PBN November 11, 2022

Amgen is proud to honor all our Veterans and their families for their dedication to keep our country and communities safe. Your sacrifice and bravery is never forgotten. We salute you!

BankRI is proud to recognize the sacrifices of all veterans. Thank you for your service!

You’ve given your best to your country and it’s our honor to serve you.

We at Cameron & Mittleman are grateful for our veterans who have dedicated their lives to protecting our country. Thank you to all who have served!

Cox Business is proud to honor all veterans in our community. We thank you for your bravery, service and sacrifice so that we can live safely!

On behalf of all of us at Navigant Credit Union, we thank of all our veterans for their selfless service to our nation. Your bravery and sacrifices have kept us safe, and made us proud.

Neighborhood supports and honors the brave men and women of our Armed Forces, and their families. Thank you for sacrificing so much to keep our country safe and strong!

Point32Health and our Tufts Health Plan brand are proud to honor our veterans for their bravery and their sacrifice. Thank you for your service.

Quonset Development Corporation extends its gratitude to veterans across Rhode Island. As a former naval base, the foundation of Quonset Business Park’s success was established by the leadership of our veterans. Today, we recognize the important role veterans play in our community.

On this Veteran’s Day and every day – we thank you for your service and honor all those who have served for our country.

To Rhode Island’s veterans and their families, we at Toray Plastics (America) say thank you, from the bottom of our heart. Your courage and selfless commitment to our country helped keep us safe and made us proud. We salute you!

To veterans and families of all branches of our Nation’s military: Thank you for your sacrifice, your bravery, and the example you set for us all.

Providence Business News is grateful for the support of these companies in honoring our veterans, and salutes our nation’s veterans and the families that support them.

In some investor scams, warning flags are waving

BY CHRISTOPHER ALLEN | Allen@PBN.com

AS A FEDERAL PROSECUTOR, Lee H. Vilker deals with not only criminal defendants but the victims of those crimes.

Vilker, head of the criminal divi sion of the U.S. Attorney’s Office in Rhode Island, says that while victims of violent crimes have devastating consequenc es, there is another type of vic tim, those of financial fraud, who have their lives upended too. The psychological effects can be enduring.

“We hear it from every single victim: How could I be so stupid? How could I have fallen for this?” Vilker said. “[The theft] is only part

DECISIONS, DECISIONS…

Simmering financial issues await Mayor-elect Smiley

BY NANCY LAVIN | Lavin@PBN.com

BRETT

SMILEY IS NO STRANGER TO Providence City Hall. In 2015 and 2016, he was chief oper ating officer for Mayor Jorge O. Elorza. On the campaign trail, Smiley touted his government experience, which also included serving as a top aide for former Gov. Gina M. Raimondo from 2016 to 2021.

He told Providence Business News he’ll have a “back to basics” strategy as mayor focused on improving city services and efficiency. That practical approach earned him 42% of the vote in a three-way Democratic primary and he was unopposed in the general election.

The extra time gave him a head start on preparing for tough decisions he’ll have to begin making come January on programs such as the network of bike lanes started by Elorza, tax agreements with hospitals and universities and the crippling pension crisis.

SEE SMILEY PAGE 14

financial issues await Mayor-elect Smiley 3 FOR STARTERS 5Q: Jonathan Stone 6 Dining Out: From food truck to table 7 Spotlight: Junk Wheels 8 Something New: Hope Puzzles LLC 8 Hot Topic: Convention bookings look brighter 9 Business Women: She’s building a venture in pop-up matchmaking.........................10 Trending: Most-read stories on PBN.com, October 2022 .............11 What’s Happening

Everybody’s Business: Forming a marketplace for a diverse arts community ...................18 IT’S PERSONAL People in the News

Mackay’s Moral 41 To Savor: Jessica Norris Granatiero

Guest Column: Kate Padgett Walsh

PBN SUMMIT RECAP:

2022 FALL HEALTH CARE

Panel: Plenty of obstacles to getting access to care

Panelists discuss how socioeconomic barriers and workforce shortages are making it difficult for many to access health care, especially for communities of color. 32

‘This virus is here to stay’

Panelists warn the public to not let its COVID-19 guard down and reflect on the lessons the state’s health care sector learned from the pandemic and on the challenges that remain. 32

FOCUS:

INVESTMENTS/RETIREMENT PLANNING

In some investor scams, warning flags are waving Financial advisers say there are warning signs that can help people avoid being scammed, such as the promises of a guaranteed return, a massive return or a quick return. 1

Bear market prompting some changes in strategy

With historic losses in stocks and bonds, some investors are switching it up and putting their money in short-term treasury bonds, private credit facilities and dividend stocks. 24

FOCUS: ACCOUNTING

Cannabis firms warned about financial hurdles

Accountants say financial literacy is vital when owning a cannabis-related business due to the complex nature of the industry, which is still considered illegal at the federal level. ......20

Cryptocurrency hasn’t been easy on auditors

New federal guidelines for classifying cryptocurrencies at fair-market value rather than as an “intangible asset” would make it easier for companies to report their digital assets in financial disclosures. 21 Lists Accounting

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FOR STARTERS

5Q: Jonathan Stone

Executive director, Save The Bay Inc.

BY CHRISTOPHER ALLEN | Allen@PBN.com

1You announced in September you will be retiring on June 30, 2023.

What led to your decision?

I am now in my mid-60s and interested in pursuing other interests that are very much on my plate. I think now is a great time for me to move on and hand the reins to another leader. One reason is we are in a great position for growth. We are building a new aquar ium at the Newport Gateway Center, and we are expanding our habitat restoration program. The organization is growing, and financially we have a good, solid foundation.

2

What is your hope and vision for the aquarium project?

We now have the space to build out a much more substantial collec tion with a much larger number of hands-on and interactive exhibits than we currently offer at our small exploration center at Easton’s Beach. It’s going to allow us to engage tens of thousands of people in the mission of Save The Bay and in marine life and natural habitats.

3

What are some of Save The Bay’s top priorities in the upcoming General Assembly session?

One is reforming the R.I. Coastal Re sources Management Council. We have made some progress on that initia tive, and we are hopeful we are able to make additional progress this year to really restructure [CRMC], and to improve its ability to fulfill its conser vation mission. We are also working on legislation to conserve open space.

Are there more ways the private sector can help toward these conservation and antipollution ends?

4

There is greater awareness than ever within the private sector of the impact of business and the importance of reducing one’s impact. There is a well-documented national movement among the private sector toward social initiatives that allow companies to be better corporate citizens. And within that context, we see the same trend in Rhode Island. There are private-sector leaders that can play an important role in helping consumers understand how their own behavior can affect the environment.

5

What advice do you have for the new director?

We came through a difficult period financially about 15 years ago. And we have really rebuilt the financial foundation of the organiza tion. We have subsequently invested in new facilities, boats and programs. The job is going to be to work with an incredibly talented and motivated staff to execute those growth opportuni ties, all in keeping with our mission. It is an exciting time. We are not an organization in distress. We are an organization poised for growth. It is going to be up to a new leader to fulfill that promise. n

PBN PHOTO/ELIZABETH GRAHAM

We are an organization poised for growth.

A NUMBER OF FOOD TRUCK opera tors have established a presence in Rhode Island, some even turning their trucks into stationary restaurants. The business model appears to be a hybrid brick-and-mortar restaurant combined with a truck or two on the road during the fair-weather months. Many food trucks wrapped up their season by Nov. 1. There were a few food trucks at a recent tasting event at two locations of the Dave’s Market place Management Inc. grocery store chain in Rhode Island. The Blount Fine Foods Corp. soups truck and a roaming vehicle serving Ming Tsai’s grocery specialty Ming’s Bings – a croquette “pocket” to be eaten out of hand in a variety of flavors – were outside the Dave’s Smithfield Cross ing store on a sunny Saturday in late October.

Both at that store, as well as the Dave’s store in East Greenwich, the weekendlong tasting event drew big crowds. More than 30 vendors served samples of a wide variety of food creations from popcorn to shucked oysters.

Barbecue was represented by a few vendors and the mobile nature

DINING OUT | BRUCE NEWBURY

From food truck to table

of that style of cooking was evident from the Rheds LLC sauces created by Deja Hart and her husband, former executive chef Karsten Hart, who have a retail location at Farm Fresh Rhode Island in Providence and were introducing their line of barbecue sauces. Flatwaves LLC, doing business as The Food Shack, which recently moved to larger restaurant quarters in Middletown, was introducing its own line of barbecue sauces served over its slow-cooked pulled pork. And Smoke & Squeal BBQ LLC rounded out the category. The barbecue sauces from the recently opened restaurant in Scituate are on the shelf at Dave’s stores.

Smoke & Squeal is the quintes sential truck-to-table success story. Adam Batchelder earned his bach elor’s degree in culinary arts at Johnson & Wales University. He then became an accomplished executive chef, culinary instructor and food service director for a multinational company.

Five years ago, Batchelder began planning his dream to become a bar becue food truck owner and operator. Being a native of Massachusetts, he

to open in Rhode Island.

Batchelder knew barbecue was his passion and researched the best bar becue smoking equipment for almost a year before selecting his current smoker, a Southern Pride SGR400, which he incorporated into his food truck. Batchelder feels serving hot, “out-of-the-smoker” food versus reheated and transported barbecue is a differentiator that puts Smoke & Squeal above his competition.

The restaurant followed, opening in late April in a rustic location at 985 Chopmist Hill Road at the junction of routes 101 and 102 in Scituate.

Batchelder makes every effort to source foods locally and encourages local farmers who would like to show case their products to contact him.

“We believe in using quality ingredients, and supporting ethical farming and our local community,” Batchelder said on his website at smokeandsquealbbq.com. n

“Dining Out With Bruce Newbury” is broadcast locally on WADK 101.1 FM and 1540 AM and on radio throughout New England. Contact Bruce at bruce@brucenewbury.com.

saw the saturation of food trucks in the area and opted to focus on Rhode Island. New and more flexible food truck legislation then passed in the Ocean State, paving the way for him

EVOLVING ENTERPRISE: Adam Batchelder, owner of the Smoke & Squeal BBQ LLC food truck, opened a Smoke & Squeal restaurant at 985 Chopmist Hill Road in Scituate in late April.

PBN FILE PHOTO/MICHAEL SALERNO

SOMETHING NEW SPOTLIGHT

Putting pieces together

BY JACQUELYN VOGHEL | Voghel@PBN.com

JERAULD ADAMS spent a lot of time poring over puzzles during the early days of the pan-demic.

Soon after, he decided to turn his newfound family pastime into his next business: Hope Puzzles LLC, a puzzle design and manufacturing company in Pawtucket that emphasizes qual ity and unique, Rhode Islandinspired designs.

The puzzles are “heirloom quality,” Adams said, meaning “it’s something you can do to pass down to your family and friends, and the quality of the product is so good, it will last 100 years.”

Using custom, hardwood veneered plywood, the puzzles take 30-60 minutes to make using a laser cutter.

Looking for inspiration for the first designs, Adams vis-ited the Rhode Island School of Design Museum and picked out four of his favorite paintings. He then taught himself how to use the software and equipment needed to design and cut puzzles based on the paintings.

Hope Puzzles typically re leases a new puzzle each month. Eventually, Adams hopes to scale production to support weekly releases.

“I want for us to be known for producing these really great puzzles and have people antici pating what the next puzzle is going to be,” he said. n

Junk Wheels sales rolling

Skate

wheels set in-line speed records

BY CHRISTOPHER ALLEN | Allen@PBN.com

FRANCISCO RAMIREZ has taken the economic slide in stride.

Despite his Cranston-based in-line skating company be ing slowed by the pandemic, supply chain bottlenecks and inflation, he retains a Confucian philosophy.

“I would do it for free,” he said.

Raised in Medellin, Colombia, Ramirez immigrated to the United States in 1995. An avid speed skater for years, he eventually created Junk Wheels in 2013.

The company operates in a “super niche market in an already niche sport,” Ramirez said.

Once a popular American pas time, the prevalence of in-line skat ing has waned in the past two de cades. But Ramirez saw a rebound during the pandemic, with people itching to find outdoor, socially distanced recreational activity.

“It’s a growing business,” he said. “I want to continue to grow the sport here in the United States.”

International exports make up over 90% of annual sales, he said.

Junk Wheels was steadily growing before the pandemic. The company made it through the crisis, even keeping sales numbers level. But the lack of supplies getting to the facility on schedule and the rise in costs hampered further growth.

“We maintained sales,” he said. “But all of the growth, we lost

OWNER: Francisco Ramirez

TYPE OF BUSINESS: In-line skate wheels

because we didn’t have enough product.”

In 2021, realizing the company would not have enough material to fill the needs of both his customers and his team of sponsored athletes competing in international compe titions, Ramirez had to make the “painful” decision to prioritize his skate team. As a business decision, it made sense. The marketing and networking that comes from his athletes winning races is vital to success.

But the frustration of not be ing able to fill every order brought Ramirez to tears, he said.

“I couldn’t sell [to customers] be cause I had to give it away for free,” he said. “But if [athletes] don’t win one year, I would lose out the next.”

People are curious of the name, said Ramirez, who credits his moth er, who after concern with her son’s safety was constantly advising him “to get the junk out of the wheels.”

“It’s funny because no one liked it [the name] at first,” he said.

But given that the Junk Wheels logo is known more widely inter

LOCATION: 101 Comstock Parkway, Cranston

EMPLOYEES: Four

nationally, the name’s punch and brevity has become an asset.

While others may claim to have the “fastest wheel in the world,” Ramirez has the proof. Speed skater Ioseba Fernandez used patented Road Reaper wheels to set the 100-meter world record in the men’s division at the 2018 Inline Speed Skating World Championships in the Netherlands. Other riders took first place in separate 100-meter events in 2018, 2019 and 2021.

The success has led to copycat companies springing up to eat into revenues. Worse still are the outright intellectual thefts, mostly from China.

“It is a huge problem for us,” said Ramirez, who has spotted fraudu lent knockoffs of Junk Wheels, logo and all, on multiple websites.

“They take the wheel design and make it look the same,” he said.

“You take one down today and five pop up tomorrow, it’s a never-ending battle. What can we do? Just keep trying to stay ahead of the game.”

Enthralled with the minutia of small business, Ramirez often per sonally packs and ships deliveries, at times looking up buyers on social media afterward to thank them.

“I do it because I love it,” Ramirez said. “It’s really humbling to see the growth of skating in places you would never think.” n

YEAR FOUNDED: 2013

ANNUAL SALES: $1.2 million

SKATE CREW: Francisco Ramirez, left, is the owner of Junk Wheels, an in-line skate wheel company in Cranston. At right are Kaylyn Fells, who handles the company’s social media, and Edgar Meneses, who works in shipping.

PBN PHOTO/MICHAEL SALERNO

RHODY PUZZLES: Sam White, left, lead designer, and Jerauld Adams, owner, make puzzles with unique, Rhode Island-inspired designs at their Pawtucket manufacturing company Hope Puzzles LLC.

PBN PHOTO/TRACY JENKINS

HOT TOPIC Convention bookings look brighter

BY CHRISTOPHER ALLEN | Allen@PBN.com

Kristen Adamo, CEO and presi dent of the Providence Warwick Convention & Visitors Bureau, says second-tier cities such as Providence are faring much better than their larger counterparts such as New York and Los Angeles as they climb out of the devastation caused by COVID-19 when nearly all events were canceled and postponed.

Before the pandemic, convention and meeting planners were schedul ing events three to five years ahead, Adamo says. That window has been shortened to 18 months to three years, and organizers and associations are looking to book smaller blocks of hotel rooms because of uncertainties over the number of attendees.

The shorter time frame is good for Adamo’s organization since the pandemic shutdown in 2020 made it difficult for the bureau to ink agree ments with meeting planners for events scheduled to take place in 2023 and 2024.

“Right now, things are great in terms of lead volume,” Adamo said. “It’s through the roof. We missed two years of trying to sell business. There was literally no one working in our industry. [The activity now is] helping to fill in the gaps.”

Nevertheless, meetings and con ventions activity isn’t where it stood before the pandemic.

In 2019, the PWCVB said the direct spending on lodging, transportation, food and beverage, venue rentals and recreation topped out at $74.9 million. The following year, when the pandem

ic hit, direct spending from meetings and conventions plummeted to $18.4 million in 2020.

With the return of sporting events in 2021, direct spending associated with convention center activity im proved to $26.2 million for that year, PWCVB Vice President Thomas Riel said.

And the picture continues to look brighter. As of the end of September this year, direct spending had reached $67 million as the number of events grew.

A letter from the R.I. Convention Center Authority requesting state and federal aid during the pandemic said the PWCVB lost $62 million of revenue due to the COVID-19 crisis, resulting in $577 million in lost economic activity to Rhode Island.

In order to rebuild its core busi ness and stimulate activity for the ‘

hospitality sector, the state commit ted $42 million to the convention center to be used over three to four years, including $10 million from American Rescue Plan Act funds.

Officials are already looking long ingly at December 2023, when the city of Providence will host thousands of people expected to attend the ArmyNavy football game at Gillette Sta dium in Foxborough, Mass., on Dec. 9.Three thousand U.S. Navy midship men will be housed at the convention center, and thousands more family members and alumni are expected to stay in the city.

More recently, Rhode Island Comic Con, one of the largest events at the center, took place from Nov. 4-6. The convention was celebrating its 10th anniversary and attracted as many as 90,000 comic book and film enthusiasts, leading to an estimated $3 million in direct spending.

Many of these visitors stay in ho tels such as the Graduate Providence, where guests filter into the adjacent Reiner’s Bar and Game Room, provid ing a boost to sales, says Reiner’s General Manger Dave Strycharz.

Strycharz says convention center events increase sales by about 20%. The hospitality sector has not fully rebounded, but Strycharz is optimis tic. “It’s getting there,” he said. n

THE RECENT RHODE ISLAND COMIC CON that drew tens of thousands of people to downtown Providence over three days is the latest sign of recovery in the booking of meetings and conventions that bring in revenue for local businesses.

KRISTEN ADAMO, Providence Warwick Convention & Visitors Bureau CEO and president

She’s building a venture in pop-up matchmaking

BY ELIZABETH GRAHAM | Contributing Writer

DURING

the early part of her career in the technology sector, Jo Lee’s perspec tive was global. The industry’s momentum swept her up into jobs on the West Coast, in New York City and overseas.

Now, Lee, a California native who’s lived on Providence’s East Side for 20 years with her family, has adjusted her focus. As the founder of PopUp Rhody, she’s zeroed in on the local economy and nurturing the small businesses that sustain it.

Founded by Lee in 2020, PopUp Rhody connects businesses and loca tions that have available space with other small businesses that need a spot to set up shop or to hold an event.

Most recently, PopUp Rhody landed space at Farm Fresh Rhode Island for Rhode Island Fashion Week’s 2022 runway shows, which wrapped up in October.

Lee also helped facilitate Fashion Week’s Fashion Swaps & Sips event, a clothing swap held in September at Ellie’s cafe in Providence.

“For people who do events, it’s a bit

of a godsend because Rhode Island is rich in unique spaces, but there isn’t a dominant suppository where you can go to find them,” Lee said. “There’s all this legwork, and it becomes a process of stumbling upon [a spot] and maybe find ing a phone number to access space.”

PopUp Rhody also helped the startup Muse Mirror set up shop at Providence Place mall in May, giving mall visitors a peek at a high-tech makeup mirror created by four University of Rhode Island graduates.

Lee promises more pop-ups at the mall this holiday season but says she doesn’t want to ruin the surprise by revealing names.

At its core, she says, PopUp Rhody makes connections that benefit small businesses that don’t need or want a permanent physical location, and larger, more established businesses with space to spare.

The platform went live just as the COVID-19 pandemic began to force a tidal wave of business closures. Lee put the idea “on ice” until doors started reopening and fledgling entrepreneurs were becoming adept at doing business virtually.

IN

“PopUp Rhody gives businesses a lever to generate revenue,” Lee said. “It gives creative businesses a place to touch down, make contact and then go back online. We’ve emerged into a business environment that’s very conducive for PopUp Rhody. COVID fast-forwarded the integration of vir tual and IRL [in real life] commerce, yet the occupation of business space is built around the primacy of brick and mortar and subsequent need for long-term leases. PopUp Rhody helps businesses connect and share space to thrive in our new hybrid world.”

After spending the early part of her career at companies in California and New York that ultimately dis rupted the tech sector, Lee was wellpositioned to come up with an idea to challenge the commercial real estate market.

It was in 2019 that Lee, who lives a short distance away from the popular corridor of locally owned shops on Hope Street, began to recognize a shift in the economic climate for small, creative businesses. Selling products or services in a storefront or office was still essential, but in many cases temporary.

During her regular visits to Stock Culinary Goods on Hope Street with a substantial selection of Rhode Islandmade products, Lee recognized the broader potential in what the store has become known for – hosting pop ups for small Rhode Island food-based businesses.

“One day I was at Stock, and Stock built its brand around pop-ups. Every time you went in there was a popup … I realized this was such a win-win,” Lee said. “It’s research, experience shopping, revenue-generating. What can be better?”

At the same time, Lee recognized the strain that regularly organizing and hosting successful pop-ups was putting on Stock’s owner, Jan Dane.

“She said it’s a heavy lift, with all of the coordination and missed calls. And at the end of this, where was the time for promotion?” Lee said.

After the stagnation of the pandem ic, Lee enlisted her longtime friend, Julie Holabird, to join PopUp Rhody as her equity partner.

Holabird, who spent years building developer relations and a customer support system at music metadata company Gracenote, is Lee’s “alter ego,” Lee said.

“[Holabird] is one of those people who says, ‘Let’s develop a process for it,’ ” Lee said. “For her, everything is a problem to solve. Together, we are a nice match.”

The two developed a dual platform featuring a marketplace for busi nesses to connect over available space and an elevated concierge offering. The service takes on all the legwork, from matchmaking to promotion, for businesses that want to host regular, rotating pop-ups.

For now, PopUp Rhody serves just the Ocean State, but Lee is already eyeing expansion.

JO LEE, PopUp Rhody founder

She’s considering popping up in cities such as New Orleans or Balti more as a franchise “rather than just having a global platform that serves everybody.” n

‘For people who do events, it’s a bit of a godsend.’

WHAT’S

STORE? Jo Lee, founder of PopUp Rhody, at a Bo tanic Providence pop-up retail site organized by her company at Stock Culinary Goods on Hope Street in Providence.

