UTAH’S BUSINESS JOURNAL www.slenterprise.com
THIS WEEK • Industry Briefs • Begin on page 6.
July 18-24, 2011
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Volume 40, Number 51
Structural steel fabricator to expand into 75,000 sq. feet
DesignMatters Matters Legal
By Barbara Rattle The Enterprise In a show of confidence that the economy will soon pick up, Salt Lake City-based Alumasteel, a structural steel and plate fabricator, has purchased an approximately 75,000 square foot building on nearly eight acres at 3900 West and 700 South, Salt Lake City. Currently located in about 18,000 square feet on four acres at 3885 W. 700 S., the company will move into the new location in January, said Ryan Norton, general manager of Alumasteel, which was founded in 1972. “We anticipate the economy will turn around and we want to be ready to take advantage of it, have more production space,” Norton said. “We felt like, for us, it was the best time to buy; if we were going to do it, now is the time to position ourselves so that when things pick up we’ll be ready to go.” Norton said Alumasteel presently employs about 25
NFIB now offering Utah members discounted workers' comp coverage
By Barbara Rattle The Enterprise The National Federation of Independent Business (NFIB) is now offering discounted workers’ compensation coverage benefits to its members in Utah through Renobased EMPLOYERS, a group of companies that specializes solely workers’ comp insurance and services to small businesses. NFIB and EMPLOYERS launched the program in California and it has since been expanded to 19 states. Depending on the state, qualifying NFIB members are eligible to receive either a 5 percent discount or a flat dividend on workers’ compensation insurance policies with EMPLOYERS, in addition to other discounts or dividends offered by EMPLOYERS. Members can access the benefit
through EMPLOYERS-appointed independent agencies. “The Workers Compensation Fund is a strong player in the state of Utah but EMPLOYERS brings broader experience than just a single state, as well as a deep understanding of small business,” said EMPLOYERS senior vice president Hale Johnston. “We are America’s small business insurance specialist. All we do is workers comp, that’s exclusively what we do, and we’re focused on small business, which is very important. If you’re a workers compensation generalist you’re writing all comers, all workers compensation insurance policyholders, so the needs of the small businesses may not be something you focus in on as much as the larger more com-
Executive Lifestyle Executive Lifestyle Legal Matters
Executive Lifestyle Begins on page 10.
• Calendar • See page 12.
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people and no additional hiring is anticipated on a short-term basis. Alumasteel specializes in the custom fabrication of structural steel, conveyors, equipment supports, piping, chutes, hoppers and miscellaneous metals. The firm fabricates from carbon steel and exotic metals such as stainless steel, aluminum, inconel and hastelloy. Industries served include mining, energy and power plants, wastewater companies and steel mills. The company purchased its new building with the assistance of Michael Jeppesen and Jeremy Jensen of IPG Commercial Real Estate.
Legal Matters Legal Matters Matters Legal
see INSURANCE page 2
StaffingMatters Matters Legal
Salt Lake has more 'green' jobs than any other city in Utah The “clean” and “green” economy is an important element of America’s emerging next economy, and will define our nation’s low carbon future while providing opportunity for workers at all levels of income and skills distributions, according to a report by the Metropolitan Policy Program at Brookings in Washington, D.C. In the report, the economy is divided into 39 distinct segments, reflecting the economic activity involved in producing a broad spectrum of clean products, from goods such as wind turbines and solar photovoltaics to services such as mass transit and regulation. How do green jobs in Utah stack up? Salt Lake City In terms of its overall size, the clean economy in the Salt Lake City metro area ranks 50th among the 100 largest metro areas, according to the report. Salt Lake City’s 10,539 clean economy jobs make up 1.7 percent
of all jobs in the region. On this measure of concentration, its clean economy ranks 55th. Between 2003 and 2010 Salt Lake City added 3,127 clean jobs to see the sector grow by 5.2 percent annually. Those readings place the region 41st and 36th. On average, each clean economy job in Salt Lake City produces $13,3745 in exports, which ranks it 58th on this measure. The estimated median wage in Salt Lake City’s clean economy is $36,251. This compared to $36,323 for all jobs in Salt Lake City. The largest segments in Salt Lake City’s clean economy in 2010, in descending order, were public mass transit, waste management and treatment, energy-saving building materials, conservation, and recycling and reuse. The fastest-growing segments between 2003 and 2010, in descending order, were
Real Estate Matters Legal Matters
Artist's rendering of Meadowbrook. The apartments will be converted to condos when the market improves.
Murray-based Bonneville Development Group plans to break ground this fall on Meadowbrook, an 88-unit, 85,000 square foot multifamily residential community at 3808 S. West Temple, South Salt Lake. John Tebbs, company president, said the one, two and three-bedroom units, which should take roughly a year to construct, will initially be rented out as apartments. However, plans call for the units to be converted to for-sale condominiums once the economy improves. An affiliate company, Bonneville Builders, will construct Meadowbrook, which was designed by local architect Russell Platt. Bonneville Development’s joint venture partner in the project is San Diego resident Michael Wright. An aging two-story office building that is currently on the development site will be razed. Tebbs said Meadowbrook will be an upscale product, although prices have not yet been set. The project will be transit-oriented, given its proximity to a light rail station, and there will be a number of amenities geared to those who ride bicycles.
HR Matters Legal Matters see GREEN page 2
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GREEN from page 1
green chemical products, solar photovoltaic, recycling and reuse, solar thermal, and organic food and farming. A sample of clean economy employers in Salt Lake City includes 3 Form Inc. (green building materials), Applied Materials Inc. (solar photovoltaic), Ceramatec Inc. (fuel cells), Wasatch Wind Intermountain LLC (wind) and Waxie’s Enterprises
Inc. (green chemical products). Provo In terms of overall size the clean economy in the Provo metro area ranks 100th among the 100 largest metro areas. Provo’s 1,587 clean economy jobs make up 0.8 percent of all jobs in the region. On this measure of concentration its clean economy ranks 99th. Between 2003 and 2010 Provo added 181 clean jobs to see the sector grow by 1.7 percent annually. Those readings place the region 92nd and 85th.
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On average each clean economy job in Provo produces $18,767 in exports, which ranks it 34th on this measure. The estimated median wage in Provo’s clean economy is $33,374. This compared to $33,557 for all jobs in Provo. The largest 2010 segments of Provo’s clean economy were, in descending order, waste management and treatment, public mass transit, conservation, energysaving building materials and organic food and farming. The fastest-growing segments between 2003 and 2010 were remediation, geothermal, professional environmental services, green building materials and regulation and compliance. Sample clean economy employers in the Provo area include Curecrete Distribution Inc. (green building materials), Lehi Roller Mills (organic food and farming), National Park Service
(conservation), Olsen-Beal Associates (wind) and Tra-Mage Inc. (energy-saving consumer products). Ogden In terms of its overall size the clean economy in the Ogden metro area ranks 98th among the 100 largest metro areas. Ogden’s 2,111 clean economy jobs make up 1 percent of all jobs in the region; on this measure of concentration its clean economy ranks 95th. Between 2003 and 2010 Ogden added 927 clean jobs to see the sector grow by 8.6 percent annually. Those readings place the region 78th and sixth. On average, each clean economy job in Ogden products $4,657 in exports, which ranks it 97th on this measure. The estimated median wage in Ogden’s clean economy is $39,615; this compares to $34,186 for all jobs in Ogden.
