GSA Business Report - July 25, 2022 by SC Biz News

VOLUME 25 NUMBER 13 ■ GSABUSINESS.COM

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Fujifilm to remain in Upstate with recent investment

Keep that guard up FBI expert warns that companies targeted more . Page 6

By Molly Hulsey

Healthy workforce S.C. Healthy Business Challenge expands to Upstate. Page 7

Fiber optic honor

Researcher earns career award for advancing field. Page 8

Space Force ally

University joins partnership program for military branch. Page 9

Pearls in the rough patch SC oyster farm finds new revenue stream during pandemic

By Molly Hulsey

INSIDE

Leading Off .......................... 2 SC Biz News Briefs ................ 3 C-Suite ................................ 4 In Focus: Banking and Finance ..............................11 LIST: Accounting Firms....... 14 BONUS LIST: Credit Unions . 16 At Work .............................. 19 Viewpoint ...........................23

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mhulsey@scbiznews.com

ny month in the year — not just those ending in “er” — visitors walking into almost any Charleston seafood restaurant can slurp back oysters raised in the Ace Basin. But what happened to South Carolina’s six oyster farms when visitors couldn’t walk into those restaurants anymore, starting March 2020?

For Trey McMillan, founder of the Lowcountry Oyster Co. and vice president of the South Carolina Shellfish Growers Association, it marked the end of an era for some customers and a fresh beginning for another line of business. Restaurants’ wholesale accounts made up close to 90% of the farm’s customer base prior to March 2020. Spartanburg’s The Kennedy and several See PEARLS, Page 8

Reversal of Fortune Crypto investors weather sharp declines in value. Page 11

mhulsey@scbiznews.com

fter Greenwood’s Fujifilm plant prepared to shutter operations later this year, a Milwaukee-based commercial real estate firm swooped in to purchase the site. Terms of the deal were not disclosed in an announcement July 15, but 300 employees at the site will retain their jobs after Phoenix Investors leased 1.1 million square feet back to the Japanese manufacturer. Fujifilm’s five facilities in the area will continue to be used for administrative, manufacturing, warehousing and distribution operations, according to a news release. “We were pleased to reach a definitive agreement with Fujifilm to acquire its Greenwood campus,” Frank Crivello, founder and chairman of Phoenix Investors, said in the release. “Fujifilm is a world-class company; these buildings were built to its high standards and impeccably maintained over its lifetime in the same manner.” Phoenix Investors’ affiliate companies hold interest in close to 55 million square feet of industrial, retail, office and single tenant netleased properties across 28 states, according to the release. Revitalizing former manufacturing facilities across the United States is the company’s mainstay. Last year, Fujifilm planned to streamline production by outsourcing its manufacturing capacity to sites in Europe and Asia. The recent transaction will allow the company to continue manufacturing for its Personalized Photo Products Group, as well as warehousing and distribution and administrative support functions, the news release said. “Fujifilm arrived in Greenwood over 30 years ago, and we look forward to continuing as a major employer and a good neighbor in the community,” Jun Higuchi, president of Fujifilm Holdings America Corp. and CEO of Fujifilm North America Corp., said in the news release. “We look forward to working with Phoenix Investors to create a productive See FUJIFILM, Page 6

Leading Off

BRIEFS | FACTS | STATEWIDE NEWS | C-SUITE

f there is an upside to COVID-19, it may be an uptick in wellness and self-care. Life Extension has released a study that says a rising level of anxiety in two years of health, economic and political crises has taken a toll on mental and physical health. People are responding, it seems, by taking better care of themselves. Life Extension pulled data from the CDC, Census Bureau, National Parks Service and Google Trends across three categories: physical and mental health, access to parks and nature, and integrative health practices. The organization indexed the data to create the rankings. Brace yourself for a surprise: South Carolina didn’t do so well. The Palmetto State is No. 38 on the list with a rating of 1.99, compared to No. 1 California’s 3.16 and No. 51 Alabama’s 1.83. (The District of Columbia at No. 9 was counted as a state for the study.)

The study also noted a rise in interest in integrative health practices — mixing the science of Western-based medicine with alternatives such as yoga to address concerns like stress, anxiety and pain that can’t be explained by an MRI.

1.86

1.84

1.83

Oklahoma

1.87

Louisiana

1.87

Arkansas

1.88

Iowa

1.89

Delaware

1.89

North Dakota

1.90

Nebraska

2.75 New Jersey

2.92 District of Columbia

2.93

Wyoming

2.94

Alaska

3.06

Utah

3.08

Hawaii

Washington

3.10

Mississippi

1.90 3.12

Florida

3.15

Arizona

California

3.16

Bottom 10

Kentucky

Top 10

SOURCE: Life Extension

ON THE

RECORD

““We want to show people where their food comes from and what it takes for us to get that food to them, and also educate them on aquaculture and sustainable ways to feed people.” — Trey McMillan, founder and president, Lowcountry Oyster Co.

WEBSITE: www.GSABusiness.com

@GSABusiness

facebook.com/GSABusiness

July 25-August 07, 2022

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Iconic Upstate property sold to investement group. Page 18

Making the grade SC Biz News names Best Places to Work for 2022. Page 6

Clinton, SC Exit 54 and I-26 Available Retail Sites Contact Marvin Moss 864-833-7504 Email: mmoss@cityofclintonsc.com

Commercial real estate for real impact We’re powered by people to create real economic, social and environmental value in South Carolina.

Room to grow

Downtown Columbia hotel adding new wing. Page 3

SCBIZNEWS.COM JULY/AUGUST 2022

Courts roundup

MOVING MILESTONE Pyramid Contracting celebrated the grand opening of its new Irmo headquarters June 22. (Photo/Melinda Waldrop)

Irmo contractor settles into new headquarters ahead of anniversary

Defendants sentenced in fraud, bribery cases. Page 8

By Melinda Waldrop

INSIDE

Upfront ................................ 2 SC Biz News Briefs ................ 4 In Focus: Commercial Real Estate ................................ 13 List: Commercial Real Estate Firms ................................ 19 Bonus List: Commercial Moving and Storage Companies........................ 20 At Work .............................. 21 Viewpoint ...........................23

mwaldrop@scbiznews.com

year shy of its 20th anniversary, Pyramid Contracting is celebrating a new home for its business. Company executives joined state representatives and city officials to cut the ribbon on Pyramid’s new corporate headquarters at 951 Western Lane in Irmo on June 22. Pyramid crews completely renovated the former Sea Ray Boats facility just off Interstate 26 as the company relocated from its former Irmo office on Lykes Lane. “I’m most proud that our employees put their hands on and self-performed so much of the work in this building,” Bobby Alex-

ander, Pyramid president, told SC Biz News after cutting the bright blue ribbon to a round of applause. “We’re very proud of it.” Alexander founded the company in April 2003 with one location and nine employees. Now, Pyramid has six locations in three states and employs 50. The contractor, which specializes in commercial, federal and defense construction, was the 2018 South Carolina 8(a) Construction Firm of the Year. Alexander credits joining that Small Business Administration program, which provides training and technical assistance to firms owned and controlled by socially and economically disadvantaged See PYRAMID, Page 7

GOING VERTICAL

See SCMA, Page 9

Speculative frenzy

Demand for spec buildings fueling strong industrial real estate market. Page 13

ColumbiaBusinessReport.com

Building buzz

Courier Square attracting new retail tenants. Page 4.

Additional spec

Ground broken on spec building in Summerville. Page 6

ROOM SERVICE, MR. ROBOTO

Hydroponics changing crop production

GROWING TREND

Farm taking hemp to next level

A robot greets guests and performs simple service tasks at The Beach Club at Charleston Harbor Resort & Marina in Mount Pleasant. (Photo/Charleston Harbor Resort & Marina)

Clean sweep

Robot helps serve guests at Charleston resort

INSIDE

High-tech tool helps keep streets spic and span. Page 9

Upfront ................................ 2 SC Biz News Briefs ................ 3 Best Advice .......................... 4 In Focus: Banking and Finance ......... 13 List: Accounting Firms ....... 18 Bonus List: Credit Unions .. 20 At Work .............................. 21 Viewpoint ...........................23

By Jenny Peterson Contributing Writer

here’s a new guest services “employee” at a Charleston-area hotel who dances, tells jokes, plays games, is always in a good mood and on duty 24 hours a day. The Beach Club at Charleston Harbor Resort & Marina in Mount Pleasant has added a delivery robot, the first of its kind in South Carolina. The rolling, three-foot-tall cylindrical robot greets guests in the hotel lobby with a “Welcome to Charleston” message on its screen. More importantly, if guests have forgotten a towel, toothbrush or other items, hotel staff can send the robot up to a guest’s room

Water Mains FA R

JULY 25-AUGUST 7, 2022 ■ $2.25

rnorton@scbiznews.com

wo organizations dedicated to supporting and growing the manufacturing industry and assisting manufacturing companies in the state have entered a formal partnership. The S.C. Manufacturers Alliance and the S.C. Manufacturing Extension Partnership have formalized their relationship after many years on working together on projects. A goal of the partnership is to collaborate formally on efforts to elevate industry and manufacturing statewide, according to a news release. SCMA has worked to ensure manufacturers have the right legislative climate and network to encourage growth and prosperity for the facilities operating in the state. SCMEP has a long history of providing a wide range of consulting and training services that helps small- to medium-sized manufacturers increase their competitiveness, the news release said. A primary aim of the partnership will focus on increased promotion of the services the two organizations provide, ensuring more companies are able to access their support and, in the process, further strengthening the state’s overall manufacturing environment. “The S.C. Manufacturers Alliance and our colleagues at the S.C. Manufacturing Extension Partnership have always worked toward the same goal — creating the most supportive manufacturing environment possible,” SCMA President and CEO Sara Hazzard said in the release. “By creating and committing to a more formal partnership, we will be better equipped to learn from each other, build on each other’s work and provide a comprehen-

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By Ross Norton

Landmark sale

New partnership

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University, medical center creating nursing center. Page 4

JULY 18-AUGUST 14, 2022  $2.25

Manufacturing organizations enter official partnership

& Gardens

With publications in the Upstate, Columbia and Charleston, as well as a statewide magazine, SC Biz News covers the pulse of business across South Carolina. Above are excerpts from our other publications.

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Horticulturist joins Magnolia Plantation

VOLUME 28 NUMBER 13 ■ CHARLESTONBUSINESS.COM

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Hotel Trundle, a boutique hotel in downtown Columbia, is expanding with a new wing expected to open next spring. The hotel, which transformed three vacant retail buildings at the corner of Taylor and Sumter streets when it opened in April 2018, is adding a block of five guest rooms, including a spacious bridal suite. The 2,500-square-foot Flutter Wing, situated at 1544 Main St. above Drake’s Duck-In, will also feature an outdoor patio. The wing is designed to be a fusion of the hotel and Airbnb experience, Hotel Trundle co-owner Rita Patel told SC Biz News. “It’s modern and dreamy, very similar to the hotel now but a different aesthetic. The same mood and vibe, but with different furnishings,” Patel said. “The opportunity was a good one and it’s a great way to expand hospitality in Columbia and another way of experiencing the city.” After checking in, guests will be directed to a private entrance. They will have the option of a private parking space or valet services. Hotel amenities such as complimentary local craft beer or wine at check-in, complimentary hot breakfast and locally roasted coffee will also be available. The Flutter Wing will be leased from building owners Matthew Bridges and Daniel Boan, who have been attempting to develop the space above Drake’s for several years. Architecture services will be provided by Architectural Concepts, while Don Blackstone Construction will perform the build-out. Pond & Co. will provide interior design services in collaboration with Patel and co-owner Marcus Munse, Patel’s husband. The Flutter Wing, which calls to mind a butterfly mural painted on the side of Hotel Trundle’s main building and is in keeping with the whimsical vibe of the unicorn-themed hotel, will feature original hardwood floors and preserved light wells. The bridal suite, which will overlook a tree-lined section of Main Street’s central business district, will include a separate vanity area with lighting designed to enhance makeup application. “It goes really well with what we are and what we represent,” Patel said. Patel said bridal parties make up a steady stream of business at Hotel Trundle, which has a wedding party booked almost every weekend and once played host to six brides on a memorable Saturday. “I’m so excited. It’s so nice to be growing,” she said. “There’s a big demand for leisure travel on the weekend with big weddings and big groups. This gives people an opportunity to rent a semi-private space.” The Main Street building has housed businesses since around 1868, according to Janie Campbell, preservation consultant at Rogers Lewis Jackson Mann & Quinn. Duffie’s Bookstore occupied the space until around 1912. It was then home to two beauty salons, a shoe store and Marilyn’s Slipper Shop, located there around 1941. Hotel Trundle has drawn national attention since its opening.

