Palm Beach County BUSINESS | Winter 2019

Quarterly Economic Development Magazine | Winter 2019

Diverse Talent Base PBI Takes OFF!

InnovationinHealth Care

NextEra Energy

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contents

Palm Beach County Business Quarterly | Winter 2019

News and Events – 3

6 – NextEra Energy

Innovation In Health Care – 8

10 – Blue Sea Capital

Talent Trends – 11 12 – Palm Beach International Airport

Education – 14

16 – County Corner

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InTheKnow from the

CEO

Strong Partnerships Benefit Our Region’s Economy As we get ready

to close out the year and head into 2019, the Business Development Board has taken a look at global, national and state economic development trends and how they will affect our strategies for the next year. After careful analysis of the trends, we must examine the local landscape to ensure that Palm Beach County is properly positioned for attracting quality jobs and economic growth.

First, the BDB’s partnership with the municipalities and county is absolutely critical. We encourage our elected officials to proactively engage in policies that will assist us in our recruitment and retention efforts. Expediting the permitting process and welcoming commercial and industrial development with a business-friendly message continues to be critical in a municipality’s ability to attract and retain commercial and industrial users.

Second, addressing the workforce needs of our existing companies is a top priority. Many Palm Beach County companies are expanding, therefore connecting them with the appropriate training provider is absolutely critical. The BDB will continue to work with our Academic Leaders Council—comprised of the presidents of our universities and state colleges as well as CareerSource and our Palm Beach County school superintendent.

This invaluable partnership is constantly working to ensure that the skills of our graduates are properly aligned with the jobs being created by local employers.

Third, regional partnering matters when attracting new companies to the area. While we clearly represent Palm Beach County and our 39 municipalities, CEOs look at South Florida first before selecting a county. With a combined population of 6.5 million and a workforce of 3.5 million, it is important we work collaboratively with the Miami-Dade Beacon Council and Greater Fort Lauderdale Alliance to present a bigger economic development picture.

To this end, employers see Brightline as a transformational asset that allows them to access a much larger geographic region, use multiple airports and recruit talent with increased convenience. As evidenced in our efforts to attract Amazon HQ2, we have an impressive story to tell that would rival any region in the State of Florida.

Thank you all for your support in 2018, and have a wonderful holiday season!

Kelly Smallridge President and CEO

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MANAGEMENT TEAM Kelly Smallridge President & CEO 561.835.1008 Ext. 4121 ksmallridge@bdb.org Gary Hines Senior Vice President – Administration 561.835.1008 Ext. 4111 ghines@bdb.org Lisa Anderson Vice President – Private Funding 561.835.1008 Ext. 4110 landerson@bdb.org Elizabeth Arevalo Vice President – Marketing & Media Relations 561.835.1008 Ext. 4121 earevalo@bdb.org Shereena Coleman Vice President – Business Retention Facilitation & The Glades Region 561.835.1008 Ext. 4125 scoleman@bdb.org Robert P. Mino Vice President, Life Sciences 561.835.1008 Ext. 4109 rmino@bdb.org Shawn Rowan Vice President – Business Recruitment, Retention and Expansion 561.835.1008 Ext. 4108, srowan@bdb.org Tim Tracy Vice President – Member Events 561.835.1008 Ext. 4117 ttracy@bdb.org

PUBLISHED BY

Passport Publications & Media Corporation 1555 Palm Beach Lakes Blvd., Suite 1550 West Palm Beach, FL 33401 561.472.8778 • PassportPublications.com Palm Beach County Business Quarterly is published by Passport Publications & Media Corporation, on behalf of the Business Development Board of Palm Beach County, Inc. All rights reserved. No part of this publication may be reproduced without the expressed written consent of the Business Development Board of Palm Beach County and the publisher. © 2019 Passport Publications & Media Corporation

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Hedrick Brothers Construction Celebrates 40th Anniversary

Back on January 11, 1979, Dale Hedrick founded a new West Palm Beach construction firm with two employees. Forty years later, Hedrick Brothers Construction is one of the state’s top privately owned and operated firms with a long list of residential and commercial clients.

“Our team is passionate about building quality projects and excelling in those that are the most demanding and complex,” said Hedrick, who leads a team of more than 130 professionals.

A fourth-generation general contractor, Hedrick is following in the footsteps of his father, grandfather and great uncle, who began building homes in Palm Beach County for soldiers returning from World War II. Raised in the family business, Hedrick graduated from the University of Florida’s M.E. Rinker Sr. School of Building Construction.

“We have built luxury residences and estates in Florida and Georgia for 18 billionaires, but it is our team’s ability to serve diverse markets that truly sets us apart,” said Hedrick. “People come to us because we believe, and they believe, in trust. They know when a project is done, it will be done right.”

In the past 40 years, Hedrick Brothers Construction has built innovative office buildings, high-performance industrial complexes, schools, municipal buildings, automobile dealerships and country clubs. The firm’s iconic landmark projects include the Harriet Himmel Theater at CityPlace, The Flagler Museum’s Kenan Pavilion, the 1916 Palm Beach County Courthouse and the Worth Avenue Clock Tower. Braman Motorcars has been a client since the mid-1980s, and the firm is now working on a 360,000-square-foot expansion project for the West Palm Beach dealership.

In the community, the firm supports charitable organizations and professional associations including the ACE Dale Hedrick

NEWS

Mentor Program, Habitat for Humanity, the American Heart Association, the Palm Beach County Food Bank, and the South Florida Science Center & Aquarium.

