s largest marketing communications firm, in a new position as vice president of brand development. Donna Forbes, a six-year veteran of Loeffler Ketchum Mountjoy (LKM), has been named president of the third largest Charlotte advertising agency; she had been serving as vice president of operations prior to the announcement. LKM will celebrate its 25th anniversary this year. Susan Dosier, former executive editor at Southern Living, has returned to her native North Carolina as director of public relations at Loeffler Ketchum Mountjoy in Charlotte. Hickory marketing firm Gotham Images has been awarded an Addy from the Greenville Ad Club. Moonlight Design Group Inc. has been honored with two Communicator Awards of Distinction in an international competition for marketing and communication professionals. The American Corporate Identity 22 design competition has honored Indiblu Design for three outstanding logos to be published in David E. Carter's American Corporate Identity 2007. Business & Professional The carbonhouse-designed Web site of Womble Carlyle Sandridge & Rice has been recognized by Lawyers Weekly Newspaper as having the best Large Law Firm Web Site and Best Law Firm Site Overall Web site in North and South Carolina. Owen Davis, managing director of U.S. Operations for TrainingFolks, has been named to the board of directors of Charlotte Sister Cities, Owen Davis
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[ontop] an affiliate program of Sister Cities International. Todd A. Stewart, P.A., a SouthPark law firm, has added Elizabeth A. Grymes as a business and estate planElizabeth Grymes ning paralegal to its team. Tatum, an executive services firm, has added five new hires to its Charlotte office: Uwe Wetzel, Dan Waddell, David Hare, Bill Otto and Terry Zielinski. Construction & Design Lindsay Daniel has won Best of Show at the Home Builders Association of Charlotte’s Excellence in Remodeling Awards. Education & Staffing Members of UNC Charlotte’s Board of Trustees have sworn in Carl G. Belk as its newest trustee, completing the unexpired term of his father, Irwin “Ike” Belk, 84, who is stepping down after nearly eight years on the board. UNC Charlotte’s Ben Craig Center has received a $25,000 grant from the Wachovia Foundation, the philanthropic arm of the Wachovia Corporation. Central Piedmont Community College (CPCC) has dedicated the new Christa and Reece A. Overcash Academic and Performing Arts Center, a 130,000-square-foot facility forming the new entry to the College’s central campus. Howard Godfrey, a professor of accounting in the Belk College of Business, has been elected to serve as president-elect of the Southern Carolina chapter of Financial Executives International, a professional organization for financial managers. Deborah Bosley, an associate professor of English at UNC Charlotte, has received the Jay R. Gould Award for Excellence in Teaching Technical Communication. Gaston College has recognized Beverly Davis, chairperson of the Practical Nursing Program and a full-time instructor of nursing,
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[ontop] as the 2006 Gaston College Instructor of the Year; she will be the school’s representative for the North Carolina Community College 2006 Excellence in Teaching Award. Beverly Davis Two Gaston College nursing faculty, Janet Arthurs, nursing instructor, and Sharon Starr, coordinator of Evening Nursing Programs, have been declared recipients of the Home Health Endowment for Nursing Faculty Enrichment Award through the Gaston College Foundation. The Dore Academy Board of Trustees has appointed interim head, Roberta Smith, as its new head-of-school; the Board has also elected Karen Geiger to be its new chair. Charles Howell, a master’s student in the College of Architecture at The University of North Carolina at Charlotte, has been recognized for his dedication to improve the life of others with the Nish Jamgotch Jr. Humanitarian Student Award.
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Engineering William Rakatansky, AIA of FreemanWhite, Inc., has been named the 2007 Chair of The American Institute Architects Center for Building Science & Performance Knowledge Community Advisory Group. The FWA Group, Architects, has announced the following additions to its staff: Aggie Crews, Jill Decker, Bob Davies, and Susan Austin. Financial & Insurance Carpenter, Cammack & Associates, Inc., has announced that the firm has been named an ELITE Agency by St. Paul Travelers, a leading provider of property casualty insurance, surety products and risk management services. Hinrichs Flanagan Financial has hired Patrick Price and Robert M. Powers as financial services professionals. Wachovia Trust has named H. King McGlaughon Jr., a senior executive, as managing executive of the National H. King Philanthropic Practice. McGlaughon Jr.
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[ontop] Hope Holding Connell has been elected to the board of directors of Raleigh-based First Citizens BancShares Inc, as well as to the board of directors of First Citizens Hope Holding Connell Bank and IronStone Bank, and the executive committee of First Citizens Bank and First Citizens BancShares. First Charter has announced the promotion of Scott North to senior vice president, and the promotion of Bill Lake to assistant vice president; the bank has also welcomed Reggie Gaither as a field analyst and Chase Allen as a commercial credit analyst. HomeBanc has promoted Susan McLaughlin to senior vice president of operations for the company’s North Carolina region. Susan McLaughlin SunTrust Bank has named Jeff Bulger as private financial advisor for SunTrust’s Charlotte Motorsports Banking Division. RBC Centura has appointed Ginene Winchester as a regional manager of Personal & Business Banking in western Ginene Winchester North Carolina. William M. “Bill” Byron and H. Denton Worrell of Byron Financial LLC, have qualified for Top of the Table of the Bill Byron H. Denton International Worrell Million Dollar Round Table, the industry’s highest award. Allison Barry, a business valuation appraiser with Grant Thornton of Charlotte, has achieved Accredited Senior Appraiser status with the American Society of Appraisers. Supplies for Racing and Industry Inc. has been named the Charlotte area recipient of the 2006 First Citizens Bank Amazing Customer Service Award. Government & Non-Profit Charlotte Center City Partners has
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[ontop] announced that James Mathis as its new director of historic South End. Meriale “Mel” James Mathis Verburg has joined the Community Blood Center of the Carolinas as Meriale Verburg marketing coordinator. Health Care Novant Health has named Charlotte businesswoman Krista S. Tillman to serve on the Novant Board of Trustees. Presbyterian Cancer Center has been awarded four grants from the Susan G. Komen Foundation - Charlotte Affiliate, in recognition of its efforts to make cancer services available to all populations. Beverly Wright has joined Home Instead Senior Care of Charlotte as the company’s recruiting and retention manager. Beverly Wright
Real Estate Commercial/Residential CB Richard Ellis has been named to the Fortune 1000 list of the largest American companies and also made this year’s Forbes Global 2000, a ranking of the world’s biggest businesses. Fortune has ranked CB Richard Ellis as the number eight firm in the Diversified Financials category. Crosland Inc., a Southeast real estate company, has won the 2005 National Multifamily Customer Service Award for Excellence by CEL & Associates. Prudential Carolinas Realty has received the Gibraltar Award at the Prudential Real Estate Network’s national convention, ranking 9th out of the 50 real estate firms honored. Retail & Sports & Entertainment Tim Hinchey has been named executive vice president of business operations for the Charlotte Bobcats and Charlotte Sting. The late Dale Earnhardt, a seven-time NASCAR champion, team owner Jack Roush, NASCAR ace Harry Gant, female racing pioneer Janet Guthrie, and racing
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executive H.A. “Humpy” Wheeler have been inducted into the International Motorsports Hall of Fame. The Bryan Park Management Group has announced that the Bryan Park Golf Course has been selected as the site for the 2010 U.S. Amateur Public Links Championship by the United States Golf Association. Technology Charlotte-based CC Communications, Inc., a leading Internet productivity and online marketing communications firm, has expanded its professional staff to include J. Shannon Lowe as marketing manager, William Anfin as senior developer, and Simon Lee as customer service representative. J. Shannon Lowe Peak 10, a Charlotte-based data center operator and managed services provider, has announced plans to expand its Tampa data center. Charlotte Copy Data has named Dean Doolittle as its chief financial officer.
© 2006 RCSH All Rights Reserved
[ontop]
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Tourism & Travel The Governor’s Conference on Tourism has presented Bernie Mann, Phil Kirk and Doug Stafford its 2006 Winner’s Circle Awards for their significant and continuDoug Stafford ing contributions to the growth and success of North Carolina’s tourism industry. Daniel Stowe Botanical Garden has named Kara Newport as its new executive director. Patrick McMahon, president of Mack Truck Sales of Charlotte, has been nominated for the ATD/Heavy Duty Trucking Truck Dealer of the Year Award. biz To be considered for inclusion, please send your news releases and announcements in the body of an e-mail (only photos attached) to editor@greatercharlottebiz.com, or fax them to 704-676-5853, or post them to our business address – at least 30 days prior to our publication date.
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David R. Badger, Esq. Principal David R. Badger & Associates, P.A.
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by lisa hoffman
[bizprofile]
Bankruptcy Can Be an
A-mazing Morass
Amazingly
Less Painful
With the Help of
David Badger Death. Disease. Bad coffee. Bankruptcy. Certain things strike dread in the hearts of most people. So it is often with a sense of dread that Charlotteans caught in a web of debt trudge through the doors at Dave Badger’s South End law firm, ready to throw their hands up. And they are not alone. More than 43,000 North Carolinians filed for bankruptcy in 2005, according to the American Bankruptcy Institute.What they don’t realize as they face what may seem to be their darkest hour is that bankruptcy can be a new beginning. Although declaring bankruptcy can be painful, most people welcome the chance to tidy up their financial messes and begin anew. But a recently enacted bankruptcy reform law has
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complicated what used to be a relatively straightforward process. Meant to discourage fraud, the complex reforms are most certainly sending headache remedy sales through the roof.
medical malpractice suits and the like. He gravitated toward bankruptcy work and has handled bankruptcies almost exclusively for the past 20 years. His trial experience gives him a big advantage over bankruptcy lawyers who have never tried a case. “When someone on the other side threatens to take some kind of action meant to intimidate us,” Badger says with a smirk, “my reaction tends to be, ‘Oh, please, it breaks the monotony.’” Badger attracts a lot of small business people through local and
bankruptcies,” Badger says. “But unless you’re just looking at a handful of credit card balances and a hospital bill, I highly recommend you find someone with experience whom you can trust.”
