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April 6, 2018 • Vol. 40 No. 14 • 16 pages

DINING

Shapley’s lawsuits vie for use of steakhouse name

REPORTER’S NOTEBOOK

Shapley’s has been located at 868 Centre St. in Ridgeland since 1985.

WEATHERLY: The grump may have to rethink view of women’s basketball — Page 6

NEWSMAKERS {P8}

FILE/MBJ

By JACK WEATHERLY jack.weatherly@msbusiness.com

Scott Koestler contends that the name of the Ridgeland steak and seafood restaurant he has operated for 20 years, Shapley’s, belongs to him. Koestler said in a response ﬁled Friday

in the U.S. District Court for Southern Mississippi in answer to a suit ﬁled March 7 by Mark and Mary Shapley that in 1998 he bought the steakhouse assets for $1.69 million, including the name and the right to use it. Equipment and inventory were valued at $278,000. The assets included the “goodwill,” for

which the Koestlers paid $1.41 million, among other intangible assets, including a noncompete clause (within 50 miles, in this case) and the value of the business as a going concern. The trademark was not sold to the Koes-

See SHAPLEY’S, Page 2

http://msbusiness.com/mississippis-top-tech-awards/

2 Q Mississippi Business Journal Q April 6, 2018 TOURISM

SHAPLEY’S

Visitor spending in Mississippi reaches $6.3 billion Visitors spent $6.343 billion in Mississippi in fiscal 2017, which ended June 30, the second-highest amount on record, according to the new Visit Mississippi Tourism Economic Impact Report. Out-of-state-visitors spent an estimated $4.9 billion in the state in fiscal 2017, making up more than three-quarters of total visitor spending. The number of international visitors grew by 1.6 percent from calendar 2016 to 2017, totaling 149,900. “Mississippi continues to attract visitors to destinations throughout our state,” said Gov. Phil Bryant. “These latest numbers show a healthy appetite for our world-class food, culture and hospitality.” An estimated 23.15 million people visited destinations in Mississippi in fiscal 2017, spending $46 million more than the previous year and generating $398.7 million for the state’s General Fund. Travel and tourism accounted for 7.4 percent of the total General Fund for the second year in a row. The state’s performance in other key categories also eclipsed fiscal 2016. Estimated direct employment in the travel and tourism industry rose to a 12-year high of 87,335 in fiscal 2017. Total employment in the sector, including all direct, indirect and induced jobs, was 124,680. “Travel and tourism is our fourth-largest employer, accounting for $3 billion in total labor income for Mississippians annually,” said Mississippi Development Authority Executive Director Glenn McCullough, Jr. “With 10.9 percent of all jobs in the state connected to travel and tourism, this vibrant industry is vital for the continued growth of our economy.” — MBJ Staff & Wire Reports

Continued from, Page 1

tlers and the agreement to use it will expire with the lease on June 30, the Shapleys maintain. Koestler said in the March 30 ﬁling that he intends to open a steakhouse at the former location of Ruth’s Chris Steak House in Renaissance at Colony Park. That steakhouse closed recently. It was one of about 150 in the chain of that name. Mark Shapley has established a website as M+M Shapley’s with the message “coming back this summer to the building at 868 Centre St. off County Line Road that has been home to the restaurant since it opened.” A call to number on the site, 957-8000 was not answered. Shapley posted on his Facebook page March 27: “Hey friends, You know I don’t post often but I wanted to inform and conﬁrm that this summer, Mary and I are going back into our restaurant business in our original location on Centre Street. We are very excited about this opportunity and plan to continue the same great menu and service that you came to know from us years ago.” That post came after the news of the parting of the ways surfaced. The reference to “years ago” was played

up in Koestler’s response to the Shapleys’ suit. The original owners and operators have not had a hand in the operation of the eatery since after the sale to the Koestlers 20 years ago, the Koestlers say in their response. Meantime the Koestlers say they have built the brand. The Koestlers registered the brand with the U.S. Patent and Trademark Ofﬁce on March 31, 2009. They note that the Shapleys did not contest the registration until more than eight years later, Sept. 11, 2017. Had the Shapleys been diligent and challenged the registration earlier, that would have given the Koestlers time to establish another brand, the defendants said. The Shapleys asked the court to ﬁnd that they have the right to use their own name in the name of any new restaurant they may open. The Koestlers said in their response that “under the Asset Purchase Agreement, ownership of the common law ‘Shapley’s’ service mark transferred to Koestler.” Both sides urge Judge Carlton W. Reeves to grant a jury trial and expedited resolution in time for business plans to proceed.

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MBJPERSPECTIVE April 6, 2018 • www.msbusiness.com • Page 4

OTHER VIEWS

#THE OUTSIDE WORLD

Testing report deserves review

Website: www.msbusiness.com April 6, 2018 Volume 40, Number 14

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» INSIDE MISSISSIPPI

Will Trump’s strongman example become the norm?