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Downtown boutique hotel adding 5 rooms in expansion

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Columbia Regional Business Report

VOLUME 15 NUMBER 10  COLUMBIABUSINESSREPORT.COM

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Hotel Trundle is expanding with a new wing expected to open next spring. (Photo/File)

via elevator — the robot’s hidden electronic arm extends to push the correct floor number — and it rolls silently down the hallway to a specific room. Once at the door, the robot automatically calls the room via advanced technology and announces that it’s outside. A sensor on the robot can tell when the door opens, and then its large compartment is popped open for guests to reach in and retrieve their items. Once the item has been removed, the robot swivels from side to side in a little dance before returning back to the lobby. Two years ago, an executive at the Charleston Harbor Resort & Marina scrolled through LinkedIn for new and innovative trends in the hospitality industry and saw the novelty

delivery robot at a hotel in Europe, said Nick Saltmarsh, general manager of the Charleston Harbor Resort & Marina. The delivery robot was able to take towels up to guest rooms and “mingle,” to guests’ delight. It was an ideal post-pandemic restrictions addition — a way to help during a labor shortage and to cater to guests who preferred a contactless experience, Saltmarsh said. Similar delivery robots have been added to restaurants and hospitals to do simple yet time-consuming tasks. A second, identical robot will be added to Harborside, the sister property next door. “We have an amazing group of owners

Check out the 10 best upscale neighborhoods in Greenville

See ROBOT, Page 15

Happy Follidays

Chicago family purchases, renovates 80-year-old Folly Beach inn. Page 9

CharlestonBusiness.com

A supplement to Charleston Regional Business Journal, Columbia Regional Business Report and GSA Business Report

SCBIZmag.com

Get in touch +1 864 334 4145 avisonyoung.com

Power Lines Retail Parcels for Sale

Sewer Gravity Mains Parcels

Date: 5/25/2022

www.gsabusiness.com

July 25-August 07, 2022

Jason Thomas, executive editor jthomas@scbiznews.com • 864.568.7570 Ross Norton, managing editor-content rnorton@scbiznews.com • 864.720.1222 Melinda Waldrop, managing editor-production mwaldrop@scbiznews.com • 803.726.7542 Molly Hulsey, staff writer mhulsey@scbiznews.com • 864.720.1223 Christina Lee Knauss, staff writer cknauss@scbiznews.com Paige Wills, research specialist pwills@scbiznews.com • 843.849.3125 Steve McDaniel, editor, Custom Publishing Division smcdaniel@scbiznews.com • 843.849.3121

South Carolina’s Media Engine for Economic Growth

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A View From The C-Suite DAVID CALDWELL, | VICE PRESIDENT OF OPERATIONS, CALDWELL CONSTRUCTORS THE BEST ADVICE I’VE EVER RECEIVED My grandfather taught me when I was very young that “if a job was worth doing, it was worth doing right.” It has stuck with me ever since.

WHAT DOES YOUR COMPANY DO? Caldwell Constructors is a general contractor in the Upstate who manages the design and construction of medical, dental, veterinary, retail, restaurant, religious and industrial projects.

WHAT IS THE STIFFEST CHALLENGE FACING YOUR INDUSTRY RIGHT NOW? Material lead times and pricing volatility are drastically affecting project budgets and schedules.

LITTLE KNOWN FACT ABOUT YOUR COMPANY We have a long history of managing complex industrial construction as well as our typical commercial projects.

WHAT IS YOUR ROLE? I manage the day-to-day operations and coordinate with our staff to ensure that all projects run smoothly.

WHAT WAS YOUR FIRST JOB? In middle school, I had three families in my neighborhood that I did lawn care for.

event manager/manufacturing conference lmedders@scbiznews.com • 864.720.1220

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t 07, 2022 July 25-August 07, 2022

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Design firm relocates Upstate office By Jason Thomas

jthomas@scbiznews.com

eamonWhiteside will soon have a new home in Greenville. The site design firm, which has offices throughout the Carolinas including Mount Pleasant and Summerville, will be relocating its Greenville office to the historic Judson Mill District, according to a news release. The multi-disciplinary firm will move its 46 employees from its 7,500-square-foot space on Rhett Street to a 14,730-square-foot space in the Warehouse Building at Judson Mill. The relocation of SeamonWhiteside’s office to the Judson Mill District will foster opportunities for growth and collaboration for the firm, expanding across the Southeast, the release stated. “Our firm is a collaborative group always looking to stay on the leading edge of our industry. When looking for SeamonWhiteside is moving its Greenville office to the historic Judson Mill District. (Photo/Provided) a new space for our Greenville team, we didn’t want just another office setting, we into the new space at Judson Mill and all term partner of the Judson Mill project wanted an innovative and unconvention- that it has to offer." and has played a significant role in the al work environment for our team to be The firm is not new to the Judson re-vitalization of the mill,” said president able to collaborate,” Joe Bryant, executive Mill campus, having worked alongside of Belmont Sayre and co-developer Kenvice president of SeamonWhiteside, said architects McMillan Pazdan Smith and neth Reiter in the release. “We are thrilled in the release. "It was also important to contractor Triangle Construction on the to have them on campus and look forfind a space to recruit and retain talent redesign of Judson Mill over the past sev- ward to growing and continuing our that reflects our forward-thinking mind- eral years, according to the release. partnership.” set. We are looking forward to moving “SeamonWhiteside has been a longIt’s been a memorable year for Sea-

monWhiteside’s Greenville team as the office celebrates its 20th anniversary and moves into its new space in December, the release stated. It’s been a busy year, too. SeamonWhiteside, which is relatively new to the industrial sector, expects to design and/ or build close to 30 million square feet of industrial buildings this year alone. In recent years, the company would build about 100,000 square feet of industrial space. With the addition of SeamonWhiteside at Judson Mill, the Warehouse building is now fully leased and currently occupied by Cowboy Up, Blochaven, Feed & Seed, and the recently announced Judson Mill Community Innovation Hub (JudHub), the release stated. Avison Young, a global commercial real estate company in Greenville, spearheaded the leasing efforts with SeamonWhiteside on behalf of the Judson Mill District, according to the release. “We are proud to have led the leasing efforts at Judson Mill since April 2021,” said Chris Prince, vice president at Avison Young, in the release. “Finalizing a lease with an office user of SeamonWhiteside's caliber continues to build on the exceptional tenant mix at Judson Mill.” Reach Jason Thomas at 864-568-7570.

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THIS CHANGES EVERYTHING.

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July 25-August 07, 2022

Losses surge as cyberattacks continue on SC businesses By Molly Hulsey

mhulsey@scbiznews.com

hen 16,000 gas stations lining the East Coast were cut off from the Colonial Pipeline last year and drained of fuel, millions of South Carolinians tuned in as the company teamed up with the FBI and delivered a $4.4 million bitcoin ransom to its hackers. But few aside from the FBI and the victims realize that South Carolina businesses lost $21 million last year through ransom attacks and other cybersecurity breaches. By this May alone, that number had almost doubled to $42 million, according to Susan Ferensic, special agent in charge of the Columbia Field Office. “Not only is that an outrageous number,” she told SC Biz News, “but, I’m also concerned about the intangible loss of intellectual property. We know that actors from nation states and other countries want our intellectual property; it costs a lot of money to develop new technologies. And by stealing that information, it gives an unfair advantage to another country: that they didn’t have to develop, spend the time and money or have the intellectual property to make a new technology.” And according to Washington D.C.based cybersecurity firm PurpleSec, 50% of attacks target small and medium sized businesses. “That’s something that we can’t put a monetary value on,” Ferensic said. When asked which type of industry tends to be targeted the most, she said everyone can be a target, particularly businesses that don’t have current patches to

FBI Special Agent in Charge Susan Ferensic says hackers continue a relentless pace of attacks on businesses like the ransom attack that stuck Colonial Pipeline for $4.4 million. (Photo/Molly Hulsey)

their system due to lagged software updates or that have left default passwords in place. Larger businesses may be more apt to have the ability to invest in cybersecurity through a team that ensures that updates and system changes are put in place, she said, but for smaller businesses, that job rests on a multi-tasking management team. “Criminals have become very savvy,” Ferensic said, adding that they employ software that combs the internet for networks with vulnerabilities before launching an attack. “That’s a few clicks of a button, right? It’s not hard work for them. It’s really easy money on their end and they’ve become very professionalized in giving support.” Operators with pleasant voices and polite demeanors walk victims through the process of releasing their data or negotiating ransomware amounts.

But before companies get to that point, Ferensic suggests setting up network monitoring tools, obtaining a preventative network evaluation from the Department of Homeland Security and communicating cybersecurity standards to contractors and remote workers. She also suggested reaching out to the cyber supervisor at one of South Carolina’s eight satellite offices. If a business owner or cybersecurity officer observes suspicious activity or suspects network intrusion, Ferensic prompts them to contact the Columbia field office or the FBI’s CyWatch program at cywatch@ fbi.gov or 1-855-292-3937. If the threat escalates, she advises contacting the FBI’s Internet Crime Complaint Center to report losses through fraud and ransomware attacks, which in turn, part-

ners with the agency’s Recovery Asset Team. And time is of the essence. The team works with banks to prevent a ransom from being transferred to criminal accounts. Recovery is much harder to come by after that transfer. “Once the money is transferred, typically after 48 to 72 hours … it might be transferred between up to 100 banks internationally,” she said. “The cybercriminals know that the quicker they move that money around, the harder it is for us to track it, freeze it, even through our financial networks. So the sooner that team has the information, we can put a freeze on that money and then use judicial process to have the money returned to the victim.” Close to half of the ransom from last year’s Colonial Pipeline attack was returned by the U.S. Justice Department’s newly formed Ransomware and Digital Extortion Task Force the following month. Ferensic acknowledges that in the past, involvement from the FBI and local law enforcement got a rap for hampering targeted businesses from restarting operations. Now, she and her team want to rebuild that trust. “We’re not telling companies that they can’t pay a ransom, because we understand businesses need to be up and running, because that’s foremost of importance for their business,” she said. “But we’re asking [them] to, on the back end, work with us so that we can go after those actors and make sure that we bring consequences to them. They’re not mutually exclusive. Working with us doesn’t mean that you can’t get your business up and running.”

Investors buy former Carolinas skyscraping champion Staff Report

gsanews@scbiznews.com

he Landmark Building at 301 N. Main St. in downtown Greenville, once the tallest building in the state, has been sold to a group of local investors. The sale price was not disclosed. NAI Earle Furman represented the buyers of the 331,00-square-foot tower at the corner of Main and College streets. With 25 floors and 305 feet high, it remains the FUJIFILM, from Page 1

and enjoyable working environment for our valued employees.” Fujifilm decided to maintain and increase manufacturing assembly of its QuickSnap one-time-use-cameras, due to the rising U.S. demand driven by Gen Z consumers, according to the release. “We are pleased to continue our manufacturing assembly operations of

tallest building in Greenville, according to a news release from NAI Earle Furman. Sold by Tower on Main LLC of Columbia, the buyer of the Landmark Building is a Greenville-based investment group led by CAPA Management, the news release said. Listing agents for the property were Tripp Sellers, Patrick Gildea, Matt Smith, and Blaine Hart of CBRE. Conceived by Charles E. Daniel as the headquarters for his internationally known construction company, the skyscraper, first

known as the Daniel Building, signaled the arrival of the modern office tower in the Carolinas when it was completed in 1966. Daniel Construction occupied five full floors for many years. What was by then known as Daniel International Corp. was acquired by Fluor Corp. in 1977, and the compan was known for a time as Fluor Daniel. Greenville still serves as one of Fluor’s key U.S. operations centers. The buyers plan significant reinvestment

into the building, the release said. NAI Earle Furman brokers Keith Jones, McNeil Epps, Jake Van Gieson and Gaston Albergotti represented the buyer. NAI Earle Furman also will handle leasing and property management of the building. For NAI Earle Furman, this is one of the largest property management accounts and leasing accounts for the firm, the company said. First Reliance Bank of Greenville was the lender in the transaction.

