March 2018
DENTON
Business
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The owners of Roanoke Trading Co. are opening a sister store called Denton Trading Co. at 112 W. Oak St. on the Square. The store will have clothes, candles, lotions, frames and other home decor items. Jake King
From Roanoke with style
By Dalton LaFerney
For the Denton Record-Chronicle
H
ome decor enthusiasts can soon save a trip down U.S. Highway 377. Popping up next to West Oak Coffee Bar on the downtown Square is Denton Trading Co., a sister store to the Roanoke-based Roanoke Trading Co. The store will have men’s and women’s clothes, kitchen decorations, candles, lotions, frames and other
ingredients to make a home more personal. Amid an e-commerce boom for brick-and-mortar retailers, this local seller is holding the line. It will sell some items from Facebook posts, but the company touts its value in faceto-face customer service. “We want to be a store you walk into, and you experience it and we get to know you,” owner Kristin Brittan said. Every day she goes to work, man-
Denton Trading Co. bringing store’s concept north to Square
ager Laura Lake is an active part of the shopping experience for those who visit the Roanoke store. “Hi, welcome in,” she says to each who visits, and Lake is sure to point out the half-price items near the cash register, the ones that didn’t do well
with customers. Knowing what customers want — and which products to acquire and display — comes from a congenial sense of style Lake picked up from her mother and grandmother. “I don’t know unless I try it,” Lake
said. “We’re a marketing person’s nightmare.” The shop sources inventory from trade shows in Dallas and travel across the county to shows in Las Vegas, Atlanta and, soon, New York. They buy everything wholesale. But sometimes Brittan, a frequent traveler, will find must-haves overseas, bringing them back in small quantities to North Texas. TRADING | CONTINUED ON PAGE 2
Good tax refund advice can be bad By Tina Orem | NerdWallet Every year, the same advice circulates about what to do with your tax refund. But if the experts have said it once, they’ve said it a million times: Everybody’s financial situation is different, and what works for other people may not work for you. Here are four pieces of common advice tax pros say you might want to reconsider before you follow the herd with your refund.
1. Put it all in an emergency fund By Peggy Heinkel-Wolfe | Staff Writer Dirt is flying at Rayzor Ranch — with Andy B’s Entertainment, Alamo Drafthouse Cinema, Rooms to Go and more shops on the way — but doors have opened at several businesses farther east on West University Drive. The first tenants are opening their doors at the new North Lakes Shopping Center, on the corner of University and Bonnie Brae Street.
Ideal Dental opened at 2200 W. University Drive. The office is open for new patients weekdays and weekends by appointment. Two sandwich shops are opening nearby. McAlister’s Deli opens Friday and Jersey Mike’s Subs is opening soon. Enterprise Rent-A-Car has opened a second location at 1911 W. University Drive in Denton. The original location remains open at the UPDATE | CONTINUED ON PAGE 2
Reconsider that if: You’ve already got one. Having three to six months’ worth of living expenses on hand is good advice, but if you already have an emergency fund, using your tax refund to pad a mattress full of cash might be overkill. You might be able to invest and earn a return on that money — and still access it quickly, says Vincenzo Villamena, a CPA and CEO of accounting firm Online Taxman in New York City.
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Happy about the amount of your tax refund? Then be sure to make smart decisions regarding what to do with those funds. “There are emergencies that come up. But at the same time, why not invest it in a bond fund or something [where] you can get liquidity really easily?” he says.
2. Invest it all
Reconsider that if: You’re into
rolling the dice. Investing can be a fantastic way to get a step closer to your financial goals. But pouring all of your tax refund into Bitcoin, orange juice futures or some other ultra-risky REFUND | CONTINUED ON PAGE 4
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Cover Story
Roanoke Trading Co. owner Kristin Brittan poses with some of her merchandise in Roanoke. Her new Denton Trading Co. on the downtown Square will sell men’s and women’s clothes, kitchen decorations, candles, lotions, frames and other ingredients to make a home more personal. TRADING | CONTINUED FROM PAGE 1
Lake says it’s important for a downtown retailer to interact with products before they ever offer them to customers. “We want to see it, touch it and make sure it’s good quality,” she said. With the exception of popular items, such as Annie Sloan Chalk Paint, Roanoke Trading Co. does not restock items; once something is gone, that’s the last of it. Customers can expect that from the Denton location, too. “If you give it as a gift, it’s going to be a unique gift and not something that everybody has bought and given to them,” Brittan said. Brittan, who is from the Southlake area, started to really enjoy Denton around the time Lone Star Attitude Burger Co. opened in 2013. She also owns the Hey Sugar candy shop, which has four
locations in North Texas. Like with Denton Trading Co., Brittan has turned the candy shops to be something one might find in a town like Austin. She’s a fan of originality, and wants her shoppers to get more than what they might find at a shopping mall or chain store. Denton Trading Co. will be at 112 W. Oak St. — the former site of Carol’s Custom Draperies, which moved to Locust Street south of the Square. When the space at came up for lease last fall, Brittan said, she pounced. “I want to be part of this community and part of what’s happening in Denton, since the growth is so huge,” she said. “And honestly I like the funky vibe.” The building is under construction, but people can already see the Denton Trading Co. logo outside. Brittan and Lake will style the store
Photos by Jake King
Owner Kristin Brittan stands with a penny-covered horse at Roanoke Trading Co. Brittan soon will open Denton Trading Co. on the Square.