INSURANCE
collar like auto service and repair, but it’s on the smaller end and it’s what would be considered lower severity, so very entrepreneurial types of risks.” There is a minimum premium of $400 per year per policy. Coming to EMPLOYERS you save in a number of ways,” Johnston said. “You get access to our competitive pricing, all our other service advantages, real loss control, fraud, all of the service a small business owner should expect from their workers’ compensation insurer. We also offer payment and billing plans that are friendly to small business. We’re not nickel-and-diming these accounts so there are no service charges or additional fees. It helps the small business owner manage their cash flow.”
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plex heavy construction, mining, some other types of risk that we just don’t write. Small businesses have a really unique set of needs. They generate lower average premiums and they often, as a result, don’t get the level of service that they deserve. We use the term small business, but when it’s your business it doesn’t feel so small. Johnston said EMPLOYERS writes primarily what an insurance agent would refer to as hazard group A through D business — “Main Street, service, retail, physicians, restaurants, those types of operations. We also do blue
THE ENTERPRISE [USPS 891-300] Published weekly by Enterprise Newspaper Group Inc. 825 N. 300 W., Suite C309, Salt Lake City, UT 84103 Telephone: (801) 533-0556 Fax: (801) 533-0684 Web site: www.slenterprise.com. For advertising inquiries, e-mail david@slenterprise. com. To contact the newsroom, e-mail barbara@ slenterprise.com. Subscriptions are $52 per year or $1.25 per copy. Opinions expressed by columnists are not necessarily the opinion or policy of The Enterprise Copyright 2011 Enterprise Newspaper Group Inc. All rights reserved Periodicals postage paid at Salt Lake City, UT 84199. POSTMASTER: Send address corrections to P.O. Box 11778, Downtown Station, Salt Lake City, UT 84147
The largest segments of Ogden’s clean economy in 2010 were, in descending order, conservation, waste management and treatment, public mass transit, professional environmental services, and remediation. The fastest-growing clean economy segments between 2003 and 2010 were organic food and farming, conservation, recycling and reuse, recycled-content products and professional environmental services. Sample clean economy employers in the Ogden area include Albion Laboratories Inc. (organic food and farming), American Specialty Glass Inc. (recycled-content products), Cardinal Glass Industries Inc. (energy-saving building materials), Medical Horizons Inc. (organic food and farming) and W.R. Grace & Co. (energy-saving building materials).
Fillmore to lead GeNOsys Inc. Provo-based GeNOsys Inc., a medical research and development company, has appointed Dale Fillmore as its president. For the past four years, Fillmore served as president and chief operations officer of a privately owned corporation with revenues in excess of $200 million per year. During that time Fillmore also served as director of the National Direct Selling Association. Prior to that he had worked for, and retired from, State Farm Insurance Companies in various executive positions. GeNOsys, specializes in pharmaceutical, biotechnical and medical gas generating systems. Nitric oxide gas will be one of the medical gases that will be generated along with various combinations of beneficial medical gases suitable for the control of human disease. Distribution will be accelerated through the use of already existing distribution networks that currently sell related respiratory products.
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Omniture co-founder unveils new software-as-a-service venture vendors to have a maniacal focus on customer satisfaction because it’s relatively easy for customers to abandon you if they aren’t happy. At Domo, we will work to keep our customers satisfied. And we will keep working until they say one thing, ‘Thank you,’ which translates to ‘Domo’ in Japanese.” Domo’s board of directors includes Matt Cohler, general partner at Benchmark Capital who was the fifth Facebook employee and a member of LinkedIn’s founding team; Mark Gorenberg, managing director at Hummer Winblad Venture Partners and former board member of Omniture; John Thompson, chairman and former CEO of Symantec and current CEO of Virtual Instruments; Fraser Bullock, co-founder and managing director at Sorenson Capital, former Omniture board member and one of the founding partners of Bain Capital; and Neal Williams, founder of Corda, the first company acquired by Domo. Domo’s first product will an executive management platform. It is in beta with nearly two dozen customers.
Inland Real Estate Acquisitions Inc., based in Oak Brook, Ill, has purchased Draper Peaks, a 229,796 square foot shopping center in Draper, Utah, for approximately $41.5 million. The center is anchored by Ross Dress for Less. The property was purchased on behalf of Inland Diversified Real Estate Trust Inc., and the transaction was facilitated by Lou Quilici, senior vice president of Inland Real Estate Acquisitions. “Particularly strong demographics in Draper, including a three-mile population of 83,800 people and average household incomes of nearly $100,000, make the area attractive,” said Lou Quilici, senior vice president of Inland Real Estate Acquisitions. “In 2010, we purchased Draper Crossing, a grocery-anchored property located across the street from Draper Peaks, from the same seller, also on behalf of Inland Diversified.” Construction of Draper Peaks was completed in 2007. In addition to Ross, the tenant line-up includes PETCO, Michaels and Office Depot. The property is shadow-anchored by Kohl’s, which was not purchased as part of this transaction. Inland Real Estate Acquisitions purchased the property from an affiliate of Salt Lake City-based The Boyer Co.
In accordance with Sec 106 of the Programmatic Agreement, T-Mobile USA plans to place antennas onto a new antenna structure at 238 N. 2200 W., Salt Lake City, UT 84116. Please fax comments to Vitaly M. at 714-508-4110 regarding site SL01753-B.
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Omniture co-founder and decade-long CEO Josh James unveiled last week the brand of his newly minted software-as-aservice (SaaS) venture, Domo. The firm has secured $43 million in funding with the closing of $33 million from Benchmark Capital in a Series A round. Domo has been designed to help transform the way executives manage their business and get value from the tens of billions of dollars that’s been spent on business intelligence (BI) systems. Domo’s founding team consists of talent from companies such as Amazon, American Express, Ancestry.com, eBay, Endeca, Facebook, LinkedIn, MLB.com, Omniture and Salesforce.com, amongst others. “The BI market is ripe for disruption,” James said. “Tens of billions of dollars have been spent on collecting data, yet no one has found a way to deliver value. SaaS is an ideal approach. For decades, the priority of enterprise software vendors has been to lock in customers though steep upfront investments and then sit back and collect maintenance fees. The SaaS model forces technology
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July 18-24, 2011
Steed Construction
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FOR YOUR NEXT PROJECT CALL JAY RICE AT 801-633-3994
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There’s good news and there’s good news. We’re not only upgrading your network today, but we’re also busy building a next-generation, high-speed network. This includes: • Upgrading and adding new cell sites here in the Salt Lake City area and all around the country • Adding more fiber optic cable to cell sites for greater capacity • And we’re planning to combine with T-Mobile to deliver a better, stronger network, adding thousands of cell sites across the nation to deliver the most advanced mobile broadband network experience From a simple phone call to the most advanced data download, AT&T is committed to delivering the best network possible to the Salt Lake City area.
