MBJ E-Edition — November 20, 2020 by Journal Inc

M S B U S I N E S S . C O M

| N ove m b e r 2 0 , 2 02 0 I S S U E | Vo. 4 3 • N o. 9 • 3 6 p a ge s

{Section begins P16} Chaney: State still stable

{Section begins P18} Small Town Center creating new designs for shared public spaces during pandemic

{Section begins P20} Oldest ﬁrms maintain stability

{Section begins P22} Extremely low interest rates not all good news

Pages 17, 19, 21, & 25

Mississippi Business Journal

November 2020 Issue

Grant delves into the history, present of the 'Deepest South' town of Natchez R

and his family, or he was up-to-here with Mississippi. ichard Grant, the British expat So I emailed him, and he responded in a few hours. writer, lifted the elegant cur“Yes, after nearly ten years in Mississippi, we are tain of Natchez and found back in Tucson where my wife was born and raised some not-so-attractive things and I lived for more than 20 years” (as home base for among the antique beauty. launching his explorations for travel/adventure books.) No surprise there. “Her family needs our help and we both enjoy the To be sure, he shows us slavery, JACK WEATHERLY Arizona outdoors and southwestern food. which built the mansions of the river Yet while he has left Mississippi, it has not left him. town. “My next book is about Mississippi,” he said. But he uses his superb reporting and writing skills to paint “I came up with the idea and started us a picture of some people who are still trying to have it both ways: Tara before the War and long, long after the War. writing it last night. “I thought that I would be migratAnd others, blacks and whites, who are trying to paint a ing back and forth between Arizona more-complete picture. The Pilgrimage Garden Club – the more “progressive” and Mississippi, but the pandemic put of the two warring organizations -- selected the daughter of a stop to that. “You might want to mention this: novelist Greg Iles, a Natchez resident who was among those The Deepest South of All was named who spearheaded the effort to modernize the pageant. You may know Grant. He wrote “Dispatches From Pluto,” today [Nov. 2] as a finalist for the 2021 about his relocation with his then-girlfriend from Manhat- Southern Book Prize. Well, that leaves us with the Nattan to the Delta. It won the Pat Conroy Southern Book Prize and perched chez book, at least for now. “The Deepest South of All: True atop the Clarion Ledger bestseller list for a couple of years. “I really love Mississippi and we’re planning to stay,” he Stories From Natchez, Mississippi” by told a standing-room-only crowd at St. James Episcopal Grant, might challenge the book by James C. Cobb, “The Most Southern Church in Fondren in 2016. Place on Earth: The Mississippi Delta For proof, he said, “I live right around the corner.” He and his girlfriend, Mariah, got married in Pluto, and and the Roots of Regional Identity” as the last word on the subject, at least in the title. then along came a baby I have not finished reading Cobb's scholarly book, which He told the St. James crowd the story of their daughter, has been staring at me from my bedside table for a long time. Isobel, and her multicultural linguistic influences. But Grant did not allow me that option. He recounted how she told her father: "Pa-PAH, I'm fitHis elegant, detailed prose in “Deepest South” (Simon & tin' to take a bahth,” which cracked up the audience. But it looks like there won't be any more of those endear- Schuster) compelled me to turn the next page and the next corner and follow him from one manse and its truly eccening anecdotes. tric inhabitants to the next, and to the descendants of slaves, He and his wife have moved to Tucson, Arizona some of whom are openly not buying into the old story of Can you imagine any place so not Mississippi? I read in the Clarion Ledger about their move, but it was benign master/owners. Yet the old story endures, at least in the Pilgrimage twice only a passing mention a year, staged by the warring garden clubs, some members of I couldn't accept his absence so easily I feared the worst. Another woman took him away from us one wanting to update, the other simply not having it. (Meantime, the town, which is evenly divided among blacks and whites, elected Darryl Grennell, a gay African-American, as mayor with 91 percent of the vote. Grennell decided not to seek re-election.) The centerpiece of the Pilgrimage is the Tableaux, a historical costumed musical put on by local talent The word “tableaux” comes from the French tableau vivant, a scene in a play in which the actors freeze in their poses to make a point. The point here is the past, the glorified prewar South, frozen in time. But the thaw has even reached Natchez, the wedding cake of a town of 15,000 cut off from the rest of us in a theme park-like world, where it goes Disney's animatronics characters one better by using live actors. Theme park is one way to put it, but there are sideshow elements. Still, Grant's sympathetic nature won't allow him to treat

them as insects pinned on a board and studied dispassionately, which would be easy to do under a lesser talent. In many cases, the people seem straight out of Tennessee Williams plays, like Amanda Wingfield and Blanche Du Bois on a very bad day. It's testament to Grant's wonderful ear, which picks up the nuances of a foreign dialect, to mention the bombardment of absurdities at an introductory cocktail party. “I sat there shaking my head, wishing it would stop, but the weird stories kept on coming,” Grant says. A party-goer tells the writer: “It's just the South. There's no point trying to explain it.” That hasn't stopped any Southern-born writer or, as in the case of Grant, those who have an acquired fascination. Grant, who has ventured into the wilds of strange lands before, pushes on. And while there is a carnival atmosphere, there is also the darkest side of the past, including what had been the second-largest slave market in the Deep South. He was given shelter and support by Regina Charboneau, a cookbook author, and her husband, Doug, who own and operate King's Tavern, the oldest building (1789) in the city, and a rum distillery. They live in an 1852 Greek R e v i v a l house named Twin Oaks, which Grant used as his headquarters as he traveled between Jackson and Natchez as he researched the book. Grant found dignity in slavery, despite its demeaning nature. It was embodied by a man whose proper African name was Abd al-Rahman Ibrahima, a prince who was captured by a rival tribe and sold into slavery. Fate took him to a faraway place we call Natchez, where he was to live most of his life in bondage, though his intelligence and skills lead him to a high position on a plantation, though still without personal freedom. He realizes his long-held dream to return to his homeland and creates quite a sensation in the very highest echelons of American government before he departs, with his wife but without his children and grandchildren, with whom he plans to reunite on the foreign continent that is home after buying their freedom. Grant says in the Acknowledgements section of the book that “relied heavily” on a book by Terry Alford about the Prince. Which raises a point of criticism for this book. It needs an index and a source list. Likewise, with this imagistic narrative, it sorely needs photos. That has nothing to do with the writing. It just would be a considerate thing to do for the reader of this fine book. » JACK WEATHERLY is the senior writer for the Mississippi Business Journal. He can be reached at jack.weatherly@msbusiness.com.

November 2020 Issue

Mississippi Business Journal

Judge: Mississippi does not own disputed water

» LAW ELEVATED

Medical Marijuana is coming to Mississippi

herein enumerated and for ississippi is the latwhich a physician believes est state to legalize the benefits of using medical marijuana. medical marijuana would The measure, called Inireasonably outweigh potiative 65, was approved tential health risks. overwhelmingly by voters on A physician will preNov. 3. scribe marijuana by issuing a A number of bills to authorize medical (and even recreation- benjamin mitchell certification to the patient. The certification allows the patient to al) marijuana have been proposed during the last few Mississippi state legisla- obtain a medical marijuana ID card and use tive sessions, but none had garnered much marijuana for the period prescribed by the support within the legislature. So, with the physician. An ID card cannot expire more prospect of medical marijuana legislation than 12 months from the time it’s issued looking dim, the campaign Medical Mari- but can be renewed by additional physician juana 2020 sought to have Mississippi vot- certifications. A physician can preers decide the issue directly. The campaign scribe medical marijuana to a minor gathered thousands of signatures from with consent from the minor’s paracross the state, which placed Initiative 65 ent or guardian. The ID on the November 2020 election ballot as card authorizes the patient an amendment to the Mississippi Con- to purchase and possess up stitution. Now that it has passed, medical to 2.5 ounces of marijuana marijuana should be available in Mississippi at a time. Mississippi’s medical as early as summer 2021. Under the amendment, physicians are marijuana program will permitted to prescribe marijuana to pa- be regulated by the Mississiptients with the following medical condi- pi State Department of Health tions: cancer, epilepsy or other seizures, (MSDH). MSDH is governed by Parkinson’s disease, Huntington’s disease, an 11-member Board of Health muscular dystrophy, multiple sclerosis, ca- appointed for staggered terms by the govchexia, post-traumatic stress disorder, pos- ernor of Mississippi. In addition to issuitive status for human immunodeficiency ing ID cards to patients, MSDH will be virus, acquired immune deficiency syndrome, responsible for licensing growers and dischronic or debilitating pain, amyotrophic pensers of medical marijuana, as well as lateral sclerosis, glaucoma, agitation of de- caregivers who assist patients in obtaining mentias, Crohn’s disease, ulcerative colitis, and using medical marijuana. MSDH will sickle-cell anemia, autism with aggressive or have broad discretion over licensing fees self-injurious behaviors, pain refractory to and other qualifications, but MSDH is appropriate opioid management, spinal cord prohibited from limiting the number of lidisease or severe injury, intractable nausea, censed growers and dispensaries. The amendment prohibits MSDH from severe muscle spasticity, or another medical condition of the same kind or class to those regulating the price of medical marijua-

na and prohibits the state from charging sales tax on medical marijuana. However, MSDH will be allowed to assess up to the current sales tax rate on medical marijuana in order to fund its regulating activities. MSDH also has discretion to charge licensing fees for growers and dispensaries. MDSH may charge a fee of up to $50 for issuing a patient ID card. MSDH must adopt medical marijuana regulations by July 1, 2021 and begin issuing medical marijuana ID cards to patients by Aug. 15, 2021. MSDH’s regulations will cover a wide range of activities, including product labeling, advertising, testing, and reciprocity for out-of-state patients. Under Mississippi law, MSDH must give the public an opportunity to review and comment on any proposed regulations before they are adopted. SDH and dispensaries will be required to keep patient information confidential. All patient records will be exempt from public records disclosure laws. The amendment does not require any establishment or employer to accommodate or tolerate the use of marijuana onsite or on the job. It also does not require any health insurance company or government agency to reimburse patients for medical marijuana expenses. And it does not permit anyone to drive under the influence of marijuana. » BENJAMIN L. MITCHELL is an attorney in Butler Snow’s Ridgeland oﬃce. He practices in the ﬁrm’s business services group and specializes in intellectual property law, franchise law and business and commercial transactions.

A specially appointed judge is siding with Tennessee in a more than decade-long legal dispute with Mississippi over the right to ground water. Special Master Eugene Siler Jr. said he will recommend the U.S. Supreme Court find that Mississippi doesn’t own the disputed water, but that it is an interstate resource, the Clarion Ledger reported. The two states are fighting over an aquifer that lies beneath parts of Tennessee, Mississippi, Arkansas, Missouri, Illinois, Kentucky, Alabama and Louisiana. Mississippi claims Tennessee is unlawfully pumping water from the Mississippi portion of the aquifer for use by Memphis residents. Since 1985, Memphis and the state of Tennessee have wrongfully taken more than 252 billion gallons of water — approximately 15% to 20% of Memphis’ supply — from within Mississippi, Mississippi lawyers have argued. They are seeking more than $600 million in damages and a court order stopping Memphis from using the aquifer as its water source. Tennessee and Memphis argue that the water does not solely belong to Mississippi. In his decision on Thursday, Siler said Mississippi should seek equitable apportionment — a process where the U.S. Supreme Court decides how much water each state is entitled to, the Clarion Ledger reported. If Mississippi refuses that remedy, Siler said the case should be permanently dismissed. His recommendations now go to the U.S. Supreme Court for a decision.

Mississippi Business Journal

November 2020 Issue

Attorneys defend Mississippi marijuana initiative process M

ississippi’s top legal officer says the state Supreme Court should dismiss a mayor’s “woefully untimely” lawsuit questioning the legitimacy of the medical marijuana initiative that state voters approved by a wide margin recently. The initiative’s sponsors are making the same argument, saying that Madison Mayor Mary Hawkins Butler, an opponent of legalizing marijuana, is misinterpreting the signature-gathering requirements for getting an initiative onto the ballot. Approved by 74 percent of Mississippi residents who voted Nov. 3, Initiative 65 requires the state Health Department to create a medical marijuana program by mid-2021. Butler and the city of Madison filed a lawsuit days before the election, arguing that the signature-gathering on petitions for Initiative 65 failed to meet state standards. The Mississippi Constitution requires that the certified signatures required for an initiative come in equal number from the five congressional districts the state had when this requirement was written in the 1990s. Mississippi lost a seat after the 2000 Census, but the constitutional requirement has not been updated. The state attorney general’s office issued a legal opinion in 2009 saying that sponsors of initiatives should gather signatures from the five districts used in the 1990s. And in September 2019, then-Secretary of State Delbert Hosemann said the medical marijuana initiative qualified for the ballot because petition sponsors had gathered enough signatures from each of the five old districts. They ultimately gathered about twice as many as the total of 106,190 sigHosemann natures required statewide. Butler and Madison, however, argue that the initiative process is outdated because the constitution specifies that no more than one-fifth of the signatures may come from any congressional district, and that creates a mathematical impossibility with four districts.