ictators rule. In the U.S., presidents are supposed to govern. The differences between ruling and governing are stark, e.g., Russia’s Vladimir Putin rules, Germany’s Angela Merkel governs. Unlike Ronald Reagan, our current president just doesn’t get it. President Donald Trump tends to praise the Putins and disdain the Merkels. “President Donald Trump’s affinity for authoritarian leaders across the globe has been one of the few constants during his chaotic first few months in office,” CNN opined. “From Russian President Vladimir Putin to Philippine President Rodrigo Duterte, Trump has gone out of his way to lavish praise on some of the world’s most notorious strongmen.” In 2016 Trump told NBC news regarding Putin, “He is really very much of a leader. I mean, you can say, ‘Oh, isn’t that a terrible thing’ – the man has very strong control over a country.” In November 2017 he boasted of having “great relationships” with Philippine despot Rodrigo Duterte and China strongman Xi Jinping. He also touted his “great friendship” with Turkey dictator Recep Tayyip Erdogan. Meanwhile, Trump has literally given Merkel the cold shoulder, even

Bill Crawford

refusing to shake her hand at a White House meeting last year. In February, Trump allegedly lost his temper in a call with Mexico President Enrique Peña Nieto that resulted in a cancelled state visit to the White House. A year ago, an angry Trump cut short a phone call with Australia Prime Minister Malcolm Turnbull. (A meeting last month seemed to ease tensions, but reports indicated serious divisions remain.) Dictators set policy. Leaders who govern have to work with other factions and often must seek compromise to establish policy. Could it be that Trump admires dictators’ power and resents having to work with others to get his way? Earlier this month when China’s Xi got himself anointed president for life, Trump commented, “He was able to do that. I think it’s great. Maybe we’ll have to give that a shot someday.” It’s no secret Trump has been dissatisfied with Attorney General Jeff Sessions. He regularly slams him on Twitter. In January news reports said Trump complained he couldn’t get his appointees at the Department of Justice “to do my bidding.” In December, See CRAWFORD, Page 5

or students, parents and teachers in Mississippi’s public school districts, the words “state testing” likely trigger a variety of responses from each group. That spectrum is most deﬁnitely a broad one that would include comments ranging from the high frequency of testing to the notion that the subject matter being taught in the classroom shouldn’t be geared toward the test. Regardless, the theme can be a contentious one throughout the state everywhere from classrooms to the dinner table to the state Capitol. That’s why the results of a recently released report from Mississippi First, a nonproﬁt education advocacy group, regarding state tests deserves attention by all Mississippians. The organization worked with four undisclosed school districts to examine the amount of time students spend on state and district mandated testing, what factors may increase the amount of time spent on testing and what teachers think about the topic, as reported by Mississippi Today. The districts range in demographics such as enrollment and accountability rating and were granted anonymity to ensure honest responses, according to the report. Before diving into the results of the report, it’s important to understand some recent shifts that have been made regarding tests – another point of contention for some educators. Over the last three years, Mississippi has switched state tests three times, beginning with the Mississippi Curriculum Test and moving to the PARCC test in the 201415 school year. The state switched tests again in the 2015-16 school year and currently uses the Mississippi Assessment Program. According to the report, in 2014-15, grades 3-8 spent the most time in state testing, with an average of 11 hours and 41 minutes, or 1.1 percent of the school year. Kindergarten through second grade averaged an hour and 30 minutes of testing time, and grades 9-11 spent 7 hours. Several educators interviewed for the study said unplanned technical issues and the availability of technology played a role in how efficiently their districts could administer state tests, as reported by Mississippi Today. Feedback on tests administered within school districts, which does vary greatly from state tests, determined that districts used testing products supplied by the same vendors, but that districts were using the products differently. The report details a number of recommendations Mississippi First urges school districts, the Mississippi Department of Education and even the Mississippi Legislature follow. Those range from district leaders hosting parent meetings about testing to elected officials avoiding “adding to the confusion with overblown rhetoric about testing” during legislative sessions. The reality is that testing – whether done on the district or state level – can be overwhelming for all those involved. We urge leaders across the board to review the Mississippi First report and recommendations to identify potential areas of improvement to help Mississippi’s students, parents and teachers.

— Northeast Mississippi Daily Journal

PERSPECTIVE

April 6, 2018 I Mississippi Business Journal

» RICKY NOBILE

CRAWFORD

Continued from Page 4

he told a New York Times reporter, “”I have absolute right to do what I want to do with the Justice Department.” Lately, Trump has begun to shed leaders in his administration who don’t exactly do his bidding. Earlier this month he abruptly fired National Security Advisor H.R. McMaster and Secretary of State Rex Tillerson, and Gary Cohn quit as director of the National Economic Council and top White House Economic Advisor. Then, there were his controversial firings of FBI Director James Comey, who wouldn’t drop his Russia investigation, and Acting Attorney General Sally Yates after she refused to defend Trump’s original immigrant travel ban. The U.S. presidency was designed to be held by a leader who governs, not a dictator who rules. How far Congress and the American people will let Trump go before reining in his strongman tendencies, is one question. A more important one may be: will Trump’s strongman example become the norm for future U.S. leaders? Bill Crawford (crawfolk@gmail.com) is a syndicated columnist from Meridian.