“I want to be part of this community and part of what’s happening in Denton, since the growth is so huge. And honestly I like the funky vibe.”
— Denton Trading Co. owner Kristin Brittan
to be as natural as possible a fit to Denton’s local-first community downtown. The original tin ceiling will be exposed, the inventory will be wideranging and the atmosphere will absolutely not be campy, they said. Brittan is eager to deal to
college students and families alike, possibly as soon as in a couple of weeks, when she projects the Denton shop will open. To match the University of North Texas’ music-school reputation, the store will have a penny-covered guitar, much
Open/Closed
Briefly in Business
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Group honors business partner of month
corner of Alice Street and University. For the thrifters out there, Denton County Friends of the Family opened a second secondhand shop, Upscale Resale, at 920 Dallas Drive. The nonprofit’s original thrift store remains open at 1614 W. University, but the Dallas Drive location is now the central location for community donations for both shops. Clothing and household goods, including furniture, are needed. Proceeds benefit victims of sexual and domestic violence. On Denton’s north side, Love’s Travel Stops opened a new 14,000-square-foot location at the intersection of Interstate 35 and U.S. Highway 77 on March 8. The plaza is open 24 hours with a Wendy’s, Subway and Godfather’s Pizza inside. Up to 85 truckers can make a stop, as the lot includes showers and a tire care facility. And on Denton’s south side, there’s a new place for all your Mediterranean favorites, Alex’s Greek Cafe. Located in Suite 136 at 2430 S. Interstate 35E, the restaurant has gyros, kabobs, falafel and vegetarian options. Club Champion, a premium and custom golf club retailer, has opened at the Hank Haney Golf Ranch at Vista Ridge in Lewisville. The store is located at 2791 S. I-35E. Speaking of seasonal fun, the Easter Bunny can be found at center court in Golden Triangle Mall from noon to 6 p.m. Sundays, noon to 7 p.m. Monday through Thursday and 11 a.m. to 8 p.m. Fridays and Saturdays. The Cupboard Natural
Jeff Woo
The Cupboard Natural Foods and Cafe closed in mid-February. Foods and Cafe officially closed its doors after selling off its equipment and security system in mid-February. The store was the fourth of the city’s heritage businesses — an independent company in business in Denton County for 50 years or more — to close in the past 18 months. Davis Purity Bakery, Thomas’ Ethan Allen and Weldon’s Saddle Shop & Western Wear all closed in 2016. Closing soon: bike renting in Denton. Garland-based VBikes has announced it will discontinue its service after the city launched a pilot program requiring such businesses to get a permit. The company brought its brand of “undocked” bicycle rentals to Denton in June 2016. Riders rent the bikes through an app on their smartphone. Other companies, including Spin, could be coming soon, the city says. But the best indicator of a coming business is a “now hiring” sign in the window. Shell Shack, a seafood chain, is hiring with plans to open a restaurant and bar at 2303 S. I-35E, the former location of Dani Rae’s Gulf Coast Seafood. Home Goods is opening its first Denton location 1800 S. Loop 288, in the Denton Crossing shopping center. The store will hold its grand opening April 29.
Serve Denton honored John Williams, owner of East Side Denton and Oak Street Drafthouse and Cocktail Parlor, as its business partner of the month for March. Williams has helped the local charity for three years with silent auction items and sponsorships, including underwriting the appearance of Dallas Cowboys tight end Jason Witten at a Serve Denton fundraiser later this year. For more information about Serve Denton, email executive director Carlie Kuban at ckuban@servedenton.org or visit www.servedenton.org.
Local woman receives grant from sub shop Lara Lopez’s Kids Kupboard Ministry of Lantana was among five groups to receive a $5,000 grant from Jersey Mike’s Subs to feed hungry kids. Lopez and a team of young volunteers assemble weekend food packages for nearly 200 local elementary students weekly. The project started in 2011 providing 25 bags of nonperishable foods for students at one elementary
school to take home on the weekend. Now the project averages 122 bags per week serving students at four schools, reaching 200 bags before vacation breaks. Lopez’s brother-in-law nominated her for the “Sub Abover” grant. Jersey Mike’s received 2,600 nominations and chose five for the award. The other grantees include Mariah Smith and Blankets for the Homeless in Virginia Beach, Virginia; Rody Thompson, PeaceJam Southeast director at the Center for Leadership and Social Change at Florida State University; Jeff VanAutreve and Second Story Teen Center in Princeton, Illinois; and Jim and Terri Wasley and Meg’s Smile Foundation in Holly Springs, North Carolina. Since 2010, Jersey Mike’s locations throughout the country have raised nearly $28 million for local charities and distributed more than 2 million free sandwiches for numerous causes. The company has one Denton location in the Denton Crossing shopping center on Loop 288 and is expected to open a second location soon in the North Lakes Shopping Center on West University Drive.