» Paul Robinson places the photograph of his late daughter Jenna Robinson at the lectern prior to speaking in favor of Initiative 65 during a rally of patients and parents in Ridgeland, Tuesday, Oct. 27, 2020. Robinson's 17-year-old daughter suffered from refractory epilepsy, and he believes a treatment plan including medical marijuana would have been therapeutic for her. Initiative 65 would amend the Mississippi Constitution to allow the prescription by a doctor of up to 5 ounces (142 grams) of marijuana per month for people who suffer from one or more of than 20 medical conditions. (AP Photo/Rogelio V. Solis)

“Even if their interpretative argument is correct, petitioners’ action is woefully untimely,” Attorney General Lynn Fitch’s office wrote in papers filed with the state Supreme Court on Friday. “They could have asserted their so-called ‘procedural’ challenge years ago.” In court papers, attorneys for Initiative 65 sponsors Ashley Ann Durval and Angie Calhoun wrote that Butler is seeking to abolish Mississippi’s initiative process. They argued that Butler is erroneously interpreting the state constitution and that if the Supreme Court were to agree with Butler, “it would

have to invalidate the vote of 74 percent of Mississippians who supported Initiative 65 and hold an entire section of the Constitution inoperative, while drawing into question past constitutional amendments by initiative.” Attorneys for Butler and the city of Madison wrote in court papers Monday that their lawsuit could decide an important point about the initiative process. They wrote: “Should we read our constitution to mean what it says, or should we interpret it to support particular issues we are passionate about?” The attorney general’s filing does urge the state Supreme Court to clarify whether the old or current number of districts should determine whether an initiative has signatures from enough places. “As the ultimate arbiter of the Constitution’s meaning, this Court needs to resolve that question here,” the attorney general’s office wrote. Initiative 65 will allow patients to use medical marijuana to treat debilitating conditions, as certified by physicians. Legislators put an alternative medical marijuana proposal, 65A, on the ballot but voters rejected it in favor of 65. Supporters of 65 said the alternative was intended to confuse voters. -The Associated Press

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Mississippi Unemployment Rates by County November 2020 Issue

June 2020

» Mississippi - 6.8 | u.s. -

DeSoto 7.6

Mississippi 9.7 U.S. 11.2 7.7

Tunica 17.5

Marshall 9.6

Tate 9.2

Benton 10.3

Alcorn 7.0

Tippah 8.0

Prentiss 8.0

Quitman 12.6

Coahoma 14.1

Yalobusha 10.4

Tallahatchie 8.5

STATE OF MISSISSIPPI Labor Force Data Civilian Labor Force Unemployed Unemployment Rate Employed UNITED STATES Labor Force Data Civilian Labor Force Unemployed Unemployment Rate Employed STATE OF MISSISSIPPI Unemployment Insurance Data •• Initial UI Claims Continued Claims Benefits Paid Weeks Paid First Payments Final Payments Average Weekly Benefit

September ‘20 1,292,900 87,600 6.8 1,205,300

August ‘20 1,235,400 97,300 7.9 1,138,100

Sunflower 11.5

August ‘20 160,966,000 16,882,000 8.5 147,224,000

September 2020 18,631 342,052 $47,672,352 263,518 4,763 15,635 $180.91

Leflore 12.6

September ‘19 ‘19 Avg. Washington 1,276,000 1,276,100 12.2 68,200 69,200 Humphreys 15.9 5.3Sharkey 5.4 11.5 1,207,800 1,206,900 Issaquena 7.2

September ‘20 160,073,000 13,742,000 7.7 147,796,000

Grenada 8.7

Jefferson 20.3

Montgomery

Yazoo 12.2

September ‘19 Warren ‘19 Avg. 163,943,000 10.7 163,539,000 Hinds 6,203,000 6,001,000 11.7 3.3 3.7 Claiborne 158,478,000 157,538,000 18.6

Carroll

Copiah 9.4

Madison 8.2

Moving Avg.** 161,695,000 Rankin 11,144,000 6.3 7.2 149,984,000 Simpson 7.7

Choctaw 7.1

Winston 11.0

Neshoba 13.4

Scott 6.9

Newton 9.6

Jasper 10.1

Covington

Jones 8.8 August 2020 September 2019 8.4 Lawrence Jeff Davis Lincoln Adams 20,289 Franklin 11.5 8.5 3,936 9.6 12.4 8.7 554,653 35,109 Marion Lamar Forrest $74,839,997 $4,841,136 Wilkinson Pike Walthall Amite Perry 8.3 7.3 9.9 14.1421,690 10.4 9.4 9.3 23,2889.9 9,235 1,523 8,638 487 Stone Pearl River 9.0 $177.48 Rates $207.88 8.4 Unemployment

7.2 - 9.6

•• Unemployment Insurance amounts presented in this section only represent regular UI benefits, federal program 9.7 -the 14.7 amounts are not included. Labor force amounts are produced in cooperation with Bureau of Labor Statistics. 14.8 - 20.3 Note: Unless indicated state and county data presented are not seasonally adjusted.

— Mississippi Department of Employment Security

Hancock 9.6

heater seating manufacturer VIP Luxury Seating is starting operations in New Albany, creating 100 jobs. The project is a $180,000 corporate investment at the site of the former VIP Cinema Seating. VIP is currently hiring for the new positions. VIP Cinema Seating was started in New Albany in 2012 with 30 employees and eventually grew to employ more than 500. The company was then sold to a private equity group, which subsequently filed for bankruptcy in February. The original founders, along with two additional investors, purchased the majority of the assets to rebuild

the company and bring jobs back to New Albany. “I would like to take this opportunity to thank the Governor, MDA and Randy Kelley and his wonderful team at Three Rivers [Planning and Development District] for their continued support of industry in Northeast Mississippi,” VIP Luxury Seating Executive Chairman Stephen Simons said in a release on Tuesday. The Mississippi Development Authority is providing a $150,000 grant to help with building improvements and to consolidate the company's operations into one building.

Harrison 10.9

Noxubee 14.7

Kemper 12.5

Lauderdale 9.0

Clarke 9.8

Wayne 10.3

Greene 10.4

George 10.0

Jackson 10.9

Source: Labor Market Data Publication Design: Labor Market Information Department, MDES

Theater seat maker to start operations in New Albany with 100 jobs MBJ STAFF

Lowndes 10.7

Oktibbeha 9.9

6.1 - 7.1

** Average for most recent twelve months, including current month

Monroe 11.3

Clay 14.5

Leake 9.5

Smith 6.1

Itawamba 7.9

Chickasaw 12.7

Webster 8.7

9.2 Moving 9.0 Avg.** 1,250,600 Holmes 94,400 Attala 20.2 7.5 9.5 1,156,200

Tishomingo 7.2

3.9 - 4.8 49 - 7.1

Lee 10.3

Pontotoc 8.9

Calhoun 8.7

Labor force and employment security data Bolivar 9.8

Union 8.2

Lafayette 8.1

Mississippi Business Journal

Unemployment Rates

MISSISSIPPI’S SEPTEMBER 2020 UNEMPLOYMENT FIGURES Panola 12.4

Mississippi Labor Market Data — 3

7.2 - 11.8 11.9 - 17.8

Mississippi Business Journal

November 2020 Issue

» Analysis

Lawsuit pushed Mississippi to simplify elections

y a wide margin, Mississippi voters have eliminated a remnant of the state’s racist history by repealing a complicated, multistep process for electing statewide officials. Going forward, candidates for eight offices — governor, lieutenant governor, attorney general, secretary of state, treasurer, auditor, WAGSTER insurance commissioner and EMILY PETTUS agriculture commissioner — will only have to win a majority of the popular vote. They will no longer have to win the most votes in a majority of the 122 state House districts. That was roughly the state-level equivalent of winning a majority of the national electoral vote in the presidential race. The presidential race is decided only by the electoral vote, though. Winning any of the eight statewide offices in Mississippi required both the popular vote and the electoral vote. The question of simplifying Mississippi’s election process might never have landed on the ballot without a strong shove provided by a federal lawsuit. The suit was filed in 2019 on behalf of Black plaintiffs. It was backed by the National Democratic Redistricting Committee, led by former U.S. Attorney General Eric Holder, who served under President Barack Obama. “This is all about fairness — about electoral fairness,” Holder told The Associated Press when the suit was filed. “The election system in Mississippi has really kind of

» Mikara Stewart, 5, looks around a voting privacy kiosk while her unseen grandmother Doris Thomas, votes in Precinct 36 after standing in line for almost two hours in Jackson, Tuesday, Nov. 3. (AP Photo/Rogelio V. Solis)

perpetuated a history of racial discrimination that finally has to come to an end.” The Mississippi Constitution was adopted in 1890, and it set up the two-part process for statewide elections. If no candidate won both the popular vote and the electoral vote, the race was decided by the state House. Because representatives were not obligated to vote as their districts did, an election could be decided by deal-making or even by the whim of a lawmaker who disagreed with the majority of voters in his or her own district. Mississippi was the only state in the U.S. with this multistep process for electing statewide officials. The process was written when white pol-

iticians across the South were enacting laws to erase Black political power gained during Reconstruction. The separate House vote was promoted as a way for the white ruling class have the final say in who holds office. Currently, about 38 percent of Mississippi’s residents are Black. The lawsuit argued that Mississippi’s election system violated the principle of one-person, one-vote. Plaintiffs said Mississippi’s history of racially polarized voting meant that candidates preferred by Black voters needed a higher share of the statewide vote to win a majority of House districts. Days before the 2019 governor’s race, U.S. District Judge Daniel P. Jordan III wrote that he had “grave concern” about the constitutionality of the electoral vote pro-

vision. Jordan wrote that the plaintiffs’ argument about violation of one person, one vote is “arguably ... their strongest claim.” Jordan put the lawsuit on hold in December and gave legislators a chance to remedy the system by putting a proposed constitutional amendment on the ballot. About 78 percent of people who cast ballots in the general election agreed to repeal the electoral provision, according to uncertified results. Mississippi has not yet elected a Black candidate to statewide office. Although the complicated election process was designed to suppress Black political power, it was rarely used because most candidates have fulfilled both parts of the checklist. The last time a governor’s race was thrown to the Mississippi House was in January 2000. Nobody received the required majorities in a four-person governor’s race in 1999. The top two candidates were white, and each won in 61 House districts. In January 2000, House members chose Democrat Ronnie Musgrove, a one-term lieutenant governor who led the popular vote for governor, over Republican former U.S. Rep. Mike Parker. At the time, the House was controlled by Democrats. It is now controlled by Republicans. In future races with more than two candidates, Mississippi will have runoffs if no candidate receives a simple majority in the first round of voting. » EMILY WAGSTER PETTUS has covered Mississippi government and politics since 1994. Follow her on Twitter: http://twitter.com/EWagsterPettus.

Hattiesburg self-storage facility sells for $3 million

arcus & Millichap (NYSE: MMI), announced the sale of The Grove Mini Storage, a 44,225-square-foot self-storage in Hattiesburg. The asset sold for $3,000,000. Jake Payne, associate, and Eddie Greenhalgh, first vice president investments and Director of the National Self Storage Group, had the exclusive listing to market the property on behalf of the seller, a partnership. Payne and Greenhalgh also procured the buyer, a limited liability company. Mickey Davis served as the Mississippi broker of record in this transaction. The Grove Mini Storage is located at 2543 Oak Grove Rd in Hattiesburg, Mississippi. Constructed in 2002, the property features 340 total units, 315 of which are climate controlled. The facility features three buildings, two climate-controlled buildings and one large non-climate building. The new owners have hired a professional management company named CubeSmart. They expect to see strong operation improvements in the coming years benefiting from the property’s great exposure, and high traffic counts.

November 2020 Issue

Mississippi justices hear dispute over state budget power

Hinds County chancery judge ruled in September that Republican Gov. Tate Reeves had overstepped his constitutional power by vetoing portions of some budget bills. House Speaker Philip Gunn and Speaker Pro Tempore Jason White sued Reeves in early August, weeks after the governor issued the partial vetoes. Gunn and White — who are also Republican — argued that Reeves was encroaching on legislators’ power to make budget decisions. Their lawsuit said the Mississippi Supreme Court has ruled in multiple cases that the state constitution prohibits a governor from vetoing a portion of a budget bill. Gunn However, Reeves’ attorneys said in written arguments that his partial vetoes were different than those by previous governors because Reeves’ predecessors had tried to veto conditions that legislators put on specific White spending plans. They wrote the Reeves vetoed “distinct” parts of spending, not conditions on it. On July 8, Reeves vetoed parts of two bills to fund state government programs for the year that began July 1. He vetoed multiple sections of House Bill 1700, the education budget bill, because it did not include nearly $25 million for the school recognition program that provides bonus pay for teachers in pubReeves lic schools that show significant improvement or that maintain high performance. The other partial vetoes were in House Bill 1782, which allocated federal coronavirus relief money to various agencies. When legislators were briefly in session in August, they overrode Reeves’ partial veto of the education budget bill. They then passed a separate bill to put money into the school recognition program.

Mississippi Business Journal

Huntington Ingalls Industries delivers National Security Cutter Stone to U.S. Coast Guard

untington Ingalls Industries’ (NYSE:HII) Ingalls Shipbuilding division has delivered National Security Cutter Stone (WMSL 758) to the U.S. Coast Guard. Documents signed mark the official transfer of custody of the ship from HII to the Coast Guard. Stone is scheduled to sail away from the shipyard at the end of this year to its homeport in Charleston, S.C. “We could not be prouder to deliver our ninth national security cutter to the Coast Guard,” Ingalls Shipbuilding President Brian Cuccias said. “Ending the year with this significant achievement is a true testament to the perseverance of our shipbuilders. Stone is a powerful ship that will have great opportunities to demonstrate the value of its multi-mission capabilities for many years to come.” NSC 9 is named to honor Coast Guard Commander Elmer “Archie” Fowler Stone, Coast Guard aviator number one, who made history in 1919 for being one of two Coast Guard pilots in the four man air crew who completed the first trans-Atlantic flight in a Navy seaplane. The Legend-class NSC is the most technologically advanced ship in the Coast Guard’s fleet, which enables it

(Photo by Lance Davis/HII)

» Ship Sponsor Laura Cavallo (center) christens Stone (NSC-9), the Legend-class cutter named for Cavallo’s great uncle, Elmer «Archie» Fowler Stone, who was a pioneer in Coast Guard aviation. Also pictured (left to right) are Representative Steven Palazzo (R-MS); Alexandra Stone Bongiorno, matron of honor; Ingalls Shipbuilding President, Brian Cuccias; Senator Roger Wicker (R-MS) and Commandant of the Coast Guard, Admiral Karl Shultz

to meet the high demands required for maritime and homeland security, law enforcement, marine safety, environmental protection and national

defense missions. NSCs are 418 feet long with a top speed of 28 knots, a range of 12,000 miles, an endurance of 60 days and a crew of 120.

Mississippi Business Journal

November 2020 Issue

THE WOOD GAP Lumber prices set all-time high, while trees are are stuck in the past

By JACK WEATHERLY jack.weatherly@msbusiness.com

outhern yellow pine lumber prices went on an eight-week tear starting in mid-July, while tree farms stayed stuck in the Mississippi clay. Sawmills have realized all-time high prices for lumber and “immense profits,” said Pete Stewart, president and founder of Charlotte, N.C.-based Farm2Market, which provides pricing data to both sides of the market. “Landowners are suffering through historically low prices,” Stewart said. And the low prices for timber are likely to linger for at least five to seven years, he said. When crude oil prices go up, so do retail prices for crude's refined products such as gasoline and diesel -- almost immediately. Everyone in the stream benefits.

» Log pile is the result of 30 years' growth. Photo by Bobby Watkins.

So why the gap in the wood market? That is because of the vast oversupply of timber, which far outstrips demand for lumber, said Stewart. Mississippi pines bring the lowest price in the world, he said. But there is light on the distant horizon. The South's cheap and abundant supply of timber is attracting investors. Four state-of-the-art yellow-pine sawmills have either been announced for Mississippi or have already been built, and the state probably needs nine such facilities, according to Stewart. Eventually, the landowners will benefit from such investments, he said. “It's not a big plot against landowners,” Stewart said. Unlike American row-crop and livestock farmers, who built a huge industry and eventually established a large export market, that is not a possibility for tree growers because the sheer bulk of wood, he said. Valued at nearly $1.2 billion in 2019, forestry was second in Mississippi behind poultry and eggs, valued at almost $2.8 billion as the largest component of the $7.5 billion agriculture industry in Mississippi. That is the “delivered value” to the mills, and does not include the revenue the mills realize from selling the lumber. Many mills shut down because of the impact of the coronavirus and slowdown in the house-building industry, but, surprisingly, many workers who were temporarily out of work turned to do-it-yourself proj-

» Final harvest at Coontail Farm was recently completed. Photo by Bobby Watkins.