To save its clients time and money, Hedrick Brothers Construction has invested in the latest industry technology, such as virtual design and construction. “Our team thrives on a culture of integrity, quality construction and collaboration,” said Hedrick. “We look at building from an owner’s perspective, and ensure a true partnership approach is in place with the client, architect, engineers and design consultants before the shovel hits the ground.” PBCB

Welcome

New Members

LORE Lake Okeechobee Regional Economic Alliance of PB County, Inc. lorealliancepbc.org Lyrae Group, LLC lyraegroup.com NextGen Management LLC dba DxWeb Management LLC dx-web.com The Related Companies related.com Robert Half International roberthalf.com Venture X West Palm Beach CityPlace venturex.com Wexford Capital LP wexford.com

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Left to right: Brendan, Tom and Connor Lynch

Plastridge Insurance: Serving Palm Beach County for 100 Years For the past century, Plastridge Insurance Agency has played a leading role in meeting Palm Beach County’s business and personal insurance needs. Since opening its doors in February 1919 in Delray Beach, the family-owned and -operated firm has weathered hurricanes, the Great Depression, and the ups and downs of Florida’s cyclical economy.

Led by Chairman and CEO Tom Lynch, and his sons, COO Connor Lynch and Executive Vice President Brendan Lynch, Plastridge Insurance Agency is drawing on its long legacy to serve a growing number of regional, national and international clients. “We are the definition of a thriving, sustainable family business and have succeeded as a result,” said Tom Lynch. “We have set ourselves apart with courage, wisdom, respect and exceptional talent.”

The insurance agency began in a 3,000-square-foot building on Atlantic Avenue in Delray Beach. “We purchased a new building on Northeast Sixth Avenue in 1969, and have substantially renovated and expanded it though the years to its current 7,000 square feet,” said Connor Lynch.

Through the 1940s, the agency’s phone number was simply “1” and its slogan was, “Dial 0 to reach your operator and 1 to reach your neighborhood insurance agency.” “We’ve held on to the belief that we are still the first number you should call with your insurance needs,” said Brendan Lynch.

Tom Lynch purchased The Plastridge Insurance Agency, Inc. in 1974 from his father-in-law, and his sons have been active in the company for more than a decade. Today, the agency has offices in Delray Beach, Boca Raton, Palm Beach Gardens and Stuart, with more than 95 employees providing insurance nationally and worldwide.

“We are one of the oldest Palm Beach County companies still active in business,” said Brendan Lynch. “We own all our offices, which demonstrates our long-term commitment to our services.”

All three members of the Lynch family have been active supporters of the Palm Beach County community. Tom Lynch was president of the Delray Beach Chamber of Commerce in 1984 and served as mayor of the City of Delray Beach from 1990-1996, when it received the “All America City” designation.

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Connor Lynch has been active on the Greater Delray Beach Chamber of Commerce Board, and Brendan Lynch is currently serving as vice chair of the State of Florida Association of Independent Agents and will become chair next year.

An active board member of the Business Development Board of Palm Beach County, Brendan Lynch said, “We support the BDB’s mission of bringing businesses here from outside Florida,” he said.

“That is vital to the economic future of our county.”

As for commercial insurance coverage, Brendan Lynch recommends that Palm Beach County organizations review their polices every year or after a significant change, such as an acquisition or divestiture.

“Our philosophy is to present the current options available in the market,” said Brendan Lynch. “If there are three, four or five options, we present them all to help our clients decide on the best fit. Everyone has a different risk tolerance, and we want the ownership to make a wellinformed decision.”

Newcomers to Palm Beach County should also consult with a local insurance agency, because there are some differences in coverage in Florida compared with other states. One example is windstorm coverage for hurricanes, as Plastridge facilitated more than $650 million in claims after Hurricane Wilma in 2005.

“In addition to the risk of property damage, companies and professional firms also have a risk of significant downtime before and after a storm,” said Brendan Lynch. “That can result in lost income, which can be mitigated through a business interruption policy.”

Unlike many agencies, Plastridge handles personal insurance as well as commercial coverage and employee benefits policies for its clients. That includes home, auto, boat and umbrella policies. The agency also serves condominium and homeowner associations, health care facilities, nonprofits and public entities. With its 100th anniversary approaching, the agency has committed to make a $100,000 contribution divided among 10 area nonprofits.

Reflecting on the agency’s centennial celebration, Tom Lynch said, “The secret to our longevity is being honest, ethical and committed to our customers through the decades.” PBCB

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TherapeuticsMD:

Well-Positioned for Strong, Sustainable Growth With a strong portfolio and pipeline of women’s health products, TherapeuticsMD is one of Palm Beach County’s leading life sciences companies. Since its founding in 2008, the Boca Raton company has launched successful products, increased its workforce and outgrown its current facility.

Now, TherapeuticsMD (NASDAQ: TXMD) is in the process of moving into a new 56,000-square-foot headquarters in Boca Raton and is well positioned for future growth.

“We are passionate about understanding the needs of women throughout their life cycles,” said Robert Finizio, CEO. “We are also taking a financially disciplined approach to commercializing our products and focusing our efforts on market access and building relationships with healthcare providers to drive awareness, adoption and adherence.”

Finizio co-founded TherapeuticsMD a decade ago with Brian Bernick, M.D., who is a co-founder and director of the company. Their vision was to develop and commercialize novel products for women with a therapeutic focus in family planning, reproductive health, and menopause management.