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Kids First Pediatrics takes part in program
provement has been on depression. Just bringing up the topic of mood with our teens allowed them to engage with us at a different level. Even lending our ear seemed to have a healing effect.”
HIGHLAND VILLAGE — Kids First Pediatrics in Highland Village has joined a national collaborative with 31 other pediatric clinics working to reduce diagnostic errors. The program is funded by the Agency for Healthcare Research and Quality and led by Dr. Michael Rinke and the American Academy of Pediatrics Improvement Innovation Network. A correct, timely diagnosis is an important part of patient care but remains understudied. The collaborative is working to reduce diagnostic errors for adolescent depression, pediatric elevated blood pressure and actionable laboratory results with specific strategies and support for participating practices. Kids First Pediatrics said it was excited to be a part of the collaborative. “We participated in this project in an effort to avoid missing significant diagnoses in our patient population,” its statement read. “We wanted to improve our processes so no child or adolescent slips through the cracks. “Our most impactful im-
Michelob Ultra to be sold in 7-ounce bottles Anheuser-Busch has announced that it will sell Michelob Ultra, a light beer, in 7-ounce bottles to meet consumer demand for smaller portions with fewer calories and carbohydrates. The new bottle size will be available in Texas and eight other states mainly in the South. The packaging innovation is built around the idea that 7 ounces is the perfect serving size for a weeknight beer, according to a Michelob press release. In recent years, soft drink and bottled water companies have provided customers with a wide variety of product sizes to meet demand. The 7-ounce Michelob Ultra bottle extends that trend. One bottle contains 55 calories and 1.5 grams of carbs, according to the company press release.
— Staff reports
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homemade curtains, and head to the beach. “My parents took that thing everywhere,” she said. In hiring for the Denton store, she’s looking for sales staff who won’t just stand behind the cash register. She needs people — part-timers welcome — who are retailready: comfortable with inventory but mostly excited to guide consumers to the right lotion, candle or kitchen knickknack they didn’t know existed. “Because it’s a choice to stop and shop here,” she said.
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like the penny-covered horse in the Roanoke location. It will serve as decoration for the store as well as a photo opportunity for Denton visitors. Adding a touch of hippie, the front end of a classic Volkswagen van will drive out from a wall, like the baby blue one parked in the Roanoke store. Brittan said her family had one like it when she was a girl. Brittan lived in San Diego until she was 5, when the family moved to Texas. Both surfers, Brittan’s parents would strap their boards atop their van, the inside draped in
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Enterprising Voices
Leadership Denton about to hit Signs of expensive market 579 graduates with latest class
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Chuck CARPENTER | COMMENTARY
R-Denton, was in the third class of Leadership Denton in 1988. Current Denton City Council members Sara Bagheri, Gerard Hudspeth and John Ryan as well as Mia Price from the Denton school board are graduates of Leadership Denton. Former Denton mayors Mark Burroughs and Perry McNeill are Leadership Denton graduates, and each has served as board chairman of the Denton Chamber of Commerce. A total of 11 of our past board chairs, as well as over half of the directors on the board, have gone through Leadership Denton. The current head of the United Way of Denton County, Gary Henderson, and Pat
Smith, the founding executive director of Serve Denton, are Leadership Denton alumni. Application to Leadership Denton entails a written submission and personal interview. Class participants are selected based on demonstrated personal involvement and long-term commitment to the Denton area. Newcomers are invited and encouraged to apply — if they have lived or worked within the boundaries of the Denton school district for at least one year as of Sept. 1, 2018. The program is not an orientation or a continuing education credit for junior corporate types. Passion and a genuine obligation to help make the area better are vital ingredients to appreciating and understanding the Leadership Denton experience. Applications will be available April 20 on the Denton Chamber of Commerce website, www. denton-chamber.org. CHUCK CARPENTER is president of the Denton Chamber of Commerce. He can be reached at dcoc@ denton-chamber.org.