»INSIDE MISSISSIPPI

Mississippi lawmakers leave big issues unresolved

eaders of the Republican-dominated Mississippi Legislature put only a few big items on their todo list for 2018, and two of the biggest — education and transportation— remained unresolved when the nearly three-month session was gaveled to a close Wednesday. The House and Senate completed two must-do items: They wrote a $6.1 billion state budget for the year that begins July 1, and agreed on a plan for Medicaid services. Medicaid, the government health insurance program for the needy, comes up for legislative review every few years, including this one. The program covers 1 in 4 Mississippi residents and brings in billions of federal dollars that undergird the health care economy. Legislators didn’t want to relinquish their own control over the program and give Medicaid administrators a greater say over what services are covered and how providers are reimbursed. Legislators’ inability to rewrite the education funding formula or to set a comprehensive, long-term plan for transportation raises questions about whether they will have the energy or political will to tackle complex issues during the election-year session of 2019. Most of the 122 House members and 52 senators will be seeking new four-year terms, and some will be running for regional or statewide offices. Candidates’ filing deadline will be March 1, about two-thirds of the way through the 2019 session. The fear of angering voters means that divisive issues such as creating a lottery or removing the Confederate emblem from the state flag are almost certain to be non-starters in 2019, just as they have been in recent years. Lt. Gov. Tate Reeves is gearing up to run for governor in 2019. In a post-session interview Wednesday, he shrugged

off questions about whether election-year pressure will complicate lawmakers’ work on complex issues like transportation. “It won’t affect any decisions that I make,” Reeves said. A school funding formula called the Mississippi Adequate Education Program was written into state law by a Democratic-controlled Legislature in 1997, over the veto of a Republican governor, Kirk Fordice. It’s designed to give schools enough money to meet midlevel academic standards, but it has been fully funded only two years since it was fully in place. Education advocates consistently criticize legislators for the short funding. Reeves and House Speaker Philip Gunn have said for nearly two years that they want the Legislature to rewrite the formula to something they believe would be simpler. Efforts fizzled in 2017 and again this year amid opposition from school administrators and groups such as the Parents’ Campaign, which lobbies for public education funding. While a rewrite bill passed the House this year, it faltered in the Senate as some Republicans sided with Democrats in opposition. “We did our part on the House,” Gunn said. “I’m very proud of our House members who voted for that. I think it was a better way to fund schools, I think it was an opportu-

Emily Pettus

nity to make a real impact on our education system.” The state chamber of commerce, Mississippi Economic Council, has urged lawmakers for years to develop a comprehensive, long-term plan to spend hundreds of millions of

The fear of angering voters means that divisive issues such as creating a lottery or removing the Confederate emblem from the state ﬂag are almost certain to be nonstarters in 2019, just as they have been in recent years. dollars on transportation, saying safe highways and bridges are vital to job creation. However, many lawmakers oppose increasing gasoline or diesel taxes. House leaders proposed sending $100 million to cities and counties for road projects, from revenue the state collects on items sold through catalogs or over the Internet. Reeves proposed a more elaborate plan that included taking money leftover at the end of a state budget year and putting part of it into infrastructure. Although House and Senate negotiators couldn’t agree on a long-term transportation plan, they decided the state would borrow $50 million to help pay for local bridges — a one-year cash infusion that some characterized as a victory and others said was a relatively small step in addressing a large quality-of-life problem. Emily Wagster Pettus covers Capitol matters for the Mississippi Associated Press in Jackson.

6 Q Mississippi Business Journal Q April 6, 2018 REPORTER’S NOTEBOOK

The grump may have to rethink his view of women’s basketball

don’t care to watch for certain women’s sports, even at the top level. Tennis, yes. Beach volleyball, okay. Snow skiing, not bad. Gymnastics, once every four years is enough. Softball, no. Golf, if I can’t get out of watching it. Basketball. Nuh-uh. I’ve been known to say, in select company, (meaning not around women) that it’s inferior, compared with men’s basketball. The athleticism just isn’t there. Basketball as played by men has evolved from the days of Naismith and peach baskets as an indoor phys ed class into an aerial circus. With women, it’s still ground delivery, as in the postal service. Sure, those unguarded rainbow threes are lovely. Then I watched the second half of the Mississippi State women’s game against

Notre Dame. My wife recorded it. State went into the game as the favorite. In how many other national championship games was a Starkville team represented? The Bulldog baseball team in 2013.

The Diamond Dogs lost to UCLA. Sunday the Lady Bulldogs were favored to beat the Lady Fighting Irish. And I can see why. They had better players. Including a 6-foot-7-inch center who can score, rebound (second in the nation) and block shots. Teaira McCowan is a woman among girls. Plus, she wears her hair piled atop her head, making her look 7 feet tall. Other than the fact that my eyes don’t lie, one of my favorite proofs of my grumpy perspective on the women’s game is the simply fact that in the modern era, post-Title IX, a few teams have totally dominated the sport. Our own Delta State Lady Statesmen, coached by the legendary Margaret Wade, won three national championships in the 1970s as a member of the Association for

Intercollegiate Athletics for Women, which was absorbed into the NCAA in the 1980s. In more-recent years, Pat Summitt at Tennessee was just about unbeatable, her Lady Jack Weatherly Volunteers winning eight national championships. Then came Connecticut with similar results. (Yes, I know about John Wooden’s men’s record at UCLA – 10 championships in 12 years. That will never happen again.) Add the fact that women’s scores are frequently and laughably one-sided. That and the domination by a few teams tell me that there is a paucity of ﬁne athletes in women’s basketball. But it appears that the times may be achangin’. The Final Four games this year were hotly contested. Mississippi State, to repeat, was the favorite going into the championship game. And they coulda-shoulda won. Blame it on Notre Dame guard Arike Ogunbowale who bombed a 3-pointer with a tenth of a second on the clock after See BASKETBALL, Page 7