PBN PHOTO/ ELIZABETH GRAHAM

Most-read stories on PBN.com, Oct. 2022

1$7M Kennedy Plaza pavilion proposal puts poultry front and center

POSTED ONLINE: OCT. 12

A fast-casual chicken joint named after the pa tron saint of poultry could be coming to Kennedy Plaza. St. Gall Ro tisserie, from the owners of Dune Brothers LLC, is the centerpiece of a pavilion and outdoor gathering space proposed by Boston architecture firm Merge Architects Inc. bit.ly/3h2lLR1

2Stoneacre Hospitality owners propose mixed-use redevelopment of historic Newport building

POSTED ONLINE: OCT. 13

The owners and operators of the Stoneacre Hospitality Group are in the process of seeking approval from Newport officials to transform the commercial property located at 144-150 Thames St. into a mixeduse development, including a music museum, theater, retail space and nine residential units. bit.ly/3sMcJdp

3Middletown zoning board approves special permit for beachside hotel

POSTED ONLINE: OCT. 5

The Middletown Zoning Board of Review on Oct. 4 unanimously approved a special use permit for Atlantic Beach Suites II LLC to construct a hotel on Wave Avenue between Newport and Middletown, paving the way for a project first proposed in 2018. The development required a special permit for its location in the Limited Business Zone and proximity to Zone 1 of the Watershed Protection District. bit.ly/3DPJhJP

4Narragansett ranch sells for $5.9M, town’s largest home sale of 2022

POSTED ONLINE: OCT. 14

A ranch in Narragansett built in 1993 at 250 Ocean Road recently sold for $5.9 million, ac cording to Lila Delman Compass, the luxury real estate firm that represented the buyer. bit.ly/3sQfCds

5Elorza, Smiley at odds over $7M Ken nedy Plaza pavilion

POSTED ONLINE: OCT. 14

The impending change in Providence City Hall administration could throw a wrench in plans to remake Kennedy Plaza with a $7 million food-and-drink pavilion. The city originally planned to award the contract for the “big shade” project in December, right before Mayor Jorge O. Elorza leaves office. But Brett Smiley, Elorza’s replacement, does not appear to support

grand vision to remake Kennedy Plaza. bit.ly/3sOsgtb

www.pbn.com

6

Fanale to step down as CNE leader Dec. 1; successor named

POSTED ONLINE: OCT. 6 bit.ly/3zyixez

7

McKee announces site, developer for new state health lab

POSTED ONLINE: OCT. 4 bit.ly/3gZBpwq

8

State health lab design plans unveiled

POSTED ONLINE: OCT. 19 bit.ly/3WlCq1X

9

Nurse admits to $4.4M health care fraud scheme

POSTED ONLINE: OCT. 20 bit.ly/3FDEaOf

2nd Congressional District candidates clash over inflation, energy, education

10

POSTED ONLINE: OCT. 17 bit.ly/3DPLViJ

Elorza’s

COURTESY ARUP GROUP

COURTESY STONEACRE HOSPITALITY GROUP

COURTESY CORDTSEN DESIGN ARCHITECTURE

COURTESY LILA DELMAN COMPASS

PBN FILE PHOTOS/STEPHANIE ALVAREZ EWENS AND MICHAEL SALERNO

EDITOR’S CHOICE

Greater Providence Chamber to hold annual meeting

THE GREATER PROVIDENCE Chamber of Commerce will hold its annual meeting, hosted by the R.I. Convention Center. The event will feature a conversation with U.S. Commerce Secretary Gina M. Raimondo and U.S. Labor Secretary Martin J. Walsh. Raimondo served as Rhode Island’s governor for six years, while Walsh was the mayor of Boston for six years. They will discuss a wide range of national and international issues impacting the economy, the workforce and Rhode Island businesses.

MONDAY, NOV. 21, 5-8 P.M. $100/person; $1,500/corporate table of eight R.I. Convention Center, 1 Sabin St., Providence.

INFO AND REGISTRATION: bit.ly/3Ffh3JL

Social media and business

SCORE RHODE ISLAND will hold a workshop titled “Social Media for Your Business,” hosted by the Provi dence Public Library. Use social me dia to grow your business – Facebook, LinkedIn, Google, Instagram, You Tube, Pinterest and others. Attendees will learn how to hyper-target pros pects on social media using proven tools, techniques, tips and tricks. The event will also be available virtually.

SATURDAY, NOV. 12, 9:30 A.M. Free Providence Public Library, 150 Empire St., Providence.

INFO AND REGISTRATION: bit.ly/3N988LH

Comforts of home

THE 14TH ANNUAL Providence Fall Home Show will feature experts providing information on anything home related, from custom cabinet makers to heating, ventilation and air conditioning services and everything in between. The two-day event will also feature personal products from jewelry and clothes to wireless com munications and more.

SATURDAY, NOV. 12, AND SUNDAY, NOV. 13, 10 A.M. TO 6 P.M. $10/adults; Free/children ages 12 and younger

R.I. Convention Center, 1 Sabin St., Providence.

INFO AND REGISTRATION: bit.ly/3zifYgr

Supplier certification

THE TAUNTON AREA Chamber of Commerce and M&A Supplier Diver sity Consultants will jointly hold a workshop titled “Learn about Sup plier Certification.” The workshop will allow attendees to learn about supplier certifications for minority business enterprises, women business enterprises and disadvantaged busi ness enterprises, among others, to boost your business in this 45-minute seminar.

WEDNESDAY, NOV. 16, 10 A.M. Free/members; $10/nonmembers Taunton Area Chamber of Commerce, 170 Dean St., Taunton.

INFO AND REGISTRATION: bit.ly/3TZZmC1

Connect with manufacturers

THE RHODE ISLAND Manufactur ers Association will host its Exhibit Show, titled “Connect, Grow, Devel op.” This event will allow attendees to gain access to industry trends along with federal and state legislative

With the help of our relationship manager Joe, the property was theirs, allowing them to transform an underused part of the space into a 60-seat Hibachi grill room-helping the couple live their own delicious version of the American Dream. If your business could use a jump start, give our Business Lending Team a call and see how we can help.

401-233-4 700

BUSINESS OUTLOOK: U.S. Commerce Secretary Gina M. Raimondo and U.S. Labor Secretary Martin J. Walsh will be part of the Greater Providence Cham ber of Commerce’s annual meeting Nov. 21 at the R.I. Convention Center.

AP FILE PHOTOS/JACQUELINE MARTIN AND MICHAEL DWYER

Jessie and Colby used a loan to purchase and renovate the property where their restaurant, Yama Fuji, is lo ca ted.

updates. It will also enable attendees to connect and network with manu facturers throughout the state. There will be nine different workshops of fered, highlighting various aspects of the manufacturing sector.

WEDNESDAY, NOV. 16, 11 A.M. Free Crowne Plaza Providence-Warwick, 801 Greenwich Ave., Warwick.

INFO AND REGISTRATION: bit.ly/3Vr3TPl

NRI Chamber PAC fundraiser

THE NORTHERN RHODE ISLAND Chamber of Commerce will hold a fundraiser for its political action committee. The event will also have cocktails available and networking opportunities. Donations must be made by personal check.

WEDNESDAY, NOV. 16, 5-7 P.M. Free Kirkbrae Country Club, 197 Old River Road, Lincoln.

INFO AND REGISTRATION: bit.ly/3DabkCg

Interested in having your businessrelated event included in What’s Happening? Contact PBN Researcher James Bessette at (401) 680-4838 or Research@PBN.com.

Advocating for the poor

THE RHODE ISLAND Interfaith Coali tion to Reduce Poverty will hold its annual fundraiser. The event will commemorate this year’s legislative victories, honor advocacy heroes in the community, and raise awareness and visibility of poverty and inequity in Rhode Island. All proceeds raised will support the coalition.

WEDNESDAY, NOV. 16, 5:30-7 P.M. $40

Farm Fresh Rhode Island, 10 Sims Ave., Unit 103, Providence

INFO AND REGISTRATION: bit.ly/3D4qqck

Building new relationships

ONE SOUTHCOAST CHAMBER of Commerce will hold a Business After Hours networking event, hosted by the University of Massachusetts Dartmouth College of Visual and Performing Arts. The event will provide an opportunity for members and nonmembers to mingle and build business relationships in an informal, relaxed business setting. The event will also have live piano entertain ment, a student art sale, appetizers and cash bar.

THURSDAY, NOV. 17, 5-7 P.M. Free/members; $25/nonmembers University of Massachusetts Dartmouth College of Visual and Performing Arts, 715 Purchase St., New Bedford.

INFO AND REGISTRATION: bit.ly/3W3y7bv

Finding your business model

SCORE RHODE ISLAND will hold a workshop titled “Discovering Your Business Model,” hosted by the Provi dence Public Library. The business model framework is a simple way for business owners to analyze their busi ness and make better decisions. The workshop will discuss why purpose, values and value proposition are im portant for successful businesses, as well as review the nine components of a business model while keeping the focus on delivering value to custom ers and capturing value for the busi ness. The event will also be available virtually.

SATURDAY, NOV. 19, 9:30 A.M. Free Providence Public Library, 150 Empire St., Providence.

INFO AND REGISTRATION: bit.ly/3zh9cr6

Deflationary technology

THE GREATER PROVIDENCE Cham ber of Commerce will hold a vir tual seminar titled “Technology as a Deflationary Force in an Inflationary Economy.” Envision Technology Ad visors LLC CEO and President Todd Knapp and Kahn, Litwin, Renza & Co. Ltd. Director of Enterprise Solutions Anthony Mangiarelli will discuss the economic forces and trends at work, talk through technology solutions that business professionals should consider and share the successes of companies that took a forward-look ing approach despite deeply uncertain economic times.

WEDNESDAY, NOV. 30, 1-2 P.M. Free Online.

INFO AND REGISTRATION: bit.ly/3RVWAw8

UPCOMING PBN EVENT: The 2022 Diversity Equity and Inclusion Summit and Awards Program will be held on Thursday, Dec. 1, from 9-11:30 a.m. at the Crowne Plaza ProvidenceWarwick in Warwick. For more information, visit PBN.com. For sponsorship opportunities, contact Advertising@PBN.com.

YOUR RHODE ISLAND WORKERS’ COMPENSATION EXPERTS

SMILEY

You ran a campaign on improving basic city services and quality of life. What’s not work ing now, and how would you improve it?

You ask any resident of the city, and they can tell you five pet peeves about the city. Certainly, snow removal in the winter is a persistent prob lem. We see disrepair in our streets and sidewalks. We see utilities that cut into streets that have just been paved and have damaged that brand-new in vestment we made. People say they’ve been on the sidewalk list for a decade or two to get their side walk repaired. These are the kinds of city services that people pay taxes for and don’t feel like they’re getting something in return.

How do you prioritize and pay for services?

In many cases, if not most, we pay, we just don’t get. Snow removal, for example, every person, myself included, has a story of a third-party plow vendor driving down the street with the plow blade up. That plow is getting paid. It’s not like the city is cutting corners and trying to save money on snow removal. We’re just not getting good services in return. It just requires better management of city vendors and city employees. … As part of the transition, we’re going to do a full review of the budget to see what programs the city shouldn’t be doing anymore.

One of the programs funded by the American Rescue Plan Act was the city reparations pro gram, but advocates say that the $10 million allocation is not enough. How committed are you to investing more?

From what I have followed, they were clear [that] whatever comes next is likely going to need to come from philanthropy and state or federal government and maybe the corporate community. I don’t expect and certainly am not committing any additional city funds to that effort.

Would you want to make the reparations commission permanent?

I haven’t made a commitment to that. I want to hear from the committee and the community on how they see this evolving.

Another project started by Mayor Elorza is the Great Streets plan, which includes bike lanes. How committed are you to seeing the plan through? Are bike lanes a business benefit or hindrance?

I am very focused on safety on our streets and pedestrian safety is a real priority for me and is a part of the Great Streets plan. The bike lanes stuff is complicated, and, for me, it is a priority to make sure we listen to the voices of the impacted enti ties, both residents and businesses, and be willing to not go forward if that’s not what they want. I have serious concerns – which I have heard from cyclists also – that we have these little segments that start out of nowhere and end abruptly. I think we need to take a hard look at those and if they work. Certainly, before we begin a permanent in stallation like Hope Street, I want to hear … from the impacted parties to see what their thoughts are.

What if there’s conflicting feedback?

Then we have to make a judgment call. I think about South Water Street. There is a strip of parkland on the other side of the sidewalk that’s unused. Could the bike path be there? Quite possi bly. On Hope Street, there are four or five parallel streets that might be a much more reasonable

place – that doesn’t impact businesses – to have a bike lane. Real cities have bike lanes, and Provi dence can too. But we’re not going to do them in a way that harms one of the most thriving commer cial districts in the city.

Downtown Providence has struggled to come back from the pandemic. Do you still see downtown as the anchor for the city?

I do still see it as the anchor to the city, but we need to let it evolve. In this post-pandemic, blended-work environment, a housing strategy and housing development is also economic growth and some of that will happen downtown. We’re starting to see the center of gravity shift from the financial district to the I-195 [Redevelopment] District. And it remains true that we have an op portunity in the life sciences and biomed space. There [are] finally a few exciting announcements: the new state health lab facility that’s got private lab space in that building, the CIC building, the additional opportunities in the [former Interstate]

195 land are still going to be heavily, if not entire ly, commercial, job-generating spaces. A healthy and vibrant downtown is going to be critical to the city’s growth.

One tool the city uses to promote development is tax treaties such as what was recently approved for the “Superman” building. How do you think the rules governing these treaties should be changed?

I do think the tax stabilization agreements are a critical tool in the toolbox. What we’ve learned that works, and what I am committed to going forward, is that the proposed development never pays less than it paid the day before they got the tax break. Regardless of the terms of the tax incen tive, it has to step up, so at the end of the tax deal, it’s paying its full freight. Finally, we’ve gotten really good and responsible about taxpayer protec tions: if it gets sold to a nonprofit, if there are cost

We’re going to do a full review of the budget to see what programs the city shouldn’t be doing anymore.

PBN PHOTOS/MICHAEL SALERNO

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CONTINUED FROM PAGE 14

overruns, about the final benefit not being paid until the project actually gets finished. If we do it the right way, I think these are very effective and responsible ways to make projects happen. We still have a high commercial tax rate, and we are not in a financial position to do a dramatic lowering of our commercial tax rate, so the way we are going to be able to provide long-term relief is through a broadened and expanded tax base. And the only way we expand the tax base is to have new devel opments and new businesses.

What about the request from the owners of the Providence Place mall for an extra 20year tax discount, which does not have the gradual increase you mention?

I haven’t had a chance to review the details of the deal, but I have serious concerns about an agreement that is that long, that doesn’t ramp up [in payments], and probably most importantly, I have yet to hear what the plan is for the future of the mall.

You’ve brought up the tax deals that the city strikes with nonprofits, such as hospitals and universities. Quite a few of these paymentin-lieu-of-taxes deals have or are about to expire, which presents an opportunity to renegotiate.

It will be one of the most important things that my administration does next year.

First, we need to clarify what happens when these institutions buy commercial property. I don’t begrudge them wanting to control their des tiny and buy additional property because one day they think they might need it, but while they’re still using it for commercial purposes, it needs to pay [full] commercial taxes. I also want to renego tiate the tax deals for the buildings they are using for educational and medical purposes. I’ve already had some preliminary conversations and I am confident we can negotiate a fair deal that under stands the tax-exempt status but also that they consume city services and that it’s a burden on the city. I would really like to work together with them so we can be incentivized to help them grow jobs. In some communities around the country, the host community gets a piece of the payroll tax for the jobs created in that city. I am interested in start ing a conversation where the institutions and I together can go to the Statehouse and say, “Help us align incentives here” because everybody benefits from job growth.

Is it clear on these tax deals that they need to pay significantly more?

I don’t have any doubt that the colleges expect to pay more. I am certainly going to go in hoping for a significant increase. … The negotiations with the hospitals are a little bit more challenging. They are in a difficult position right now, and I understand that. Whether or not they are making money, if there was ever an incident, we still send a police car, we still send a fire truck, we still plow their streets, and they still consume city services. So, I am sympathetic to their financial position, but I am still committed to getting an agreement irrespective of their financial position.

Another quality-of-life issue is lack of afford able housing. What more do you think the city can do to combat this?

The most important driver of our affordability crisis is a lack of supply. We just need to build more houses. This isn’t Manhattan. We have va cant land; we have blighted and abandoned proper ties; we have places where more housing can be built, and we need to aggressively do so. I hope to access every single pot of [state and federal] money to subsidize and stimulate the development of affordable housing. I want to move aggressively

toward the expansion of what is referred to as ac cessory dwelling units … where we can add a unit here or there, which, in the aggregate, can add up to a meaningful amount of additional units. At the same time, we have a pretty significant number of illegal or semi-legal apartments in our city and I want to help people bring those apartments into compliance and make sure they’re safe.

What about changes to the city tax structure as a way to address housing costs, including for renters?

I think it’s incumbent upon public leaders that when we look at the tax structure and propose rates in next year’s budget, that we are not demon izing certain classes of taxpayers [such as land lords] because there is always going to be someone at the end of the line paying that bill, and in those cases, it’s the renter.

Does that mean removing the city’s home stead exemption to not demonize landlords?

The way we should always start the question is, where are we competitive and where are we not. Right now, in Providence with the homestead exemption, owner-occupied rates are amongst the lowest in Rhode Island. I would say we are more than competitive at that rate. Where we are not competitive is on the nonowner-occupied rate, on the commercial rate and on the tangible rate. I haven’t gotten into next year’s budget, but as I look at the budget and if we were in a place to lower rates, I would start with the question of where are we the least competitive, and let’s try to become more competitive there.

What would you like to see in Kennedy Plaza?

I am hesitant to spend more infrastructure dollars to redesign Kennedy Plaza again until we

can coordinate the work with hopefully a big, bold construction project at [the] Superman building. I think we should wait for [the Superman building] project to conclude before we make any permanent changes because the construction impact of that project is going to be significant.

What about the bus hub relocation?

Fully support it. I want to be a partner with the [R.I. Public Transit Authority] and [R.I. Department of Transportation] to see if there is a way to make that happen even faster.

The city cannot issue the pension obliga tion bond right now because of rising inter est rates. How do you propose dealing with escalating annual payments and unfunded liability?

I want to start a conversation with our union leaders and state leaders about transitioning the city to the state retirement system. It doesn’t solve all our problems, but there are quite a few key benefits. The pension bond is still possible; none of us knows what’s going to happen with interest rates. It was a five-year authorization. It’s entirely possible, in my view, that rates will come down in the next five years. So maybe it’s a blend of the two, but the next right step is to fully explore get ting into [the state pension system].

How would you sum up Providence’s financial situation today?

We have two major underlying challenges: one is a shrinking tax base because of the growth of large institutions, and a looming unfunded pension and post-retiree health care liability that cause us to have underlying financial challenges. That said, we should not aspire to bankruptcy. We’re not insolvent and we do pay our bills. n

have places where more housing

TAKING CONTROL: Providence Mayorelect Brett Smiley says striking new payment-in-lieu-of-taxes agreements with many of the city’s nonprofit institutions is one of the most important tasks his administration will undertake next year.

We

can be built, and we need to aggressively do so.

PBN PHOTO/MICHAEL SALERNO

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Forming a marketplace for a diverse arts community

BY JACQUELYN VOGHEL | Voghel@PBN.com

(Editor’s note: This is the 27th installment in a monthly se ries speaking with minority business owners and leaders. Each is asked their views on minority-business conditions in the state and for ways to improve those businesses’ chances for success.)

WHEN FOUNDING OHANGA INC., an artists’ marketplace and gallery, Subham Sett and Yuping Wang wanted to forge connections, whether it was between artists and the public, technology and art, or large retail and indepen dent galleries.

When Ohanga launched after the start of the COVID-19 pandemic as an online platform, lockdowns and other restrictions meant that artists, like most people, had limited opportunities to connect with others face to face. Co-founders Sett and Wang, a husband-and-wife team, wanted the digital marketplace to help fill this void.

“We thought it would be good to not just connect the community to the art but connect the community to the story and the artist,” Sett said. “Unlike just writing up the artist’s bio, the whole idea was to create a personal connection with the artist, to talk about why they got into the arts, what motivates them, what challenges they face.”

Sett, who grew up in India, and Wang, who is Chinese, both have a technology background and hadn’t worked in the arts prior to launching Ohanga. But they felt that their skill sets would complement the sphere and give them the tools to help artists get started and grow.

“I felt that as technology people, we could contribute to this space and do something that brings in the elements of not just the arts, but the business behind it,” Sett said, “and how to conduct and run a business.”

They chose the name “Ohanga,” the Māori word for nest, to reflect this support for artists at all stages.

“We wanted Ohanga to be a home for the artist,” Sett said, “a place where they can grow. And if they become big, they can leave.”

The business began moving into the in-person market as COVID-19 restrictions eased. Initially, a small shop was set up in Newport. But the location meant that many visitors were tourists, and Sett had wanted to foster a con nection between Rhode Islanders and local art.

Sett and Wang found a better fit for their business last fall when a location opened at Garden City Center in Cranston.

The outdoor shopping center was ideal not just for attracting more locals, but for bringing art to a new audience, Sett says. While some may think of the artists’ sphere and galleries as completely separate from tradi tional, large retail outlets, Sett wants shoppers to see that these worlds don’t have to be so far apart.

Eventually, he hopes other galleries will follow in Ohanga’s footsteps.

“I would love it if at some point there are shops or locations around the world, or in the community,” Sett said. “The main difference, going into a place like Garden City, is to make it more mainstream, and not just on Main Street.”

Subham Sett Ohanga Inc.

1Do you believe racism is keeping minorities from starting businesses in the Ocean State or succeeding when they do?

At Ohanga, we work with a diverse group of artists from all backgrounds. Most of the art ists are women-led microbusinesses, including people of color. We have received tremendous support from our community based on our mission and vision to empower the local cre ative economy. I would say that, for the most part, Rhode Island does give a lot of chances to the artists to thrive and grow.

2

How dependent is your business on the support of other minority groups? Is that a sustainable business model

We have had the privilege to operate our business through our own investments while working with our partners, including the art ists, to create a sustainable business model. The support for us, I would say, has come to us and our artists from Rhode Island-based government [Rhode Island State Council on the Arts] and nonprofit organizations such as Hope & Main in Warren, Warwick Center for Arts Inc. and others.

3

What

Rhode Island is very unique in how we em brace local. However, being able to compete with national brands means not only having a space on Main Street, but also having a plat form where the major retailers are. There are

parts of the world where state and local fund ing support local artists to have a presence in busy corridors by subsidizing rent. Any ben efits of this nature here in Rhode Island would certainly help minority-owned businesses to get to some level of financial independence before they can scale.

Have you had to turn somewhere other than a bank for a loan? Do you believe the state’s lending institutions generally treat minorities fairly?

4

At a personal level, I have not faced any direct issues on investments. And I am sure there are cases where minorities have faced issues on this. In my view, the processes for investments is quite onerous, which likely makes it diffi cult for minority business owners to clear the check boxes to secure the funding they need.

If another minority entrepreneur asked you where they could turn to for support for their business, where would you direct them?

5

We have some excellent support from several local institutions that I’ve worked with. If one wants to be a food entrepreneur, Hope & Main is highly recommended. The R.I. Commerce Corp. is another great asset, as they have programs suited to microbusinesses, and I would not hesitate on researching their programs. Finally, for the arts, RISCA does a fantastic job in upskilling artists on how to take their passion and make this a business. n

one thing could Rhode Island do to boost the odds for minority-owned business success?

The processes for investments is quite onerous, which likely makes it difficult for minority business owners.

CREATIVE SPACE: Subham Sett, pictured, launched Ohanga Inc. with his wife, Yuping Wang, as a digital marketplace and gallery for local artists and makers to connect with the public, as well as to connect technology and art, shortly after the COVID-19 pandemic began in 2020. Last fall Ohanga opened a physical location at Garden City Center in Cranston.

PBN PHOTO/MICHAEL SALERNO

With the launch of DeltaVision®, Delta Dental of Rhode Island – the state’s leading dental insurer –recently added vision benefits to its growing portfolio of coverage options.

Created through a partnership with VSP® Vision Care, the nation’s largest vision benefits company, DeltaVision offers a wide range of comprehensive plans to provide members with the affordable, highquality eye care and eyewear they need.

“We are thrilled to partner with VSP Vision Care to offer this much-needed benefit here in our home state of Rhode Island,” said Delta Dental of Rhode Island Vice President, Sales & Business Relations James Kinney. “We know that many of our members are actively looking for trusted, affordable options when it comes to their vision care, and we look forward to helping these members save on the care they need.”

Why Vision – and why now?

Delta Dental of Rhode Island has focused exclusively on oral health benefits for the majority of its 50-plusyear history at the center of Rhode Island’s health community. That commitment to oral health certainly isn’t going anywhere, Kinney said, but this move into a new coverage area is in line with both a growing demand for vision coverage among employees and Delta Dental’s organizational focus on improving its members’ overall health.

The launch of DeltaVision comes at a time when the need for

75% of adults are currently in need of some sort of vision correction, and – especially as our collective reliance on “screen time” continues to increase both at home and in the office – experts expect this trend to progressively worsen in the years to come.

Proper vision care increases productivity and improves overall health…

Left untreated, eye strain and other common vision impairments can greatly impact an individual’s overall health quality of life, leading to headaches, fatigue, lapses in focus and other chronic symptoms. Add in the fact that routine eye exams can often help doctors catch and prevent serious, potentially life-threatening diseases like high blood pressure, diabetes, autoimmune disorders, thyroid diseases, and certain types of cancer, and the case for reliable, affordable care is strong.

