February 2015
Building on a Family Foundation FOURTH-GENERATION BUILDERS TOM AND KEVIN WATSON COMBINE EXPERTISE IN WATSON AND WATSON CONSTRUCTION
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Faulkner County Business Journal
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Arvest Bank chairman, CEO to speak at Chamber luncheon
New event recognizes Conway-area administrative professionals The Chamber has launched a new event to celebrate and recognize administrative professionals in the Conway area. The Administrative Professionals Awards luncheon is set for Administrative Professionals Day – Wednesday, April 22 – beginning at 11:30 a.m. The event will take place in Childers Dining Hall at Central Baptist College. The inaugural luncheon honors administrative support staff, executive assistants, office and facility managers, office clerks, receptionists, and other administrative professionals. The Chamber is accepting nominations for the Outstanding Administrative Professional Award, which will be presented to three individuals at the event.
The deadline to submit a nomination is Wednesday, February 25. Nominees should demonstrate exceptional performance in his or her field by exceeding work expectations, collaborating well with others in the workplace and community, and managing company and organizational resources efficiently. Finalists and/or their employer must be members of the Conway Area Chamber of Commerce and must live or work in the Conway area. A panel of executives will select the award recipients. For questions about the Administrative Professionals Awards luncheon and call for nominations or to purchase tickets to the event, contact chief operating officer Lindsay Henderson at 501-9325403 or Lindsay@ConwayArkansas.org.
John Womack, chairman and CEO of Arvest Bank’s central Arkansas operations, will be the guest speaker at the Conway Area Chamber of Commerce’s upcoming CEO Luncheon. The event, presented by Nabholz Corporation, will take place Tuesday, Feb. 24, from 11:30 a.m. until 1 p.m. at Central Baptist College. In his role at Arvest Bank, Womack oversees all banking operations and strategic direction for the central Arkansas region, which has more than 430 associates and 28 banking locations in 12 communities. Previously, Womack served as Arvest Bank’s Fort Smith president and CEO. He joined Arvest in 1999 as president, when the bank opened a loan-production office in Fort Smith with the desire to grow operations in the River Valley region. During his tenure in Fort Smith, Womack led the bank to more than $730 million in assets and the third highest deposit market share in the region. Before working for Arvest Bank, Womack had been president and chief operating officer of Citizens’ Bank in Lawton, Oklahoma, since 1992. He also worked for Fourth National Bank in Tulsa, Oklahoma, where he rose to senior vice president, as well as City National Bank in Fort Smith. Womack is a graduate of Pine Bluff High School, Arkansas Tech University and the Graduate School of Banking at Louisiana State University. He is past president of the Graduate School of Banking at Louisiana State University and was chairman of the Arkansas Bankers Association in 2007. Womack was recently appointed to the
John Womack
Little Rock branch of the Federal Reserve. Womack serves on the board for a number of organizations, including Arkansas Tech University oundation, Arkansas Tech University Advisory Board, the University of Arkansas at Little Rock College of Business Advisory Board, Baptist Health Foundation, and Little Rock Regional Chamber of Commerce. He is a member of the Chancellor’s Circle at the University of Arkansas for Medical Sciences and a member of the Little Rock Air Force Base Community Council. CEO Luncheons are open to all employees of Chamber-member businesses. Individual tickets are $25 per person. Reserved tables of eight are available for $200. Online registration is available at ConwayChamber.org. Reservations are also available by emailing director of events Therese Pollard at Therese@ ConwayArkansas.org. The reservation deadline is Wednesday, Feb. 18.