“Many of the large pharmaceutical companies have not focused on women’s health, creating what we believe is a significant opportunity for us,” said Julia M. Amadio, chief product officer. “We are offering novel and unique benefits to a market that hasn’t had significant innovation in over 20 years.”

TherapeuticsMD’s product line now includes: n A new self-managed vaginal contraceptive system for the prevention of pregnancy n The first and only oral bio-identical hormone combination for moderate to severe vasomotor symptoms (hot flashes) due to menopause n A vaginal softgel insert for dyspareunia, a symptom of vulvar and vaginal atrophy due to menopause n Prescription prenatal vitamins sold by vitaMedMD® a wholly owned subsidiary “Women constitute 51 percent of the U.S. population, which

NEWS is a large potential market for a company focused on women’s health,” said Amadio. “For instance, our menopause portfolio can help meet the needs of our nation’s aging women.”

Co-founders Robert Finizio, CEO, The product line and Brian Bernick, M.D., director includes FDA-approved low-dose form of estradiol marketed for dysparunia, which is a symptom of vulvar and vaginal atrophy due to menopause, and – the first and only FDA-approved combination bioidentical hormone therapy for moderate to severe vasomotor symptoms (commonly known as hot flashes or flushes) due to menopause. “Menopausal women and their healthcare providers have been seeking bio-identical combination therapies for many years without an FDA-approved option,” said Dr. Bernick, noting that the oral combination product is expected to be available in the U.S. in the second quarter of 2019. The new self-managed contraceptive vaginal system that can be used for a year, or 13 cycles, is also expected to be available in the U.S. in the latter half of 2019.

With the launch of these new products, TherapeuticsMD is expected to add more professionals to its sales team. The company now has a workforce of about 300 employees, who are gradually moving into the new headquarters.

“Our dedication to bettering the lives of women, no matter their age or stage of life, is our main focus every day,” said Finizio. “But we know we cannot do that alone. So we depend on our partnerships with other dedicated organizations, associations, and advocacy groups to support us as we create innovative solutions for women.”

Reflecting on the region’s life sciences sector, Finizio said, “With excellent weather, schools and access to professional talent, Palm Beach County offers a great environment for bioscience companies.

We are seeing strong growth in this industry sector, which has great potential for the region’s economic future.” PBCB

Commercial Broker Profile CHRISTOPHER THOMSON Facilitates Land Deals Christopher Thomson enjoys seeing big industrial land deals come together. As executive director of Cushman & Wakefield, he facilitated an 80-acre transaction at Palm Beach Park of Commerce, a 1,200-acre development in Jupiter that will ultimately include 6.5 million square feet of planned industrial space.

“Palm Beach County benefits from the limited land supply in Miami-Dade and Broward,” said Thomson. “The Business Development Board does a phenomenal job of marketing our region to companies seeking to capitalize on our commercial real estate assets.”

For instance, Niagara Water developed its facility in the Jupiter business park last year on a 40-acre tract that was roughly half of the 80-acre transaction. Thomson says a new retail development is planned on another 12 acres. “This year we have another 80 acres under contract, and the buyer is planning a 220,000-square-foot warehouse,” he said. “This is an ideal location for companies wishing to reach the

state’s big metro market from Orlando to Miami.”

Since joining Cushman & Wakefield in 1999, Thomson has become one of the top land brokers in South Florida, with a license plate that reads, “Sell Dirt.” He is a member of the Society of Industrial and Office Realtors (SIOR) and the National Association of Industrial & Office Properties (NAIOP).

In the past two decades, Thomson has Christopher Thomson worked in office, retail and industrial, while expanding the firm’s commercial industrial and land expertise from Palm Beach County north along the Treasure Coast. “Land prices today are matching the peaks of the last cycle,” he said. “As a result, we should see significant new industrial development in the next two years.” PBCB

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NextEra Energy: A National, State and Palm Beach County Leader

NextEra Energy is a poster child for 21st century corporate America, with strong financials, national leadership in renewable energy, and a longstanding commitment to giving back to local communities.

Based in Juno Beach, NextEra Energy (NYSE: NEE)—the parent company for Florida Power & Light Company (FPL) and NextEra Energy Resources, LLC— is the largest public company headquartered in Palm Beach County.

FPL has been serving Florida customers for nearly a century, while NextEra Energy Resources, with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun.

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As one of the region’s leading corporate citizens, NextEra Energy works closely with the Business Development Board and other public and private sector organizations to support economic and workforce development in Palm Beach County.

“Talent is our biggest competitive advantage, especially as big data transforms our industry,” said Jim Robo, NextEra Energy chairman and CEO, in a recent interview. “We value working with the Business Development Board to strengthen our workforce and make Palm Beach County a destination location for top tech talent.”

Economic development is a passion at FPL throughout the state and especially in Palm Beach County, according to Eric Silagy, FPL president and CEO. “In just the last few years, we’ve worked with the Business Development Board on more than a dozen projects that have brought thousands of jobs to our community,” Silagy said.

In keeping with its leadership role, NextEra Energy and its subsidiaries support nonprofits and other civic organizations in Palm Beach County and throughout the state. “Our team loves giving back to this community,” said Pam Rauch, FPL vice president of external affairs and economic development. “Last year alone we logged more than 42,000 hours of volunteer service in Palm Beach County and donated more than $1.6 million to local nonprofit organizations.”

