11 minute read
Economic Cloud Has a Silver Lining
By Arlinda Smith Broady
In the early days of Tandem Bank’s existence, Chairman, CEO and Founder Charles DeWitt pointed out how it differentiates itself from many other banks.
In an interview with Atlanta Business Chronicle, he said there would be an increased focus on technology. Three years later, there is a main bank, but customers are encouraged to do more banking with their cell phones and utilize other technology.
The other difference is in the name. DeWitt said “Tandem” refers to the tandem bicycle, and it means that whether the client is an entrepreneur, a real estate professional or business operator, it will stay alongside them, providing capital or safeguarding their money but always keeping the spotlight on the customer.
In keeping with the philosophy of remaining beside clients, Tandem hosted its first Economic Forum on Thursday, September 22. The event featured Roger Tutterow, professor of economics at Kennesaw State University (KSU). He also serves as director of the Econometric Center, a research center housed in KSU’s Coles College of Business.
Economic insights shared
Tutterow shared his insights on the current economic situation and explained where metro Atlanta, the state of Georgia and the United States stand in global finance. His take was entertaining as well as informative as he covered critically important issues, such as: • Persistently high inflation and rising interest rates, • Labor challenges and supply chain woes, • Downward trending consumer sentiment, and • Likelihood and possible depth of a recession.
Top, economist Roger Tutterow, Ph.D. Professor of Economics at Kennesaw State University, speaking at Tandem Bank 2022 Economic Forum Above, Tandem Bank’s Chairman and CEO Charles DeWitt (right) with Tutterow
Despite inflation, labor shortages, and cost of capital increases, the small business M&A market remains strong in 2022 driven by baby boomer retirements.
According to the Q2 BizBuySell Market report, the services sector continues to lead businesses for sale transactions. Among buy-ers surveyed, these businesses are the most sought after (40%), followed by retail (29%). More specifically, buyers are seeking ‘recession-proof’, essential ser-vices, such as auto repair shops, healthcare businesses, cleaning services, and financial services. Transworld Business Advisors see a strong 2022 1st half of the year with 13% YOY growth in business sale and 64% growth over 2020 pandemic year levels.
You may want to consider talking to a Transworld Business Advisor for a complementary valuation while the market is hot. Explore your options by giving us a call today at 770-766-9855 or email a atlantapeachtree@tworld.com.
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“We went through an incredible economic period from July 28, 2009 until February 2020,” said Tutterow. “The economy grew for 128 consecutive months, the longest economic expansion of the postWorld War II era. And then the pandemic came. And we went from an economy that was growing at 2¼% to one that started contracting overnight.”
Although that was no surprise, the repercussions and recovery have many confused about whether we’re headed back to prosperity. “Today, the question on many people’s minds is ‘Are we currently in a recession? Or is one the likely outcome in the near term?’” he said.
With that as background, Tutterow showed some fundamental data to help find an answer. He first explained that the National Bureau of Economic Research (NBER) will determine an answer through analysis. On the other hand, it’s not inconceivable that the economy may actually start growing again.
“It may well be several more quarters before we get a final ruling,” Tutterow said.
There’s a misconception that two negative quarters of GDP growth indicate a recession is imminent. The NBER says a period of diminished activity in production, trade, income and employment of sufficient depth and breadth are proof of a recession. So, with payrolls still growing and industrial production still rising, it actually doesn’t appear the economy has been in recession in the first half of 2022.
Although the economy plunged during the pandemic, once things started reopening, consumer confidence came back up, said Tutterow. “And then we got into 2021. And the summer of 2021, fall 2021, confidence started falling.” he said.
Some media sources tend to
Tandem Bank 2022 Economic Forum held at Stone Ridge Event Center, Stone Mountain, GA
blame the economic issues on gas prices. “The consumer psyche is overly sensitive to gas prices,” Tutterow said. “Gasoline prices exert more effect upon the perceptions of inflation than the actual percentage of the expenditures.