» Aerial photo shows plantations of differing stages of growth. Photo by Bobby Watkins.

ects around the house, creating an unexpected demand for lumber That sent lumber prices through the roof. An eight-week spike in southern yellow pine, the chief building wood, started in mid-July, sending the first quarter price of $360 for a thousand board feet of 2x4's to $456 in the second quarter, to $761 in the third quarter, according to Forest2Market. Fortunately for buyers, the price of Southern yellow pine two-by-fours dropped 11.2 percent, from $995 for one

thousand board feet to $750 in the month ending Nov. 6, according to information provided by Dr. Marc Measells, Senior Extension Associate, Department of Forestry at Mississippi State University. Despite the recent dip, “most landowners are displeased with where timber prices are right now,” Measells said. That is because of the vast oversupply of timber, which far outstrips demand for lumber, Stewart said in a telephone See WOOD GAP, Page 15

November 2020 Issue

Mississippi Business Journal

Halter Marine unveils new PythonX plasma cutter which puts the squeeze on steel fabrication

s Halter Marine prepares for construction of the U.S. Coast Guard’s Polar Security Cutter, the company is acquiring new technologies such as robotic welding machines and the PythonX plasma cutter. Halter Marine unveiled the PythonX at a recent ceremony. The PythonX will replace the traditional hand-cut method of cutting steel. Now, those parts will be cut via computerized numeric control; the CNC process is driven by 3D production design models. Bringing in high-tech tools such as these ensures that Halter Marine will be ready when construction on the PSC

begins next year, said Bob Merchent, president and CEO of Halter Marine. “Halter Marine is known for our capability to fabricate and assemble steel vessels extremely efficiently,” he said. “The Polar Security Cutter will enable us to add yet another unique and specialized capability to our shipyard -- the ability to cut and form extremely thick and high tensile steel into units that will ultimately become the finished vessel.” This machine will be » Halter Marine President and CEO Bob Merchent presents the company’s new PythonX plasma cutter at the used to cut sheets of steel unveiling ceremony. used for the PSC’s inner bottom, which must be strong enough to withstand polar temperatures and represents a year's worth of effort by our engineering, production, facilities, supply chain management, breaking through tons of ice. “To have this machine in the yard and functioning project management office and administration departments all joined as a coherent team,” said Kevin Amis, Executive Vice President of Operations. “I appreciate their hard work and dedication because this investment will pay for itself in manhour savings on the first ship.” Previously, cuts were made manually by shipbuilders with acetylene torches. “Today kicks off the first of many new capital improvements partially funded by the Polar Security Cutter program,” said James Jordan, SupShip’s deputy Program Management Representative for the PSC. “PythonX will perform the profile cuts of the specialized type of steel, able to withstand colder temperatures without getting brittle.” In addition to the equipment and facilities, Halter Marine is also investing in our workforce. To help develop our future workforce, the company has implemented a U.S. Department of Labor-approved, four-year apprenticeship program. The first group consists of 50 people across five crafts. “As a multi-year program, the PSC makes us more attractive to future employees and equally important, it will help us retain the highly trained workforce we have today,” Merchent said. “It’s truly an exciting time at Halter Marine. We are expanding our capabilities and our workforce – all the while bringing about a positive impact on Pascagoula and Jackson County through new jobs and community involvement.” » Halter Marine employee making precision cuts to steel tubing with the PythonX plasma cutter.

PERSPECTIVE November 2020 Issue • www.msbusiness.com • Page 10

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» INSIDE MISSISSIPPI

Mail-in voting narratives poorly obscure real concerns “ Stories shape the way we Mississippi, the two muselook at and perceive the ums exemplify Eubanks’ world and help us to gain message. a shared perspective. That is Recently, retired Misespecially true in Mississippi.” sissippi Arts Commission So wrote Mississippi born director Malcolm White author W. Ralph Eubanks, a amplified that message: distinguished visiting professor at "We have a difficult histothe University of Mississippi Center BILL CRAWFORD ry and story to tell. But on the for the Study Southern Culture. His essay positive side, we talk about it. We was one of a series running in Mississippi mention the Civil War and Civil Rights Today. Movement in the same sentence. MississipHe says he tells his students in Southern pi has changed more than any state in the Studies, “Memory is not a passive reposito- nation. We have come a long way." ry of facts, but an active process of creating Reared in Mt. Olive and a graduate of Ole meaning about the past. Miss, Eubanks has delved deeply into and “Here in Mississippi, the interplay be- written extensively about Mississippi’s past. tween the past and the present is always He adds this line to my opening quotation. with us should we choose to engage with “Yet here and throughout the South we also the varieties of ways in which we envision use narratives to obscure the truth.” our history. This state has two magnificent How true, especially in this day and age of museums to help us do just that, so we’re social media and demonic politics. lucky. Still, active engagement with the past Eubanks’ message resonated when Gov. is what can help Mississippi move forward.” Tate Reeves tweeted, “I will do everything Indeed, “Telling Our Stories: Muse- in my power to make sure universal mail-in um of Mississippi History and Mississippi voting and no-excuse early voting are not Civil Rights Museum,” published in 2017, allowed in Mississippi – not in Mississippi.” highlights Mississippi stories captured in This followed President Donald Trump the two museums. Pursued and promoted raging against “corrupt” mail-in voting. Inby both liberal and conservative leaders in terestingly, Trump was all for “legal” mail-in

voting in Arizona, which benefited him, just against “corrupt” mail-in voting in Pennsylvania and Georgia, which did not. Then came Republican Sen. Lindsey Graham, chairman of the Senate Judiciary Committee, who said, “If we don't do something about voting by mail, we are going to lose the ability to elect a Republican in this country." No doubt mail-in ballots would not be a big story but for the impact on Trump’s re-election. The poorly obscured consternation here is that black voters are casting mail-in votes in higher than ever, difference-making numbers. “I would never have thought we’d be where we’re at now, with blacks still fighting for the vote,” long-time civil rights activist Rev. Charles Johnson of Meridian told the Associated Press. “The right to vote is the crown jewel of American liberties, and we will not see it diminished,” said President Ronald Reagan in 1982 as he extended the Voting Rights Act. How sad to see Reagan’s narrative as the memory, the museum piece, rather than lingering fears over black voting. “The truth will set you free” – John 8:32. » BILL CRAWFORD is a syndicated columnist from Jackson.

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THE MISSISSIPPI BUSINESS JOURNAL,

PERSPECTIVE

November 2020 Issue

Mississippi Business Journal

Thanksgiving comes ﬁrst W

hat happened to Thanksgiving? During the first week in November, I had the opportunity of traveling to the historic downtown of a nearby city. As I drove through phil hardwick the lovely center of the community featuring a park and a gazebo, something c a u g h t my eye. Christmas decorations were already up and on display. There was a two-story Christmas tree decorated with large shiny balls of red and green and silver. In the retail stores nearby were Christmas decorations in some windows. I turned on the car radio to find a station already in round-the-clock Christmas music mode. Later that day, in yet another city I noticed that quite a few residences were already displaying Christmas decorations. Perhaps it was because it was unseasonably warm, but my initial thought was that Christmas was coming earlier and earlier every year. Thanksgiving was three weeks away, but there was little evidence of this uniquely American holiday to be found. And then it dawned on me. Thanksgiving is not a holiday that retailers get excited about. There is not a whole lot to sell. One does not hear news reports that Thanksgiving is a multi-billion dollar per year industry. In short, Thanksgiving is a time to look inward instead of outward. It is an internal holiday. This year Thanksgiving will be different because of the pandemic. Without meaning to overlay Thanksgiving on Christmas, I believe there are several reasons to pause and enjoy Thanksgiving despite the pandemic. First, Thanksgiving always occurs on a Thursday. That means that most businesses, except for those involved in the Black Friday madness, shut down for the day. Speaking of Black Friday, perhaps this year it is Black November because the day of sales has become the month of sales. That is certainly a sign of the economic times. For many workers, Thanksgiving means it is possible to have four days in a row off or to take only three days of leave to have possible nine days away from the job. Christmas is always on December 25, but that can mean any day of the week. When Christmas is on Saturday or Sunday, workers usually only have three days off in a row. Second, Thanksgiving is about gathering with family. Perhaps that is becoming less so, but for many people this is a time for getting most of the family together in the same place at the same time. Consequently, the busiest travel day of the year for airlines in the United States is the Wednesday before Thanksgiving. AAA expects a 10% drop in travel, which would be the greatest year-over-year decrease since the economy plunged in 2008.Normally, the Atlanta airport has about 93,000 passengers that day, but this year the forecast is down to 63,000 because of the Covid pandemic. Third, Thanksgiving is in autumn, the time of year when leaves are colorful, and the season is changing. The air is cooler and there is a crispness about it. There is a lot to talk about at those family gatherings. Autumn

is also harvest time, which is one of the main reasons for Thanksgiving in the first place. The food is changing to cold-weather food. Fourth, Thanksgiving is the kickoff to the Christmas season. OK, there I have given the Christmas season its due. Many families acquire their Christmas tree on the day after Thanksgiving and consider the weekend after Thanksgiving as the transition to the Christmas season. Notice that I have been saying the Christmas season. As our culture and society change, Christmas is giving away to the "Holiday Season." The American Heritage Dictionary defines "holiday" as “… A day free from work that one may spend at leisure, especially a day on which custom or the law dictates a halting of general business activity to commemorate or celebrate a particular event.” I began this column asking what happened to Thanksgiving. The answer to that question is that it got encroached upon heavily by Christmas. Perhaps a better way to phrase it is that it got overlaid by Christmas. Nevertheless, Thanksgiving is still alive and celebrated, and it serves us Americans well, thank you. I am thankful that I live in a country where free enterprise and business

are still valued. I am thankful that I live in a country where I can express my opinions without the government telling me that I may not do so. I am thankful for those who volunteer to serve our country in the Armed Forces. I am also thankful for those of you who read this column and contact me with your thoughts, suggestions, and other feedback. And those are just the beginning of the things I am thankful for. Happy Thanksgiving. » PHIL HARDWICK is a regular Mississippi Business Journal columnist. His email address is phil@philhardwick.com

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November 2020 Issue

PERSPECTIVE

» the spin cycle

Cable TV decline has big brands plotting next steps

Paramount+, Discovery+ and AMC+, at edia execs across the nation are prices ranging from free to $15 month. coming to grips with the continAll have launched in the last year or are ued erosion of traditional cable coming in early 2021. TV demand. The plan is simple enough: hope A subdued consensus is emerging that enough people sign up for subscription there will be an expected decline of 25 milstreaming services to make up for cable lion U.S. households over the next five years todd smith TV subscriber losses. That’s on top of the 25 million homes that have already cut the cable since 2012. At least three major media companies now expect Streaming Might Not Save U.S. pay-TV subscriptions to stabilize around 50 million, ac- Media cording to people familiar with the matter, who spoke In 2015, Time Warner CEO Jeff Bewkes sat down under condition of anonymity to CNBC. with his executive team to talk about the future of TNT The projected decline in subscribers will mean a drop and TBS, the two flagship Turner entertainment cable of about $25 billion in cable subscription revenue plus networks. associated advertising losses for the largest U.S. media For more than a decade, TNT and TBS ratings had companies, including Disney, Comcast’s NBCUniver- lived off re-runs of hit broadcast shows -- “Seinfeld,” sal, AT&T’s, WarnerMedia, ViacomCBS, Fox, Discov- “Friends,” “Family Guy,” “The Office” and others. Now ery, Sinclair and AMC Networks. there was a problem. Netflix, Hulu and Amazon Prime This assumption has created a seismic shift in the me- Video had acquired digital rights to the same catalog of dia industry. In the last three months, Disney, re-runs. Instead of having to tune into a cable network NBCUniversal, WarnerMedia and ViacomCBS have all announced major reorganizations. They’ve replaced old leaders, consolidated divisions, laid off tens of thousands of employees, and pivoted to streaming video. American viewers can now choose among streaming services from most of the major players, including Disney+, WarnerMedia’s HBO Max, NBCUniversal’s Peacock, ViacomCBS’

at a certain time, viewers could consume entire seasons of shows on demand without suffering through commercial interruptions. Meanwhile, media companies are shifting their best content to their new streaming services. The result for consumers is higher and higher prices for lower and lower quality, according to CNBC. And certain networks, like ESPN, which keep millions of Americans hooked to cable today, may need to pull back on programming costs if too many people cancel. See THE SPIN CYCLE, Page 13

PERSPECTIVE THE SPIN CYCLE

November 2020 Issue

Mississippi Business Journal

Continued from Page 12

That will only cause more people to cancel. Stabilizing at 50 million (or 55-60 million, as AT&T CEO John Stankey said recently) may be a pipe dream. Cable networks continue to be profitable, and recent distribution deals ensure they’re not going anywhere. Still, some companies probably won’t make it in a streaming world alone. They may need to merge to survive, according to CNBC.

