SANTA CL A R I TA VA L L E Y
BUSINESS O F F I CI A L P U B L ICAT IO N O F TH E SCV CH AM BER OF C OM M ER CE
J O U R N AL
MITZI LIKE ‘INSURING’ LBW’S SUCCESS
Santa Clarita Stock Index Keller Raggio Econowatch and More!
JUNE 2022 VOL 14 • No 6 SIGNALSCV.COM/BUSINESS
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J U N E 2022
SCV BUSINESS VOICES
Gardening With Arthritis —
Done Properly, Gardening Can Be a Great Exercise PATRICK MOODY
Henry Mayo Newhall Hospital
I
f you have arthritis, just bending over to pull a weed can seem like a day’s work. But a few simple techniques and tools can help restore the joy of gardening and ease the pain. In fact, this hobby can actually improve your health. The Centers for Disease Control and Prevention says gardening is a great low-impact aerobic exercise for people with arthritis. The Arthritis Foundation and other experts offer these tips to ease arthritis pain when gardening: BRING THE GARDEN TO YOU Sit on a stool or chair to be closer to your work.
Plant your flowers or vegetables in containers, and put them in convenient places. Have a raised bed built. Make sure it’s high enough to be comfortable for you. Attach hanging outdoor plants to pulleys so they can be lowered for watering or pruning. Grow climbing varieties of peas and beans on a trellis for easy harvesting. USE THE RIGHT GEAR Wear a tool belt or apron with big pockets for your supplies. Try tools with telescoping handles that adjust to your sitting or standing positions. Some tools are designed to easily increase pruning force. PROTECT YOURSELF Use kneepads or a foam kneeling pad. Buy tools with enlarged handles for easier gripping, or pad them yourself with foam tubing or a self-adhesive bandage. MAKE YOUR GARDEN WORK FOR YOU Create wide paths for easy access. Spread straw or other mulch around plants to conserve moisture, and use soaker hoses for more efficient watering. Sprinkle the garden with water before you weed—weeding is easier in damp earth.
Buy young plants instead of seeds, and choose perennials if you don’t enjoy replanting in the spring. TAKE IT EASY It’s easy to overdo it when you’re enjoying
yourself. You can avoid problems by checking with your doctor first and then listening to your body. Pace yourself, and take a rest now and then. There’s no better place than a garden to stop and smell the roses.
4 · S A N TA C L A R I TA VA L L E Y B U S I N E S S J O U R N A L
J U N E 2022
C O N T E N T S NEWS & FEATURES 7 8 11 16 17 20 25 26
LIST 29
CEO Spotlight: Mitzi Like Los Angeles Economic Survey When a ‘Tort’ is not a Tort Smart Choice for Higher Education Investors Predict a US Recession in 2023 CalSavers Deadline Approaches Econowatch Stock Index
6 tough questions for ceos to ask themselves
Financial Advisors
FROM THE EXPERTS 6 9 22 23
Ken Keller: Tough Questions for CEOs Paul Butler: Service Recovery Begins with ‘Sorry’ Jeff Prang: The 2021-2022 Assessment Roll Paul Raggio: Time for a Mid-Year Business Checkup
SCV BUSINESS VOICES 3 5 10 19
Henry Mayo Newhall Hospital Audiology Associates SCV Economic Development Corp. Pierson Wealth
8 los angeles economic survey
CHAMBER SPOTLIGHTS 13 14 15
Business Councils Celebrating SCV Businesses Upcoming Events
June 2022 | Vol. 14 | No. 6
PUBLISHER
17 2023 recession predicted
Richard Budman rbudman@signalscv.com (661) 287-5501
BUSINESS JOURNAL EDITOR Doña Uhrig
SALES REPRESENTATIVES Maureen Daniels Jennifer Ramos Barbara Ward
A proud publication of
SINCE 1919
SignalSCV. com Santa Clarita Valley Business Journal (a Signal publication), © 2022, is published monthly by the Santa Clarita Valley Signal newspaper, Paladin Multi-Media Group, Inc., 25060 Avenue Stanford, Ste 141, Valencia, CA 91355. The SCV Business Journal is intended to provide business executives with a cross-section of industry news and information, trends and statistics that impact our growing community. Information gathered in the pages of the SCV Business Journal has been collected from what are considered reliable sources, and is believed to be accurate, but cannot be guaranteed. Articles may not be reprinted without publisher’s written permission. For reprint requests, please call (661) 259-1234.
20 EMPLOYER RETIREMENT PLAN DEADLINE
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SCV BUSINESS VOICES
Tips for Adjusting to New Hearing Aids DR. KEVIN BOLDER
AuD, Audiology Associates
H
earing aids will help you hear better, communicate more effectively, and enjoy a better quality of life. Hearing aids can be an adjustment, but they will bring many positive changes to your life. As you start wearing your devices, keep the following tips in mind for a smoother transition. GETTING USED TO HEARING AIDS Even when you know what to expect, you will still be surprised the first time you hear the sound of your own voice. Hearing aids are designed to amplify sounds, so certain sounds may take you off guard at first. As you adjust to hearing, identifying and interpreting noises, you may realize that you need adjustments. If you ever experience this
please let us know and we can help your hearing aids sound and feel better. ADJUSTMENT TAKES TIME Adjusting to hearing aids can take time. But as long as you wear your devices often and come see us for check-ups, the adjustment process will be much easier. Try not to get discouraged, it’s normal to feel frustrated, but know it will be worth it in the end. Below are some additional tips for adjusting: Wear your hearing aids for a couple hours at a time, gradually working your way up to a full-day wear Start in quiet places before you go into louder environments
Read aloud or listen to audiobooks to help boost your brain’s sound recognition and learn how to regulate the volume of your voice In a few months, your hearing aids could feel as natural as your own ears. To schedule a hearing evaluation today, please call Audiology Associates at (661) 2841900. Kevin Bolder, Au.D. and John Davis, Au.D. are two of the best in Santa Clarita and San Fernando Valley. Visit our website at www. AudiologyAssociates.net or stop by our NEW office located at 25425 Orchard Village Road, Ste 220, Santa Clarita, CA 91355. We are hearing healthcare excellence!
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J U N E 2022
Tough Questions for CEOs to Ask Themselves KEN KELLER
SCVBJ Contributing Writer
I
recently presented to a group of CEOs. Prior to the session, one attendee said the one thing he appreciated most was when a speaker asked questions to challenge him, and he ended the conversation by saying “The more difficult the questions, the more it will help me be a better leader of my company.” Here are the questions I created for that particular CEO, but they are good ones to ask any leader in business:
“The more difficult the questions, the more it will help me be a better leader of my company.”
1. You are killed in an accident on your way home tonight from work; who is the first five calls your spouse / significant other needs to make? Have you made the list; do your relations have this list with phone numbers and is it easily accessible? Things happen, be prepared. 2. If there was only one thing you could add, change or subtract in a critical area of responsibility (Just ONE Thing!) that would make a substantial, immediate impact on your ability as the leader of your company to be more successful, what would it be? Be brief answers like “Fix cash flow” or “Find more clients” is the kind of answer that works best. 3. On a weekly basis, how many hours are you, the CEO, actually investing on your answer to question #2? I once coached an owner looking for his eventual replacement. When challenged on how much time he spent on this critical task, his answer was scary: less than ten minutes a week. I’ll bet he is still looking. 4. Further on the answer to question #2, what resources or decisions do you need for recognizable improvement to happen? Are there any other limitations that you need to have addressed for this to actually take place? You may need outside help and perspective. It’s not at an admission of failure if you don’t have all the answers.
5. Who, by name, are the top five employees that you cannot afford to lose? If you think it is a tough job market today for employers, try replacing someone that you must retain. 6. Are your best people focused on your biggest opportunities or on your biggest problems? If you want to grow, you know the correct answer to this. 7. How many poor performers do you have on the payroll and how long are you going to tolerate their performance? I get it; no CEO wants to have tough conversations. That is why you have people that work for you that will handle these unpleasant tasks. 8. Do you have a formal prospecting and customer relationship management (CRM) program? I ask this only because if you do not have something working in this area, you’ll be like Hem and Haw in the book Who Moved My Cheese.
9. What area as a leader do you need to specifically become better at and what are you doing to improve in this area? Be specific in your answer. 10. Have you specifically defined and educated your entire team on what it means for them as you work to take your company “to the next level?” Without you providing a vision and roadmap, all your employees will hear is “This means more work for me.” Tough questions? Yes, to get you moving forward. Ken Keller is an executive coach who works with small and midsize B2B company owners, CEOs and entrepreneurs. He facilitates formal top executive peer groups for business expansion, including revenue growth, improved internal efficiencies and greater profitability. He can be reached at Ken.Keller@strategicadviso ryboards.com.