To see more of what we’re up to, visit MobilizeEverything.com.
©2011 AT&T Intellectual Property. Service provided by AT&T Mobility. All rights reserved. AT&T and the AT&T logo are trademarks of AT&T Intellectual Property. All other marks contained herein are the property of their respective owners.
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Mark Fuller, Stephen Jacobsen to be inducted into UTC Hall of Fame The Utah Technology Council (UTC) has selected Mark Fuller and Stephen Jacobsen and as its 2011 inductees to the UTC Hall of Fame. Jacobsen and Fuller will be honored at the UTC’s Hall of Fame Gala on Nov. 4 at the Grand America Hotel in Salt Lake City. After earning a master’s degree in engineering and product design from Stanford University, Fuller worked for Disney, supervising the creation of more than 300 special effects and water projects. In 1983 he co-launched WET, a firm dedicated to innovating new types of water features by fusing elegant design with uncommon science and engineering. Under his leadership, the company has grown to more than 200 employees and has created landmark fountains worldwide. Notable projects include Revson Fountain at New York’s Lincoln Center, The Dubai Fountain, The Fountains of Bellagio and, in Salt Lake City, the Gateway fountain and the 2002 Olympic Games Cauldron, soon to be followed there by the fountains at City Creek. Fuller received the Themed Entertainment Association’s The Lifetime Achievement Award and the University of Utah Distinguished Alumni Award. He was named one of Fast Company’s Most Creative People in 2010. In its feature profile of Fuller that same year, The New Yorker called him “the closest thing the world has to a fountain genius.” He has been profiled on “CBS Sunday Morning” and was recently featured in The New York Times’ “Corner Office” by Adam Bryant. Jacobsen is one of the most renowned and prolific creators of animate systems. With an M.S. in
engineering from the University of Utah and a Ph.D. in engineering from MIT, Jacobsen has been mentored by some of the greatest life science minds of the past century, including MIT legend Robert Mann and the protean Willem Kolff, father of artificial organs, with whom he led the development of an innovative wearable kidney. Jacobsen is the founder of Sarcos, which he ran from 1983 until its acquisition by Raytheon in 2007; and of Sterling Technologies, which he currently runs. He has also led the development of an array of life science spinoff companies, including Micro-Drugs Inc., Eye-Port Corp. and Motion Control Inc., all still operating in Utah; Iomed Inc. (acquired by Microject Corp., which was acquired by Sorenson Medical); and Precision Vascular Systems Inc. (acquired by Boston Scientific). During the course of his career, Jacobsen has employed more than 200 Utahns in highlevel positions, and led more than 359 projects in industry areas ranging from medical to entertainment, commercial and military. Sponsors and clients for these projects have included organizations such as Abbott, Becton Dickinson, Cordis, Merck and Pfizer in the medical arena, as well as Ballys, Disney, Honda, MIT, The Bellagio and Universal Studios, the U.S. Air Force, Army and Navy, the National Institutes of Health and the Veterans Administration. Jacobsen and his teams have garnered more than 200 patents to date, with many more in process.
Regulated hunting preserves animal populations and habitats.
Wake Up! Help us prevent poaching.
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Damon Miller to lead Utah Bankers for 2011-2012 The Utah Bankers Association has elected new officers and board members for 20112012. Damon Miller, president, U.S. Bank, was elected chairman and Louise P. Kelly, president and CEO of EnerBank USA, Salt Lake City, was elected vice chairman. Anthony Hall, president and CEO of Lewiston State Miller Bank, was elected second vice chairman. Miller is Utah market president of U.S. Bank, where he coordinates the bank’s activities across all business lines and represents the company in the communities it serves. Serving in a dual role, Miller is also division manager of commercial banking for the company’s Utah operation. Kelly is the founding executive of Salt Lake City based EnerBank USA, a wholly-owned subsidiary of CMS Energy Corp. Her banking career spans almost four decades, primarily in the midAtlantic region, with an emphasis on business banking and commercial marketing. Hall was appointed president and CEO of Lewiston State Bank in 2006. He began his career with the bank as a teller in 1973, moving into management in 1986.
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Pesci named president, COO of ProPay Lehi-based ProPay, a provider of merchant, end-to-end payment security, credit card processing and mobile payment services, has appointed Greg Pesci as president and chief operating officer. Over the past two years, Pesci has been serving as ProPay’s chief operating officer. Under Pesci’s leadership as COO, ProPay has continued to grow revenues in a down economy and has substan-
tially increased its earnings. Pesci has also championed several key initiatives including ProPay’s global payment strategy and secure social mobile payments strategy (Social M-Payments) — a new technology that was the First Place Winner of the 2011 ETA Technology Showcase Challenge. Gary Goodrich, ProPay’s chief executive officer since 2000, will continue in the CEO role.
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At The Gateway, we believe that when you work hard, you deserve some perks. That’s why The Gateway, FM100 and The Enterprise have created and exclusive “Office Worker At Work Perk Card” for all of you hardworking people. (Fill out your At Work Perk Card application at The Gateway Concierge desk.) Flash your card and get savings and discounts at participating shops and restaurants at The Gateway. Just keep your card in your wallet and look for special deals throughout The Gateway. FM100 will be e-mailing you ever Monday with the “Perks of the Week.” Log on to www.fm100.com or check out The Enterprise for the most up to date list of specials. Turn in your completed form to The Gateway Concierge, located across from Urban Outfitters or to any participating retailer to be eligible for monthly drawings.
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RO S E M A N U N I V E R S I T Y
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• Industry Briefs •
ARTS/ENTERTAINMENT have partnered to deliver a com • Salt Lake City has been named a top 25 Arts Destination in the June 2011 edition of AmericanStyle magazine. This is the sixth year in a row that the national arts lifestyle magazine has recognized Salt Lake City as one of the top travel destinations for the arts among mid-size cities. Salt Lake City is recognized for having a solid foundation of established arts organizations such as the Utah Symphony/Opera, Ballet West, Rire-Woodbury Dance Co., Repertory Dance Theatre and the Utah Museum of Fine Arts.
COMPUTERS/ SOFTWARE
• PC Helps, a provider of 24/7 on-demand phone support for office software applications and mobile devices, and BrainStorm Inc., a software training company and source for instructor-led, video and print-based Microsoft application training for end-users, headquartered in Salt Lake City,
Roseman University, a nationally recognized leader in providing health care education, is bringing high quality pre-doctoral dental education to Utah. With a curriculum focused on our student-centered educational philosophies of mastery learning, outcomes-based education, and development of lifelong colleagues, and a state-of-the-art patient clinic that will provide affordable, high quality dental care to residents of the Salt Lake Valley and surrounding areas, Roseman University is transforming health care education.