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April 6, 2018

Mississippi Business Journal

AGRIBUSINESS

BASKETBALL Continued from, Page 6

slipping free from defenders just enough for the release. Nothing girlie about that shot. She did a similar deed to the University of Connecticut in the semifinal. “This was the best Final Four in terms of play on the court we’ve ever seen,” said ESPN analyst Rebecca Lobo. “It showcased women’s basketball at its best.” State returned to Starkville disappointed for finishing second for the second year in a row. But it ain’t over till it’s over, as a sports philosopher once said. McCowan indicates she will be back for her senior year. The Bulldogs have had a banner recruiting year, I’m told. And Vic Schaefer, (I memorized his name recently) has built an elite program. Since I’m trying to be honest here, I have to tell you that I forgot the men’s championship was Monday night, a first for me. Probably because I didn’t have a dog in that fight. And I don’t normally bet. Pray for me. I may be slipping. » Contact Mississippi Business Journal staff writer Jack Weatherly at jack.weatherly@msbusiness.com or (601) 364-1016.

Cal-Maine sales increase; income boosted by tax cut By JACK WEATHERLY jack.weatherly@msbusiness.com Cal-Maine Foods, Inc. reported net income of $96.3 million, or $1.99 per share, for the third quarter of fiscal 2018, compared with $4.1 million, or nine cents per share, for the year earlier period, thanks in part to a $35 million, or 72 cents per share, boost from the federal Tax Cuts and Jobs Act. Earnings for the year-ago quarter was $4.1 million, or nine cents per share, the company said in a news release. Net sales were $435.8 million, a 42.2 percent increase compared with $306.5 million for the third quarter of fiscal 2018. Jackson-based Cal-Maine is the largest producer and marketer of shell eggs in the United States. In fiscal 2017, it sold approximately 1,031.1 million dozen shell eggs, or about 20 percent of domestic shell egg consumption.

Dolph Baker, chairman and chief executive officer of Cal-Maine, stated that “market prices for shell eggs have continued to trend higher this fiscal year, with our average customer selling prices up 36.7 percent over the third quarter last year. Market prices for non-specialty eggs have been especially strong and were up 66.6 percent compared with the prior-year period. Prices remained high through the peak holiday selling season and have continued to move up since the end of the quarter . . . . “We also benefited from higher egg exports compared with the same time last year. While production has moderated, the laying-hen flock size has moved up modestly compared with prior-year levels, resulting in an improved balance of supply and demand. Recent USDA reports, however, show an increase in chicks hatched, which could indicate future increases in supply.

“Specialty eggs, excluding co-pack sales [for other brands], accounted for 24.3 percent of our total sales volume, compared with 23.6 percent for the same period a year ago. Specialty egg revenue was 30.2 percent of total shell egg revenue, compared with 40.8 percent for the third quarter of ﬁscal 2017, as a result of signiﬁcantly higher market prices for non-specialty eggs in the current period. “We are also focused on aligning our future production capacity with the anticipated industry-wide change in product demand, as our largest customers have made public commitments to exclusively offer cage-free eggs . . . . Cal-Maine Foods provides a diverse product mix that includes cage-free eggs, as well as other healthy and affordable options for consumers including conventional, nutritionally enhanced and organic eggs.”

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100 Renaissance Building 1022 Highland Colony Parkway, Suite 101 | Ridgeland, MS 39157 www.trglawyers.com Main: 601.898.8400 | Fax: 601.898.8420

Newsmakers

8 Q Mississippi Business Journal Q April 6, 2018

Women’s Foundation elects board of directors

The Women’s Foundation of Mississippi recently elected ﬁve women to its board of directors: Lindsay Thomas Dowdle is a partner in Jones Walker, LLP’s Labor and Employment practice group. She defends employers and management before state and federal courts at the trial and appeal levels as well as before administrative bodies, such as the United States Department of Labor and the Equal Employment Opportunity Commission. Dowdle received her J.D. from the Mississippi College School of Law. Morgan Ashley Miller is the digital media manager for the Mississippi Department of Transportation (MDOT). A native of New Jersey, Miller has lived in Jackson since 2010. Formerly, she served as the Director of Communications for the ACLU of Mississippi and as a meteorologist for WJTV. Morgan received her bachelor’s degree from Cornell College. Norma B. Ojeda, MD is an Associate Professor of Pediatrics and Neonatology at the University of Mississippi Medical Center. She is the director of the Pediatric Residency Mentoring Research Program. In addition, Ojedais the president for the Group of Women in Medicine and Science. Barbara Phillips was formerly an Associate Professor of Law at the University of Mississippi School of Law. She also served as the Program Officer of the Ford Foundation in the Human Rights unit of the Peace and Social Justice Program. She was also an Assistant Attorney General in the Office of the Minnesota Attorney General. Phillips received her B.A. from Macalester College and her J.D. from Northwestern University School of Law. Shanell H. Watson is a program officer with the Woodward Hines Education Foundation where she’s responsible for managing programmatic activity related to the Foundation’s statewide postsecondary attainment priorities. She formerly served as an assurance supervisor for HORNE LLP and as external grant manager for the Jackson Medical Mall Foundation. She is a Certiﬁed Public Accountant and obtained her bachelor’s and master’s degrees from Millsaps College.