David and Goliath “When someone Lu Najjar of Charlotte was running a on the other side thriving advertising and marketing agency overseeing more than 30 threatens to take employees when a car accident sidesome kind of action lined him in 1997. “I had about a quarter of a million meant to intimidate us, dollars in debt and was facing an 80 my reaction tends to be, percent decrease in income,” Najjar says. “I tried on my own to work out ‘Oh, please, it breaks the debt with vendors and creditors, but I just couldn’t make it work. That’s the monotony.’” when I went to Dave.” Badger’s loft office is a little different ~David Badger, David Badger & Associates, P.A. than what you may expect. There are no dark offices with imposing mahogany desks. Rather, the loft was Making Sense of It All designed to let in as much natural As word spread that banklight as possible. The atmosruptcy would soon become phere is casual, and the first more difficult if not impossible, one to greet you may just be people scrambled to file prior Target (pronounced Tarto Oct. 17, 2005, the date zhay), the quite vocal the new bankruptcy reform resident cat. law took effect. “I had a Zen wall Bankruptcy filings shot made for this office, up 31.6 percent to 2.04 but it turned out to be million in 2005, accordtoo big for the ing to Lundquist intended space,” Consulting Inc., an indusBadger says with a try group that tracks chuckle. “So we turned bankruptcy statistics. it upside down and It’s no secret to made it into a bookcase.” anyone who knows The hardest part of Badger that he has a the whole bankruptcy well-defined opinion process for most people of the reform law. He is just walking through thinks it’s “the most the firm’s door, Badger miserable piece of legisTarget (pronounced Tar-zhay), the quite vocal resident cat, adds to the casual says, and he wants to lation he’s seen in 34 atmosphere and is pictured here with David Badger. help clients relax. years of practice.” statewide seminars he conducts. He “I’ve worked with a lot of lawyers,” Meant to make it more difficult for cautions people against letting their finNajjar explains. “Many law firms are people to abuse bankruptcy laws by gers do the walking when it’s time to more like factories than offices. But Dave attempting to relieve debts they can choose a bankruptcy lawyer. is a rare find. He is very hands-on and afford to pay off, the reform law, in Bankruptcies can be extremely complitakes a personal interest in his clients.” Badger’s opinion, simply makes bankcated and lawyers who are intimidated Badger has been an attorney for more ruptcy laws largely inoperable. by big corporations may roll over too than three decades. Unlike many bank“I understand making the guidelines easily under pressure. ruptcy lawyers, he started with trial for Chapter 7 bankruptcy, which “Everybody thinks they can do work in criminal cases, civil litigation, relieves most debt, more stringent,”
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How a team of heart specialists helped Hugh McColl make the best investment of his life. When Hugh McColl, the man who changed American banking, learned he needed heart bypass surgery, he chose the team that has outpaced all others for years. He chose the Carolinas Heart Institute at Carolinas Medical Center and the Sanger Clinic’s Dr. Mark Stiegel. Carolinas Heart Institute has a rich and storied history of groundbreaking innovations; some of the finest medical minds in
America, and the latest, most advanced technology available – including the new revolutionary 64 Slice CT Scanner. Today, Hugh McColl is enjoying the success of his surgery with his usual zest for life. In fact, he calls his choice of care “one of the best investments I ever made.” We know Mr. McColl could have gone anywhere in the world for cardiac treatment. He chose the region’s premier team.
www.carolinashealthcare.org
Mr. Hugh McColl and R. Mark Stiegel, MD
Badger says. “But why monkey around with Chapter 13 bankruptcy, which requires people to make payments to their creditors over the course of three to five years? Filing bankruptcy used to be a 200-yard dash. Now it’s a 220-yard high hurdle race.”
“Dave was able to work out a repayment plan... started contacting my creditors... His style and methodology are such that on one refused the offers her made. I was able to avoid filing bankruptcy with his logical solutions.” ~Lu Najjar, Charlotte Business Owner
Badger tells clients coming to him for advice about their limping businesses that they basically have two choices. They can “shoot it and bury it” with a Chapter 7 filing or they can try to resuscitate it with a Chapter 11 filing. Individuals can also file a Chapter 7 bankruptcy, but it’s a lot harder to qualify for Chapter 7 relief under the new bankruptcy code than it used to be. Under the new law, consumers with more than approximately $100 left each month after expenses are exempt from filing
David R. Badger & Associates, P.A. Atherton Lofts, Ste. 118 2108 South Blvd. Charlotte, N.C. 28203 Phone: 704-375-8875 Principal: David R. Badger, Esq. Employees: 4 Established: 1978 Business: Attorney and certified specialist in bankruptcy law serving individuals, small businesses and corporations.
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Chapter 7 bankruptcy. The income used to calculate this figure now includes virtually everything earned over the previous six months from everyone in a filer’s household, including your teenage daughter who’s working the counter at the local fast food restaurant. It even figures in recent windfalls, such as lottery winnings or an inheritance. “They call this figure ‘current monthly income,’ Badger says. “But in reality it’s not current, it’s not monthly and it’s not income. Many people don’t even have a job by the time they come to me.” Chapter 11 proceedings for a momand-pop business are the same as they are for US Airways: extremely expensive and cumbersome. “When I tell clients what the retainer is for a Chapter 11, it’s usually enough to change their minds,” Badger claims. This leaves small business owners with few options. Fortunately, a competent bankruptcy lawyer can sometimes steer clients around bankruptcy altogether. “Dave was able to work out a repayment plan for me that made sense,” Najjar says. “Once we worked out the details, he started contacting my creditors and making the arrangements. His style and methodology are such that no one refused the offers he made. I was able to avoid filing bankruptcy with his logical solutions.” Individuals and unincorporated businesses can opt to file a Chapter 13 bankruptcy, where they agree to a modified repayment plan and can retain most of their property. This sounds like a good solution for all concerned, however filing for Chapter 13 bankruptcy requires jumping through more hoops than a circus poodle. Before they can file for Chapter 13 relief, consumers must undergo government-approved consumer credit counseling. The assumption is that this step benefits the consumer by helping them explore options. Badger disagrees. “Too many times these operations charge exorbitant fees or try to convince the consumer that he doesn’t qualify for bankruptcy and should sign up for a consolidation loan or some other program meant to benefit the counseling service instead,” Badger cautions.
“People should be very leery of high fees and sketchy debt-management plans.” According to Bankrate.com, the Federal Trade Commission and the Internal Revenue Service are investigating a large percentage of these supposedly not-for-profit consumer credit counselors. High fees and close ties to for-profit organizations are red flags that a company is not on the up-and-up. After filing bankruptcy, consumers must complete a government-approved financial management course. “Talk about too little, too late,” Badger says. “Maybe the government should look at putting this education in our high schools instead.” Knowledge is Power Clients working through a bankruptcy are often surprised to hear they can get credit, finance a car and even buy a house right after the bankruptcy is discharged. Higher interest rates are a price they have to pay, but Badger says they shouldn’t let past history cause them to fall prey to greedy business practices. “People who’ve filed bankruptcy are particularly vulnerable to being taken advantage of by creditors who insist they only qualify for the very highest interest rates,” Badger says. “They assume they have to do whatever the person on the other side of the desk says. That’s just not true. Almost any deal is negotiable.” And lest you assume filers’ mailboxes are emptier after a bankruptcy, Badger points out that credit card companies aggressively pursue his clients. Read the fine print, he says, and be aware of what you’re agreeing to before you sign on for credit. With some cards, one late payment can mean a skyrocketing interest rate. High late fees and over-limit charges also fill creditor’s pockets. “It’s like a drug dealer hanging around a rehab center,” Badger says. “Creditors will try very hard to lure you back into debt. People need to be ready for that.” Proactive Planning Although bankruptcy is still a viable option that sometimes can’t be avoided, it’s something no one aspires to, and the new, more complicated tax code offers
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greater incentive to try to avoid it. For many clients coming through Badger’s door, the qualities that provided the impetus to start a business are the very same ones that come before the financial fall. “Entrepreneurs are innately optimistic,” Badger says. “They have to have that spirit to go into business for themselves. But that optimism often prevents them from preparing for the worst.” One of the biggest mistakes Badger sees clients make is signing personal guarantees for business purchases. If a bank sees a loan applicant as risky, it may ask him to guarantee the loan with personal assets. Badger has seen people lose their houses when businesses go bad. Once again, remember that everything is negotiable, Badger says. If you have to agree to a personal guarantee, stipulate that it doesn’t include your house. If the bank insists that a noninvolved spouse has to sign the personal guarantee too, refuse those terms. If it’s a good deal for the bank, chances are you can negotiate a deal
that minimizes personal risk.
“Business start-ups need to talk to their accountants or corporate attorneys, be open to preventative advice and heed that advice. If your attorney isn’t talking to you about ways to protect yourself, get a new attorney.” ~David Badger, David Badger & Associates, P.A.