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Faulkner County Business Journal
Applications available for Editorial Social Entrepreneurship The quiet boom; Tech companies create new jobs Recently, three tech companies announced nature buildings (depots, theatres, hotels, etc.). Boot Camp plans to locate in downtown Conway. Together, But now, buildings that were previously vacant,
The Social Entrepreneurship Boot Camp, presented in partnership with the Clinton School of Public Service, the University of Arkansas Office of Entrepreneurship and the Arkansas Regional Innovation Hub, will take place July 17-19, 2015, at the Winthrop Rockefeller Institute on Petit Jean Mountain. The boot camp will provide training for new and aspiring social entrepreneurs, focusing on such topics as business skills, legal issues, scalability, measuring impact, ethics and benefit corporations. Participants will also receive one-on-one mentoring from established business leaders and social enterprise experts. Participants will be selected from a pool of applications. Applications will be accepted through Feb. 28, and can be submitted online at RockefellerInstitute.org. Representatives from each partner organization will judge the applications, and the selectees for the boot camp will be notified by March 30. The selected attendees will then be required to complete a “lean canvas.� The lean canvas is a one-page business model designed to summarize a business’s value proposition, infrastructure, customers and fi-
nances. The model is designed as a visual chart, with one half focusing on key areas of market development, such as customer segments and revenue streams, and one half focusing on the product offered, with categories such as problems addressed and cost structures. A successfully completed lean canvas aims to provide the basic building blocks to all of the company’s activities. Each team/participant’s lean canvas will be developed throughout the boot camp. Steve Clark, founder of Propak Logistics and co-founder of Rockfish and Noble Impact, will serve as the boot camp’s keynote speaker. Also confirmed to serve as a speaker and mentor is Trish Flanagan, founder of Picasolar and Show Me Solar Power, and co-founder of Noble Impact; Permjot Valia, renowned business mentor and internationally recognized expert in entrepreneurship; and Todd Brogdon, CEO of Westrock Coffee. Scholarships will be available for some applicants and are available online at RockefellerInstitute.org. For more information about the program, call the Winthrop Rockefeller Institute at 501-7275435.
these companies will create 140 jobs. The fact that the announcements all came on one day and that they are all locating downtown rightly garnered a great deal of attention. It was a remarkable moment in our city’s economic history. It gave the impression that downtown Conway’s tech and office sector was something of an overnight success. That’s not exactly the case. What has happened is that downtown has slowly grown its office sector into something that now is creating its own energy. It has achieved critical mass. Most of this growth took place without the visible signs of cranes, groundbreakings and the like. Downtown Conway’s building inventory and footprint has remained roughly the same for the last 50 years. In many cases, the area has lost sig-
being used for storage or in disrepair, are being used to house a new generation of professionals. On Main Street, Centennial Bank employs more than 200. These employees are not just running our local branches; they’re running a publicly traded, multi-state banking enterprise. The Salter family has renovated and reinvented the former Regions Bank building into an almost-full Metro Square. The Nabholz family turned the old, mostly vacant, post office into a bursting-at-the-seams Federal Plaza. It is home to 100 or more employees. On Front Street, the Halter Building is home to two of the three recently announced companies. But it’s also home to other tech interests, such as ABC Financial and the Arkansas Research Alli-
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Chamber leads delegation to Washington A group of Faulkner County business, government and community leaders traveled to Washington, D.C., this week as part of the Conway Area Chamber of Commerce’s D.C. Fly-In. The annual trip is a “proactive measure toward supporting Faulkner County businesses and organizations,� said Jamie Gates, executive vice president at the Conway Area Chamber of Commerce.
“It’s important, particularly when there is turnover within our federal delegation, to maintain old relationships and build new ones.� Gates said that topics of discussion this year included continued support of the new airport, natural gas, higher education, health care, disaster relief, consumer data and surface transportation. “It’s obviously a Faulkner County flavored agenda,� said Gates.
The following business, government and community leaders represented Faulkner County on the Chamber’s annual D.C. Fly-In. Front row, from left: Kelley Erstine, UCA; Danny Ferguson, Southwestern Energy; Taylor Ross, intern; Lori Scroggin, Conway Regional Health System; Laura Grimes, Conway Area Chamber of Commerce/Conway Development Corporation; Jamie Gates, Conway Area Chamber of Commerce/Conway Development Corporation; Jeff Standridge, Acxiom; and Bill Adkisson, Conway Development Corporation board chairman. Back row, from left: Tim Gorman, Rogers Group; Faulkner County Judge Jim Baker; and Mayor Tab Townsell.