Celebrate entrepreneurial efforts during Women’s History Month
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arch is Women’s History Month, a time to reflect on and celebrate the tremendous contributions that women have made to our nation. From physician Elizabeth Blackwell to entrepreneur Biddy Mason; from poet, historian, author and civil rights activist Maya Angelou to U.S. Supreme Court Justice Ruth Bader Ginsburg, women have significantly influenced health care, government, education, social justice and business development in America. It’s hard to believe that given the vital role of women in our history that it’s only been 30 years since women have had the right to utilize the most fundamental means to achieving financial independence. In 1988, H.R. 5050, known as the Women’s Business Ownership Act, leveled the playing field between men and women business owners by ending discriminatory lending practices by banks and addressed the basic needs of women entrepreneurs such as eliminating the need for a male relative or husband to co-sign a business loan. It also led to the creation of Small Business Administration Women’s Business Centers to provide training, mentoring and technical assistance, and created the National Women’s Business Council, a federal advisory board to present policy advice about women’s small business issues to the president, Congress and the SBA. It resulted in the U.S. Census Bureau being required to include women business owners in its census survey. Thanks in part to H.R. 5050, as well as the National Association of Women Business Owners, which supported the act, the future for womanowned businesses is very bright. Just four years after the passage of the act, the number of businesses owned by women increased from 26 percent to 57 percent. Currently, there are an estimated 9.4 million businesses in the nation that are owned by women, with an economic impact of $1.5 trillion in sales and accounting for nearly 8 million jobs. One of the fastest-growing sectors is with women of color. According to NAWBO, in 2012, 3.8 million businesses in the U.S. were owned by women of color — 1.5 million of those owned by black women,
accounting and financing. Here are the following awardees for 2018:
New businesses
Shannon MANTARO | COMMENTARY
1.4 million by Latinas and 749,000 by Asian women. To assist and encourage women entrepreneurs in Texas to start new and innovative businesses, Texas Woman’s University’s Center for Women in Business recently launched its Women’s Enterprise Training and Micro Grant Program. The grants are $5,000 apiece. The program was opened to for-profit, existing or to-beformed woman-owned businesses with five or fewer employees for new equipment, technology, acquisition of new inventory or materials, property improvements or marketing. Awardees will need to complete a small-business training course hosted by the CWB in order to receive funding. The curriculum will cover topics such as business plan development, marketing, legal,
■ Faith Camp, Steps of Faith, Houston ■ Pamela Gilland, Cosmetic Scissor Sharpening, Denton ■ Heather Gregory, Bloom NTX, Gainesville ■ Artashia Johnson, Impromptu Hair Extensions LLC, Houston ■ Chrissy Mallouf, M Squared Real Estate Inc., Denton
Expanding businesses
■ LaMonica Birmingham, KLAK Freight Services LLC, McKinney ■ Juliana Cutrer, A Rare Jewel Apparel, Dallas ■ Antoinette Henthorne, Insignia Public Safety, Denton ■ Tawney Laney, Picture This!, Aubrey ■ Carolyn Phillips, Alchemy Pops, Forth Worth
SHANNON MANTARO is the director of Texas Woman’s University’s Center for Women in Business and can be reached at smantaro@ twu.edu. For more information regarding the Center for Women in Business, visit https://twu.edu/centerwomen-business.
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ne of the most difficult tasks for investors today is sifting through all the noise in the financial markets to identify truly meaningful pieces of data on which to base investment decisions. Whether you are a passive investor plowing into index funds, an active investor picking individual stocks or using an investment manager to choose the strategy, valuation is the best long-term predictor of future results. When valuations (prices in relation to worth of asset or cash flows) are high, future investment performance is low. When valuations are low, future investment performance is better. Unfortunately, most
Jonathon FITE | COMMENTARY
stocks are very expensive right now. At about 2.25 times sales, the benchmark S&P 500 Index is just under its all-time high value of 2.35 in early 2000 — the most expensive single moment in U.S. stock market history. Historically, stocks have performed poorly when they are this expensive. In a recent article by Stansberry Research, the editor of the extreme value research service outlined several traits of an expensive market. We thought it might be instruc-
tive to recap some of them. Let’s start with “something new.” Almost all of the biggest investment manias start with new horizons, technologies or financial innovations. One of the earliest examples was the British South Sea Co., whose prospects for global domination resulted in an investor fervor that drove stock prices up 100 percent in a few months — before they came crashing back down. More recently, optimism about technological innovations drove the dot-com bubble, with the price-toearnings (P/E) multiple of the S&P 500 ratio hitting 44 times before topping out in early 2000. We can see lots of examples of innovation- and technology-driven excitement in the market today. FITE | CONTINUED ON PAGE 5
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ith the graduation of the 33rd class April 20, a total of 579 individuals will have completed Leadership Denton. To get to that point, every class is required to carry out a group project, ultimately serving or promoting the Denton area. The assigned query for this class is to present recommendations for conveniently and efficiently connecting local hotels, major retail centers, food and entertainment venues and the new convention center. Their findings and proposals will be submitted April 5 at the Embassy Suites by Hilton Denton Convention Center. Other Leadership Denton class projects have resulted in the Discover Denton Welcome Center on the south side of the downtown Square, options for parking in the central business district and a promotional campaign for Denton Enterprise Airport. Graduation from Leadership Denton guarantees nothing. By design, individuals are presented with opportunities for community service and public office at all levels of government. State Rep. Lynn Stucky,