Daily Newspapers Vanishing in Salt Lake City

The two newspapers serving Salt Lake City and other parts of Utah have announced that they will switch from daily to once-a-week print editions early in 2021. At the same time, executives of The Salt Lake Tribune and Deseret News said that their joint operating agreement, set to expire at the end of 2020, will not be renewed, according to The Poynter Institute. The agreement allowed the two to share printing and other business functions while keeping distinct news and editorial operations. Each will now need to bring that work back in-house, according to Poynter. Part of the transition will be to close a printing facility, which Deseret owns, that currently serves both papers. That will mean the loss of 161 jobs, the company said. Deseret is also laying off 18 other employees, including six journalists, according to Poynter. The Tribune said it will retain all the journalists in its newsroom, about 65. Each of the two papers has an unusual ownership structure, and their transitions to a new business model will diverge. The Tribune, long the state’s secular paper, was bought by Paul Huntsman, a member of a wealthy and politically prominent Utah family, in 2016. He remains publisher and a leading funder, but control is passing this fall to a new nine-member board of directors. The Tribune’s Sunday print product will be delivered by mail on the weekend, interim editor David Noyce wrote in an email to readers. It will include obituaries, contributions from all its columnists and many more features. The Deseret News is owned by The Church of Jesus Christ of Latter-day Saints and is part of a huge media empire that includes a local TV station, a number of digital sites and other ventures like books. The publication plans to consolidate its print report

on the weekend like The Tribune with coverage of both the city and outlying parts of Utah, according to Poynter. In addition, it announced plans to launch a monthly print magazine, aiming to offer a heartland view distinct from the dominant East Coast perspective. Some Deseret sites explicitly target a national and international church audience or have an emphasis on faith and family values. That seems to be an element of the new monthly publication but not its identity. Deseret’s various sites have been free. Partly as a result, its announcement Tuesday said, it has a digital audience 500 times larger than its print audience, with 70% of it coming from outside Utah. There are no current plans to transition to paid digital subscriptions. President and publisher Jeff Simpson wrote: “Yes, the Deseret News sites are still free. We are in a building mode, and our goal right now is to have our great journalism mean more to more people — so we are focused on growth at this point.” The Tribune, by contrast, is seeking to build a base of paid digital subscriptions. It has a paywall currently set at seven free articles a month, with coverage of the coro-

navirus and some other topics free. The Tribune currently has about 15,000 paid digital subs, according to Poynter. The News and Tribune join a small group of papers – Including the Tampa Bay Times (owned by Poynter) and The Arkansas Democrat-Gazette– that have cut print back this year. Most papers in the Advance Local group, owned by the Newhouse family, have done a version of the same over the last decade. » TODD SMITH is co-founder, president and chief executive officer of Deane | Smith, a full-service branding, PR, marketing and advertising firm with offices in Jackson. The firm – based in Nashville, Tenn. – is also affiliated with Mad Genius. Contact him at todd@deanesmithpartners.com, follow him @spinsurgeon and like the ageny on Facebook at https://www.facebook. com/deanesmithpartners, and join us on LinkedIn http://www. linkedin.com/company/deane-smith-&-partners.the ageny on Facebook at https://www.facebook.com/deanesmithpartners, and join us on LinkedIn http://www.linkedin.com/company/ deane-smith-&-partners.

Amazon to create 1,000 jobs with site in Madison County

mazon will open a fulfillment center in Madison County, creating more than 1,000 full-time jobs with industry-leading pay and comprehensive benefits. This fulfillment center will be the first facility in the state to feature Amazon’s innovative robotics technology. The fulfillment center will be located at the Madison County Mega Site, and will be Amazon’s third Mississippi fulfillment center. The facility will be at least four stories and will house the majority of the sortable goods sold by Amazon. Workers will pick, pack and ship customers’ orders alongside robots. The Mississippi Development Authority is providing assistance for infrastructure needs.

Madison County also is assisting with the project. “Madison County is elated that Amazon chose our community for its 700,000-square-foot robotics fulfillment center,” said Madison County Supervisors Karl Banks. The center is expected to be operational by 2021, and the company plans to fill the 1,000 jobs in time for the 2021 peak holiday shopping season. In addition to Amazon’s minimum $15 an hour wage, the company offers full-time workers comprehensive benefits – including full medical, vision and dental insurance as well as a 401(k) plan with 50 percent match -- starting the first day of employment.

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Mississippi Business Journal

PERSPECTIVE

November 2020 Issue

NISSAN SPONSORS LATEST OF 650 HABITAT HOUSES IN MISSISSIPPI CAPITAL AREA

abitat for Humanity Mississippi Capital Area (HFHMCA) is celebrating a major milestone with the construction of its 650th house, sponsored by Nissan-Canton. With the completion of this home, HFHMCA will have built or renovated simple and sustainable homes for 650 families in Hinds, Madison, and Rankin counties since the non-profit’s founding in 1986. Nissan-Canton has helped the non-profit reach this milestone by sponsoring 13 homes and donating four Nissan vehicles to HFHMCA to support its efforts.

“The Nissan-Canton team is humbled to build a home for another deserving family,” said Tim Fallon, vice president of Manufacturing, Nissan Canton Vehicle Assembly Plant, Nissan North America, Inc. “We are proud of our long-standing partnership with Habitat for Humanity Mississippi Capital Area that works diligently to uplift the Mississippi communities and make homeownership a reality for so many.” “Nissan-Canton has been an incredible corporate sponsor for years. During the pandemic their leadership worked with us to ensure a hardworking family would still have the opportunity to move into

the home for which they had worked,” said Merrill McKewen, HFHMCA executive director. Located at 4644 Meadow Ridge Drive, the home features an open plan with four bedrooms and two bathrooms – welcomed space for new homeowners Twanza Payne and JaMichael Sanders and their four children who have been living with relatives. "JaMichael and I work hard because we want to provide our children with a strong foundation in life. A big part of that is having a home of our own for our family,” Payne said. “For the first time in our lives, we will come home at the end of the day to our own home and we are thrilled and grateful." The 2020 Nissan-Canton home is part of HFHMCA’s five-year initiative to revitalize 100 homes in the historic Broadmoor neighborhood in north Jackson. With HFHMCA’s two construction staff members and subcontractors following COVID-19 guidelines, the affiliate has been able to continue work on

the Broadmoor Initiative. To date, HFHMCA has completed rehabs of six homes, built four new homes and demolished three derelict homes in the Broadmoor area. Next on HFHMCA’s schedule is the rehabbing of five more homes and the demolition of seven more abandoned homes. Habitat homes are sold at no profit with an interest-free mortgage to families who cannot qualify for traditional bank loans. Homeownership combined with Habitat's required financial education allows these families to invest in the community and their future simultaneously. “Today, like never before, everyone understands the importance of having a clean, safe place to call home. Now more than ever, Habitat’s work is critical,” McKewen said. “Even before the current crisis, far too many families struggled to afford a decent place to live. Our commitment to the families we currently serve and families in our community is still strong. We are so very proud of the legacy of our organization that means over 2,500 people wake up every morning in a safe, decent, affordable home.”

November 2020 Issue

WOOD GAP

Continued from Page 8

interview. And that is a lot of tree growers. Nearly two-thirds of Mississippi forests are in private hands. About 80 percent of pine plantations in the nation were 100 or fewer acres as of 2013, according to a USDA national woodlands owner survey. Bobby Watkins of Starkville is one of those plantation owners. He just harvested 90 of his 100 acres at Aberdeen and realized $160,000 on his

30-year investment, after taxes and fees. That includes three “thinnings” of smaller trees and a final clear-cut. When he planted the seedlings on Coon Tail Farms the projection for revenue was $300,000 to $400,000, he said. But just as with projected earnings from securities, there is a warning to investors: past performance is no guarantee of future profits, Franklin said in an interview. That is a flag that many, if not most, tree growers don't see. Hence, the sobering realization when final harvest arrives. What about the other side of the market? While lumber prices this year have set an all-time record, last year lumber was not riding high, said Tommy Stansell, an owner of Vicksburg Forest Products. Last year, 2x6 No. 2 random southern yellow pine was selling for $230 per thousand board feet, he said. “That's below break-even,” Stansell said. Hence many mills, especially in British Columbia, were shuttering permanently, he said.

» This is what a mature plantation looks like. Photo by Bobby Watkins.

CHASE BANK TO OPEN BRANCHES IN JACKSON AREA MBJ STAFF

onstruction of the first Chase branch in Mississippi is underway. Located at East Frontage Road and East Northside Drive in Highland Village, the Chase branch is set to open in late April. Plans call for opening approximately four to six Chase branches in and around Jackson. The Highland Village branch will be about 3,000 square feet and will feature numerous meeting offices where bankers can offer personalized attention. “We look forward to establishing our roots in Mississippi and helping the people of this state make the most of their money,” Lee Mahan, head of Chase branches in Mississippi, said in a news release.

“Our bank has enjoyed serving credit card and corporate customers in Mississippi for many years,” he said. JPMorgan Chase Bank, N.A., doing business as Chase, is a national bank headquartered in New York City. Chase has more than 5,100 branches and 16,000 ATMs nationwide.

» A truck takes logs to market. Photo by Bobby Watkins.

Mississippi Business Journal

insurance & employee benefits November 2020 Issue • Mississippi Business Journal • www.msbusiness.com

Chaney: State still stable By LISA MONTI mbj@msbusiness.com

020 has been one for the record books by many measures, including weather disasters that caused massive damage to business and home owners among others. The record-breaking hurricane season brought wind, rain and flooding from Hurricanes Laura in August and Zeta in November to counties on the Coast and the midsection of the state. There was major flooding along the Pearl River in February and destructive tornadoes to the Pine Belt in the spring. And, maybe to no one’s surprise, a couple of earthquakes shook parts of Mississippi, prompting the state Insurance Department in September to post a link on its website explaining earthquake deductibles. Still, longtime Insurance Commissioner Mike Chaney described things as fairly stable in the Mississippi insurance market except for uncertainty surrounding health care coverage hinging on the Supreme Court’s decision on the Affordable Care Act. Chaney predicts the Supreme Court will rule that the law is constitutional. There also are some challenges with holding commercial auto insurance rates steady, Chaney said, but most Mississippians should not see their rates rise much, if at all, in the coming year. “Next year there will be very little if any rate increase except for the windpool,” he said, adding that some insurers are asking to raise their rates. “Statewide, we’re seeing increase requests in pockets of DeSoto County and around Hattiesburg.” Driving the rate increase requests are increased housing in DeSoto County and potential damage from pine trees in the Hattiesburg area. In addition, Chaney said, poor fire ratings in rural areas result in higher premiums. He blames the Legislature for not funding the rural fire truck program. “We’ve done just about everything we can do to alleviate those problems. This is a big issue for the whole state of Mississippi.” The windpool, officially the Mississippi WindstormUnderwriting Association, is a private entity sanctioned by the state See CHANEY, Page 17

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INSURANCE & EMPLOYEE BENEFITS

November 2020 Issue

Third-Party Administrators

Mississippi Business Journal

Third-Party Administrators THIRD PARTY ADMINISTRATORS Rank 1 2 3 4 5 6 7

9 10 11 12 13

15 16

Name Address

Telephone Website

Top Officer Founded

Fisher Brown Bottrell Insurance, Inc. 248 E. Capital St., Ste. 1200, Jackson, MS 39201 HUB International Gulf South 300 Concourse Blvd., Ste. 300, Ridgeland, MS 39157 Ross & Yerger Insurance Inc. 100 Vision Drive, Suite 100, Jackson, MS 39211 GranthamPoole 1062 Highland Colony Pkwy, #201, Ridgeland, MS 39157 MWG Administrators 500 Steed Rd., Ridgeland, MS 39157 Haddox Reid Eubank Betts PLLC 188 E. Capitol St., Ste. 500, Jackson, MS 39201 T.E. Lott & Company 221 N. 7th St., Columbus, MS 39701 AmFed Companies LLC 576 Highland Colony Pkwy., #300, Ridgeland, MS 39157 Dyatech LLC 381 Highland Colony Parkway , Ridgeland, MS 39157 CCMSI P.O. Box 1378, Ridgeland, MS 39158 Nail McKinney P.A. 110 N. Madison St., Tupelo, MS 38804 Lockard & Williams Insurance dba 90 Degree Benefits 1505 Jackson Ave., Pascagoula, MS 39567 Trust Plus Pharmacy Benefit Consultants, Inc. 102 Metroplex Blvd. Suite A, Pearl, MS 39047 Acclaim Inc. 808 Varsity Dr., Tupelo, MS 38801 People Lease 689 Towne Center Blvd., Ridgeland, MS 39157

601-960-8200 fbbins.com 601-707-2050 hubinternational.com 601-948-2900 rossandyerger.com 601-499-2400 granthampoole.com 601-956-2028 morganwhite.com 601-948-2924 HaddoxReid.com 662-328-5387 telott.com 601-853-4949 AmFed.com 601-914-0533 dyatech.com 601-899-0148 ccmsi.com 662-842-6475 nmcpa.com 228-762-2500 90degreebenefits.com 601-899-9303 trustplus.net 800-317-2324 acclaimtpa.com 601-987-3025 peoplelease.com

Scott Woods 1936 C. Larry Vance, Brent Tyler 1945 Dudley Wooley, Eason Leake 1860 Robert Cunningham 1977 Jason Peets, David White 1987 Greg King 1958 Stewart R Greene 1926 Billy Roberts 1993 Frank Harrison 2001 John Burns 1976 Richard D Bullock 1951 John Lockard, Jim Williams 1990 Michael L Kelly 2002 Wally Davis 1996 Larry L. Lewis 1984

Martin, Martin, Randall & Associates, Inc. 4 River Bend Place, Suite 125, Jackson, MS 39232

601-932-8500 mmrplans.com

Don K. Martin 1988

Full-time employees

Services Comprehensive insurance and risk management solutions.

200

Commercial P&C Insurance; Personal Insurance; Employee Benefits; TPA; Retirement Plan Consulting & Administration Business & personal insurance, Employee benefits; group medical; dental; life; disability; long-term; 401(k), retirement

150

Southern Administrators & Benefit Consultants Inc. P.O. Box 2449, Madison, MS 39130-2449

CHANEY

Continued from Page 16

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401(k) Retirement Plan Third Party Administration

Third-party administration; claims administration; property & casualty; managed care; loss control Accounting; assurance; business & individual tax planning & prep; benefit plan administration, bookkeeping & payroll Self-funded health, dental plans administration; Fully insured medical, dental, vision, life, disability. Section 125 plans. Pharmacy benefit management (PBM), Institutional Pharmacy Services, Pharmacy Benefit Consulting Services Medical claims services; dental claims; vision claims; prescription drug benefit services; stop loss; ancillary benefits Payroll; benefits sales & administration; compliance services; human resources; insurance services; pay as you go insurance 401(k), 403(b), ESOP, Money Purchase, Target Benefit, Age-Based and all Defined Contribution Plan administration. Actuarial Services and Certifications for Defined Benefit and Cash Balance plans.

as the insurer of last resort for Coast residents seeking wind and hail coverage. Those policyholders, who are mainly in the storm-prone section of the state south of Interstate 10, can expect an average premium increase of 11.1 percent beginning in April 2021. “It’s the first increase since I’ve been here,” said Chaney who first took office in 2008. The following year, windpool rates were reduced an average of 14 percent and, except for a 3.2 percent increase on residential property in 2013, rates have been steady ever since, according to the department. There are about 14,854 windpool policies now, down from a high of 46,406 Case in 2011. The rates are driven by the cost of reinsurance, according to MID. Andy Case, MID’s director of Consumer Services, said information gathered from insurance companies shows roughly half of all reported claims are closed without payment due to high deductibles. Case said Hurricane Katrina in 2005

601-856-9933 sabcflex.com

“changed the landscape” as far as the number of companies providing wind and hail coverage after the historic storm caused catastrophic damage to homes and businesses. Many insurers pulled out of the coast market all together but today around 30 companies are writing polices.