Keeping up with vision health needs is a win for the workforce as well. Have you ever had a day where a lingering headache or itchy eyes made it tough for

you to stay focused at work? You’re not alone. In fact, VSP reports that a staggering 90% of American workers say “visual disturbances” – anything from eye fatigue, dry eyes, to untreated myopia – greatly impact their productivity and performance at work.

“It’s very clear that employees in today’s workforce need and want vision coverage for themselves and their families,” Kinney said. “And employers are smart. They understand that providing that coverage and keeping their employees happy, engaged and productive is in the best interest of their business.”

One-stop shopping for dental and vision coverage

With DeltaVision, it’s easy to offer both dental and vision benefits to your employees. One enrollment process, one account representative, one ID card for your employees, one website and customer service team, one payment.

Plus, with thousands of in-network providers -more than 200 in Rhode Island alone! -- it’s easy for employees to get in-network eye care. DeltaVision members can also get care and eyewear at popular retailers like Walmart®, Costco®Optical, Pearle VisionSM and Visionworks® and can expect to see an average of $600 in annual savings on eye care and eyewear, and even more savings on additional pairs of glasses or sunglasses, laser vision correction surgery, hearing aids, hearing aid batteries and more.

“We designed DeltaVision to give employers a range of customizable, high-quality, affordable vision options to enhance their organizations’ health benefits packages, all from a company Rhode Islanders already know and trust,” Kinney said. “High-quality vision plans are a great way to

Cannabis firms warned about financial hurdles

BY CLAUDIA CHIAPPA | Chiappa@PBN.com

cannabis-related businesses are opening throughout the state ahead of Rhode Island’s official legalization of recreational marijuana sales, but specialized accountants are warn ing enthusiastic business owners not to neglect an important piece of the puzzle: the financial books.

Coming Dec. 1, dispensaries in the state will be able to sell cannabis for adult recreational use, but with federal laws still branding the businesses as illegal, there are many hurdles that companies in other sectors don’t face. While financial literacy is vital for any business, it is particularly important for cannabis-related ones because of the complexity of the industry.

“It’s probably the most compli cated industry that exists out there,” said Mitzi Keating, a certified public accountant with Citrin Cooperman & Co. LLP and co-leader of its cannabis advisory services practice. “This is a very difficult business to make money in.”

At the federal level, section 280E of the Internal Revenue Code prohibits business deductions in companies involved with the trafficking of certain controlled substances, including mari juana. Because of companies’ inability

to deduct expenses such as marketing or salaries, cannabis-related business es are often taxed at much higher rates than other businesses.

When added to growing competition and the reluctance of many banks to work with cannabis businesses, these limitations can cut deeply into profits.

“Because of 280E and the tax struc ture we work under, there’s heavy tax burden on the industry,” said Chris topher DeSimone, vice president of finance at the Massachusetts-based Solar Therapeutics Inc., which is readying to open its first Rhode Island location in Warwick.

So what can businesses do to avoid running into financial problems?

“Setting up their books and records at the very beginning is extremely important because they have to be able to figure out upfront what to include,” said Steven Monacelli, a certified pub lic accountant at Withum Smith+Brown PC in Providence.

Monacelli leads the cannabis division and said his team sees many companies make costly mistakes when setting up their businesses, from not raising enough capital to neglecting the economic model. Keating has a similar experience.

“There’s a huge need for a financial component to the business plan from the very beginning,” Keating said. “We’ve been in the cannabis industry from the financial side for five or six years at this point. We’ve seen many businesses come and go and fail.”

It is something that Keating sees all the time: businesses focus all their attention on obtaining a license, with out setting up their finances at the very beginning, and ultimately find themselves with inaccurate tax filings and scrambling to pay their way out of a “disaster.”

Another common mistake, Mo nacelli says, is not hiring the right professional team. With laws and the market constantly changing, it can be hard for businesspeople at the begin ning of their journeys to know what to do. Monacelli and Keating say it is not just important to hire an accountant, but an accountant with specialized knowledge in the industry.

“It’s unfortunate because we see a lot of businesses that don’t have that guidance from the beginning are the ones that struggle and oftentimes may end up needing to close their doors,” Keating said.

With the industry on the verge of significant growth, Keating said she would not be surprised to see a rising numberof accountants navigate to ward the industry.

Jason Webski, a spokesperson for Sweetspot Dispensary, is very familiar with the financial challenges that come with operating a cannabisrelated business. Sweetspot recently opened a delivery-only location in South Kingstown, but it already oper ates in three other states. Sweetspot relies on a chief financial officer who often collaborates with accountants with cannabis experience in each state where they operate.

“You bring in professionals that have been doing it for a while in can nabis,” Webski said. “There’s accoun tants that have a lot of experience and understand what can and can’t be deducted.”

Some of these challenges are only bound to worsen.

Before the legalization of recre ational marijuana, there were only three dispensaries open in Rhode Island. With such a large control over the market, Keating said, surviving this tax burden was easier. But with more players entering the field – the state estimates seven retail outlets will be ready to open come December and another two by April next year –things might look different.

“If your margins start deteriorat ing because there are more players and more competition in the market place, it’s going to be harder for you to cover all of your costs,” Keating said.

MITZI KEATING, Citrin Cooperman & Co. LLP accountant

In recent years, some states have attempted to work around the limi tations of 280E. In Massachusetts, legislators recently passed a bill to decouple the state’s tax laws from federal tax code Section 280E, 10 years after the state legalized medical can nabis. Other states have taken similar actions. In Rhode Island, enacting similar legislation should be “the next move,” Keating said. n

SPECIAL EXPERTISE: Steven Monacelli, an accountant with expertise in cannabis at With um Smith+Brown PC in Providence, with Brittany Crosi, marketing coordinator. PBN PHOTO/ MICHAEL SALERNO

‘There’s a huge need for a financial component to the business plan.’

Cryptocurrency hasn’t been easy on auditors

BY NANCY LAVIN | Lavin@PBN.com

AS CRYPTOCURRENCY INVESTORS rode the digital cur rency rollercoaster over the last several years, Claire M. Iacobucci was right alongside them.

As partner and director of audit and quality control for Kahn, Litwin, Renza & Co. Ltd., Iacobucci knew the volatile market made her difficult job that much harder.

In her words, it was “an account ing nightmare.” That’s because companies have reported the values of digital assets not based on their actual, current value, but the amount at which they were purchased, ad justed downward every time prices dipped. Take something such as Bitcoin, which has seen dramatic price fluctuations, and tracking those impairments for a company with dozens of coins – each of which has its own unique cost – could become all-consuming.

But relief is on the way, with new federal guidance that would

make it easier for public and private companies – and their accountants and auditors – to report their digital assets in financial disclosures. The recommendations by the Federal Ac counting Standards Board published on Oct. 12 call for classifying certain cryptocurrencies at fair value, rather than the “indefinite-lived, intangible asset” class that prior federal guid ance had suggested.

While not officially adopted, the initial board recommendations, which were made unanimously, have sent shockwaves through the

OPPORTUNITY AHEAD? Boyd E. Foster Jr., partner at Feeney, Foster & Cava nagh CPAs LLC, says recommendations by the Federal Accounting Standards Board that would ease tracking the value of cryptocurrency held by businesses may allow his firm to take on corporate clients that have those assets.

PBN PHOTO/MICHAEL SALERNO

2021: 1 Kahn, Litwin, Renza & Co.Ltd. 1 | kahnlitwin.com

Alan H.Litwin, managing director 2

2021: 2

DiSanto, Priest &Co. | disantopriest.com

Emilio N.Colapietro

951 North Main St. Providence, R.I.02904 (401)274-2001 109 215

117 Metro Center Blvd. Warwick, R.I.02886 (401)921-2000 48 95

Cybersecurity, outsourcing, international tax, recruiting, tax and accounting, technology consulting, transaction advisory

Accounting, tax and business advisory services for privately held businesses and their owners and operators

2021: 5

2021: 4

MarcumLLP 3 | marcumllp.com

ThomasLisiandMichaelTikoian, managing partners

144 Westminster St. and 155 South Main St., No. 100 Providence, R.I.02903 (401)600-4600

38 128

Traditional tax, accounting, and assurance services; financial, risk, and transaction advisory services; valuation, forensic and litigation services; technology consulting and managed services 4

Sansiveri, Kimball & Co.LLP | sansiveri.com JasonDaPonte

2021: NL

50 Holden St. Providence, R.I.02908 (401)331-0500

36 62

Audit and accounting, business consulting and valuation, financial planning, forensic services, tax consulting and compliance 5

1 Financial Plaza Providence, R.I.02903 (401)421-6600 30 114

Accountancy, audit, tax and advisory 6

2021: 6

KPMGLLP | kpmg.com DonaldZambarano

Citrin Cooperman | citrincooperman.com Peter T.Brown, managing partner, Providence office

PKF O'Connor DaviesLLP | pkfod.com NedMcCrory, Providence office managing partner

500 Exchange St., Suite 9-100 Providence, R.I.02903 (401)421-4800 25 63

Business consulting, data and risk security, outsourced and chief financial officer advisory services, solutions-based attest, tax, audit 7

2021: 10

2021: 7

CliftonLarsonAllenLLP | CLAconnect.com JessicaPlatt, office managing principal

2021: 8 Weinberg & Co.LLP | weinbergcpas.com CarlWeinberg, managing partner

40 Westminster St. Providence, R.I.02903 (401)621-6200 21 36

1 Capital Way Cranston, R.I.02910 (401)272-5600 20 51

Acquisitions, business consulting, full-service audit and tax, personal wealth and estate planning, state and local tax planning

Accounting, audit, outsourcing, consulting, tax services and wealth advisory

LIST RESEARCHED BY James Bessette

NEED A COPY?

To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

300 Centerville Road, Suite 350W Warwick, R.I.02886 (401)737-6300 18 34

2021: 13 Mullen Scorpio Cerilli | mullenscorpiocerilli.com AnthonyScorpio, managing partner 67 Cedar St. Providence, R.I.02903 (401)751-3860 9 14

11 2021: 13 Sinel,

Accounting, auditing, business consulting, national and international acquisitions, and tax planning and preparation

UPCOMING LISTS Nov. 25: Family-owned Businesses, Rhode Island Distilleries, Breweries, Vineyards, Women-run Businesses; Dec. 9: Commercial Real Estate Brokerage Firms – Rhode Island and Bristol County, Mass., Foreign-owned Companies, International Tax Preparers

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931 Jefferson Blvd.,

Suite 3006 Warwick, R.I.02886 (401)463-8600

NL = Not listed last year.

FOOTNOTES

j Also known as KLR.  Alan H. Litwin will retire at the end of 2022. Paul Oliveira has been named Litwin’s successor and will become the accounting firm’s CEO on Jan. 1.

Piccerelli, Gilstein & Co. in Providence merged with Marcum LLP on July 5, 2022.

CONTINUED FROM PAGE 21

accounting sector.

“It’s a big sigh of relief,” said Mark Eckerle, team leader of digital currency and blockchain technology for Withum Smith +Brown PC, which took over Restivo Monacelli LLP in Providence last year. “It’s going to make everyone’s lives so much sim pler and easier.”

That includes the accountants who calculate and study companies’ financial disclosures.

Rather than slog through a dizzy ing set of devaluations to confirm a cryptocurrency’s value as an intan gible asset, under fair-value report ing, all they have to do is check the current market price.

Iacobucci also anticipates fewer “unpleasant conversations” with corporate audit clients whose draft disclosures did not follow the com plex reporting guidance for intan gible assets.

“I think the allure caused some companies with excess cash to invest [in cryptocurrencies] but they didn’t necessarily think about the account ing piece of it,” Iacobucci said.

These clients weren’t exactly overjoyed when Iacobucci told them their statements were wrong.

“It’s not a good mark for a com pany controller or [chief financial officer] to be told they have to make adjustments, especially that bring the value of their assets down,” she said.

The change would also make it

easier for investors or members of the public to understand a company’s true financial standing, says Kevin Keane Jr., financial services man ager for PKF O’Connor Davies LLP

The prior classification of crypto currency assets could be “mislead ing,” making a company’s balance sheet look weaker than it actually was, Keane said.

Keane’s big corporate clients – he declined to identify them – were already excited by the prospect of boosting their balance sheets simply by changing the reporting standards, although exactly when the guidance will be codified is still unknown.

Large firms such as PKF O’Connor Davies, Marcum LLP and KLR plunged into the murky waters of cryptocurrency audits years ago, but smaller practices tended to steer clear. Accountants love rules, and some were leery of the lack of formal guidance around how to report digi tal assets, Keane said.

Among them was Feeney, Foster & Cavanagh CPAs LLC, which does not have any corporate auditing clients with digital assets, according to Boyd E.Foster Jr., a firm partner who also serves on the board of directors for the Rhode Island Society of Public Accountants

But the FASB recommendations opened the door for Foster’s firm to consider taking on corporate clients with digital assets.

“Even though it’s still prelimi nary, I think we would be a lot more comfortable just having that kind of direction,” Foster said.

Keane also thought the new recom mendations might boost corporate interests in buying and holding cryptocurrency.

“It gives people a better under standing of what they are getting into,” Keane said. “I see more people being involved and actively trading, and not just investment companies but also not-for-profits, foundations, whatever it may be.”

Iacobucci, though, was skeptical it would make much difference in whether a company decides to buy cryptocurrency, especially in New England where, in her firm’s experi ence, a smaller proportion of com panies have digital assets on their balance sheets.

How volatile investments such as Bitcoin are performing at the time the final codification comes out may also influence the level of interest, she said.

“The ruling definitely will make it more acceptable and easier for companies to hold cryptocurrency, but at the same time, the recent fall of Bitcoin has kind of meant the luster is wearing off,” Iacobucci said. “If it comes back up, that could be a differ ent story.” n

WELCOMES

PRESENTING SPONSOR

MARK ECKERLE, WithumSmith + Brown PC team leader of digital currency and blockchain technology

INVESTMENTS/RETIREMENT PLANNING

than the riskier growth stock options.

Now 2½ years later, Siperstein is slowly shifting money away from alternative investments and back into the bond market, focusing on those newly appealing investment-grade bonds, short-term treasury bills and corporate credits.

A gradual shift is the key.

While planners and companies differed in their approaches to the bear market, all agreed that dramatic, emotion-driven investment changes invite financial dangers.

Matthew M. Neyland, chief invest ment officer for SK Wealth Manage ment LLC in Providence, likened it to trying to catch a falling knife.

“Investors have a temper tantrum during these kinds of periods,” Ney land said. “It’s very easy to get caught in this trap of ‘do this, do that’ as op posed to just being patient.”

Still, the “generational shift” Neyland saw unfolding in the stock market was going to require some changes in strategy.

“The volatility shocks we’re seeing are much more frequent than in years past,” Neyland said.

Bear market prompting some changes in strategy

BY NANCY LAVIN | Lavin@PBN.com

typical seesaw relationship between stocks and bonds has been flipped on its head, with historic losses in both sending investors into a tailspin.

The knee-jerk reaction might be to pull money out of stocks and bonds and stuff fistfuls of cash under the mattress instead. But financial planners say even the current economic downturn offers investing opportunities; they just might not be what you’d expect.

Take, for instance, short-term trea sury bonds. These government-backed securities are often a small but unin teresting part of a client’s portfolio; there’s minimal risk, but also usually minimal return.

Not anymore.

Interest rate hikes have driven up the yield on short-term treasury bonds to 4.5% as of mid-October – the highest return since the 2008 recession.

“We’ve just never seen short-term interest rates so high,” said Peter R. Phillips, senior vice president and chief investment officer for Washing ton Trust Wealth Management, an arm of Westerly-based bank The Washing ton Trust Co. “It can be a good place to kind of park some of your money.”

Washington Trust hasn’t yet shifted more of its clients’ money into shortterm government bonds, which it usually does by way of money market funds rather than direct treasury investments.

But it’s made it easier for Phillips to persuade clients to invest even a small amount into these types of fixed assets.

“Maybe last year you begrudgingly said OK when the market was still going up, but there was some risk on the horizon,” Phillips said. “Now, in hindsight, you see it worked, that you can get a return on that investment.”

Phillips thought it was still too early to start shifting clients’ assets around. But others are making moves.

That includes Jason Siperstein, president of Eliot Rose Wealth Manage ment LLC in West Warwick.

As interest rates approached 0% at the beginning of the pandemic, the firm cut in half the percentage of bond investments in clients’ portfolios.

Instead, that money was put into “al ternative investments” such as private credit facilities and dividend stocks, which guarantee regular – albeit lower –payments to shareholders rather

ON THE MOVE:

These dramatic peaks and valleys, combined with the availability of computer-driven trading products, are redefining the rules around investing.

Neyland said tax-loss harvest ing – selling declining assets to offset capital gains taxes – is one example of an increasingly popular invest ment trend he thinks is here to stay. Certain types of company stocks will also become more appealing, specifi cally in sectors such as energy and consumer goods that are profitable in various economic climates.

Indeed, while some financial planners are shifting away from the stocks, Gregory M. Young, principal of Ahead Full Wealth Management LLC in North Kingstown, saw opportunity in the plunging market.

While Young typically advises cli ents to keep an 80-20 ratio of stocks to bonds, these days he’s pushing a more aggressive strategy of 90% or even 100% equity through exchange-traded and mutual funds.

“The popular opinion is that value investing is dead,” Young said. “I don’t agree. Now is the time to buy, to shorten the max drawdown.”

It helps that Young’s investors are younger, in their prime working years, which aligns with an aggres sive investment strategy better than for clients at or approaching retire ment age.

But on the flip side, Young said his most “risk tolerant” clients were the few older outliers.

“Our risk tolerance appetite is so caught up in the news headlines, or the way we were raised, more than anything,” he said.

Though Young’s approach differed from some of his counterparts in the industry, he didn’t think one was better than the other. The important thing, he said, is to have a plan and stick to it.

“There’s always going to be some news highlight,” he said. “Good advis ers have rules. It doesn’t matter what the rules are, you just have to follow them.” n

The situation with the finan cial markets has Jason Siperstein, president of Eliot Rose Wealth Management LLC, shifting the asset makeup of his clients’ portfolios lately.

PBN PHOTO/MICHAEL SALERNO

‘We’ve just never seen short-term interest rates so high.’

PETER R. PHILLIPS, Washington Trust Wealth Management senior vice president and chief investment officer

Morgan Stanley Private Wealth Management

One Financial Plaza, 19th Floor Providence, RI 02903   401-863-8410 Patrick.T.LeBeau@morganstanleypwm.com

PRIVATE WEALTH MANAGEMENT BOUTIQUE

The Westminster Group

JOHN BERKERY

Executive Director, Private Wealth Advisor, Portfolio Manager

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Executive Director, Private Wealth Advisor, Portfolio Manager

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PATRICK

T. LEBEAU, ADPA®,

Executive Director, Private Wealth Advisor   JASON HANTMAN

CFP®

Senior Vice President, Private Wealth Advisor, Portfolio Manager

LAURA LEONE

Registered Client Service Associate BRITTNEY LAFLEUR Client Service Associate

The Westminster Group at Morgan Stanley Private Wealth Management combines the vast resources of a global financial services firm with the individualized services of an investment boutique to address the planning, governance, liability management and investing needs of ultra high net worth families, their business and philanthropic enterprises. Our goal is to help preserve and grow your financial, family, and social capital so that it can have a positive impact today and for generations to come.

Drawing on a deep understanding of your financial life, our client advisory team of seven highly experienced professionals can:

• Manage investments with an unwavering focus on your financial strategy and personal goals.

• Create comprehensive, multigenerational wealth management plans based on your needs, challenges and the values that guide your life and legacy.

• Simplify financial complexity to help you achieve clarity and control.

*Morgan Stanley and its Financial Advisors do not provide tax advice. Individuals should seek advice based on their particular circumstances from an independent tax advisor. CFP Board owns the marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the U.S. © 2022 Morgan Stanley Private Wealth Management, a division of Morgan Stanley Smith Barney LLC. Member SIPC. NMLS ID:652712 CRC 5052570 11/22

*Morgan Stanley and its Financial Advisors do not provide tax advice. Individuals should seek advice based on their particular circumstances from an independent tax advisor. CFP Board owns the marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the U.S. © 2022 Morgan Stanley Private Wealth Management, a division of Morgan Stanley Smith Barney LLC. Member SIPC. NMLS ID:652712 CRC 4801516 07/22

www.pbn.com

PATRICK T. LEBEAU, ADPA®, CFP®

Executive Director, Private Wealth Advisor

IN

2021:

2021: 6

2021: 2 ScottC.Donnelly |Textron Inc. Chairman, CEO and president

2021: 5

2021: NL

2021: 4

2021: 10

JonathanC.Roberts |CVS Health Corp. Executive vice president and chief operating officer

ShawnM.Guertin |CVS Health Corp. Executive vice president and chief financial officer

BruceVan Saun |Citizens Financial Group Inc. Chairman and CEO

Dr.AlanM.Lotvin |CVS Health Corp. Executive vice president and president of CVS Caremark

2021: 7 EvaC.Boratto 2 |CVS Health Corp. Executive vice president and chief financial officer

$23,714,681 $16,668,010 $1,763,846 NA $719,060 $11,400,047 $4,527,728 $5,163,633 $140,367 42% $428,700,000 93%

$20,388,412 $11,307,916 $1,429,167 NA $343,258 $9,749,990 $3,249,997 $5,616,000 NA 80% $7,898,000,000 10%

$18,576,014 $17,770,781 $1,236,000 NA $92,975 $10,500,442 $3,011,625 $369,000 $95,972 5% $746,000,000 141%

$15,354,581 $13,001,121 $1,237,500 NA $230,094 $7,499,993 $2,499,994 $3,887,000 NA 18% $7,910,000,000 10%

$14,339,230 NA $738,636 $1,000,000 $15,615 $8,249,980 $1,749,999 $2,585,000 NA 100% $7,898,000,000 10%

$12,430,076 $14,335,323 $1,487,000 $2,928,900 $173,264 $7,840,912 NA NA $0 -13% $2,319,000,000 119%

$11,011,560 $7,472,175 $962,500 NA $230,094 $5,249,995 $1,749,900 $3,887,000 NA 47% $7,898,000,000 10%

$9,885,690 $8,921,153 $933,333 NA $439,368 $4,499,996 $1,499,993 $2,513,000 NA 11% $7,910,000,000 10%

CLOSER LOOK Ranked by salary: 1

Brian Goldner, Hasbro Inc. Salary: $1,763,846 2

Bruce Van Saun, Citizens Financial Group Inc. Salary: $1,487,000 3

Karen S. Lynch, CVS Health Corp. Salary: $1,429,167

$8,793,264 NA $843,750 NA $90,539 $8,249,980 $1,437,498 $2,109,000 NA 100% $7,898,000,000 10% 10

2021: NL TroyenA.Brennan |CVS Health Corp. Executive vice president and chief medical officer

$8,403,365 $8,864,168 $1,200,000 NA $16,258 $5,099,971 NA $2,087,136 NA -5% $149,000,000 NA 11

2021: 8 StevenL.Spinner 3 |United Natural Foods Inc. Former chairman and CEO

2021: 11 DavidMaher |Acushnet Holdings Corp. CEO and president $8,092,225 $6,793,749 $1,000,000 NA $47,785 $3,500,068 NA $2,100,000 $1,444,372 19% $184,240,000 84%

2021: 12 FrankT.Connor |Textron Inc. Executive vice president and chief financial officer

2021: 14 JeffreyJ.Cote |Sensata Technologies Inc. CEO and president

2021: 13

JohnFrascotti |Hasbro Inc. Former president and chief operating officer

2021: 15 DeborahM.Thomas |Hasbro Inc. executive vice president and chief financial officer

2021: 19 GeorgeT.Papanier |Bally's Corp. 4 President of casinos and resorts

2021: NL LeeD.Fenton |Bally's Corp. 4 CEO

$7,272,471 $6,516,717 $1,000,000 NA $74,912 $3,096,153 $888,025 $1,963,000 $250,381 12% $746,000,000 141%

$6,798,263 $5,918,134 $953,250 NA $37,971 $4,600,088 NA $1,206,954 NA 15% $363,580,000 121%

$6,441,443 $6,335,301 $1,100,000 $458,334 $239,000 $3,300,110 $1,310,675 NA $33,324 2% $428,700,000 93%

$6,010,406 $5,867,172 $1,005,769 NA $227,394 $2,250,091 $893,640 $1,600,000 $33,512 2% $428,700,000 93%

$5,678,459 $3,601,428 $940,458 $950,000 $19,601 $3,768,400 NA NA NA 58% ($71,799,000) NA

$5,571,229 NA $275,000 $939,817 $18,267 $4,338,145 NA NA NA 100% ($71,799,000) NA

JohnF.Woods |Citizens Financial Group Inc. Vice chairman and chief financial officer $4,836,566 $5,412,900 $700,000 $1,105,000 $26,015 $3,005,551 NA NA $44 -11% $2,319,000,000 119%

$1,065,000

LIST RESEARCHED BY James Bessette

NEED A COPY?