“It’s an opportunity to remind those in Washington that these are the ‘tent poles’ of our local economy. It’s also an opportunity for us to learn right at the source of America’s policy decisions.� Sen. John Boozman, Arkansas’ senior senator, said that his office appreciates the Faulkner County group’s cooperative spirit. “The Chamber does an excellent job of making sure that the city, county, business, education and health communities are all at the table as we talk about Arkansas’ future. The benefits of cooperation are apparent: a new airport, new and innovative businesses, and continued outreach to attract more industry to Conway. This teamwork stands out and is an important contributor to the success of Faulkner County.� While in Washington, the chamber group visited the offices of Sen. Boozman, Sen. Tom Cotton and Rep. French Hill. The group also hosted an all-staff reception as well as a dinner attended by senior staff members.
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Faulkner County Business Journal
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Building on a family foundation FOURTH-GENERATION BUILDERS TOM AND KEVIN WATSON COMBINE EXPERTISE IN WATSON AND WATSON CONSTRUCTION
Fourth-generation builders Tom and Kevin Watson have more than 70 years of combined experience in residential construction. After working independently, the Watson brothers now operate under one roof with the formation of Watson and Watson Construction Inc. “Tom and I worked together for years as Generation Builders, and then we operated separately for 15 years or longer,� Kevin said. “In October 2013, we decided to join forces again and blend each of our areas of expertise.� Tom and Kevin Watson have built homes in Faulkner County and central Arkansas for 38 and 33 years, respectively. Although they are both builders, the brothers have different areas of focus that, when combined, further Watson and Watson’s mission to be a “total construction resource.� Kevin, a licensed real estate agent, assists clients in the budgeting, concept and design aspects of their new home. He is actively involved in sales and the day-to-day business operations for Watson and Watson Construction. “My role is to get the plans together and the details that go along with it. Tom actually gets it done and is the one out there in the field,� Kevin said. While Tom also is involved in the sales and business development aspects of Watson and Watson Construction, his primary role is to oversee the construction process. As owner and contractor, Tom assures quality and attention to detail in building projects and manages relationships with subcontractors, vendors, and clients. “When the concept and building process is complete, we culminate at the end to make sure the project finish-
Watson and Watson Construction Inc. has a vast inventory of custom home plans that Kevin (seated) and Tom have constructed.
es strong and our client is happy,� Kevin said. “With each project, our aim is to continue to establish ourselves as one of the premier builders in central Arkansas.� Virtual navigation is a breeze through WatsonAndWatson.net, where homebuyers can easily view client testimonials, previously constructed homes, new home building sites and homes available for sale.