S A N TA C L A R I TA VA L L E Y B U S I N E S S J O U R N A L · 7
J U N E 2022
Spotlight: Mitzi Like
BY JIM WALKER
LBW Insurance and Financial Services
Signal Staff Writer
T
he roots of LBW Insurance began in 1922, and it has been serving Southern California and the nation since then. Current CEO and President Mitzi Like joined the company in 1980, and it relocated to the Santa Clarita Valley in 2004. Licensed in all 50 states, LBW has grown to become, as Like described it, “The largest, full-service, independent insurance agency in the SCV.” And you can put the emphasis on “independent” and “full-service.” While larger national companies sell insurance in Santa Clarita, LBW is the largest independent company here. “We employ just under 40 people,” Like said. “We are not an insurance writer. We ARE the bid process for our clients. We work to come up with solutions for the client.”
One Agent Approach
As the website notes, with its “One Agent Approach,” LBW focuses “on being the one partner clients can depend on for all their insurance, employee benefits, and financial service needs. We are dedicated to understanding our clients’ individual needs, goals and comfort with risk so that we can provide precise, dynamic solutions. “These solutions may go far beyond traditional plans in order to create a smartly crafted, proactive strategy that better enables our client to be prepared for unforeseen events. “Our mission is to protect our clients’ interests, assets, and whatever else they may have,” Like said. “We worry so that they don’t have to.”
LBW Serves as Advisor, Advocate
LBW offers property and casualty insurance, worker’s compensation insurance, group benefits, retirement plans, life insurance strategies and more. Because LBW is independent, it can serve each client as their only advisor and advocate in the insurance marketplace. “We create customized insurance plans for our commercial clients,” Like said.
LBW Insurance and Financial Services CEO and President Mitzi Like. COURTESY PHOTOS “We’ll come up with a solution specialized for each of them.” In this way, LBW can compare the best offers of coverage to suit the client, and then negotiate with the most competitive carriers to further improve their offers. Beyond this, LBW can help its business clients protect their personal lives and assets from risks related to their businesses. “This ‘White Glove Assessment’ is for business owners and C-suite executives,” Like said. “We are very in-
volved and do a personal assessment of their insurance, life insurance and estate planning,” Like said. “We are on a first name basis with them. It’s a very highend approach.” LBW also works with individuals to manage their risks. This includes obtaining the most competitive quotes for insurance for earthquakes, fire, flood and accidents. This could be for dwellings, possessions and vehicles. It can also See LBW, page 18
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J U N E 2022
Los Angeles Economic Survey Los Angeles Economic Summary as compiled by The Employment Development Department. For more information, visit edd.ca.gov.
Los Angeles County
Economic Summary 2022 – 1st Edition
March Industry Sectors Ranked by Employment Size1
Unemployment Rate (%)2 Feb
5.4% Educational & Health Services
875,600
Trade, Transportation & Utilities
3.7%
4.0% 3.5%
3.4%
3.1%
482,300
Manufacturing
4.3%
4.1%
3.8%
569,300
Leisure & Hospitality
4.2%
4.1%
652,300
Government
318,300
Information
226,700
Financial Activities
210,800
Construction
Los Angeles County
155,300
Other Services
146,200
Economic Summary 2022 – 1st Edition
4,400
4 United States Healthcare and Social Assistance – Growth 2012-2022
Mining & Logging
4.9%
841,400
Professional & Business Services
Total Farm
4.9%
Mar
5.0%
1,600
750,000
California
Orange Ventura Riverside San Diego Employment in Healthcare and County County County County Social Assistance Sub-sectors1
Los Angeles
Mar-22 734,400
Online Job Advertisements – March 2022 Help Wanted OnLine3
700,000
Top 10 Employers
Apr-20 660,500
Top 10 Occupations
650,000
Nursing & Res. Care Fac. Top 12%
10 Cities
The Boeing Company – 5,112 Registered Nurses- 7,776 Los Angeles– 91,117 Hospitals Anthem Blue Cross – 4,678 Managers, All Other – 6,480 Long Beach – 9,878 Social Assistance 16% America is aging: Retirements of Baby Boomers add 39% Disney – 1,811 Retail Salespersons – 6,162 Santa Monica – 7,046 600,000 toComputer tight laborOccupations, market - 76 million Boomers were University of California, Los Angeles – 1,750 All Other – 6,057 Pasadena– 6,939 born between 1946-1964 Allied Universal – 1,690 Sales Rep, Wholesale and Mfg, Except Tech and Sci Products – 5,946 Torrance – 6,210 16% of LA County nonfarm employment Amazon – 1,671 Software Developers, Applications – 4,950 Burbank– 6,192 550,000 Ambulatory Health Care Cedars Sinai – 1,233 Customer Service Representatives – 4,939 Employment is projected to increase 170,600 jobs Services Glendale – 6,151 Northrup Grumman – 1,207 First-Line Supervisors Retail Sales Workers – 4,307 33% El Segundo – 5,633 (24.7%) between 2018 toof2028 500,000 PIH Health – 1,154 Heavy and Tractor-Trailer Truck Drivers – 4,090 Santa Clarita – 4,454 Jan-12 Mar-13Company May-14 Sep-16 Nov-17 Jan-19 Managers Mar-20 – 3,142 May-21 Starbucks Coffee – 1,136Jul-15 General and Operations Culver City – 3,882 Economic Summary 2022 – 1st Edition
Los Angeles County
4 and Social Assistance 2022and Most In-Demand Occupations – Healthcare Healthcare Social Assistance – Growth 2012-2022 Employment in Healthcare and Page 1 CONTACT: ROBERT.LEE@EDD.CA.GOV or (916) 796-7758 1 SocialPROJECTED Assistance Sub-sectors Mar-22 MEDIAN PROJECTED %
EDD|LMID|LOS ANGELES COASTAL AREA 750,000
OCCUPATION
700,000
TOTAL ADS MARCH 2022 3
REGISTERED NURSES MEDICAL AND HEALTH SERVICES MANAGERS LICENSED PRACTICAL AND LICENSED VOCATIONAL NURSES 650,000
5,646 1,554 1,464
734,400
HOURLY WAGE 20215 $55.52 Apr-20 $63.00 660,500 $30.05
PERSONAL CARE AIDES 1,271 America is aging: Retirements of add NURSING ASSISTANTS 976Baby Boomers $18.40 600,000 to tight labor market - 76 million MEDICAL ASSISTANTS 797Boomers were$18.20 DENTAL ASSISTANTS 793 $20.04 born between 1946-1964 MEDICAL SECRETARIES 752 $22.03 16% of LA County nonfarm employment 550,000 HEALTH TECHNOLOGISTS AND TECHNICIANS, ALL OTHER 747 170,600 jobs Employment is projected to increase MENTAL HEALTH COUNSELORS $23.70 (24.7%) between 2018 to 2028614
NUMERIC CHANGE 6 2018-2028 Nursing & 12,390 Res. Care 2,240 Fac. 2,640 12% Hospitals 94,090 16%
CHANGE 2018-20286 15.2% 21.9% 13.9% 46.3%
Social Assistance 13.8% 39%
4,800 5,780 1,770 3,650 Ambulatory Health Care 1,220 Services 2,64033%
23.9% 14.0% 18.2% 19.6% 27.1%
500,000 Unemployment Statistics (March 2022), 3The Conference Board®-Burning Glass® Help Wanted OnLine® (HWOL) Data Series (March 2022), 1 2 Sources: Current Employment (March 2022), Local AreaSep-16 Jan-12 Mar-13 Statistics May-14 Jul-15 Nov-17 Jan-19 Mar-20 May-21 4
Current Employment Statistics (January 2012- March 2022), 5Occupational Employment and Wage Statistics (2021, 1st Quarter), 6Employment Projections (2018-2028)
EDD|LMID|LOS ANGELES COASTAL AREA
Page 2
CONTACT: ROBERT.LEE@EDD.CA.GOV or (916) 796-7758
2022 Most In-Demand Occupations – Healthcare and Social Assistance MEDIAN
PROJECTED
PROJECTED %
J U N E 2022
S A N TA C L A R I TA VA L L E Y B U S I N E S S J O U R N A L · 9
Service Recovery Begins with ‘Sorry’ BY PAUL BUTLER
SCVBJ Contributing Writer
I
’m not a big Elton John fan but one of his songs has been swimming around my head these last few days. The tune is titled, ‘Sorry Seems to Be the Hardest Word.’ You see, I’ve had three recent encounters with service providers which got me a-singing some Elton. The first occurred over the hill down in Costa Mesa. I went to a business association event and got charged twice for a round of drinks we only had once. I’ve spoken with four associates of the bar/restaurant in the last four weeks who “promised” me they’d look into it and would call me back. Sadly, still no resolution four weeks later and so I called again this past week and spoke to the manager who also “promised” he’d look into it and would get back to me. Five interactions with service providers all from the same establishment and not one of them could use the S-word, “Sorry.” The second occurred after I’d been referred to a specialist by my doctor. I went to the said specialist nearly two months ago and he said he’d contact our insurance to get approval for the procedure he said I needed. I’ve called up twice in the last two months for a progress update as nothing has moved forward at the specialist office. My insurance has not been contacted. I called up again yesterday and was “promised” a call back. Even the staff at the specialist seemed to want to avoid using that little S-word, “Sorry.” The third occurred just this week when I had an appointment at 2:30 p.m. I was instructed to check-in at 2:15 p.m. which I did after clearing my schedule and making plans to be there on time. I sat in the reception area for 45 minutes. After hearing nothing, I enquired of the receptionist as to why I was being kept waiting and she just responded, “Oh they’re on their way from a late lunch.” After an hour of looking through magazines in the reception area, the person I was due to see, finally showed up with no apol-
If you’re a service provider or if you own a service business might I remind you of the principle of looking at customer issues through the eyes of the customer.