Pay your taxes. If your business takes a turn for the worst, you can negotiate a repayment plan with a vendor. The IRS, however, is not so flexible. “Business start-ups need to talk to their accountants or corporate attorneys,
be open to preventative advice and heed that advice,” Badger says. “If your attorney isn’t talking to you about ways to protect yourself, get a new attorney.” About seven years after Najjar recovered with Badger’s support, misfortune struck again. He lost a couple of big clients and then a complicated mix-up between two creditors made bankruptcy inevitable. “The good news is that Dave helped me stay in business,” Najjar says. “And he didn’t burn my creditors in the process, either. He helped me make choices where no one got burned.” Najjar has referred more than 10 people caught in a financial tangle to Badger over the years. All but one was able to recover without declaring bankruptcy. “When I mention Dave’s name to others, I get one of two reactions, depending on who I’m talking to,” Najjar says. “People react with either a mixture of fear and respect or just plain respect.” biz Lisa Hoffman is a Charlotte-based freelance writer.
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Charles (Chuck) Howard II Owner, President and CEO Autobell Car Wash, Inc.
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by ellison clary
[bizprofile]
Good, Clean Fundamentals Buff Business Practices Enhance Entrepreneurial Environment The outlook is decidedly upbeat at
Chuck Howard was 20 years old
Autobell Car Wash. Business is strong
and working toward a business
and growing, recognition for its envi-
administration degree at the
ronmentally friendly record is build-
University of North Carolina at
ing, and its civic image shines like a
Charlotte when he joined the busi-
freshly polished Lexus. But for owner
ness shortly after his father, Charles,
Chuck Howard, the best part is watch-
opened the first Autobell in 1969.
ing young employees succeed.
From that one car wash sprang a
“The most satisfying part of this
company that is now second in size
business is working with young peo-
among the country’s privately owned
ple and seeing them grow along with
full service, conveyor-operated car
our company,” says Howard, 57.
wash chains.
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A Shining Example After the company size doubled between 2000 and 2005, Autobell became the largest car wash chain in the Southeast. Howard projects it will perform 2 million vehicle cleanings in 2006. The firm operates 44 facilities in North Carolina and Virginia, with 23 in Mecklenburg and surrounding counties.
“We bring in the best people from all our car washes, and they compete on the things we do.” ~ Chuck Howard, Autobell Car Wash
Of Autobell’s 1,200-person workforce, only 20 percent are full-time; most of the rest are young people still in school. The car wash business lends itself to labor from students, who can start as young as 16. Its typical employees are college students. “It’s a good job for students,” Howard says. “Our hours are flexible, and we’re not open late at night. It works out for us because changes in the flow of customers sometimes require us to call people in on short notice.” These young folks start at minimum wage but Autobell managers promote them as they stay with the company and show they can handle its system. Howard points out that some employees routinely pick up tips to supplement their incomes. Autobell nurtures its youthful workforce – it even awards scholarships for up to $1,000 a year to deserving workers – and many young employees stay with the company when they complete their studies. Top management is replete with people who started as part-timers and were indoctrinated with Autobell philosophy early and often. Formal training includes handbooks
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and videos, and all employees wear an Autobell uniform. A secret shopper program bestows financial rewards on exemplary performers and finds weak spots at the same time. Each car wash manager holds a weekly staff meeting to discuss ways to improve. A company newsletter spotlights outstanding performers. There’s even an Autobell Olympics. “We bring in the best people from all our car washes, and they compete on the things we do,” smiles the soft-spoken Howard in his office in Charlotte’s midtown. He nods toward the nearby Independence Boulevard location, which has been in the system since 1972, as the home of the competition. Autobell Olympians compete over services that run from a basic exterior wash for $6.95 to a package that includes tire gloss, underbody wash, interior cleaning and other items. “Everything we do has a procedure and a time standard,” Howard says. “We hold a ceremony at the end of the competition and award medals. The employees get a kick out of that.” Polishing Its Image Besides the obvious boost for customer service, these performanceenhancing measures give Autobell’s image a boost. “Our industry struggles with an outdated image,” Howard explains. “It goes back at least 30 years, when car washes employed poorly paid laborers who hand scrubbed cars and allowed long lines to form.” Autobell’s modern automation and achievement-oriented workers perform a full-service wash in 12 minutes. That helps the company successfully place car washes in prime locations such as
shopping centers, where executives once shied from the long waits. Raymond Suttle, president of Warwick Shopping Center in Newport News, Va., cites the “careful design and attractiveness” of Autobell’s buildings as a reason for allowing it in. “I am very satisfied with Autobell,” Suttle says. “And I have no hesitancy in recommending them to other property owners.” Besides shopping centers, Autobell likes locations with good visibility, a fairly high traffic count and a population of about 40,000 within three miles. The company prefers to buy, but it leases about half of its real estate. Autobell tries to stay ahead of the curve by anticipating local growth. It opened a car wash about a year ago on North Tryon Street, just outside Charlotte’s I-277 inner loop. Although it’s located within 12 blocks of The Square, it’s in an underdeveloped area. The condos already in Center City and the others either planned or under construction were the draw, Howard explains. “People who live inside the loop need a place to wash their cars,” he points out. “It’s difficult to open a place in Center City because of the cost, but that corridor is probably going to develop like South End did. We’re just a little early there.” Although automation has grown progressively more sophisticated, the car wash crew still performs routine preventive maintenance on slow days or evenings. Autobell shuttles several mechanics around the system, and sister company Howco helps with big problems. Howco, also owned by Howard, is a
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distributorship that provides car wash equipment, supplies, and service to the industry from Pennsylvania to Georgia and also provides turnkey business development assistance to car wash owners and operators. Most of its 25 associates share offices at Autobell’s headquarters. Dealing with fluctuating volume can also be a challenge. One way to address this problem is what Howard calls “the club plan.” For $39.95 a month, which can be charged directly to credit card, a customer gets unlimited car washes. An annual pass, which works in a similar way, costs $490. The typical Autobell customer is 35 or older with reasonable income and is used to paying others for services such as lawn maintenance or laundry. He or she may live in a condo with no place to personally swab a car. Such do-it-yourself cleaning is dropping steadily, says Howard, quoting industry statistics that show only about 38 percent of Americans do driveway washes, down from 50 percent three years ago.
Autobell Car Wash, Inc. 1521 East Third St. Charlotte, N.C. 28204 Phone: 704-527-9274 or 800-582-8096 Principals: Charles (Chuck) Howard II, Owner, President and Chief Executive Officer; Carl Howard, Chief Operating Officer Employees: 1,200 Established: 1969 Sister Company: Howco, Inc., established 1970, same principals, 20 employees Business: Operates 44 car washes in North Carolina and Virginia as the largest car wash chain in the Southeast and the country’s second largest privately owned conveyor-operated car wash company. Sister company, Howco, Inc., is a distributorship and consulting firm that provides car wash equipment, supplies, and service to the industry in all or portions of nine mid-Atlantic states and Washington, D.C., and assists car wash owners with turnkey business development including site selection, design, financial engineering, contractor relations, and operational training. www.autobell.com
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pictured (l to r) Chuck Howard, president; Roger Embree, store manager and Chase Thompson, assistant manager, Autobell Car Wash at one of the South Boulevard locations in Charlotte. Keeping the Environment Clean,Too That trend portends a cleaner environment, Howard says. Driveway wash water, which typically carries grease, detergents and metals, drains directly into streams. Autobell recycles up to 80 percent of the 100 gallons of water it takes to wash a car, and it treats 100 percent of its water before release. Autobell also offers a charity car wash program that discourages parking lot washes by providing civic groups with discounted car wash certificates for fundraising drives. “Whatever the cost of the car wash
is, the organization keeps 50 percent,” Howard says. “They don’t need any upfront money, and they can return any unsold tickets. They have very little risk.” For the last five years, Autobell employees have walked Charlotte’s Little Sugar Creek to clean it as part of Charlotte-Mecklenburg Utilities Department’s Adopt-A-Stream program. “Autobell is one of the strongest supporters of the Mecklenburg County Environmental Protection Department,” praises Kim Garrett, a
representative of the Mecklenburg County Waste Water Quality Program run by the Land Use & Environmental Services Agency. Autobell was named Business Conservationist of the Year in 2002 by the North Carolina Wildlife Federation through its Governor’s Conservation Achievement Awards. “We were competing with much larger companies,” Howard says. “We’re very proud of that.” Thirty-seven years of hard work make such recognition sweeter, Howard admits. Times were decidedly different when his father brought him into the business. The elder Howard had been selling truck washing equipment and chemicals and wanted to move into serving car washes. He and a partner built the first Autobell to demonstrate their wares. Charles Howard Sr. later split with his partner, who took the equipment business with him. This necessitated the birth of Howco in 1970, shortly after Autobell opened. That first Autobell still operates on South Boulevard. “None of our car washes has ever gone out of business or been sold to another company,” Howard says. People are learning that keeping a vehicle clean can mean big bucks at trade-in. “Our motto is ‘People can tell when
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Autobell Car Wash has received many environmental awards. you Autobell,’” he says. “And people in the car business really can tell.” Autobell can handle vehicles up to 90 inches tall and as long as a limo. However, trucks with dual wheels don’t fit in the conveyor track. The leased cars that Autobell managers use get regular baths at company facilities and Howard claims these cars routinely post a worth of $1,200 to $1,500 more than projected at the end of their lease. Autobell thrives on fair competition. “I think our industry is expanding so much that competition is not really taking from each other,” Howard explains. “When a new car wash opens, it just brings new customers
People are learning that keeping a vehicle clean can mean big bucks at trade-in. “Our motto is ‘People can tell when you Autobell,’ and people in the car business really can tell.”
into the marketplace. A lot of people don’t have a convenient car wash nearby. The market is expanding.” “We’re trying to open five or six new locations a year,” says Howard, who adds that same-store numbers rise a couple of percentage points each year. For expansion, high population areas such as the District of Columbia, Northern Virginia, and Florida look attractive. The third generation of Howards is already firmly entrenched in the business. Chuck’s son, Carl, is chief operating officer. Daughter Kelly deals with Autobell marketing and public relations and daughter Leigh analyzes performance numbers from around the system. “They are motivated and very interested in continuing the Autobell legacy,” Howard says. “And I enjoy working with them and watching their expertise in the business expand with our company.” That brings him back to success stories of the young people who get
One of the goals of Autobell Car Wash is to open five or six locations a year. their start at Autobell. “We’re the first working experience for a lot of the students we hire,” he says. Howard takes great pleasure in describing an encounter that happens periodically. He’ll be visiting a car wash when someone calls his name. It turns out to be somebody who worked at Autobell years ago while he or she was earning a degree. “‘You taught me about business,’ they’ll say,” Howard muses. “And now they might be driving a Mercedes.” A very clean Mercedes. biz Ellison Clary is a Charlotte-based freelance writer.