Insurers, he said, “are not here by mandate, they’re here by choice, to do business and make a profit.” Chaney’s advice to Mississippians buying insurance is this: “The best thing for consumers to do is call a local agent and shop around,” he said. “I can’t say that

Benefits for your employees: Health, Dental, Life & Other Insurance 401K Plans Dependent Care Section 125 COBRA Compliance Long & Short Term Disability Employee Self Service Rapid! Pay Card & Direct Deposit

S MA L L BUSINESS OWNERS

130

Accounting and Advisory Services

Jim A. Miller, Nelson D. Morrison, Employee benefit consulting; cafeteria plan administration; FSA; HSA; Nelson Morrison II HRA and supplemental insurance products 1980 Ashford Advisors 601-956-6656 David B. Allen Estate planning, Business planning, Personal Wealth Management ashfordadvisors.net 1978 and Risk Management 5898 Ridgewood Rd., Suite A, Jackson, MS 39211 Ranked by full-time employees. Information provided by company representatives and MBJ research. Direct questions to frank.brown@msbusiness.com. 17

31 30 25 25 19 15 11 11

enough. You can’t buy online and expect to get customer service like you can from a local agent.” The Mississippi Department of Insurance website offers consumer information at https://www.mid.ms.gov/.

People Lease allows smaller businesses to offer the same benefits as much larger companies which boosts employee engagement and retention.

Benefits for your business: Payroll Administration Tax Administration Time & Attendance I-9 Management Compliance Human Resources Pay-As-You-Go Workers Comp Benefit Management Garnishment Management

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Lets talk employee benefits 689 Towne Center Blvd., Suite B, Ridgeland, MS 39157 601.987.3025 www.peoplelease.com info@peoplelease.com

REAL ESTATE/CONSTRUCTION November 2020 Issue • Mississippi Business Journal • www.msbusiness.com

Small Town Center creating new designs for shared public spaces during pandemic By BECKY GILLETTE mbj@msbusiness.com

or many people, having a nice meal out with family or friends is a highlight of the week. But with the pandemic dangers, many people--especially those who may be the most vulnerable for complications from COVID-19--may not feel safe eating inside a restaurant. The decline in business for restaurants and bars has not only been tough on business owners and their employees, but it has reduced tax revenues for cities. The Small Town Center at Mississippi State University is working to help downtowns economically by developing a toolkit for creating new designs for shared public spaces called parklets or streateries. Those allow people to enjoy eating outside socially distanced from others in a charming

environment that adds to the appeal of going downtown. “I think it provides an economic impact in a positive way,” said Leah F. Kemp, AIA, director of the Fred Carl Jr. Small Town Center at Mississippi State. “Even though we are architects and designers, the number one concern for the communities we work with is improving the economy. Therefore, we are thinking of ways to improve the built environment that help the bottom line. All of these measures are not necessarily done just for beautification purposes. They are also created for economic purposes.” The Small Town Center has seen that a number of communities are beginning to think about their public spaces differently. Parklets or streateries are an unconventional and innovative use of public space. “The idea is to bring people downtown

while increasing business and improving the local economy,” Kemp said. “We have designed a streatery for Starkville and a streatery toolkit for small towns. We’re happy to discuss this and other ideas further with other towns in Mississippi if they are interested.” The idea is you occupy what is already public space in the form of parking spaces and convert those into a differKemp ent form of public space by providing seating. The one planned in Starkville takes up nine parking spaces, so it supports multiple restaurants. The space could also be used for meetings. And when people come downtown for a

meeting or a meal, they are more likely to patronize other businesses in the downtown area. A lot of times restaurants expand to provide some sidewalk tables. But Kemp said the streatery provides more dynamism. It is unique, eye-catching, and it brings people downtown—which is the goal. While people have adopted Zoom meetings as a way to do business during the pandemic, sitting behind a computer all the time isn’t ideal. Being outdoors socially distanced while conducting business meetings can be an attractive option. “Committee meetings can’t take place inside in person, but shared public places give people the opportunity to meet outdoors with fewer restrictions,” Kemp said. See SMALL TOWN, Page 19

REAL ESTATE/CONSTRUCTION SMALL TOWN

November 2020 Issue

Mississippi Business Journal

Continued from Page 18

A lot of planning and design considerations go into creating the streateries. The streatery designed for Starkville has shade structures over tables, and also takes into account wind flow and drainage. Kemp said designers work to accommodate normal weather conditions. You can add screens to block the wind and when it is cool, heating lamps. “Our designs are really for small towns and specifically for our southern climate,” Kemp said. “The goal is to be able to use these most of the year. I think that is something many of our small towns can do. In Berlin, Germany, even when it is 20 degrees you see people outside and eating. We have a warmer climate. And as we are adapting to the pandemic, we can adapt to being outside more times of year.” Kemp expects streateries to be popular even after the pandemic. In New York City, they have made regulations to accept the streateries as permanent features. “Right now, our small towns in the South are still adapting to the concept and trying to get them off the ground,” Kemp said. “But it has definitely opened the conversation to incorporating them into communities whether there is a pandemic or not. I think people are understanding they bring value to the community.” Other considerations for design include the slope of the street, any drop off from the sidewalk to the street, rainwater runoff, shade and the other environmental aspects such as the heat island effect. That can impact whether you want to use materials that are going to make the area hotter or cooler. What are some of the materials conducive to a pleasant experience outside? Another major consideration is trying to figure out how to assemble the streateries with unskilled volunteers since tax reve-

nues have been down because of the pandemic. Another effort is to work with local community ordinances or zoning regulations. Is it part of the entertainment district so you can sell alcohol? Is it self-serve or do businesses provide wait staff? Another major consideration is Americans with Disabilities Act compliance. “There are a lot of technical details that have to be thought through,” Kemp said. “Those are all highlighted in our toolkit. The toolkit has not been released yet; there are a few more edits to make. But soon we will be able to go and help other communities with technical assistance and design needs locating them in their specific sites. Even site selection is something that needs to be considered.” The Small Town Center helped City of Starkville implement some string canopy lighting over their streets downtown. Those have been a hit bringing a wonderful atmosphere of lighting downtown. The area is now pop-

Mississippi Association of Realtors

ular for socially distant events. People go downtown to have their pictures taken under the canopy of lights. “That is something that was a quick win,” she said. “That is a project that with a little bit of design work and not much money, a community can make a large impact. That is something that will last far beyond the pandemic. In a way, the pandemic has been a catalyst for some of these public improvements.” There is no one-size-fits-all approach. Kemp said every project is community specific. “We’re available to help other communities with design services,” Kemp said. “If they are interested, we would love to talk to them because we want to see them in communities. I think there is a real interest in them, and we want to make that process simpler for folks.” For more information, call 662.325.8671 or visit the website www.carlsmalltowncenter.org.

mississippi Mississippi Association of Realtors association of realtors Association

Phone

Website

Top officer

Areas served

Biloxi Ocean Springs Association of Realtors, 1518-B Bienville Blvd, Ocean Springs, MS 39564

228-875-0779

bosar.org

Jessica McCool

Ocean Springs & Biloxi

Central Mississippi Realtors, 620 N. State St., Jackson, MS 39202

601-948-1332

cmr.realtor

Jo Usry

Clarksdale Board of Realtors, P.O. Box 1354, Clarksdale, MS 38614

662-627-4126

Karen Franklin

Attala, Hinds, Holmes, Leake, Madison, Rankin, Scott, Copiah, Simpson, Yazoo counties Coahoma & Quitman counties

Cleveland Board of Realtors, P.O. Box 178, Cleveland, MS 38732

662-843-0309

Ann Marie Pate

East Mississippi Realtors, 4927 Hwy. 493, Meridian, MS 39305

601-485-7113

Four County Board of Realtors, 501 N. Filmore St., Corinth, MS 38834

662-284-9544

Greater Golden Triangle Association of Realtors, 501 7th St. N., Ste. 6, Columbus, MS 38701

662-328-7800

gtrealtors.org

Lois Laird

Greenville Area Board of Realtors, 1427 S. Main St., Ste. 143, Greenville, MS 38701

662-332-9442

usamls.net/greenvillearea

Morgan Murphy

Greenwood Board of Realtors, PO Box 1704, Greenwood, MS 38935

601-831-4505

Elecia Elmore

Grenada Board of Realtors, P.O. Box 944, Grenada, MS 38902

662-226-4454

Kim Hill

Gulf Coast Association of Realtors, 141 Debuys Rd., Ste A, Gulfport, MS 39507

228-896-3122

gcarealtors.com

Joe Rogers

Hattiesburg Area Association of Realtors, 411 Classic Dr., Hattiesburg, MS 39402

601-582-0099

hattiesburgarearealtors.org

Trudy Bounds

Laurel Board of Realtors, P.O. Box 2654, Laurel, MS 39442

601-498-7593

laurelmsrealestate.com

Cheryl Jordan

Mississippi Commercial Association of Realtors, Box 321000, Jackson, MS 39232

601-932-5241

mscrex.com

Glenda Gilmer

Natchez Board of Realtors, 203 Union St., Natchez, MS 39120

601-597-4261

natchezrealtors.wordpress.com

Debbie DeLaune

North Central Mississippi Realtors, 1202 Office Park Dr., Ste C, Oxford, MS 38655

662-281-1360

usamls.net/ncentral

Linda Allgood

Northeast Mississippi Board of Realtors, 84 Clarke Blvd, Tupelo, MS 38804

662-842-6450

nemsbd.com

Charlotte Mullinnix

Northwest Mississippi Association of Realtors, 2795 Hwy. 51 N., Nesbit, MS 38651

662-449-3553

nwmar.com

Amanda Woods

Statewide, commercial practitioners Adams, Jefferson, Wilkinson, Franklin & Claiborne counties Lafayette, Yalobusha, Panola & parts of Calhoun, Pontotoc, Union & Marshall counties Lee, Pontotoc, Union, Prentiss, Itawamba, Monroe & Chickasaw counties DeSoto, Panola, Tate & Tunica counties

Pearl River County Board of Realtors, 104 Kirkwood St. Ste B, Picayune, MS 39466

601-749-0650

prcmls.com

Mary Hall Kruppe

Pearl River County

Southwest Mississippi Board of Realtors, Box 424, McComb, MS 39649

601-551-3454

meridianboardofrealtors.org

Betty Oltremari Dana Harlan

Shawn Lowery

Bolivar & North Sunflower counties Lauderdale, Clark, Kemper, Neshoba & Newton counties Tippah, Alcorn, Prentiss & Tishomingo counties Choctaw, Clay, Lowndes, Noxubee, Oktibbeha, Webster, and Winston counties Washington, Humphries, Sharkey, Issaquena & part of Sunflower counties Leflore County Grenada County Hancock, Greene, George & parts of Harrison, Stone & Jackson counties Lamar, Forrest, Marion, Covington, Perry & Stone counties Jones, Jasper, Wayne & Smith counties

Lincoln, Pike, Walthall, Lawrence & Amite counties Vicksburg-Warren County Board of Realtors, 1204 Mission Park Dr., Vicksburg, MS 601-638-6667 Jillean Bishop Warren County 39180 Ranked alphabetically by association. Information provided by Mississippi Association of Realtors. For questions contact frank.brown@msbusiness.com

law & accounting November September2020 IssueIssue • Mississippi • Mississippi Business Business Journal Journal • www.msbusiness.com • www.msbusiness.com

oldest firms maintain stability By LYNN LOFTON Daily Journal

ongevity is a good thing in the business world, and Mississippi has a number of accounting firms that have stood the test of time. Two of those are Taylor, Powell, Wilson & Hartford of Greenwood and May & Company of Vicksburg. Founded in 1917, Taylor, Powell, Wilson & Hartford long ago developed an acceptable annual owner compensation arrangement that depends on several performance factors but primarily individual productivity and a fair workable buy-out arrangement for retiring

owners, spokesman Howard Davis said regarding the firm's longevity. “That provides incentives for staff members to remain and grow with the firm and to become owners when the time is right. All owners have spent most of their professional careers with the firm, and the firm has never merged with another firm or brought in owners from outside.” The Greenwood firm has tried to maintain a culture of quality services for clients by encouraging a hard work ethic, a conservative approach to tax compliance and professional standards, adherence to quality control standards, and utilizing the latest in computer technol-

ogy as it relates to research material and practice aids for tax preparation services and performance of accounting and audit engagements, according to Davis. “No family members of the founders work here now but the founders were acquaintances of some of our current owners’ parents and grandparents,” Davis said. Looking ahead, Davis said, “We approach the future by trying to hire quality personnel who we feel will be a good fit and want to stay with the firm. Also important are being acceptable to changes in business practices and willingness to adapt to changes in the needs of our clientele.”

This firm does not specialize in any particular types of accounting. “Being what is described as a local firm, we perform services as needed by our client base,” Davis said. “Those have included serving many different types of industries over the years. “Since we are located in a predominately agricultural area of the state, we do have a concentration of services in that industry. But, our work includes many different types of tax, accounting and auditing services for our client base which includes large and small local businesses, local governments, See OLDEST, Page 21

LAW & ACCOUNTING

November 2020 Issue

Mississippi Business Journal

Oldest Accounting Firms

ACCOUNTING FIRMS Oldest Accounting OLDEST Firms Rank

Company

Address

Phone

Website

Top officer

1 2 3 4 5 6 7

Taylor, Powell, Wilson & Hartford Ellis & Hirsberg, CPA, PLLC May & Company, LLP T.E. Lott & Company Fred T. Neely & Co. Silas Simmons, LLP Rea, Shaw, Giffin & Stuart

1705 U.S. 82 West, Greenwood, MS 38930 219 E 2nd St, Clarksdale, MS 38614 110 Monument Pl., Vicksburg, MS 39180 221 N. 7th St., Columbus, MS 39701 105 W. President Ave., Greenwood, MS 38930 209 N. Commerce St., Natchez, MS 39120 2415 9th St., Meridian, MS 39301

662-453-6432 662-624-4332 601-636-4762 662-328-5387 662-453-7112 601-442-7411 601-693-2841

tpwh.com

Howard Raymond DavisJr. Ricky G Churchwell H. Riley Nelson Stewart R Greene Robert Vandevender

silassimmons.com rsgscpa.com

McArthur Slay & Dews, PLLC

1 Commerce Dr., Ste. 100, Hattiesburg, MS 39402

601-264-2423

msd-cpas.com

Watkins, Ward & Stafford, PLLC Nail McKinney P.A. Orsborn, Sutphen & O'Neal, P.A. Harper, Rains, Knight & Co., P.A. Haddox Reid Eubank Betts PLLC Byrne Zizzi CPA, PLLC HORNE LLP Piltz Williams LaRosa & Co. Alexander, Van Loon, Sloan, Levens & Favre, PLLC

213 Commerce St., West Point, MS 39773 110 N. Madison St., Tupelo, MS 38804 208 George St., Greenwood, MS 38930 1052 Highland Colony Pkwy, #100, Ridgeland, MS 39157 188 E. Capitol St., Ste. 500, Jackson, MS 39201 111 E. Washington St., Houston, MS 38851 661 Sunnybrook Road, Ste. 100, Ridgeland, MS 39157 1077 Tommy Munro Dr., Biloxi, MS 39532