ogy. No use of the S-word. There’s a service recovery model we use within our Customer-Centered Service training program which serves as a useful reference guide if a customer is ever disappointed. It’s a four-box model. See if you can see each of these four boxes with me. On the Y-axis we have the word, “Severity” and on the X-axis we have the word “Fault”. Can you see it? OK. Now, the bottom left-hand box is Low Severity (to the customer) and Not My/ Our Fault (as the service provider). In this box, the best we can do as the service provider is empathize with the customer. It’s not the end of the world and it wasn’t our fault. Get it? The top left-hand box is High Severity (to the customer) but it’s still Not My/ Our Fault (as the service provider). In this box, we have an opportunity to be a hero and delight the customer. It’s a big problem that wasn’t our fault but we can build loyalty by helping solve the customer’s problem. The top right-hand box indicates the issue is our fault as the service provider and it’s a big issue to the customer. In
this box, we need to roll-out the red carpet and do all we can to solve the issue. Big issue. Our fault. Red-carpet time. It’s really in the bottom right-hand box where all three of my little niggles sit. You see, neither of them was a big issue but the lack of response was their fault. All I wanted was them to fix-it while wrapping around that sweet-sounding S-word, I’m “sorry.” So, if you’re a service provider or if you own a service business might I remind you of the principle of looking at customer issues through the eyes of the customer. Is the issue severe to them? Is this issue your fault? Depending on the box it falls within — the call is to either empathize; be a hero; roll out the red carpet or just to fix-it. Whichever box you find yourself in, might I encourage you to retitle Elton’s tune to be, “Sorry Doesn’t Have to Be the Hardest Word.” Paul Butler is a Santa Clarita resident and a client partner with Newleaf Training and Development of Valencia. For questions or comments, email Butler at paul.butler@newleaftd.com.
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Curious what attracts talent to the Santa Clarita Valley? HOLLY SCHROEDER
President & CEO of SCVEDC
W
hen looking for that next career position, it’s common for job seekers to focus first on the areas that have higher concentrations of opportunities in their field. It makes sense, they look where all the jobs are. The more diverse the industries are in an area, the more potential opportunities are available. Many are surprised when they find new opportunities waiting in a sector they’ve never even heard of. Employers and employees alike love doing business in Santa Clarita, and we love having them here! In the past few years alone, a substantial amount of our area’s population growth has come from individuals and families moving to the SCV. So why are so many people choosing our area as their ideal new home? The Santa Clarita Valley is one of the few places in LA County with an abundance of developable land for residential real estate. With one of the largest residential construction projects statewide, SCV’s capacity to attract new residents is more prominent than almost every other region in California. For many nonnatives it takes just one visit to the Santa Clarita Valley and to see why they would want to stay. Offering premier dining and shopping, year-round special events, over 100 miles of hiking, bicycling and equestrian trails, and 280 days of sunny skies with an average year-round temperature of 77°, the Santa Clarita Valley boasts great housing options, world-class recreational facilities and is just minutes from the Los Angeles marketplace. Santa Clarita Valley is home to a wide variety of industries, and its ideal location, fastgrowing economy and extraordinary quality of life make it a highly attractive market for talent. Unlike most of LA County to the south, Santa Clarita offers room to grow their lifestyles, their families, and their careers! From special events to everyday experiences that make for the perfect work/life balance, Santa Clarita Valley boasts top-tier education, beautiful new home developments, a dynamic business community and a positive, lively culture for people of all ages to enjoy. As part of Economic Development Week, the
SCVEDC released its newest resource to tell the story of the vibrant workforce, businesses, and opportunities here in the Santa Clarita Valley. In our SCV Talent Report you’ll learn more about our highly skilled talent pool, unmatched
2 0 2 2
quality of life, exceptional academic institutions, and more! For more information, or to download our Talent Report and other resources, visit www. SCVEDC.org.
E C O N O M I C
INFORMATION VITAL TO YOUR BUSINESS IN 2022 AND BEYOND It's more important than ever for business leaders to arm themselves with vital information and data to gear back up and make decisions that will impact growth and success in 2022 and beyond. A panel of business leaders will discuss issues around corporate resilience, agility and innovation in the face of unique challenges. Economist Mark Schniepp, Director of California Economic Forecast will release the full Economic Outlook report focusing on data from the Santa Clarita Valley.
8:00 - 11:00 AM Pacific | September 9th, 2022 College of the Canyons - Performing Arts Center ECONOMIST
Dr. MARK SCHNIEPP California Economic Forecast
BUSINESS LEADER PANELISTS
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JOHN PRABHU LA North Studios
PRESENTING SPONSOR
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MODERATOR
TODD STEVENS Black Knight Energy LLC
TICKET & SPONSORSHIP INFO Online: scvedc.org/outlook Phone: 661.288.4400 Email: scvedc@scvedc.org
J U N E 2022
S A N TA C L A R I TA VA L L E Y B U S I N E S S J O U R N A L · 11
When a ‘Tort’ is not a Tort — All About the Contract BRIAN W. WALTERS Poole & Shaffery, LLO
O
ver the course of many years, there has been a general continuing trend in California toward juries and triers of fact finding tortious conduct — that is, intentional, negligent, or otherwise wrongful conduct — even in relationships that arise out of contract. But a recent case decided at the end of 2021 pushed back on that trend. (Drink Tank Ventures LLC v. Real Soda in Real Bottles, Ltd. In Drink Tank, the Second Appellate District Court of Appeal overturned a jury verdict in which the jury found a beverage distributor and its founder had committed the tort of intentional interference with prospective economic advantage premised on distributor’s alleged breach of a non-
disclosure agreement (NDA). Following a jury trial, the jury determined that the distributor and its founder had breached the NDA, and the judge made a determination as a matter of law that the conduct was wrongful, which led the judge to enter a judgment on behalf of the Plaintiff for the sole cause of action that the Plaintiff pursued at trial, namely intentional interference with prospective economic advantage. The appellate court ruled that the cause of action based only on a breach of contract without some separate wrongful conduct, as a matter of law, is not a tort, it’s a breach of contract. While several of the particulars of this case deal directly with the tort of intentional interference with prospective economic advantage, the Court’s decision also opens up the possibility that
where the wrongful conduct alleged in other kinds of tort is actually based on the alleged breach of a contractual relationship, defendants can and should raise both the jurisdictional and failure to state a cause of action arguments. This can also be a powerful argument in mediations as contractual breaches are generally immune from punitive and exemplary damages, and plaintiffs aspiring to these additional damages will be more likely to be willing to reach a settlement rather than risk that a jury verdict and judgment be overturned on appeal or dismissed altogether on the eve of trial. Poole & Shaffery is located at 25350 Magic Mountain Parkway, Suite 250, Santa Clarita 91355. They can be reached at (855) 997-7522 or www.pooleshaffery. com/#~3x4c645
We are here for you. We know these are stressful times, and we know that coming together and helping one another is how we get through them. As your Morgan Stanley Financial Advisor, I will help you create a plan that makes sense for you and your goals. With our knowledge and resources we will help you manage risk and keep your plan on track, so you can focus on all that’s happening in life. Contact me to see how I can help you or provide a second opinion.
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12 · S A N TA C L A R I TA VA L L E Y B U S I N E S S J O U R N A L
REDESIGNED AMBASSADORS COMMITTEE
We have announced the launch of our newly redesigned Ambassadors Committee. The Committee will be led by past board chair Troy Hooper and comprised of Chamber members over a variety of industries. “I am excited to lead the redesigned Ambassadors Committee and look forward to working with the group on growing membership, reengaging past members and supporting our business community,” said Troy Hooper, Chair of the Ambassadors Committee. “Serving as an Ambassador of the Chamber will not only be an honor, but a meaningful experience representing such an amazing business community and strong Chamber of Commerce.” The redesigned Ambassadors Committee will be limited to one chamber member per industry. Their term will be a one-year commitment with the possibility of an extension. The ambassador’s role will be to promote the SCV Chamber and business community, provide feedback on what the community needs and recommendations on what will further the chambers mission and vision amongst other functions. “The SCV Chamber is strong because of its members, and we look forward to the new Ambassador committee showcasing that strength and what a vibrant, diverse business community we have in the Santa Clarita Valley,” said Ivan Volschenk, President/CEO of the SCV Chamber. “We could not think of a better person to lead the committee than Troy Hooper who has showed great leadership skills and support for the SCV Chamber over many years”
Interested individuals can email the SCV Chamber at hello@scvchamber.com to receive an application form. Applicants will be interviewed by a panel who will select the final committee members.