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Technical Writer
Business Analyst
Project Manager
Editor
Instructional Designer
Web Designer
Information Architect
Content Developer
Technical Support
Let VisionCor solutions . . . help navigate your project to success! Call for information about how we can assist you. Solutions That Make the Difference 704.554.7007 1.888.299.VCOR (8267) www.visioncor.com
~ Chuck Howard, Autobell Car Wash
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photo: Wayne Morris
pictured (l to r) Eric P. Andreozzi Founding Partner; Hugh L. McColl Jr. Chairman; David C.Vorhoff Founding Partner; McColl Partners LLC
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by ellison clary
[bizprofile]
Drive & Tenacity
in Pursuit of Middle-Market Transactions
Synergistic Partnership of Experience and Talent “What have I got to lose?” David Vorhoff thought that spring day in 2001 as he dialed the internal Bank of America number for his big boss, Hugh McColl Jr. He wanted to talk about starting an investment bank, he told the executive who kept McColl’s calendar, for businesses smaller than those Bank of America’s investment bank targeted. Much to his surprise, he was invited to McColl’s 58th floor lair less than ten minutes later.
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trust + strategy + integrity planning + insight + experience
“Please continue to be just the way you are; you are a great role-model for how a company should be.”
– Todd Towsend Owner of Towsend’s Gourmet Cuisine, Ltd., a high-profile caterer specializing in corporate and other large events.
www.danielratliff.com 301 S. McDowell Street Suite 502 Charlotte, NC 28204 704.371.5000
125 E Plaza Drive Suite 101 Mooresville, NC 28115 704.663.0193
it all Adds up. 28
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An Auspicious Start McColl’s retirement as chairman and chief executive of Bank of America was set for late April. What he would do next wasn’t clear. “I went up and conceptualized with Mr. McColl,” Vorhoff remembers. “He was very attentive. He asked a number of questions. He was very sensitive to any endeavor that might compete with the Bank of America as opposed to being complementary to the bank.” That conversation led to others. By September 2001, Vorhoff and several of his friends had forged a partnership that included McColl in a venture called McColl Partners LLC, which often calls itself McColl Partners Investment Bankers. McColl is chairman of the parent organization, McColl Group LLC. The reaction to forming a new financial entity with the man who built the first nationwide consumer bank was predictable. “People said, ‘Wow! You’re partnering with Hugh. You’re going to make it,’” Vorhoff laughs as he sits in his office on the 54th floor of the Bank of America Corporate Center. After struggling with the business downturn that followed the 9-11 terrorist attacks, McColl Partners certainly is making it. “We’ve had remarkable growth,” Vorhoff says. “We don’t disclose revenue figures, but we think in the first quarter of 2006 we will generate 65 percent of the revenue we did in all of last year.” That 2005 figure was up 70 percent from 2004, a year in which revenues jumped 65 percent from 2003. McColl Partners is currently wrapping up a deal in the $1.5 billion range for a South Carolina entrepreneur to buy Hudson’s Bay, the oldest corporation in North America. Hudson’s Bay operates Canada’s largest department store chain. The deal, which took about 18 months, is not typical for the firm. Neither is the $245 million transaction that McColl Partners facilitated for Colombian cement company Argos to acquire Conex Concrete Express of Texas. It’s thought to be the largest ever acquisition by a Colombian firm in the
United States. The average transaction for McColl Partners in 2005 was $50 million to $60 million, Vorhoff says. Fully 80 percent of McColl Partners’ deals range from $20 million to $100 million.
“We’ve had remarkable growth... we think in the first quarter of 2006 we will generate 75 percent of the revenue we did in all of last year.” ~David Vorhoff, McColl Partners LLC
The firm confines its activities to mergers and acquisitions both sell side and buy side; raising private capital; and valuation assignments. It performs these functions for firms Vorhoff classifies in the lower middle market, whether they are divisions of public companies, private equity groups or family-owned businesses. Typically, these companies range from $15 million to $25 million in annual revenue up to $175 million to $200 million in annual revenue. They’re often too small to warrant the attention of Wall Street’s top firms such as Bank of America, Wachovia, Goldman Sachs and Merrill Lynch. McColl Partners’ expertise extends to areas as diverse as building products, health care, consumer products, defense and aerospace, food and beverage, and technology. McColl Partners works with clients throughout the region, the country and the world, complementing, rather than competing with, big institutions. Bank of America, for instance, has referred small deals to the start-up firm housed in 16,000 square feet in its headquarters building. Investing in a Vision Vorhoff’s office view encompasses a wide expanse of Charlotte’s east, south
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Corner of Fairview and Sharon Roads in Charlotte. Shopping Line速 704.364.4411.
and west. On a clear day, it offers glimpses of the Blue Ridge Mountains, mimicking the far-reaching vision he and his longtime friend Eric Andreozzi had for their own investment bank. As a director at Bowles Hollowell Conner/First Union Securities, Andreozzi knew Vorhoff from earlier days when both were at Bank of America. The pair periodically lunched together and played “What if,” sharing the sentiment that investment banking consolidation was eliminating most firms serving smaller companies. In his two decades with Bank of America, Vorhoff worked up to managing director of the Banc of America Securities Health Care Group, but he knew most of the investment bank’s operations were slowly moving from Charlotte to New York City. The 50-year-old father of four knew he wanted to stay in the Queen City. His ambition to start an investment bank grew stronger. After securing necessary regulatory approvals, Vorhoff, Andreozzi and several other partners opened their doors in two borrowed offices furnished chiefly with a
McColl Partners LLC 100 North Tryon St., Ste. 5400 Charlotte, N.C. 28202 Phone: 704-333-0519 Principals: Hugh L. McColl Jr., Chairman; David C.Vorhoff, Managing Director; Eric P. Andreozzi, Managing Director Personnel: Other managing directors, principals, vice presidents, and approximately 40 associates Established: 2001 Business: Provides leading investment banking services to middle-market companies and financial institutions by combining unparalleled access to decision-makers, broad industry expertise and experienced dedicated professionals.The firm advises clients in mergers and acquisitions, both buy side and sell side; private capital raises; and strategic advisory and valuation assignments. www.mccollpartners.com
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folding card table. But what they lacked in accoutrements they made up for by having McColl as a partner. Andreozzi admits that he was pleasantly surprised as he befriended McColl, who is often depicted in the media as hard charging, tough and single-minded. “When you get to know him, you realize he’s an amazing person,” Andreozzi says. “He’s willing to go to great lengths for people he cares about.” At 70, McColl continues to labor long and hard. “I can ask him, ‘Would you go with us to Spartanburg and call on a manufacturing company that’s thinking about selling,’” says Vorhoff. “He’ll say, ‘Great. Let’s go.’ He is wired to win. Some people are born to be entrepreneurs and to enjoy the business of business. That’s where Hugh fits. He’s inspiring.” McColl Partners now employs about 40 associates who often clock long hours. The firm has dinner delivered each weeknight and it isn’t unusual to see a dozen or so people working on a Saturday. To relieve tension, there’s a Foosball table in the break room, donated by some younger analysts who are now firm alumni. At 39, Andreozzi is among the older members of the firm. He and Vorhoff agree that everyone, particularly the younger workers, find energy in McColl’s verve for crafting a deal. Justin Cunningham joined McColl Partners just over two years ago, fresh from the University of North Carolina at Chapel Hill, and he confirms the assessment. “It’s amazing how much Mr. McColl hangs out with us,” says Cunningham, an analyst originally from Salisbury. “He tells you to try to get as many experiences as you can, pursue whatever you want. That kind of leadership makes you want to stay.” Harnessing Associates’ Energy McColl quickly acknowledges the pleasure he derives from the company that bears his name. “When I worked for Bank of America, I drew a lot of energy from my associates,” he says. “I have very young and interesting associates here and I get a lot of energy from them, too.”
His work reminds him of his early days in the national division of Bank of America predecessors American Commercial Bank and NCNB, McColl says, when he called on middle-sized companies.