801.302.2600 | www.roseman.edu/dental
prehensive solution that covers the full spectrum of end-user training and support for the range of Microsoft applications available. • eFileCabinet, a provider of electronic document management software, headquartered in Lehi, has partnered with Insynq, a provider of application hosting and cloud solutions, to deliver a comprehensive cloud-based solution for document management on a subscription basis. The partnership allows businesses to subscribe to a turnkey package to host their applications, manage and back up documents and store data for one monthly rate.
CONSTRUCTION
• Steel Encounters Inc., an architectural and structural buildings company headquartered in Salt Lake City, has promoted Dave Clift to structural sales representative. He will apply his
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Qwest is becoming CenturyLink. Now you can connect your business to more opportunity with better broadband, data and voice technologies. CenturyLink offers scalable, straightforward IT solutions and more personal service to help drive your success. Your link begins here.
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8 from page 6 knowledge and experience in providing steel joist and metal deck quotes for projects throughout the Intermountain West. • A groundbreaking for the Fairbourne Station Promenade, West Valley City, was held on July 14. The project will become the focal point of West Valley City and upon completion, will provide four acres of green space including walking paths, water features and interactive installations. The first phase is expected to be completed in July 2012.
EDUCATION/TRAINING
• The University of Southern Nevada is now Roseman University of Health Sciences.
July 18-24, 2011
The Enterprise The university’s board of trustees unanimously approved the name change in December 2010. The university is a private, nonprofit, health sciences-focused university that was founded in Henderson, Nev., with a second campus in South Jordan. Roseman’s Utah campus offers the bachelor of science in nursing through its College of Nursing, the doctor of pharmacy and professional continuing education in pharmacy through the College of Pharmacy, and the doctor of dental medicine program through its College of Dental Medicine. Roseman also offers general and health care-focused Master of Business Administration programs. • Allen Communication Learning Services, based in Salt Lake City, is expanding into Austin, Texas. The company intends to build upon its successes in performance improvement and learning sustainability by working with chief lending officers in the Texas manufacturing, finance, retail and pharma industries to develop mission-critical training solutions. • The Utah State Board of Regents and the University of Utah have launched a presidential search website to keep the public informed during the process of selecting the university’s next president. Visitors can log onto presidentialsearch.utah.edu to provide nominations, commentary
and input into the search process, as well as receive up-to-date information on timelines, updates and constituent meetings. The website features a calendar listing several constituent meetings planned in an effort to solicit broad input regarding the qualifications of a candidate. Each meeting will be open to the public, and more meetings will be added as they are confirmed. For a complete listing of these meetings, log on to the website and click “timeline and updates.” • Salt Lake Community College is implementing an Electric Power Technology (EPT) program. The program begins in the fall. Experienced professionals will teach classes and students will learn basic safety training and hands-on skills in power generation and distribution. The program spans four semesters and leads to a proficiency certificate approved by the Intermountain Power Superintendents Association.
FINANCE
• SilverLeaf Financial, a private equity firm headquartered in Salt Lake City, has acquired two non-performing loans with an aggregate unpaid principal balance of $47 million. The underlying collateral is comprised of 153 fully furnished condo units, along with 15.23 acres of commercial land situated on the south shore of Tampa Bay, Fla. The collateral is part of a larger mixed-use master
ited as a Credentials Verification Organization (CVO) from URAC, a Washington, D.C.-based health care accrediting organization that establishes standards for the health care industry. The URAC CVO standards are designed for GOVERNMENT organizations that gather data and • The GovMark Council, a verify the credentials of health nonprofit forum focused on gov- practitioners and to ensure a fair ernment information and technol- credentialing process that protects ogy that recognizes federal, state patients and providers from poor and local governments for inno- credentialing practices. vation in technology and marketing programs, presented its award for outstanding state and INSURANCE • Beehive Insurance, a fulllocal marketing campaign to the Utah Broadband Project and service insurance agency headUtah.gov, the official website quartered in Murray, is celebrating for the state of Utah. The Utah 50 years of insuring and protecting Broadband Project website was businesses, contractors and neighthe first effort in Utah to feature bors across the Intermountain a comprehensive interactive map West. Beehive offers a full line developed through data gathered of commercial insurance options, directly from broadband providers including business owners’ polistatewide. Utah.gov is the entry cies, employee benefits, general point to more than 1,000 online liability, inland marine, professervices and benefits and provides sional liability, surety bonds, citizens and businesses with more trucking, umbrella policies, workconvenient options for interact- ers compensation and other coving with government. Citizens can erages. In addition to the comfind public meetings, renew vehi- mercial insurance line, Beehive cle registration, buy a hunting and also offers a selection of personal fishing license, register a business insurance options, including personal automobile, homeowners, and more. personal umbrella and flood insurance. Beehive also features speHEALTH CARE cialized insurance for nonprofit • Verisys Corp., a provider organizations and directors/offiof health care professional data cers liability insurance. aggregation, headquartered in South Jordan, has been reaccredcontinued on page 13 planned development called Little Harbor Resort, a 286-acre community development district residential community and destination resort.