To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

UPCOMING LISTS

Nov. 25: Family-owned Businesses, Rhode Island Distilleries, Breweries, Vineyards, Women-run Businesses; Dec. 9: Commercial Real Estate Brokerage Firms – Rhode Island and Bristol County, Mass., Foreign-owned Companies, International Tax Preparers

WANT TO JOIN?

For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 680-4838 or write to Research@PBN.com.

NL = Not listed last year.

FOOTNOTES

j Brian Goldner died Oct. 11, 2021.

 Eva C. Boratto resigned on Dec. 1, 2021.

 Steven L. Spinner retired from CVS Health Corp. on Feb. 1, 2021.

 Richard S. Stoddart took over briefly as CEO after Brian Goldner’s death in October 2021.

Nonequity incentive plan comp. Change in pension value and deferred comp. Change in comp. 2021 co. earnings Change in earnings

3 BrianGoldner 1 |Hasbro Inc. Former chairman and CEO

KarenS.Lynch |CVS Health Corp. CEO and president

FLAGS

of the damage they suffer. There is the financial part and there is the emotional impact of having been de frauded. It makes you lose confidence in yourself and in your judgment of other people. It can really shake you.”

The most well-known financial crime is the Ponzi scheme. Fraud sters pay existing investors not with dividends, but with money from new recruits. Eventually, the scheme col lapses.

According to Ponzitracker.com, 34 Ponzi schemes were discovered by U.S. authorities in 2021, representing roughly $3.8 billion in investor funds.

In recent years, Rhode Island has seen its share of investment scams.

One example is Monique Brady, an East Greenwich businesswoman who defrauded dozens of people, including friends and family members, out of millions of dollars through a fraudu lent real estate company. She was sen tenced in 2020 to eight years in federal prison and ordered to pay $4.8 million in restitution to 23 victims.

Vilker, who worked on the Brady case, sees common traits among people who attempt to pull off invest ment fraud.

“These were people who were very close to her,” he said. “These [crimi nals] are gifted at understanding their mark. They are very good at what they do.”

That’s why intelligence and savvi ness aren’t enough to protect potential victims. Vilker says he has seen vic tims who were sophisticated business people and professionals, including lawyers. “These are very intelligent people who are by no means naïve in nature,” he said.

Federal prosecutors say Thomas Huling, of West Warwick, was able to dupe people with a promise of 450% returns in 40 days. Between 2008 and 2018, he allegedly raised more than $14 million from investors who thought they were putting money into a wide range of enterprises such as bond trad ing platforms, car emissions-reduction technology and marketing companies.

Prosecutors allege Huling, 58, built trust by incorporating religion and “charitable good works” to boost his credibility, diverting money to fund a lifestyle that included luxury vehicles, country club memberships, gambling and vacations. The scam caused more

than $6 million in losses for his vic tims, according to court documents.

Huling pleaded guilty to wire fraud and tax evasion in September and is scheduled to be sentenced in federal court in December. He faces a maxi mum of 25 years in prison.

On the state level, the R.I. Office of the Attorney General also prosecutes financial fraud.

Warwick attorney Vincent Mitchell was prosecuted under state statute for defrauding clients in an estate plan ning scam perpetrated between 2014 and 2017, where he set up a limited liability corporation to accept funds that were used for gambling and to fuel his drug habits, according to state prosecutors. Mitchell was sentenced in 2019 to 20 years, with eight years to serve.

Mitchell was also ordered to pay $1.3 million in restitution to his vic tims. He was paroled in January.

Brian Hodge, spokesman for the attorney general’s office, says many of these schemes target the most vulner able populations, such as the elderly. Some of Mitchell’s clients had passed away before he was sentenced.

“The attorney general’s Elder Abuse Unit frequently works on cases where individuals who are supposed to be taking care of an elderly person instead take advantage of the access and trust [they accrued],” he said.

Financial advisers say there are warning signs that can help people avoid being scammed.

First, there is no such thing as a guaranteed return, and those who claim otherwise should be looked upon with suspicion, said John Mullen, portfolio manager with Parsons Capital Management Inc. in Providence.

“Anytime you see something even approaching a guaranteed return, the first [red] flag should be going up right then,” he said. “Anyone that wants to promise a return is already on shaky ground.”

Another red flag is the promise of speed, a hallmark of financial scams that play on investors’ dreams of real izing quick profits.

“If it’s a quick return, they are

either taking on a huge amount of risk through leverage, or someone needs to get cash in the door to pay off another scam,” Mullen said.

A third warning sign is the prom ise of a massive return. Brady prom ised 50% of the profits made would go to her investors.

“Charm or being personable certainly makes it easier to do these kinds of things,” Mullen said. “When you put dollar signs in front of people, they can lose their judgment.”

Even after conviction, the judicial

process is often far from over, Vilker says. Getting restitution for scammed investors can go on for years. The office has a financial litigation unit dedicated to tracking down assets. But often, there is nothing left.

“There are cases where we are able to find assets, and we will work aggressively to get money to the vic tims,” Vilker said. “But in my experi ence, there are far more cases where there is little to no money that exists at the time the defendant is sentenced because they spent it all.” n

PARTNER SPONSOR

‘These [criminals] are gifted at understanding their mark.’

LEE H. VILKER, head of the criminal division at the U.S. Attorney’s Office in Rhode Island

SCAM STOPPERS: Lee H. Vilker, head of the criminal division at the U.S. Attorney’s Office in Rhode Island, helps prosecute people accused of defrauding others through investment schemes.

PBN PHOTO/MICHAEL SALERNO

FOCUS

2021: 1

2021: 6

4

5

2021: 7

6

2021: 8

7

MANAGERS

wealth officer

Edward D. Jones & Co.LP | edwardjones.com

John E.Leary, principal, financial adviser and region leader

Professional Planning Group | ppgadvisors.com MalcolmMakin, founder, CEO and president

Parsons Capital ManagementInc. | parsonscapital.com JohnMullen, president;BatesParsons, treasurer;JohnTrevor, secretary

Rockland Trust Co. | rocklandtrust.com

David B.Smith, managing director and chief investment officer

Endurance Wealth Management | endurancewealth.com J.MichaelCostello, managing partner

Corrigan FinancialInc. | corriganfinancialinc.com DanielCorrigan, president

(ranked by total assets for local accounts under local management)

CLOSER LOOK

23 Broad St. Westerly, R.I.02891 (800)582-1076

469 Angell St. Providence, R.I.02906 (401)751-4599

9 Granite St. Westerly, R.I.02891 (401)596-2800

10 Weybosset St. Providence, R.I.02903 (401)521-2440

10 Memorial Blvd., Suite 902 Providence, R.I.02903 (401)273-4093

101 Dyer St. Providence, R.I.02903 (401)854-0993

747 Aquidneck Ave. Middletown, R.I.02871 (401)849-9313

$3.7 bil. 11,600

$1.6 bil. 1,526

$1.6 bil. NA

$1.2 bil. 1,324

$1.1 bil. 800

$1.1 bil. 1,045

Full-service financial services

61 1922

Wealth management, investment management, charitable giving, estate planning NA 18 1975

Investment management and financial planning NA NA 1993

Full range of financial planning and wealth-management services

Nine additional offices. 22 1907

Investment management, wealth management NA 10 2009

Investment management, personal financial planning, tax preparation NA 27 1989

Total assets under management: $19.2 billion

LIST RESEARCHED BY James Bessette

NEED A COPY?

To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

UPCOMING LISTS Nov. 25: Family-owned Businesses, Rhode Island Distilleries, Breweries, Vineyards, Women-run Businesses; Dec. 9: Commercial Real Estate Brokerage Firms – Rhode Island and Bristol County, Mass., Foreign-owned Companies, International Tax Preparers

8

2021: 10

Capital Wealth Management | capitalwealthllc.com Lee A.Duckworth, CEO and president

Brown Lisle CummingsInc. | brownlc.com David A.Izzi, president

1300 Division Road West Warwick, R.I.02893 (401)885-1060

1 Turks Head Place, Suite 800 Providence, R.I.02903 (401)421-8900

$915 mil. 661

$900 mil. 1,500

10

11

12

2021: 14

13

14

2021: 17

StrategicPoint Investment Advisors | strategicpoint.com DerekAmey, partner and portfolio manager;BetseyPurinton, managing partner and chief information officer; RichardAnzelone, partner and chief commercial officer

Van Liew TrustCo. | vanliewtrust.com AlfredVan Liew, founder

F.L. Putnam Investment ManagementCo. | flputnam.com ThomasFay, regional president, Providence

294 West Exchange St. Providence, R.I.02903 (800)597-5974

1 Regency Plaza Providence, R.I.02903 (401)272-2510

Investment advisory services, portfolio management for individuals and institutions, retirement and financial planning

NA 14 1912

401(k) and retirement plan fiduciary consulting, wealth management NA 16 1989 9

$663 mil. 640 Investment management, financial planning, insurance services East Greenwich 13 1989

WANT TO JOIN? For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 680-4838 or write to Research@PBN.com.

NL = Not listed last year.

FOOTNOTE j Financial figures for assets under management are based on accounts that are located in Rhode Island and/or Bristol County, Mass.

10 Weybosset St. Providence, R.I.02903 (401)861-0424 $616.3 mil. 762

AnnAptaker, managing director 951

North Main St. Providence, R.I.02904 (401)274-2001

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Washington Trust Wealth Management® is a registered trademark of The Washington Trust Company, which has licensed its use to its parent, affiliates, and subsidiaries, including Washington Trust Advisors, Inc. Investment products are offered through Washington Trust Wealth Management. Non-deposit investment products are: not deposits; not FDIC insured; not insured by any federal government agency; not guaranteed by the Bank; may go down in value.

Left to right: PETER R. PHILLIPS, CFA®, CAIA, Senior Vice President and Chief Investment Officer; THOMAS BEIRNE III, CFP®, Vice President, Senior Wealth Officer and Business Development Manager; KATHLEEN A. RYAN, Esq., Executive Vice President and Chief Wealth Management Officer; HOLLY M. KNOTT, CFP®, Vice President and Senior Wealth Planning Officer; KIMBERLY I. MCCARTHY, Esq., Senior Vice President and Chief Wealth Client Services Officer; KENT W. GLADDING, CPA, Chief Investment Strategist and Principal Portfolio Manager; BARRY S. PARKS, CTFA, Assistant Vice President and Wealth Planning Officer; PETER J. SECRIST, Senior Vice President, Managing Director and Principal Portfolio Manager

BEACONPOINT WEALTH ADVISORS, A FINANCIAL

ADVISORY PRACTICE OF AMERIPRISE

ameripriseadvisors.com/team/beacon-point-wealth-advisors

CARRIE SOLVES PROBLEMS and provides solutions to intricate financial situations for her clients.

As a Chartered Retirement Plan Specialist, Carrie advises business owners with retirement plan strategies designed to maximize impact for both owners and their staff. Employee education and support is incredibly important to her as she believes that financial education belongs within reach for everyone. She offers a financial wellness program for her retirement plan participants and invites them to consult with her as needed.

Working with women undergoing divorce is another focus of her practice and is impactful to provide realistic expectations post-settlement. Her own divorce experience as a young mother practically bankrupted her, so she is committed to helping others make informed decisions regarding their new financial situation.

Financial Advisor, Certified Divorce Financial AnalystTM

BeaconPoint Wealth Advisors, a financial advisory practice of Ameriprise Financial Services, LLC 401.824.2557 carrie.mcpherson@ampf.com ameripriseadvisors.com/ team/beacon-point-wealth-advisors

YEARS IN CURRENT INDUSTRY 14

YEARS WITH CURRENT ORGANIZATION 4

EDUCATION

University of Rhode Island B.A., History & Political Science

During the pandemic, Carrie achieved an additional credential as a Chartered Special Needs Financial Consultant®. Having grown up in the role of caregiver to her mother alongside her father, she vividly remembers how difficult each day is for a caregiver and wants to provide a support system to help them prepare for not only their future but also for the day when they are no longer able to provide that care.

Carrie proudly serves on the finance committee for Sojourner House and supports the Dare to Dream Ranch, The Rhode Island Community Food Bank, Comprehensive Community Action Program and Elves for Elders.

She resides in Foster, RI with her husband, two boys and Boxer dogs. She can be found at Briggs Beach as often as possible during the short Rhode Island summer.

Not FDIC or NCUA Insured | No Financial Institution Guarantee | May Lose Value

Ameriprise Financial and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation. Ameriprise Financial cannot guarantee future financial results. Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2022 Ameriprise Financial, Inc. All rights reserved.

EDWARD QUINN

Senior Partner

Commonweath Financial Group 401.463.1307 equinn@financialguide.com commonwealthfinancialgroup.com

YEARS IN CURRENT INDUSTRY 21

YEARS WITH CURRENT ORGANIZATION 14

EDUCATION B.S., Mathematics, Fairfield University; M.B.A., Concentration in Finance and Economics, URI

LEVERAGING THE COLLECTIVE knowledge of the Commonwealth Financial Group team, I will ensure that all stakeholders are on the same page and working toward the same goals. Whether your goals include preparing for milestones like transitioning your business to the next generation, selling to a buyer, or just being able to be financially independent, I promise you the highest level of attention, insight, and capability.

From her roots in the family business to today and her own financial planning business, Martha’s enthusiasm for business grows from a love of ideas, tech, and entrepreneurial spirit. When she isn’t helping people achieve their personal and business financial goals you will most likely find her on the golf course. She calls the South Coast of Massachusetts home and loves its beaches and beauty.

Contact me today to get started on your plan, because as the famous saying goes: “A goal without a plan is just a wish.”

– Antoine de Saint-Exupery

Martha Slaight is a registered representative of and offers securities and investment advisory services through MML Investors Services, LLC. Member SIPC. Supervisory Address: 101 Federal Street, Suite 800, Boston, MA 02110. 617 - 439 - 4389. CRN202511-3314202

ED’S SUCCESS can be attributed to his focus on a client centered practice. He believes each client is completely unique and must be approached with customized solutions. He is passionate about educating his clients in the complex world of financial management and empowers them to make informed decisions.

Prior to joining Commonwealth, Ed was a trust officer at a large New England bank and a VP at Fidelity Investments. A passion for starting his own financial planning practice and a desire to join a firm that focuses on holistic planning has led him to where he is today, he earned his MBA from the University of Rhode Island which he utilizes to assist businesses, retirees, and families.

Ed lives in Cumberland, Rhode Island with his wife Melissa and their two children. When not in the office you will find him spending time with his family and staying active through golf, skiing, and hockey.

Edward Quinn is a registered representative of and offers securities and investment advisory services through MML Investors Services, LLC. Member SIPC. Supervisory Address: 101 Federal Street, Suite 800, Boston, MA 02110. 617 - 439 - 4389.

CRN202511-3314202

CARRIE A. MCPHERSON, CDFA®, CRPSTM, CHSNC®

OPPENHEIMER & CO. INC. | oppenheimer.com

DAVID COLLINS

Director - Investments

Oppenheimer & Co. Inc. 401.331.1932 david.collins@opco.com www.oppenheimer.com

YEARS IN CURRENT INDUSTRY 26

YEARS WITH CURRENT ORGANIZATION 13

EDUCATION

Undergraduate Degree: University of Massachusetts

Connaughton Private owners objectives. through navigating goals in clients management; capital, possible. strategic and tailored financial financial to provide

DAVID OFFERS A two pillared approach to wealth management that integrates goals-based planning and investment management. David helps clients understand their long-term goals and customizes a portfolio stressing tax efficiency, reasonable cost and broad diversification designed to help them realize these objectives and weather short-term fluctuations.

Complemented by Oppenheimer & Co. Inc. investment services, David provides boutique level service at all points in their clients’ financial lives. This holistic approach allows David to develop strategies that reflect the distinctive needs and priorities of each client.

WALTER COOPER

Director - Investments

Oppenheimer & Co. Inc. 401.331.1932 walter.cooper@opco.com www.oppenheimer.com

YEARS IN CURRENT INDUSTRY 39

YEARS WITH CURRENT ORGANIZATION 10

EDUCATION

Undergraduate Degree: B.S., Duke University Graduate School: Masters, University of Rhode Island

more clients work with focus on Group’s services, succession and deserve and address their work towards their clients personal and matter most

WALTER BEGAN HIS CAREER in finance in 1983. He and his assistant, Stacey Arcieri, work to ensure that their clients are confident and comfortable in their relationship with them and with Oppenheimer & Co. Inc.

To accomplish this, they maintain regular client contact, use a measurable and objective reward/risk methodology for portfolio construction, monitoring and analysis. Overall, they use Oppenheimer’s expertise and full complement of services on behalf of their clients – including financial planning, retirement planning, rollovers, annuities, insurance, executive services, and investment/portfolio management.

STEPHEN CONNAUGHTON Branch Manager, Executive Director - Investments

Oppenheimer & Co. Inc. 401.331.1932 stephen.connaughton@opco.com www.oppenheimer.com

YEARS IN CURRENT INDUSTRY 30

YEARS WITH CURRENT ORGANIZATION 18

EDUCATION

Undergraduate Degree: Bridgewater State University Designations: AIF®, AAMS ®

STEPHEN CONNAUGHTON, and his team, The Connaughton Private Client Group, work with individuals, families, business owners and foundations to help meet their unique investment objectives. With their 100+ years of combined investment experience through various market cycles, the group advises their clients in navigating current markets as they keep their longer-term financial goals in perspective.

In seeking to fulfill their mission, they help guide their clients through their lives and its various stages of wealth management; accumulation of capital, management and preservation of capital, and transfer of wealth in the most tax efficient manner possible.

The group draws on the experience of Oppenheimer’s strategic planning partners by offering a collaborative, personal and tailored approach to financial planning, along with comprehensive financial and investment advice.

The team prides itself on helping clients address complex financial issues faced in generational and estate planning and aims to provide their clients with financial confidence.

DAVID VANECH

Executive Director - Investments

Oppenheimer & Co. Inc. 401.331.1932 david.vanech@opco.com www.oppenheimer.com

YEARS IN CURRENT INDUSTRY 16

YEARS WITH CURRENT ORGANIZATION 12

EDUCATION

Undergraduate Degree: B.A., Wesleyan University

DAVID VANECH and his team, The Vanech Group, possess more than 75 years of combined industry experience to provide clients with personalized investment and advisory services. They work with high-net worth individuals, families and institutions to focus on strategies for growing and preserving wealth. The Vanech Group’s focus includes portfolio and strategic wealth advisory services, estate and succession planning strategies, business succession and corporate executive services. The Vanech Group’s clients deserve financial advisors who share their vision, earn their trust and work diligently to uncover strategies that help them address their aspirations. David and his team continuously strive to work towards not only meeting but exceeding expectations; to help their clients live the lives they envision for themselves and to leave personal and philanthropic legacies for the people and causes who matter most to them.

www.pbn.com

PBN SUMMIT | FALL 2022 HEALTH CARE

Panel: Plenty of obstacles to getting access to care

BY CLAUDIA CHIAPPA | Chiappa@PBN.com

SOCIOECONOMIC BARRIERS and workforce short ages are preventing many Rhode Islanders from accessing health care, creating obstacles that par ticularly affect communities of color.

Panelists at the Providence Business News Fall 2022 Health Care Summit on Oct. 27 discussed the crisis that is being felt nationwide and in Rhode Island, where there is a “resource shortage” of about 20%, according to Corey McCarty, senior vice president and general manager of Commonwealth Care Alliance Rhode Island

Some of the worst shortages can be seen in the primary care sector, which lacks funding to attract new workers, and in the nursing sector, where many staffing gaps are filled by travel nurses. In addition, a shortage at clinical sites is creating barriers for medical students because there are fewer people to help with training, said Dr. Thomas Meehan, program director of the physi cian assistant studies program at Johnson & Wales University

Despite the many vacant positions, numerous challenges prevent many workers from entering the field, including access to child care and a lack of competitive salaries. This is especially true for people in communities of color, for whom higher educa tion and high-paying jobs often remain inaccessible.

“As you see in [certified nursing assistant] programs, it is mostly Black and [Latino] people,” said Melissa Husband, chief of staff at Neighborhood Health Plan of Rhode Island. “We are the core folks that are on the ground every day in the homes of the populations that are hardest hit and hardest to serve. And you’re not seeing that progression when it comes to the Black and brown community being able to get those higher-paying jobs.”

A lack of trust is another barrier distancing many Black and brown communities from health care, Husband said. This is a challenge that must be addressed by increasing representation and investing in programs that prioritize communities’ needs.

“Health equity are just words until you genuinely bake it into who you are,” Husband said.

ON PAGE 36

‘This virus is here to stay’

BY CLAUDIA CHIAPPA | Chiappa@PBN.com

people are wearing masks these days, and the CO VID-19 vaccination rates have plummeted. Even President Joe Biden has de clared the pandemic over.

But health care professionals at Providence Business News’ Fall 2022 Health Care Summit warned that the public should not let its guard down, particularly with winter approaching.

“That’s one of the most frequent questions I get asked as an epidemiologist: When will this be over? It’s the wrong question,” Dr. Jennifer Nuzzo, inaugural director of the Pandemic Center at Brown University’s School of Public Health, said during the summit at Crowne Plaza Providence-Warwick on Oct. 27. “This virus is here to stay.”

Nuzzo was joined during one of the panel dis cussions by Dr. Kirsten Anderson, senior medical director for New England at CVS Health Corp./ Aetna Inc.; Dr. LouAnne Giangreco, senior medical director at Blue Cross & Blue Shield of Rhode Island; Dr. Peter Hollmann, chief medical officer of Brown Medicine; Dr. Alexis Kearney, consultant medical

director at the R.I. Department of Health; and Dr. Claire Levesque, chief medical officer of commer cial products at Point 32Health, the parent company of Tufts Health Plan and Harvard Pilgrim Health Care.

The panelists reflected on the primary lessons the state’s health care sector has learned from the pandemic and on the leftover challenges that con tinue to linger today.

While the number of cases and deaths are significantly lower than in the past two years,

need to stay on top of it.’

DR. CLAIRE LEVESQUE, Point 32Health chief medical officer of commercial products

COVID-19 still causes between 300 and 400 deaths per day in the U.S., Nuzzo said. In fact, the nation is on a trajectory to record up to 150,000 deaths from COVID-19 this year, Anderson said.

And most health care professionals agree that the first line of defense remains a vaccine booster.

Nationwide, vaccination rates have dropped drastically, with a booster uptake at around 10%, Anderson said. The numbers look better in Rhode Island, where about 75%-80% of the population has been vaccinated and the booster uptake is about 56%, according to Kearney. But there is still a “huge way to go,” she said.

“We think we’re doing relatively well in Rhode Island, but we need to stay on top of it,” Levesque said.