“...Mr. McColl hangs out with us. He tells you to try to get as many experiences as you can, pursue whatever you want. That kind of leadership makes you want to stay.” ~Justin Cunningham, McColl Partners LLC
“I’ve come full circle,” McColl says with a smile. “I’ve been extremely pleased at how well we’ve done and how quickly we’ve gotten there. That’s a tribute to my partners’ drive and tenacity. I knew they were good people.” McColl pursues other business ventures, including a Charlotte art gallery that bears his name. He works at McColl Partners mostly on Tuesdays, Wednesdays and Thursdays. He says he’ll continue until he feels he can’t make a contribution. Speaking of McColl’s passion for art, Vorhoff points to the painting of a Bourbon Street scene hanging in his office. In it, there’s a 1950s Cadillac among the strollers and a building with a white tower at its zenith looms in the skyline. A New Orleans icon, it perches atop the high-rise offices of Hibernia Bank, where Vorhoff’s father fashioned a lengthy career. McColl, an avid art collector, spotted the work in a California gallery. “Vorhoff,” he admonished upon his return. “You should buy that painting.”
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Directing Their Destiny Nothing surpasses the thrill of pursuing prospects and serving clients’ financial needs for McColl, Vorhoff, Andreozzi and the other personnel of McColl Partners. By design, they control the process themselves. A big reason the founding partners limited the firm’s menu of services is that the advisory business doesn’t require huge capital investment. “If you do sales and trading, you need a lot of money,” Vorhoff explains. “You’ve got to have capital. The founding partners said we’d rather take little or no salary than raise outside capital. We probably gave up some growth opportunities initially, but the partners own 100 percent of the firm. We make decisions totally focused on what’s best for the firm, not necessarily on how to get an outside investor a return.” This approach helps McColl Partners maintain a competitive edge. Competition comes from regional players such as William Blair & Company in the Midwest, Harris Williams & Company, which is owned by Pittsburgh-based PNC Financial Services Group; and SunTrust Robinson Humphrey Capital Markets in the Southeast. Like McColl Partners, they’re focused on the middle market. As for the future, Vorhoff is confident the firm will continue to grow, although he’s not sure of a timetable. “We have no formal growth goal,” Vorhoff says. “We have a very unique group of like-minded partners. We have a lot of ‘type A’ personalities. We all want to win and we all have this innate desire to get better every day.” Vorhoff praises the quality of the partners and other associates McColl Partners has attracted. The older associates have strong financial backgrounds and the younger hires include Morehead Scholars from the University of North Carolina, along with several Davidson and University of Virginia grads among others. “People who talk to us feel good about the level of individuals that work on a transaction,” Vorhoff says. “We have the experience and the hustle
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factor. A director of business development has just joined the firm. That’s a big move for us.” Andreozzi, too, is certain of growth and can envision a second office “sometime.” Meanwhile, he wants the firm to continue expanding its client base. What excites Andreozzi, he says, is working on transactions for strong business owners who are smart enough to realize they need help in a situation, such as selling what they’ve built. “When you really help a good person, a business leader, it’s unbelievably fulfilling,” he says. “You know you’re doing something for them that in most cases is a lifechanging event.” Andreozzi is convinced the firm is on the right path. “I don’t think I’d change a thing,” he says with conviction. “We’ve beaten all our expectations and our partnership is as good as I could have imagined it would be. We’re thrilled.” biz Ellison Clary is a Charlotte-based freelance writer.
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David L. Mayfield Principal Afton Village Land Company
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by susanne deitzel
[bizprofile]
Not-So-New Kid on the Block Concord’s Afton Village Comes of Age It’s no secret that Charlotte development has continued at a breakneck pace over the past few years. Residential and commercial
embraces the cities of Concord, Harrisburg and Kannapolis, has reached the boiling point. One community in particular, Mayfield
projects appear to spontaneously spring into
Development’s Afton Village off Interstate 85
existence, while terms like “mixed use,”
in Concord, is setting the stage for ground-
“smart growth,” and “new urbanism” forge
breaking development ideas for both
their way into our regional lexicon.
residential and commercial buyers, not to
But many folks may not realize that what
mention fellow developers looking for a
was once vast farmland just north of
way to reconcile the
Charlotte proper has been simmering with
many challenges of
activity over the past several years. Now it
growing markets.
appears that Cabarrus County, which
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Laying the Foundation Afton Village is like the new kid on the block; everyone wants to go play in his back yard. But, like most success stories that supposedly happened overnight, Afton Village has actually been a workin-progress for several years. The development broke ground Aerial rendering of Afton Village – a work-in-progress for several years now. design that borrows from Charleston’s in 1998, but the project’s seeds of tree-lined streets and wide sidewalks. inspiration were planted much earlier. His staff researched and painstakingly David Mayfield, owner of Mayfield calculated a “conversational” distance Development, resurrected the favorite and elevation for the large front porchthemes of his childhood home in es. Visitors enjoy “new-old” concepts Myers Park and played out his love like carriage houses, bungalows and affair with the buildings of Boston, detached garages with alleyways. Georgetown, Charleston and Savannah, Architectural flourishes and totem as well as many other cityscapes he has touches of days past are unabashedly visited over his lengthy architecture displayed by each of Afton Village’s and urban design career, in Afton carefully chosen custom builders. Village’s 175-acre layout. Classically trained in architecture, landscape architecture, urban design and engineering from North Carolina State University, Harvard University and the Massachusetts Institute of Technology, Mayfield brings a decidedly erudite, yet passionate approach to Afton Village. Drawing upon his training, studied enthusiasm for the social implications of design and an unrepictured (l to r) Angela B. Standish, Realtor; Kelli strained commitment to aesthetics, Stevens, principal; Raegan C. Brogdon; David L. Mayfield laid the foundation of new Mayfield, principal regional development. “The value inherent in historical Residential charm is only part of the neighborhoods is extremely rich,” picture. Afton Village is a mixed-use Mayfield says, “There is a lot to draw community of homes and businesses, from, that to some is surprisingly releoutdoor plazas and greens, a YMCA vant by today’s standards.” and 60-acre park system, small restauMayfield created a neighborhood rants and specialty shops, all precisely
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balanced to serve one another. “Afton Village is the culmination of what has been a gradually developing process over the past 25 years,” Mayfield explains. “While living in Boston in the early ’80s, I connected with a classmate and we began creating our own concepts of community building and civic spaces. We started by converting old rooming houses and abandoned row houses in Boston into flats. Shortly thereafter we began
Afton’s first building, The Foundry, houses the neighborhood coffee shop and gathering place.
building our own communities and homes, learning all the nuances of the trade along the way.” Mayfield later moved back to Charlotte and worked on various projects, eventually teaming with former
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partner Jim Garrison on Afton Village. The sum total of this experience is a very powerful education in development and the forces that shape the way we live on an individual and collective scale, he says. This continuing education, a composite of studying modern and classical architecture and civic design in literature, on well-photographed travels, and during the day-to-day demands of development, has aided the evolution of what is rapidly becoming its own study in design. Framing It Out Smart growth has become somewhat of a catchall term, commonly used as an antidote for NIMBY (Not In My Back Yard) syndrome. While metro Charlotte and surrounding markets have benefited heartily from national corporate recognition and subsequent The newest phase to Afton,The transExchange Building, includes restaurants, plants, retail stores and professional services there is with contemporary urban lofts above. also a groundswell against urban sprawl and a chorus of “We don’t want to become another Atlanta!� In terms of the industry, however, smart growth is an evolving discipline characterized by several fundamental observations: traditional neighborhoods developed for walkability and diversity; mixed-use districts offering a live/work zoning code; transit-supportive land use; good street design; eliminating sprawling parking lots; safe, enjoyable design features that
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off to buy a latte at the neighboring of the Afton coffee shop, hear a concert on the Village land began commercial plaza, watch a soccer to crystallize. game in the park, or enjoy a glass of There were wine on the patio of The Wine Room. uncomfortable Many people find the boutique feel instances from of the retail component quite appealtime to time when ing. Unfamiliar names like “Elizabeth’s Mayfield had to Treasures” and “Gateway to Athens,” take people to task nudge shoppers away from the for placing saleshomogeny of big box stores, and the oriented objectives developer now has the luxury to turn over the bigger away offers from bidders that don’t fit picture and the formula. remind them of The Chesterfield Building features 20 residential flats above seven “We are looking for compatible that commitment merchants including a wine bar, a bakery, a day spa and a florist. relationships that will complement our to the community. existing retail, as well as bring the There were lend themselves to community pride; and most value to the community as a also issues with transcribing Mayfield’s a cohesive administration of the environwhole,” Stevens says. ideas and attention to detail, and ment to ensure community growth, value In addition to selectivity, an those of his builders, into the master and environmental health. inspired economy of space is demonplan. They scrutinized every decision, “During the ’50s, housing really strated in Afton’s commercial space. from roadway design to ensure pedesfocused on moving away from the Urban lofts will rest atop 90 percent trian safety and neighborhood walkacities, their pollution and the traffic,” of Afton Village’s commercial units. bility, to the size and character of the Mayfield explains. “Highways grew, “The residential lofts are a good Village Green and pedestrian plazas. auto sales went up, gas use increased, solution on so many levels,” Mayfield They were determined to accommoand before you knew it people were says. “In maximizing our vertical date the best ideas and no standard getting in their cars 14 times a day to space, we can increase the land value, was left unquestioned. get anything done.” keep lease rates competitive and proA water moratorium halted con“Now, we are seeing a reemerging vide a practical and aesthetically struction in early 2001, just as the desire to reintegrate into the fabric of pleasing village center environment.” plan was beginning to gain momencommunity,” he adds. “The package we tum. The problem was offer sells historical neighborhood pateventually resolved by terns rather than the familiar suburban the city, and then the version with its half-acre lots, and with events of 9-11 hit. that comes distinct advantages.” Banks simply weren’t There are also perils of becoming making decisions and too nostalgic for the days of yore, says everyone in the busiKelli Stevens, Mayfield’s director of ness was hanging in sales and leasing. A lot of developers limbo. Partners came overwork the idea of the quaint corner and went, and then in drug store. The laws of retail should early 2004 Mayfield, on not be ignored in the practical applihis own for the first cations of traditional residential and time, was able to accelmixed-use construction. erate his original vision The process of acquiring, preparing as Afton’s developer. and building Afton Village was fraught Village Green and gazebo contribute a unique charm and Since that time, with challenges. When Mayfield origiambience to Afton Village. momentum has again nally analyzed the land, he realized Traditional, custom homebuilding ramped up significantly, residential the topography precluded strictly and mixed-use commercial construction build-out is close to 50 percent and commercial applications, although the is more complex and expensive than the retail component has begun to land was zoned “employment-based.” conventional approaches. Mayfield and thrive. Both Afton Village residents After Mayfield made several presenhis team are constantly seeking innovaand non-residents frequent the comtations to the City of Concord clarifytive solutions to maintain architectural munity’s anchor, the 11,000-member ing his strong commitment to commudiversity while staying competitive. West Cabarrus YMCA, and often stop nity building, zoning and annexation
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The Cannon Memorial YMCA serves as the anchor tenant in Afton Village’s shopping district.