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Mission or promise? Is it a statement or words of hot air? Can you recite your mission state- • We will take as much pride in your ment? business as you do. Come on! You’ve seen it a hun- • We will maintain our dedication to dred times, maybe a thousand times. lifelong learning. It’s some drivel about being number • We will recover memorably when an one, exceeding expectations and build- error occurs. ing shareholder value that contains other • We will respond in a heartbeat or nonsensical words that mean nothing faster. to anyone except the marketing people • We will serve with a smile. who dreamed it up one afternoon. • We will serve memorably — I often wonder if there service is an opportunity and a is anyone actually in charge priority, not a job function. of implementing the mission • We will make providing you statement. I think you could the best service our top priority. find such a person over at • We will treat all customers the Disney World heading up the same — LIKE GOLD. “Fantasyland” department. • We will collaborate with you REALITY: Why is your every step of the way. mission statement always put • We will become an expert in in terms of you rather than what your business to grow your busiJeffrey you might do for others? ness, and ours. Gitomer As a customer, or poten • We will be your BEST parttial customer, I don’t really care ner. about you unless you can do something • We will not just lead by example of perceived value for me. — we will set a standard. Which brings me to my prime ques- • We will always go the “extra tion of the day, maybe of the decade: Is it mile.” a mission or a promise? And in the end, • We will kiss ass. which is more powerful? • We will practice what I preach. Several years ago I created a list of One of the nicest compliments I customer promises for my seminar com- receive is a single sentence: You walk pany, my book publishing company and your talk. That’s the reaction of custommy online training company. The prom- ers when they receive what we promise. ises revolved around what would be We don’t tell them what the promises done in favor of our customers. I would are. No one says, “We are going to be ask each of my employees to apply the friendly.” Everyone is just genuinely promises in their daily interactions with friendly. customers. It’s taken me years to finally decide And all of the sudden, I didn’t need that these promises should be made a mission statement because the promis- public. The main reason I’m doing it is es, when enacted, automatically created that service around the world is rapidly achievement, memorability, WOW! and declining. loyalty. BIG PICTURE: All of these promJeffrey Gitomer, Buy Gitomer, and ises and commitments favor the cusTrainOne, customer promises and com- tomer, our relationship with them and mitments: what actions we have to take in order to • We will be friendly. EARN their business, repeat business, • We will be professional. loyalty, referrals and testimonials. • We will provide the highest qual- NOTE: None of these promises and ity products. commitments are “missions.” They’re • We will provide the highest qual- all “actions.” They are all about what ity training. outcome the customer needs and is hop • We will do what we promise. ing for. In other words, what does the • We will keep you informed as we customer want AFTER we take an action progress. or they buy a product? • We will keep our technology If your mission statement is all state-of-the-art. about you, get rid of it. Take this list • We will think long-term in all our of promises and commitments and endeavors. revise them to suit your business, your • We will be an expert resource for employees, and especially your customyou. ers. When you do, everyone will have a • We will provide prompt service. mission — not just the marketing depart • We will maintain great attitudes ment. toward service. • We will earn your loyalty with Jeffrey Gitomer is the author of Social BOOM!, The Little Red Book of Selling quality and value. • We will use creativity to differen- and The Little Gold Book of YES! Attitude. President of Charlotte, N.C.-based Buy tiate and dominate. • We will customize and personal- Gitomer, he gives seminars, runs annual sales meetings and conducts Internet ize all enterprise training. training programs on selling and cus • We will increase your sales. tomer service at www.trainone.com. He • We will cultivate relationships by can be reached at (704_ 333-1112 or paying attention to individual needs and salesman@gitomer.com. interests. © 2011 All Rights Reserved
Declare independence from debt
Earlier this month, Americans celebrated Compound payments. Once you have the 235th anniversary of the United States paid one debt in full, celebrate! Then take the declaring its independence from English rule. money you were paying toward that debt and How privileged we are to live in a land of apply it, along with the regular payment, to freedom, yet some are still subject to a time- your next highest-priority debt. less and ruthless slave-driver: debt. If you feel Cut the cards. The average U.S. houseshackled by the heavy burden of debt, decide hold has five credit cards, according to now to free yourself. Use these 12 tips to CardWeb.com. Reduce the number of cards — declare your independence from debt: or better yet, get rid of all of your credit cards Calculate total debt. Before you can get — and you reduce the temptation to incur out of debt, you need a clear picture of how more debt. Paying with cash or a debit card much you truly owe. Determine how much instead ensures you have the funds to pay. total debt you have and how long it will take Consolidate debt. With interest rates at to pay it off using an online calculator like the historic lows, it may make sense to consolidate one found at FairCredit.org. your debt into a home-equity loan. Track it. Keep a list of every You may also consider consolidating penny you spend for a month using a your credit card debt by transferring notebook, spreadsheet or free online outstanding balances to one or two financial manager. You may be surcards to get a better rate. Use the prised at how small purchases add up online calculator at FairCredit.org to and detract from debt reduction. determine how quickly you could get Create a budget. Figure out out of debt and how much interest where you can cut spending, like eatyou might save through consolidaing out less or renting a movie rather tion. than going to the theater. Put savings Dale Gunther Refinance. If you own a towards debt payments. home, consider refinancing to an hisGet organized. Put all your bills and torically low interest rate. Doing so may free debt-related documents in a central location, up hundreds of dollars each month that can be such as an accordion file folder. Organized applied toward debt payments. Get help. Assistance is available for little paperwork helps keep you aware, on track and or no cost through government programs or in control. Build a reserve. It seems counter-intu- non-profit credit counseling services, which itive that setting money aside for savings will work with you to develop a long-term can help you get out of debt, but having a plan to pay off debt. To find an authorized safety net of $500 or $1,000 allows you to credit counseling agency in your area, contact avoid using high-interest credit cards or costly your local consumer protection agency or payday loans when unexpected expenses are the Better Business Bureau. Home ownerincurred. ship counseling is available for free through Set up automatic deposits. Arrange for the U.S. Department of Housing and Urban your paycheck to be deposited directly into Development (HUD) at 1-800-569-4287. your checking account and then set up an automatic payment that transfers a certain Dale Gunther is vice chairman of the board of amount of your income to a separate account People’s Utah Bancorp, the holding company dedicated to savings or debt payment. Setting for Bank of American Fork , which is an Equal money aside right after you receive it ensures Housing Lender and Member FDIC. At the start of his 16-year tenure as CEO at Bank of a contribution to your debt reduction. Pay off highest-interest loans first. American Fork, the bank had two branches Oftentimes, this means paying off credit cards. and $80 million in assets; it now has 12 If you can’t pay them off at once, at least make branches and more than $860 million in assets. more than the minimum payment, which will Gunther has served as chairman of the Utah reduce the hefty interest rate fees you would Bankers Association and currently serves as an American Fork City Councilman. otherwise incur.
READ THE ENTERPRISE ONLINE Everything in this issue — plus much, much more — is now available online, but you must establish an account with us to view it.
To set up your account, e-mail Sarah at sarah@slenterprise.com.
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July 18-24, 2011
The Enterprise
Executive Lifestyle Executive Lifestyle Legal Matters Travel in Europe I have a number of questions about travel in Europe. Most of them about the costs involved. The fact that so many people in our nation enjoy, if not dream, about going there is not surprising, since so many Americans are of European ancestry; and in addition, we have read a plethora of stories from the last century of expatriate citizens from our country like Ernest Hemingway roaming around France, Italy, Switzerland, Spain, and so forth. I myself have German and English blood pulsating in me, and so the trip from which I just returned — to Germany, Austria and Hungary — was particularly enjoyable. I was glad to find relative calm and peace, which is wonderful in light of the fact that
thing, except travel, so expensive there? And along those lines: If universal health care and nationalized commuter and travel services are supposed to drive nations to the “eve of destruction,” why are Germany and Austria so prosperous? Hotels and restaurants are much more expensive than anywhere in the United States, except New York. If you rent a car, the insurance costs well more than auto rental rates. Then there are gasoline prices: only 2.25 to 2.75 euros, but that’s per liter (3.7 of Don Shafer those in a gallon). And, of course, there’s the fact that it costs a submy former kindred have seemed stantial amount to simply park to gravitate toward notions of giv- a car — 15 to 20 euros a day. A ing the world a “hotfoot” every cab ride from the Munich airport now and then during the last 100 to our central city hotel was 70 years. euros (roughly $99). No wonder Anyway, back to my questions. Number one: Why is everysee SHAFER page 17
Creativity, revitalization and uncertainty: read about them all
Legal Matters Legal Matters Matters Legal (Editor’s note: Each month Jack Covert, founder of 800-CEOREAD, reviews the best recently released business books. Jack is coauthor of The 100 Best Business Books of All Time, released in March of 2009. 800-CEO-READ is a leading direct supplier of bookrelated resources to corporations and organizations worldwide, and specializes in identifying trends in the changing business market.)