Vaccine accessibility is one of the main obstacles preventing people from receiving their shots. The panelists said ensuring vaccines are available to everyone and administered at convenient locations is fundamental if the goal is to increase vaccination rates.

Accessibility is particularly important for com

CHALLENGES REMAIN: Melissa Husband, second from left, chief of staff at Neighborhood Health Plan of Rhode Island, discusses some of the difficulties the health care industry is experiencing. Also on the panel at the Providence Business News Fall 2022 Health Care Summit on Oct. 27 are, from left, Dr. Sri Adusumalli, senior medical director for Enter prise Virtual Care for CVS Health Corp.; Corey McCarty, senior vice president and general manager of Commonwealth Care Alliance Rhode Island; and Dr. Thomas Meehan, program director of the physician assistant studies program at Johnson & Wales University.

PBN PHOTO/MIKE SKORSKI

‘We

Brown Medicine physician-scientists are right here in Rhode Island, partnering with hospitals, clinicians and researchers throughout the U.S. and other nations to address many kinds of global health challenges.

From important vaccine and pharmaceutical clinical trials, to serving as the face of public health nationwide and in the Ocean State, our doctors continue to be at the forefront of medicine.

It’s exciting to know our breakthroughs in research help lead to the improvement of healthcare and medical treatments not only locally, but throughout the world.

munities that have been historically underserved in health care. The pan demic has highlighted deeply rooted inequities in the health care system, which the panelists said must be addressed with long-term solutions, not short-term fixes. Making health care accessible and affordable is a big piece of the puzzle, but building trust with communities is just as impor tant, the panelists said.

“It needs to be a system approach,” Giangreco said. “We need to make sure we’re integrating those concepts of health equity into the work we are doing.”

They also discussed the role em ployers play within the health care system. On one hand, they can play an important role in encouraging workers to get vaccinated by paying workers for their time off and allow ing them to stay home in case they experience any side effects.

On the other hand, many employ ers are struggling with a lack of guidance surrounding “long COVID,” which remains in the early stages of research and is partially a mystery to researchers. But with about 1 in 13 people reporting symptoms of long COVID – cases where symptoms last longer than a few weeks – it is impor tant for employers to learn how to support their employees, Giangreco said.

The prevalence of long COVID-19 is creating obstacles not only for em ployers but also for insurers who are unsure how to address it.

“We need to treat this illness like we treat any other illness in the workforce,” Hollmann said. “We have to recognize that it’s an illness and that’s indisputable.”

Despite lingering concerns for the coming months, panelists said the state and the country have learned

a lot from the crisis. Anderson ap plauded how much individuals have learned in the last two years, from masking to vaccines – a “collective knowledge” that she said is “remark able.”

At the same time, Hollmann said he was impressed by the scientific

response.

“I would have never thought 10 years ago that we could have respond ed to an epidemic the way we did,” Hollmann said. “Coming out with the genetic ability to create vaccines, that’s staggering. It’s really amazing what science did there.” n

COVID CONVERSATION: Dr. Claire Levesque, second from right, chief medical officer for commercial products at Point 32Health, the parent company of Tufts Health Plan and Harvard Pilgrim Health Care, speaks during one of two panel discussions at PBN’s Fall Health Care Summit on Oct. 27. Also on the panel are, from left, Dr. Kirsten Anderson, medical director at CVS Health Corp./Aetna Inc.; Dr. Louanne Giangreco, senior medical director at Blue Cross & Blue Shield of Rhode Island; Dr. Peter Hollmann, chief medical officer at Brown Medicine; Dr. Alexis Kearney, consultant medical director for Project Firstline RI, Center for Acute Infectious Disease Epidemiology, R.I. Department of Health; and Dr. Jennifer Nuzzo, director of the Pandemic Center at Brown University’s School of Public Health.

PBN FILE PHOTO/MIKE SKORSKI

Jobs in healthcare are expected to grow 16% through 2030 — adding roughly 2.6 million new jobs to the economy.

The road to a career in the health industry has many paths, including primary care, preventive care, education, administration, policy-making and nutrition. Johnson & Wales’ College of Health & Wellness offers an integrative, multidisciplinary approach to preparing students for health-related careers.

Macho? Manly? Milquetoast?

CONTINUED FROM PAGE 32

Some of the strategies implemented by health care providers to attract and retain workers include grants, tuition reimbursement programs and partnerships with other local entities such as academic institutions.

But these are only part of the equa tion, McCarty said.

“It really needs to be a little bit differ ent as we start to think about some of the root causes of the challenge,” said McCarty, who emphasized shortages in the mental health field and Medi care’s current restrictions limiting access to behavioral health clinicians.

to virtual care, which has in turn ex panded access to care in many cases.

Health equity are just

In the Medicare Advantage popula tion, over half of seniors continue to have at least one virtual appoint ment, said Dr. Sri Adusumalli, senior medical director for Enterprise Vir tual Care for CVS Health Corp. Data shows that over 75% of patients expect virtual care to be an op tion. As virtual care has become more common, its adoption by both patients and staff is growing, Adusumalli said.

Economic hardships are also plaguing the country and rip pling into health care, with high inflation and price increasing affecting access to in surance and eligibility. “This is going to be one of the toughest years we’ve seen in a while,” McCarty said.

While the pandemic has exacerbat ed many problems in the field, it has also reshaped health care’s approach

HUSBAND,

“Historically, virtual care had been episodic and perhaps limited to on-demand, urgent care,” Adusumalli said. “But it’s re ally evolved to encompass the whole spectrum of care.”

While Mc Carty said telemedicine is “never going to replace” traditional care, this widespread acceptance created a new access point to care that never would have existed before, eliminat ing many barriers such as transporta tion. n

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‘

words until you genuinely bake it into who you are.’

MELISSA

Neighborhood Health Plan of Rhode Island chief of staff

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Perry named FBP board president

LAURINE RYAN PERRY, a fine wine key accounts manager for West Greenwich-based Mancini Beverage, was recently appointed the new president for Festival Ballet Providence’s board of trustees. Perry succeeds Alan Weiss, who served as the board’s president since 2019. Perry has been involved with Festival Ballet Providence since 1997 and first joined the board in 2010. The local dance company is the second-largest ballet company in New England, which is known for its annual “The Nutcracker” production.

What attracted you to getting involved with Festival Ballet Providence?

I have had an affinity for dance my entire life. I was a professional dancer, choreographer and teacher prior to going into the wine business. Festival Ballet Providence is not only a home for professionals and performances, but also an exceptional school for all ages and ability levels. [The company] gives the gift of dance and culture on so many levels to so many people.

What are your plans and goals for the organization and how will they be achieved?

There are many plans I would like to see come to frui tion at Festival Ballet Providence. We are currently focusing on new branding developments and looking at a potential expansion in real estate. Festival Ballet is the only full-time resident professional ballet company in Rhode Island, and we will continue to expand our pro grams to the community and the region. We have added many outreach and adult programs, from expanded types of movements to classes for adults with cognitive issues. We are truly innovating the meaning of “ballet.”

What, if any, new performances and productions are slated to be introduced by Festival Ballet Providence?

For the first time, the Festival Ballet Providence has

partnered with the RISD [Rhode Island School of Design] Museum for the very first show of our season, “Off The Wall.” This show pairs choreographers and curators to bring art from the museum’s collection to life by inspir ing brand-new works of dance. In December, we will be returning to our magnificent “Nutcracker” production, which premiered last year to great reviews and ac colades. I’m also proud of our new ProviDANCE after school program, entering its second year in Providence and Pawtucket. This program provides transportation to our studio on our “Ballet Bus.” Our students in this program are so inspired and engaged, this allows us to continue our community outreach that Festival Ballet has done since inception.

Is there optimism that the organization can fully rebound from the COVID-19 pandemic this year? If so, how? Absolutely. By reason of the strong leadership of our executive director, Kathleen Breen Combes, and past President Alan Weiss, we were not only able to survive but come out stronger. We are one of the first organiza tions to do live performances. We mounted a new and highly successful “Nutcracker.” We carefully balanced the opening of our school with safety precautions and are now at higher-than-pre-COVID attendance. n

PEOPLE ON THE MOVE

BANKING

BankNewport is pleased to announce that Cheryl Galloway has been named assistant vice president, community lending officer. In her new role, Galloway is responsible for facilitating the loan process for clients, including first-time homebuyers, reviewing credit reports, income, and assets information, and advising on loan programs that best fit their needs. Galloway brings more than 20 years’ experience in client and customer relationships. She was most recently Director of Admissions at TIMES2 STEM Academy for 10 years. Galloway holds a Bachelor of Arts in Psychology from Charter Oak State College with a concentration in Urban and Community Studies and is fluent in Spanish. A Native of Honduras, Central America, she currently resides in Providence.

BANKING

BankNewport is pleased to announce that Sarah Courtney has been named senior vice president, director of project delivery and business intelligence. In her new role, she will oversee all aspects of project management, process improvement and innovation, and business intelligence/data analytics. Courtney brings extensive technology and project management experience to her new position, having served most recently as the vice president of information technology at Centreville Bank. Courtney holds a Bachelor of Arts in Communications from Salve Regina University in and a Masters of Business Administration from New England College of Business (now a subsidiary of Cambridge College). She currently resides in West Greenwich, RI.

BANKING

Centreville Bank announced that Paola Fernandez has been promoted to senior vice president, community development officer. In this role, Fernandez joins the leadership team and continues to lead all community development efforts for the bank. Fernandez, who joined Centreville in 2018 as vice president, community development, has over 20 years of experience in the nonprofit, financial and government relations sectors. She serves on several boards including United Way of Rhode Island where she is chairwoman of the Community Investment Committee and a senior fellow for the Institute for Nonprofit Practice. She is also a board member of the Economic Progress Institute.

CONSTRUCTION

Seekonk, Massachusetts based D.F. Pray General Contractors has announced the promotion of Jared Raposa to Chief Financial Officer. Jared has been with D.F. Pray since 2014 and has more than 18 years of experience in the construction industry, having previously held operational and financial roles within the industry. As CFO, Jared will drive strategic planning, along with alignment of the company’s financial planning, risk management review, and financial analysis and reporting. Jared retains an MBA, Finance from D’Amore-McKim School of Business at Northeastern University, and a BS in Corporate Finance with a Minor in Management from Bentley University. Jared is a LEED® Accredited Professional and a member of Construction Financial Management Association.

For additional information or to submit a Standard listing, go to PBN.com/pbnconnect. For a Featured listing, contact your account manager or Advertising@PBN.com | 401.680.4800

A HIGH SCHOOL STUDENT landed her first summer job, working in a drug store. As she arrived at the store for her first day, the phone was ringing. Everyone was busy, and the manager asked her to please answer it.

“Good morning,” she said in a cheery voice.

“Do you stock Bengay?” asked the caller.

“I’m not sure.”

“Well, does your store carry Vicks VapoRub?” queried the customer.

“I don’t know,” said the new clerk.

“Do you have Pepto-Bismol on hand?”

“I couldn’t tell you for sure if we do or don’t.”

“You don’t know much do you, young lady?” said the caller.

“No, I guess I don’t,” the new employee responded. “In fact, when I said, ‘Good morning,’ I told you every thing I know.”

Obviously, this new hire had not been trained to help customers; there’s no excuse for that. But that she was put in a position to potentially drive customers away was not her fault.

Responsible businesses understand that customer needs come first, and that staff must be capable of meeting them. Because so much interaction

is dependent on the phone, let’s start there.

Good phone skills are crucial for customer service. At least this young worker was cheerful, sincere and had a positive tone – three important ingredients in telephone communi cation skills. When you answer the phone, you want to project an enthu siastic and natural tone, making the customer feel comfortable in carrying on a conversation.

Listen and try your best to under stand the problem and then resolve it as quickly as possible.

Put a smile in your voice. A per son’s voice sounds and feels friendly and warm when you speak with a smile. A study by the University of Portsmouth found that people can hear whether a person is smiling on the phone.

Enunciate your words and speak as clearly as possible. I realize it is frustrating for many people when they call customer service and reach a person who can be difficult to under stand. Because call centers are located all over the world, it’s important to

make sure your representatives are understandable and patient when call ers ask for information to be repeated.

Give customers the time to vent any frustration. Don’t interrupt them, as they can get more upset if they aren’t allowed to tell their story.

Watch your language and avoid slang. Don’t chew gum, eat or shuffle papers during a call. Give callers your undivided attention.

Never argue with customers. Remember that they are the most important people in any business. The customer is not dependent on you or your company; you and your company are dependent on them. They are part of the business and not outsiders. They bring you their wants, and it’s your job to fill those wants. If that is not possible, be honest and explain what you are able to do, rather than focusing on what you can’t.

Try to learn the caller’s name and use it naturally in your conversa tion. Doing so reinforces that you are focused on them.

I don’t know anyone who likes being put on hold. Although you may

have to ask a client or customer to hold, it doesn’t have to be frustrating for the caller. Here are a few cour tesies that can make the wait time a little more tolerable for the caller:

n Don’t multitask. When you try to do two things at once, you’ll be more likely to miss something important a caller is trying to tell you.

n Ask before placing a caller on hold. Don’t just tell customers to “please hold.” Ask if they can hold. Wait until they respond, and then thank them.

n Don’t tell customers you’ll put them on hold for “just a second.” In stead, give them a reasonable estimate of how long you’ll be away from the phone and why they’ll be on hold.

n Faster doesn’t always mean bet ter. Speed should always be second to carefully attending to a caller’s needs.

n Take notes. Don’t rely on your memory.

Mackay’s Moral: Taking care of cus tomers is taking care of business. n

Harvey Mackay is the author of the New York Times bestseller “Swim With the Sharks Without Being Eaten Alive.” He can be reached through his website, www.harveymackay.com.

THE UPCOMING THANKSGIVING holi day is always one of my favorites. The mix of dishes and aromas that come with them is so inviting. I have staple dishes that I make every year. Some recipes have been in my family for years, but I always prepare some new dishes. Of course, our table would not be complete without wine.

Here are the types of wines that I think pair best with some of the most classic Thanksgiving cuisine – turkey and gravy, stuffing, candied sweet potatoes, roasted squash and more. One of each white, red and rosé wine would cover all the pairing bases.

n Lighter reds – pinot noir, dol cetto, gamay noir. These three styles are classic go-to wines for pairing with Thanksgiving cuisine. They are lighter in body with good acidity, which is a component needed when pairing with gravy, cranberry sauce, stuffing with sausage, and Brussels sprouts with bacon. Remember, when pairing wine with food, the sauces and side dishes are just as important, or even more so, as pairing wine with the main protein, such as turkey, lamb

TO SAVOR | JESSICA NORRIS GRANATIERO

Thankful pairings

almost any dish on the table. Their acidities match nicely with gravy’s protein content. Dolcetto is an Italian grape variety that is a light-bodied hidden gem. Typically, dolcetto is stainless steel fermented and doesn’t spend time aging in oak barrels. This results in a vibrant, fresh selection that is fantastic with roasted butter nut squash.

My picks: Kellerei Meran pinot nero, Luigi Einaudi dolcetto, Beau! Beaujolais gamay noir.

n Off-dry, fruit-forward or sweet whites – Vouvray, riesling, falanghina, pinot gris. These styles of whites that marry well with the Thanksgiv ing traditional fare are those with a touch of sweetness and full-flavored fruit. You don’t want something too dry in the white wine category. Reach for a sweet or off-dry riesling; a Vouvray, which is an area in France from where you will find the grape chenin blanc; pinot gris from Oregon; or falanghina from Italy. All these selections do not see any oak barrel treatment and contain a plethora of acidity, fruit and body.

my top choice for matching with Thanksgiving dishes. There are vari ous styles from sweet to bone dry and either will work well. Rosés have good tannins, acid and fruit, all compo nents needed for pairing with food.

My pick: Chateau Clamens rosé (negrette and syrah) and La Spinetta

Meat is often on the Thanksgiving ta ble, either along or accompanying the prominent turkey dish. With these, a richer wine with good tannins should be on your menu. Wines with higher tannin levels, like those made from the nebbiolo grape, or from Italy’s Valpolicella region or France’s Rhône Valley, are the ones you should grab for beef. These wines will not over power stuffing or vegetable dishes.

My picks: Alain Voge Côtes du Rhône, Domenico Fraccaroli Amarone, Trediberri nebbiolo n After dinner. Lambrusco is an Italian style of red wine made from various grapes indigenous to the region of Emilia-Romagna and is one of the best matches for the many des serts on the Thanksgiving table. They range in style from dry to very sweet and have a slight effervescence to them. It marries well with pumpkin, pecan and mince pies, dark chocolate and cheese boards with nuts and fig jam. My pick is the Cantina Sorbara Emma Lambrusco. n

Jessica Granatiero is the founder of The Savory Grape, a wine, beer and spirits shop in East Greenwich. She can be reached through her website,

TOPICS

• With record inflation and interest rates is a recession on the horizon? And if so, how will RI fare?

• When will the Fed’s tightening of interest rates come to an end?

• Can and will consumer spending keep up with rising prices?

• What are the expectations for the labor market into 2023?

• Rising winter heating/energy costs: what are the underlying causes and short-long-term solutions?

• State spending of ARPA funding: How well is it directed toward boosting the economy?

• Will COVID-19 continue to be a drag on the economy?

PBN’s 2023 Economic Trends Summit will feature a keynote address by Thomas Tzitouris, Head of Fixed Income Research, Strategas followed by a panel discussion with local business experts from various industry sectors providing thoughts on the Ocean State’s economic trends and forecasts for 2023, as well as industry-specific viewpoints.

THINKING THANKSGIVING: Each of these three wines pairs well with almost any dish on the holiday din ner table.

COURTESY JESSICA NORRIS GRANATIERO

Ethics of forgiving student debt

PRESIDENT JOE BIDEN’S PLAN to forgive $10,000 to $20,000 of student debt for up to 40 million borrowers was recently put on hold by a federal appeals court.

Six states had asked the court to block the implementation of loan forgiveness until their lawsuits against the program were resolved. The states allege that they would be financially harmed if borrowers receive loan forgiveness.

As an ethicist who studies the morality of debt, my work explores the question at the heart of opposition to student loan forgiveness: Is student debt cancellation unfair?

Educational debt is often regarded as an investment in one’s future.

Millennials with a Bachelor of Arts degree, for instance, typically earn $25,000 more per year than those with just a high school diploma.

Given the benefits of college educa tion, canceling student debt appears to some as a giveaway for those who are on the way to becoming well-off.

Canceling debt also seems to vio late the moral principle of following through on one’s promises.

A student signs a promissory note agreeing to pay back the government

so student borrowers seem to have a moral duty to pay their debts.

Fairness and respect, however, also demand that society address the magnitude of student debt today, and especially the burden it imposes on low-income, first-generation and Black borrowers.

Young people today start their adult lives burdened with much more student debt than previous genera tions. Almost 70% of college students now borrow to attend college, and the average size of their debt has risen since the mid-1990s from less than $13,000 to about $30,000 today.

This explosion in student debt raises two significant moral concerns.

The first concern is that the distri bution of costs and benefits is highly unequal. Fairness requires equal opportunity. Yet, while borrowing for education is supposed to create oppor tunities for students from disadvan taged backgrounds, those opportuni ties often fail to materialize.

Data shows that low-income students, first-generation students and Black students face much greater struggles in repaying their loans. About 70% of those in default are firstgeneration students, and 40% come from low-income backgrounds.

These repayment and default rates reflect significantly lower graduation rates for students in those groups, who typically need to work long hours while also in school.

But they also reflect significantly lower post-graduation incomes for such students. Black men with a bachelor’s degree make, on aver age, more than 20% less than white men with the same education and experience, though that wage gap is smaller for women. And firstgeneration graduates typically make 10% less than students whose parents graduated from college.

A second moral concern is that student debt is increasingly causing widespread distress and constraining

the lives of borrowers. Even before the pandemic, 20% of student borrow ers were behind on payments.

Some analysts have argued, however, that canceling student debt will create a problem of moral hazard. A moral hazard arises when people no longer feel the need to make careful choices because they expect others to cover the risk.

Moral hazard can be avoided by combining student debt cancellation with programs that reduce the need for future borrowing.

One success story is the Tennes see Promise, enacted in 2015 to make tuition at community and technical colleges free to state residents. It has increased enrollment and retention and completion rates while reducing borrowing by over 25%. (Rhode Island has a similar program at the Community College of Rhode Island.)

The way forward is to create a fairer society by canceling some student debt and reversing the trend of funding higher education with borrowing. n

Kate Padgett Walsh is an associate professor of philosophy at Iowa State University. Distributed by The Associated Press.

Providence Mayor-elect Brett Smiley will hit the ground running in January on a host of challenges facing the city.

After winning the Democratic primary, he was unop posed in the general election and has used the last eight weeks to get a head start on the mayoral transition.

Mayor-elect Smiley readies for host of city challenges Good signs for convention business

He’s already made clear his opposition to a $7 million food-and-drink pavilion in Kennedy Plaza supported by Mayor Jorge O. Elorza.

And in a wide-ranging interview with Providence Business News, Mayor Elorza’s former chief operating officer showed a firm grasp on a range of community and leadership issues, from taxes and housing, to city finances, services and general competitiveness.

He’s promising a “back to basics” approach focused on improving city services and efficiency that will include a review of all city programs.

He’s already begun plotting a big-picture strategy to re negotiate payment-in-lieu-of taxes deals with city hospitals and universities, rightly calling the looming negotiations “one of the most important things that my administration does next year.”

Interestingly, he’d like the city to get a share of payroll taxes from jobs gener ated by the nonprofits. It’s a bold idea that will need state support, testing not only his negotiating skills but also the relationships he built in state government.

Mayor-elect Smiley also has “serious concerns” about some aspects of the ongo ing rollout of bike lanes in the city and says he’ll listen to all sides before approv ing new lanes.

He’ll also consider taking installed lanes out if that’s what’s best for affected areas. Stay tuned. n

Things are finally looking up for the state’s pandemicdevastated convention and meetings business, as evi denced by the tens of thousands of visitors to Rhode Island Comic Con held in Providence Nov. 4-6.

The convention was celebrating its 10th anniversary and expected record crowds well above the 50,000 that at tended last year. The event was canceled in 2020.

The R.I. Convention Center, which helped host the event, through September had already produced more direct spending, $67 million, than was generated the last two years combined.

Kristen Adamo, CEO and president of the Providence Warwick Convention & Visitors Bureau, says smaller cit ies such as Providence are recovering faster than many bigger cities because many groups are looking for less hotel space and lead time on bookings than in the past.

Local meeting planners and hoteliers are looking hopefully to 2023, which will include thousands of people staying in and around Providence while attending an Army-Navy football game in nearby Foxborough, Mass., at the end of the year. n

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Providence Mayorelect Brett Smiley says he’s ready to take on a host of challenges facing the city.

PBN FILE PHOTO/ MICHAEL SALERNO

Inflation staying despite election results

WILLIAM T. CHITTENDEN GUEST COLUMN

Soaring inflation was the top issue for a lot of voters heading into the midterms, with most saying Republicans would do a better job of handling the problem.

Indeed, Republican candidates took full advantage by hammering Democrats on the issue and pushing their own ideas to fight inflation.

I doubt either political party will have much, if any, effect on inflation.

Inflation, or a sustained rise in consumer prices, is created in two main ways.

The first is by way of an increase in de mand for products and services.

When these types of demand-driven price increases occur across many products and services, the result is rising inflation.

Inflation can also result from higher pro duction costs.

For instance, gas prices are on the rise because it has become a lot more expensive to produce it. The war in Ukraine sent oil prices soaring in early 2022. They’ve come down, but a recent supply cut by OPEC+ oilproducing nations caused another spike

The increase in the price of eggs is anoth er example of this type of inflation. Bird flu caused the deaths of about 10% of egg-laying hens beginning in January 2022. In addi tion, farmers faced higher fuel and fertilizer costs. These factors have caused the average price of eggs to soar to an all-time high

An economy’s central bank – not Congress or the president – is typically the first line of defense against inflation. Central banks set monetary policy, and their primary way of combating inflation is by raising interest rates.