Mayfield’s team is thankful that the competitive spirit is a little easier to summon these days than when they first broke ground. Both Mayfield and Stevens found that not having a tangible representation of the concept was their most formidable challenge back then. But after the first 10 adjacent lots were built on spec, interest grew, retail was seeded and Afton Village began to assert itself. “Now, there is much more to look at,” Mayfield says. “We no longer have to show drawings and wave our hands in the air in explanation. Our time has arrived and the community is growing every day.”
Afton Village Land Company 5389 Village Drive Concord, N.C. 28027 Phone: 704-721-5263 (residential); 704-795-1400 (commercial) Principals: David L. Mayfield, Developer; Kelli Stevens, Director of Sales and Leasing Owner: Mayfield Development Corporation and Traditional Builders of Carolina, LLC Employees: 4 Established: 1998 Builders: Mitchell Hartsell Construction, John F. Swinson Custom Builder,Traditional Builders, John Marshall Custom Homes, Michael L.Tosco Custom Homes, Lifestyle Custom Homes Business: Combines a mixture of compatible uses including single- and two-family homes, retirement cottages and apartments, townhomes and an adjoining commercial main street blended into a compact, walkable layout. Planning up to 700 residential units and 320,00 square feet of retail/commercial/institutional construction. Home prices range from $125,000 lofts to $500,000+ custom homes. www.aftonvillage.com
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Topping It Off Afton Village has sold several homes straight off its Web site, with nary a visit from the buyers. At one point, its largest lead source was word of mouth from out-oftown buyers, Stevens says. Marketing costs for Afton Village have significantly decreased, which leaves more room for civic improvements, allowing them to use money with a “show, don’t tell” philosophy.
James Dorton Park bisects the Afton community and boasts two soccer fields, tennis courts, a walking trail, entertainment pavilions and a frisbee golf course.
friendly development solutions for The Conservation Fund and is the president and a founding member of the National Town Builders Association. Through these two organizations, Mayfield hopes to encourage a partnership to turn environmental considerations and green space preservation into developmental assets. Mayfield is also a charter member of the Congress for New Urbanism, an organization seeking to provide sustainable development in an era of emerging growth. He regularly contracts with prominent landowners with names like Hershey Trust, Sundance and Rockefeller to build civic-minded legacies from their property holdings. By any measure, Mayfield’s Afton Village is a good example of the potential of mixed-use communities and his expertise is a real asset to the area. In the face of transit issues, sprawl, big boxes, the economy and rising gas prices, close-knit communities make a lot of sense. The word is catching on. Afton Village set a record last year by doubling its residential sales. As of May of this year, sales have already surpassed last year’s figures.
From townhomes and single-family homes to retail space and lofts, the buzz is on. Mayfield attributes some of this to Afton Village’s diversity in terms of price points and product types. Homebuyers include single young professionals, mature families and empty nesters alike. “Of course we can’t be all things to all people, but we want to be the best at what Primrose School opened across from the new YMCA in we have chosen to provide,” Afton Village in early 2005. Mayfield says. As Mayfield’s experience and portfo“Recreation, retail, and residential lio have grown, so has his reputation. developments have their own signaHis approach to what he calls thoughttures,” Mayfield says. “But an organic ful, civic-minded development attracts relationship between them is a prenational attention and he currently scription that seems to answer a lot of provides consulting services to develwhat ails us.” biz opers and organizations across the country. He works on conservation Susanne Deitzel is a Charlotte-based freelance writer.
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Jeffrey D. Michael Director UNC Charlotte Urban Institute
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by lisa hoffman
[bizprofile]
How Do“They” Know? Urban Institute Delivers the Facts... Just the Facts
It happens all the time. You’re standing around the water cooler or enjoying lunch with coworkers when inevitably someone says, “They say most people want the new light rail system,” or “They say the population of University City is booming.” Have you ever stopped to think about just who “they” are? For the Charlotte region, often “they” are the members of the UNC Charlotte Urban Institute, a nonprofit research and community outreach unit of the University of North Carolina at Charlotte. Reaching Out with Research It takes a mighty vision to transform a junior college into a fully accredited member of the University of North Carolina system. In 1966, Dean Colvard was appointed as the first chancellor of the University of North Carolina at Charlotte and did just that. Colvard hailed from Mississippi State University, a land-grant institution. Land-grant institutions are developed on federally controlled land and are designed to provide cooperative extension services, allowing the community at large to benefit from research-based knowledge derived from local universities. Although UNC Charlotte was not itself a land-grant institution,
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Colvard brought that service ethic to the university and, in the interest of community outreach, founded the UNC Charlotte Urban Institute in 1969. “We’re here to provide a public service by offering a link to the resources of the university and applying its expertise to the challenges of the community,” says Jeff Michael, the Institute’s director. The UNC Charlotte Urban Institute conducts an annual survey as an affordable means of gauging public opinion on a whole host of community issues including transportation, healthcare, education, government effectiveness, cultural interests and overall quality of life.
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Many agencies are eligible to participate in this comprehensive service, which includes everything from assistance in defining the problem and designing survey questions to consultation on interpretation of the results. “It’s all about public resource investments,” Michael explains. “We strive to provide the information needed to direct the region’s decision-makers as to how they can address challenges. We can also get our finger on the pulse of citizens’ feelings about certain issues through various research methodologies such as phone or mail surveys, interviews and focus groups.” The Institute’s strategic focus is shifting to playing a more convening role, utilizing its research to generate discussion. Toward that effort, it hosted its first annual regional conference, “The Changing Face of the New South: Latinos in the Greater Charlotte Region” in April. Working in conjunction with the Latin American Coalition and the John S. and James L. Knight Foundation, the Institute assessed the needs of the
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UNC Charlotte Urban Institute Director, Jeff Michael, leads Badin citizens through a “community mapping” exercise in August 2005. growing Latino community. “The Charlotte region is changing dramatically though both rapid population growth and demographics,” Michael says. “We need to find intelligent ways to respond to that.” Various presentations at the conference included “The Impact of the Hispanic Population of the State of North Carolina,” “Immigration from the Mexican Perspective,” and “Federal Immigration Policy, Employment and Local Issues.” The presentations gave way to productive break out sessions where lively and provocative discussions took place, Michael reports. “Change can’t happen without discussion,” Michael says. “Conversations lead to action.” Economic Impressions Once a distinctly Southern pastime, motorsports have inarguably become a national sport. A few years ago, the UNC Charlotte Urban Institute conducted a research study on the regional economic impact of motorsports. The study revealed that the total economic impact of motorsports on the state in 2003 was more than $5 billion, with $3.9 billion of that impacting the Charlotte area alone, creating more than 18,000 jobs. “Attracting out-of-state companies gets a lot of attention,” Michael says. “It’s
also important to consider how much energy and resources we want to put into keeping and growing what we already have here.” More recently, the Charlotte Chamber University City commissioned a study of the regional economic impact of the University City area. Intensive research revealed an $8.4 billion annual impact on the seven surrounding counties producing an estimated 73,760 jobs. Estimates show the University City population exceeding 161,000 residents by 2010. “This information gives government officials a clear picture as they decide on the future development of local infrastructure such as public transportation, schools, community safety agencies and recreational open spaces,” Michael explains. “The study serves to position and define the area and promote sustainable growth.” If the Institute doesn’t have the talent in house to effectively analyze data, its access to university faculty for economic forecasting and graduate students for specialized studies is an invaluable link to available resources. It’s not always about asking what an area is doing for the greater Charlotte region, but what the greater Charlotte region can do for an area. The UNC Charlotte Urban Institute
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first man-made white water rafting park. Mount Holly is experiencing tremendous growth and wants a residential plan that preserves green spaces. In addition, they want a downtown revitalization plan that stays in line with its vision. “Our first step will be helping city leaders determine and articulate that vision,” Michael says. “Once we understand their wants and needs, we can analyze the city’s current land use plan and decide whether it follows its strategic vision and strikes an economic balance as well.” The Institute also provides land use and environmental planning research and services for businesses and nonprofit organizations. The Land Use and Environmental Planning department operates the Open Space Institute, which works with land conservation organizations to define and achieve a common vision for regional open space. In addition, the Land Use and Environmental Planning department is examining underutilized policies and programs and discovering the barriers to
Attendees at the UNC Charlotte Urban Institute’s First Annual Regional Conference:The Changing Face of the New South; Latinos in the Greater Charlotte Region, gather for breakout sessions.