He challenges those he works with as a creativity consultant (which will include you once you pick up this book) to adopt the goal of being prolific, brilliant and healthy. He explains why you need all three succinctly: “Prolific + Brilliant – Healthy = Burnout “Brilliant + Healthy – Prolific = Unreliable “Healthy + Prolific – Brilliant = Fired “Prolific + Brilliant + Healthy = producing great work consistently an in a sustainable way” This book speaks to everybody who has to be creative at work. For traditional creatives like designers and illustrators, it will help them establish more structure in their creative process; for more nontraditional creatives such as consultants and salespeople, it will help them unlock their latent creative abilities to improve their processes. And, whether you’re a writer trying to establish a regular blogging routine or a manager trying to find the time to generate ideas, the author believes the key to unleashing good, creative work is to establish a Creative Rhythm. The Creative Rhythm is set by how you structure five elements in your life: Focus, Relationships, Energy, Stimuli, and Hours (F-RE-S-H.) Henry gives a chapter to each of the F-R-E-S-H elements in the second part of the book. But before he gets you there, he devotes some time to overcoming some of the tensions, side
StaffingMatters Matters Legal
Real Estate Matters Legal Matters THE CENTER OF IT ALL
The Accidental Creative: How to Be Brilliant at a Moment’s Notice By Todd Henry, Portfolio $25.95, 240 pages, Hardcover Todd Henry is a selfdescribed “arms dealer for the creative revolution.” Continuing that metaphor, you can think of him as a freedom fighter of sorts, but he wisely understands that every struggle (even the creative struggle) needs to be organized: “There is the persistent myth that creativity results only from complete lack of boundaries and total freedom. The reality is that we are not capable of operating without boundaries. We need them in order to focus our creative energy into the right channels. Total freedom is false freedom. True freedom has healthy boundaries.”
HR Matters Legal Matters
INLAND WESTERN R
Retail Real Estate Trust, Inc.
see BOOKS next page
BOOKS
from previous page effects and fears of creative life. He knows that “just to stay ahead of the work is often challenging enough,” and the more obstacles we can remove, the better. No matter if you are an enthusiastic enlistee into The Creative Class, or simply an unwilling recruit because of your job description, you’re almost certainly involved in work that requires you to think and create for a living. The Accidental Creative is one of the best books to date on how to structure your ideas, and manage the creative process and work that comes out of it.
Great Again: Revitalizing America’s Entrepreneurial Leadership By Henry R. Nothhaft with David Kline, Harvard Business Review Press $26.95, 193 pages, Hardcover When I read the essay we received from Henry R. Nothhaft for ChangeThis — a site we run that’s dedicated to manifestos — his viewpoint grabbed my interest and left me wanting more. Originally, I had overlooked his book Great Again in the mass of books that come through our doors everyday, but thanks to his manifesto, I gave it the time it deserved and came away a lot more informed about a critical and timely issue in this country — job creation. A highly successful serial entrepreneur and the son of a steelworker from Sharon, Penn., Nothhaft’s mission is to help restore the middle class by giving “the leading role in the American economic drama to the start-up entrepreneur who creates wealth, not the Wall Street trader who merely manipulates it.” His main thesis is that “new entrepreneurial start-ups — the sole creators of tomorrow’s jobs and industries — are being ravaged by a perfect storm of dire business conditions and dumb government policies.” He and his coauthor David Kline, a Pulitzer Prize-nominated journalist, developed five remedies — solutions that are surprisingly doable — to the situation. For example, the authors call for a fix to the patent office so we can stimulate invention and entrepreneurship. They explain that current underfunding of the pat-
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The Enterprise
July 18-24, 2011 ent office means that it now takes “an average of 3.7 years” to get a ruling on a patent. And without that patent, a start-up can’t get the investment it needs to start a company and create jobs. So this alone could be the lifeline entrepreneurs need to create the millions of jobs needed in our economy right now. They also call for meaningful incentives to bring high-tech manufacturing back to America. Nothhaft challenges the currently popular notion that America can remain competitive on research and innovation alone, while outsourcing manufacturing. They document that, throughout history — whether it’s in Detroit, Cleveland or Silicon Valley — research and the innovation it spawns always follow where the manufacturing facilities are, and that remains true today as the outsourcing of manufacturing is beginning to move R&D offshore: “The offshoring of R&D has gotten so large, in fact, that the National Science Foundation (NSF) has for the first time started keeping track of it. The NSF reported that in 2008 $58 billion, or one-fifth, of total R&D spending by U.S. firms took place overseas. Depending on the industry, that amounted to anywhere from 19 percent to 39 percent of R&D spending. “Said economist Richard Florida about the report: “In key sectors of the economy, innovation appears to be following production off shore.’” Great Again is a clear-eyed, sober and well-researched assessment of how we can bring innovation back into the economy, begin creating jobs and restore the middle class in this country. I’m glad I gave it the time it deserved, and hope that many others do, as well.