QuickSnap one-time-use-cameras and with the increased demand for color film, we’ve recently added a second shift with 15 additional positions,” Bing Liem, division president of Fujifilm North American Corp.’s Imaging Division, said in the release. “We will also continue our personalized photo products operations here, where we provide fulfillment of photo prints and photo gifts for customers across the country.

We have built strong relationships with the community to fill nearly 1,000 seasonal positions annually during our busy holiday season and are proud to be one of the largest employers in Greenwood.” Phoenix Investors’ core business is the revitalization of former manufacturing facilities throughout the United States with expertise in renovating large commercial campuses. The deal is expected

to close by early October, subject to satisfaction of terms and conditions. “For over the last 12 years, we have successfully redeveloped single-tenant manufacturing campuses like this one into successful multi-tenant facilities,” David Marks, president and CEO of Phoenix Investors, said in the release.” Fujifilm and Phoenix Investors did not respond for comment by press time.

t 07, 2022 July 25-August 07, 2022

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Healthy Business Challenge expands to the Upstate By Jason Thomas

jthomas@scbiznews.com

n organization focused on the wellbeing of South Carolina’s workforce has expanded to the Upstate. The South Carolina Healthy Business Challenge officially launched the Upstate Region of a statewide program developed to assist businesses and organizations in establishing work environments that promote a culture of wellbeing and support a healthy, thriving workforce, an SCHBC news release stated. More than 100 participants representing businesses of all sectors and sizes located in or near the Upstate gathered recently at the Commerce Club in Greenville to learn about the free program, according to the release. Featured speaker Lt. Governor Pamela Evette discussed organization wellbeing as an economic driver for the state of South Carolina and congratulated SCHBC and attendees for their commitment to prioritizing health at work, the release stated. Established in 2015 as the Charleston Healthy Business Challenge, the collaborative program was developed by Dr. Susan Johnson, director of health promotion at the Medical University of South Carolina, and Paul Wieters, well-

ith Jones, d Gaston NAI Earle and prop-

one of the ounts and company

The South Carolina Healthy Business Challenge recently launched its expansion to the Upstate. The organization was created to builder a healthier workforce. (Photo/Provided)

ness coordinator with the city of Charleston, the release stated. MUSC had been named a Center of Excellence for the South Carolina Hospital Association’s Working Well program and Johnson saw a need for worksite wellbeing resources in the local community and an opportunity to facilitate those connections. “We are changing the norm of the workplace environment to one that embraces a culture of well-being as the new standard operating procedure,” Johnson said in the release. “By making health a priority at work, we see changes

in employees, in their families and in our communities.” According to Jen Wright, director of Working Well at the SCHA, collaboration is imperative for collective impact. “A business committed to creating a culture, through operations, environmental supports, and resources that allow employees to thrive in health and professional fulfillment will attract and retain talented, productive, drive, and loyal employees,” Wright said in the release. Since its inception, the leadership team envisioned expanding the program

to create greater impact, according to the release. With continued support from presenting sponsor BlueCross BlueShield of South Carolina and new support from partner sponsor Gallagher, the program was rebranded to the South Carolina Business Challenge, renaming the Charleston Healthy Business Challenge the Lowcountry Healthy Business Challenge, launching Upstate Healthy Business Challenge, with plans to launch the Midlands Healthy Business Challenge in 2023, the release stated. Gallagher’s Caitlin Townsend is leading the Upstate region and plans to tap into existing resources offered by their Better Works portfolio which takes a holistic approach to organizational wellbeing, the release stated. She will apply her background and experiences to help organizations understand the health of their workforce and make date driven decisions. According to Mike Harris, vice president of major group sales at BlueCross BlueShield of South Carolina, helping customers achieve improved health status is a long-term commitment. “Our support to expand the program statewide signals the seriousness of our intent to play a role in improving the health of customers and our communities,” Harris said in the release.

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www.gsabusiness.com

July 25-August 07, 2022

Ballato recognized for pioneering research in fiber optics Staff Report

gsanews@scbiznews.com

ohn Ballato of Clemson University is the recipient of the 2022 William Streifer Scientific Academic Achievement Award from the IEEE Photonics Society. The award recognizes “an exceptional single scientific contribution which has had a significant impact in the field of lasers and electro-optics in the past 10 years.” Ballato serves as the J.E. Sirrine Endowed Chair of Optical Fiber in Clemson’s Department of Materials Science and Engineering. The award helps solidify his position as an influential pioneer in the advancement of semiconductor optical fibers, according to the university. Colleagues said his contributions range from “the maturation of the semiconductor fiber fabrication method, to expanding the range of crystalline semiconductor materials that can be drawn into long lengths of fiber, to their application in a range of photonic technologies,” a university news release said. Ballato, who first joined the Clemson faculty in 1997, has authored more than

Ballato’s research at Clemson focuses on fiber optics and understanding how light interacts with materials. (Photo/Clemson University)

500 technical papers and holds 35 U.S. and international patents. Ballato has won numerous awards recognizing the contributions he has made during his career. He is fellow of seven professional organizations, including IEEE and the American Association for the Advancement of Science. Among those offering their congrat-

ulations on Ballato’s latest award was Siddharth Ramachandran, Distinguished Professor of Engineering at Boston University. “The past decade has brought a global renaissance in optical fiber, and Dr. Ballato has been among the most important innovators and leaders in the field,” Ramachandran said in the news release. “I congratulate him on his well-deserved

PEARLS, from Page 1

other Upstate venues were just a few of McMillan’s regular customers that cut off orders from the farm and never picked them back up again, he said. The wave of shuttered dining rooms and an uptick in Uber Eats orders continued to impact the Lowcountry’s wholesale footprint in Tennessee, Alabama, Louisiana, Florida and Georgia. “It was a rough patch,” he said. “So we started toying around with the idea of figuring out other revenue streams. Obviously, we’re a working farm, so if we can’t sell our products, we’re out of business.” Since 2018, McMillan’s wife Deja, founder of Pearl Public Relations, prompted him to start offering tours of the farm, but at that time restaurant sales were so strong, he could never find the time to make it happen. When business dried up in 2020, he began offering an all-day exclusive tour program with Charleston Place, a Belmond Hotel. “I’ll be honest with you, this is all 100% her idea,” he said. Lowcountry Oyster Co.’s team began steering visitors past shellfish nurseries, through rows of oyster baskets in brackish waterways, through the packaging facility and then to a fully catered lunch from the hotel. “It was a pretty long, drawn out process for the day for that experience,” he said. “And we were getting a lot of interest in it outside of the hotel group. … We obviously were not set up to do some-

An oyster farmer at Lowcountry Oyster Co. tosses a metal basket used to cultivate oysters in the brackish waters of the Ace Basin. (Photo/Provided)

thing like that. We don’t have a catering crew and all that stuff. So we started talking more about it and decided, ‘hey, maybe we should make a run at this with just our crew and just doing the whole thing in-house.” Then, in October 2021, Benjamin Navarro’s Beemok Capital purchased the hotel property. LS3P and luxury interior design firm Pierre-Yves Rochon are spearheading a deep renovation of the property, expected to commence in mid-2023, according to the inn, which hopes to expand its menu of local guest experiences, including through its new partnership with open air electric-vehicle rental company Moke. Hotel-sponsored farm tours didn’t

disappear with the purchase but they did begin to wane. So scaling back the tour a bit to a more manageable time of 90 minutes, Lowcountry Oyster Co. began to operate its own farm tours in partnership with the Charleston Visitors Center, where guests can be picked up for transport to the farm. “Or you can just come and take the tour, go on the boat, see everything from the nursery to the dinner plate, and then go about your business,” he said. On July 12, the farm added an additional time slot for the $150 per-person tour on Thursdays and Fridays with plans in the works to expand tours to four days a week by the end of the year.

success.” Ballato will receive the William Streifer Scientific Academic Achievement Award in November during the IEEE Photonics Conference. Several from Clemson lauded Ballato, including Kyle Brinkman, chair of the Department of Materials Science and Engineering. “This award strengthens John’s position as one of the globe’s most influential researchers in optical fiber research,” Kyle Brinkman, chair of the Department of Materials Science and Engineering, said in the release. “It is a well deserved reputation. He is playing a key role in lifting Clemson’s international profile in the area of advanced materials.” Hai Xiao, chair of the Holcombe Department of Electrical and Computer Engineering, said the award is well deserved. “John is an internationally renowned pioneer in the field of optical fiber, and this award cements his position,” Xiao said in the release. “When I meet with colleagues around the world, it’s an honor to say I know John Ballato.” The award is endowed by Xerox Corp. and Spectra Diode Labs. “It’s not something we’re going to stage to make you think it’s one thing when it’s not. So you get the whole experience. You get your hands muddy: if you want to eat some oysters, you go get them,” he said with a laugh. “The more we educate people on this, the better off we are. That’s really what we want to do: we want to show people where their food comes from and what it takes for us to get that food to them, and also educate them on aquaculture and sustainable ways to feed people.” So far, visitors from Los Angeles, Montana, New York City, Canada — and Charleston — have boated between the ordered rows of oyster baskets in the basin. Since 2021, orders at local joints like the Prohibition, The Darling Oyster Bar and Amen Street Raw Bar have also been on the rise. And now that the wholesale business has picked back up in tandem with the tours, Lowcountry Oyster Co. would need to take on additional staff to send a truckload to the Upstate like it used to, he said. As keeping a small farm profitable becomes more difficult across the country, McMillan does believe ecotourism can be used to fill in the gap. “But you still have to tend to your crop,” he said. “And any farmer knows that your crop is your livelihood, that’s everything. You can’t just let it slip. So it’s one of those things that, yes, it can definitely help, but at the same time you have to find that balance.”

t 07, 2022 July 25-August 07, 2022

www.gsabusiness.com 9

ticsClemson University joins Space Force partnership program

m Streifer nt Award Photonics

Staff Report

gsanews@scbiznews.com

he U.S. Space Force welcomed Clemson University as an official member of its University Partnerded Balchair ofship Program during a memorandum of ence andunderstanding signing event on July 18. The USSF — the sixth and newest branch hn’s posi-of the U.S. Armed Forces — established nfluentialthe UPP to identify, develop and retain a rch,” Kylediverse, capable workforce — with strong tment offoundations in science, technology, engiing, saidneering and math — to further its mission rved rep-to protect U.S. and allied interests in space. in lifting As modern warfare is increasingly n the areafought via satellite control networks, the need for creative workers proficient in the HolcombeSTEM fields is at an all-time high, according Comput-to a news release from Clemson University. d is wellThrough the partnership, the USSF will seek to recruit new members and create educaenownedtional and leadership development profiber, andgrams for existing Space Force employees. on,” Xiao “Clemson is proud to partner with the meet withUnited States Space Force in becoming a an honormember of the USSF University Partnership Program,” university President Jim Clemox Corp.ents said in the news release. “As we continue our institution’s strong history with the United States Armed Forces, this new partnership is an incredible opportunity for g to stageour faculty, staff and students to continue to when it’sengage in groundbreaking research, develperience. you want et them,” we eduff we are. we want od comes o get that them on ys to feed