In the U.S., the Federal Reserve focuses on the so-called federal funds rate, which is the base rate that banks use in setting their de posit and loan rates. The Fed has raised this benchmark numerous times this year.

The main goal is to increase borrowing costs and drive down demand for goods and services. The problem is that this approach has no effect on the other main generator of inflation, rising production costs.

The Fed’s higher rates will not stop the war in Ukraine or prompt hens to lay more eggs. Therefore, energy and egg prices won’t drop as a result. This is also true for all prod ucts and services whose production costs are increasing because of supply chain issues.

Congress and the White House do have some tools they can use in the inflation fight. But they’re not very popular. And they ad dress only one kind of inflation.

The main thing the government can do is take money out of the pockets of consum ers and businesses, either by raising taxes or cutting spending – or both. A reduction in money in the economy leads to lower demand, both as the government spends less

and individuals and businesses give more or get less from the government.

But it won’t do anything to fix the global economy’s ongoing supply chain problems or lower production costs.

So even while Congress might want to do more about inflation, whatever it does will affect only one of the drivers.

Taking a step back, does either political party have a better track record on inflation?

The short answer is no. From Presidents Dwight D. Eisenhower through Donald Trump, inflation has averaged 3.35% under Democratic administrations and 3.5% under Republicans.

One caveat, however. When the House and Senate are controlled by Republicans while the president is a Democrat, inflation averaged 2 percentage points less than when everything was in Democratic hands.

Another way to look at this is to examine the parties’ current or proposed policies. Democrats have touted their “Inflation Reduction Act,” a package of climate, health care and tax measures passed in August. But economists expect it to have very little impact on inflation anytime soon.

Republicans have proposed cutting spending and lowering taxes for wealthier individuals and businesses. While spending cuts could reduce demand – and inflation – the lower taxes could drive up prices by pumping more money into the economy.

In other words, turn to hope that the Fed’s rate hikes work and the supply chain prob lems driving up costs begin to ease. n

T. Chittenden is an associate professor of finance at Texas State University. Distributed by The Associated Press.

Will the Fed’s moves spark twin economic threats?

D. BRIAN BLANK GUEST COLUMN

There is wide agreement among economists and market observers that the Federal Reserve’s aggressive interest rate hikes will cause economic growth to grind to a halt, leading to a recession. Less talked about is the risk of a financial crisis as the U.S. central bank simultaneously tries to shrink its massive balance sheet.

As expected, the Fed on Nov. 2, lifted bor rowing costs by 0.75 of a percentage point – its fourth straight hike of that size, which brings its benchmark rate to as high as 4%.

At the same time as it’s been raising rates, the Fed has been quietly trimming down its balance sheet, which swelled after the COVID-19 pandemic began in 2020. It reached a high of $9 trillion in April and has since declined by about $240 billion as the Fed reduces its holdings of Treasury securities and other debt that it bought to avoid an economic meltdown early in the pandemic.

I’m already seeing signs of distress that could snowball into a financial crisis.

As part of its mandate, the Fed maintains a balance sheet, which includes securities, such as bonds, as well as other instruments it uses to pump money into the economy and support financial institutions.

The balance sheet has grown substantially over the last two decades as the Fed began ex perimenting in 2008 with a policy known as quantitative easing to buy debt to help sup

port financial markets that were in turmoil. The Fed again expanded its balance sheet drastically in 2020 to provide support, or li quidity, to banks and other financial institu tions so the financial system didn’t run short on cash. Liquidity refers to the efficiency with which a security can be converted into cash without affecting the price.

But in March, the Fed switched gears. It stopped purchasing new securities and began reducing its holdings of debt in a policy known as quantitative tightening. The current balance is $8.7 trillion, two-thirds of which are Treasury securities issued by the U.S. government

The result is that there is one less buyer in the $24 trillion treasury market, one of the largest and most important markets in the world. And that means less liquidity.

Markets work best when there’s plenty of liquidity. But when it dries up, that’s when financial crises happen, with investors hav ing trouble selling securities or other assets. This can lead to a fire sale of financial assets and plunging prices.

Treasury markets have been unusually volatile this year – resulting in the biggest losses in decades – as prices drop and yields shoot up. This is partly due to the Fed rate hikes, but another factor is the sharp loss of liquidity as the central bank pares its balance sheet. A drop in liquidity increases

risks for investors, who then demand higher returns for financial assets. This leads to lower prices.

The loss of liquidity not only adds ad ditional uncertainty into markets but could also destabilize financial markets. For ex ample, the most recent quantitative tighten ing cycle, in 2019, led to a crisis in overnight lending markets, which are used by banks and other financial institutions to lend each other money for very short periods.

Other markets are also directly affected since the Fed holds more than just Trea surys. It also holds mortgages, which means its balance sheet reduction could hurt liquid ity in that market too.

The long and short of it is that if the Fed continues to reduce its holdings, it could stack a financial crisis on top of a recession.

For the moment, Fed Chair Jerome Powell has said he believes markets are handling its balance sheet rundown effectively

Not everyone agrees, including the U.S. Treasury, which said that the lower liquidity is raising government borrowing costs

The risks of a major crisis will only grow as the U.S. economy continues to slow as a result of the rate hikes. n

D. Brian Blank is an assistant professor of finance at Mississippi State University. Distributed by The Associated Press.

William

Whatever [Congress] does will affect only one of the drivers.

ONE LAST THING

Come back with your best

WHATdoes it mean to “be back”?

I arrived as executive director at Trinity Repertory Company on Sept. 1, just as we kicked off our first fully fledged, in-person season since March 2020.

But being back for us is not quite the same as returning to 2019. We encounter the narratives on stage in a new light after everything we have lived through and experienced in the past two years.

We are working to find ways to encourage those who have lost the rhythm of theatergoing to return to something they loved. Some of what we have honed in on that might help you includes:

n Building personal relationships with each of our audience members. I have sent emails directly to those who might have lapsed in their attendance at Trinity.

n Celebrating those who have come back with special and meaningful acknowledgement of new and returning members of our community.

n Focusing on what we do best – the highestquality artistic work on stage.

n Reminding our audience of the memorable experience of a night out.

n Creating a space that welcomes everyone – it does not matter if you have been here before, we have something to offer.

The transition from COVID hiatus to fully reopening takes time.

Customers will care about personal relationships that have been built and they recognize meaningful acknowledgement of their support.

Remind them of what your business does best. n

Katie Liberman

Trinity Repertory Company executive director

Katie Liberman took over as executive director of Trinity Repertory Company in September. She previously served as managing director of the Hudson Valley Shakespeare Festival in New York beginning in 2015.

PHOTO/MICHAEL SALERNO

It’s strictly a matter of pride. At Hilb, there isn’t a challenge we haven’t seen or a problem we haven’t solved. So naturally, when we expanded throughout New England, we recruited only the best agencies in insurance, benefits, retirement and HR. Their unwavering commitment to professionalism, excellence and performance validates our decision and ensures your satisfaction. Call it the Hilb Way – and never settle for anything less.

Joseph Padula, Managing Director

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No one likes to hear from their insurance broker. Except our clients.

When you are an integral part of their advisory team, a trusted partner with more answers than questions. When you are a collaborator, a strategic counselor with more solutions than problems. When you deliver competitive rates from the top-rated carriers. When you bring real value to the relationship – clients are glad to hear from you. That’s the Gallo | Thomas difference. gallothomas.com | 401-732-9100 125 Metro

PRESENTING SPONSOR MESSAGE

As a partner and advisor to RI’s manufacturing community, Polaris MEP celebrates the winners of the 2022 Manufacturing Awards!

This year’s honorees demonstrate the way that our sector continues to answer the call, delivering high-quality work even as labor and supply chain challenges persist.

Congratulations to all the winners! And cheers to all the makers and collaborators who keep manufacturing — and Rhode Island — moving forward.

PARTNER SPONSOR MESSAGES

Amgen congratulates the winners of the 2022 Manufacturing Awards. We are proud to join you. It is hard work, innovation and dedication to manufacturing that brings us all together. We applaud your pursuit of excellence especially during this challenging time – as your contributions and commitment make the state of Rhode Island and our communities stronger.

Citrin Cooperman is delighted to sponsor the 2022 Providence Business News’ Manufacturing Awards. We extend a huge congratulations to all of the honorees!

As a top professional services provider, Citrin Cooperman is proud to partner with manufacturing companies throughout Rhode Island to help them focus on what counts as they grow and develop their businesses.

Cox Business is proud to continue our sponsorship of the Providence Business News’ Manufacturing Awards and we congratulate all of the honorees this year. Cox Business, a division of Cox Communications, is a family and American owned company and we provided hosted and managed services for businesses of all sizes and industries in Rhode Island and across the United States.

Gallo|Thomas is proud to sponsor the 2022 Manufacturing Awards. We congratulate the outstanding group of 2022 honorees and salute your unique attributes and business acumen. Gallo|Thomas is passionate about serving our clients, our employees, and our local community – and delighted to share this special evening with the companies and individuals honored this year.

New England Tech’s Center for Technology and Industry is proud to sponsor the 2022 PBN Manufacturing Awards. Congratulations to this year’s honorees. Your selection speaks volumes about each organization’s creativity and determination to succeed. We are proud of the role NEIT plays in building a skilled workforce for the region’s employers. We are passionate about the future of manufacturing in southeastern New England and excited about tonight’s celebration of the awardees’ accomplishments.

CONTENTS

STRATEGIC LEADERSHIP AWARD WINNER

Daniel Dwight, CEO and president, Cooley Group 4

OVERALL EXCELLENCE AT AN ENTERPRISE MANUFACTURER Taco Inc. 6

OVERALL EXCELLENCE AT A LARGE MANUFACTURER AstroNova Inc. 8

OVERALL EXCELLENCE AT A MIDSIZE MANUFACTURER Poyant Signs Inc. 10

OVERALL EXCELLENCE AT A SMALL MANUFACTURER Snow Findings Co. 12

EXCELLENCE IN GREEN MANUFACTURING

Katrinkles Inc. 14

EXCELLENCE IN SAFETY & PERFORMANCE RECORDS TPI Composites Inc. 16

EXCELLENCE AT A FAMILY-OWNED BUSINESS Reade Advanced Materials 18

EXCELLENCE IN COLLABORATION IN MANUFACTURING Community College of Rhode Island and Polaris MEP 20

EXCELLENCE IN AN EMERGING MANUFACTURER Trico Specialty Films Inc. 22

FROM THE EDITOR

Core values endure in ever-changing industry

SUCCESSFULLY MANAGING change is an imperative in every industry, but few can match the track record of the state’s leading manufacturers. This year’s honorees exem plify the best in an industry that in the last century has weathered the Great Depres sion, growing global competition, recessions and countless economic downturns – not to mention a pandemic.

“You cannot digitize a 100-year-old textile process, build a zero-waste production line, break down functional silos and empower your team members without the willingness to con tinually change,” said Daniel Dwight, Cooley Group’s CEO and president. He’s this year’s strategic leadership award winner.

But the more products and markets change, the more Dwight and other successful industry leaders rely on core values and priorities to manage them.

Dwight works tirelessly to spread his cando attitude throughout the Pawtucket-based company, known for making membranes for containment of chemicals and other markets. That approach allows him and his staff to see opportunity in even the most challenging times.

Dwight quickly responded to the pandemic in early 2020 by joining with a competitor to manufacture medical products. By next year, health care products will account for more than 20% of Cooley’s portfolio.

Optimism, along with consistent values and philosophy, has also helped keep Ellis Waldman and Walco Electric Co. leaders in the industry for his nearly half a century tenure as CEO and president.

Waldman, this year’s manufacturing cham pion, has a “keep-fighting” philosophy that helped push the Providence-based engineering and industrial services company through myri ad pandemic challenges.

Read on for more examples of successful adaptation in the face of existential challenges by many of this year’s winners.

We’d like to thank presenting sponsor Polaris MEP and partner sponsors Amgen Inc., Citrin Cooperman & Co. LLP, Cox Business, Gallo|Thomas Insurance Agency Inc. and New England Institute of Technology for their support.

Michael Mello Editor

EXCELLENCE IN PRODUCT INNOVATION & DESIGN

Optrel Inc. 23

EXCELLENCE IN WORKFORCE DEVELOPMENT & PRODUCTIVITY Amgen Rhode Island 24

MANUFACTURING CHAMPION Ellis Waldman, CEO and president, Walco Electric Co. 25

Manufacturers List 26-27

Remaining steadfast, willing to change

BY JOHN A. LAHTINEN | Contributing Writer

Dwight says he has always been passionate about building things. In manufacturing, he says, makers are always faced with an endless series of challenges that require constant adaptation.

“You cannot digitize a 100-year-old textile process, build a zero-waste production line, break down functional silos and empower your team members without the willingness to continually change,” Dwight said.

For Dwight, building a company culture where change is the only constant demands an open-minded leadership style. He says his core motivation is to develop and inspire his team to maintain self-confidence and optimism in the face of an ever-changing economic and manufacturing environment.

Dwight’s desire to lead by example came early in his career when he was starting out with General Electric Co., first working with his grandfather Ralph, an operations leader at GE, and later with late CEO Jack Welch. Both men, Dwight said, were adamant about rolling up their sleeves and getting to work.

“They didn’t dictate from on-high; they got into the details and led by collaborating with their teams,” Dwight said.

Dwight described Cooley as “organization ally flat,” operating with as little hierarchy as possible in a team-of-teams model. Over the past couple years, despite operating in the

shadow of the COVID-19 pandemic, Dwight has led the company to continued growth.

Cooley entered the health care market in 2020 with a new Healthcare Solutions busi ness unit centered around health care devices that will represent more than 20% of Cooley’s portfolio by 2023.

The company also acquired and fully inte grated an operation in Mount Forest, Ontario, Canada, which included more than 100 highly trained but underutilized new team members, along with access to increased production capacity. Dwight says the collaboration has not only increased Cooley’s innovation and new product opportunities, but also expand ed its access to cross-facility synergies and best-practice sharing.

Hayley Dwight, Cooley’s director of business architecture and change manage ment, said Daniel Dwight manages in a true lead-by-example manner, regularly getting to work when it’s still dark outside to spend the early hours of the morning thinking about conversations he had the day before or reading industry articles and sending them to people on his team he thinks will appreciate or learn from them.

“Dan understands that a collaborative culture demands a baseline of respect for all of our colleagues, regardless of level, and that ev ery single role is critical to our entire team’s

success,” Hayley Dwight said. “He walks the manufacturing floor at all of our facilities to chat with everyone, get a sense of team morale and, importantly, learn about what we could change to improve performance. These small but incredibly thoughtful tasks he performs regularly add up over time to establish a col laborative culture from the top down and the bottom up.”

As a further example of Daniel Dwight’s dedication, Hayley Dwight said when he first took over the CEO role, he learned that salary discrepancies existed between men and women at the company and he promptly changed that.

“He immediately, without question and without waiting for the typical annual sala ry bump time frame, increased employees’ salaries and continued to go out of his way to ensure women were sponsored and supported within the organization,” Hayley Dwight said.

Since joining the Rhode Island business community, Daniel Dwight has committed to both Cooley’s sustainable growth and the de velopment of the Rhode Island manufacturing community. He currently serves as a board member for both the Rhode Island Manu facturers Association and Family Service of Rhode Island.

Daniel Dwight says Cooley’s future will continue to evolve around its commitment to the three pillars of sustainable growth: eco nomic prosperity, environmental stewardship and social responsibility.

“The quality of our environment and the strength of our local communities are impera tive to creating long-term stakeholder value,” he said. n

STRATEGIC LEADERSHIP AWARD WINNER DANIEL DWIGHT, CEO AND PRESIDENT, COOLEY GROUP

‘Dan understands that ... every single role is critical to our entire team’s success.’

HAYLEY DWIGHT, Cooley Group director of business architecture and change management

PAWTUCKET-BASED Cooley Group has thrived under the watchful eye of CEO and President Daniel Dwight, who has tirelessly worked not only to strengthen Cooley but also the state’s manufacturing sector.

RESILIENT WORKFORCE: Daniel Dwight, left, CEO and president of Cooley Group in Pawtucket, speaks with machine operator Henry DaSilva. Dwight says his core motivation is to inspire his team to maintain optimism in the face of an ever-changing environment.

PBN PHOTO/TRACY JENKINS

PROUD OF THE COMPANY WE KEEP.

At Amgen, we are proud to be recognized by the Providence Business News for Overall Excellence in Workforce Development and Productivity.

Congratulations to this year’s winners for their excellence in each category.

The challenging couple of years didn’t stop any of us and our successes are an indicator of our top talent and commitment to excellence.

Together, we help strengthen and reinvent Rhode Island’s workforce.

Congratulations to this year’s winners.

Taco manufactures a variety of items, including air and dirt separators, circu latory

JENKINS

Flexible workers, adaptability keep production going at Taco

BY ISABELLA DELEO | Contributing Writer

THE LAST THING many people think about when they go on vacation is their hot-water tank. But for one Cranston-based organization, it has made it part of its mission to create solutions for everyday home and commercial needs.

Taco Inc., doing business as Taco Comfort Solutions, offers an array of manufacturing products, some of which can help customers avoid their post-vacation worst nightmares.

The company’s LeakBreaker, which can prevent a burst water tank from flooding the basement, and other basement staples such as its SR501 single-zone switching relay used to control circulator pumps can be found in many a home – even if consumers don’t immediate ly recognize the Taco name. Customers will also find air and dirt separators, circulatory pumps, thermostats, buffer tanks, and many other heating- and pumping-based products from the 100-year-old company.

“On the commercial side, we make pumps, expansion tanks, plate and frame heat ex changers for places that many residents in our community will go to,” including universities and hospitals, said Jon Giampietro, Taco’s senior vice president of operations.

Taco has a LoadMatch single-pipe system that works to reduce humidity, and the com pany created a custom-made air-dirt separator for Florida State University. Products such as the Zone Sentry Zone Valve and the VT2218 ECM High-Efficiency Circulator work to re duce electricity usage.

Giampietro views the company’s particular appeal as being “very family-oriented.”

“There’s just a very high level of trust between employees and the management here, that it’s not so much about making products and making money,” Giampietro said. “It’s about creating an environment where employ ees can prosper and do better for their family from one generation to the next.”

Taco, which has facilities in nine cities, including Fall River, as well as in the Czech Republic and Italy, is a large company with more than 500 employees in the Rhode Island location alone. But Giampietro, who joined the company 18 years ago, was attracted to the organization’s culture.

“The sheer size of an organization makes it more difficult to have that personal, fami ly-owned business feel,” he said. “And that was one of the things that drew me to Taco, was they had a reputation for being that type of family-owned company that was very focused on employees.”

John Forcino, vice president of operations, says the company takes pride in the diversity of its staff.

Over the past few years, the company has had to adapt and innovate to stay successful despite the COVID-19 pandemic and supply chain issues. Forcino says that employees’ flexibility is key to the business’s success amid challenging times.

“Our strength is diversity in our products and our employees’ willingness and ability to be able to go to where the work is,” Forcino said. “Because in this environment, we could be down a week in some areas,” if supply is down for a particular product, he added.

During the early days of the pandemic, Giampietro said “the flexibility and bravery that our workforce showed during that early time was just so significant and allowed us to continue to be successful as a company –they really should just be recognized for that. Because without that flexibility and bravery, it would have been very difficult to continue operations and get those pumps for the peo ple’s homes and to the hospitals that needed our pumps during that time.”

For Giampietro, a sense of connectedness within the organization contributes to his optimism for Taco’s future.

“There’s just such a great growth opportu nity,” he said. “If the organization is grow ing, it [allows you] to provide opportunities for people. And to me, that’s really the most exciting part of the position and working with Taco.”

The company is looking ahead but also within.

Forcino is looking forward to company hol iday parties, which Taco is organizing again around two years after the pandemic began.

“It’s just that kind of stuff that we’re getting back to,” Forcino said. “That’s exciting.” n

‘Our strength is diversity in our products and our employees’ willingness … to go to where the work is.’

JOHN FORCINO, Taco Inc. vice president of operations

HANDS-ON ASSEMBLY: Taco Inc. machine operators Latsamy Saysana, foreground, and Boumsavanh Le work at the company’s Cranston facility.

pumps, thermostats and many heating- and pumping-based products.

PBN PHOTO/TRACY

ENHANCED OPERATION: Keila Men dez, a machine operator at AstroNova Inc., works at the company’s West Warwick facility. The company, which designs, manufactures, distributes and services data visualization technolo gies, hired a new director of quality and continuous improvement and imple mented new safety measures that have contributed to improved operations.

Streamlining efforts helping AstroNova to take flight again

BY ANTHONY VECCHIONE | Contributing Writer

ASTRONOVA INC. is bouncing back from the effects of the COVID-19 pandemic and launched several new initiatives that have contributed to an overall improvement in operations, according to company executives.

Those initiatives include hiring a new di rector of quality and continuous improvement, and implementing new safety measures.

The West Warwick-based company, which designs, manufactures, distributes and ser vices data visualization technologies, is also applying lessons it learned during the pan demic.

“The COVID time has been very difficult,” said Steve Petrarca, AstroNova’s vice presi dent of operations.

“We did a lot to make our employees comfortable and safe. We were short-staffed, had people out sick with COVID, we had people quarantined,” he said. “Thankfully, we have many cross-trained employees and were con tinually able to fill the gaps when people were out.”

Despite supply chain snags, Petrarca said that the employees in charge of keeping AstroNova supplied displayed “world-class” abilities to find parts to “keep us going.”

“Our buyers found things that I never thought we could find when certain things were not available. It kept our products rolling out the door,” Petrarca said.

Having an in-house engineering depart ment turned out to be a distinct advantage, according to Petrarca, who said that it allowed the company to quickly find accurate alter nate sources. “Other companies that do not have this resource would not be able to find

alternate components,” Petrarca said.

The concept of “continuous improvement” is crucial too.

“We have planned events,” Petrarca said. “We bring in people from throughout the com pany to look at a manufacturing line of products and how we go about doing it. We discuss if there are better ways to improve quality.”

Starting out as a company that produced data acquisition recorders for commercial and government customers, including NASA, AstroNova created products, such as the first end-user thermal array recorder and the first digital inkjet tabletop color label printer.

AstroNova’s test and measurement, aerospace and product identification brands – QuickLabel and TrojanLabel – serve data acquisition, avionics, packaging identification and specialty printer industries.

The company says its core business philos ophy is based on product innovation, technical excellence and customer service. AstroNova prides itself as a global leader in flight-deck avionics and counts numerous major airlines among its customers.

According to Tom Carll, general manager and vice president of AstroNova’s aerospace group, activity in the company’s repair station has continued to increase with the rebound in air passenger traffic.

“We are [a Federal Aviation Administra tion]-certified repair station. In order to repair

any product that is installed on an aircraft, you have to have FAA certification,” Carll said.

AstroNova has had an FAA certification for more than a decade. “This year the ma jor improvements we made were including value-streamed mapping to focus on making that more efficient,” Carll said.

For example, redundancies in printer test ing in the repair station were removed. While the testing for production printers made sense, it was found not to be essential for repaired printers.

“The time saved with the reduction of redundant testing was significant and allowed us to streamline operations,” said Carll, who pointed out that AstroNova spends a lot of time cross-training and getting the new hires up to speed on repairs and procedures.

The company has repair station partners in Asia and Europe. At the height of the pandem ic, it was not possible to train personnel at re mote locations in person. As a result, AstroNo va set up remote videoconferencing calls with its technicians sitting in front of a printer, with its partners’ technicians on the other side of the world sitting in front of a printer.

“You can perform remote training from thousands of miles away,” said Carll, who noted that during the coronavirus crisis, the company’s repair station in West Warwick was certified by the Chinese aviation authorities, which was not easy given the time zone and language differences.

“We needed to get certified by the Chinese,” he said. “The remote aspect was a big step for us.” n

OVERALL EXCELLENCE AT A LARGE MANUFACTURER ASTRONOVA INC.