662-494-5732 662-842-6475 662-453-4175 601-605-0722 601-948-2924 662-456-5757 601-326-1000 228-374-4141

wwscpa.com nmcpa.com osocpa.com hrkcpa.com HaddoxReid.com byrnezizzi.com hornellp.com pwlcpa.com

O Keith Evans L. Andrew Dews, Harry McArthurIII, Raymond Polk, Laura Blackwell James L. Stafford Richard D Bullock F. Marshall SutphenSr. Cecil Harper Greg King Thomas A ByrneJr, Emily M Zizzi Joey D. Havens David C Neumann

9490 Three Rivers Rd., Gulfport, MS 39503

228-863-0411

avlcpa.com

Cindy Sloan

9 10 12 13 14 15 17

maycpa.com telott.com

Founded

V.L. SandiferJr., Lisa Sandifer, Ben B Sayle, Brandon Johnson 19 Tann, Brown & Russ Co., PLLC 1501 Lakeland Dr., Ste. 300, Jackson, MS 39216 601-354-4926 tannbrownruss.com Richard W. Russ 20 Barlow & Company, PLLC 282 Maxey Dr., Brandon, MS 39042 601-825-1310 brandoncpas.com Kristi Thompson 21 Pace & Associates Company 992 Northpark Drive, Ste. B, Ridgeland, MS 39157 601-206-5621 paceandassociatescompany.com Kennneth Pace 22 Collins, Barr & Hembree, Ltd. 130 Fountains Blvd., Ste. 100, Madison, MS 39110 601-707-7536 cbhcpas.com Wallace B. Collins 23 TMH 2 Southern Pointe Pkwy., Ste. 100, Hattiesburg, MS 39401 601-264-3519 tmhcpas.com Emily Paige Johnson GranthamPoole 1062 Highland Colony Pkwy, #201, Ridgeland, MS 39157 601-499-2400 granthampoole.com Robert Cunningham Bridgers, Goodman, Baird & Clarke 3528 Manor Drive, Vicksburg, MS 39180 601-636-4582 bgacpas.com David I BridgersJr. List is ranked by year founded. Information comes from company representatives and MBJ research. Direct questions to frank.brown@msbusiness.com. 18

Sayle, Sandifer & Associates, LLP

OLDEST

Continued from Page 20

non-profit organizations, professionals and employee benefit plans.” The firm supports and participates in all local chamber of commerce and development foundation events, the United Way, Junior Auxiliary, and other local charities in addition to volunteering time and professional services for local churches and charities. May & Company was founded in Vicksburg in 1922 and has changed with the times as part of their success story. Firm Administrator Wendy Pritchett says they've adapted to the evolution of technology and workplace culture to find the best way to serve their clients and employees. “We strive to never become complacent,” she said. “We believe our longevity is based on our ability to offer superior service to our clients and invest in our employees. Our partners pride themselves on being deeply rooted in the community, which has aided them in forming strong bonds with their clientele. This people-focused culture has created a solid connection between the employees and the people we serve.” The May brothers who started the

2037 Highway 82 E, Greenville, MS 38704

firm have retired but continue to be recognized as the founders. May & Company's primary focus is on tax preparation but they do offer a variety of other services including auditing and small business consulting. “The primary businesses we serve are agriculture, optometry and construction,” Pritchett said. “Additionally, we offer QuickBooks and tech support to aid with any issues our clients might encounter.” Pritchett says community is what has kept the firm operating over the past century. “So it has absolutely become a passion of our firm and a vital part of our culture. We are involved in organizations such as Southern Cultural Heritage, United Way, the CAP Center and various local schools to name a few.” This year has been a challenging year for everyone, she adds. “With some of the social restrictions in place due to the corona virus, our ability to participate in neighborhood events has been limited. Our company prides itself on giving back to the community and is looking forward to projects in the near future.”

662-378-2222

sayle-sandifer.com

1917 1919 1922 1926 1929 1932 1935 1935 1949 1951 1951 1952 1958 1961 1962 1962 1967 1969 1970 1974 1975 1976 1977 1977 1977

#1 choice for accounting, audit, tax, consulting and analytic services • Business & Tax Consulting • Tax Services • Auditing & Assurance • Peer Review Service

www.bridgerscpas.com

banking & finance September November 2020 Issue Issue • Mississippi • Mississippi Business Business Journal Journal • www.msbusiness.com • www.msbusiness.com

Extremely low interest rates not all good news “However, with the recent recessions and other issues like COVID, the concerns for increasing inflation are diminished,” said Ken B. Cyree, Ph.D., a professor of finance who is director of the Mississippi School of Banking, University of Mississippi School of Business Administration. “As you know, there are many countries with negative rates, such as Germany. This is something that I never thought possible. There will certainly be a day of reckoning, but that day has been delayed for much longer than most predicted.” Housing prices are up in some areas of the country, and it is a

By BECKY GILLETTE mbj@msbusiness.com

n order to shore up the U.S. economy hard hit by business disruptions stemming from the coronavirus disease-2019 (COVID-19), the Federal Reserve indicated earlier this year that interest rates would remain near zero for at least the next three years. While those extremely low interest rates have fueled sales in housing and other types of property, making it an attractive time to buy for those with the means to make down payments, there are significant downsides to the low interest rates, as well. For decades, the concern with low rates was that it would cause inflation.

See INTEREST RATES, Page 23

Walter Dyminski Vice President | SBA Manager (662) 816-6891 wdyminski@bankfirstfs.com Awarded “Financial Services Champion of the Year” for the “2020 SBA Mississippi Small Business Week” by the Mississippi District U.S. Small Business Administration

Let an award-winning SBA champion guide you through the loan programs' numerous advantages for small business borrowers. Recognized for his oustanding advocacy to increase the usefulness and availability of financial services for small businesses, Walter can connect you to the right financing solution for your needs.

FINANCIAL

SERVICES CHAMPION

OF THE YEAR

BANKING & FINANCE INTEREST RATES

Continued from Page 22

seller’s market. But there is concern that the U.S. could be fueling another housing boom-bust cycle such as the one that resulted in the Great Recession of 2008. “It’s a distinct possibility,” Cyree said. Low rates clearly harm savers, he said, particularly retirees relying on income from pension plans as managers have had to seek more risky investments in an attempt to provide growth. The prolonged, artificially low interest rates are distorting all capital markets, said Charles F. Beauchamp, CTP, FP&A, an associate professor of finance, Mississippi College, Clinton. “Prolonged low interest rates make it extremely difficult to find low-risk savings growth,” Beauchamp said. “This disproportionately hits seniors and retirees as both groups are at a point in their financial lives where they need their investments paying out a steady and decent return.” Beauchamp said there are two potential problems with the historically low mortgage rates: 1) Those home owners who financed with adjustable rate mortgages could get squeezed if and when rates increase. 2) Low interest rates incentivize some home buyers to purchase more home than they can actually afford. This is generally not a widespread problem during healthy economic periods, but the situation can deteriorate rapidly when the economy weakens. “So, given the prolonged uncertainty of the government imposed COVID-19 restrictions and its overall negative economic effects, we could see an increased number of delinquent mortgages in 2021, especially if the government imposes a nationwide shutdown of the economy,” Beauchamp said. Even while many portions of the economy such as airlines, tourism and restaurants have taken a nosedive during the pandemic, the U.S. stock market has continued Olaimey to grow in value. Beauchamp said he subscribes to the belief that, yes, prolonged low interest rates do provide positive fuel for stock prices that wouldn’t be present in a normal interest rate environment. “However, what the degree of stock price appreciation this fuel contributes is unknown,” he said. John Olaimey, CEO of Southern Bancorp Bank, isn’t particularly concerned about the low rates fueling another housing boom-bust cycle.

“It is possible, but I don’t see this as the likely outcome,” Olaimey said. “While rates are low, most people have been de-leveraging rather than leveraging up. We see refinancing at the lower rates so people are paying less interest. We have not seen a lot of purchase activity or increase in value of houses substantially. So, folks aren’t going out and buying new homes that they can’t afford. Rather they are paying down the ones they have. We are also not seeing a ton of use of the equity in people’s homes

November 2020 Issue

for consumption debt, which is a good thing. We always see it for investment purposes (invest in a small business, education, etc.).” However, he said savers have been punished by low interest rates for the past 10 years. “Very few people are talking about this issue,” Olaimey said. “While there has been little to no inflation, there has also been very little yield or benefit to savers. If you want yield, you are forced to look to higher yielding assets which may not

Mississippi Business Journal

be suitable for savers. It could be one of the reasons you are seeing what the stock market has been doing the past five years.” He said while the stock market can provide greater return, it also carries greater risk. There have been concerns in some areas of the country that the pandemic boom in home purchases could make buying a house less affordable for lower-income people because those with See INTEREST RATES, Page 26

WHEN HE INTERVIEWED A REGIONS S B A S P E C I A L I ST, he pressed us for big ideas on small business lending. You should too. You wonâ&#x20AC;&#x2122;t find us at a loss when it comes to suggesting ways to help your business grow. So ask us the tough questions.

1 I understand Small Business Administration (SBA) loans require as little as 10% down. Is that true?

2 What are the advantages of an SBA loan for a business like mine?

3 Can I get extended repayment terms with an SBA loan?

4 Is Regions a preferred SBA lender? What makes it one? Your Regions SBA Specialist can help you determine the best loan for your situation. So interview a Regions SBA Specialist today to learn how we can move your business forward.

Meade Tyler | SBA Specialist | 228.701.9056 | meade.tyler@regions.com

ÂŠ 2020 Regions Bank. All loans and lines subject to credit approval. | Regions and the Regions logo are registered trademarks of Regions Bank. The LifeGreen color is a trademark of Regions Bank.

BANKING & FINANCE

November 2020 Issue

Mississippi Business Journal

SBA-Approved Lenders

SBA-Approved Lenders SBA-APPROVED LENDERS Rank

Company

Address

Telephone

Loans in fiscal 2020

Dollars loaned fiscal 2020

Peoples Bank

611 5th Ave., Magee, MS 39111

601-849-2210

$33,808,000

Community Bank

323 E. Third St., Forest, MS 39074

601-469-1611

$12,389,900

BankPlus

202 E. Jackson St., Belzoni, MS 39038

662-247-1811

$11,848,500

Byline Bank

180 N LaSalle St., Ste. 300, Chicago, IL 60101

773-244-7000

$9,700,000

Live Oak Banking

1741 Tiburon Dr., Wilmington, NC 28403

910-777-5738

$9,040,000

Regions Bank

1020 Highland Colony Pkwy., Ste. 200, Ridgeland, MS 39157

601-607-7847

$8,000,900

First Commercial Bank

1300 Meadowbrook Road, Jackson, MS 39211

601-709-7777

$6,619,100

First Financial Bank

204 North Van Buren, Carthage, MS 39051

601-267-6657

$5,944,300

Stone Bank

802 E. Main St., Mountain View, AR 72560

833-253-2265

$5,580,000

BankFirst Financial

900 Main Street, Columbus, MS 39701

662-328-2345

$5,412,000

Trustmark National Bank

201 Country Place Dr., Ste. A, Pearl, MS 39208

601-208-7391

$4,981,300

First Bank of the Lake

4558 Osage Beach Pkwy., No. 100, Osage Beach, MO 65065

573-348-2265

$4,500,000

Central Mississippi Development Co., Inc.

1170 Lakeland Drive, Jackson, MS 39216

601-981-1511

$4,303,000

Bank of George

9115 W. Russell Rd, Ste 110, Las Vegas, NV 89148

702-851-4200

$4,256,000

Covington County Bank

102 S. Dogwood Ave., Collins, MS 39428

601-765-6551

$2,880,800

Customers Bank

99 Bridge Street, Phoenixville, PA 19460

610-933-7195

$2,720,000

The First, A National Banking Association

1945 U.S. Hwy 15 N, Laurel, MS 39440

601-425-4000

$2,375,000

Metro City Bank

5114 Buford Highway, Doraville, GA 30340

770-455-4989

$2,090,000

Promiseone Bank

2385 Pleasant Hill Road, Duluth, GA 30096

678-385-0800

$2,069,000

Three Rivers Local Development Co., Inc.

75 S Main Street, Pontotoc, MS 38863

662-489-2435

$1,781,000

First State Bank

708 Azalea Drive, Waynesboro, MS 39367

601-735-3124

$1,740,000

Cadence Bank

2100 3rd Ave. N., Birmingham, AL 35203

205-226-2000

$1,483,000

BancorpSouth

201 S. Spring St., Tupelo, MS 38802

662-680-2366

$1,330,800

Celtic Bank Corporation

268 S.State St., #300, Salt Lake City, UT 84111

801-363-6500

$1,270,600

Synovus Bank

960 Buford Highway, Columbus, GA 31901

888-317-0085

$1,179,500

First Port City Bank

400 W. Shotwell St., Bainbridge, GA 39819

229-246-6200

$1,088,000

Citizens Bank

300 Broad St., Elizabethton, TN 37643

423-543-2265

$1,007,000

West Town Bank & Trust

7820 W. 26th St., North Riverside, IL 60546

708-447-3330

$1,000,000

PriorityOne Bank

220 Main Ave. N, Magee, MS 39111

601-849-3311

$994,000

The Bancorp Bank

49 Silverside Road, Suite 105, Wilmington, DE 19809

302-385-5000

$941,000

Southwestern National Bank

6901 Corporate Dr, Houston, TX 77036

713-771-9700

$825,000

Incrediblebank

327 N. 17th Ave., Wausau, WI 54401

715-845-5522

$707,000

Guaranty Bank & Trust

210 N. Hayden St., Belzoni, MS 39038

662-247-1454

$685,000

First Home Bank

9190 Seminole Blvd., Seminole, FL 33772

727-394-2265

$675,000

BNA Bank

133 E. Bankhead St., New Albany, MS 38652

662-534-8171

$627,300

Ameris Bank

24 Second Ave SE, Moultrie, GA 31768

229-985-2222

$625,000

Stearns Bank. N.A.