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Clemson President Jim Clements and Gen. David D. Thompson signed a memorandum of understanding on July 18. (Photo/Clemson University)

op innovative educational experiences and discover new and exciting ways to serve our country.” The research and technology created through the partnership will make an impact far outside the military, said Vice Chief of Space Operations Gen. David D. Thompson. “With the signing of the MOU, Clemson University and the U.S. Space Force commit to an exciting partnership for the future,” Thompson said in the release. “Our nation is depending on the next generations of scientists and engineers to help us solve complex national security challenges and these challenges are multi-generational. A big part of that challenge involves educating, recruiting

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and equipping the next generation for service — and that’s why we are here today. Any knowledge gained from the Space Force and Clemson working together is ultimately for the benefit of our nation.” Universities are selected based on four criteria: the quality of STEM degree offerings and space-related research laboratories and initiatives; a robust ROTC program; a diverse student population; and degrees and programming designed to support military, veterans and their families in pursing higher education. Clemson has a military heritage dating back to its founding as an all-male cadet college in 1889. Clemson alumni have fought,

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and in 497 cases died, in every war since then, the release said. Its ROTC program has produced more than 10,000 officers, including Space Force Chief of Space Operations Gen. John W. “Jay” Raymond, a 1984 Clemson alumnus, and two Air Force generals assigned to Space Force — Maj. Gen. Leah G. Lauderback and Maj. Gen. Donna Shipton. Signing the MOU is the first step in a journey designed to enhance the futures of both entities. The USSF and Clemson will immediately begin working to meet the program’s four main goals: • Establish opportunities for world-class research, advanced academic degrees, and workforce and leadership development for USSF Guardians. • Identify and pursue research areas of mutual interest with member universities, individually and collectively. • Establish scholarship, internship and mentorship opportunities for university students and ROTC cadets. • Recruit and develop diverse officer, enlisted and civilian Guardians with a particular focus on science, technology, engineering and mathematics. Clemson is the 13th university to join the UPP. Others include Massachusetts Institute of Technology, Georgia Institute of Technology, Howard University, North Carolina Agricultural and Technical State University and Purdue University.

www.gsabusiness.com

July 25-August 07, 2022

Boeing receives order for more SC-made 787s By Ross Norton

rnorton@scbiznews.com

oeing and AerCap Holdings N.V. on July 19 announced that AerCap is growing its 787 Dreamliner portfolio with an order for five additional 787-9 jets. The 787-9 is built in North Charleston, which is home to Boeing’s 787 program that includes the 787-8 and 787-10. “AerCap is the world's largest 787 customer and we are very pleased to strengthen that position with this order for five additional aircraft,” Peter Anderson, chief commercial officer of AerCap, said in a news release. “This transaction is in line with our portfolio strategy of investing in the most in-demand new technology assets and will help us continue to support our airline customers meet their sustainability commitments.” AerCap leases its fleet to airlines. AerCap has about 300 customers around the world. AerCap is listed on the New York Stock Exchange (AER) and is based in Dublin with around the world, including Miami, Memphis and Seattle. AerCap now has 125 787 Dreamliners in its portfolio or on order, the release said. The world's largest 787 customer, AerCap continues to invest in the 787 family, which has received more than 700

AerCap has bought more 787s from Boeing than another customer. The company is a lessor that provides fleets for customers around the world. (Photo/Provided)

repeat orders from 47 customers across the globe. The 787 has been the most-utilized widebody throughout the pandemic due to its efficiency, capacity and capability, according to the release. Boeing designed the 787 family with improved efficiency, which allows airlines to profitably open new routes. "AerCap oversees a world-class leasing portfolio, epitomized by the most utilized widebody in the industry, the 787 Dreamliner," Ihssane Mounir, Boeing senior vice president of commercial sales

and marketing. "With its unparalleled fuel efficiency and passenger appeal, the 787 Dreamliner family is playing a major role in sustaining, reopening and pioneering new routes in the long-haul travel market." Since revenue service began in 2011, the 787 family has launched more than 325 new nonstop routes around the world, including 50 routes opened since 2020. The 787-9 can fly 296 passengers up to 7,565 nautical miles in a typical two-class configuration, the release said.

Deliveries for the 787 Dreamliner program have been halted for months while the company and the Federal Aviation Administration look into production quality issues regarding tiny gaps found between the sections of the fuselage, about the width of a human hair. The gaps were not a safety of flight issue for the in-service fleet, Boeing said, but the company has been working since to address the problem. Boeing has declined to speculate on when deliveries will resume.

In Focus

t 07, 2022

BANKING & FINANCE LISTS: Accounting Firms, Page 14; Credit Unions, 16

NEXT ISSUE’S FOCUS:

Architecture, Engineering & Construction

REVERSAL OF FORTUNES

Cryptocurrency investors weathering sharp market downturn By Christina Lee Knauss

cknauss@scbiznews.com

emperatures outside may be in the 90s right now, but investors in the world of cryptocurrency are weathering a very different kind of season. The digital currency world is experiencing a downturn those in the field refer to as a “crypto winter,” and some experts are saying this one might be far more painful than similar downturns since crypto first became a big thing internationally with the introduction of Bitcoin, now the world’s largest cryptocurrency, in 2009.

A crypto winter is a stretch when the prices of Bitcoin and what is now thousands of other cryptocurrencies worldwide contract and remain low for an extended period. Two previous such winters have occurred in the recent past, according to an article from the World Economic Forum: one in 2014 and another in 2017-18 after an extended bull market for crypto in 2017. The idea that cryptocurrency isn’t doing well right now might seem strange to casual observers who don’t follow the market but remember stories from late 2021 when a months-long bull market for crypto caused Bitcoin

to reach its highest value ever of more than $69,000 in November. Other cryptocurrencies – even ones that started off as a joke like Dogecoin – experienced similar sharp rises in value. The crypto markets took off because buyers worldwide flush with cash from COVID-19 stimulus payments, pay raises and increased savings decided to put their funds into crypto. This time, not only tech-savvy individuals got into the market, but many more investors crossed over from the traditional markets as well. Then it all fell apart, starting back in the spring. How badly? The value of Bitcoin as of July 18 was $22,073.50.

FIND. FINANCE. INSURE. CLOSE.

A precipitous fall

Cryptocurrency, once hoped to be immune to inflation and other factors that roil the traditional markets, proved that it had a weak immune system. What caused it? A fatal trifecta of spiraling inflation, worldwide economic upheaval due to the pandemic and the war in Ukraine, and rash decisions all around -- from individual crypto investors all the way up to major crypto hedge funds. “Prior to 2019, the crypto economy was more correlated with the price movement of Bitcoin and not necesSee CRYPTOCURRENCY, Page 22

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July 25-August 07, 2022

Credit unions rise as bank branch closures reach record high By Molly Hulsey

mhulsey@scbiznews.com

espite their growing prominence with small businesses during the pandemic years, the local bank branch may soon be rare. In 2020, more than 2,120 bank branches shuttered across the United States, then the highest net number on record. Then, in 2021, net closures spiked by 38% as shuttered bank branches neared 3,000, according to a 2022 S&P Global Market Intelligence Report. Wells Fargo, U.S. Bancorp., Truist Financial Corp., Huntington Bancshares Inc. and Bank of America Corp. rang the death knell on the highest number of branches over the past year, according to the report. "The technology has made the customers a lot stickier than they used to be,” Jeffrey Deuel, CEO of Heritage Financial Corp., a bank that pruned away 18% of its brick-and-mortar locations in 2021, said in the report. “And I think that's playing to our advantage. As we've watched how customers manage through the pandemic, it gave us a bit more confidence to take the actions we take." But those actions have consequences for customers who no longer have a bank servicing their local community. The Consumer Financial Protection Bureau reported in April that 9-in-10

“One of the trends that we have seen, I think that’s particularly alarming, is the increasing number of financial deserts. If you look at some of the data, from 2010 to 2020 in South Carolina, there are about 258 fewer bank branches.” Dan Schline CEO, Carolinas Credit Union League

rural households visit a bank branch instead of relying on a remote larger bank. Rural households with an ever-shrinking pool of local financial services are also more likely to rely on payday lenders, pawnshops and other non-bank sources of credit to fill income gaps than those in suburban and urban areas. “One of the trends that we have seen, I think that’s particularly alarming, is the increasing number of financial deserts,” Dan Schline, CEO and president of the Carolinas Credit Union League, told SC Biz News. “If you look at some of the data, from 2010 to 2020 in South Carolina, there are about 258 fewer bank branches.” He also noted that the number of

South Carolina chartered banks have dipped over the past few years as the likes of Charleston-headquartered Carolina Financial and Greenville’s GrandSouth Bank have been absorbed by out-of-state purchasers. “I think some of what’s happening is, with the consolidation in the banking industry, that they’re taking a hard look at where they have physical locations and making some determinations perhaps based on profitability,” Schline said. “The result has been increasingly, there are some communities across South Carolina where there’s a lack of access to a brickand-mortar institution.” But in the vacuum left by for-profit banks, nonprofit credit unions are on the rise, he said. During the same period of time, a net increase of 17 credit union branches peppered the state, he said. “Credit unions are locally owned and operated,” he said. “They tend not to close branches; they tend to keep people employed, so that’s a real positive trend.” Schline hopes that a bill adopted by the U.S. House of Representatives on June 15 will soon find allies in the Senate in light of the mounting number of banking deserts across the country. In its current form, the Financial Access for Underserved Communities Act allows federal credit unions to add in residents of underserved areas to their

field of membership and widens the definition of an underserved area to locations more than 10 miles away from the nearest financial institution, a Community Development Banking and Financial Institutions Act of 1994 Investment Area or groups of contiguous census tracts in which 85% of the communities within are designated as “low income,” according to the legislation. Schline said the bill would also exempt business loans made in underserved areas from the typical lending cap for member businesses. On the state level, the Carolina Credit Unions League is helping develop another bill that Schline argues will aid the industry as it fills the growing bank branch void. In Florida and Georgia, among a number of other states, when a bank seeks to sell the assets of a shuttered branch to a local credit union, the state regulator allows transactions from the bank to transfer to the credit union. Most banks are acquired by other by banks, not credit unions, but Schline reiterated that it is important to keep the option open for the exception. “We’ve been working with the state legislature,” he told SC Biz News. “We had a bill introduced last session. Ultimately, we had a hearing, but it didn’t advance. But that’s an issue that we’re going to continue working on.”