Keenum elected to MDAH Board of Trustees Mark Keenum, president of Mississippi State University, has been elected to the board of trustees of the Mississippi Department of Archives and History, pending conﬁrmation by the Mississippi State Senate. Keenum was named the 19th president of Mississippi State University in 2009 after a long career in public service. Keenum succeeds Jack Garner, who retired after 19 years on the board as the senior member. During his tenure, Garner served as the vice-president of the board and as a member of the National Register Review Board. A Grenada native, Garner is the former president of the Ramey Agency, spent 25 years in banking, and led the effort to restore the First National Bank of Jackson building. Board nominees must be conﬁrmed by the state senate. Members serve six-year terms. The other members of the board are Kane Ditto, president; Reuben V. Anderson, Jackson; Nancy Carpenter, Columbus; Valencia Hall, Natchez; Betsey Hamilton, New Albany; Web Heidelberg, Hattiesburg; Hilda Cope Povall, Cleveland; and Roland Weeks, Biloxi.

MSU communications/marketing team named best in Southeast

Courtesy of MSU

Mississippi State University’s Office of Public Affairs was recently honored by the Council for Advancement and Support of Education (CASE) District III with the Platinum Award — the CASE III competition’s top prize — for its “We Ring True” branding initiative, along with a Grand Award and two Awards of Excellence. Competing against 125 public and private higher education institutions in nine Southeastern states comprising District III, MSU emerged as the region’s top recipient for its strategic initiatives in communications and marketing. Shown receiving the awards for OPA were MSU’s Checky Herrington, OPA creative director and marketing research analyst; Harriet V. Laird, OPA associate director; and Sid Salter, OPA director and MSU’s chief communications officer.

Tiffany Graves joins Bradley Thomas named marketing/ Tiffany M. Graves, former executive director of the Mississippi Access to Justice Commission, has joined Bradley Arant Boult Cummings LLP as pro bono counsel, a newly created firm-wide position for overseeing the development and administration of the firm’s pro bono programs. Graves is based in the Graves firm’s Jackson office. As head of the Mississippi Access to Justice Commission, which was created by the Mississippi Supreme Court, Graves promoted the 21-member commission’s initiatives to improve and expand access to civil justice to the nearly 700,000 Mississippians living in poverty. Previously, Graves served as interim director and adjunct professor for the Pro Bono Initiative at the University of Mississippi School of Law, and as executive director and general counsel for the Mississippi Volunteer Lawyers Project. Graves also is active with the Mississippi Commission on the Status of Women and the Community Advisory Board of the MIND Center at the University of Mississippi Medical Center. She is a Fellow of the American Bar Foundation and an Inaugural Fellow of the W.K. Kellogg Foundation Community Leadership Network. Ms. Graves received her J.D. from the University of Virginia School of Law and her Bachelor of Arts from Hollins University.

communications coordinator Kierra Thomas has been named Marketing and Communications Coordinator at Phi Theta Kappa Honor Society. Thomas will write and design strategic marketing content, in addition to managing the social media ambassadors program and coordinating visits to the Thomas Center for Excellence. She most recently was Graphic Designer/ Art Director in the Department of Student Publications and the Department of Journalism and Media Studies at Jackson State University. Thomas earned a Bachelor of Fine Arts degree in Graphic Design with a minor in Advertising from the University of Southern Mississippi and is pursuing a Master of Science in Journalism and Media Studies from Jackson State University. She is a native of Cleveland, Miss. Phi Theta Kappa is the premier honor society recognizing the academic achievement of students at associate degree-granting colleges.

Lampton contributes to leading medical textbook Dr. Lucius M. “Luke” Lampton of Magnolia, longtime member of the Mississippi State Board of Health, has contributed a chapter to America’s leading Family Medicine textbook, Conn’s Current Therapy 2018. The publication, designed for busy primary care specialists and Lampton other ﬁrst-line care providers, focuses on the most current diagnosis and treatment protocols for common complaints, acute diseases, and chronic illnesses. Lampton’s chapter was “Yellow Fever” and focused on the re-emergence of this tropical disease in modern medicine. Serving as a Board of Health member since 2006, Lampton was Board chairman from 2007 to 2017. He was editor of the Journal of the Mississippi State Medical Association for two decades, written thousands of articles on medicine and health care, and received national awards for excellence in writing and journalism. He was also Medical Editor of the recently published Mississippi Encyclopedia, authoring multiple entries on the history of medicine in Mississippi. Lampton is Clinical Associate Professor of Family and Community Medicine at Tulane University School of Medicine, Clinical Instructor in Family Medicine at the University of Mississippi School of Medicine, and Adjunct Clinical Professor of Family Medicine at William Carey University College of Osteopathic Medicine in Hattiesburg. He has been recognized as Mississippi’s “family physician” of the year by his peers, alumnus of the year by his medical school, professor of the year nominee by his Tulane medical students, and has received national citation for his hospice work. Lampton also is President of the Foundation of Mississippi History and helped oversee the creation of the Museum of Mississippi History and the Mississippi Civil Rights Museum.

Reunion names Crell golf course superintendent Reunion Golf & Country Club has named Mississippi native Charley Crell as Golf Course superintendent. Crell is a Mississippi State University graduate with a degree in Agronomy. Crell began his career as an assistant superintendent at Dancing Rabbit Golf Course in Crell Philadelphia, Miss., then took a similar position at Madison’s Annandale Golf Club. Most recently, he was Superintendent at Grenada’s Dogwood Golf Course, PGA Golf Club in Port St. Lucie, Fla., and St. Andrews Golf Club in Delray Beach, Fla. Crell and his wife, Suzanne, have a 3-year-old daughter, Caroline, and are expecting another child this spring.