Sustainable Growth Regional growth used to be a black and white issue: should we or shouldn’t we? These days, the issue is not whether or not we should grow, but the consequences of that growth, Michael explains.
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“I think everyone agrees that a laissezfaire approach to growth is a recipe for disaster,” Michael says. “There may be disagreements about the solutions to the consequences of growth, but one thing is for sure: We can’t sustain growth in the Charlotte region unless we develop the infrastructure that affects quality of life along with it.” The UNC Charlotte Urban Institute’s research capabilities put it in a prime position to lead discussions about managed growth. Although a great deal of data already exists through state and federal agencies, the Institute’s Geographical Information System (GIS) mapping capabilities allow for sophisticated land use studies. “Most towns have outdated land use plans created in the ’70s, when neighborhood sprawl and strip malls were the trend,” Michael says. “That’s fine if that’s a town’s vision, but towns increasingly want something different, a plan that incorporates more quality of life features new residents seek.” Today’s town visions include greenways, a diverse mix of home lot sizes and ways to tap into local resources such as eco-tourism. The UNC Charlotte Urban Institute, along with the university’s College of Architecture, is set to begin a collaborative effort with the City of Mount Holly, near the site of the nation’s
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recently received a $47,668 grant from the Foundation for the Carolinas’ Charlotte-Mecklenburg Community Foundation to fund the North Tryon Corridor Community Assets Project. This project focuses on eight neighborhoods along North Tryon Street and Sugar Creek Road between University City and Uptown, some of the most ethnically and racially diverse areas of Charlotte. “The study is designed to promote social trust, cross-cultural connectedness, civic engagement and overall community capacity,” according to “Urban Outreach,” the Institute’s quarterly newsletter. “Our number one criterion for deciding where to focus our energies is whether or not a particular project serves the public,” Michael says. “One-third of our budget is subsidized by the state and our primary responsibility is serving the state’s citizens. This project is also about public investment. In this case, we need to decide as a region how we’re going to support this evolving community.”
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their use. One such program currently being analyzed is tax increment financing. North Carolina is one of the last states in the country to allow tax increment financing, where a certain portion of tax revenue generated by a project is dedicated to improvements on that project. “In the past, all tax revenue was funneled into the general coffers and its use was voted on by the city council,” Michael says. “This program offers a unique opportunity for developers and has been used successfully in other parts of the country for the past 15 years or so. But it’s not being used here and we need to figure out why not.” High-Tech Help When communities experience rapid growth, school systems need to grow right along with them. The UNC Charlotte Urban Institute established its School Services department to help
UNC Charlotte Urban Institute Colvard South Building, room 1048A 9201 University City Blvd. Charlotte, N.C. 28223 Phone: 704-687-2307 Principals: Jeffrey D. Michael, Director; Jana Harrison, Senior Associate Director; Vicki Bott, Director of Land Use and Environmental Planning; John Chesser, Director of School Services; Christian Friend, Director of Community Research and Services Employees: 19 Established: 1969 Business: A nonprofit research and community outreach unit of the University of North Carolina at Charlotte focused on the mission of seeking solutions for the social, economic and environmental challenges facing our communities. Services include technical assistance and training, public land-use and natural resources consulting, economic development research and community planning. www.ui.uncc.edu
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school districts manage issues arising from growth and technological evolution. Its major on-going project is a computerized school bus routing project called Transportation Information Management Systems. “We serve districts throughout out western North Carolina,” says John Chesser, director of School Services. “We offer software implementation services, customized training and remote support services. Some days I work in six different counties without ever leaving my office.” The department also provides school planning and demographic analysis, data that be used to head off educational pitfalls such as overcrowding. Chesser and his team were recently called upon to assist St. Maps of public schools and services within the Lucie Public Schools in Florida North Tryon Corridor. with its growing pains. Port St. Lucie was named the fastest growPublic Schools, but it’s impossible to build a ing large city in the United States by the vision based on divergent objectives,” Census Bureau in 2005 and St. Lucie Chesser asserts. “The opposing groups all County schools have seen annual enrollhave valid concerns, but they need to find ment increases as high as seven percent. some common ground before the real work In addition to the growth challenges the can begin.” district faced, it was working from a stuThe UNC Charlotte Urban Institute’s dent assignment plan that had been vision for the future involves becoming designed around court-supervised desegmore proactive in its fact-finding role, perregation plans determined decades ago. haps through the development of a regular “We were happy to learn that the comregional indicators packaging program. munity and the school board were in agreeMichael points to The Boston Foundation as ment that some of the things they’ve been a program model. doing were no longer working,” Chesser “My hope is that we can begin to regusays. “We were able to work with them to larly assess things, like economic wellestablish a new, more feasible student being, the state of health care and environassignment plan. The process was all out in mental and educational health, and make the open and attempted to include all of the the information accessible for public concommunity’s diverse groups.” sumption,” Michael says. “That encourages All this begs the question, could discussion and helps resolve new challenges Charlotte-Mecklenburg Schools benefit from as they arise.” the Institute’s services? CharlotteSo the next time you’re gathered Mecklenburg Schools has a competent proaround the water cooler hearing about fessional staff dedicated to these issues, what “they” say, you’ll know about the Michael says. In addition, Michael and wealth of resources the UNC Charlotte Chesser agree there are some community Urban Institute brings to seeking solutions issues that have to be worked through for the social, economic and environmental before Charlotte-Mecklenburg Schools can challenges in our community. biz begin to resolve the growth issues it faces. Lisa Hoffman is a Charlotte-based freelance writer. “There are some parallels to St. Lucie
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Workforce Training and Development
[workforcebiz]
CPCC’s Integrated System Technology Program Offers Cross-Training to Meet Industry’s High Tech Demands
According to the American Manufacturing Trade Action Coalition’s Web site, North Carolina has lost nearly 160,000 jobs, which equals 21 percent of the state’s total number of manufacturing jobs lost through foreign trade deals since 2001. Some may equate these losses to manufacturing jobs that have been outsourced abroad; however, many industries suffer from a lack of skilled workers who can handle the complex operations needed to remain competitive. With our current high-tech work environment, the U.S. must train a new breed of worker – technologists who can maintain equipment that is built to accommodate multiple integrated systems. With that in mind, Central Piedmont Community College (CPCC) developed the Center of Excellence for Integrated Systems Technology (IST), a new, high-demand opportunity that involves cross-training in the areas of electrical, mechanical, and electronic systems. A grant from the Department of Labor, Duke Energy, and the North Carolina Department of Commerce provided more than $1 million in funding for equipment to develop the Center. The program, which offers hands-on training, industry-designed curricula, and self-paced learning, is aimed at both incumbent workers and displaced workers in the region. “American industries are becoming
greater charlotte biz
much more dependent upon the use of high-tech equipment that involves multiple, integrated systems,” points up Chad Ray, associate dean for Engineering and Information Technologies at CPCC. “It is critical that companies in our area be able to recruit and employ individuals who know how to operate, troubleshoot and maintain this high-tech equipment.” During the eight-week training program at CPCC, students learn skills relating to electrical, mechanical and electronic systems. The training emphasizes hands-on application and troubleshooting. In addition, the training focuses on interviewing and presentation skills, as well as resume and cover writing skills. Students who successfully complete the eight-week program receive a certificate in Integrated Systems Technology from the College. The National Coalition for Advanced Manufacturing (NCAM) has noted that “traditional perceptions of manufacturing are being transformed by the increasing use of advanced technologies in the manufacturing process, as well as the rise of new technology-intensive industries. What was once perceived as a job that involved working in labor-intensive assembly lines has now been replaced by robotics and systems requiring hightech skills. “CPCC offers the training that workers need to understand the multiple, complex and integrated systems that are being used today,” states Ray.
CPCC is partnering with Nucor Steel, Gerdau Ameristeel and Chiron America to provide the critical training needed for the region’s manufacturing workforce. CPCC is one of only four regional Centers of Excellence in the country. The program is truly an employer-driven initiative. CPCC’s Center of Excellence provides not only apprenticeships and career pathways to those who seek AAS degrees, but the College also provides customized curricula to meet the needs of specific industries through the Corporate and Continuing Education program. The partnership between the Department of Labor, the North Carolina Commerce Commission, Duke Power and CPCC allows each of these entities to focus their resources on providing the training solutions necessary to improve the climate for successful manufacturing in North Carolina.
For more information on the Center of Excellence for Integrated Systems Technology or the Certificate program, contact Chad Ray at 704-330-6909. biz This section is intended to highlight workforce training and development programs and initiatives delivered by community colleges within the Charlotte region. Community colleges are invited to submit substantive content ideas to editor@greatercharlottebiz.com.