‘Our buyers found things that I never thought we could find.’

STEVE PETRARCA, AstroNova Inc. vice president of operations

PBN PHOTO/ELIZABETH GRAHAM

Employing old family values and new efficiency methods

BY MARY LHOWE | Contributing Writer

POYANT SIGNS INC., a family-owned sign-making business, was founded during the Great Depression. Many of the habits that drove business owners then – thrift, efficiency, using both sides of a sheet of paper – are very much alive today under company President Richard Poyant, grandson of the founder.

Founded in 1938 and based in New Bedford, Poyant Signs creates an array of inventive and artistic signs for dozens of businesses and institutions, from CVS Health Corp. and Dave’s Fresh Marketplace Management Inc., to schools, property developers and medical businesses.

The company employs 60 people, including Richard Poyant’s daughter, Stephanie Poy ant Moran as director of sales, representing the fourth generation of the family in the company.

In the 1930s, the company’s work rested on skilled craftsmen creating signs by hand. A big bump upward in technology happened in the early 1970s, Poyant said, with the introduction of more mechanization and the use of films rather than cutting tools.

Poyant said the business values of his grandfather and father included integrity, con tinuous reinvestment in the business, and con tinuous expansion of capacity and capability.

Expansion has happened, in part, by four successive acquisitions of similar businesses between the 1990s and 2019. The first, Poyant said, was a southeastern Massachusetts sign maker and Poyant’s biggest competitor, which was owned by two brothers who wanted to retire.

That acquisition brought on board some

new customers, doubled the size of the busi ness and compelled the company to move from a 12,000-square-foot facility to a new 50,000-square-foot facility. The latest acquisi tion, in 2019, was of Dion Signs of Central Falls.

Expansion by acquisition is nothing new, but Poyant also is vigilant about adopting up-to-date methods, including its embrace of lean manufacturing. Poyant and a select group of managers conduct a daily 7:30 a.m. GEMBA walk that touches on every workstation in the facility. GEMBA derives from a Japanese phrase that essentially means “going to where the action is.”

Workers can bring up questions, problems or suggestions and get an answer or a promise of further investigation.

“People are more productive and not as frustrated as they might be if we were not tak ing these actions,” Poyant said.

Poyant Signs has worked hard to hire and develop a staff that buys into its corporate culture, said Ruben Bernardo, the company’s director of operations. One leading principle of the culture is cross-training of workers, mak ing them able and willing to pitch in and help wherever help is needed.

Second, Bernardo said, family ownership of the business has led to a family-like way of management, in the sense that hierarchy

exists but it does not intimidate. This value starts from the top, Bernardo said, and it sup ports the idea that everyone is approachable, and everyone is accountable.

Poyant has embraced the principles and practices of lean manufacturing, including the principle of Kaizen, meaning continuous im provement. Employees are encouraged to talk about problems in the process, and manage ment then focuses on the process, not on the person who raised the complaint.

Poyant has concluded that being friendly to the environment is cost-effective, smart and true to the thrift values of the company’s founder. It has a rooftop solar system that produces 95% of the company’s electricity. Last year, it converted the paint system to a low volatile organic compound product. Also last year it installed new air scrubbers and upgraded vacuum systems to clean the air in the production area.

The business, which uses lots of materials of many kinds, also vigorously recycles plastics, wood, aluminum, steel, paper and cardboard. Stuff that cannot be recycled is squeezed down by a new compactor, thereby reducing use of space in the landfill.

Poyant sees uncertainty in the near future, largely because of economic realities that affect retailers such as high interest rates, a pullback in homebuying and more online shop ping.

“A lot of trends are going on and any one of them could affect us,” he said. “It will be 24 months before we see where all of this is going.” n

‘People are more productive and not as frustrated as they might be if we were not taking these actions.’

RICHARD POYANT, Poyant Signs Inc. president

ON TARGET: Natalia Pelletier, Poyant Signs Inc.’s senior project manager, and Bill Furey, the company’s channel letter production lead, stand over a sign made for Target.

COURTESY POYANT SIGNS INC.

Small size allows Snow Findings to nimbly navigate shakeups

BY NANCY KIRSCH | Contributing Writer

AT 71 YEARS OLD, West Warwick-based Snow Findings Co. has managed industry shakeups by embracing new technologies and new products.

The company manufactures a wide array of stamped metal settings for jewelry and provides stone setting, linking and toolmaking services for the jewelry industry.

“Being a small business and not having lots of overhead and not having many employees allows us to be more nimble through the years to change what we do,” said Vice President Randy Snow, a grandson of company found er William Snow. “We pivot without having to move mountains to make that happen, [and] keeping overhead low has allowed us to weather difficult times without huge capital expenditures.”

President Bob Snow, who is Randy’s father, said, “Years ago, Providence was the jewelry capital of the country, and now there are very few companies left. We had to expand into making magnetic jewelry clasps to stay alive.”

Popular among hobbyists, the magnetic clasps are sold directly to consumers and wholesalers, Randy Snow said. However, the use of Snow Findings’ products by iconic jew elry companies such as Swarovski is declining as those companies navigate the ever-changing world market.

Word-of-mouth, rather than advertising or e-commerce, drives customers’ interest in the company’s products. With no current capacity for internet sales, Randy Snow anticipates bringing the company’s catalog online soon to establish an e-commerce channel.

“Most of the people who did what we do are

gone, so we have a corner on some of the mar ket,” Bob Snow said.

“I think [the business] has been declining dramatically through the last 30 years, but we’re actually in a great position to be the last holdout in some of these areas that will always have some demand,” Randy Snow added.

Embracing modern technology allows the company to stay relevant. While Bob Snow, now 79, was brought up “old school” by mak ing tools via time-consuming and labor-inten sive mechanical methods, his son is embracing modern technology such as computer numeric controlled equipment, which produces tools with speed and precision that couldn’t be achieved in the earlier days.

“Using the CNC is so time efficient and enables us to do so many different processes,” Randy Snow said. “We can offer services to other companies that don’t have that technolo gy in-house. We can basically machine any thing, from auto parts to one-of-a-kind machine parts for hobbyists.”

With only five employees and ample work space, the company says meeting COVID-19 safety protocols wasn’t a challenge. Most of the company’s supplies are sourced domestically. Nonetheless, Snow Findings experienced some pandemic-related delivery delays, but “strate

gic ordering helped us coast through without disruption,” Randy Snow said.

“Finding and keeping employees has been challenging, given the lack of education and demand for … this trade,” he continued. “In the last eight years, we’ve had [several] people who I thought could be trained, [but] they didn’t work out.”

Bob Snow and his son manage most of the toolmaking processes, given that work’s complexity. The three other employees are cross-trained in all the assembly processes. In past years, some employees spent careers at the company, working there for more than 40 years.

If founder William Snow were to see the company today, he’d be surprised by “the changes in machinery, technology and what we actually make today,” said Bob Snow, who joined the company to work for his father after serving in the U.S. Navy.

“At my age, getting used to new technology is tough,” he said. “I’ve been here 58 years and I’m finding it hard to get into new tech nology. Randy’s here and he’s trying to teach me; whether it sinks in or not, that’s another story.”

Having joined the company after running his own construction company, Randy Snow said, “I sure hope I’m not the last one to lock the doors. I hope my changes and guidance will be enough to guide us back to some success so that there’s another generation here to run the company.” n

SNOW, Snow Findings Co. president

‘We had to expand into making magnetic jewelry clasps to stay alive.’

BOB

STAMP OF APPROVAL: Snow Findings Co. President Bob Snow and employee Maria Pena work on the metal stamping service company’s manufacturing floor in West Warwick.

PBN PHOTO/ ELIZABETH GRAHAM

Getting crafty about helping the environment

BY SARAH FRANCIS | Contributing Writer

THE CHANGE you want to see in

Westcott, a Rhode Island School of Design grad and jewelry maker, launched Katrinkles, a small Providence-based business making whimsical buttons and tools for crafters, in 2012. The idea started as a side hustle, West cott says. She found an audience on Etsy and local fiber festivals, and that allowed the company to grow without a huge financial in vestment. In the beginning, Westcott operated solo, but crafters responded. She bought her first laser machine in 2014. In 2017, Westcott hired her first two employees. Now there are 12 who do cutting, finishing and shipping.

Although being green had always been a personal priority for Westcott, Katrinkles didn’t start that way.

“As the company got bigger, I realized it’s important. I don’t pretend to be an expert on sustainable policies,” she said, “but we only have one Earth, and we want to make it a better place.”

Marianne Harris, Katrinkles’ chief oper ating officer, said she’s proud to work for a company that “doesn’t just talk about being sustainable, but is actively looking to make small changes that matter.”

Katrinkles uses sustainable woods when ever possible, Westcott says, and using local businesses reduces carbon emissions from shipping and transportation. Product packag ing is made by a Johnston company. Katrin-

kles’ tools are cut from wood that’s sourced from a Narragansett business and trees grown in upstate New York. “I’m glad we’re using local cherry,” Westcott said. “It’s beautiful.”

Westcott says she and her colleagues are always brainstorming ways to develop high-quality tools that last a lifetime. Ka trinkles makes everything in-house. Buttons fashioned from bamboo plywood and knit ting-needle gauges from cherry are sustainable, lightweight and strong.

Perhaps the most popular tool on Katrin kles’ website is a darning loom made of birch. Do-it-yourselfers use them to mend pesky holes in socks and jeans. Westcott and her staff hatched the idea during the COVID-19 quarantine. As more people started working at home, she says, they were encouraged to mend their clothes, rather than toss them.

Not only was the trend good for the envi ronment, it also signaled the importance of keeping things that are well-worn and wellloved. “We want to celebrate that,” Westcott said.

Shipping boxes are sealed with paper rath er than plastic tape, and bubble wrap has been replaced with recyclable shipping envelopes that are themselves made from 100% recycled paper. With five international packages being shipped from Providence each week, and 600 packages a month to addresses in the U.S.,

that’s a lot of space being saved in landfills.

Other innovations have been more seren dipitous. Case in point: the recent introduction of NOBUTTONPACKAGING, a discount that has proved to be popular. Shoppers who receive their buttons in environment-friendly glassine bags get a 10%-off coupon. “It started because a woman in New Jersey kept return ing her packaging. It made me realize not everyone likes it,” Westcott said.

“Our packaging is cute but ultimately it ends up getting recycled, so giving the option to remove it altogether can mean a lot to a customer,” Harris said.

Even clean, leftover wood scraps from laser cuttings are stuffed into lawn bags, typically two per week, and available to anyone who wants kindling for wood stoves and campfires.

For Katrinkles, doing well by doing good has proved to be a healthy business practice, selling to knitters and crocheters through the online retail site, as well as to 800 wholesale stockists. Although Westcott doesn’t disclose specific numbers, she says the company’s revenue has climbed a healthy 25% each year for the last several years

But does Katrinkles’ emphasis on sustain ability make sense economically? The short answer is not always, Westcott says.

“We pay to recycle acrylic scraps. It takes more time, so it’s less economical. Our paper packaging is recycled, but it’s more expensive. Still, it’s better for the environment,” she said. “The bottom line is: what makes sense to us, makes sense for the planet.” n

‘The bottom line is: what makes sense to us, makes sense for the planet.’

KATY WESTCOTT, Katrinkles Inc. CEO

BE

the world, an axiom attributed to Gandhi, could also be the operating through line at Katrinkles Inc., according to company CEO Katy Westcott.

WHIMSICAL PRODUCTS: Katy Westscott, CEO of Katrinkles Inc. in Providence, which makes buttons and tools for crafters, goes over some of the company’s products with production technician Brandon Amorin.

PBN PHOTO/TRACY JENKINS

Having the right tools to maintain a safe environment

BY NOEMI ARELLANO-SUMMER | Contributing Writer

WORKING FOR CUSTOMERS

in the turbine and automotive industries, such as General Electric Co. and Proterra, Warren-based composites manufacturer TPI Composites Inc. has dedicated itself over the past few years to serving its customers, while improving its safety and performance.

The company’s recent safety culture pro gram, called Journey to Zero, aims to reduce its incident rate of safety issues and workplace accidents, such as an employee getting cut or getting something in their eyes, to zero incidents. The program has been successful in greatly lowering the incident rate, according to TPI Senior Director Pamela Lynch.

“We had an overall vision to improve [work place safety],” Lynch said. “We thought, ‘How are we going to achieve everything?’ ”

The company, therefore, focused on reduc ing quality issues and correcting problems for its employees in a manner that is more methodical than anything it has done before.

TPI Composites implemented several pro grams within the last year designed to improve safety and performance, including visually managing workspaces, housekeeping to fur ther reduce dust and keep physical materials organized, and running hazard assessments. Those resulted in useful tools such as reels, ramps and personal protective equipment for employee use. Ramps in particular ensure em ployees are not bending over constantly in the course of their work, alleviating back injuries. Smaller buffers have also helped employees with ergonomic issues.

Plant Manager Laurie Haruben has been vital to the company over the past couple of

years by helping to improve safety and perfor mance. “Laurie identified areas that needed support and improvement and worked closely with plant leadership to strengthen operation al cadence and improve performance,” Lynch said.

During the COVID-19 pandemic, TPI Com posites focused on expanding its manufactur ing and transportation sectors. Additionally, the company’s Rhode Island office underwent a major renovation within the last two years, which included upgrading the manufacturing floor layout, the heating, ventilation and air conditioning, and lighting. Lynch says these fixes have improved working conditions for employees.

While working on safety and performance as a company, TPI Composites has greatly encouraged its employees to get involved in improving both areas as well. Behavior-based observation forms allow employees to write about risks they noticed regarding another em ployee or a procedure that could become dan gerous down the line and should therefore be improved. Communication about health and safety with employees has also been ongoing in three different languages and, Lynch said, the change has been “engaging in the best way.”

Haruben has also continued to focus heavily on safety. She said the team is “also open to

benchmarking other organizations who have an excellent track record to bring new and innovative ideas to our work areas.”

“Laurie’s leadership is the reason TPI has more than doubled our manufacturing produc tion outputs and has paved the way for future automotive business,” Materials Manager Lucy Matos said. “Laurie has made improve ments in overall plant layout, processes and re inforced a strong commitment to quality being built into our deliverables, while also creating a culture of engagement, trust and pride in our collective accomplishments.”

Environmental and Sustainability Manager Michael Scannell said TPI Composites had its overall lowest lost-time incident rate and recordable incident rate in 2021, both of which show great improvements in performance and safety. The lost-time incident rate measures the amount of time lost when working due to an incident such as a broken leg, while the recordable incident rate measures the total amount of incidents that occurred on a work site within a year. The company has also begun using lean manufacturing to reduce time used during different manufacturing processes.

TPI Composites weathered the pandemic by making sure its customers received what they needed and implementing its vision to improve. The company’s performance and safety measures stayed strong and even im proved due to dedicated employees jumping in and sharing their own ideas for what would improve the company and make a critical impact. n

‘We had an overall vision to improve [workplace safety].’

PAMELA LYNCH, TPI Composites Inc. senior director

SAFETY FIRST: Laurie Haruben, fore ground, TPI Composites Inc.’s plant man ager, and her team have implemented several initiatives at the Warren facility to maintain and improve workplace safety.

PBN PHOTO/TRACY JENKINS

Fifth generation keeps Reade sourcing chemicals for clients

BY NOEMI ARELLANO-SUMMER | Contributing Writer

READE ADVANCED MATERIALS

has been a family business for five generations. It was established in 1773 and has been sourcing specialty chemical solids ever since.

Working with a range of customers from academic research and design teams to giants in the manufacturing world such as Tesla Inc., Reade Advanced Materials was original ly based in Wolverhampton, England, before moving to East Providence.

President Emily Reade, who began working to professionalize the company’s administra tive side after leaving a bank job in 1989, feels that family has always been tied up in the business. She remembered that family dinners always included some element of business talk. Her two daughters, Elisabeth and Amanda, now make up the fifth generation of family to work at Reade Advanced Materials, and Reade remembers giving them small jobs to do around the office when they were young.

“Business and family have been coupled together in my life for as long as I can remem ber,” Amanda Reade Sturgeon, a controller at Reade Advanced Materials, said in an email.

Elisabeth Reade Law, who works as the company’s director of marketing, said, “I gained business tips before I was old enough to work. I’ve always had a love of manufacturing and minerals from my father, and it’s great to be a part of that.”

The company specifically sources dry spe cialty chemicals, as opposed to wet chemicals. It works with ferrous and nonferrous alloys and powders, with materials shaped into bars

and rods or crushed into powder.

Reade said she feels strongly about keeping the family legacy going. She recalled that her husband, Charles, has always said he plans to keep the business running for the next 100 years.

“I’m proud of the family legacy we’ve worked for and with, and it’s time to look to the future,” she said.

The pandemic and supply chain issues wreaked havoc on the company, though both Law and Reade felt the company landed on its feet.

“We’ve been fortunate, but we have had a hard time keeping up with demand for raw materials,” Law said.

Some suppliers had difficulties, so Reade Advanced Materials made a point to stay flexible and was able to find new sources of requested materials. Law said that demand has been high for carbonites, materials for water filtration, alloys used in 3D printing, and magnetites.

One goal for Reade Advanced Materials now is to branch out further into sustainable, biobased products. Law mentioned pecan, almond and walnut shell products, which are currently used in water filtration projects.

The company is expanding its Rhode Island office space and plans to complete that work by next year. Reade Advanced Materials is also

updating its website, product line and market ing plan, aiming to shift its vision slightly and launch a more streamlined product list.

“I was surprised that we were prepared to face the pandemic,” Reade said. “But we worked remotely and carried on with little disruption.”

The company made the fortuitous decision to upgrade its information technology pro grams just before the pandemic hit, which proved immediately useful when every employee needed to work remotely. Starting to use Microsoft Teams, Reade said, was a “minor update in a normal world but amazing then.”

Both Law and Reade feel that they have a more cohesive team since they began bonding through remote meetings.

Law began connecting with other women who work in their families’ manufacturing businesses over the course of the last few years, specifically a woman who is with one of their suppliers.

“We’ve had great camaraderie, as we’re both trying to keep businesses running,” Law said.

Reade said that supplier has worked with Reade Advanced Materials for generations, adding that her husband had a good relation ship with that woman’s father.

“There’s a bond among family businesses when generations work together,” she said.

Both Law and Reade feel strongly about keeping the business and the family legacy going. Law said proudly that she and her sister are both “part of that ongoing story.” n

‘There’s a bond among family businesses when generations work together.’

EMILY READE, Reade Advanced Materials president

FROM A TO ZINC: From left, Reade Advanced Materials Director of Marketing Elisabeth Reade Law and controller Amanda Reade Sturgeon hold a couple pieces of zinc while on a recent plant tour visiting zinc dust suppliers.

COURTESY READE ADVANCED MATERIALS

CCRI partners with Polaris MEP to train workforce of the future

BY ANTHONY VECCHIONE | Contributing Writer

WHILE SCHOLARS DEBATE

the merits of a four-year college

education, community colleges continue to fill the gap when it comes to helping students get jobs, thanks in part to strategic partnerships with industries.

The Community College of Rhode Island’s Division of Workforce Partnerships works in close collaboration with industry and busi ness leaders to ensure the college’s offerings are meeting both current and future work force needs. Gross revenue for the past three years for CCRI Workforce Partnerships was $15.6 million.

Polaris MEP, a statewide nonprofit organi zation and affiliate of the National Institute of Standards and Technology’s Manufacturing Extension Partnership, provides competitive business improvement programs to grow Rhode Island’s manufacturing industry.

The computer numerical control manu facturing program called Fast Track to CNC Manufacturing is one example of a popular and successful collaboration between CCRI and Polaris MEP.

The first cohort began in September 2017 when CCRI and Polaris MEP launched the program. To date, they have completed 16 cohorts.

Currently, the program is in phase 1 for cohort 17, both at CCRI, with 15 students enrolled, and at the R.I. Department of Correc tions women’s facility, where six inmates are currently enrolled.

So far, 175 students have completed phase 1 and 90 students have moved onto phase 2. In addition, 64 students have completed all six courses and received their CNC certifi

cate from CCRI. Students have been placed at more than 50 different manufacturers in Rhode Island.

CCRI and Polaris MEP employees are encouraged to take part in training offered by both organizations. CCRI provides credit courses offered from CCRI, Rhode Island Col lege or the University of Rhode Island to eligi ble employees at no cost. With the additional training, and in some cases additional college degrees, career advancement is accelerated.

In phase 1, students earn 13 college credits in the 19-week program that introduces the fundamentals of manufacturing, safety, preci sion measurement and blueprint reading.

They also get job interview training, resume building and help finding their first position in manufacturing as a CNC operator, quality control person, or entry-level manual machinist or toolmaker. Students also earn Occupational Safety and Health Administra tion OSHA-10 certification.

While in phase 2, students earn six college credits while learning deeper skills and cut ting-edge advanced manufacturing processes to become a CNC machinist.

“Polaris MEP, being the industry partner, had access to a lot of different employers that they were able to bring into the college to sit down with us and review curriculum that existed and make some suggestions on how it could be improved and what gaps there were,”

said Jaime Nash, CCRI executive director of workforce operations.

Nash says the goal of the program is to get people on an entry-level career path where they make good wages and ultimately get a certificate or degree.

“It’s a wonderful partnership and a great example of how collaboration can work to strengthen outcomes and reduce duplication of services,” said Lindsey Brickle, Polaris MEP senior workforce manager.

“People who are hiring in the program want to hire more. The demand for CNC machinists is outpacing the need, so we are working with our partners to increase capac ity in the state and help reduce barriers to accessing training and employment,” Brickle said.

James Thomson, coordinator of the CNC manufacturing program at CCRI, says feed back from the students has been positive.

“The feedback from a lot of students has been: ‘I knew this was going to be a good program. I heard about it from my employer or my neighbor. But it is even better than I thought it was going to be. I feel more prepared and more ready for either enhancing my skills in this area or pivoting,’ ” Thomson said.

One-quarter of the students that have gone through the program have earned a bachelor’s degree.

“So, they come back to what they love, working with their hands and doing what they want to do versus what their parents or some influencer has told them that they should do,” Thomson said. n

‘It’s a wonderful partnership and a great example of how collaboration can work to strengthen outcomes.’

LINDSEY BRICKLE, Polaris MEP senior workforce manager

GETTING TECHNICAL: Com munity College of Rhode Island student Stephanie Bacon works on a computer screen while taking the college’s Fast Track to CNC Manufacturing program in partnership with Polaris MEP. COURTESY COMMUNITY COLLEGE OF RHODE ISLAND

Leaders in Chemical Sourcing Since 1873

Leaders in Chemical Sourcing Since 1873

CONGRATULATIONS TO THE 2022 PBN MANUFACTURING AWARD HONOREES!

CONGRATULATIONS TO THE 2022 PBN MANUFACTURING AWARD HONOREES! 2022 PBN MANUFACTURING AWARD HONOREES!

CONGRATULATIONS TO THE 2022 PBN MANUFACTURING AWARD HONOREES!

CONGRATULATIONS TO THE 2022 PBN MANUFACTURING AWARD HONOREES!

Reade Advanced Materials is honored to be selected as the recipient of the Manufacturing 2022 Award for the Family-owned Business category. We are proud of our roots in the specialty chemical industry dating back to 1873 and the 5th generation to continue the legacy. Congratulations to our fellow winners in the Rhode Island manufacturing community!

Reade Advanced Materials is honored to be selected as the recipient of the Manufacturing 2022 Award for the Family-owned Business category. We are proud of our roots in the specialty chemical industry dating back to 1873 and the 5th generation to continue the legacy. Congratulations to our fellow winners in the Rhode Island manufacturing community!

East Providence, RI • reade.com

East Providence, RI • reade.com

Acquisition allows plastics maker to expand, add production lines

BY KIMBERLEY EDGAR | Contributing Writer

SALES EXPLODED BY 230% in 2021-22 for North Kingstown plasticsextrusion and plastics-film manufacturer Trico Specialty Films Inc. The growth last fiscal year, compared with 18% in 2020-21, followed its January acquisition of a 40,000-square-foot factory about 2 miles from its original plant and headquarters on Compass Circle in the Quonset Business Park.