J U N E 2022
JEFF PRANG FOR LA COUNTY ASSESSOR ENDORSEMENT
The SCV Chamber’s non-partisan endorsement process seeks to support pro-business, pro-economic development candidates that value the strength of our community as one of the most business friendly and safest cities in California. We have endorsed Jeff Prang for LA County Assessor in the June 7, 2022 Primary Election. Jeff Prang was first elected in 2014 and is running for a third term as the official in charge of the largest office of its kind in the country. Prang has directed and overseen a transformation of the office which relied heavily on paper records to an updated tax assessment system. The Assessor Modernization Project has digitized over 125 million documents. Since first taking office in 2014, Jeff Prang has worked tirelessly to restore public trust in the Assessor’s office. Jeff has been able to effectively lead the agency as it modernized and made services more accessible to taxpayers. The SCV Chamber works tirelessly on behalf of its members to maintain a healthy and vibrant business climate in what has been ranked one of the most businessfriendly cities in California, and we are proud to endorse and support the business-friendly candidates in elections.” We recognize the importance of every election in determining the future of our business community. The Chamber encourages all Santa Clarita Valley residents to get out and vote in the primary and general election!
13th ANNUAL STATE OF THE COUNTY Our 13th Annual State of the County was held at the Hyatt Regency Valencia to a sold out crowd on May 4 with Supervisor Kathryn Barger. We thank Supervisor Kathryn Barger, all our sponsors and members for making our 13th Annual State of the County such a great success. You can view the full event on our YouTube channel. Scan the QR Code to view the digital program book Photo Credit - SchlickArt Photography and Video Studios
S A N TA C L A R I TA VA L L E Y B U S I N E S S J O U R N A L · 13
J U N E 2022
2022 Board of Directors CHAIR OF THE BOARD DR. CHRIS RAIGOSA - Kaiser Permanente
EXECUTIVE COMMITTEE HUNT BRALY - Poole, Shaffery & Koegle, LLP ANDREA CARPENTER - Logix
BUSINESS COUNCILS
As the third largest city in Los Angeles County, the Santa Clarita Valley Chamber of Com-
merce represents over 65,000-member workforce. We realized we can better serve our business community by having six Business Councils, allowing members to work on issues specific to their area. Our Councils provide a channel for our members to be involved in solving problems, discussing issues, and implementing special projects and events for the benefit of the area being served. Participation offers members the opportunity to prioritize and bring a focus to the business needs of the area, and to take community leadership roles in addressing these needs. It can increase members’ business network, and provide stronger representation on area issues. Also, since area councils exist as industry-specific, participation provides an opportunity for area-specific networking with others doing business.
LATINO BUSINESS ALLIANCE
MARISOL ESPINOZA - Southern California Gas Company Michael Grisanti - Hedman Partners, LLP BECKI ROBB - Princess Cruises
Our LBA council works to promote Latinoowned business as well as relevant issues fac-
NEXTSCV NextSCV is our next generation of leaders
ing our Latino business community. In addi-
and the group aims to develop the next lead-
SANDY SANCHEZ - FivePoint
tion the LBA helps to educate businesses on
ers of the Santa Clarita Valley through per-
JOHN VANCE - Vance Wealth
how to enhance a company’s business efforts
sonal and professional development, civic
with Latino customers and other Latino-
engagement, and network building oppor-
owned businesses.
tunities that ultimately stimulate local busi-
BOARD OF DIRECTORS KAREN BRYDEN - SCV Locations STEVE COLE - SCV Water Agency JASON CRAWFORD - City of Santa Clarita ANDREA DE LA CERDA - Scorpion MATT DIERCKMAN - Colliers International TROY HOOPER - Kiwi Hospitality Partners PATRICK MOODY - Henry Mayo Newhall Hospital DR. IZU OKPARA- Omni Wound Physicians DAN REVETTO - AT&T HENRY RODRIGUEZ - State Farm Insurance LINDSAY SCHLICK - SchlickArt Video & Photography CHRIS SCHRAGE - LBW Insurance Financial Services
GOVERNMENT AFFAIRS The Government Affairs council meets to discuss policy decisions on a local, county, state and federal level. As a member, you are encouraged to attend a meeting and have your voice heard throughout the SCV and take a stance on pertinent issues relative to the business community or your industry in particular.
NON-PROFIT The SCV has a strong philanthropic community with more than 100 locally-based nonprofit organizations that help our community thrive. Our non-profits are a key reason why
ROCHELLE SILSBEE - Southern California Edison
Santa Clarita is a great community and always
G. JESSE SMITH - California Institute of the Arts
looking towards a better future. The coun-
DI THOMPSON - THOMPSON REALTY ADVISORS
cil provides business resources for our local non-profit leaders to help them connect,
nesses and support the mission of the SCV Chamber.
SMALL BUSINESS Small Businesses are at the core of our Chamber’s membership and are the backbone of our economy. The Chamber offers a variety of educational and networking programming to help your small business thrive. The council focuses on three main objectives: Advises the SCV Chamber on small business related issues, programming and networking opportunities; Supports the Chambe’s “Retail Walks” with elected officials; and helps promote the nationwide “Small Business Saturday” program which highlights small businesses on the Saturday after Thanksgiving. If you are interested in join-
DR. DIANNE VAN HOOK - College of the Canyons
grow and learn about valuable information
ing any of our councils or
DENNIS VERNER - Burrtec
so they can successfully meet their organiza-
finding out more please email
tions mission and goals.
us at hello@scvchamber.com
KARINA WINKLER - Holiday Inn Express
14 · S A N TA C L A R I TA VA L L E Y B U S I N E S S J O U R N A L
J U N E 2022
CELEBRATING SCV BUSINESSES We continue to be so proud of the resilience of our business
community in the Santa Clarita Valley. Despite the pandemic and all the challenges we have faced over the last two years, we continue to grow and celebrate our amazing community. From celebrating new businesses opening or marking special occasions and achievements, we have been proud to be part of your celebrations. Our grand opening/ribbon cuttings are free and open to all to attend. Do you have a grand opening or anniversary coming up? Email us at hello@scvchamber.com for details about hosting a ribbon cutting ceremony.
Congratulations to Lucky Luke Brewing Company on their grand opening! Assemblywoman Suzette Valladares joined us and other business leaders for their ceremony and ribbon cutting. Give them a visit at 25108 Rye Canyon Loop, Santa Clarita. www.luckylukebrewing.com
Congratulations to Perfect Tux on the grand opening of their first brick and mortar store! Visit them at 23300 Cinema Drive, Suite 108, Santa Clarita. www.perfecttux.com
At our May Business After Hours Mixer we celebrated the 25th Anniversary of Valencia Acura. Congratulations to Don and Brian Fleming and their entire team!
J U N E 2022
S A N TA C L A R I TA VA L L E Y B U S I N E S S J O U R N A L · 15
UPCOMING EVENTS Government Affairs Council June 14 | 10:30am Join us to hear about what issues our business community are facing. Elected officials and their staff will give updates from federal, state and local offices. This is a great opportunity to hear what advocacy the Chamber is doing for you and also to find out how you can bring the issues you care about for us to assist you with. Our massive grassroots alliance is comprised of organizations locally and throughout the country who help strengthen our advocacy efforts and ensure our advocacy efforst are successful. Email hello@scvchamber.com to find out how to attend or submit an issue you are facing.
Business After Hours Mixer at SCV Senior Center
June 15 | 5:30pm
Our June mixer is at SCV Senior Center, if you have ever been to an event there you know you wont want to miss this! There will be tours and suprises! Join professionals from across the Santa Clarita Valley for networking, food and drinks! Get back into the mix and meet new faces as well as catch up with old connections!