“Let’s be honest, gas prices matter. ...So when the price of gas goes up by $2 per gallon, that’s $2,000 of after-tax, disposable income that goes from you into the gas tank [if you average about 1,000 gallons a year.]”
At the end of the day, the economy isn’t doing so bad, Tutterow stressed. Even though interest rates have climbed a little, buying a house at 7% interest sure beats the 18% average people were paying in 1981. Historically, access to capital is still cheap. ■
WEARE GRATWICK
Sr. VP/Gwinnett Market President 470-482-1818 Office
WENDY WILLIS
Business Development 470-482-1819 Office www.tandem.bank
107 Technology Pkwy., Peachtree Corners 30092 470-482-1800, atlantatechpark.com
MicroConf Local Tuesday, October 18, 3-6 p.m. Admission is $50.
Some of the best in the business join in to chat through the most pressing questions facing B2B SaaS (software as a service) Founders today. Find out what leaders in each city think about the same topic.
Not Your Grandpa’s Lunch & Learn Series Wednesdays, October 19 and November 2; Thursday, November 17, 12-1 p.m.
Admission is free and lunch is provided. Brio Business Academy sponsors the series. October 19 covers “The Three Most Common Hiring Mistakes in Early-Stage Growth… and How to Avoid Them.” The topic for November 2 is “Three Things You’re Probably Doing in Your Business Right Now that You’ll Definitely Regret Later”; on November 17, it’s “The Legal Structure You Started with May Be Handcuffing Your Business. Is It Time for You to Restructure?”
Partnership Gwinnett: State of Technology Summit Thursday, November 10, 11 a.m.-2:30 p.m.
Attendee admission is $80. Hosted by the Gwinnett Chamber, the summit is an opportunity to learn about trends and best practices in the technology sector and hear from industry leaders.
Peachtree Corners Business Association
4989 Peachtree Pkwy., Ste. 215, Peachtree Corners 678-969-3385, peachtreecornersba.com
PCBA Connecting Over Coffee Morning Meetup Tuesdays, October 11 and November 8, 8:30-9:30 a.m.
Firebirds Wood Fired Grill, 5215 Town Center Blvd., Peachtree Corners Free admission for PCBA members and their guests. Please register online since space is limited. On the second Tuesday of the month, connect over coffee and have conversations with other PCBA members and business professionals in a positive atmosphere. Business cards will be shared with all attendees.
PCBA Lunch Club Thursday, October 20, 11:30 a.m.-1:30 p.m.
Moe’s Original BBQ, 5005 Peachtree Parkway, Peachtree Corners Join the PCBA lunch club to enjoy a great meal at a 15% discount while networking with other PCBA members. Register online and bring your confirmation email to the restaurant on the day of the lunch.
PCBA Business After Hours Speaker Series Thursday, October 27. 5:30-7:30 p.m.
Hilton Atlanta Northeast, 5993 Peachtree Industrial Boulevard, Peachtree Corners Registration is $35. Early Bird registration, before September 30, is $20 for members, $25 for guests. The after-hours event includes networking, food, beverages and a chance to see the positive way PCBA impacts the community.
Rotary Club of Peachtree Corners
Norcross Cultural Arts & Community Center 10 College St., Norcross 770-330-7477, peachtreecornersrotary.org
Rotary Club Meetings Mondays, October 24 and 31; November 7, 14 and 28; and
December 5, 12-1 p.m.
Special guests speak at some meetings. On October 31, it will be Traci Consolini of Merry Market Ministries. On November 7, John Salter will speak on the Rotary Foundation.