Deep roots in Florida NextEra Energy can trace its history to 1925 with the founding of Florida Power & Light Company in Miami. In 1986, the company began moving its

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headquarters to a state-of-the-art facility in Juno Beach—a more central location for serving customers in southern, eastern and central Florida.

Through the decades, the electric company grew its footprint across the state, and now serves about 10 million customers. FPL now operates 14 large-scale solar energy centers and 200 small installations totaling close to 940 megawatts (MW) of renewable power.

Investments in “smart “In just the last few years, we’ve grid” technology and the hardening of its power worked with the Business distribution infrastructure Development Board on more than a have helped FPL achieve a dozen projects that have brought service reliability level of thousands of jobs to our community,” 99.98+ percent—the best in the Southeast. At the same – Eric Silagy, FPL President & CEO time, typical residential bills are nearly 30 percent below the national average.

Meanwhile, the electric company continues to expand its operations in Florida. In July, NextEra Energy completed its acquisition of Florida City Gas, which serves approximately 110,000 residential and commercial natural gas customers in Miami-Dade, Brevard, St. Lucie and Indian River counties with 3,700 miles of natural gas pipelines.

Moving into renewable energy FPL Group entered the renewable energy sector in 1989 with a series of passive investments in California wind projects—the company’s first moves to help deliver electric power outside Florida.

In 1997, FPL Group made a crucial strategic decision, creating FPL Energy to explore opportunities in the renewable energy sector. After building three large wind farms in Texas and Oklahoma, FPL Energy picked up the pace and began producing about one of every two new megawatts of wind power in the U.S. In 2010, FPL Group—the parent of FPL and FPL Energy—changed its name to NextEra Energy, reflecting the company’s commitment to the environment and its continued expansion outside Florida. Along with that change, FPL Energy became NextEra Energy Resources, which now owns

and operates more than 14,000 MW of wind energy with more than 120 facilities across North America. Its net income has risen sharply and surpassed the electric company’s earnings in 2017.

The move into renewable energy has paid off for the company’s shareholders as well. In 2001, FPL Group was the 30thlargest U.S. electric company with a $10.2 billion valuation. Today, NextEra Energy is the nation’s most valuable electric company with a market capitalization of approximately $80 billion.

NextEra Energy is now expanding beyond its traditional customers to build wind farms and solar parks directly for large corporations. That is likely to lead to further growth for the company, which employs about 14,000 people in 33 states and Canada.

A widely admired company Along with its business success as a Fortune 200 company that is included in the S&P 100 index, NextEra Energy is regularly recognized for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity.

For instance, NextEra Energy ranked No. 1 in the electric and gas utilities industry in Fortune’s 2018 list of “World’s Most Admired Companies.” More recently, Fortune listed NextEra Energy as No. 21 on its annual list of companies making the biggest social impact beyond the bottom line. It was the only U.S. energy company to make the list.

“We’re extremely pleased to be recognized by Fortune as a company that is changing our world for the better, particularly for our significant investments in solar and wind energy,” said Robo. “We firmly believe that we have an unprecedented opportunity to shape how energy is produced and delivered.

By investing in smart infrastructure and innovative clean energy solutions, we’re helping build a sustainable energy future that is affordable, efficient and clean, while at the same time creating tens of thousands of jobs and generating economic benefits for the communities we serve.” PBCB

NextEra Energy n Among America’s largest capital investors in infrastructure n Largest electric company in the world by market capitalization n World’s largest generator of renewable energy from the wind and sun n Generated nearly 50 percent more wind and solar energy than the next competitor in 2017 n A world leader in battery storage n Assets in 33 states and Canada n Approximately 14,000 employees as of year-end 2017 n Added record 2,700 MW of new wind and solar projects and 700 MW repowering projects to backlog in 2017 n Commissioned 2,150 MW of wind and solar projects in the U.S. in 2017 winter 2019 pbc business

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FROM

Boca Raton to Jupiter, Palm Beach County’s hospitals and medical centers are investing in innovative prevention, diagnostic and treatment services.

“In the past 10 years, Boca Raton Regional Hospital has evolved from a capable community hospital into a tertiary, academic medical center that is in the vanguard of medicine today,” said Jerry Fedele, CEO. “We now provide a spectrum of care, facilities, technology and a caliber of medical staff that would be the envy of most providers in the nation.”

As Jupiter Medical Center prepares to celebrate its 40th anniversary, the hospital is in the midst of several major construction projects aimed at expanding its programs. “This extraordinary time of growth is fueled by the Jupiter Medical Center Foundation’s $300 million Vision. Innovation. Impact. campaign for Jupiter Medical Center, which was launched in 2015,” said Don McKenna, president and CEO. JFK Medical Center in Atlantis is investing in new technology to provide quality cost-effective patient-centered care to the community.

“We will also continue to collaborate, recruit and retain the best and the brightest physicians and health care professionals,” said Gina Melby, CEO. “Our goal is to provide patient-centered care, superb clinical treatment and the highest quality outcomes.”

A closer look at Boca Raton Regional Hospital, the Marcus Neuroscience Institute (MNI) is expanding its role as a nexus of care for conditions requiring neurological or neurosurgical intervention. This year, MNI added an epilepsy monitoring unit for evaluating, diagnosing and treating intractable seizures in adult patients. It is also one of four national sites

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investigating the effectiveness of using engineered poliovirus to treat glioblastoma multiforme, a lethal malignancy.