To find out more information about these events or any other upcoming programming and to register go to:
www.SCVChamber.com/Events
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J U N E 2022
The Smart Choice for Higher Education
M
ore than half of American college students rely on loans to pay for their educations, with the average debt at nearly $29,000 per borrower. With significant loan payments hanging over them after graduation, many students wonder whether higher education is worth it. The answer is clear when examining how a college degree impacts lifetime earnings. According to Georgetown University’s Center on Education and the Workforce, a person with a bachelor’s degree will earn $1 million more than someone with only a high school diploma. So, is there a way to get the benefits of higher education while avoiding the debt? Yes! College of the Canyons offers access to high-quality education at a fraction of the cost of other options. The annual average cost of attending a California Community College is $1,380, compared to $7,161 at the California State University and
$12,570 at the University of California. The savings is even more significant if you join Canyons Promise. Open to firsttime, full-time College of the Canyons students, the program waives enrollment
and student fees, provides access to counselors, offers priority registration, and includes free parking or a local city bus pass. See COC, page 18
S A N TA C L A R I TA VA L L E Y B U S I N E S S J O U R N A L · 17
J U N E 2022
Investors Predict US Recession in 2023 — Here Are the Facts BY WORLD ECONOMIC FORUM •
Around half of investors expect the US to enter recession in 2023, a Bloomberg Markets Live survey shows.
•
Deutsche Bank is the first major bank to forecast a US recession next year.
•
The global economic outlook is uncertain because of Russia’s invasion of Ukraine and Chinese lockdowns potentially impacting supply chains.
I
n the wake of the first interest rate hike since 2018, Deutsche Bank became the first major bank to forecast a US recession for next year. The report coauthored by the bank’s chief economist David FolkertsLandau and former Fed official Peter Hooper finds that “the US economy is expected to take a major hit from the extra Fed tightening by late next year and early 2024.” The economists expect the federal funds rate to be gradually raised beyond 3.5% by the middle of next year, which would be at the upper limit of projections given by the Federal Open Market Commitee 0 last month. The median projection given by FOMC members for 2023 was 2.8%, up from the current target range of 0.25 to 0.5%.
The Next US Recession
While Deutsche Bank is the first major bank to forecast an imminent economic downturn, investors, both retail and professional, share the group’s gloomy outlook. According to a Bloomberg Mar-
kets Live survey conducted between March 29 and April 1, 48% of investors expect the US to fall into recession next year. Another 21% expect the downturn to happen in 2024, while 15% of the 525 respon-
dents expect the recession to come as early as this year. With the pandemic still lingering, the Russian invasion of Ukraine putting additional pressure on already surging consumer prices and Chi-
nese lockdowns potentially disrupting supply chains, the economic outlook is currently clouded by uncertainties. And where there is clouds, there’s often a chance of rain, or, in this case, a recession.
18 · S A N TA C L A R I TA VA L L E Y B U S I N E S S J O U R N A L
LBW
Continued from page 7
be for life, long term care and disability insurance. And services also include financial planning, individual retirement plans, investments and asset management. Over the years, LBW Insurance has been recognized for its excellent service with numerous awards and other acknowledgements..
J U N E 2022
LBW creates solutions that may go far beyond traditional plans in order to create a smartly crafted, proactive strategy that better enables our client to be prepared for unforeseen events.
Working with Friends and Neighbors
Mitzi Like said that LBW has clients all over the nation. However, locally, clients include “lots of name brand restaurants, buildings, businesses, the Senior Center and Bridge to Home.” LBW’s agents work with contractors, manufacturers, commercial real estate firms, entertainment firms, wholesalers, professional offices and more. The goal is to build positive and trusted relationships with clients and give them confidence the LBW independent agents are committed to their unique needs and goals. “When we moved up here in 2004, and purchased our buildings, we instantly loved it and joined the community. Whether it’s through volunteering, giving money or time, we are very involved locally. LBW insures 70 nonprofits, so we give back to a lot of them. We get involved with the chamber, VIA and VICA.
LBW’s mission is to “protect our clients’ interests, assets,and whatever else they may have,” Like said. “We worry so that they don’t have to.” PHOTO COURTESY SCHLICKART Someone from our office is on the board or involved in some way with almost every major local nonprofit. I, myself, am
on the SCVEDC board.” For more information visit www. LBWInsurance.com.
tuition for all high school students. Hundreds of classes are available to high school students every semester, most of which transfer to the University of California and California State University systems, can satisfy high school requirements and/or start students on a career pathway. Classes are available during afternoons and evenings at Hart District High Schools, on the COC Valencia and Canyon Country campuses, and online too. One of the best kept secrets about
College of the Canyons is the Transfer Admission Guarantee (TAG) program, which as the name implies, offers students guaranteed admission to six of the University of California campuses. Just this year, COC had 176 students admitted to UC Santa Barbara. And, 97 COC students received admission to UCLA (which does not participate in TAG). By attending COC first, and then transferring, those students will save more than $22,000 on the cost of earning a bachelor’s degree. When you run the numbers on paying for college, it’s clear that College of the Canyons is the smart choice for avoiding debt and getting the benefits of higher education.
COC
Continued from page 16
Another way in which COC reduces costs for students is by reducing the need for costly traditional textbooks. Hundreds of our classes utilize open educational resources (OER), which are freely available learning materials that can be copied, edited and shared. Students saved more than $5 million in textbook costs because so many classes use OER instead of traditional textbooks. High school students have a unique opportunity to get a jumpstart on college and save money. All 11th and 12th graders are eligible to participate in the College NOW! program, which waives
19
J U N E 2022
SCV BUSINESS VOICES Are all the pieces of SCV BUSINESS VOICES your financial future Missed RMDs from an coordinated into one holistic plan? Inherited IRA IVY PIERSON
Founder and Investment Advisor Representative Pierson Wealth Management
P
ierson Wealth Management is dedicated to helping individuals maximize their retirement savings and avoid unnecessary taxes and fees, while answering their questions along the way. Understanding the laws surrounding your retirement accounts will help you earn more and keep more of your savings. Q: I inherited an IRA account, but forgot to take the required minimum distribution for multiple years in a row. Will I have to pay the IRS a large penalty? A: This is a common occurrence. Many beneficiaries inherit an IRA, but are unaware of rules surrounding RMDs. Failing to take the required minimum distribution results in a 50% penalty on the amount not taken each year. Luckily, it is possible to avoid the hefty penalty. We recommend working with an experienced advisor to calculate the missed RMDs that will need to be taken for each of the missed years. Withdraw these distributions as soon as possible and file IRS Form 5329 for each year missed. Oftentimes, once those steps are completed, the
IRS will waive the penalty associated with the missed RMDs. The distributions, along with the RMD for the current year, will be included in this year’s taxable income. From market volatility and inflation to healthcare planning and taxes, it is important to have a coordinated, comprehensive plan for retirement. We are dedicated to helping individuals build a holistic strategy to minimize taxes, maximize savings, and make money last throughout retirement, while answering their questions along the way. If you have questions regarding your retirement accounts and the rules surrounding them, reach out to us at (661) 297-7566 or submit questions to Ivy@PiersonWealth Management.com. Pierson Wealth Management is located at 28368 Constellation Rd., Ste. 396, Santa Clarita, CA 91355. Securities and advisory services offered through Cetera Advisors LLC (doing insurance business in CA as CFGA Insurance Agency LLC), member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser. Cetera is under separate ownership from any other named entity. CA Insurance Lic# 0C92500.
Ivy Pierson, CEP, MBA
Founder & Investment Advisor Representative
Prosperity with Confidence Contact us today to book a 20-minute introductory phone call to discuss your situation, goals and needs. We look forward to helping you pursue your goals and objectives. 28368 Constellation Rd Unit 396, Santa Clarita, CA 91355 (661) 297-7566 (661) 263-9958
PiersonWealthManagement.com Securities and advisory services offered through Cetera Advisors LLC (doing insurance business in CA as CFGA Insurance Agency LLC), member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser. Cetera is under separate ownership from any other named entity. CA Insurance Lic #OC92500
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J U N E 2022
Employers Face Deadline For Offering Employee Retirement Plan BY KEVIN DURKIN
Vice President Employee Benefits and Qualified Plans at LBW Insurance and Financial Services
I
n the state of California, employers are running short on time to comply with the requirement to provide a qualified retirement savings plan for their employees. Legislation passed in 2016, referred to as the CalSavers law, had a rolling set of compliance deadlines starting with employers with 100 or more employees. Their deadline came and went on June 30, 2020. Now, all California employers with 5 or more employees must comply with this requirement by June 30, 2022.
Employers Have Choices
As a part of the 2016 legislation, California promised to create a public option that would give employers easy access to a qualified individual retirement saving vehicle. The program is called CalSavers and it is the default program into which all employers (with 5 or more employees) must enroll their employees
if they’re not offering some other qualified plan such as a 401(k), 403(b), or a SIMPLE IRA. To access CalSavers, employers can visit calsavers. com. Of course, employers can opt not to utilize the CalSavers option and instead provide a private plan. 401(k), 403(b), and other qualifying plans offer distinct differences in advisory services, cost, benefits, and administrative efforts required in comparison to CalSavers.