Southwest Gwinnett Chamber of Commerce
Office in Atlanta Tech Park 107 Technology Pkwy., Peachtree Corners 470-482-1899, southwestgwinnettchamber.com
First Friday Breakfast with Georgia Lieutenant Governor Geoff Duncan Friday, October 7. 7:30-9 a.m. Crown Plaza Norcross, 6050
Peachtree Industrial Boulevard, Norcross Admission is $28 for members and
$35 for non-members. Register before noon on October 5 to reserve a spot. A former professional baseball player and successful entrepreneur, Geoff Duncan was elected Georgia’s Lieutenant Governor in November of 2018. The program will start at 8 a.m. Admission includes a breakfast buffet.
Lunch and Learn at Curiosity Lab Wednesday, October 12, 12:30-1:30 p.m., tour to follow
Admission of $15 includes a catered lunch. Curiosity Lab, 147 Technology Parkway, Peachtree Corners A publicly funded living lab, Curiosity Lab provides a real-world test environment to advance next-generation intelligent mobility and smart city technology. Curiosity Lab CTO and PTC Assistant City Manager Brandon Branham discusses how it began and where it’s going.
SWGC Coffee Connections Fridays, October 14 and 28, 8:30-9:30 a.m.
Free admission for SWGC members and visitors. Enjoy coffee — or tea — and conversation with local business professionals in a networking event created to expand professional relationships. The meetings are held in the large meeting space behind the SWGC office at Atlanta Tech Park. ■
Beaudin Speaks at SWGC “First Friday” Meeting
Kimberly Beaudin, President & Chief Executive Officer of the College Football Hall of Fame was the guest speaker at the Southwest Gwinnett Chamber of Commerce (SWGC) First Friday Meeting in early September. Coach Mark Richt and Matt Stinchcomb, Georgia Bulldog player and college football Hall of Fame inductee, were also in attendance at the event, held at the Norcross Crowne Plaza Hotel. The College Football Hall of Fame is a national nonprofit organization and top-rated experience based in Atlanta. Beaudin was named President & CEO of the Hall of Fame in March 2020, making her the first female leader of the storied institution. Click on southwestgwinnettchamber.com for info on SWGC and go to cfbhall.com for more about the College Football Hall of Fame.
SWGC Hosts Coffee Connections with Ivan Shammas
On September 23, Southwest Gwinnett Chamber (SWGC) members and their guests gathered at Atlanta Tech Park for the SWGC Coffee Connections Spotlight Series. The morning meeting featured Ivan Shammas, President and General Manager of Univision Atlanta & Univision. Univision is the powerhouse for Spanish media in the metro Atlanta news market, and recently entered into a partnership with Atlanta ABC Affiliate, WSBTV.
A veteran of Spanish language media with over two decades of station management and sales, Ivan shared his insights on how local businesses could more effectively integrate with Hispanic businesses in the area to build a stronger economic community. Photos this page by Bruce Johnson
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The Peachtree Corners Business Association (PCBA) celebrated the success of Magnolia Comfort Medical with a ribbon cutting recently. The clinic, located at 6050 Peachtree Parkway in Peachtree Corners, helps relieve patients’ headaches, injuries and sciatica as well as joint, back and neck pain.
Kevin Le, DC brings state-of-the-art chiropractic care and a focus on full-body health solutions to the practice. Magnolia Comfort offers convenient testing facilities and on-site ultrasound. Get details at magnoliacomfortmedical.com.
The Peachtree Corners Business Association (PCBA) awarded a check for $500 to Neighborhood Cooperative Ministries at the August PCBA Business After Hours Networking event. Neighborhood Cooperative Ministries provides physical (food and clothing, health), financial (rent and utility assistance, temporary hotel stays, job ministry) or spiritual assistance (counseling, prayer and church connections) to those in need.
“The PCBA is pleased to award a check for $500 to the Neighborhood Cooperative Ministries to contribute to their ongoing need of restocking their pantry and providing financial assistance as part of our Community Outreach,” said Lisa Proctor, PCBA President. Visit peachtreecornersba.com for more on PCBA. For Neighborhood Cooperative Ministries info, go to ourncm.org.
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