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July 25-August 07, 2022

IN FOCUS: BANKING & FINANCE

www.gsabusiness.com 13

Rising commercial lending interest rates balance mortgage revenue drop By Jenny Peterson

Contributing Writer

s a common rule of business, industries that operate in a changing market are able to survive leaner times with diversified product offerings and additional revenue. Those additional service lines have been vital for banks during an increase in home mortgage interest rates seen this year after a two-year historic low rate following the COVID-19 pandemic. When home mortgage interest rates hovered around 2.6% in 2020, banks’ mortgage departments were inundated with requests for home loans and refinances, said Fleetwood Hassell, president and CEO of the Bank of South Carolina. That resulted in more revenue from origination loans. “We had to add some more processors and underwriters to handle the volume,” Hassell said. “We staffed up a bit; we incentivized people working longer. It was a remarkable period of time.” Banks and mortgage lenders collected loan origination fees and made money selling the influx of mortgages in the secondary market, which boosted the department’s bottom line. “Customers were refinancing equity lines and second mortgages that were

variable rates to low fixed rates,” Hassell said. As of mid-July 2022, the average rate for a 30-year fixed mortgage had risen to 5.73%. The interest rate was even higher in June with the average rate on a 30-year fixed mortgage at 5.9%. That higher interest rate slowed down loans and refinances across the board. Banks have been relying on other service lines — most notably, commercial lending — to help their bottom line and help retain staff. The prime interest rate for commercial has been increasing; it was 4% in May and 4.75% in June. “When interest rates are going up at banks, net interest margins go up; banks are making more money on their commercial loans,” Hassel said. “We're going to be looking at a prime rate potentially around 6% in a couple of months. When interest rates go up at banks, net interest margins go up and we'll see increased interest income on our commercial loan portfolio. That extra interest income for the bank largely goes to offset the decrease in mortgage income volume. One should balance out the other, hopefully.” Additional streams such as merchant credit card services also help make up for lost mortgage revenue. Financial institutions that solely rely

on home mortgages haven’t fared so well. A news release in June from the Mortgage Bankers Association stated that continued layoffs hit more mortgage lenders, including North Carolina-based Wyndham Capital Mortgage, which planned to cut 48 employees at its main office in Charlotte effective Aug. 1. “It’s the second Charlotte-based lender to announce a large layoff in the past two weeks, after Nashville-based FirstBank said it would shut down its direct-to-consumer channel Real Genius and close its office, impacting 74 home-based workers,” according to the news release. “FirstBank attributed its move to the waning refinance market and high interest rate environment, a common refrain among mortgage players trimming payrolls.” Other firms confirming cuts include Texas-based Open Mortgage, which acknowledged 14 layoffs, and American Advisors Group, the nation’s leading reverse mortgage lender by volume, which cut an undisclosed number of staff. The moves were reported by Reverse Mortgage Daily, according to the Mortgage Brokers Association. Hassel said, “Non-bank mortgage companies are most likely being impacted in staffing more (than banks) because they don't have the other products that commercial banks do, like commercial

loans. It hadn't impacted us (in staffing) yet,” Hassel said. “But as a community bank, if we ever got to that point, we hope there'll be other opportunities for people within the bank.” A federal government forecast of an even higher prime interest rate should continue to bring in revenue. Hassel said that the higher prime rate for commercial loans hasn't made business owners wary of applying for loans. “As the economy continues to move forward, the availability of credit is a very integral part of individuals and businesses. While interest rates may be up, that's the cost of doing business to continue to run your business and provide a return for your shareholders,” Hassel said. Hassel noted that banks have always operated with flocculating home interest rates, and staying nimble is part of doing business. “Back in the early and mid-80s, we had a huge spike in interest rates. My first home mortgage rate was 14% and I remember refinancing at 10 and a half and … that was a good rate,” Hassel said. “I don't know if we'll ever see the two and-a-half or three-and-a-half percent mortgage interest rates again, but we're getting back to traditional mortgage rates. It’s a cycle and most banks are built on that type of (changing) model.”

IN FOCUS: BANKING & FINANCE

www.gsabusiness.com

July 25-August 07, 2022

Accounting Firms

Ranked by No. of CPAs in the Greenville Area Company

Phone / Website / Email

Elliott Davis LLC 200 E. Broad St., Suite 500 Greenville, SC 29601

864-242-3370 www.elliottdavis.com elliottdavis@elliottdavis.com

Ernst & Young LLP 2 W. Washington St., Suite 901 Greenville, SC 29601

Executive(s) / Year Founded

CPAs / Accountants / Employees

Services

Richard E. "Rick" Davis 1920

112 189 242

Assurance and advisory; tax planning and compliance; accounting, financial reporting; strategic planning, business valuation; risk, cybersecurity advisory; business, management consulting; wealth management, due diligence for financial transactions

864-242-5740 www.ey.com

Jessica Donan 1926

66 66 129

Assurance, tax and consulting services

PricewaterhouseCoopers LLP 320 E. Main St., Suite 420 Spartanburg, SC 29302

864-680-4675 www.pwc.com

Margaret Young 1994

50 60 60

Assurance, tax, business advisory and transaction services

Forvis LLP 11 Brendan Way, Suite 200 Greenville, SC 29615

864-288-5544 www.forvis.com email@forvis.com

Mike Kelly 2022

45 89 110

Audit and assurance, income tax compliance and consulting, corporate governance, transaction advisory services, due diligence, litigation support and valuation, forensic and IT risk and advisory

Cherry Bekaert 110 E. Court St., Suite 500 Greenville, SC 29601

864-233-3981 www.cbh.com kathryn.delia@cbh.com

John Gonella 1947

24 33 69

Audit and assurance, tax planning and compliance, international tax advisory and transfer pricing, state and local tax advisory, credits and incentives, business valuation transaction advisory services and litigation support

Bradshaw Gordon & Clinkscales LLC 630 E. Washington St. Greenville, SC 29601

864-233-0590 www.bgcllc.com contact@bgcllc.com

James Starks, Pete Tiffany 1980

22 33 43

Tax planning and compliance, auditing and related attestation services, business advising and consulting, business valuation and accounting, and bookkeeping services

Greene Finney Cauley LLP 211 E. Butler Road, Suite C6 Mauldin, SC 29662

864-232-5204 www.greenefinneycauley.cpa info@gfhllp.com

Larry J. Finney, David Phillips 1996

17 43 50

Tax planning and compliance; outsourced accounting, advisory and payroll; audits, reviews and compilations; advisory services

Halliday, Schwartz & Co. 824 E. Main St. Spartanburg, SC 29302

864-583-0886 www.hsco-cpa.com

Beth Cooley, Stan Halliday, Betsy Vanover 1952

16 8 26

Audits, reviews and compilation of financial statements; tax planning, consulting, tax return preparation, business valuations; business planning and consulting

Stokes & Co. CPAs PC 108 Frederick St. Greenville, SC 29607

864-242-1418 www.stokescpas.com info@stokescpas.com

Stephen C Stokes, Allen A Hodges 1999

14 40 50

Tax preparation, bookkeeping, accounts payable, fractional controller and CFO, compilations and reviews

Suggs Johnson LLC 107 Edgebrook Drive Anderson, SC 29621

864-226-0306 www.suggsjohnson.com info@suggsjohnson.com

Chris Halkowitz, Brian Johnson, Gray Suggs 2005

12 26 29

Advisors, consultants to businesses and individuals; emphasis in income, estate and trust tax planning and compliance; spectrum of industries; audit and assurance

Gosnell Menard Robinson & Infante 180 Alabama St. Spartanburg, SC 29302

864-573-9211 www.gmricpas.com www.barney@gmricpas.com

Barney G. Gosnell 1986

9 12 14

Tax consulting and compliance; audit and accounting services; merger and acquisition advisory services; pension plan audit services, auto dealership advisory services, strategic business planning

SwaimBrown P.A. 350 E. St. John St. Spartanburg, SC 29302

864-585-0176 www.swaimbrown.com

Scott Keim 1952

8 11 22

Audit and assurance services, reviews, compilations; employee benefit plan audits; tax compliance and consulting; accounting and bookkeeping services; business planning, consulting and outsourced CFO services; transaction advisory services

Argo & Associates LLP 303 E. Calhoun St. Anderson, SC 29621

864-226-7202 www.argocpa.com admin@argocpa.com

Joseph Argo, Mendell Key, Varada Ogale 1974

7 14 17

Tax management and preparation, business advisory, bookkeeping, payroll and compensation planning, audit and assurance, international taxation

GreerWalker LLP 15 S. Main St., Suite 800 Greenville, SC 29601

864-752-0080 www.greerwalker.com/greenville barry.leasure@greerwalker.com

Barry T. Leasure 1984

6 8 12

CPA firm providing tax, assurance, accounting and advisory services focused on international and domestic middle market companies and owners

Saunders O'Dell P.A. 210 E. Trade St. Simpsonville, SC 29681

864-963-3467 www.saundersodellcpa.com marc@saundersodellcpa.com

Marc Saunders, Benjamin O'Dell 1976

6 7 10

Tax, accounting, audit, QuickBooks consulting, reviews, payrolls

Jeter, Lloyd, Benjamson & Booth CPAs LLC 404 Memorial Drive Ext. Greer, SC 29651

864-877-3525 www.jlbbcpas.com bryanjeter@gmail.com

Bryan Jeter, Quentin Benjamson 1972

5 10 10

Tax preparation and consulting, financial statements and write up, probate services, consulting and bookkeeping

Love Bailey CPAs Laurens, SC 29360

864-984-2698 www.lovebaileycpa.com gbailey@lovebaileycpa.com

Gary Bailey 1982

5 12 12

Outsourced accounting department, advisory services

Montgomery & Co. CPAs PA 101 Roper Creek Drive Greenville, SC 29615

864-233-8449 www.montgomeryandco.com team@montgomeryandco.com

Joseph F. Montgomery 1994

5 8 16

Bookkeeping, consulting, tax preparation, tax planning, exam representation, compilation, review and information technology for small businesses

Smith Kesler & Co. P.A. 200 Westgate Mall Drive Spartanburg, SC 29301

864-327-1504 www.skandco.com spartanburg@skandco.com

Steve Hinds 1974

5 9 13

Auditing, reviews and compilations; tax services, estate planning, bookkeeping and write-up; litigation support, payroll services, financial forecasting and projection

Cline Brandt Kochenower & Co. P.A. 145 Rogers Commerce Blvd. Boiling Springs, SC 29316

864-541-0218 www.cbkpa.com timblake@cbkpa.com

Tim S. Blake 1950

4 13 16

Auditing, bookkeeping, compilation, review, payroll processing, taxpayer representation, financial planning, estate planning, individual, partnership

Charles A. Ford CPA PC 4200 E. North St., Suite 10 Greenville, SC 29615

864-268-3312 www.charlesfordcpa.com office@charlesfordcpa.com

Charles A. Ford 1999

3 5 9

Tax preparation (personal, business, trusts and estates, payroll, sales); tax planning; QuickBooks Pro advisor; bookkeeping write-up (compilations and review); business start-up consultations

Moore Beauston & Woodham LLP 3447 Pelham Road, Suite 102 Greenville, SC 29615

864-288-8000 www.fullservicecpa.com info@fullservicecpa.com

Mark J. Swanson 2003

3 6 8

Business sales and acquisition consultation; business evaluations, tax planning and preparations; litigation support, attestation and bankruptcy services

Nason Accounting LLC 233 Adley Way Greenville, SC 29607

864-297-7742 www.nasonaccounting.com cpa@nasonaccounting.com

Lisa Nason 2006

3 5 7

Tax return preparation; tax planning and consulting; business consulting; bookkeeping, international consulting

P. Graydon CPA LLC 401 Parker Ivey Drive Greenville, SC 29607

864-232-1545 www.pgraydoncpa.com info@graydonthompson.com

Phyllis Graydon 2015

3 4 5

Tax preparation, tax consulting and planning, litigation support, IRS and state exam assistance

Because of space constraints, sometimes only the top-ranked companies are published in the print edition. For a full list of participating organizations, visit scbiznews.com/buy-business-lists. Although every effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com.