“Fortune favors the prepared mind.” — Louis Pasteur
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Enterprising Voices
Spring events designed to foster new connections O
ne of the best parts of being an economic developer is helping people make new connections that contribute to their success. Assisting small business owners or entrepreneurs with making contacts — contacts who might become customers, suppliers, mentors or investors — is a core function of economic development. That’s one of the reasons the city of Denton’s Department of Economic Development hosts events like the “Taking Care of Business” small business workshop May 3. It also participates in others like the “ELEVATE: Women Finding and Sharing Success” event that will be hosted by the North Branch Library on April 21. Both of these events are free and open to the public. This is the third year of the ELEVATE conference, and the library is excited to have the Texas Woman’s University’s Center for Women in
Business Spotlight REFUND | CONTINUED FROM PAGE 1
Caroline BOOTH | COMMENTARY
Business and the University of North Texas as partners this time around. The event is focused on women finding success in the business and creative worlds. A panel of successful local businesswomen will tell their stories to inspire attendees, and vendors will be available to discuss their products and services. This is a wonderful opportunity for women to network and share resources, whether you are a startup or a CEO. Last year, more than 100 women attended the event and panel Q&A. Meet-
ing their peers to connect, network and learn from each other’s challenges and successes was the most noted comment from attendees. According the National Association of Women Business Owners, more than 11.6 million firms are owned by women. These firms generate $1.7 trillion in sales and employ nearly 9 million people. Between 1997 and 2017, the overall growth rate of womanowned businesses was 114 percent, while all others grew at a rate of 44 percent, according to the “2017 State of Women-Owned Businesses Report” by American Express. Half of all woman-owned businesses can be found in three industries: personal services, such as hair/nail salons and pet care; health care and social assistance, such as day care and home health care; and professional, scientific or technical services like lawyers, accountants and architects. Interestingly, 99.9
ELEVATE: Women Finding and Sharing Success
April 21, 10 a.m. to 2 p.m. North Branch Library, 3020 N. Locust St., Denton, TX 76209 Kerry Montz, assistant branch manager 940-349-8757 or Kerry. Montz@cityofdenton.com
Taking Care of Business
G.J. McCarthy/DMN file photo
Jill Marks founded Cookies Crumbs and Crust after being a stay-at-home mom in Southlake. The upcoming “ELEVATE: Women Finding and Sharing Success” conference in Denton is focused on women finding success in business. percent of woman-owned business are small businesses. Being a successful small business isn’t just about luck. It takes lots of hard work, persistence and making and leveraging the right connections. Let the city of Denton assist you with making new
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Reconsider that if: You have no emergency fund, aren’t saving for retirement or have too much debt. OK, “spend it” isn’t the most responsible piece of tax-refund advice, but life’s stresses can make it a compelling one; sometimes you just need to take care of yourself. But if you decide to do something fun with your refund, keep it under control, Villamena advises. Take a weekend trip instead of a world tour, for example. “It’s all about being conservative and smart with money,” he says.
L. CAROLINE BOOTH is the director of economic development for the city of Denton. You can contact her at 940-349-7751 or Caroline. Booth@cityofdenton.com. City of Denton Economic Development Specialist Christina Davis contributed to this column.
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venture probably isn’t a good idea. “When you’re in your 20s, 30s and 40s and you have another 20, 30, 40 years to live, then it makes sense to invest in some public markets,” Villamena says. But index funds, exchange-traded funds or other low-cost mutual funds that invest in a variety of assets are usually a smarter way to go. “Finance 101 is about diversification,” he says.
Reconsider that if: You have cheap, low-stress debt, or something truly pressing to take care of. Using a tax refund to knock out balances on credit cards that charge exorbitant interest is a great idea for many people. But if all you have is low-rate debt with manageable payments — an undemanding car loan with a 3% interest rate, for example — you might actually come out ahead by investing your tax refund if you can earn more than what you’re paying on the debt, says Patrick Colabella, a CPA in Brooklyn. “It’s the difference between how much you can make on your money and how much you have to pay out on your loan,” he says. It might also make more sense to use your tax refund for truly necessary expenses, such as fixing your car. “You’re going to have to fix the car anyway, right? Then you’d fix the car over the credit card bill. Because then if you pay off the credit card bill and you’re going to have to use the credit card to pay for the car, then you might as well just fix the car and not have the debt,” Villamena says. “Obviously, if you need to fix the car, if that’s something that you need to go to work and you need that on a daily basis, then fix the car. But if you want to detail the car, or buy … a stereo system, then no — pay off your debt,” he adds.