Penalties For Not Complying
For employers who fail to enroll their employees in CalSavers or initiate a private plan, fines will be levied. Once an employer receives notice from the State, they have 90 days to come into compli-
ance. At 90 days, if the employer has still not enrolled in a plan, then the fines will be $250 per eligible employee. At 180 days, if the employer is still not in compliance, a second round of fines will be charged at $500 per eligible employee.
Carefully Consider the Options
For some employers, CalSavers will suffice. There are no employer fees and no fiduciary responsibility. For enrolled savers, there’s flexibility to opt out or back in at any time. If they leave the employer, the CalSavers Roth IRA belongs to them. And for inexperienced savers, selecting investments is made very simple. But CalSavers isn’t the best choice for all firms or all em-
ployees. For employers who are looking to compete for talent, a robust retirement saving plan may be a critical component of the overall compensation offering. Many candidates look at potential employers and expect to see 401(k) plans with an employer match. CalSavers doesn’t allow for employer contributions and the maximum contribution an individual can make in their CalSavers IRA is $6,000 per year. Conversely, the maximum contribution for a SIMPLE IRA is $14,000 and for a 401(k) it is $22,500 per year. Another significant distinction between a 401(k) plan and CalSavers is the fact that higher compensated workers (those with a Modified Adjusted Gross Income over $129,000, or $204,000 if married filing jointly) aren’t allowed to participate in an IRA and will be responsible for opting out of CalSavers. This means the employer will be leaving its higher compensated employees without any re-
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S A N TA C L A R I TA VA L L E Y B U S I N E S S J O U R N A L · 21
J U N E 2022
Cinema Park is here for you!
We welcome these New Tenants to our Cinema Park Family:
Jewelry World
Drawn2Art Candle Corner Senna Cosmetics StoneFire Grill bZen Organics CBD Hand Rehab Pros A Chorus Line
Ross Morgan & Co. Yeager Law, APC Therapeutic Facials Pilates Body Basics Tranquility Salon & Spa Alexander Villar, DDS California Bank & Trust
Dancewear & Costumes
Thanks to The Signal for being here for us!
Perfect Tux
Karla Grgas, L.M.F.T. Premier Hospice & Home Care 20/20 Optometric Eyecare Massage w/Healing Touch Circle One Hypnotherapy Exodus Real Estate Services Rimpco, Inc
Cinema Park
23300 Cinema Drive, Valencia
(Cinema Drive & Bouquet Canyon Rd) For Leasing Information, Please Call (661) 253-3344
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J U N E 2022
The 2021-2022 Assessment Roll BY JEFF PRANG
The Assessment Roll must be completed by June 30, as our fiscal year runs from July 1 to June 30. Last year’s Assessment Roll came in at nearly $1.8 trillion that put nearly $18 billion in the hands of the County to be used for those public services just mentioned. This was the 11th year of consecutive growth; a remarkable feat considering the COVID-19 restrictions. The Roll, as it is known, contains the assessed value of all real estate and business personal property in the County’s 88 cities along with the unincorporated areas. It also breaks down the number of single-family residential homes, apartments and commercial-industrial parcels. Last year, the Roll countywide consisted of 2,384,062 taxable real property parcels, 161,488 business property assessments, 29,326 boats and
2,964 aircrafts. Again for the 2020-2021 Assessment Roll, the hardworking and dedicated staff of the Assessor’s Office processed 402,000 deeds, assessed more than 113,000 transfers, enrolled more than 57,000 new construction, reviewed about 62,000 decline-in-value parcels, and prepared more than 18,000 Assessment Appeals Board cases. Moreover, in 2021 Assessor business personal property staff canvassed more than 350,000 business locations and processed over 129,000 property statements. Additionally, Assessor staff proactively reduced the personal property assessments of approximately 73,000 small businesses and reviewed 52 hotel parcels for potential declines in value to reflect the impact of public health mandates on the local economy. All this exhaustive effort
goes into the Assessment Roll because it is the very foundation of Los Angeles County’s property tax system. If the Roll is not thorough and accurate, the County might not receive the necessary funding for the year and critical government services are left wanting. Others cannot do their job until we do ours. The 2021-2022 Assessment Roll will be released in the coming weeks and, yes, you can expect it will be affected by the more than two-yearold pandemic, even though many of the requirements have been lifted. We will know more as the details are finalized.
return - to the extent that the contributions don’t exceed Continued from page 20 certain limitations. There are also differences tirement saving vehicle at all. between CalSavers and priIncome limits do not disqualvate plans when it comes to ify an employee from a 401(k) control over what investments plan. are offered. While CalSavers The opportunity to make offers several investment oppre-tax contributions is antions, its funds only represent other advantage 401(k) plans have over CalSavers. CalSavers a fraction of the open market, is a Roth IRA only. This means and the employer has no control over their selection. With all contributions are made a 401(k), employers, with aswith post-tax funds. With a sistance of a financial advisor, 401(k), employers can include pre-tax and roth contribution can decide which funds are offered in the plan. options for employees. In adOne last distinction bedition, employers who implement a 401(k) plan and choose tween CalSavers and other qualified options is in adminto contribute, will be able to istration. Most private plans deduct contributions on the company’s federal income tax offer integration with payroll
companies. This allows for automatic enrollments and contributions each pay period. With the CalSavers plan, employers are tasked with managing employee enrollments, contributions, changes, and other tasks directly. With the June 30, 2022 deadline nearly upon us, many employers need to take a strategic look at this issue now. They should reach out to their CPA, a certified financial planner, a 401(k) provider, or some other financial professional to discuss which strategy is right for them. Planning and decision making are important now, before the state of California, or your own employees, demand that you act.
Kevin Durkin, AIF® is the vice president of employee benefits and qualified plans at LBW Insurance and Financial Services. He holds a FINRA Series 6 registration, Investment Co. Product/Variable Contract. CA Insurance License# 0C98002. Securities offered through Securities America, Inc. Member FINRA/SIPC. Donald L. Like and Todd J. Lerner, Registered Representatives. Advisory services offered through PFG Advisors, Donald L. Like and Todd J. Lerner, Investment Advisor Representatives. LBW, PFG Advisors, and Securities America are separate entities.
Los Angeles County Assessor
I
come before you this month to let you know we are in the final stages of fulfilling our Constitutional mandate and the most significant item I do as your County Assessor: The 2021-2022 Assessment Roll. As I visited with you last year about this same time, some of you may be scratching your head and wondering: What is the Assessment Roll? Others are more than familiar with the comprehensive tally that values more than 2.5 million real estate parcels in Los Angeles County that results in the very tax dollars that goes to pay for vital public services, such as police, fire, schools, and even libraries, to name a few.
CALSAVERS
For more information about the Assessor’s Office and the many tax savings programs we offer, please visit our website at assessor.lacounty.gov.
J U N E 2022
S A N TA C L A R I TA VA L L E Y B U S I N E S S J O U R N A L · 23
Time for a Mid-Year Business Checkup BY PAUL RAGGIO
SCVBJ Contributing Writer
I
visited my general physician last month. It was time for my annual physical, which hadn’t happened in two-and-a-half years because of COVID. The nurse took my vitals … blood pressure, blood oxygen ratio, weight, and pulse, then escorted me to the exam room. My doctor arrived, and she started with all the routine questions: any significant changes in your life since I last saw you; how’s your diet; what about drinking; your weight has changed; how many hours on average do you sleep; describe your exercise routine; tell me about your stress level. Next came the stethoscope, and she listened to my heart and lungs and then pulled out the reflex hammer from her smock and tapped my knees. All routine stuff, but essential to assess my general health. I walked out of the exam room with a lab script for blood and urine evaluations, and within a few hours, I had given body fluids soon to be analyzed and reported back to the doctor. In two days, an email directed me to a personal website dashboard where I could review my body fluid results and the battery of tests that stated whether I was in a normal range or not for a man of my life experience, genetics, age, and ethnicity. My doctor’s follow-up phone call where she reported the outcomes of her analysis based on all the information gleaned from my visit and blood and urine results was brief, to the point, and caring. Together, we discussed revising some habits, and I committed to her new goals to optimize my health. She’ll hold me accountable at my next annual physical. Well, it’s June and time for your checkup — a business checkup. You’re halfway through the year, and you and your leadership team should assess where you are against the plan, then adjust where appropriate to achieve your annual goals. There are the vitals, of course, to explore, such as sales revenue, cost of goods sold, gross profit, cash flow, ex-
pense ratios, net profit, and the routine questions: how market and customer demands are changing, is qualified labor available, what external conditions are impacting sales, is market share expanding or contracting. Then, like your blood and urine analysis, you should be assessing several key performance indicators (KPI) that evaluate the vital areas in your organization and performance in the marketplace. These KPIs should present a range that indicates whether a measured activity is within or out of tolerance. Your approach should be systematic and diagnostic. Systematic in that you’re measuring the same factors over time to establish a baseline. Diagnostic in that the measurements lead you to conclude something, such as affirming an assumption or determining risk. Once you have identified the areas that are out of variance, it’s time to modify management or leadership routines, or both, to optimize the organization’s health. Management is effectively employing human capital, so the company’s systems operate optimally. Leadership is emotionally connecting with and influencing the people’s behaviors in the organization so they perform optimally. Management and leadership routines, just like healthy eating habits, require tweaking to stay current and relevant in the organization. This midyear checkup is a best business practice and keeps you and the
organization laser-focused on achieving and exceeding the company goals. Going through the checkup permits your goal champions to have clarity on what they are accountable for and a voice in the company’s advancement. Reprioritizing goals, redirecting resources, and redefining success, if necessary, result from the checkup. I’m a believer in getting an annual physical. I’ve known way too many people who ignore getting a one, then contract a preventable life-threatening illness. As you age and the environment changes, modifying habits to optimize your health is the way to a long-lasting and fruitful life. Similarly, I’m a believer in doing business checkups. I’ve known way too many CEOs and business owners who ignore getting a business checkup, then scratch their heads when the company is struggling to meet payroll. As your company grows and the market changes, modifying your management and leadership routines and redefining success is the way to a thriving and prosperous company. This is how you lead, think, plan, and act. Now, let’s get after it! Retired Col. Paul A. Raggio is co-owner, with his sister Lisa, of One True North INC Leadership and Business Coaching Solutions. For more information, visit onetruenorthcoach.com.