The Christine E. Lynn Women’s Health and Wellness Institute was the first in the nation to offer GE Healthcare’s Senographe Pristina, the next generation of 3D mammography. The institute is also a national show site for GE Healthcare’s breast health imaging technology. In addition, the hospital’s Eugene M. & Christine E. Lynn Cancer Institute introduced a new method to biopsy suspected prostate tumors by fusing MRI images of the gland with information derived through transrectal ultrasound.

“As a regional referral center with a host of destination clinical programs, residents in our region can be confident they have ready access to advanced, specialty care that is patient-centric and of the highest quality,” said Fedele.

Jupiter Medical Center’s Comprehensive Stroke Center will be online by year’s end, and the Timothy and Jayne Donahue Cardiac Surgery Program will open in early 2019. “As part of this new program, the medical center will provide open-heart surgery and an extensive range of cardiovascular services,” said McKenna.

Construction is underway on the 6,300-square-foot Mastroianni Family Pediatric Emergency Department, which is set to open in April 2019. The new department will be connected to the main ER. It will include pediatric triage rooms, an indoor play area and other features that will make it easier for young patients to receive emergency care closer to home. Later in 2019, Jupiter Medical Center will unveil its new five-story Patient Tower, which will include a Level II Neonatal Intensive Care Unit.

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Health Care Innovation: A Powerful Theme for Palm Beach County’s Medical Centers

In addition, the Anderson Family Cancer Institute, expected to be completed in early 2020, will include advanced diagnostic and treatment technologies, expanded radiation oncology facilities, an infusion center, an education and conference center, a pharmacy, a café and a boutique.

“We are creating a comprehensive system of personalized health care that combines cutting-edge academic medicine and research through a blend of partnerships, and a world-class patient experience predicated on customer service, quality and safety,” McKenna said.

JFK Medical Center was one of the first five Florida hospitals to offer transaortic valve replacement (TAVR) as an interventional cardiology procedure to high-risk patients whose heart valves could not be replaced by traditional surgery.

“We just celebrated our 1,000th TAVR procedure,” said Melby, noting that JFK recently added an Advanced Heart Care Center to complement its Heart & Vascular Institute. The center’s programs include LVAD, a mechanical device that supplements the pumping function of the heart.

“We now offer the most advanced care for pituitary and skull base tumors, using endoscopic skull base surgery,” said Melby. JFK also offers computer-assisted surgery for shoulder and knee replacements, pairing surgeons’ expertise with an advanced computer system that includes 3-D anatomical modeling of the knee or shoulder. In July, JFK performed the first 3-D total hip replacement surgeries in the U.S. “We recently added limb preservation to our Wound Management Center program, using advanced equipment to detect, treat and prevent vascular disorders that can lead to the loss of limbs or result in strokes or aneurysms,” said Melby. “This can prevent amputations in patients with diabetes, peripheral artery disease (PAD) and other vascular problems through advanced, cutting-edge, limb-saving treatment alternatives.”

Investing in innovation Other Palm Beach County hospitals are also building innovative programs and services. For instance, Palm Beach Children’s Hospital on the campus of St. Mary’s Medical Center recently opened a pediatric neurosurgery program. By combining robotic microscope technology with Curve Image Guided Surgery equipment, doctors can navigate through the brain to accurately detect and remove tumors, cysts and other abnormalities.

Wellington Regional Medical Center acquired a new da Vinci Xi™ Surgical System, a sophisticated robotic platform for gynecologic, urologic, thoracic, bariatric and general surgery. “By providing the most up-to-date technology for our surgeons, they are able to provide patients with a minimally invasive alternative to open surgery that reduces many of the costs and complications associated with open procedures,” said Robbin Lee, CEO, in a recent announcement.

In November, Good Samaritan Medical Center became the first hospital in Palm Beach County to perform the High Intensity Focused Ultrasound procedure for prostate cancer patients. HIFU directs high-frequency sound waves that heat up and burn off cancerous tissue, with a low risk of triggering the common side effects of impotence or incontinence.

“This procedure is designed to bring a safe and effective minimally invasive option to patients, who in the past had to deal with the side effects of impotence or incontinence,” said Tara McCoy, chief executive officer at Good Samaritan Medical Center. “The oncology program at Good Sam is a signature service of our hospital that continues to implement cuttingedge technology to enhance the lives of our patients.” PBCB

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FINANCIAL PROFILE:

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Blue Sea Capital F or Rick Wandoff and JR Davis, Palm Beach County’s professional talent pool, convenient air travel and high quality of life provide an ideal setting for growing Blue Sea Capital, a dynamic private equity firm.

“It’s a great place to raise a family as well as a natural choice for a financial services firm,” said Wandoff, who is co-managing partner of the West Palm Beach firm along with Davis. “The Business Development Board has done a nice job of promoting Palm Beach County as a business-friendly location, and we’re seeing more and more firms like ours making this their primary location.”

Through carefully selected investments in the health care, aerospace and defense, and industrial sectors, Blue Sea Capital seeks to be a transformational partner with entrepreneurs seeking to capitalize on market opportunities, according to Davis, who co-founded the firm with Wandoff and two other partners in 2012.

“We believe that the level of experience and combination of talents across the Blue Sea Capital team is atypical for a firm of our size focused on companies of up to $200 million of enterprise value,” Davis said. The firm now has about 20 employees and $327 million in assets under management.