April 6, 2018 • MISSISSIPPI BUSINESS JOURNAL • www.msbusiness.com

AN MBJ FOCUS: BANKING & FINANCE

Tertiary commercial markets like Jackson now more attractive to investors By BECKY GILLETTE mbj@msbusiness.com Historically tertiary commercial real estate markets like Jackson have lagged behind larger markets across the nation. But capitalization (CAP) rates have been compressing over the past two years in the larger markets, said James O. Turner II, MAI, managing director of business development, Integra Realty Resources for Ridgeland, a commercial appraisal firm. “The tertiary markets are now more attractive to national and international investors seeking Turner high rates of investment returns for investment properties,” Turner said. “The compression in CAP rates in larger markets should continue to have a positive impact on tertiary markets throughout the Southeast, including Jackson. For example, CAP rates for apartment complexes in Atlanta range from 5.5. to 6.5 percent, while similar properties in tertiary markets have CAP rates ranging from 7 to 8.5 percent. So that is a lot better rate of return.” However, tertiary market properties might not have as much potential for valuation increases. Turner said larger markets like New York, Atlanta and Chicago have a strong ability to increase market value quickly, an advantage over tertiary markets. “That is driven by the scarcity of land,” Turner said. “We have no scarcity of land in Mississippi.” Turner said the Jackson metro market is looking good at present. “The direction is important and right now everything is moving in a positive direction,” Turner said. “It you are looking five to ten years in the future, forecasting is difficult because you can’t foresee drastic changes in interest rates or economic conditions. However, currently I think in the Jackson metro area is moving in the right direction.” Turner said the office market continues to experience significant differences between the central business district (CBD)

and the suburban office market. “The CBD remains in the third phrase of a recession as vacancy rates continue to be stagnant and lease rates continue to be stagnant,” Turner said in the Integra Viewpoint 2018 report, aggregate commercial real estate sales data prepared from appraisal reports. “The suburban office market continues in the third phase of a recovery as evidenced by decreasing vacancy rates and stabilizing lease rates. The recovery of the suburban office market has been spurred along by a signiﬁcant reduction in the number of new office buildings constructed since 2009. “The suburban Class A office space has continued to recover as evidenced by decreasing vacancy rates and the construction of a new ﬁve-story, 120,000-squarefoot, multi-tenant office building (and adjoining parking garage) in The District at Eastover than is now 100 percent leased and the new 3-story, 40,000-square-foot, multi-tenant office building with parking garage in Ridgeland along the Highland Colony Parkway. New supply will keep lease rates stable as occupancy rates are controlled by new supply.”

2018 Jackson Retail

x x x x

Integra Realty Resources - Jackson

CBD Class A, suburban Class A and suburban class B office properties are expected to not change in value in the next 12 months, while CBD Class A and suburban Class A are expected to remain steady with increases of .1 percent to 1.9 percent in CBD Class B and Suburban Class B. John R. Praytor, MAI, senior managing

director for Integra in Ridgeland, said the retail market continues in the third phase of a recovery as evidenced by continued decreasing vacancy rates and stabilizing lease rates. “Except for a few small areas of the Jackson Metropolitan market area, most

See JACKSON, Page 10

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Banking & Finance

10 Q Mississippi Business Journal Q April 6, 2018

2018 Jackson Multifamily

JACKSON Continued from, Page 9

of the retail markets are in the first phase of a recovery,” Praytor said. “The recovery will be aided by the continued limited amount of new construction of retail properties since 2010 which will allow for faster absorption of existing vacant retail space. Based on the most recent data, the retail market should enter the first phase of an expansion within the next 12 to 18 months.” Value of community retail and neighborhood retail is expected to increase .1 percent to 1.9 over the next 12 months while increasing in value 2 percent to 3.9 percent in the next 36 months. The multifamily market remains in the third phase of recovery, said Michele Alexander, MAI, managing director of multifamily valuation for Integra. “The multifamily market is influenced by most municipalities in the Jackson Metropolitan area having a moratorium on new multifamily buildings,” Alexander said. “The majority of multifamily properties are experiencing low vacancy rates and year over year increases in rental rates. The majority of the new supply is occurring in the CBD and involves conversion of existing buildings to multifamily properties. Most of the properties located in the CBD that have been converted to

x x

Integra Realty Resources - Jackson

multifamily use are experiencing minimal vacancy and stabilized rental rates.” Alexander said several investors are planning to convert additional properties in the CBD to multifamily use but no speciﬁc plans have been announced. In addition, two new projects are ongoing in the central area of Jackson, The District and The Meridian at Fondren. These two properties are expected to supply additional upscale housing to the medical community. The change in value for urban Class A

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and Class B multifamily is expected to remain at 0 percent while suburban Class A and Class B properties are expected to increase .1 percent to 1.9 percent. For 36 months, urban Class A and Urban Class B properties are expected to increase .1 percent to 1.9 percent while suburban Class A and Class B properties are expected to increase 2 percent to 3.9 percent. The industrial market continues to experience stabilization, said Jonathan Stone, MAI, director of industrial evalua-

tion for Integra. “The industrial market in now in the third phase of a recovery,” Stone said. “Positive absorption is continuing and lease rates have remained stable. Flex industrial space continues to show signs of recovery as evidenced by a steady number of new construction starts of industrial flex buildings within numerous suburban areas. Construction of other types of industrial space has been intermittent which points to a longer recovery due to the current higher inventory levels and amount of vacant space. Expectations are for the industrial markets to stabilize in the near term, as the remaining excess inventory has been absorbed. Flex Space industrial continues to show strong demand influences in suburban markets.” Stone’s forecast for the next 12 months is for flex industrial and industrial to gain .1 to 1.9 percent in value. For the next 36 months, value for both types of industrial is expected to increase 2 to 3.9 percent. “Expectations for increasing demand for manufacturing industrial space in the Jackson Metro area will be driven by the construction of the new Continental Tire Manufacturing Facility in Clinton,” Stone said.