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J U N E 2022
THE LIST: F inancial A dvisors Company
address
phone number
years in operation
Downing Tax & Financial Services
27955 Smyth Dr., Ste 104, Valencia 91355
(661) 257-9405
Since 1982
Edward Jones – Chris Vasques (Financial Advisor)
25152 Springfield Ct, Ste 210, Valencia 91355
(661) 253-1002
Since 1922
Edward Jones – Heather D'Angelo (Financial Advisor)
28470 Avenue Stanford, Ste 340, Valencia 91355
(661) 799-2789
Since 1922
Edward Jones – Steve Gonzalez (Financial Advisor)
25360 Magic Mountain Pkwy, Ste 180, Valencia 91355
(661) 702-7866
Since 1922
EP Wealth Advisors
27441 Tourney Road, #240, Valencia 91355
(310) 543-4559 (800) 272-2328
Since 1985
Global Financial
23822 Valencia Blvd., Ste 304, Valencia 91355
(661) 286-0044
Since 1960
Ingram Financial Solutions
23734 Valencia Blvd #301-A, Valencia 91355
(661) 347-2920
Since 2016
Jolley Financial
25419 Altos Drive, Valencia, 91355
(661) 259-2344
Since 1971
LPL Financial – Dean Kunihiro (Financial Advisor)
26712 Linnet Ct., Santa Clarita 91351
(818) 781-1008
Since 1989
LPL Financial – Marisa Zatorski (Financial Advisor)
27721 Essex Place, Valencia 91354
(661) 296-4450
Since 1989
LPL Financial – Robert Weiss (Financial Advisor)
27137 Baxard Pl., Valencia 91354
(818) 317-0934
Since 1989
Martin & Company, Tax and Wealth Advisors
28494 Westinghouse Place, Ste 111, Valencia 91355
(661) 295-9070
Since 1992
Morgan Stanley – Brian Jacobs
24300 Town Center Dr #200 Valencia 91355
(661) 290 2022
Since 1993
Morgan Stanley – Michael Berger
24300 Town Center Dr. #200 Valencia 91355
(661) 290-2028
Since 1992
Pierson Wealth Management – Ivy Pierson
28368 Constellation Rd. #396 Santa Clarita 91355
(661) 297-7566
Since 2001
Primerica – Bret Siers
28410 Avenue Stanford, Valencia 91355
(661) 294-2499
Since 1977
Primerica – Karen Flores
27125 Sierra Hwy, Ste 325, Santa Clarita 91351
(818) 437-5313
Since 1977
Primerica – Richard Trunzo
27201 Tourney Rd, Ste 201-L, Valencia 91355
(818) 252-1830
Since 1977
Prosperitas Financial
25060 Avenue Stanford, Ste 100, Valencia 91355
(661) 255-9555
Since 2008
Shuper Wealth Management
25743 Hood Way, Stevenson Ranch 91381
(213) 447-7588
Since 2020
The Credit Advisors Program
26650 The Old Rd, Valencia 91381
(661) 705-0451
Since 2009
Thrivent
28366 Constellation Rd. #398 Santa Clarita 91355
(661) 799 0230
Since 1994
Total Financial Solutions, Inc.
24322 Main St., Newhall 91321
(661) 753-9683
Since 2004
Vance Wealth Group -- John Vance
27200 Tourney Rd. #435 Santa Clarita 91355
(661) 775-0956
Since 2003
Valencia Tax Group
25000 Avenue Stanford, Ste 120, Valencia 91355
(661) 295-9800
Since 2021
S A N TA C L A R I TA VA L L E Y B U S I N E S S J O U R N A L · 25
J U N E 2022
Economic Development Corporation 26455 Rockwell Canyon Road | UCEN 263 | Santa Clarita, CA 91355 | (661) 288-4400 | www.scvedc.org
Three Reasons Why Economic Development Matters BY HOLLY SCHROEDER
President and CEO of the Santa Clarita Valley Economic Development Corp.
L
ast month the Santa Clarita Valley Economic Development Corporation joined the International Economic Development Council in celebrating Economic Development Week to help raise awareness of the importance of a strategic approach to economic development. So what is economic development anyway? It’s set of programs and policies that aid in the creation, retention and expansion of jobs, the development of a stable tax base, and the enhancement of wealth. SCVEDC partners with the City, the County of Los Angeles, COC and local business leaders to comprehensively approach economic development for the entire valley, bringing quality jobs and economic resilience to Santa Clarita. Now more than ever, a thoughtful, integrated approach to economic development is critical to growing and sustaining quality jobs. SCVEDC offers many services and resources to local businesses to assist with workforce development and training, provide vital data and
information, and connect companies for networking and peer support. Here are three reasons why the Santa Clarita Valley places a strong emphasis on economic development:
1. Economic Development Brings Better Jobs, and Higher Wages
At SCVEDC our mission is to bring high-paying, high-quality jobs to the Santa Clarita Valley with a focus on our major industry clusters--aerospace & defense, advanced manufacturing, biomedical devices, digital media & entertainment, and information technology. Even if you don’t specialize in those areas, competition for talent to fill new jobs can help drive up wages in the community. Consider, for example, that these companies all need HR functions and someone to handle their finances. Don’t be surprised if you find new local, opportunity waiting for you in an industry you’ve never been a part of before.
2. Economic Development Brings Better Infrastructure With better jobs and higher wages comes more tax revenue, and with that the ability to improve our community’s
public works. Our City and County leaders utilize this revenue to widen bridges, upgrade traffic lights, and repave streets. Our leadership is also improving public safety with a new Sheriff’s station and keeping our community vibrant by dedicating more resources to improving local parks and building a new senior center. Staying involved with our local government can give you a better idea of how your tax dollars are spent, and what’s possible when more tax revenue comes in.
3. Economic Development Can Improve Your Quality of Life
Better local jobs mean more opportunities for you to ditch your commute and find a local job. The benefits of doing this are many--reducing stress, saving on transportation costs, and allowing you to recapture your commute time and dedicate it to your family or your personal health, thus improving your overall quality of life. If you are looking for a career closer to home, check out SCVEDC’s new resource: www.liveworkscv.com and sign-up to get notified when local opportunities arise!
Econo Watch Santa Clarita Valley Q1 2022 Q4 2021 Commercial Vacancy Rates Office Space 22.7% 22.10% Industrial Space 1.10% 1.80% Total Marked Sq. Ft. Vacancy Percentage: Office Space - as a % of Vacancy Industrial Space - as a % of Vacancy
10.14% 89.86%
Building Permits
New Commercial/Industrial Building Permits Commercial Tenent Improvements/Alterations
Local Company Stock Prices California Resources Corp (CRC) Carnival Corp. (CCL) FivePoint (FPH) Mission Valley Bank (MVLY)
Apr ’22 40.21 17.3 5.85 14.8
Q1 2022 Sq Ft 2,843,265 25,203,813 28,047,078
9.97% 90.03%
Apr ’22 1 31
Mar ‘22 44.73 20.22 6.11 15.15
N/A N/A
Mar ‘22 Apr ’21 2 36
% Change -10.11% -14.44% -4.26% -2.31%
6 27
Six Flags * (SIX) Woodward (WWD)
38.27 110.48
73.5 124.91
-12.02% -11.55%
Unemployment Rates Santa Clarita Palmdale Lancaster Glendale Los Angeles County State
Apr ’22
Mar ’22 % Change 4.6% 7.4% 7.5% 4.9% 4.9% 4.8%
-4.35% -5.41% -2.67% -8.16% -4.08% -4.17%
Housing Stats SCV Average Home Price SCV Average Condo Price SCV Home Sales SCV Condo Sales SCV Avg. # of Days on Market (SF) SCV Single Family Home Inventory
Mar ’22 977,300
Feb ‘ 22 915,600
Mar ’21 845,900
4.4% 7.0% 7.3% 4.5% 4.7% 4.6%
577,500 759 280 34 248
607,800 531 191 26 277
476,500 839 350 25 289
26 · S A N TA C L A R I TA VA L L E Y B U S I N E S S J O U R N A L
J U N E 2022
Santa Clarita Stock Average Below you will find a list of local Santa Clarita-based or prominent Santa Clarita companies used for our averages. Each month we will take the average of all these stocks and show that number. Tracking that number from month to month will give you a window of how our local company’s stocks are performing. Last month the index was 5.489.68 and the average price per share was $182.99. This month the index is 5,216.58 down 273.10 or 5% for an average share price of $173.89.