4191 2nd Street S, Saint Cloud, MN 56301

800-320-7262

$482,500

United Midwest Savings Bank

101 S. Main St., DeGraff, OH 43318

937-585-5861

$375,000

Magnolia State Bank

28 HIghway 528, Bay Springs , MS 39442

601-764-2265

$350,000

Fountainhead SBF LLC

3216 W. Lake Mary Blvd, Lake Mary, FL 32746

407-233-1504

$317,600

Merchants & Marine Bank

3118 Pascagoula St, Pascagoula, MS 39567

228-762-3311

$300,000

Mechanics and Farmers Bank

2634 Durham-Chapel Hill Blvd., Durham, NC 27707

919-687-7800

$277,000

Renasant Bank

209 Troy St., Tupelo, MS 38804

662-680-1001

$206,800

The Citizens National Bank of Meridian

512 22nd Ave. S, Meridian, MS 39301

601-693-5141

$166,200

Pinnacle Bank

150 Third Ave. S, Ste. 900, Nashville, TN 37201

615-744-3700

$126,000

Wells Fargo

101 N Philips Ave., Sioux Falls, SD 57104

605-575-6900

$45,000

Newtek Small Business Finance

1981 Marcus Ave., Suite 130, Lake Success, NY 11042

212-356-9500

TOTAL

$10,000

294

$159,133,100

Data from Small Business Administration Mississippi District Office and is ranked by loan dollars from Oct 1, 2019 to Sept. 30, 2020. Direct questions to frank.brown@msbusiness.com.

26 n

Mississippi Business Journal

INTEREST RATES

November 2020 Issue

Continued from Page 23

more wealth are buying second homes or investment homes while rates are so low. But Olaimey said they’re not really seeing that in their markets. “While demand may be up, supply is low,” he said. “We need more affordable housing in our markets, and the hope is that a low-interest environment will encourage investment that provides that.” Also, lending standards have tightened and Olaimey said that was probably a good thing. “We are certainly not in the 2005 market where anyone who could breathe could get a home loan, and we shouldn’t be,” he said. “With the Qualified Mortgage and Ability to Repay rules, banks became much more disciplined on home lending. With as much liquidity as banks have right now, I would think we will see a loosening of lending standards.” Pandemic job losses have particularly impacted lower-income people in their ability to buy a home or pay for one they have already purchase. Olaimey said jobs are absolutely the name of the game. “You need income to pay for the house,” he said. “You need income to save so that you can make the down payment. The real problem is that the pandemic is not having equal impact. Low-income borrowers are being impacted more through the jobs they have, such as in retail and restaurants which were forced to shut down and have not come back like many of the other industries which have higher paying jobs. We need smart, targeted policies to address these issues.”

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November 2020 Issue

Mississippi Business Journal

Brewing optimism: 1817 Brewery hopes to regain momentum By DENNIS SEID Northeast Mississippi Daily Journal

KOLONA – Last weekend, 1817 had its first public event, Post-toberfest, named so since it was an Oktoberfest event held in November. "We just figured that 2020 screwed up everything anyways so why not screw something up on purpose?" said 1817 Brewery owner and brewmaster Kem Coleman. After brewing beer in 5-gallon buckets about five years ago from his home in Amory and finding his first customer, Coleman started making bigger batches in 2016 in a building in Okolona. Two years ago, 1817 could be found in seven cities in Mississippi, and Coleman had 35 accounts and 60 taps. Enthusiastic bar owners and supporters urged him to find a bigger and better location where he could brew even bigger batches and distribute to a larger audience. So last year, after finding an abandoned building that was once Ford's first dealership in the state, Coleman went to work cleaning and renovating the place. It officially opened in February, and Coleman was ready to get distribution started across the state, and even into Memphis, Alabama and Louisiana. "This was never going to be a high-traffic place – that's better suited for a place like Tupelo," he said. "But as far as manufacturing and distribution, it's perfect and I have room to grow." But then the pandemic hit, and those plans were put on hold. "It's 300 gallons at a time, which is 10 barrels, and each of the fermenters is an equal batch to fermenter amount, so those are 10-barrel fermenters," he said, pointing to a row of three shiny, stainless steel fermenting tanks. A 20-barrel fermenter sits next to it. But Coleman hasn't been able to utilize

his new equipment the way he would like. "I've only done 10 brews since February," he said. "When you shut down the bars and restaurants, there's just not a lot of consumption going on." Because Mississippi law limits the amount a brewery can sell on premises, they must rely on distributors to get their product into other businesses. And some of those distributors suggested to Coleman he needed to get a canning line to supplement the kegs he was selling. The problem is, as seen with other products during the pandemic, there's a shortage – in this case, aluminum cans. "I could spend $100,000 on a canning line but I couldn't use it because there's a global canning shortage," he said. Business during the past nine months, Coleman admits, "has sucked." But he hopes that the COVID-19 will settle down and 1817 can regain the momentum it had pre-pandemic. "Things were going well; it was awesome," he said. "We got up ready to go and got the first batch in February, and right as it matured and we were getting ready to go to the market, COVID hit. I didn't even really get going." And the craft beer industry in the state has seen better days. Four years ago there were nearly two dozen microbreweries and brew pubs; today there are only about a third remaining. And 1817 is the only microbrewery still standing in the north Mississippi. If it wasn't for COVID, Coleman is convinced 1817 would have signed on with a bigger distributor, and thus expanded its footprint. "I would have been all over north Mississippi probably down into Jackson and Meridian by now and absolutely in Memphis and DeSoto County," he said. "Instead I'm still at the same amount of taps I was two

» Kem Coleman - Owner and Brewmaster at the Okolona 1817 Brewery.

years ago, because nobody wanted to take me on with COVID going on."

UNUSUAL BEGINNINGS

Coleman’s route to founding his own brewery was atypical to say the least. Beer never appealed to him. But he had never had a "good" beer. After getting married and moving to Spartanburg, South Carolina, in 2009, Coleman was exposed to craft beer for the first time at RJ Rockers Brewing. “They had an incredible peach wheat beer called Son of a Peach, and it was phenomenal. It was a game-changer for me,” he said. “I thought beer doesn’t have to taste the way I was used to it tasting, which was incredibly unappealing.” Wanting to know more about the beer and how it was made, Coleman all but in-

terrogated them on how to make the magic happen. Coleman made his first batch, what he called a “buffet beer," grabbing various ingredients here and there. It was not what one would call an award-winner. So like a mad chemist, he decided to do some experimenting to make a better beer. It took six weeks and 40 bottles for Coleman to finish his first creation. Even though it wasn’t the best-thing in the world, it was his very own. With a beer-making software giving him some parameters from which to work, Coleman’s next concoction was a hefeweizen, a wheat beer. And, “It was fantastic,” he said. Coleman, his wife and their first child See BREWERY, Page 32

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November 2020 Issue

Mississippi Business Journal

KENT'S CATFISH OVERCOMING COVID-19, READY TO MOVE TO LARGER LOCATION By DENNIS SEID Northeast Mississippi Daily Journal

ALTILLO – The 30-foot stainless steel wall underneath the equally long set of vent hoods in the expansive kitchen means Kent Randle is taking no chances when he opens his restaurant in a new location in December. "We're going to have seven fryers," he said of the kitchen that's nearly the size of his current dining room. "We're not going to have any problem with capacity." Randle, owner of Kent's Catfish, is opening the new location at the entrance of Turner Industrial Park and across from Reed's Metals. The parking lot needs a little detail work, and the interior has a few items to take care of including the rest of the equipment and tables and chairs. But Randle is eagerly looking forward to opening in a building that will triple the size of his dining room, plus add a separate party room. "We'll probably start out with seating for 90-100 or so, until we hear what we can exactly do with the coronavirus and the limits that are in place," he said. The new kitchen will be able to accommodate the overflow crowds Kent's has been seeing for years. When the COVID-19 pandemic hit and restaurants had to close and then adjust to new rules of operations, Randle and his staff managed to adjust, however. "We went from having the buffet to going to curbside and taking orders as fast as we could," he said."We had to learn to space the calls and orders out so we wouldn't get overwhelmed. I know in the beginning we didn't make some people happy, but we were trying to figure things out." With only four fryers available, the demand on Randle and his staff has always

» Kent Randle opened Kent's Catfish in Saltillo in 2014. A new location will open in December.

been a careful balancing act. With the new kitchen sporting newly twice as many fryers, plus a charbroiler and cooktop, Kent's will be able to handle just about any rush. "I just have to find another experienced, reliable grill cook who can cook on a griddle and charbroiler," he said. Kent's specialty of course is the catfish fried or grilled, whole or filet. The restaurant has won several "Best Catfish" awards over the years, despite the restaurant being smaller than most fish-and-steak houses. But for Randle, it's all about consistency and quality.

And he didn’t plan to get into the restaurant business, but he's settled nicely into it. “I was looking for a business to buy because I was tired of working for somebody else," he said. “I wanted to be my own boss again.” For 12 years, Randle owned 45 Super Stop, a Texaco convenience store on Highway 145 in Saltillo. After selling the store, Randle watched as it became a catfish restaurant not once, but twice. When it went up for sale the last time, he decided to get back into what he loved to do – running his own business again.

But instead of switching it back to a convenience store he decided to keep it as a catfish restaurant. The restaurant is located next to Smith's Nursery on Highway 145 in Saltillo, and its small parking lot can be a challenge on the weekend nights Kent's is open. The new location doesn't have that problem. And the opening can't come soon enough. It's been more than two years since Randle started looking for a new spot. It took a little longer than expected, See CATFISH, Page 32

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November 2020 Issue

Mississippi Business Journal

Nash retiring, proud of efforts as Tupelo Regional Airport director T

UPELO – Cliff Nash's last day as executive director of the Tupelo Regional Airport is Dec. 1, ending a 5 1/2-year tenure that saw the return of reliable air service and a much improved financial situation. Nash has served in his role since May 2015. He had originally planned to retire next March when he turned 65, but other opportunities cropped up. After talking to his wife, he decided it would be an ideal time to step down. “Things just accelerated, and I just really want to thank the board for the opportunity to come here and work with the city to get air service back,” Nash said. Tupelo Airport Board chairman Eric Gibens said airport operations director Mel Pomfrey, who came aboard in 2017, will serve as interim director while the board searches for a new per-

manent director. “We don’t have a firm date set on conducting the search for a new director, but we do hope Mel will consider applying for the position,” Gibens said. When Nash arrived, SeaPort Airlines was in its death throes. The company finally pulled out of Tupelo Regional Airport in October 2015 after nearly two years of inconsistent service. Tupelo was without air service for five months, until Contour Airlines took over in April 2016. Until the coronavirus pandemic stifled air travel nationwide, passenger boardings at Tupelo’s air-

» Cliff Nash - Tupelo Regional Airport Director. Photo courtesy of Daily Journal.

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port had increased annually under Con- maintenance and other things to attract tour, reaching at least 10,000 board- more revenue,” Nash said. “There are a ings for three consecutive years. That lot of things we can still do better … but benchmark was last seen in the mid- I think I’m leaving the airport in better 2000s, when Tupelo was served by shape than when I got here.” Nash has put in motion a two-year two airlines. “We’ve gotten all our facilities leased roadmap that will bring more improveand gotten everything back operationally, and we’ve done a lot of improvements,” Nash said. “Financially, we’re on good footing. The CARES Act money helped, but even without it, we have amassed a five-year capital improvement plan that in theory we can go the next six years we can do everything we want to » Nash watches from atop the control tower at the Tupelo Regional Airport. Photo by do with AIP (fed- Thomas Wells erally funded Airport Improvement Plan) grant money, ments to the airport. The first project is providing we assume we continue to renovating the tower, which hasn't had receive the entitlement money.” any major work done to it since it was The 10,000-passenger threshold built 20 years ago. Also arriving soon is allows airports to receive $1-million in a new fire truck, replacing a 25-year-old AIP money that can be used for only model. airport infrastructure projects such as The new fire truck, Nash said, will runways, taxiways, airport signage, air- allow Tupelo Regional to continue support lighting and airport markings. porting the Ole Miss athletic teams' “We can do things beyond pure charter flights and other sports charter need, it allows us to do day-to-day See NASH, Page 32

32 n

Mississippi Business Journal

BREWERY

November 2020 Issue

Continued from Page 27

moved back to Northeast Mississippi in 2013 to be back home near family. He began brewing at home, and one thing led to another. At the time, Coleman was a band director and baseball coach, and he slowly found a way to begin distribution with a family friend. His very first customer was the Blue Canoe in Tupelo, followed later by Neon Pig and what was then Kermit's Outlaw Kitchen. Coleman then was able to shift his beer-making operations from his house to his first facility in Okolona. “I remember making a 10-gallon batch to make just two kegs to take to Blue Canoe, and I was just floored,” he said. “And things just took off.” In August 2016, Coleman attracted an investor, allowing him to leave his band director’s job and brew beer full-time. That eventually led to moving into the bigger facility in Okolona. "It's still my full-time job," he said. "I'm the only employee, so trust me when I tell you there's always something to do around here." For now, Coleman is impatiently waiting for the time he can begin brewing large batches again, and getting 8-10 beers out to the public. Currently, he's only producing three beers – there's no point in producing more without the demand. Otherwise the beer would be wasted. "Nobody wants to pour good beer down the drain, especially me," he said. 1817 beer is made by Mississippians for Mississippians, a point of pride for Coleman. While the coronavirus has him down, he's not out, and he's confident the market will open up again eventually. "I just have to be patient and wait it out," he said. "You just have to leave it in God's hands. If it works out, it works out; if not, then he just had other plans."

NASH

CATFISH

Continued from Page 29

and the coronavirus slowed construction. Along with fried and grilled Mississippi farm-raised catfish, Kent’s also offers fried, grilled and boiled shrimp; chicken; frog legs, stuffed crab; hamburgers; hamburger steak; country fried steak and various sides including baked potatoes, sweet potatoes, macaroni and cheese, fries, cole slaw, potato salad, baked beans, fried okra, collard

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» The popular whole catfish plate from Kent's Catfish

greens and green beans. "We've got a great staff and we've got great customers – that's why we're able to do what we do every week," Randle said. And even though COVID-19 initially slowed business drastically, Kent's is back at pre-pandemic levels. "In fact, I've had to start ordering an extra case of catfish lately," he said. Already ordering hundreds of pounds of catfish a week, Randle said he's proud and pleased that customers old and new keep coming back. "I hope they follow me over to our new location when we open," he said with a laugh.

Continued from Page 31

flights that take advantage of Tupelo's 7,150-foot runway. "Those charter not only affect the airport with landing and fuel, but they'll come in and stay here at the hotels and eat, and so it has a tremendous economic impact," he said. Another project coming to fruition is the installation of an ADS-B ground transmitter that will aid planes landing when the tower is closed. "Those are things that need to be done and will be done in the coming year," Nash said. "So we have a road map to follow, and we can adjust it if necessary.The satisfying thing we can do these things in-house, using our own money." Nash came to Tupelo after playing

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an instrumental role in developing the Tunica Airport, where he had worked since 2002. Before that, he served as airport director in Greenville from 1995 to 2002. Nash served in the U.S. Air Force as an air traffic control officer in both fixed and mobile facilities and performed air space management duties that included redesigning the airspace used by the Joint Readiness Training Center in Louisiana. An Oxford native, he received his Bachelor of Engineering degree from the University of Mississippi in 1982 and earned his Master of Aeronautical Science degree from Embry-Middle Aeronautical University.