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12 Q Mississippi Business Journal Q April 6, 2018

Banking & Finance

Mississippi Land Bank receives record distribution By JULIA MILLER mbj@msbusiness.com

Mississippi Land Bank customers can look forward to receiving a record distribution of $3.5 million after a board of directors vote earlier this year. “We want our borrowers to feel like their part of our family,” Claire Pegram,

BancorpSouth Headquarters Tupelo, Mississippi

For more than 141 years, BancorpSouth has met the banking needs of the communities in which we live and work. We give customers the full spectrum of banking products and services through local, personalized attention from people in our communities. Our big-bank offerings and small-bank feel make us a unique partner for customers who want to be more than just an account number. BancorpSouth Bank employs almost 2,000 teammates in the state of Mississippi alone. Our company has grown over the years through a series of mergers and acquisitions to more than $17 billion in assets. The bank operates 279 full-service branch locations as well as additional mortgage, insurance and loan production ofﬁces in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois. BancorpSouth is committed to a culture of respect, diversity and inclusion in both its workplace and communities.

Chief Financial Officer of Mississippi Land Bank, said. “We want them to have a trusted partner.” Mississippi Land Bank is part of the nationwide Farm Credit System, a ﬁnancial coopera-

tive owned by its member-borrowers since 1916. Unlike commercial banking institutions, Mississippi Land Bank has a unique cooperative structure in which the member-borrowers share in the profits generated from lending activity. “It helps reduce the overall interest rates for our customers,” she said. “They can use it for household purchases, to pay down loans, or invest in new property.” Land Bank is a mortgage company that was chartered to serve rural North Mississippi, and they work with all types to help people in their community own their own piece of land. “We’re geared more to the [agriculture] sector, and people who want to purchase outside the city limits,” Pegram said. “So many of our customers are people who have a regular job and want a part-time farm or a home. We help them to achieve their dreams.” The bank has had roots in the Farm Credit system for more than 100 years, but the organization in its current state formed in 1996. This distribution is the largest distribution since then. This is Mississippi Land Bank’s fourth consecutive year of patronage returns in excess of $2 million. Since 1996, Mississippi Land Bank has returned nearly $33.5 million to its customers. “We are so proud of our strong performance in 2017,” said Abbott Myers, board chairman. “It is even more rewarding to know that our success pays off – literally – for our customers. They are our owners, and we are delighted when our hard work delivers strong results for them.” For Pegram the dedication to those in the agriculture sector comes from her own family. “My husband is a farmer. My family are farmers,” she said. “It’s personal for me from someone whose family has benefitted. Agriculture is their livelihood.” Pegram added that’s the motivation of most employees at Mississippi Land Bank. They strive to help their customers achieve their goals, whether someone is looking forward to farmland, recreational property or a site to build a new home. “We benefit everyone who might have a dream of having a piece of that,” she said.

Banking & Finance

April 6, 2018

Mississippi Business Journal

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14 Q Mississippi Business Journal Q April 6, 2018

LARGEST BANKS

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April 6, 2018

Mississippi Business Journal

THE SPIN CYCLE

How to get audiences to engage with your brand

udiences love to hear, watch and share stories with those who matter most to them. The Story feature on Instagram, Snapchat, Facebook and even Google encourages users to share their choices and experiences more frequently than ever. Rather than interrupt those stories with ads, your brand can become the topic of these stories – if you advance an experience worth sharing. The thrust that drives these experiences is not the size of your staff or marketing budget – it’s something that we all have, creativity. Here are five key strategies to consider when creating your plan to spark shareworthy stories about your brand, according to Adweek: 1. Use your staff as story drivers People value authentic human connection in a brand experience. Lyft’s social media interaction with customers is a great example of elevating the “customer service” to “customer celebration.” But you don’t need a whole social media department to spark these stories. The Library Hotel, a boutique hotel in Midtown Manhattan, sparks conversations in the lobby and online by adding staff members’ favorite books to their name badges and celebrating shared enthusiasm for reading. This inexpensive action inspires selfies that get shared and liked across the web. 2. Make a scene An aesthetic environment encourages people to take and share pictures. By elevating the traditional brewery visit into a more interactive, multi-sensory experience, Guinness found an engaging and picturesque way to tell its story and quickly became the most popular attraction in Ireland. Merci, a concept store in Paris, uses affordable materials to constantly innovate the interior of their store through a simple rope installation. Customers happily share this experience with friends and regularly return out of curiosity. 3. Make your product the star It’s no surprise that an ingenious product such as Tentsile’s tree tent gets widely shared and talked about, but Bottega Louie, an Italian restaurant in downtown L.A., managed to spark stories with the simplest product. Their baguette is made of flour and water, like any other bread, but its shape elevates the humble baguette to an Instagrammable piece of art that is the first item to sell out every day. 4. Cover to discover Some may claim there’s no way they can change their product itself to make it spark conversation. Then how about its packaging? Unboxing videos are some of the most watched videos on YouTube, with some having over a billion views. Music festivals such as Tomorrowland in Belgium start the festival experience weeks before the actual