connections through the ELEVATE: Women Finding and Sharing Success conference April 21 and the Taking Care of Business workshop May 3. For more information or to register for these free events, contact the following city staff members:
May 3, 8 a.m. to 5 p.m. City Hall, 215 E. McKinney St., Denton, TX 76201 Christina Davis, economic development specialist 940 349-7730 or Christina.Davis@city ofdenton.com
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Vital Statistics NAME — ADDRESS
NAME — ADDRESS
Marco’s Shop, 5416 Cove Lane, Denton Kathryn Beasley, 1112 Palmwood Place #15, Denton Joe’s Quality Roofing, 6303 E. Pockrus Page Road, Denton By the Brook Birth Doula, 500 S. Interstate 35E #737, Denton Adore The Brand, 1555 Nottingham Drive #11104, Denton Dent King, 2153 Pembrooke Place, Denton Brooks Custom Builders, 5579 Blagg Road, Denton Sonic Clean, 4708 E. University Drive Ashton Construction, 2913 Lighthouse Drive, Denton Twin Oaks Custom Cabinetry, 2279 Collins Road, Denton Texas Property Cleaners, 419 E. Sherman Drive, Denton Enterprise Landscaping and Lawn Sprinkler Repairs, 2225 Lakeview Lane, Denton Marlin Enterprises LLC, DBA DFW Home and Ranch Group, 1005 Hopkins Drive, Denton Nailbar @ Denton, 1601 Brinker Road #101, Denton Tailored Images Photography, 6000 Photinia Ave., Denton Esquivel’s Construction Service, 513 Kingfisher Court, Denton Healing Hands Therapeutic Massage, 2821 Roland Road, Denton Uplift Your Health, 201 Red Fox Lane, Denton Pennies for Locs, 3505 Hudsonwood Drive #10301, Denton Reckless Mentality, 422 Audra Lane, Denton StandardUser Cyber Security, P.O. Box 50892, Denton Franco’s Stone, 506 N. Mayhill Road, Denton Garcia’s A/C Mobil, 409 Westway St., Denton
Icy Cuts, 322 Bellaire Drive, Denton Dream Builders Youth Association, 1516 Mosscreek Drive, Denton JAWS Oilfield Services LLC, 2170 Collins Road, Suite 302, Denton Sam Hawkins Guitars, 525 Fort Worth Drive #216, Denton Charlotte Henderson, 5301 E. McKinney St., Trailer 509, Denton James Family Surf and Turf, 4700 Conley Lane, Denton M & A Specialty Cleaning, 1005 Morse St., Denton The Buckest City, 705 Gober St., Denton Cords and Crowns, 1405 E. Windsor Drive, Denton Hummingbird Landscape Solutions, 9008 Seven Oaks Lane, Denton Windows IQ, 264 S. Interstate 35E, Suite 300, Denton Ledbetter Properties, 2516 Nottingham Drive, Denton La Belle, 2201 S. Interstate 35E, Suite M7, Denton Bubble Daddy Soap Co., 1706 Teasley Lane, Apt. J, Denton Maske Transportation, 300 W. Oak St., Denton Price Realty Group, 1800 S. Loop 288, Suite 396-120, Denton Connor’s Contracting Co., 2705 N. Bell Ave., Denton Charity Talton, 300 W. Oak St. #100, Denton Cleaning Services De America, 1965 Lake Vista Lane, Denton Hernandez Lawn and Tree, 4181 Silverdome Road, Lot 104, Denton Ara Black, 2100 Spencer Road, Apt. 2211, Denton North Texas Cleaning Service, 1610 E. McKinney St., Apt. 1316, Denton
BUILDING PERMITS
The following building permits were issued by the Denton Planning and Development department in February. Commercial alterations and commercial permits reflect the owner or tenant and the address of the business.
RESIDENTIAL LGI Homes-Texas LLC 4600 Merchant Trail 4608 Merchant Trail
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NAME — ADDRESS
The following names (followed by address) were posted in February at the Denton County Clerk’s office.
4612 Merchant Trail 4701 Merchant Trail 4512 Merchant Trail 4604 Merchant Trail 4616 Merchant Trail 4601 Merchant Trail 4605 Merchant Trail 4613 Merchant Trail
COMMERCIAL Aldi LLC, 2500 Westcourt Road Corbin Realty I LP, 3651 Shelby Lane Fry Street Partners LTD P/S, 1217 W. Oak St. Alpha Technologies Services Inc., 205 Industrial St. Gottieb Erik & Stacy, 2532 Charlotte St., Building A A Fortiori LLC, 512 W. Hickory St. #100 ANPH Architects Inc., 2900 N. Interstate 35 #205 Verizon Wireless, 500 Thomas St. Windriver Lodging LTD, 3180 S. Interstate 35E Global Tower LLC, 813 S. Elm St. GJO & AM Investments Inc., 518 Acme St. WGBP Investments LTD, 1550 S. Loop 288 Aldi Inc., 1105 S. Loop 288 Student Housing Corp., 2700 Colorado Blvd., Building 1 Teasley Commons LTD, 3220 Teasley Lane #112 Kenith S Anderson, 2532 Charlotte St. RREC Denton Truckport LLC, 2401 Worthington Drive #124 First United Methodist Inc., 201 S. Locust St. Groggy Dog Sportswear and Graphics, 4017 Mesa Drive Valentin Carmona, 212 Fort Worth Drive City of Denton, 601 E. Hickory St. Melody Chalkley, 600 Collins St., Building 1 Columbia Medical Center of Denton, 3535 S. Interstate 35E #311 Shady Oaks Center LTD, 1700 Shady Oaks Drive CNL Retirement, 2817 S. Mayhill Road