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34 n

Mississippi Business Journal

NEWSMAKERS

November 2020 Issue

Greenville native to lead MSU student honored for McLaughlin, PC adds food USDA Rural Development agronomy research and beverage depth and Greenville native John G. Campbell has been A Mississippi State graduate student is being opens Alabama office appointed the new State Director for USDA Rural recognized this year as a Future Leader in Science, Development in Mississippi. U.S. Senators Cindy HydeSmith (R-Miss.) and Roger Wicker (R-Miss.) recommended Campbell, who is a senior policy aide in Hyde-Smith’s Washington office, for the position. Campbell assumes State Director responsibilities on July 6, replacing John Campbell Rousaville. Campbell earned a Bachelor of Science degree from Mississippi State University in 2001 and a Master of Business Administration degree from Delta State University in 2004.

an honor bestowed by the agronomy tri-societies—the American Society of Agronomy, Crop Science Society of America and Soil Science Society of America. Charles “Hunt” Walne, an MSU agronomy doctoral student in the College of Agriculture and Life Sciences, Walne earlier this year was one of 18 graduate students chosen as a recipient of the Future Leader in Science award and invited to the tri-societies’ annual Congressional Visits Day at the U.S. Capitol to advocate the importance of federal funding for agricultural research to Mississippi legislators.

McLaughlin, PC is pleased to announce that David Carn has joined the firm in its Birmingham, Alabama office. Prior to joining McLaughlin, PC, David served as in-house counsel to the Alabama-based regional craft brewery, Back Forty Beer Company. David has over a decade of experience as both in-house counsel and outside counsel Carn focusing on highly regulated industries, including alcohol and food product manufacturing. He has represented clients in all aspects of the alcohol and food product manufacturing business, including regional, national, and international distribution as well as national and international trademark matters.

Alford named president of the Mississippi Dental Reeves announces DOR appointment ACLU names Dortch Association Gov. Tate Reeves has announced Chris Graham as Bill Alford recently became the president of the executive director his appointment for Commissioner of the Mississippi Mississippi Dental Association. He has served the MDA in many capacities. Alford graduated from Delta State University and later earned his dental degree from The University of Tennessee College of Dentistry. He served as an officer for three years in the Army Dental Corps before beginning private practice in Senatobia in 1982. He joined Senatobia Dental Care in 2012. Since 2005, Dr. Alford was the Dental Director Alford for the Marshall County Correctional Facility for 15 years.

First Commercial Bank adds John Howie

First Commercial has announced the addition of John S. Howie, Jr. to the team as Chief Commercial Banking Officer. “We are thrilled to have John join First Commercial. He has the perfect mix of technical skills and business development talents to take our Commercial Banking results to a new level,” First Commercial Bank’s President & Chief Executive Officer, Alan Walters said. Howie and his wife, Adrienne, reside in Jackson Howie where they attend Christ United Methodist Church, and they have 3 children, John Sharp, Chris, and Brooks.

Department of Revenue (DOR) to ensure Mississippi’s continued financial stability. Chris has a proven history of fighting for our state and handling complex administrative and accounting battles—having served in offices from the Mississippi Legislative Budget Office and Mississippi Ethics Commission to 17 years of legal experience as an attorney. Chris resides in Clinton with Graham his wife, Sara, and their two sons, Thomas and Timothy

Ashley Loze joins Haddox Reid Eubank Betts

Ashley Loze has joined Haddox Reid Eubank Betts PLLC as an Assurance Senior Accountant with more than four years of public accounting. Prior to joining the firm, she worked for one of the big four accounting firms in New Orleans. She performed various audits with industries, including those of oil and gas, retail, and construction. Loze is a member of the American Institute of Certified Public Accountants and the Louisiana Society of Certified Public Accountants. Loze Love is a graduate of Louisiana State University with a Master of Accountancy and a Bachelor of Science.

For full versions of Newsmakers visit www.msbusiness.com

The American Civil Liberties Union of Mississippi recently announced that Jarvis Dortch, former member of the Mississippi State House of Representatives, will join the affiliate as its new executive director beginning July 13. Dortch has represented the people of District 66 since 2016. While in the legislature he served on the Agriculture, Education, Insurance, Dortch Medicaid, and Public Health committees. An alumnus of Jackson State University and Mississippi College School of Law, Dortch has worked in private legal practice as well as in policy, advocacy, and social justice work across the state of Mississippi.

Smith appointed circuit judge of 3rd district

Kent E. Smith has been appointed as circuit judge for the 3rd Circuit Court District, Place 3 by Gov. Tate Reeves. Having extensive legal experience in Mississippi as well as Alabama and Tennessee and across court levels, Smith is a battle-tested leader ready to step up to the bench. The 3rd Circuit Court District covers Benton, Calhoun, Chickasaw, Lafayette, Marshall, Tippah, and Union Counties. Kent E. Smith has a long legal career serving the people of Mississippi. Beginning his Smith legal career in 1991, Smith has expanded his expertise to cover governmental law, general civil practice, insurance law, and criminal defense. Admitted to practice law in Mississippi as well as Alabama and Tennessee, he has extensive experience fighting for people in courts from the circuit court level to the United States District Courts in each

state. Smith is currently a member of Smith Whaley, PLLC where he practices both general civil and criminal litigation. He also represents the Marshall County Board of Supervisors and the Marshall County Industrial Development Authority. Smith is a graduate of the University of Mississippi with a Bachelor’s, as well as a Juris Doctor from the University of Mississippi School of Law. He lives in Holly Springs with his wife, Amanda, and their two sons, Jack and Brennan

Bailey Education Group Announces Lead Specialists

Bailey Education Group has announces lead specialists for its organization. “We are excited our coaches want to take on more responsibility and through their new positions further help improve the lives of all children,” announced Pat Ross, Vice President. “We created the Lead Specialist position to further assist our clients and the children we serve.” These specialists will work within leadership roles in their individual content areas. Each is tasked with building team capacity, fostering growth and development, and Bradberry ensuring Bailey Education Group resources deliver the best results in every school district. Previously working as Bailey Education Group coaches in school districts, they will remain valuable assets to their districts and schools across the state and beyond. Effective July 1, CC BradGates berry will serve as Elementary English Language Arts Lead Specialist; Candance Gates, Ph.D., will serve as Secondary English Language Arts Lead Specialist; Gwen King will serve as English Leaner Lead Specialist; Cynthia Mumford will serve as Secondary Math Lead Specialist; and Sharon Sutherlin will serve as Early Sutherlin Childhood/Multiple Tiered System of Supports Lead Specialist.

Jackson firm awarded 3 interior design awards

Barrett Design Studio of Jackson recently announced it’s being awarded three 2020 ASID South Central Regional Design Excellence Awards. The Gold Award for the Hospitality Division was awarded for the Hampton Inn & Suites in Ridgeland and the Silver Award for the Hospitality Division was awarded to BDS for the Holiday Inn & Suites in Pearl. Celia Barrett was awarded the Ovation Award for all Commercial projects for her design of the Hampton Inn & Suites in Ridgeland.

NEWSMAKERS Morgan joins Atmos Energy

Bobby Morgan, has joined Atmos Energy Corporation as Vice President Public Affairs for the Mississippi Division. Bobby previously served Governor Phil Bryant for the past four years as Director of Public Affairs and as Governor Bryant’s Senior Economic Development Policy Advisor. He also served as the Governor’s designee for the Morgan Southern States Energy Board, the Appalachian Regional Commission, and the Delta Regional Authority. Prior to joining the governor’s office, Bobby served as Communications Director for the Mississippi Republican Party and began his career in Washington, D.C. where he served as an intern for former Congressman Chip Pickering, Senator Roger Wicker, the lobbying firm BGR Group, and the Republican Governor’s Association. Bobby is a native of Mississippi – an Air Force kid born at Keesler Air Force Base in Biloxi. He left Mississippi at age 6, moving to Italy for four years and then Turkey for three years before his parents retired to the Florida panhandle. Bobby obtained a Bachelor of Arts degree in Political Science with a minor in English from the University of Mississippi.

Caughman appointed to the MCC Board

Donnie Caughman of Braxton has been appointed to the Mississippi Community College Board (MCCB). His term began on July 1, 2020 and expires on June 30, 2026. Donnie is currently serving as the Simpson County Development Foundation’s Director. The Foundation is the recruiting arm for economic Caughman development, community development, and retention of existing business in the county. He also served in various elected positions in municipal and county government, most recently as County Administrator of Madison County. Caughman is a graduate of Mendenhall High School and has a Bachelor of Science Degree and Master’s Degree from the University of Southern Mississippi in Secondary Education Administration. He is married to the former Carolyn Sue Hendricks of Puckett. They have five children and twelve grandchildren.

Forrest General Home Care of Marion General awarded Superior Performer Status

Forrest General Home Care of Marion General in Columbia has been recognized by Strategic Healthcare Programs (SHP) as a “Superior Performer” for achieving an overall patient satisfaction score ranked in the top 20 percent of all eligible SHP clients for

November 2020 Issue

the 2019 calendar year. From left, Leslie Masters, RN, director of Forrest General Home Care; Kelly Franklin, RN, Patient Clinical manager, Marion County office; and Forrest General VP/CNO Phyllis Chambers Berry, DNP, RN, NE-BC, accepted the SHPBest™ award during a reception recently at the Marion County office in Columbia. (Courtesy of Forrest General)

Cutts named leader of JRA

Latoya Cutts, the former downtown manager and head of development for Albany, Georgia, has been named as the new executive director for the Jackson Redevelopment Authority (JRA). Cutts selection comes following a national search which included interview participation by members of the community and City of Jackson officials, said JRA Vice Chairman Alex Lawson, Jr., who led the process. Cutts Cutts has more than a decade of executive management and progressive leadership experience. She has worked extensively in municipal government as the City of Albany’s Downtown Manager/Executive Director and as the City of Albany’s director for the Department of Community and Economic Development. Cutts also has significant experience in leading public-private development projects for downtown revitalization, organizational development, community development in target urban redevelopment areas, and years of experience as an independent business development consultant. Cutts is a 2019 graduate from the Georgia Institute of Technology with a Master of Real Estate Development. Her educational accomplishments also include a Bachelor of Business Administration from Georgia Southwestern State University and a Master of Science in Management from Troy State University.

Lesley Davis named interim CEO of MCPP after departure of Jon Pritchett

The Mississippi Center for Public Policy announced today that its CEO, Jon Pritchett, is leaving at the end of July. Board member Lesley Davis, a lawyer, activist, and native Mississippian, will serve as interim CEO while the Board conducts a national search for a replacement. Pritchett is returning to his home state of North Carolina and to the private sector as the president of

a tech company. During Pritchett’s tenure, MCPP experienced record levels of financial support for the organization, the expansion of constitutional litigation through the Mississippi Justice Institute, and unprecedented growth of its statewide and Davis national thought leadership. Davis earned her Bachelor of Arts from Mississippi State University and her Juris Doctorate from the University of Baltimore. She has worked as a law clerk and attorney for the late Honorable Arlin M. Adams, U.S. Office of Independent Counsel, Washington D.C. She later served as a partner in a leading Baltimore law firm. In addition to the MCPP Board, Davis serves on numerous boards including the Cline Centers, MSU Alumni Advisory, MSU Honors College, Delta Gamma Fraternity Jackson Alumnae Chapter, Bully Bloc Executive Committee, Young Life Executive Committee, and the Jackson Preparatory School’s Global Leadership Institute. Davis is married to Dr. John D. Davis IV. They have three children and are members of First Presbyterian Church in Jackson.

Andrews opens new law office in George County

Lucedale attorney April McDonald Andrews is now serving George County in the newly opened Heidelberg Steinberger, P.A. office located on 826 Manila Street, Ste. A. in Lucedale. Andrews is a lifelong resident of George County and currently serves as the attorney for the George County School Board. Her legal practice focus is general civil litigation as well as governmental and estate law. She brings significant trial and appellate litigation experience on both the state and federal level to the new office. Andrews is a member of the Jackson County Bar Association, where she has served as president, vice-president and secretary. She is a member of the Mississippi Bar Association and serves on Andrews its professionalism committee and is also member of the Alabama Bar Association and the Jackson County Young Lawyers. She serves on the Editorial Board for the Mississippi Defense Lawyers Association and on the Board of Directors for the Mississippi Women Lawyers Association. She has been recognized as a Super Lawyers Mid-South Rising Star for 2019-2020 and participated in the 2018 Mississippi Bar Leadership Forum. April and her husband, Cole, live in Lucedale and are members of First Baptist Church where Cole currently serves as children’s minister.

Mississippi Business Journal

Haddox Reid announces promotions

Domina Kaler, CPA, has been promoted to Senior Manager. As a member of the assurance staff with over seven years of experience in public accounting, she performs various types of audit and compliance engagements for nonpublic and nonprofit entities as well as specializing in employee benefit plan audits. She is a member of the Mississippi Society of Certified Kaler Public Accountants and has previously served on the Board of the Central Chapter, where she served as treasurer. She is also a member of the Mississippi Young CPA Network, the American Institute of Certified Public Accountants, the Madison County Young Professionals, and is the past President of the Accounting & Finance Women’s Association. Domina is a graduate of the University of Mississippi with a Master and Bachelor of Accountancy. Domina has previously served as treasurer and board member of the Greek Orthodox Church in Jackson, Mississippi, which she attends. She also volunteers for the Red Kettle Campaign with the Salvation Army and the Young CPA Network’s Day of Giving. Tyler Madden, CPA, has been promoted to Manager. As a member of the assurance staff, he performs various audit and review engagements for the firm. Particular industries of focus include oil and gas, retail, nonprofits, and other agencies. He also assists the firm with certain filings during the spring tax season. Tyler is a member of the AmerMadden ican Institute of Certified Public Accountants and the Mississippi Society of Certified Public Accountants. He is a graduate of the University of Mississippi with a Bachelor and Master of Accountancy. Tyler attends Pinelake Church. He also volunteers for the Red Kettle Campaign with the Salvation Army. Steven Eilders, CPA, has been promoted to Senior Accountant. As a member of the assurance staff, he performs various audit and review engagements. Particular industries of focus include oil and gas, financial institutions, government municipalities, and other governmental agencies. Steven also assists the firm in preparing state and federal tax returns during the spring tax season. He is Eilders a member of the American Institute of Certified Public Accountants and the Mississippi Society of Certified Public Accountants. Steven is a graduate of Mississippi State University with a Bachelor of Accountancy as well as a Master of Professional Accountancy. He is a member of Madison United Methodist Church. Steven participates in 5Ks, half-marathons, and marathons to raise money for different charities such as the Good Samaritan Center.

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