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bizXperts: Smart Salvos, Select Strategies and Succinct Solutions
bizXperts
maximizing the value of your business step 2: increasing your return
In last month’s article, we discussed certain risks that your business may face and how addressing those risks can increase the value of your business. Decreasing risk means that your business’ cash flow is more likely to continue year after year. This decrease in risk means the required return on investment that a potential buyer or investor would want will be lower. Last month’s example showed how decreasing the risk could lower the required return on investment a buyer would want from 25 percent (a multiple of 4 times your annual cash flow) to 16.66 percent (a multiple of 6 times your annual cash flow). This resulted in our business owner, John, increasing the value of his business from $1.4 million to $4.2 million. Risk is one side of the valuation equation. This month we look at the second part of the equation, the “Return.” Your business’ “Return” is simply its “adjusted cash flow.” This “adjusted cash flow” is typically shown as the net income (earnings) of your business plus interest on long term debt, taxes, depreciation and amortization (“EBITDA”). This EBITDA is adjusted by adding back any expenses paid for your benefit as an owner of the business that any potential buyer would not pay. When we talk about increasing your “Return,” we are not talking about simply working longer, selling more and spending less. We are talking about strategic planning for your business so that you most efficiently take advantage of every opportunity you can. Strategic planning is that thing that everyone knows they ought to do, but practically no one does. In your strategic plan, you develop the blueprint for your business that will guide every decision you make on a daily basis. Running a business without a strategic plan is like driving in Europe for the first time without a map or a translator. Who knows where you’ll end up? Strategic business planning forces you to evaluate your investment of time, energy and money in your business and to ask the question, “Is it worth it?” In Good to Great, the author Jim Collins shows that it takes as much (and sometimes more) effort to run an average business as it does to run a great business. He asks, “Why not be great?” In The E-Myth Revisited by Michael Gerber, the answer to that question comes from the reality that we work “in” our business as a job instead of working “on” our business as an investment. Are you an employee in your business, or are you an investor? For those that dare to be investors, there needs to be a harsh reality check. Does your business deserve to live?
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To answer this question, you must evaluate your marketplace and its potential as well as your business and its potential. You may well find that your time and effort is better spent in another job or line of business. More likely, however, you will find there is a niche in which your business can perform better than any other business. You will also find there is a way your business can be most profitable in this niche. Jim Collins in Good To Great refers to this as your “Hedgehog Concept.” The Hedgehog Concept focuses on the overlap of the answers to the following three questions. What do you know you can do better than anyone else? What do you love doing? What can you be economically successful doing? Once you have decided the overall objective for your business and have decided you are in a business that deserves your investment, you are ready for the hard stuff. You next have to realize you can’t do it all. To build a business that has value, it has to have value separate from you as an owner. Your business has to be able to survive and thrive without you. That requires that you plan your business’ operations and have people and systems in place that can run your business. It is important to stop at this point. No strategic plan is any good unless you implement it. The prior paragraph has an intimidating challenge. Building a business that can run without you will seem impossible when you are just starting your business. However, you can begin doing this today, and you need to do this today. You do not have to do this alone. You cannot do it all, and you should invest your money, time and energy wisely. This includes using an outside advisor or group of advisors to help you accomplish your objectives. Our firm works with advisors about our business just as we work with our clients as advisors for their businesses. The benefits of advisors and strategic planning impact the value of your business and your peace of mind directly. Robert Norris is managing partner of Wishart Norris Henninger & Pittman, N.A., a full-service law firm advising closely held businesses, limited liability companies, limited and general partnerships, to define and achieve their objectives. Contact him at 704-364-0010 or www.wnhplaw.com.
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the language of change Words matter. As proof, try this simple exercise. Take a goal that you have been putting off. The more audacious the better. Something like, “Someday I will sail around the world,” or “Someday my business will extend across the Southeast.” Now, say it out loud as if you were already doing it. For example, “I am sailing around the world.” “I do business across the Southeast.” It feels very different. Something changed in you based on the words that you used. By extension it’s easy to see that a large part of organizational change is changing the language that a group of people use. This includes finding new words and expanding and redefining old ones. And as exciting as this is, it is only the first step. The real work isn’t changing what you say, it’s changing what you hear. For example, when employees complain, it can be very easy to hear laziness. But if you listen closer, you might discover that what you heard as “I don’t want to work” turns out to be something very different. It may be that the person complaining feels that their contribution isn’t valued, or that they are not being treated fairly. Or any one of a thousand other things that are very easy to overlook when you enter into a conversation certain that you know the answer. But if you listen harder you create the possibility of uncover-
ing an essential bit of knowledge that no one has been able to hear yet. And in those unheard sentences lies the wisdom to transform not only an organization but entire industries. So try another exercise. The next time you hear a complaint, be it from an employee, a supplier or a customer, try and hear it is as a request in disguise. Entertain the possibility that this request sounds like a complaint because the person doesn’t know how to ask for what they really want. And then try to hear what the person in front you is really requesting. Of course, you are free to accept or deny this request. But very often it is the simple act of listening that increases morale and buy-in. (How much better do you feel when you’ve been able to have your say?) And the insights you gain from listening deeply can release vast reservoirs of talent and energy within and surrounding your organization. And, best of all, changing the language you hear is free. Mike Whitehead is president of Whitehead Associates, Inc., a consulting firm specializing in leadership and culture development. Contact him at 704-331-9091 or www.whiteheadassociates.com.
tick, tick, tick, tick... that’s your day slipping away Time is perhaps the most predictable thing in our lives. It comes and goes at the same rate every single day. Time is also probably the most fair thing in our lives. Each living person on the planet gets the same amount of time each day – 24 hours, no more, no less. Why, then, is time management such an issue for most people. Alas, it isn’t the time that needs managing, it’s the people. If we can’t control the supply of time or the rate at which it passes, we must control our choices about how we use time. The biggest complaint regarding time management concerns interruptions. You plan your day, and then the interruptions start. Your family needs you, your staff needs you, your customers need you. We fret over the interruptions, but we may actually be encouraging them. It is nice to be needed, after all. If no one needed us, they wouldn’t have to interrupt us, would they? Here are some behaviors that will minimize interruptions. How many of them do you exhibit? 1. Give clear instructions when assigning work. Think about it from the recipient’s point of view. Don’t assume they know things that you know. You can gauge your effectiveness by how often they have to interrupt you for more information. 2. Empower others to handle tasks. Set clear guidelines about when you need to get involved. In some cases, this may be a dollar amount. In
greater charlotte biz
others, you may empower based on time. Train employees, family members and even customers about what they can handle without you. 3.Teach others to solve problems. When someone comes to you with a problem, don’t solve it for him. Lead him through a thought process to determine possible courses of action. Teach him ways to judge those options and predict consequences of each one. He will become more confident, and you’ll be interrupted less often. 4. Close your door. “Hide” for an hour a day. Gather anything you’ll need to complete the tasks at hand. Then inform everyone that you’re going in and you will be out in one hour. Statistics show that you will accomplish three hours of work in that one hour. Do not allow interruptions. Reinforce your policy and your team will get used to it. You’ll be glad you did. Denise Altman is President of Altman Initiative Group, Inc., helping businesses improve productivity and make work more fun. Contact her at 704-708-6700 or www.altmaninitiative.com. If you are interested in contributing to bizXperts, contact John Galles at 704-676-5850, ext. 102, or jgalles@greatercharlottebiz.com. biz
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Business Owners – Don’t miss it! June meeting – Charting the Course! Is your business moving in the right direction? Do you have a clear plan of action that will move your business where you want it to go? How will you know when you are making progress or if you are simply spinning your wheels? We must know where we want to go and a plan to get there. That will be our focus at our June meeting. Come and join us!
Join y! a Tod
Our 2006 Schedule of Meetings June – August – October –
“Charting the Course” “All Systems ‘Go’” “All Hands on Deck”
Our meetings are packed with practical information you can use to improve your business and reach your goals. Join today and become part of this exciting and worthwhile group. For specific dates, times, locations and membership information visit www.business-success-institute.com or call Denise Altman at (704) 708-6700.
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[bizview]
The Charlotte Region:The View from Another Perspective Like king and queen chess pieces, the Bank of America building and Hearst Tower dominate the Charlotte city skyline.
Aerial, Architectural and Stock Photography Larry Harwell 704-334-7874
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Featuring Executive Homes in the Charlotte Region AS SEEN ON CNBC Charlotte, North Carolina This understated yet elegant residence overlooks the 17th tee at Providence Golf Course.The fabulous interior has been updated with every amenity including a state-of-the-art, gourmet kitchen and media room. An exciting lower level features separate living quarters, exercise studio and sauna. A beautiful pool, gazebo and deck grace the exterior. 5BRs/6.1BAs MLS# 509398 – $995,000 Property Address: 11801 Braid Hills Drive
Cindy Barnes – 704-367-7203
www.allentate.com/cindybarnes
CHAPEL WATCH Charlotte, North Carolina Luxury and location are found at one of Center City’s most exclusive addresses. Enjoy spectacular skyline and courtyard views from this fourth-floor Chapel Watch condo. This home offers a unique floorplan with quality features throughout. Two secure parking spaces and private storage are included. Live, work and play in exciting Center City. 2BRs/3BAs MLS# 557907 – $899,000 Property Address: 546 North Church Street
Sandy Kindbom – 704-331-2122 www.centercityallentate.com/sandykindbom
PIPER GLEN PERFECTION Charlotte, North Carolina This three-level transitional home features fabulous vistas of the 11th green of the TPC at Piper Glen. Its stucco and stone exterior is stunning. The interior features three fireplaces. A master bedroom is on the main level along with a grand study. The lower level offers 2 rec rooms, billiard room and more. 5BRs/3.2BAs MLS# 591415 – $1,184,000 Property Address: 5016 Old Course Drive
Glenda Gravatt – 704-421-2302 www.allentate.com/glendagravatt
LUXURY RESORT Charlotte, North Carolina Fabulous outdoor features of this estate make you feel like you’re living in a resort. Dive into the in-ground pool, get snacks at the cabana, play tennis or relax on the patio; your wish is granted. Luxury fills the interior with beautiful hardwood floors and granite. This isn’t a home, it’s a lifestyle. 6BRs/5.2BAs MLS# 591766 – $1,175,000 Property Address: 6123 Providence Glen Road
Kelly Ross – 704-609-3159 www.charlotteresidential.com
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