event by mailing the entry bracelet in an intricate box that’s more of a keepsake than an afterthought. Tomorrowland’s unboxing videos alone get hundreds of thousands of views, not to mention the millions of views from other online videos that cover the entire experience. 5. Add value, not valuable ads Fortunately, you don’t need to be a software developer to use your online presence as a word-of-mouth marketing tool. Forbes’ compelling Quote of the Day overlays the website as the page is loading. Readers screenshot and share them across social channels with friends and colleagues. If you’ve got resources and time to dive even deeper, you can gather and share educational content like software company HubSpot did with HubSpot Academy. Visitors share and discuss the topics they love with their peers as they learn, helping companies draw goodwill and word-ofmouth favors from customers they may never have been able to reach. Instead of stealing valuable time by making ads obligatory, create experiences that inspire happiness, teach valuable lessons, and/or compel participants to share with loved ones. You can also charge a premium for these experiences. In other words, stop telling your audience how amazing you are – make them experience it, and they’ll spread the word. Heineken Pulls Controversial Ad Heineken has pulled an ad with the tagline “Sometimes lighter is better” after critics slammed it as racist. The ad features a bartender sliding a bottle of Heineken Light to a woman. The bottle travels past several black people before arriving at the paler skinned woman. The clip came under fire on social media. Hip-hop star Chance The Rapper called it “terribly racist” on Twitter and other users agreed with him. Heineken responded by pulling the ad from TV and the Internet. “While we feel the ad is referencing our Heineken Light beer, and that light beer is better than other high-calorie options – we missed the mark, are taking the feedback to heart and will use this to influence future campaigns,” said Heineken USA spokesman Bjorn Trowery. The backlash against the ad follows high-profile missteps by other brands over the representation of minorities. Last year, Pepsi pulled a controversial ad staring Kendall Jenner that was accused of appropriating the Black Lives Matter movement and using social justice to sell soda. In October, Dove apologized for a Facebook post promoting its body wash that used a 3-second GIF of a black woman removing a dark brown t-shirt to reveal a

white woman. It was introduced with the line “Ready for a Dove Shower?” And in January, H&M set off a huge outcry by using a black child to model a sweatshirt with a controversial slogan. The retailer apologized and removed the item from its website. Foot In Mic | Laura Ingraham Really Stepped in It This Time Laura Ingraham – who mocked David Hogg, a student activist who became a voice for gun control in wake of the tragic shooting rampage at his Florida high school – conveniently announced a vacation last week. The anchor made the declaration when she signed off her show March 30, capping a week of controversy in which she saw more than a dozen advertisers flee her show. A Fox News spokesperson said the weeklong absence was pre-planned. Advertisers bolted from “The Ingraham Angle” after the host sent a tweet earlier this week mocking Hogg for being rejected by four colleges. Hogg then urged his 700,000 Twitter followers to contact Ingraham’s advertisers and just say “no” to her prime-time show. After at least two companies had taken action, Ingraham apologized in a series of tweets. “On reflection, in the spirit of Holy Week, I apologize for any upset or hurt my tweet caused him or any of the brave victims of Parkland,” she wrote. “For the record, I believe my show was the first to feature David immediately after that horrific shooting and even noted how ‘poised’ he was given the tragedy. As always he’s welcome to return to the show anytime for a productive discussion.” The backtrack did little to quell backlash. Hogg told CNN that he was unimpressed with her apology and said it was likely prompted by the loss of ad dollars.

At least 18 brands — including the Rachael Ray-partnered dog food brand Nutrish, the travel site TripAdvisor, Office Depot and the streaming service Hulu — have said they will no longer adTodd Smith vertise on Ingraham’s show, according to a tally on Mediaite. That list continues to grow. Here’s a list of other companies pulling its advertising: » Johnson & Johnson » Honda » Progressive » Bayer » Jenny Craig » Expedia » Wayfair » Stitch Fix » Nestlé » Jos A Bank » Miracle Ear » Liberty Mutual » Principal We will see where this leads, and The Spin Cycle will keep a close eye on other brands that bolt as the story plays out! Each week, The Spin Cycle will bestow a Golden Mic Award to the person, group or company in the court of public opinion that best exempliﬁes the tenets of solid PR, marketing and advertising – and those who don’t. Stay tuned – and step-up to the mic! And remember … Amplify Your Brand!

Todd Smith is president and chief communications officer of Deane, Smith & Partners, 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, and follow him @ spinsurgeon.

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BANKS

Q Regions Bank.................................................................................................................. www.regions.com

HUMAN RESOURCES

Q People Lease.........................................................................................................www.peoplelease.com

INSURANCE AGENCIES

Q Account Services Group........................................................... www.accountservicesgroup.com

LAW FIRMS

Q Victor W. Carmody, Jr. P.A........................................................................... www.mississippidui.com

PAYROLL

Q People Lease.........................................................................................................www.peoplelease.com

SOCIAL MEDIA MANAGEMENT

Q Mansell Media.................................................................................................... www.mansellmedia.net

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