Custom Home-Building Process
Watson and Watson Construction manages clients’ homebuilding projects from start to finish. The family-owned business has a staff of six who walk clients through the entire homebuilding process – from site selection to closing on the property. “We sit down with each client and go through what they want in a home and custom design the floor plan so they don’t have to use stock plans,� Kevin said. “They can create it completely from scratch and hav a lot of involvement in the process.� For homebuyers who are undecided
about their future home’s layout, Watson and Watson Construction has a vast inventory of custom home plans that Tom and Kevin have built. “When people come in with needs and ideas, we usually can find the perfect plan,� Kevin said. “Tell us what you like, and we’ll turn that into your dream home,� Tom added. After the client has approved the plans and budget, the selection schedule begins. A strategically designed, floor-to-ceiling showroom is incorporated into the Watson and Watson Construction office at 700 Padgett Road, allowing homebuyers to see, touch and experience some of the possible finishes for their home. Tom’s wife, Cindy, advises clients on design and detail and helps them bring their visions for their custom homes to life. Kevin’s wife, Michelle, is business manager for Watson and Watson Construction. She helps clients keep track of the invoices and costs associated with their new home construction. The Watson and Watson office is
probably one of few in central Arkansas that includes a complete design center. They also have a visual electronic design center set up along with samples of products that they install. A variety of options for roofing, flooring, doors, finishing hardware, faucets, cabinetry and countertops are located throughout the facility. Tom pointed to the roofing options in the entryway. “When you walk into the office, you’ll see options for bricks, rocks and roofing. We have a roof built inside to show an example of a standing seam metal roof,� Tom said. “Those looking to build a home can visit our showroom and walk away with a good idea of what kinds of products will be in the home,� Kevin added. Once construction begins, homeowners remain in constant communication with the team at Watson and Watson Construction. “We provide completion schedules that inform our clients of key dates, such as when the foundation will be laid, when the lighting and flooring are scheduled to be installed, and when they can plan to move in,� Kevin said. “Because we are extremely organized in the initial phases as far as budgets, details and schedules are concerned, the construction process is easy and enjoyable for the client.�
Building on a Legacy
Tom and Kevin Watson come from a family of builders. “On the Watson side of our family, our father, grandfather and great-grandfather were builders,� said Tom. “Our mother’s father was also a builder in California.� Because of the family influence, the brothers got their start in construction at an early age. Tom completed and sold his first home the summer after graduating from Vilonia High School. “After high school, I attended college at UCA, and then I came back to building. I sold cars for a while, and then I came back to building,� Tom said. “I always came back to it. “When interest
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FOUNDATION from 4D rates soared to 17 percent in 19791980, I had to find something else to do for a year or two. But as soon as the interest rates got tolerable, I went back to building.� Kevin’s path was similar. “I helped Tom and my dad build houses early on and also went to college at UCA,� he said. I graduated with a bachelor’s degree in education and taught
BOOM from 3D ance. And don’t forget about American Management Corporation and Fairmont. These companies have been downtown for years but continue to shuffle, improve and redevelop of-
Faulkner County Business Journal
school for one year. I was building houses the entire time I was teaching and eventually began building houses full time. “Since then, I’ve been building either with Tom or on my own. It’s always back to building.� For more information about Watson and Watson Construction Inc., including available listings and photo galleries, visit WatsonAndWatson.net or call 501327-6444.
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TOP RESIDENTIAL SALES, FEBRUARY
fice space. Down at North and Front Streets, Conway-founded Rock-Pond has filled its own historic building. These companies and their employees are leading our economy into the 21st century. And they’re bringing our downtown along with them. Price........Address..........Beds/Baths....Subdivision......SQFT.....$/SqFt.....Built $350,000....43 Bluebird Lane...7/5/0.................Lakeview Acres.......4707........82.64............2005 $340,000....3270 Vineyard........4/3/1.................Falcon Crest............3514 .......101.02..........1999 $320,000....4980 Canal Place...4/3/1.................Westin Park.............3200........103.09..........2011 $277,000....2745 Glohaven.......4/4/0.................Cresthaven Ph II.....5278........64.8..............2007 $263,000....172 Carroll..............4/3/0.................none..........................3180........89.15...........2008
Upcoming business event
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On Thursday, March 19, more than 900 business and community leaders will fill the University of Central Arkansas’ newly renovated HPER Center for the Conway Area Chamber of Commerce’s Annual Meeting. A CEO-level speaker, an awards ceremony and special announcements comprise the largest business event in Conway. Tickets and sponsorships are on sale now at ConwayChamber.org. Individual tickets are $75, and sponsorships begin at $600, which include one table of eight.