“We view ourselves as company builders,” added Wandoff. “We work with partner-oriented Rick Wandoff entrepreneurs to help them grow to the next level, and beyond.”

Blue Sea Capital’s portfolio includes MD Now Urgent Care, a West Palm Beach-based company that has grown from six to 37 Florida locations since 2012. Two other growing Blue Sea Capital portfolio companies with a presence in Florida are DDS Lab, a dental laboratory business headquartered in Tampa, and RESA Power, a national provider of mission-critical electrical services and products.

Wandoff moved to Palm Beach County from Chicago in 1998, and worked in the private equity sector before co-founding Blue Sea Capital. “One of the changes I’ve seen is the growth of South Florida’s network of highly qualified professional service providers—accountants, lawyers, bankers and insurance advisors— who support the business community,” he said. “Convenient air service is another plus for us, since we travel frequently to meet with our partners and investors.”

Wandoff says he enjoys being outdoors year-round. “I take part in endurance sports, like running, cycling and triathlons,” he said. “Our team members also enjoy golf and tennis, as well as being on the water boating, fishing and diving.”

Both Wandoff and Davis agree that Palm Beach County is a great place to raise a family.

“We have seven kids between our two families, and they are all getting a great education here,” said Davis.

“That’s an important consideration for our younger team members who are putting down roots here.” PBCB

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“The Business Development Board has done a nice job of promoting Palm Beach County as a business-friendly location.”

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Workforce

A Look at the of the Future UNC Professor Focuses on Diversity Tomorrow’s workforce will look very different from today’s, according to James H. Johnson, Jr., professor at the University of North Carolina Chapel Hill. “Our country is going through an unprecedented demographic transformation, which you can ignore at your own peril,” he said at the Business Development Board’s first quarter luncheon on October 4 at the Palm Beach County Convention Center.

BDB board member Fab Brumley, Bank of America’s market president for Palm Beach County, introduced Johnson to the hundreds of attendees at the luncheon, and noted that his consulting work for the bank has resulted in “skyrocketing” engagement scores.

In his talk on “Disruptive Trends and Demographics: Winning the War on Talent,” Johnson emphasized the growing diversity of the U.S. population. “All our social, economic and political institutions, as well as our workplaces and consumer markets, are up for grabs,” added Johnson. “Your success will hinge on how you manage these disruptive trends to maintain your competitive edge in the market.”

Drawing on statistics from the 2010 U.S. Census and the annual American Community Survey, Dr. Johnson focused on the nation’s key demographic trends, beginning with the rise of the South. “Every decade since the 1970s, the South has captured more than half of the nation’s population growth,” he said. Between 2000 and 2017, the nation added about 16 million people, including 9 million in the southern states and 151,000 in Palm Beach County.

Next, Johnson looked at the “browning and graying” of America.

From 2005 to 2012, the U.S. accepted about 2 million legal immigrants a year, primarily from non-European countries – a number the Trump administration is planning to cut in half. In addition, there are an estimated 11 million unauthorized immigrants living in the U.S., primarily individuals who have entered on a temporary basis and overstayed their visas, he said.

“Hispanic populations are growing throughout the country, including Palm Beach County,” said Johnson. “One reason is that they have a lower average age than non-Hispanic whites, and are more likely to have children.” In contrast, the aging of the Baby Boom population is putting pressure on the nation’s health care system. “Today, we are an aging nation, and we need that young talent in America,” he added.

“This is a business issue, because we need to maintain our competitiveness in global markets.”

Johnson also pointed to a shift in marriage patterns, as the number of interracial and Hispanic/non-Hispanic couples doubled from 7 to 14 percent from 1980 to 2008. “Be careful with your marketing and advertising,” he advised. “Americans today just don’t fit the old stereotypes.”

He also encouraged businesses to take a close look at their human resources programs. “One size no longer fits all,” he said. “You need to look at succession planning and helping your workers accommodate elder care, as well as child care. Most importantly, you need to create an HR system that will transfer knowledge from your veterans to younger people across the organization.” PBCB

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PBI

Continues to Invest

in Palm Beach County’s Future

W

ITH DIRECT FLIGHTS TO MORE DESTINATIONS, A NEW VIP passenger lounge and nearby commercial development, Palm Beach International Airport (PBI) is strengthening its commitment to serving the residents and businesses of Palm Beach County.

“We are highly regarded as a very convenient airport for passengers,” said Jerry Allen, deputy director of airports for planning and development. “We want to maintain that high level of service as PBI grows, and enhance the terminal facilities and services to make flying here an even more pleasant experience.”

Owned and operated by the Palm Beach County Department of Airports, Palm Beach International Airport serves over 6.5 million passengers annually and offers nearly 200 nonstop flights daily.

PBI was named the Ninth-best Domestic Airport in Travel + Leisure Magazine’s World’s 2018 Best Awards for the second year running and recognized as the fifth-best Medium Airport in the 2017 in the J.D. Power North America Airport Satisfaction Survey, and was No. 1 in U.S. Airports for Overall TSA Wait Times by U.S. Customs and Border Protection.

NEW DESTINATIONS JetBlue Airways will begin nonstop daily service to Providence, Rhode Island, on February 14, 2019. “The addition of Providence, Rhode Island to our daily, nonstop destinations is a terrific win for our passengers,” said Bruce Pelly, director of airports for Palm Beach County. JetBlue also announced increased winter service from Boston to 8x daily, Hartford to 2x daily and Westchester to 5x daily.