Adding the Old Baptist Road site to its operations propelled Trico to exponential expansion.

With two more production lines and in creased capacity, Trico met demand from its growing clientele, including the outgoing fac tory owner’s clients. Customers have flocked to the domestic manufacturer since COVID-19 stymied global supply chains.

“That is, obviously, the biggest impact,” said Steven Mitchell, Trico president and Ar lin Mfg. Co. vice president.

Lowell, Mass.-based Arlin bought Trico in 2016 and brought it under Arlin’s umbrella as a subsidiary to satisfy its supply needs. Mitchell and his two brothers, John and Paul, contin ue to run Arlin, which was founded by their father in 1954.

“It was a backward-integration acquisition to ensure a continuous source of supply,” said Paul Conforti, Trico chief financial officer.

Buying the Old Baptist Road factory from Toray Plastics (America) Inc. allowed Trico to boost its offerings from two types of plastic films to three.

Each begins with small polypropylene pellets that are melted into viscous fluid that the machines then apply to rollers for different treatments, creating films in various colors,

thicknesses, strengths and properties.

Monoaxially oriented polypropylene is a plastic film stretched forward as it goes through the machine to create high-strength films often used by the cable industry as a binder before jacketing cable.

Biaxially oriented polypropylene is a film stretched forward through the machine, and then from left to right to toughen it, creating different properties that offer transparency, durability and suitability for printing.

Cast polypropylene is a film that isn’t stretched but cast onto the roll as molten liquid, then cooled to the desired shape. The printing industry uses this type of film to print graphic advertisements.

The finished products are wound onto large rolls and can be up to 10 feet across, about 2.5 feet in outer diameter and weigh up to 1 ton.

In many cases, these rolls are slit into small er widths and weights such as the 1/16-inch plastic film used by chewing-gum manufactur ers to provide a pull tab for customers to open packs of gum and pull out a stick to chew.

“We have built a reputation over the years on quality and responsiveness and our ability to meet customers’ specifications,” Conforti said. “That’s only helped us to grow, and that’s due to our people.”

The January expansion prompted Trico to more than double its workforce – from 20 to about 50 employees – to operate the two additional production lines at the Old Baptist Road site.

Conforti works with Director of Opera tions Theodore “Ted” M. Coburn, the son of Trico founder Theodore R. Coburn, to run the 28-year-old company.

“We have a great team in place,” Mitchell said. “We’re looking forward to applying their capabilities now to growing the company forward.”

Trico, which began a new fiscal year on Oct. 1, has been embracing strategies to keep business booming should the economy do more than flirt with hibernation from bull to bear market.

“Right now, we’re looking at investments that are in the facility that are going to allow us to improve our efficiency,” Mitchell said. “We’ve already made some commitments to new equipment we’re going to be adding down there. We’re really excited about how it’s going to improve our efficiency.”

Mitchell and Conforti traveled to Philadel phia in early October to build relationships with several existing customers and court potential new clients.

Trico has other products in the pipeline and operational staff skilled in new-product devel opment to cater to potential new customers’ needs and wants.

“That is also a big focus for next year – a combination of sales and development,” Mitch ell said. n

‘We have built a reputation over the years on quality and responsiveness.’

PAUL CONFORTI, Trico Specialty Films Inc. chief financial officer

HIGH ROLLER: Greg Viera, left, a ma chine operator, and Frank Costa, senior machine operator, work on the manu facturing floor at plastics maker Trico Specialty Films Inc. in North Kingstown.

PBN PHOTO/ELIZABETH GRAHAM

LEADER: Grant

Cooper, CEO of Optrel Inc. in East Greenwich, says the manufacturer primarily focused on industrial protection, such as the welder helmets seen behind him, before the COVID-19 pandemic. Now Optrel has transitioned into products that are more health care friendly.

PBN PHOTO/ELIZABETH GRAHAM

Be it for industrial or health needs, Optrel all about protecting people

BY ISABELLA DELEO | Contributing Writer

WHETHER IT IS MANUFACTURING

products for health care workers or for welders, Optrel Inc. is looking to create something new that isn’t already available on the market.

The company is on a mission “to be the innovation leader in everything we do, it’s as simple as that,” CEO Grant Cooper said. “We just try to find better ways to make products to make people’s lives more productive, safer, healthier.”

Optrel, which focuses on manufacturing equipment for industrial and health care needs, has witnessed a change in the prod ucts that the company produces over the last few years, and understandably so during the COVID-19 pandemic.

“We were primarily focused on industrial protection leading up to the pandemic. And I always like to say we went from talking to welders on a Friday to doctors on a Monday,” Cooper said. “Since the pandemic started, we’ve really transitioned into products that are more health care friendly.”

One of the company’s greatest recent releas es was the introduction of a clear NIOSH-ap proved N95 face mask, the first of its kind in the world. The product allows the wearer’s fa cial expressions to be seen, which can improve accessibility and facilitate communication.

“A common complaint you receive all the time with a traditional N95 no matter what occupation you had, or if you were just some one walking down the street, was that it made communication difficult,” said Jeff Morris, Optrel’s business development specialist.

Another benefit?

“It’s nice to see a smile sometimes,” Cooper said.

From ideation stage to submitting for approval, the process of creating the clear N95 mask took about nine months, Cooper says, which is far quicker than the timespan for most of Optrel’s products. He says most take a few years before they’re ready to hit the market.

But gaining a foothold in the health care industry hasn’t been without its challenges.

“Health care is a challenging industry be cause a lot of people are set in their ways, a lot of these products require fit testing and things like that where people don’t want to have to change products,” Cooper said. “A lot of ... time is spent working, trying to get a strong hold into the health care industry.”

Optrel operates with a small, seven-person team in Rhode Island.

“But we’re looking to add,” Cooper said.

Morris, who started at the company in January, said Optrel has an “open-door policy, and everyone’s kind of on the same level here. So, everyone’s ideas are heard, no matter who you are. The culture allows for everyone to

speak their mind pretty much. And that plays into the innovation. Everyone is encouraged to speak their ideas.”

Optrel, which has an East Greenwich office and a manufacturing facility in Switzerland, has been bringing its ideas to Rhode Islanders and making efforts to become more involved in the business and tech communities locally.

Cooper says Optrel has been collaborating with the New England Institute of Technology in terms of donating welding products to the school and has also joined the Rhode Island Manufacturers Association.

“Even though we are headquartered in Switzerland, we’re truly a Rhode Island-based company,” Cooper said. “And we are really looking to expand our presence within Rhode Island and become more of a community member than we have in the past. Our focus has always been on a national scale, but we’re really trying to do some things locally to help the community.”

During the fall, Optrel is gearing up to unveil a new product at the Atlanta conven tion Fabtech in November. Cooper hints that it “gives workers everything they’ve ever really asked for in a welding helmet.”

Optrel is working to put new products in people’s hands.

For Morris, Optrel is about “getting out there in the field and having that face-to-face time. It’s one thing to read about a product online, but it’s another to actually have [it] in your hands.” n

‘We just try to find better ways to make products to make people’s lives more productive, safer, healthier.’

GRANT COOPER, Optrel Inc. CEO

INNOVATION

Amgen strives to find, groom new talent through various avenues

BY SARAH FRANCIS | Contributing Writer

AS ONE OF THE LARGEST manufacturing companies in the state, Amgen Inc. has a history of encouraging and supporting its workforce. Its sprawling West Greenwich facility is home to what officials describe as a state-ofthe-art, next-generation biotechnology operation.

The production line of therapies is long, focusing on treatments for oncology/hema tology, immunotherapy and cardiovascular diseases, among others. At least one, Enbrel, is a household name. Amgen’s reported overall revenue climbed from $23.4 billion in 2019 to $26 billion in 2021.

A significant number of the roughly 900 Amgen Rhode Island employees are long-tim ers, according to Tara Urban, the biotechnol ogy manufacturer’s senior manager of cor porate affairs. Some have 10 or even 20 years under their belt. In fact, Amgen places a heavy emphasis on shepherding and retaining talent and the Rhode Island facility strives to be a magnet in the STEM – or science, technology, engineering and math – fields.

Its employment policy plays the long game. The goal is to familiarize young minds with a love of science and its potential as a rewarding career path, according to officials. “It’s neat when we hear students say they learned about Amgen in high school,” Urban said. “And we have employees who’ve been on staff since college.”

A company recruitment video highlights Amgen’s locations from Rhode Island to California, Florida and Puerto Rico. The company’s message notes that opportunities for in-house growth exist, even for those who

might otherwise hop around.

Amgen’s talent pipeline uses several entry points. The Westerly Education Center has a processing technology certificate program that focuses on biotechnology. Amgen recruits from there, as well as from the New England Institute of Technology, where students, typ ically with an electrical, instrumentation or mechanical engineering background, do co-ops with the company’s facilities and engineering teams.

“We want students to know about us as early as possible,” said Brian Britson, Amgen Rhode Island vice president of site operations. In 2021, the company virtually hosted 19 sum mer university interns, including five from the University of Rhode Island, Brown University and Providence College. Students from Lin coln-based William M. Davies Jr. Career and Technical High School also can experience Amgen through internships. That real-world experience helps match them with higher ed ucation interests, or they may decide to move directly into the job market.

“It’s important that we engage with the community,” Britson said.

Dania Gonzalez-Guzman, Amgen’s execu tive director and quality site head, agrees. She said these programs are critical to the compa ny’s success.

“Hopefully, when they join the workforce, it will be with us,” Gonzalez-Guzman said.

Enhancing professional development also helps company growth. Amgen offers rota tion programs that expose employees to areas beyond those they’re formally trained in. Competitive tuition reimbursement, quality enhancement tools such as training in Six Sigma, as well as coaching and mentoring are part of the mix.

Amgen also partners with the Community College of Rhode Island to train employees in technical writing and management, with a particular focus on data analytics, said Gonza lez-Guzman.

Productivity is also critical to Amgen’s success. The Rhode Island site has introduced a networkwide scheduling tool that’s available to the global team. This new, large-scale sys tem allows real-time data updates and access to a schedule that tracks more than 400 simulta neous, ongoing tasks.

The manufacturing side has a labor mon itoring tool that allows managers to quickly recognize the effect of production changes and how they’ll affect their employees.

In addition, the Rhode Island site has devel oped a real-time energy usage dashboard that identifies where energy use can be reduced. Some $100,000 in operating costs and more than 400 labor hours were avoided as a result. It all contributes to the bottom line, officials said.

“Our goal is to continue to hire and advance our staff,” Britson said, “and to grow from within.” n

‘It’s neat when we hear students say they learned about Amgen in high school.’

TARA URBAN, Amgen Rhode Island senior manager of corporate affairs

TEAMWORK: From left, Amgen Rhode Island manufacturing associate Alexandra Marzilli, senior associates Matt Miller, Jie Wen Yang and Kate Boucher, and Front Line Manager Marissa Burke work together in a section of the company’s new West Greenwich plant that employs single-use technology to manufacture drug substances.

COURTESY AMGEN RHODE ISLAND

Walco’s Waldman creates a pathway to success

BY JOHN A. LAHTINEN | Contributing Writer

not just how the company works but how each and every piece of the company fits together to create a pathway to success.

His personal connection to Walco runs much deeper. Waldman’s late father, Edmund, started the company in 1931. Waldman says his grandfather bought and sold used textile equipment. But when his grandfather fell ill, Waldman’s father helped by selling the re maining inventory of used equipment, Waldman said.

“At times, it was necessary to have the electric motors on that equipment repaired. My father, being a degreed engineer, decid ed to repair the motors himself rather than send them to a repair shop, and that was the beginning of Walco,” Waldman said. “I witnessed his creativity and willingness to try something new, as well as his willingness to let go of something that lost its relevance. That is not always easy. Most importantly, I witnessed his ability to be strong and address difficult situations while still being caring and considerate of others.”

Today, the diversified, high-tech automa tion engineering and industrial service company has 86 employees and serves multiple industries, including rail and defense.

Under Waldman’s guidance, Walco has secured new business and is expecting signif icant sales growth over the next three years. It was accomplished thanks to a leadership

philosophy grounded in tried-and-true prin ciples such as treating everyone with respect, building trust by being open and honest, being direct, not limiting the capabilities of team members and having a clear vision for the company.

Waldman admits he still sometimes strug gles with trying not to carry too much of the load on his own. Waldman said that early on when he learned of a problem or even an op portunity, he would spend time alone crafting possible ways to address the situation, only then asking others what they thought of those approaches and ultimately choosing a path.

The COVID-19 pandemic tested Waldman’s leadership and forced him to make many crit ical decisions. In early March 2020, he ordered the implementation of all recommended safety guidelines at Walco, but the company never closed its doors and no employees were laid off.

“We kept our salespeople and engineers at home and we serviced those customers who would let us into their building because they simply could not continue to operate without Walco fixing their machines,” Waldman said. “We employed ‘combat’ pay, a percentage increase to all our team members who came to work in our plant and traveled to service

our customers. Business did slow, sometimes dramatically, but we continued to employ and pay our team members.”

Kevin Harris, who managed Walco’s rail transportation and quality assurance and now oversees the company’s new entrepreneurial operating system management program, said Waldman is the most dedicated man he has ever known with a “customer comes first” ethic that has permeated the company.

“Ellis has a ‘never give up’ attitude,” Harris said. “When all is lost, he will still be encour aging and inspiring us to find a solution. His optimism helps us to achieve what we might not have without his prompting. During the pandemic, he worked passionately and tire lessly to make sure we kept the doors open.”

Waldman serves on the Rhode Island Manufacturers Association’s executive board and other local community boards. He also volunteers in the Jewish community. Helping others, particularly those who might be a bit down on their luck, is something he and Walco have always stood for.

“Caring about and for our people has always been an intrinsic feature of Walco’s culture, inasmuch as responding to a partic ularly unusual situation is a compassionate impulse we can sometimes act upon,” Wald man said. “Our team members know that it is important to me that we certainly do help some people where we can; in fact, I believe that their awareness of quiet, anonymous personal assistance positively contributes to team morale and subtly inspires our people to behave kindly toward one another.” n

MANUFACTURING CHAMPION ELLIS WALDMAN, CEO AND PRESIDENT, WALCO ELECTRIC CO.

‘Ellis has a “never give up” attitude.’

KEVIN HARRIS, Walco Electric Co. entrepreneurial operating system integrator

ELLIS WALDMAN HAS BEEN CEO AND PRESIDENT of Providence-based Walco Electric Co. for nearly 50 years, a tenure that affords him a unique perspective about

DEEP CONNECTION: Walco Electric Co. CEO and President Ellis Waldman learned about the manufacturing business from his family, including his late father, Edmund, who founded the company in 1931.

PBN PHOTO/TRACY JENKINS

MANUFACTURERS

2022 rank Company | Website 1

CEO/President

(ranked by number of local employees)

Address Phone

2021: 1

2021: 2

2021: 3

General Dynamics Electric Boat | gdeb.com PhebeNovakovic, chairman and CEO;Kevin M.Graney, president

Blount Fine FoodsCorp. | blountfinefoods.com ToddBlount

165 Dillabur Ave. North Kingstown, R.I.02852 (401)268-2300

No. of local employeesProducts

5,132 Design, construction and life cycle support of submarines for the U.S. Navy

630 Currant Road Fall River, Mass.02720 (774)888-1325 1,200 Manufacturing and marketing of gourmet soups and sides, and meals

2021: 4

2021: 5

Raytheon Missiles & Defense | raytheon.com

Gregory J.Hayes, chairman and CEO, Raytheon Co.;Wesley Kremer, president, Missiles & Defense

1847 West Main Road Portsmouth, R.I.02871 (401)842-5438 1,039 Electronic and weapons systems integrator for the U.S. Navy and international navies 4

Amgen Rhode Island | amgen.com Robert Bradway, chairman and CEO; Brian Britson, Rhode Island site vice president of operations

40 Technology Way West Greenwich, R.I.02817 (401)392-1200 970 Developer and manufacturer of biopharmaceuticals

Sensata TechnologiesInc. | sensata.com JeffreyCote, CEO and president

529 Pleasant St. Attleboro, Mass.02703 (508)236-3800 900

Custom-engineered sensors and controls, including Airpax, DeltaTech, Dimensions, Klixon, Qinex, Schrader and Sensor-NITE 5

2021: 7

400 John Quincy Adams Road Taunton, Mass.02780 (508)880-4000 900 Technology integrator and original equipment manufacturer with deep domain expertise in ground, sea, air, space and cyberspace 7

2021: 8

2021: 9

General Dynamics Mission Systems | gdmissionsystems.com ChrisBrady, president

Charcuterie Artisans | charcuterie.com ChrisBowler, CEO

1000 Daniele Drive Burrillville, R.I.02839 (401)568-6228 700 Food products

Tiffany &Co. | Tiffany.com MichaelBergkoetter, divisional vice president, jewelry supply

Joseph Abboud ManufacturingCorp. | josephabboud.com

JosephBahena, senior vice president

2021: 6

2021: 11

2021: 10

Toray Plastics (America)Inc. | toraytpa.com AkihiroNikkaku, CEO, president and chief operating officer, Toray Industries Inc.;KenKurokawa, chairman and CEO, Toray Plastics (America) Inc.;ChristopherRoy, president and chief operating officer, Toray Plastics (America) Inc.

Teknor ApexCo. | teknorapex.com Jonathan D.Fain, chairman and CEO;SureshSwaminathan, president

300 Maple Ridge Drive Cumberland, R.I.02864 (401)288-0100 680

Bracelets, charms, engagement rings, home accessories, necklaces, NFL Vince Lombardi Trophy, watches 9

689 Belleville Ave. New Bedford, Mass.02745 (508)999-1301

50 Belver Ave. North Kingstown, R.I.02852 (401)294-4511

600

557

505 Central Ave. Pawtucket, R.I.02861 (401)725-8000 525

Joseph Abboud sportcoats, suits and trousers

Polyester and polypropylene film manufacturing

Custom compounder of advanced polymer materials

2021: 13

2021: 16

TacoInc. 2 | tacocomfort.com John HazenWhite Jr., owner and executive chairman;Cheryl Merchant, CEO

Worthington Industries 3 | amtrol.com MikeGiannantonio, general manager

NordsonEFD | nordsonefd.com SundaramNagarajan, CEO and president, Nordson Corp.; JamieClark, vice president and general manager, Nordson EFD

1160 Cranston St. Cranston, R.I.02920 (401)942-8000 500 Circulators, controls, pumps and valves for HVAC systems

2021: 18 SEACORPLLC 4 | seacorp.com DavidCadorette, president 62 Johnnycake Hill Middletown, R.I.02842 (401)847-2260

| astronovainc.com

600 East Greenwich Ave. West Warwick, R.I.02893 (401)828-4000

acquisition

2021: 21 (401)333-9400 230 Electroplating, PVD and Cerakote coatings 1 Companies listed have manufacturing facilities located in Rhode Island and/or Bristol County, Mass. 2 Also known as Taco Comfort Solutions. 3 Formerly known as Amtrol Inc. 4 Formerly known as Systems Engineering Associates Corp. 5 Also known as Finlays Americas

| www.pbn.com

AheadLLC | aheadweb.com AnneBroholm, CEO

2021: 22

270 Samuel Barnet Blvd. New Bedford, Mass.02745 (508)985-9898 225 Branded golf apparel, headwear and accessories 23

KVH IndustriesInc. | kvh.com Brent C.Bruun, CEO

2021: NL

50 Enterprise Center Middletown, R.I.02842 (401)847-3327 195

Mobile satellite communications, TV antenna systems, services, and content for leisure, commercial, and defense maritime applications 24

2021: 25

2021: 26

2021: 27

Nye LubricantsInc. | nyelubricants.com GeorgeMock, president

12 Howland Road Fairhaven, Mass.02719 (508)996-6721 190 Innovation, formulation and manufacture of specialty lubricants 24

Hope Global | hopeglobal.com MarcelinoDe Santiago, president and chief operating officer

MahrInc. | metrology.mahr.com/en-us BryanOrr, vice president of sales Americas, executive director for Mahr Inc.;JohnRobinson, chief fnancial officer

International PackagingCorp. | interpak.com JohnKilmartin, owner and CEO

2021: 30

Prysmian Group 2 | prysmiangroup.com ValerioBattista, CEO, Prysmian Group;RobertAuger, Lincoln plant manager

50 Martin St. Cumberland, R.I.02864 (401)753-7800 190 Manufacturer of automotive, apparel and industrial products

1139 Eddy St. Providence, R.I.02905 (401)784-3100 182 Dimensional metrology equipment and gauges; provides calibration and contract measurement services

517 Mineral Spring Ave. Pawtucket, R.I.02860 (401)724-1600 175 Manufacturer and distributor of custom-made branded presentation boxes

3 Carol Drive Lincoln, R.I.02865 (401)333-4848 172 Wire and cable manufacturer

Nelipak Healthcare Packaging | nelipak.com RogerPrevot, chairman;PatChamblis, CEO and president

2021: 31

21 Amflex Drive Cranston, R.I.02921 (401)946-2699 150 Medical trays and pharmaceutical packaging 30

Natco Home Group | natcohome.com MichaelLitner, president

2021: 24

155 Brookside Ave. West Warwick, R.I.02893 (401)828-0300 140 Manufacturing and importing of home textiles and flooring 31

Cooley Group | cooleygroup.com DanielDwight

2021: 33

350 Esten Ave. Pawtucket, R.I.02860 (401)724-9000 135 Manufacturer of coated fabrics and polymer membranes 32 2021: 35

NFICorp. | nficorp.com RenaudMegard 22 Logan St. New Bedford, Mass.02745 (508)998-9021 120 Graphic overlays, labels, membrane switches, sleeves 33

2021: 34

Contech Medical | contechmedical.com RaymondByrnes, CEO;ChristopherByrnes, president 99 Hartford Ave. Providence, R.I.02909 (401)351-4890 110 Medical-device manufacturer

Swarovski Optik North AmericaLtd. | swarovskioptik.com AlbertWannenmacher, CEO 2 Slater Road Cranston, R.I.02920 (800)289-4900 105 Invents, designs and manufactures long-range optical products of the highest precision for demanding users

2021: 36 VIBCOInc. | vibco.com KarlWadensten 75 Stilson

Road Richmond, R.I.02898 (401)539-2392

130 Ernest St. Providence, R.I.02905 (401)941-8876 Yushin AmericaInc. | yushinamerica.com MayumiKotani, CEO and president, Yushin Precision Equipment Co. Ltd.;TakayaSugimura, president, Yushin America Inc.; MichaelGreenhalgh, Rhode Island director of operations

Greenwich, R.I.02818 (401)471-6580

101 Perforation of materials, including aluminum, brass, cold rolled, galvinized, Inconel, stainless and titanium; comes in coil, sheets or completely fabricated parts 35 Kenney Drive Cranston, R.I.02920 (401)463-1800 75 Robots and custom automation for the plastics industry 40 2021: NL Taylor BoxCo. | taylorbox.com DanielShedd, president;MarkenShedd, general manager 293 Child St. Warren, R.I.02885 (401)245-5900 70 Box sets, custom binders, luxury amenity and traveler packaging, luxury-event invitations, marketing and press kits, portfolios, product launch kits, retail packaging, season-ticket packaging 41 2021: NL Banneker Supply Chain SolutionsInc. | banneker.com JuniorJabbie 582 Great Road, Suite 101 North Smithfield, R.I.02896 (401)534-0027 60 Warehousing, e-commerce, fulfillment, distribution, logistics and supply chain management solutions 41 2021: 32 WaterRower | waterrower.com PeterKing, CEO 520 Metacom Ave. Warren, R.I.02885 (401)247-7742 60 Indoor rowing fitness machines 1 Companies listed have manufacturing facilities located in Rhode Island and/or Bristol County, Mass. 2 Formerly General Cable Corp., which rebranded to Prysmian Group in January 2022.

www.pbn.com