Researched by Paige Wills

IN FOCUS: BANKING & FINANCE

July 25-August 07, 2022

www.gsabusiness.com 15

Accounting Firms

Ranked by No. of CPAs in the Greenville Area CPAs / Accountants / Employees

Company

Phone / Website / Email

Executive(s) / Year Founded

Peay & Associates LLC 301 N. Broad St. Clinton, SC 29325

864-833-4450 www.peaycpas.com jpeay@peaycpas.com

2019

3 4 7

Individual and business tax planning and preparation; estate and trust tax compliance and planning; business consulting, planning and outsourced CFO services; compilations and reviews

A.T. Locke 68 Pointe Circle, Suite 2202 Greenville, SC 29615

864-908-3062 www.atlocke.com info@atlocke.com

Anna T. Locke 2008

2 5 5

Monthly financial reporting, budgets, forecasts, data analytics, accounting department design and development

Brock Tax Settlements 217 Whitsett St. Greenville, SC 29601

864-558-0755 www.brocktaxsettlements.com george.brockcpa@gmail.com

George H. Brock 1976

2 7 8

IRS and SCDOR tax settlements, offers in compromise, resolving garnishments, levies and liens; abatement and return of penalties; preparation of past-due taxes; tax court preparation

Curtis CPA LLC 105 Hampton Grove Way Greenville, SC 29617

864-882-2882 www.curtiscpallc.com robert@curtiscpallc.com

Robert A. Curtis 2008

1 2 2

CPA firm providing tax, accounting, business consulting, financial planning and general consulting services

Dan Livengood CPA LLC 3598 Highway 11, Suite 214 Travelers Rest, SC 29690

864-836-3136 www.danthecpa.com dan@danthecpa.com

Dan Livengood 2002

1 3 4

Tax and accounting services for small businesses and their owners

Gregory A. Owens CPA Inc. 2406 N. Main St., Suite G Anderson, SC 29621

864-224-0771 www.gregowenscpa.com gowenscpa@gmail.com

Gregory A. Owens 2006

1 1 2

Tax preparation, bookkeeping, Quickbooks training and upkeep, payroll processing

Lynne D. Jones CPA LLC 11 N. Irvine St., Suite 4 Greenville, SC 29601

864-380-3275 www.ljonescpa.com ljones@ljonescpa.com

Lynne D Jones 2009

1 1 1

Attestation services including financial statement audit, review and compilation

Michael E. McCourry CPA 674 Fairview Road, Suite B Simpsonville, SC 29680

864-757-9764 www.simpsonvillecpa.com info@simpsonvillecpa.com

Michael E. McCourry 2008

1 2 3

Tax preparation and accounting services

Smith & Coker LLC 131 Hall St. Spartanburg, SC 29302

864-542-9754 www.smithcoker.com info@smithcoker.com

Pamela S. Smith 1989

1 2 7

Business and individual tax preparation, payroll, financial statement preparation, tax planning, advisory

Accountable Bookkeeping & Business Services 213 Harts Lane Simpsonville, SC 29681

843-972-4208 www.accountablebookkeepingllc.com abbsllc@gmail.com

Kristina Singer 2003

1 2

Accounting and bookkeeping remote services specialized in small and medium size businesses utilizing QuickBooks software for bookkeeping, banking, payroll, yearend and more

Bea's Tax Service 135 Eagles Nest Drive, Suite B Seneca, SC 29678

864-888-1830 www.beastaxservice.com bea@beastaxservice.com

Beate C. Ventura 2017

1 4

Tax, accounting, bookkeeping and payroll

Carrick Consulting LLC 2123 Old Spartanburg Road Greer, SC 29650

864-915-5505 www.carrickconsulting.com info@carrickconsulting.com

Amy E. Carrick 2009

2 3

Professional fiduciary and bill paying services

Count On Us Controller Services 204 E Park Ave., Suite 1003 Greenville, SC 29601

864-363-7921 www.countonuscontrollerservices.com jill@countonuscontrollerservices.com

Jill M. Vales 2006

3 2

Outsourced, customized, part-time controller services for small service businesses, non-profit organizations and government agencies; all accounting and reporting tasks, or supplement or manage existing staff

Services

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IN FOCUS: BANKING & FINANCE

www.gsabusiness.com

July 25-August 07, 2022

Credit Unions Ranked by No. of Members

•

Company

Phone / Website / Email

Top Executive / Year Chartered

Members

$ Total Assets

$ Total Loans

Truliant Federal Credit Union 3621 Pelham Road Greenville, SC 29615

800-822-0382 www.truliantfcu.org -

William Hall 1952

289,249

$3,987,747,415

$2,676,162,827

Founders Federal Credit Union 1461 E. Main St. Spartanburg, SC 29307

800-845-1614 www.foundersfcu.com info@foundersfcu.com

Bruce A. Brumfield 1983

244,617

$3,921,322,119

$2,844,705,469

South Carolina Federal Credit Union 930 Charisma Drive Spartanburg, SC 29303

864-503-9998 www.scfederal.org ngeiger@scfederal.org

R. Scott Woods 1936

166,018

$2,494,870,871

$1,603,790,971

Sharonview Federal Credit Union 712 S. Main St., Suite A Greenville, SC 29601

864-241-9791 www.sharonview.org -

William W. Partin 1976

106,153

$1,838,749,030

$1,332,260,895

Self-Help Credit Union 115 W. Antrim Drive Greenville, SC 29607

864-438-2421 www.self-help.org info@self-help.org

Martin D. Eakes 1983

88,468

$1,634,918,931

$777,068,016

S.C. State Credit Union 1435 Cleveland St. Greenville, SC 29607

864-235-0363 www.scscu.com info@scscu.com

James Kinard 1952

83,660

$1,319,173,162

$611,672,920

Houston Federal Credit Union 100 Fluor Daniel Drive, Suite C102U Greenville, SC 29607

864-676-7300 www.houstonfcu.org talktous@houstonfcu.org

Chris Choat 1960

67,405

$956,613,075

$518,019,328

Deere Employees Federal Credit Union 104 Trade St., Suite G Greer, SC 29651

864-879-7833 www.dccu.com service@dccu.com

Kurt T. Lewin 1935

65,550

$1,808,617,269

$1,439,894,913

Peach State Federal Credit Union 1536 Edgefield St. Greenwood, SC 29646

678-889-4328 www.peachstatefcu.org psfcu@peachstatefcu.org

R. Marshall Boutwell 1961

62,918

$811,250,089

$528,685,876

CPM Federal Credit Union 307 Harrison Bridge Road Simpsonville, SC 29680

864-246-5850 www.cpmfed.com admin@cpmfed.com

James Gergen 1955

60,829

$580,720,458

$297,800,987

Spero Financial 420 E. Park Ave., Suite 100 Greenville, SC 29601

864-232-5553 www.sctelco.com mweb@sctelcofcu.org

Brian McKay 1935

50,117

$564,187,463

$454,385,439

Greenville Federal Credit Union 1501 Wade Hampton Blvd. Greenville, SC 29609

864-235-6309 www.greenvillefcu.com -

Paul F. Hughes 1968

32,762

$414,666,795

$250,711,357

Carolinas Telco Federal Credit Union 1020 Woodruff Road Greenville, SC 29607

864-298-0400 www.ctelco.org -

Chris Dickman 1979

32,078

$596,519,598

$303,271,098

Premier Federal Credit Union 3863 Carlisle-Chester Highway Carlisle, SC 29031

864-466-4145 www.premierfcu.org info@premierfcu.org

Steve Flamm 1963

19,572

$288,790,705

$231,486,562

Market USA Federal Credit Union 201 Bi Lo Blvd. Greenville, SC 29607

864-234-4676 www.marketusafcu.com memberservices@marketusafcu.com

Laura T. Hassan 1953

18,885

$140,269,159

$88,567,575

Carolina Foothills Federal Credit Union 520 N. Church St. Spartanburg, SC 29303

1-800-922-4403 www.carolinafoothillsfcu.coop -

Scott Weaver, Terri Hendrix 1960

17,657

$192,552,885

$114,040,667

MTC Federal Credit Union 124 Verdae Blvd., Suite 101 Greenville, SC 29607

864-908-3448 www.mtcfederal.com information@mtcfederal.com

William H. Love 1976

17,060

$258,801,192

$136,476,747

Parda Federal Credit Union 1835 S.C. Highway 72 Bypass N.E. Greenwood, SC 29649

864-223-6787 www.parda.com info@parda.com

Kimberly A. Jones 1974

15,219

$253,923,924

$93,075,785

Upstate Federal Credit Union 123 Broadbent Way Anderson, SC 29625

864-328-0300 www.upstatefcu.org member_services@upstatefcu.org

Donna J. Metz 1993

15,129

$116,583,296

$66,989,335

Greenville Heritage Federal Credit Union 520 W. Washington St. Greenville, SC 29601

864-467-4160 www.greenvilleheritage.com information@greenvilleheritage.com

Alan D. Berry 1941

12,389

$151,495,152

$89,968,381

Palmetto Health Credit Union 200 Fleetwood Drive Easley, SC 29640

864-442-7541 www.palmettohealthcu.org info@phcu.org

Hansel B. Hart 1964

10,799

$97,854,936

$39,897,539

G.H.S. Federal Credit Union 211 Patewood Drive 1 Greenville, SC 29615

864-288-8046 www.myghsfcu.coop ghs@myghsfcu.coop

F. R. Rivers 1954

9,966

$57,618,970

$17,686,168

Source: National Credit Union Administration, March 2022 call report (latest available at time of publication) Researched by Business Report staff

ans

827

469

971

895

016

920

328

913

876

987

439

357

098

562

667

747

ation, March f publication) s Report staff

July 25-August 07, 2022

www.gsabusiness.com 17

IN FOCUS: BANKING & FINANCE

www.gsabusiness.com

July 25-August 07, 2022

Credit Unions Ranked by No. of Members Company

Phone / Website / Email

Top Executive / Year Chartered

Secured Advantage Credit Union 116 N.E. Main St. Simpsonville, SC 29681

864-967-1402 www.securedadvantagefcu.com michal.parker@securedadvantagefcu.com

Neighbors United Credit Union 218 Birchtree Drive Greenwood, SC 29649

Members

$ Total Assets

$ Total Loans

Michal Parker 1959

7,293

$84,805,164

$32,077,408

864-941-8900 www.mynucu.org twood@mynucu.org

Elizabeth Orama 1961

7,036

$69,157,290

$23,837,841

Vital Federal Credit Union 1000 Asheville Highway Spartanburg, SC 29303

864-948-8200 www.vitalfcu.com -

Omero J. DeLorenzo 1995

6,862

$68,487,876

$41,597,121

Greenwood Municipal Federal Credit Union 617 E. Durst Ave. Greenwood, SC 29649

864-229-6177 www.gm-fcu.org gmfcu@gm-fcu.org

Phillip Heinlen 1974

6,775

$56,137,206

$25,838,386

HopeSouth Credit Union 807 W. Greenwood St. Abbeville, SC 29620

864-366-9602 www.hopesouth.org fcrocker@hopesouth.org

Faye C. Crocker 1971

3,502

$31,642,927

$12,032,356

Pickens Federal Credit Union 2111 Gentry Memorial Highway Pickens, SC 29671

864-898-5009 www.pickensfcu.org pickensfcu@pickfcu.com

Clayton V. Kerr 1961

2,787

$28,008,128

$10,321,511

AnMed Health Federal Credit Union 706 E. Greenville St. Anderson, SC 29621

864-512-1147 www.anmedhealthfcu.com anmedhealthfcu@anmedhealth.org

Dana D. Fisher 1974

2,569

$18,124,115

$5,830,779

Self Memorial Hospital Federal Credit Union 315 Epting Ave. Greenwood, SC 29646

864-725-4176 www.selfmemorialfcu.net smhfcu@embarqmail.com

Jane D. Moore 1966

2,351

$16,540,827

$5,290,743

St. Francis Federal Credit Union 121 Sumner St. Greenville, SC 29601

864-255-1660 www.stfrancisfcu.org stfrancisfcu@bshsi.org

Katia Marini-Nunez 1966

1,906

$11,024,401

$6,252,056

Abbeville Community Federal Credit Union 603 E. Greenwood St. Abbeville, SC 29620

864-366-5615 www.youracfcu.com denisea@youracfcu.com

Latricia Fuller 1971

1,718

$12,453,640

$7,799,128

Emerald Credit Association Federal Credit Union 2117 Kateway Greenwood, SC 29646

864-223-9135 www.emeraldcu.com ecafcu@embarqmail.com

Lisa A. Norman 1968

1,260

$9,365,882

$5,494,835

Source: National Credit Union Administration, March 2022 call report (latest available at time of publication) Researched by Business Report staff

MIN G

IN S

EPT

EM BER !

Taking Flight: SC Aerospace In September, SCBIZ magazine explores the economic impact of the aviation and aerospace industries, the businesses that support them, and growth trends for the future in South Carolina. Richland County will be in the Spotlight, along with a Power List of Accounting Firms, and a special section showcasing the Best Places to Work in South Carolina. Don’t miss this opportunity to promote your brand to 80,000+ high-level business executives and site selectors.