Frontier Airlines added five new, nonstop routes in November to

12 | pbc business winter 2019

Raleigh-Durham, Columbus, Cleveland, St. Louis and Pittsburgh. “It’s a strong Fall/Winter schedule with Frontier, and we look forward to its success,” added Pelly.

TERMINAL IMPROVEMENTS PBI passengers will soon be able to enjoy a VIP common lounge by being a member of a lounge network or purchasing a day pass.

Gideon Toal Management Services, LLC, will operate the lounge, which will offer food and beverages, workstations/spaces, newspapers, televisions and Internet access.

OTHER TERMINAL IMPROVEMENTS INCLUDE: n Interior renovation of the third level ticketing area, which includes new terrazzo flooring, lighting, new wall finishes, new ceilings and translucent floating canopies. “We are also raising the ceiling, which will make the area feel more spacious,” Allen said. “In addition, the airlines are converting their ticket counters to modern stainless steel equipment that will be more attractive and help streamline their operations.” n New modern seating with integrated electric charging stations and computer workstation areas in Concourse B. “Along with 1,100 comfortable new seats, we are adding workstations and tables, making it easier for business travelers waiting for their flights,” Allen said. “You now have a place to use your laptop or tablet, along with your notes, a drink or a snack.” n New seating and workstation areas will be installed on Concourse C next year.

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PBI VIP Lo

unge

PBI Travel

Plaza

Drive Shac

k

n Installation of a new passenger processing system that provides airlines with increased flexibility in gate assignments. “We are also replacing the old-fashioned canopies at the gates with new signage, for a more efficient use of the space,” Allen said.

Other improvements in the past few years include replacing the terminal’s air handlers, and modernizing the restrooms and baggage area, including a new handling system.

“We have plans to add more gates, as well as retail space on Concourses B and C,” Allen said. “That will enable us to handle more flights, as well as offer food and beverage, news and gift stores for our passengers.”

OUTPARCEL DEVELOPMENT New developments are underway east and west of PBI’s terminal, adding new retail, entertainment and hotel options for residents and visitors. In addition, Gulfstream Product Support Corporation is constructing a major new aircraft maintenance, repair and operations facility.

“We have additional non-aviation property suited for commercial development, including frontage space on Belvedere Road,” said Laura Beebe, deputy director, Airports Business Affairs. “We operate as a business, leasing ground space to our tenants and making the development process as painless as possible.”

Earlier this year, Palm Auto Plaza, LLC recently completed a retail Toyota automotive dealership and service facility on Congress Avenue, south of the airport.

To the east, Drive Shack Palm Beach, LLC, is building a golf-related entertainment venue, including a three-story driving range, lounge and restaurant space. The new facility is expected to have more than 350 employees when completed in early 2019.

“Drive Shack’s vision is to be a place where everyone in the community comes together to have fun,” said Sarah Waterson, CEO, Drive Shack LLC. “The support Drive Shack has received from our neighbors and partners has been inspiring, and in return we hope to be one of the many reasons why Palm Beach County is one of the best places to live, work and visit.”

Just south of Drive Shack, a new 120-room Home2 Suites by Hilton Hotel is now under construction. The project, which will also generate new jobs for the region, is scheduled for completion this fall.

“With Drive Shack and the new hotel located across from the PBI Travel Plaza, travelers won’t need to leave the airport property to enjoy these entertainment, dining and lodging options,” said Beebe.

West of the airport on Military Trail, PBI Post Distrib., LLC is developing a 120,000-square-foot warehouse for the storage, handling and distribution of PODS storage containers. Another 40 acres are available for development in the western airport property north of the warehouse.

“We will also be installing a solar canopy on portions of our cell phone waiting area, and solar trees along the entrance drive,” added Beebe. “Sustainability and energy efficiency are important considerations as we keep PBI moving forward in the 21st century.” PBCB

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Palm Beach Atlantic

Launches Franchising Bootcamp Palm Beach Atlantic University is taking another step forward in its DeBartolo Development. business education programs with the launch of its first-ever Selling “The ability for a university student or graduate to secure this type Franchises Bootcamp on January 22-23, 2019. of venture capital is remarkable,” said Fleming, adding that the grant “This will provide an opportunity for our students and others in would be awarded next March. “Franchising is growing nationally and our community to investigate franchise opportunities,” said William internationally. Students who meet the Kobel Franchise Challenge will M. B. Fleming, Jr., president of the West Palm Beach university. “Our be perfectly positioned for success.” inaugural boot camp will cover financing, product development, Kobel is a member of the Titus Center’s advisory board, which marketing and much more.” consists of 40 executives, investors and professionals who are engaged The Titus Center for Franchising, a Presidential Center of in franchising. “They see the growing popularity of franchising, and Excellence at Palm Beach Atlantic University, will host the boot camp. want to help open new vistas for our graduates in this vast and growing “We are connecting the academic excellence of our university with the field of business,” said Fleming. “Most of us interact with franchises entrepreneurial spirit of the marketplace,” added Fleming. every day—from restaurants to service providers to our professional Bootcamp attendees will be able to network and learn from sports teams—and Palm Beach Atlantic is unique in our ability to leaders in franchise development, who will share best practices in provide an undergraduate and graduate educational program.” franchise sales, including how they generate qualified leads, track and The Titus Center, based in the Marshall E. Rinker Sr. School of develop relationships with those leads, and ultimately sell franchises Business, was established in 2016 through a gift from Ray Titus, founder domestically and internationally. Dr. John and CEO of United Franchise Group.