Clarity Real Estate Group, 3108 Union Lake Road, Denton MJ Real Estate Group, 2434 Lillian Miller Parkway, Denton Big Pansy, 921 W. Hickory St., Denton Ramirez Home Renovations, 520 N. Ruddell St., Denton Deuces Down, P.O. Box 51884, Denton Eskimo Brothers, 109 Ave. A, Denton Dirty Dick’s, 109 Ave. A, Denton Deb’s Cookie Designs, 204 Windbrook St., Denton Tidakay, 5309 Sea Cove Lane, Denton Yagoyam, 18959 Lina St., Apt. 103, Denton Dragon Distributors, 2204 Crestmeadow St., Denton The Lavender Crow, 4718 E. University Drive, Denton Jose Sotelo Tree Service Landscaping, 4937 Stuart Road #74, Denton Zepeda Lawn and Tree Services, 4937 Stuart Road #119, Denton Maggie Soulier Photography, 3220 Nottingham Drive, Denton Sweet Jayne’s Confections, 3301 Glen Crest Lane, Denton One of the Heard, 2528 Royal Lane, Denton Sumpter Consulting, 2528 Royal Lane, Denton Social Connection Institute, 2528 Royal Lane, Denton The Taste, 408 North Texas Blvd., Denton CKT Specialty Cleaning, 901 Dudley St., Denton Taylor and Taylor Studios, 3308 Evening Wind Drive, Denton TeleMesage Telecom, 3304 Groveland Terrace, Denton Notary Pro To Go, 2712 Moncayo Drive, Denton Lucky Locks Beauty Bar Inc., 116 N. Austin St., Denton Tolliver Transport, 3339 Lipizzan Drive, Denton Uppercut Tactical, 1300 Fulton St., Suite 301, Denton Carmen Washam Photography, 816 N. Bell Ave. #26, Denton Luxurious Lashes By Jess, 2100 Spencer Road, Apt. 2100, Denton FT Timing, 2332 Green Oaks, Denton Woodard Painting, 3300 Cactus Drive, Denton
1904 Anchor Drive 1901 Moonsail Lane 1813 Moonsail Lane 1912 Achor Drive 1800 Moonsail Lane 1917 Moonsail Lane 1909 Anchor Drive 2005 Moonsail Lane 2812 Dominion St. 1909 Moonsail Lane 3628 Helm Lane 3620 Helm Lane Gehan Homes, 6520 Roaring Creek Innovation Builders 9304 Meadowpark Drive 9624 Athens Drive
History Maker Homes 5521 Marina Drive 5605 Marina Drive 5508 Las Lomas Drive 5524 Wharfside Place 5804 Dolores Place 3821 Harbour Mist Trail
Forestar Real Estate Group Inc., 7612 Castle Pines Lane Red Gable Homes LLC 2321 Chebi Lane 2317 Chebi Lane 2304 Chebi Lane 2325 Paxton Way 2313 Chebi Lane
Robson Denton Developers LP 12601 Marl Way 10001 Baywood Court 12601 Lignite Drive 9500 Greenstone Way 12120 Willet Way 10000 Lindenwood Trail
Sumeer Homes, 3921 Trenton Drive Harlan Properties Inc. 3929 Madison Lane 3925 Madison Lane 3924 Madison Lane 3920 Madison Lane
Hive Management LLC 2605 Empire St. 2600 Province St.
Alfonso Gallegos, 724 Ruddell St.
DR Horton 2004 Anchor Drive 2001 Moonsail Lane 1917 Anchor Drive 1901 Anchor Drive 1913 Anchor Drive 1913 Spinnaker Drive 1917 Spinnaker Drive 2001 Spinnaker Drive 2009 Spinnaker Drive 1716 Moonsail Lane 1808 Moonsail Lane 1713 Moonsail Lane 3513 Masthead Drive 1900 Anchor Drive 1913 Moonsail Lane 1908 Anchor Drive
McClintock Homes 1501 Oak Tree Drive 1409 Oak Tree Drive Bloomfield Homes LP 9505 Athens Drive 9401 Meadowpark Drive 9408 Lake Fork Trail 5008 Marble Falls Drive 9509 Athens Drive 9321 Meadowpark Drive Kyle Roan, 3216 Roselawn Drive Massey Shaw 125 Springtree St. 2701 Vine Court 2717 Vine Court
Companies like Netflix, Tesla and Amazon delight customers with wonderful innovations in products and services. This excitement has translated into sky-high stock prices with P/Es somewhere between 250 times to infinity (Tesla actually loses several billion dollars per year and has no “E” in the P/E ratio). Bubbles don’t necessarily have to be driven by new horizons or new technologies. Financial innovations taken to extremes can create distortions as well. At one time, it was conservative to invest in housing and mortgages. Then investors noticed that U.S. housing prices hadn’t fallen in living memory. Silly investors extrapolated that to mean housing prices would never fall. Creative structures in traditionally boring mortgagebacked securities led to an enormous debt-fueled housing bubble that finally blew up in 2008. That implosion caused the worst financial crisis since the Great Depression. Something similar is happening with passive investing today. Investors have been taught it is too complex to identify and exploit valuation discrepancies in the market. So, they should just invest passively in index funds that attempt to mirror the broader market. As new money comes in, these passive index funds buy baskets of stocks, without any reference to the fundamentals of the businesses they’re buying. Often, the most expensive companies in the basket get larger weightings, so more money is directed into those expensive companies, creating a feedback loop. When things are going up, that is great. No due diligence is required. But when things begin to go in reverse, look out below.