DEPARTMENTS

SPECIAL SECTIONS

• Upfront • SC Delivers - Port Impact • The South Carolina You Don’t Know

• County Spotlight: Richland • Power List: Accounting Firms • Best Places to Work in South Carolina

For more information, contact Rick Jenkins at 864-720-1224 or rjenkins@scbiznews.com

t 07, 2022

At Work

BUSINESS DIGEST | PEOPLE IN THE NEWS

Business Digest

United Community Bank partners with Habitat

SC Port accepting applications for Community Giving Program

The S.C. Port Authority is accepting applications until July 29 for its Community Giving Program. Through the program, the authority dedicates a portion of revenues to partnership projects that support local communities in which the port operates. Applications must demonstrate a fit within one of the following focus areas: maritime commerce, economic development, environmental awareness or community outreach. For more information, visit https://lp.constantcontactpages.com/sv/q8Xag9Y.

United Bank supports students through Greenville Tech program

United Bank donated $2,500 to the Greenville Tech Foundation to support the Emergency Student Needs Fund. Funds will assist students who have unmet critical needs, providing help with medical bills, utilities, rent, bus passes and other financial burdens. Funds are administered through Greenville Technical College’s Student Assistance and Resources (STAR) Center, which helped 177 students and granted more than $197,000 in emergency aid last year, according to a news release.

Atlantic Packaging joins Conservation Alliance

Atlantic Packaging said it joined The Conservation Alliance, an organization that advocates for the protection of North America’s wild places. Atlantic Packaging said it is the first packaging company to join more than 270 member companies of the Alliance. Membership dues are dispersed to grassroots environmental organizations that contribute to the long-term health of outdoor recreation and help ensure access for future generations.

SLG Investment Holdings acquires Greer company

Greenville-based SLG Investment Holdings LLC said it acquired Greer-based Package Concepts Inc. The company and assets will be managed through a newly formed affiliate SLG Package Concepts but continue to operate under the Package Concepts name, according to a news release. Package Concepts was founded in 1989 and currently offers interior corrugated packaging, custom boxes, design and production, real-time inventory tracking, warehousing/distribution and rotary die cutting. In addition to SLG’s acquisition of Package Concepts, SLG affiliate SLG Real Estate Holdings LLC said it acquired 20,000 square feet of manufacturing and distribution space on Poplar Road Extension in Greer and will lease the space to Package Concepts for operations.

Staff Report

T Outdoor festival set for November in Simpsonville

Greenville-based JBM & Associates announced plans for Everything Outdoor Fest Nov. 4-6 at Historic Hopkins Farm in Simpsonville. The three-day festival will feature presentations from outdoor recreational experts, as well local, regional and national brands to showcase and demonstrate outdoor gear and equipment.

Impact America receives grant to address poverty

Impact America said it received a grant from AmeriCorps, the federal agency for national service and volunteerism, to support its effort to address poverty through various health, economic and education-based initiatives. Impact America is recruiting AmeriCorps members in South Carolina and other Southeastern states to support its initiatives. For information, visith impactamerica.com/corps.

gsanews@scbiznews.com

he United Community Bank Foundation announced a new partnership with Habitat for Humanity affiliates across its business footprint that will both support the cost of local builds and provide local United Community Bank team members with an opportunity to volunteer on a build in their area. The Foundation kicked off the partnership with a build in Wake County, N.C., on July 1 and in Atlanta on July 23. Other United builds are planned for South Carolina, Tennessee and Florida this fall, for seven homes in 2022. “Supporting housing strategies and the path to affordable homeownership is a core pillar of the United Community Bank Foundation,” Moryah Jackson, vice president of community development and engagement, said in a news release. “Our team is passionate about investing in our communities and helping our customers reach their housing goals from a lending perspective. Partnering with Habitat for Humanity lets

Highway 290 in Spartanburg. The project will be called Hillside 290 and includes a 284,400-square-foot building that will be offered for lease. Spaces will be divisible to 70,000 square feet. Colliers will manage leasing for the facility. Hogan Construction Group is the general contractor.

BASF sponsors golf tournament

YMCA adds mobile services

YMCA of Greenville unveiled “Y on the Fly,” a cargo van that delivers food and services to children, families and seniors in the community. Y on the Fly will serve Greenville’s most vulnerable neighbors with hunger relief, along with providing educational enrichment, wellness classes, physical activities for children, games and more, according to a news release.

Speculative development underway in Spartanburg for SunCap

Developer SunCap Property Group said it broke ground on an industrial facility on 30 acres within Hillside Industrial Park on S.C.

BASF’s site in Seneca served as a silver sponsor and participated in the Grace’s Closet annual Fore the Kids Benefit Golf Tournament. BASF’s team took second place in the tournament. The Grace's Closet ‘Fore the Kids’ Golf Tournament is an annual event to raise support for the mission of Grace's Closet and help provide the children of the Upstate with needed resources such as clothing, food and hygiene products.

New training program available to Palmetto State manufacturers

The S.C. Manufacturing Extension Partnership and Clemson University Youth Learning Institute announced a partnership to deliver a series of training courses scheduled to begin in Greenville in September. The Empowering Your Employee training series is designed to provide professional communication and team collaboration skills for both entry-level and experienced employees. For more information, visit https://scmep.org/event/empoweringemployees/.

United Community Bank employees volunteer at a Habitat for Humanity project. (Photo/Provided)

us go one step further and directly contribute toward families’ homeownership dream in our own communities.” United Community Bank plans to partner with seven Habitat affiliates this year, including Central SC Habitat for Humanity and Habitat for Humanity of Greenville County. United bankers are also collaborating with their local Habitat affiliates to share their financial expertise to help the new homeowners achieve stability, independence and financial goals, the news release said. The Habitat activity is the bank’s celebration of American Housing Month which is observed by the American Bankers Association and the ABA Foundation.

Three members join Endeavor

Endeavor, the coworking and office space community in downtown Greenville’s One tower, announced three new members: Kelley Jones, owner and attorney at KH Jones Law Firm; Alex Hay, co-founder of Gold Path Solar; and executive leadership development company Battlefield Leadership. For more information, visit endeavorgreenville.com.

Infinity receives Telly Awards

Infinity Marketing said it won five awards in the 2022 Telly Awards competition for video production projects. The Telly Awards honor excellence in video and television across all screens. The program receives more than 12,000 entries from all 50 states and five continents. Entrants are judged by The Telly Awards Judging Council, an industry body of more than 200 experts.

Romeo’s Pizza plans 3 locations

Romeo's Pizza said it plans to open restaurants in Greer, Easley and Clemson. The Greer location will be at 110 Sage Creek Way. The Easley restaurant will be located at 7009 Calhoun Memorial Highway, and the Clemson location will be downtown at 405 College Ave.

www.gsabusiness.com

July 25-August 07, 2022

People in the News

Verdae Development names new CEO

HOSPITALITY AND TOURISM Michael Bonasia is now director of sales and marketing for Hotel Hartness, a 73-room hotel scheduled to open in December 2022. He had been vice presBonasia ident of sales and marketing at Tara Investments. Bonasia is a graduate of the University of North Carolina at Charlotte, where he earned a bachelor’s in communications with an emphasis in public relations.

Haager

OTO Development promoted Kelly Haager to regional vice president of sales. Haager joined OTO Development in 2006 in an on-property sales position.

REAL ESTATE

DuesterhausTudi

Midtown office as a sales associate. He is a graduate of Wofford College.

Knox

Martin

Abbott

Holmes Realty has hired Brigid Duesterhaus, a recent Millikin University graduate, as administrative assistant. She is also assisting the firm with promotional work.

The Pelham Road office of Berkshire Hathaway HomeServices C. Dan Joyner Realtors had added Courtney Pack as a sales associate. Pack worked over twenty Pack years in health care for more than 20 years before switching to real estate. Pernita Robinson is now with Berkshire Hathaway HomeServices C. Dan Joyner, Realtors’ Simpsonville office as a sales associate. Before beginning her career Robinson in real estate, Robinson spent more than 30 years with the Department of Social Services. Berkshire Hathaway HomeServices C. Dan Joyner Realtors has added Victoria Svistun as a sales associate in its Woodruff Road office. Berkshire Hathaway HomeServices C. Dan Joyner Realtors announced that Christopher Knox joined the company’s

Berkshire Hathaway HomeServices C. Dan Joyner Realtors announced that Ashley Martin joined the company’s Woodruff at Five Forks office as a sales associate. The Judson Mill Community Innovation Hub hired James Westman Abbott as community director. Abbott previously worked at The Salvation Army Area Command of Greenville for the past 14 years.

Tudi Holmes Realty hired Brigid Duesterhaus, a recent graduate of Millikin University in Illinois, as administrative assistant.

TRANSPORTATION & LOGISTICS

Benson

Carolina Handling promoted Justin Benson to vice president of its Intralogistics Solutions Group. Benson joined Carolina Handling in 2015 as a business development manager.

ADVERTISING, MARKETING & PR Story hired Jonathan Tribble as director of marketing services. Tribble worked as digital team lead at Your Creative People from 2015 to 2022.

Staff Report

gsanews@scbiznewscom

erdae Development Inc., master developer for the 1,100-acre planned development known as Verdae, has named Dan Klausner the company’s CEO. This news follows the recent release of Verdae’s vision for the future of the Laurens Road district. Klausner joins Verdae with more than 20 years of strategic real estate development experience — including commercial, residential, adaptive reuse and mixed-use community creation. His most recent position was with San Diegobased Newland Real Estate Group where he was vice president of commercial real estate over the East Coast. In that role, he was responsible for development and disposition of more than 10 million square feet of commercial entitlements and 7,500 multi-family and build-for rent units in master-planned environments including Nexton in Charleston; River Lights in Wilmington, N.C.; Briar Chapel and Wendell Falls in Raleigh, and Bexley and Waterset in Tampa. “Dan has the skill set we need to help propel the new vision for Laurens Road and Verdae forward,” Anne Ellefson, Verdae Development board chair, said in the news release. “His extensive background in planning these types of mixed-use destinations, coupled with financial and vertical development experience with similar scale projects, will add depth to the already

officer at FinTrust Capital Advisors, for his public service and commitment to the State of South Carolina as a commissioner of the Retirement System Investment ComGillespie mission. Gillespie served on the Commission for more than 15 years.

BANKING & FINANCE William Jack McElveen Jr. has been named to the First Reliance Bank board of directors. Before his retirement, McElveen served as the bank’s executive vice presiMcElveen dent and chief credit officer. McElveen replaces former board member Dale Porter, who retired this year. The S.C. House of Representatives recognized Allen Gillespie, chief investment

Owens

Davenport

The Countybank board of directors appointed James Owens Bank Secrecy Act (BSA) officer, overseeing both the BSA and Office of Foreign Assets Control (OFAC) programs. The Southern Bank named Clayton Davenport vice president and branch manager of its Greenville location. Davenport previously worked at United Bank as a vice president and branch manager.

strong VDI team.” In May, Verdae Development and Hollingsworth Funds unveiled a new outlook for approximately 90 acres of Laurens Road property as Greenville’s next generation destination. The refreshed vision aims to create a vibrant and inclusive mixed-use district that reflects klausner Greenville’s cultural and social diversity while acting as a platform for economic innovation with office, residential, recreation, and retail in a new, more urban setting, the release said. “I’m excited to move to Greenville to join the Verdae team and help lead the next generation of development for this critical property,” Klausner said in the release. “I am looking forward to continuing the tremendous momentum of Verdae and the Greenville community and expanding relationships with local, regional and national players to effectuate additional unique, yet timeless experiences in and around this community.” Klausner received a bachelor’s degree in environmental engineering from Rensselaer Polytechnic Institute, a master’s degree in environmental engineering from Manhattan College, and an MBA in real estate and finance from the Kenan Flagler Business School at the University of North Carolina.

CONSTRUCTION Hartness promoted Andy Jex to director of Hartness Construction. Jex joined Hartness in August 2021 with more than 20 years of project leadership experience. McCrory Construction promoted Nick Skrobola to project manager. Skrobola has a decade of construction industry experience and is working on Skrobola a 150,000-squarefoot warehouse and machine/maintenance shop in Anderson.