The Art of Uncertainty: How to Live in the Mystery of Life and Love It, By Dennis Merritt Jones, Tarcher 304 pages, $14.95, Paperback “I don’t know.” That’s a phrase most of us try to avoid. It’s the answer we never want to give, in fear we’ll look ignorant, lazy or unprepared. Yet often, it’s the answer that’s closest to the truth. This is the dilemma addressed in Dennis Merritt Jones’s new book, The Art of Uncertainty. As dreadful as this concept might sound, Jones uses the book and see BOOKS page 14
Creating Workplaces for Wellbeing
For employers all over the world, wellbeing is gaining attention fast as a business issue — for good reason. Especially for knowledge workers, over-the-top complexity has given rise to a host of under-met human needs. That’s a big and growing problem, not just for individuals but also for the organizations that employ them. It’s not just the economy that needs to recover; the wellbeing of the workforce needs recovery, too. Every person’s wellbeing is critical to achieving an organization’s goals and fulfilling its mission. Every day in your organization, people don’t show up, don’t give their best effort, erode your productivity, and cost you millions of dollars because of poor mental and physical health. During the past decade, Midwest has worked with hundreds of organizations to help boost engagement and improve the wellbeing of their workforces. Only 8% of employees strongly agree that they have higher overall wellbeing because of their employer, and the majority think that their job is a detriment to their overall wellbeing. No wonder a growing number of companies is looking closely at steps their organizations can take to improve worker wellbeing and, in so doing, capture measurable gains for their businesses. While a growing number of researchers and employers alike realize worker wellbeing is important, addressing it in the workplace is anything but clearcut. Wellbeing means different things to different people and in different places, and what’s right in one workplace may not make as much difference in another due to different cultural contexts and different worker expectations. With obesity a growing problem around the world, many employers are starting there with their efforts to improve the wellbeing of workers. This is especially true in the U.S., where obesity has risen sharply. It turns out that overeating is just part of the cause. Inactivity research is an emerging field of study being conducted at high-profile places such as the Mayo Clinic and the Pennington Biomedical Research Center. Findings indicate that the long stretches of sitting that most people do everyday, including at work, is a culprit in the obesity crisis. Sitting for most of your day is bad for health, regardless of what you do afterwards or whether you’re obese or fit. Inactivity dramatically slows down calorie-burning, insulin effectiveness, and how well the body gets rid of fat in the bloodstream. Even more surprising: going to the gym regularly isn’t by itself a cure. Dramatically, the research shows that benefits of exercising for 30 minutes a day can be undone if the rest of the day a person is inactive. Because some knowledge workers spend so much of their time at work doing primarily sedentary work, there’s significant opportunity for employers to exert influence. Finding ways to increase movement at work is an important piece of the wellbeing puzzle. From a financial perspective alone, the potential rewards are high, especially when you factor in all the indirect costs of obesity for all stakeholders. An important dimension of wellbeing can be workplace planning and design, surroundings can help or hinder wellbeing. When leaders embrace the opportunity to improve employees’ wellbeing, they create more engaging places to work and greater returns for their organization. When they don’t, it erodes confidence and limits the organization’s ability to grow. Clearly, more than a cause for concern, improving employee wellbeing is an opportunity for businesses to improve and grow. And the spaces where work is done can make a significant difference in the end results.
Midwest Commercial Interiors 987 S. West Temple • SLC, UT 84101 801•359•7681 •mwciutah.com
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July 18-24, 2011
The Enterprise
Life, Above All
As with the near governOne of the painful realities of life as an economist and profes- ment shutdown last April 8, don’t sional speaker is that the subject be surprised if a deal to slow matter of economics is typically future entitlement program spendviewed (with good reason!) by the ing growth — enough to appease general public as confusing, intim- Republicans — is reached with idating, and boring. As a result, 30 MINUTES OR LESS on the trying to present weekly economic clock. Also don’t be surprised if the President and the and financial information Senate Democrats gain with an unusual twist can some modest “revenue occasionally be a most raisers” (none dare call it welcome change. a tax increase) as part of Warning ... this the deal. week’s column is my Ideally, the SUPER 8 semi-annual economic, negotiators on both sides financial and political of the political aisle could update using today’s curbe TRANSFORMERS rent movie titles. My sincere apology in advance Jeff Thredgold of the political process. Hopefully, they could to anyone I might offend. reinforce the notion that The Debt Ceiling At the moment, THE at the end of the day the FINAL FUTURE is clouded with anxiet- DESTINATION they seek is the ies of all shapes and sizes. It could nation’s fiscal sanity, care for the easily take 17 MIRACLES to less fortunate and incentives for all to succeed. They could weaken address these anxiety issues. At the top of the anxiety list THE MYTH that it is all about is concern about the MONTE getting re-elected and destroying CARLO gaming approach to the other side. At the Federal Reserve increasing the nation’s debt ceilCAPTAIN AMERICA ing, presumably no later than Aug. 2. Republicans and Democrats are (Federal Reserve chair Ben likely to approach THE LEDGE Bernanke) hopefully is done creof a temporary U.S. default on ating a couple trillion BUCKs out the debt. Such a default, pos- of thin air to help grease the skids sibly igniting investor and con- of American finance. Here’s hopsumer fears around the globe, ing there will be no need for addicould conceivably contribute to tional “quantitative easing” prior THE HANGOVER PART II — to the end of the year. European Concerns a follow-up to the painful Great The primary issue of the Recession.
day remains Greece. The BandAid application of another 100 billion euros or so to ease the Grecian debt pain was provided by GOOD NEIGHBORS and FRIENDS WITH BENEFITS, principally Germany, France and the International Monetary Fund. Still, anxiety exists that the massive national debts of Greece, Ireland and Portugal, combined with a similar issue in much larger Spain, could SUBMARINE financial market confidence. In this case, THE DEVIL’S DOUBLE — aka another global financial crisis — could ensue. HAYWIRE performance of global financial markets would no doubt spoil CRAZY, STUPID, LOVE, an enticing MIDNIGHT IN PARIS, and other idealistic events and settings around the globe. Say it isn’t so! American Politics Suitors of the Republican Presidential nomination now move like PENGUINS from one political event to another, all seeking the CROWNE of leadership and trying to avoid being the latest political BRIDESMAIDS. Each will seek IRONCLAD support from their followers, while all try to avoid being the subject of derogatory TABLOID journalism. A similar focus will be on the President to see whether he embraces THE CHANGE-UP of a more centric position to expand
and Tactics for Using Even A Little PR for Maximum Business Results,” sponsored by the Utah Technology Council. The team from Snapp Conner PR will lead this PR clinic with information on how companies of all sizes — even without a PR agency or the ability for a formal program engagement — can be savvy about creating PR opportunities that can put their organizations on the map. Location is Argosy University, 121 West Election Road, Room 328/329, Draper. Free to UTC members, nonmembers pay $30. Register at www.utahtech.org. • Aug. 11-Sept. 8, Thursdays from 8 a.m.-4 p.m.: Supervisory Skills Program-Five-Day Certificate Program, sponsored by The Employers Council. The program is designed to provide participants with thorough knowledge of contemporary skills to be effective in the workplace. Instructor will be Dr. Brent Soffe. Location is the Salt Lake Community College Downtown Campus, 231 E. 400 S., Salt Lake City. Cost is $640 for council members, $799 for nonmembers. Enrollment is limited to 30. Download the registration
form at http://ecutah.org/ssp.pdf. • Aug. 17, noon: “Salt Lake Chamber University — Mixing Four Generations in the Workplace,” an online video course by generational expert Cam Marston. Generational conflict costs billions of dollars in lost productivity to organizations worldwide. The video is designed to reduce workplace conflict and provide managers and supervisors with strategies for dealing with recruiting, retaining and motivating and using generational differences in a positive way. Cost is $99 per group and includes a copy of the whitepaper “The Millennial Workforce: How to Reach Them and Why It’s Important.” Register at http://slchamber.bizvision.com/ video/3469. • Aug. 18: Seventh Annual Utah Manufacturers Association Best Practices Expo. Location is Weber State University, Ogden. Cost is $30 for UMA members, $40 for nonmembers, including breakfast and lunch. RSVP to Teresa Thomas by Aug. 14 at (801) 363-3885 or teresa@umaweb.org.