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Deadline approaching for Toad Suck Daze scholarships Graduates of a Faulkner County high school or homeschool who plan to attend the University of Central Arkansas, Hendrix College, Central Baptist College or the University of Arkansas Community College at Morrilton during the 2015 fall semester have until Friday, March 13, to apply for a Toad Suck Daze Community Service Scholarship. Applications are available online at ToadSuck. org or at the four participating colleges, all Faulkner County high schools and the Conway Area Chamber of Commerce. The purpose of the Toad Suck Daze Community Service Scholarship is to encourage community service among Faulkner County youth and to provide an opportunity for educational and community growth. For this reason, all scholarships require a minimum of 20 hours of active community service with a nonprofit organization in Faulkner County. Applicants also must complete 12 volunteer hours during the 2015 Toad Suck Daze festival, which will take place May 1-3 in downtown Conway. Since the Toad Suck Daze Community Service Scholarship Program began, it has awarded more than $1.5 million in the form of direct scholarships, endowments and a pre-K initiative. Approximately 290 Faulkner County students have received financial assistance through direct scholarships and endowments at CBC, Hendrix College, UCA and the Arkansas Community Foundation of Faulkner County. This year the committee will award up to $25,000 in direct scholarships. Scholarships for $3,000 each will be awarded to students who plan to attend CBC, Hendrix College, or UCA. Scholarships for $1,000 each will be awarded to students who plan to attend UACCM. For more information, contact Mary Margaret Satterfield at the Conway Area Chamber of Commerce at 501-932-5412 or Mary@ConwayArkansas.org.
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Faulkner County Business Journal
EconomyGlance Unemployment Rate
December Seasonally Adjusted US.........................................5.6% Arkansas..............................5.7%
Not Seasonally Adjusted US.........................................5.4% Arkansas..............................5.6% Faulkner County...................5.1% Conway.................................4.9% Sales Tax Collections Conway* November 2014............................$1,885,587 2013..............................1,863,083 Percent Change 0.3% Year to Date (November) 2014..........................$20,992,999 2013............................20,935,315 Percent Change .18% Annual 2013..........................$23,235,891 2012............................22,944,163 Percent Change 1.3% *Tax Rate 1.75% Faulkner County* November 2014...............................$710,137 2013.................................687,686 Percent Change 3.3% Year to Date (November) 2014............................$7,901,232 2013..............................7,770,243 Percent Change 1.7% Annual 2013............................$8,588,835 2012..............................8,465,686 Percent Change 1.5% *Tax Rate 0.5%
Restaurant Sales*
December 2014..........................$14,036,949 2013............................13,441,772 Percent Change 4.4% Annual Sales 2014........................$176,205,965 2013..........................164,519,369 2012..........................161,318,563 Percent Change 7.1% *Including mixed drink sales
Hotel Sales
December 2014............................$1,170,259 2013..............................1,056,692 Percent Change 10.7% Annual Sales 2014..........................$19,336,169 2013............................18,559,308 2012............................18,683,677 Percent Change 4.2%
Conway Building Permits
Single Family Homes Annual 2014..........................119 permits 2013..........................147 Permits 2012..........................186 Permits 2011..........................153 Permits Percent Change -19.0%
2012.....................................2,910 2011....................................-2,814 Percent Change -2.4% Average Construction Cost Per Square Foot* Annual 2014.....................................$75.22 2013.......................................76.04 2012.......................................71.33 2011.......................................72.64 Percent Change -1.1% * Total under roof
Lottery Sales
Faulkner County Annual 2014............................$14,193,204 2013..............................17,038,277 2012..............................16,943,909 Percent Change -16.7% Total State Annual 2014..........................$401,251,365 2013............................432,932,799 2012 ...........................452,245,215 Percent Change -7.3%
Natural Gas
Severance Tax Distribution Conway Annual 2014.................................$363,837 2013...................................276,523 2012...................................162,523 Percent Change 31.6%
Average Construction Cost* Annual 2014...............................$220,311 2013.................................228,275 2012.................................207,537 2011.................................204,387 Faulkner County Percent Change -3.5% Annual *Not including land or lot im- 2014.................................$296,411 provements 2013...................................224,455 2012...................................131,418 Average Square Footage* Percent Change 32.1% Annual 2014.....................................2,929 Information provided by Pulse of 2013.....................................3,002 Conway