EDUCATION Wofford College hired Sandra Rouse as vice president for campus life and student development and dean of students. Rouse previously worked at Newberry College as dean Rouse of students and as a member of the president’s leadership team.

t 07, 2022 July 25-August 07, 2022

www.gsabusiness.com 21

Indicators of recession not yet visible in US economy

econd-quarter GDP growth will be released on Thursday morning, July 28. We expect 0.5% GDP growth in that quarter. Combining that growth rate with a 1.6% decline in the first quarter paints a picture of an economy that is in trouble. But is the economy as weak as the GDP growth rates suggest? No. Will anemic first half growth throw a wrench into the Fed’s series of planned increases in the funds rate? No. How high might the funds rate need to climb to slow the pace of economic expansion enough so that inflation retreats to the desired 2.0% pace? We are thinking 5.0% (or higher), which is significantly above the 3.8% funds rate the Fed currently anticipates at the end of next year. Everybody seems convinced that we are either already in or soon will be in a recession. If that’s correct, the economy should slow enough to curtail inflation and rates will not need to go much higher. We think they are being far too pessimistic. It is always a mistake to underestimate the strength and resilience of the U.S. economy. With respect to the notion that we are already in a recession, the economy continues to crank out jobs. In a recession, payroll employment declines. Currently, the economy is producing 375 thousand jobs per month with few signs of slowing. Layoffs have risen somewhat but still remain very low. Job openings have declined for two consecutive months, but the declines are moderate, and they are falling from a record-high level. The labor market remains tight and is unlikely to reverse course any time soon. Industrial production declines in a recession. Instead, it has risen steadily for the past year, although it has leveled off in recent months. As the supply chain difficulties recede, the economy will get a tailwind for the rest of this year and on into 2023. The production managers indexes for both the manufacturing and service sectors of the economy remain above the break-even point of 50 through June. If the economy were in recession, they would have dropped well below the 50 mark. While second quarter GDP growth will look anemic, solid growth will likely average 2.5% in the final two quarters of the year as supply chain difficulties continue to abate. We suspect that the Fed sees things the same way. In mid-June, it expect-

“Industrial production declines in a recession. Instead, it has risen steadily for the past year, although it has leveled off in recent months.” Stephen Slifer Economist

ed GDP growth for the year of 1.7%. Given that first quarter growth had fallen by 1.6%, the Fed expected GDP growth in the final three quarters of the year to average 2.8%. While that forecast may have softened in the past month, nothing that has been released seems likely to have caused a wholesale downward revision. On the inflation front, the CPI data for June revealed a 41-year-high 9.1% increase in the past year. The core CPI has risen 5.9% in the past year, but it has accelerated in the past three months. Inflation is an inescapable problem that is showing no sign of going away any time soon. Thus, the combined expectation of solid economic growth in the second half of the year and long-lasting upward pressure on the inflation rate will force the Fed to maintain or accelerate its pace of tightening. Thus, a 0.75% increase in the funds rate next week is probably the best bet. But its action is merely another step on the path to higher rates. How high might the funds rate need to go to break the back of inflation? The answer lies with the real funds rate. If the Fed lifts the funds rate 0.75% to 2.5% next week, the core CPI has risen 5.9% in the past year. Thus, the real funds rate a week from now will -3.4%. To have any chance of slowing the pace of economic activity and bringing down the inflation rate, the real funds rate needs to be positive. Prior to the 2008-09 recession, the real rate climbed to +3.0% before the economy finally went over the edge. In the late 1970’s when the inflation rate was well-entrenched, the real rate climbed to +8.0%. Negative real rates are not going to accomplish the Fed’s objective. How quickly the Fed raises the funds rate and the speed with which the inflation rate subsides will determine how soon real rates turns positive. By the end of 2023, we are looking for the funds rate to reach the 5.0% mark. Meanwhile, we expect the inflation rate to slow to 5.2%.

That means that by year-end 2023, the real funds rate will be -0.2%. Not good enough. Will the Fed have the courage to push the funds rate to 6.0% to make the real funds rate positive? Or will the FOMC wimp out and repeat the mistake it made in the inflation-prone period in the late 1970’s of chasing the inflation rate higher and never getting ahead of the curve? From 1980 until 2003, when he retired, Stephen Slifer served as chief

U.S. economist for Lehman Brothers in New York City, directing the firm’s U.S. economics group along with being responsible for forecasts and analysis of the U.S. economy. He has written two books on using economic indicators to forecast financial moves and previously served as a senior economist at the Board of Governors of the Federal Reserve in Washington, D.C. Slifer can be reached at www.numbernomics. com.

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July 25-August 07, 2022

CRYPTOCURRENCY, from Page 11

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sarily the larger financial market,” said Connor Borrego, a business manager with Missouri-based digital marketing firm Unipro who has done extensive work with digitally based properties like NFTs and cryptocurrency. “Now crypto is a lot more connected with the larger markets, and things hurting the stock market are also hurting crypto. Cryptocurrency companies like other tech companies are taking a huge hit right now.” The past few months have seen a rash of huge high-profile company failures in the crypto world, from the crash of the Terraluna stable coin – cryptocurrency that was tied to the U.S. dollar – on June 1 to the liquidation and bankruptcy filing from Three Arrows Capital, a large crypto hedge fund. Celsius, a company that offered yields of more than 18% on its crypto accounts, recently revealed problems with liquidity and had to suspend withdrawals to prevent the crypto version of a bank run. A recent article in the U.K. publication The Guardian described distraught investors in the United Kingdom who have had to check into rehab facilities for “cryptocurrency addictions” and resorted to online primal-scream rooms to vent over the thousands of pounds and Euros they have lost in the crypto market. A few suicides related to the sharp downturn have even been reported in other nations, but so far experts in the U.S.-based crypto market are not hearing many accounts of people going that far here. What the industry is seeing is actually the kind of downturn and radical correction that often happens in markets that get too hot too fast, according to Reid Tymcio, a professor in the finance department at the University of South Carolina in Columbia who has been investing in crypto and studying the field since 2017. “I think crypto is trading right along with everything else in the market right now,” Tymcio said. “Over the past few years, institutional investors have finally stepped up to the plate, and they are sensitive to interest rates in the regular markets, and they’re responding to it with their crypto investments, selling off and withdrawing liquidity from the markets.” This crypto winter is providing a hard reality check for people who treated cryptocurrency too much like an economic fantasy world, Tymcio said. “There were also some people in crypto who got a little too big for their britches and thought the asset was completely immune from economic cycles,” Tymcio said. “People’s expectations were unbelievable, and this is what happened.”

The path forward

The key to avoiding severe losses and the panic that comes with them is for those interested in crypto or already in the market to follow basic guidelines that could be applied to any kind of investment: Do your research and do not ever invest more than you can really afford to lose. Tymcio said bad patches like crypto winters or downturns in the traditional market can actually be a vital form of real-world financial education. “An important thing to remember is with every lesson you learn, you earn,” Tymcio said. “If you invest $100 and lose it, you are going to remember that lesson more than if you had only lost $1. You will reap the dividends in the future having knowledge. Losses are a way of getting your bearings. I think of it like paying tuition in school – the reason I’m so knowledgeable in crypto is that I have made tons of mistakes. I’ve been hacked, I’ve had bitcoins I’ve lost the password to. It’s all a matter of learning.” Tymcio said it is important to remember that Bitcoin and other cryptocurrency are going to be here well into the future. “We’ve hit a rough patch right now, but at the end, the tech is still going to be there, and it’s going to be a big part of the future,” he said. While Bitcoin and other cryptocurrency goes through this rough cycle, traditional markets are also not in the greatest shape. Financial advisors are hearing from clients who are wondering if they should take money out of the stock market if it slows down or avoid investing all together. That is by far the worst decision anyone needing to save for future plans like retirement could make, according to Angie Thames, a financial advisor with Wells Fargo in Columbia. Instead, she said, the onset of the bear market is a good time for people to seriously consider their financial plans, look at their future goals and realize that the key is to plan for the long term. It is also probably not a good time for those new to investing to consider delving into crypto or other trendy financial products. Thames said during times like these, she advises new investors to look at companies they already use or are familiar with when considering what to invest in. “I keep telling people not to get nervous over what they’re hearing on the news, but to keep focused on what you can control – how much you can save and sticking to a solid plan,” Thames said. “It’s important not to get caught up in everything happening in the economy. Really the only thing you can control is your spending and saving. “This is an important time to be working with a financial advisor, and if you are interested in taking more risk with your investments, it really needs to be done with money you could absolutely afford to lose.”

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Choosing between a pen or pencil cybersecurity approach

sion anyplans like here is no question that busirding to nesses need a robust cybersesor with curity program — the ongoing tead, she rket is a attacks against businesses of all sizes, usly con- and even high-profile individuals like Facebook founder k at their Mark Zuckerberg, key is to make that clear. But do companies time for approach cyberder delvsecurity the right financial way? imes like In general, there s to look are two basic ways e or are to model a cyberg what to Mazzanti security program: with a Pen or Pencil get nerapproach. Think of g on the what you it this way — when something is recordcan save ed in ink, the decision is permanent. A Thames choice is made and the decision is locked aught up in. On the other hand, when a pencil is e econo- used, there is room for improvement can con- even in a long-term commitment. If a business owner wishes to take the Pen g. me to be approach and lock in the initial cyberor, and if security choice, that may be fine. But if more risk they want the option of adjusting their ly needs cybersecurity decisions at some point in uld abso- the future, the Pencil approach means that erasing their existing controls and

making adjustments with proper change controls will be a fairly simple task. The decision between the Pen or Pencil approach to cybersecurity carries profound consequences. It is the choice of whether you will lock yourself into a set of security practices and forget about long-term strategy or remain flexible and respond to new events. This issue is particularly important now as cyber threats become more sophisticated and attack a wider range of targets with a broader array of techniques. Despite this growing danger, some business owners prefer the Pen approach. They believe it allows them to focus on growing their company instead of diverting valuable resources and their attention to IT issues. Expenses may also be an issue, since some business owners view cybersecurity as a cost center and do not want to pump in more than the bare minimum of funds. For that matter, it is not unusual for an internal IT department to adopt a kind of “lay low” mindset in the interest of self-preservation. If the IT department is not seen, it is less likely to be scrutinized during a round of budget cuts. But before a company adopts the Pen approach and locks into a cyber-protec-

tion track, some implications should be considered. One issue is that communications with the IT service management or internal security team will be reduced, since the Pen approach removes opportunities to make changes to a security protocol. Consequently, the Pen approach constricts a business’ ability to adjust protocols to comply with evolving best practices and cybersecurity solutions. The Pen approach may align with a person’s personal risk profile, but is an issue when a business is subject to regulatory guidelines requiring updates. Additionally, the Pen approach to cybersecurity cannot scale with the growth of a business. As a company grows more complex, the potential exposure to hackers and other bad actors increases — and the cybersecurity plan that lags behind a business’ growth will result in digital protection gaps. In contrast, the Pencil strategy offers flexibility. It enables IT responses to adjust to the real-time environment as a business grows and as cyber threats evolve. An effective Pencil approach utilizes a combination of firmness — with a commitment to updating, reviewing and modifying security policies as needed — while remaining flexible enough to

recognize, understand and respond to issues regarding new information, new or changed requirements, emerging threats, and updated solutions. Instead of freezing cybersecurity or IT support services at a single point, the Pencil approach applies the best practices. It constantly processes improvements, ongoing system audits, and tests while also checking for patches and upgrades when necessary. The Pen proponent will remain happy for a time, ignorant of emerging cyber threats until something bad happens. But once a breach occurs, the cost to fix the damage under the Pen approach will cost a lot more than being prepared to begin with. Carl Mazzanti is president of eMazzanti Technologies in Hoboken, N.J. This opinion piece first appeared in NJBIZ.

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