Wall Street research firm Bernstein Research predicts that 50 percent of all U.S. assets under management will be passively invested by early 2018. Are we getting close to a tipping point? When technology and financial innovation combine, watch out! We’ve seen that recently with Bitcoin. Bitcoin is a digital currency, built on a technology innovation called the blockchain. The currency is only in electronic form, as opposed to traditional currencies that are created and controlled by central banks. Bitcoin is “mined” by anyone who knows how to use software to solve complex math problems on a computer. The value of a single Bitcoin unit rose about 2,000 percent last year, hitting nearly $20,000 in late December. In the first two months of 2018, it fell by two-thirds. Perhaps that innovation is not all it is cracked up to be? High-price mergers and acquisitions also coincide with market excesses. The research referenced above notes several key examples. In the 1920s, publicly traded investment trusts consumed one another, until most collapsed in the crash of ’29. The 1960s witnessed the rise of conglomerates. LTV Corp. sprawled across a crazy array of aerospace, electronics, steel manufacturing, airlines, meat packing, sporting goods, car rentals and pharmaceutical businesses. It grew revenues via acquisitions from $36 million to $3.8 billion in just five years — more than a 100-fold increase. In December, drugstore chain CVS Health offered $69 billion in cash and stock for health insurer Aetna. CVS will need to take on $45 billion in debt for the purchase, raising its total debt to $70 billion. CVS is paying more than twice the value of some of the best insurance companies in
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5
Enterprising Voices
ASSUMED NAMES
CERTIFICATES OF OCCUPATION One 20 LLC, 204 Cardinal Drive, Building 2 Stop N Shop Food Mart, 508 S. Elm St. #111 Basil’s By The Square, 301 S. Locust St. One 20 LLC-Office, 204 Cardinal Drive, Building 1 Pint Services, 318 E. Oak St. #130 Ashley McWhorter, 3841 Market St. #111 Mayhill Donuts, 3606 S. Interstate 35E #110 Hickory Street Self Storage, 801 E. Hickory St.
MARCH 2018
the world. How is this not another sign of market excess? Credit booms create massive distortions, and the artificially suppressed interest rates we have been writing about for a few years are a key reason for the excesses above. What would Tesla do if it could not access cheap debt? Could CVS really afford to pay so much for Aetna if interest rates were more rational? As we have noted before, the biggest bubble of all is in bonds. Many Swiss, German and Japanese government bonds are trading at negative yields. In other words, investors paying those prices are guaranteed to lose money if they hold the bonds to full maturity. Bonds worldwide are more expensive than they’ve ever been in 5,000 years of recorded history. A crazy situation can always get crazier, but we believe investors are much better off simply holding some cash for now rather than buying these crazily overpriced bonds. With bond prices so high, and corresponding yields so low, stock prices could continue to rise as investors take on more risk in search of a return. Eventually it must end, but nobody knows when. The key is to avoid crazy overvaluations, investing only in those opportunities that provide a discount to the true value of the business. With interest rates this low, holding some cash to invest in bargains when they come along seems to make sense as well. Fortune favors the prepared mind. JONATHON FITE is a managing partner of KMF Investments, a Texas-based hedge fund. He is a professor with the College of Business at the University of North Texas. Comments may be sent to email@KMF Investments.com.
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MARCH 2018
D
BC
Denton Record-Chronicle
CHAMBER SPOTLIGHT #DentonMeansBusiness UPCOMING EVENTS
RIBBON CUTTINGS
NTX Roofing March 8, 2018
Dr. Surprise Natural Methods
Andy B’s Groundbreaking
DENTON CHAMBER OF COMMERCE BOARD OFFICERS Jim Fykes..........................................................Chair of the Board Erik Clark................................................ Chair-Elect of the Board Glenn Carlton..................... Immediate Past Chair of the Board Mark Burroughs..................................... Vice Chair of the Board
Monica Glenn......................................... Vice Chair of the Board Amanda Oringderff ............................... Vice Chair of the Board Rick Wick................................................. Vice Chair of the Board Carrell Ann Simmons .....................................................Treasurer
Brain Balance of Denton
DIRECTORS
Lee Allison • Jason Bodor • Roy Culberson • Sheryl English • Russ Ellis • Gary Henderson • Michelle Houston • Jill Jester Greg Johnson • Aaron Newquist • Amy O’Keefe • Tom McCoy • Hector Mendoza • Lee Ramsey • Jeff Reecer Pat Sherman • Randi Skinner
Hugh Coleman ...................................................................................................Denton County Commissioner, Pct. 1 Carine M. Feyten, Ph.D. .............................................................Chancellor & President, Texas Woman’s University Kerry Goree.......................................................................................................Denton Black Chamber of Commerce Mary Horn .....................................................................................................................................Denton County Judge Bob Moses ............................................................................................................Chair, Convention & Visitors Bureau Larry Parker..............................................................................................Economic Development Partnership Board Marty Rivers..............................................................................................Economic Development Partnership Board Neal Smatresk, Ph.D............................................................................................ President, University of North Texas Charles Stafford ..............................................................................................................Denton ISD Board of Trustees Chris Watts....................................................................................................................................Mayor, City of Denton
414 W. Parkway Denton, TX 76201 940.382.9693 Denton-chamber.org
In Denton!
America’s Drive-In Daily ur Happy Ho m p 4 2pm -
2450 Brinker Road (940) 387-1000 bwdenton.com
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2735 W. University Drive, Ste 1075 • Denton, TX 76201 brainbalancedenton.com (940) 654-7878
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204 Cardinal Drive • Denton, TX 76209 making.business (512) 586-5867
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