Company
industry
ticker
May 2
June 1
Amazon
Retail
NASDAQ: AMZN
2,485.63
2,315.00
Bank of Southern California
Banking
OTC: BCAL
14.95
14.95
Bioventus
Biomedical
Nasdaq: BVS
12.03
9.62
Boston Scientific
Biomedical
NYSE: BSX
42.11
41.20
California Resources Corp.
Energy
NYSE: CRC
40.21
45.20
Carnival Corp.
Entertainment/leisure
NYSE: CCL
17.30
13.97
CBRE
Commercial real estate
NYSE: CBRE
83.04
84.05
Costco
Retail
NASDAQ: COST
531.72
470.76
Disney
Entertainment media
NYSE: DIS
111.63
109.42
Five Point Holdings
Home developer
NYSE: FPH
5.85
4.99
IQVIA holdings
Laboratory services
NYSE: IQV
217.99
220.50
ITT inc.
Aerospace/manufacturing
NYSE: ITT
70.22
72.99
KB Homes
Home developer
NYSE: KBH
32.43
34.81
Otsuka Pharmaceutical
Pharmaceutical
OTCMKTS: OTSKY
16.80
17.20
Quest Diagnostics
Laboratory services
NYSE: DGX
133.84
145.39
Six Flags
Entertainment/leisure
NYSE: SIX
32.87
30.03
Sodexo
Home/food services
OTCMKTS: SDXAY
15.00
15.41
Sonova Holdings
Biomedical equipment
OTCMKTS: SONVY
86.05
71.38
Tri Pointe Homes
Home developer
NYSE: TPH
20.67
21.43
Walmart
Retail
NYSE: WMT
152.99
128.48
Woodward
Aerospace/Manufacturing
NASDAQ: WWD
110.48
102.24
Auto Nation
Auto Dealers
NY: AN
115.91
122.13
Boeing
Aerospace
NY: BA
149.25
132.23
Comcast
Communications
NY: CMCSA
39.76
44.16
Home Depot
Retail
NY: HD
300.49
308.46
Kohl's
Retail
NY: KSS
57.88
41.87
Lennar
Home Builder
NY: LEN
76.49
81.17
Lowes
Retail
NY: LOW
197.73
199.63
McDonalds
Restaurants
NY: MCD
249.16
251.87
Textron
Industrial
NY: TXT
69.25
66.04
JOIN VIA NOW! With membership at the heart of the organization, creating value is an ongoing focus. Members receive special member rates for programs, training and events, and discounts on sponsorships at VIA-branded signature events. Perhaps more importantly, members can realize a competitive advantage in developing business within the area’s industrial centers. Since 1981, VIA has collaborated with regional organizations to form strategic partnerships that expand its focus and networking capabilities. By strengthening areas of influence, VIA, at times, has reached beyond the valley’s borders to create greater value for members.
UPCOMING EVENTS
23 JUNE
7
JULY
25 JULY
SPONSOR SPOTLIGHT
VIA ROCKS American Family Funding: A Summer Season Kick-Off VIA’s 5th Annual State of the State Address with Senator Scott Wilk and Assemblywoman Suzette Valladares, (Hyatt Regency Valencia, 11:30 a.m.) VIA Cocktails & Conversation with Congressman Mike Garcia El Trocadero, 24274 Main Street, Santa Clarita, 6:00 p.m.
Donahoe Young & Williams LLP Your Go-To Law Firm in Santa Clarita
Donahoe Young & Williams LLP was recently honored to earn the Signal’s “Best of SCV” recognition as Best Bankruptcy Attorneys for 2021 -- our 4th such award in a row, and 5th overall! Beyond bankruptcy, Donahoe Young & Williams LLP also focuses on business formation, contracts, dispute resolution, and litigation; real estate issues including title or easement disputes and landlord/tenant; estate planning, probate, and contested estate litigation; and employment-related immigration issues. Donahoe Young & Williams LLP is Martindale-Hubbell “AV Preeminent”® rated. We have a 4½ star Yelp® rating -- our 19 5-star reviews eclipse a few 1-star reviews. Partner Taylor Williams was recognized as one of JCI Santa Clarita’s “40 Under 40” in 2018, and as a Southern California Super Lawyers Rising Star this year. Partner Mark Young was honored as Santa Clarita Valley Bar Association Lawyer of the Year in 2019. Donahoe Young & Williams LLP is a proud sponsor of Bridge to Home SCV (Mark Young has served on that board since 1996). The firm has been a member of the SCV Chamber of Commerce since 2007, the SCV Business Group since 2015, and the Valley Industry Association (VIA) since 2018 (Mark Young serves on the VIA board). At Donahoe Young & Williams LLP we offer high-quality legal services on a cost-effective basis. We are committed to serving the people and businesses of the SCV for the long haul.
4
SAVE THE DATE
NOV
For most matters, we offer a no-cost initial meeting for up to 30 minutes, either telephonically, on Zoom, or in person in our Valencia office at 25152 Springfield Court, just off Tourney Road north of Valencia Boulevard. We look forward to helping to resolve your legal issue. To learn more, visit us at www.dywlaw.com (where you can submit a contact form), or call us at (661) 259-9000 to discuss your matter.
NEW MEMBERS COMBS & MIGUEL James Combs 31294 The Old Road, Suite 220 Castaic, CA 91384 (661) 406-7600 jcombs@combsmiguel.com
AMERICAN CRAFTSMAN RESTORATION Cindy Reid 26074 Avenue Hall, Suite 10 Valencia, CA 91355 (661) 476-7483 cindy@americancraftsman.net
LANDSCAPE DEVELOPMENT Gary Horton 28447 Witherspoon Parkway Valencia, CA 91355 (661) 295-1970 ghorton@landscapedevelopment.com
POOLE & SHAFFERY, LLP John Shaffery 25350 Magic Mountain Parkway, 2nd Floor Valencia, CA 91355 (661) 290-2991 jshaffery@pooleshaffery.com
LP PRINT SOLUTIONS Jeff Giordano 25012 Avenue Kearny Valencia, CA 91355 (661) 253-3444 jeff@lpprintsolutions.com
ELEVATE BUSINESS ADVISORY GROUP Lissa Mahler 23839 Arroyo Park Drive, #910 Valencia, CA 91355 (661) 441- 8423 lissa.mahler@elevatebusinessadvisorygroup.com
VETERAN’S COLLABORATIVE Jeffrey Stabile 23222 Lyons Avenue Newhall, CA 91321 (805) 657-1967 jeff@pegasus2.net
CONNECT 4 GROWTH SOLUTIONS Ajay Joshi 24390 Mornington Drive Santa Clarita, CA 91355 (610) 955-4049 ajay@c4Solutions.com
A DVOCATE • E DUCATE • INNOVATE
VI S I T VI A.O RG
WHERE LAW MEETS CYBER SECURITY Cyber Security, Data Breach & Internet Privacy: ■
■
■
■ ■
■
Disclosure and notification requirements to California residents whose unencrypted data was or may have been compromised; Interfacing with the appropriate law enforcement agency and government officials while it conducts its investigation of the breach; Guidance and crisis management for companies and individuals subject to cyber-attacks and breaches; Defense of companies in lawsuits involving internet privacy violations and data breaches; Advising companies as to needed steps to ensure compliance with applicable data privacy and cybersecurity laws; Advising on proactive measures to reduce the chance of a data breach.
Call 661-290-2991 today for more information!
Santa Clarita 25350 Magic Mountain Parkway, Second Floor | Santa Clarita, CA 91355 661-290-2991 · POOLESHAFFERY.COM SANTA CLARITA | PASO ROBLES | LOS ANGELES ORANGE COUNTY | SAN DIEGO
Brian Walters
Partner, Poole Shaffery