P. Hayes, director of Titus Center, said “Our center provides consulting services, attendees will also prepare a Franchise educational programs and internship Each year, the Business Development Board and the Sales Action Plan to implement School District of Palm Beach County show hundreds of opportunities for Palm Beach County immediately following the event. high school students the possible career paths available businesses,” said Fleming. “We have Palm Beach Atlantic also offers its in Palm Beach County. Local companies can participate seen many local entrepreneurs getting students an opportunity to enter the Kobel involved with our center as it continues at this countywide career fair by featuring their Franchise Challenge, which offers up to organizations in front of hundreds of Palm Beach County to gain momentum. We support the $300,000 to acquire or develop a franchise high school students with an interactive exhibitor booth. Business Development Board in driving through a gift from Ed Kobel, president economic growth and prosperity in Palm Visit www.bdb.org/cyf to sign up and feature your and chief operating officer of Tampa-based Beach County.” PBCB company on February 12, 2019.

Claim Your Future Showcase

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PBCB Quarterly_2019 V6-2 Winter.qxp_Layout 1 1/7/19 9:34 AM Page 16

COUNTYCORNER

Palm Beach County’s Nationally Recognized Economic Development Achievements

T

By Sherry Howard, Deputy Director Palm Beach County Department of Housing and Economic Sustainability

he Palm Beach County economy is strong, thanks in part to economic development efforts of Palm Beach County through the Department of Housing and Economic Sustainability (HES) and our partners, including the Business Development Board (BDB). Our hard work is getting noticed at the national level, as evidenced by two recent awards received by the County.

The National Association of Counties (NaCo) recognized the Glades Regional Master Plan (GRMP), developed through the leadership of HES in conjunction with the Cities of Belle Glade, Pahokee, and South Bay; the Belle Glade and Pahokee Chambers of Commerce; Canal Point Community Development Inc.; the Treasure Coast Sherry Howard Regional Planning Council; County departments; and a variety of other stakeholders. A Community Challenge Grant from the U.S. Department of Housing and Urban Development supported the development of the GRMP. NaCo acknowledged the GRMP as an innovative and effective “County Resilience, Infrastructure, Energy, and Sustainability” program. Most importantly, NaCo recognized economic improvements manifesting in the Glades Region that are directly attributable to the implementation of the GRMP. To date, $212.1 million has been committed for infrastructure improvements, $97.2 million for housing, and $23 million for economic development in the GRMP target area. The cumulative impact of these projects that are consistent with the recommendations of the GRMP is the creation of approximately 3,000 construction and permanent jobs and nearly 1,200 housing units!

The strategic recommendations of the GRMP are used as a road map to identify improvements based on community-driven priorities. Most recently, in response to the GRMP’s recommendation to implement much-needed upgrades to infrastructure to ensure improved quality of life and economic sustainability, the County applied for a Florida Job Growth Grant Fund Public Infrastructure Grant to help install fiber-optic broadband and free Wi-Fi internet service to the Glades Region.

The International Economic Development Council (IEDC) awarded “Gold Excellence in Economic Development” to Palm Beach County for business and economic development programs implemented by HES. The award recognized how the County’s public/private partnerships with key collaborators like the BDB improve our community, strengthen and diversify our economy, and increase the Palm Beach County tax base. With an overall goal to increase economic activity and create jobs by stimulating business development and investment, HES connects a broad range of businesses to loans, incentives, bonds and technical assistance providers. Collectively, these economic development efforts have to date generated an estimated $8.4 billion economic impact in the County, and leveraged an additional $113 billion in

16 | pbc business winter 2019

federal, state and private funding to support local businesses.

Recognition from NaCo and IEDC reminds us of what we have collectively accomplished in service to the Palm Beach County business community. But these awards also can inspire us to do more. For our part, HES is committed to continuous quality improvement to ensure we remain a valuable resource to area businesses. To that end, over the next few months, we are revamping our print- and webbased marketing materials, application packages and contractual documents with an eye toward providing better information, a higher degree of customer service, and streamlined processes. We trust these efforts will help us maximize every available resource we offer to businesses and will result in a stronger and more diverse economy with an ever-increasing number of well-paying jobs and alwaysimproving quality of life for Palm Beach County’s residents.

To learn more about the Department of Housing and Economic Sustainability or any of the County’s business and economic development programs, please contact me at 561.233.3653 or showard@pbcgov.org. PBCB

To date, $212.1 million has been committed for infrastructure improvements $97.2 million for housing, and $23 million for economic development in the GRMP target area.

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GALA

1

4

2

3 6 5 7

8

10

9

11

1 2 3

Ben and Joanne Boynton

4 5 6 7 8 9 10 11

Marti LaTour, George Elmore and Kelly Smallridge

Marguerite and Frank Compiani Don and Heidi Kiselewski, Donia Roberts, David Goodlett and Angee and Brian Lohmann PBC Vice Mayor Mack Bernard, and guest Caroline Villanueva and Noel Martinez Larry and Gina Melby Melissa McKinlay and Kristin McKinlay Deanna and Dan Usiadek Kelly Smallridge and Rex Kirby Kevin Ratterree, Sarah Alsofrom and Misha Ezratti

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