• Calendar •
• July 19, noon-1:30 p.m.: “Selling and Licensing Technology in Emerging Markets,” a Utah Technology Council international clinic. David Rudd, chair of the International Practice Group at Ballard Spahr, and Barbara Bagnasacco, vice chair of the International Practice Group, will discuss legal considerations in selling and transferring technology in foreign markets and strategic tips on how to minimize risks. Location is the offices of Ballard Spahr, 201 S. Main St., Suite 800, Salt Lake City. Free to UTC members, nonmembers pay $30. Register at www.utahtech. org. • July 27, 4-6 p.m.: Utah Technology Council/NAI Mixer. The networking event will include a three-night vacation getaway raffle, other prizes, appetizers, music and beverages. Booths and displays will provide information on how high-tech and biotech companies can educate themselves on facility leasing and building acquisition strategies. Location is the lobby of Sorenson Research Park Building 7, 4246 S. Riverboat Road, Salt Lake City. Free. • July 29, 1-3 p.m.: “Tips
his support. After all, adopting THE CHAMELEON mentality to enhance voter popularity is tried and true in American political history. The U.S. Military Don’t forget to remember our fighting men and women putting their lives on the line daily in THE GUARD of the freedoms we enjoy. Tens of thousands of American and coalition troops find themselves ON STRANGER TIDES, constantly facing the DEATHLY HALLOWS as simply LIFE IN A DAY. Their lives are a series of exhausting POINT BLANK trips up and down GUN HILLROAD, battling COWBOYS AND ALIENS and other foreign bodies, placing STAKEs in the ground supporting freedom for any and all. Their ultimate search for the GREEN LANTERN of peace suggests THE HELP we can provide them with letters and kind gestures is much appreciated. As you come across a member of the military with or without their family in a restaurant, consider discretely picking up their tab. It is money well spent. Military BEGINNERS just out of high school especially need a kind word or a meaningful gesture. The American Economy Modest U.S. economic growth during 2011’s first half could give way to a more FIRST
CLASS performance in coming months. Tantalizing tidbits about a stronger manufacturing sector, as well as prospects of CARS 2 pick up their sales and production pace, strengthen that notion. The prospect of a NOT BUMMER SUMMER clearly helped the stock market and SALVATION BOULEVARD (Wall Street) to a strong rally in late June/early July. Stronger U.S. economic growth could strengthen THE TREE OF LIFE (jobs), in some cases allowing talented workers to escape HORRIBLE BOSSES. The FADING OF THE CRIES of the unemployed would work wonders in terms of American confidence — American morale. Stronger U.S. economic growth would obviously provide A BETTER LIFE for hundreds of thousands of Americans. It would also allow more people to realistically envision a solid retirement at a desirable age with adequate funding, as they reenter the CAVE OF FORGOTTEN DREAMS. Jeff Thredgold is the only economist in the world to have ever earned the CSP (Certified Speaking Professional) international designation, the highest earned designation in professional speaking. He is the author of econAmerica, released by major publisher Wiley & Sons, and serves as economic consultant to Zions Bank.
2010 Book of Lists
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from page 8
LAW
• Michael Patrick O’Brien, an attorney with Jones Waldo, has been named by Human Resource Executive magazine and online legal news and rankings site Lawdragon one of the nation’s 100 most powerful employment attorneys. O’Brien was selected from more than 5,000 outstanding employment and labor lawyers based on client and peer evaluations along with an in-depth review by Lawdragon staff. O’Brien is a shareholder and charge of the litigation department at Jones Waldo. He also leads Jones Waldo’s employment law practice group. • Holland and Hart attorneys Carl Barton, Mona Burton and David Zimmerman have been recommended in the 2011 edition of The Legal 500 U.S in the category of real estate and construction. The Legal 500 provides coverage on legal service providers in more than 100 countries. Barton’s practice involves loan and financial transactions. Burton represents creditors, debtors, committees and trustees in cases under the Bankruptcy Code. Zimmerman’s practice focuses on construction litigation, arbitration and mediation as well as construction transactions.
MANUFACTURING
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The Enterprise
July 18-24, 2011
• Vivint, a home automa-
tion company, headquartered in Provo, has launched a community service initiative in collaboration with Habitat for Humanity International. Vivint will donate $100,000 to Habitat for Humanity to help build homes in partnership with families in need, and $100,000 worth of home security equipment and monitoring services that will be installed in Habitat homes.
and Mining. Kendell will represent royalty interests and Hansen will represent mining. Kendell is a petroleum geologist with 38 years of experience in oil and gas exploration and development, is a member of the American Association of Petroleum Geologists and has served as president of the Rocky Mountain Section of that organization and as the president of the Utah Geological Association. Hansen has worked in the oil and gas exploration industry, perMEDIA/MARKETING • Integrated Marketing formed geologic evaluations of Group, a marketing consult- coal properties in the West and ing firm headquartered in Salt has been responsible for environLake City, has hired Jasmine mental permitting and compliPourpak as public relations coun- ance in the petroleum and coal sel. Pourpak will be in charge of mining industries. He is currently managing several of IMG’s pub- the environmental coordinator for lic relations accounts, conduct- Arch Western Bituminous Group. ing trade media relations outreach, expanding her clients’ presence NONPROFIT with national consumer media and • The Sandy Area Chamber overseeing social media programs. of Commerce has merged Previously, she was public rela- Chamber East with the Sandy tions coordinator with The Summit Area Chamber of Commerce. All Group, where she implemented PR Chamber East members will now strategy for clients. She also previ- be members of the Greater Sandy ously served as assistant PR direc- Area Chamber of Commerce. tor at a communications agency, The Sandy Area Chamber offers FUEL Marketing. expanded services and benefits to give businesses access to networkNATURAL RESOURCES ing on a larger scale. • Children’s Miracle • Carl F. Kendell and Chris Network Hospitals, a Salt Lake D. Hansen have been appointed as City-based charity that raises members of the Utah Board of Oil, Gas and Mining, a policy-making funds for 170 children’s hospibody for the Division of Oil, Gas tals, has released the results of
YOUR BUSINESS
that will speed up transactions. Contract postal locations offer all of the services one would find at a regular post office. • Downtown Salt Lake City welcomes the Urban Flea Market, which will be held one Sunday of every month through October. Selected dates are July 31, Aug. 14, Sept. 11 and Oct. 9. There will be 10 x 10-foot booth spaces for up to 80 vendors to rent for $30 a day. The event will be held from 9 a.m to 3 p.m. The Urban Flee Market will be located at Washington Square on the RETAIL • Salt Lake City-based southeast corner of 500 South and Overstock.com has been honored 200 West. For more information, with two awards at The Ninth visit www.fleamarketslc.com. Annual American Business Awards in New York City. The awards were Best Overall Company of the Year and Executive of the Year (Patrick Byrne). Overstock. com is an online retailer that offers brand-name merchandise at discount prices. • Harmons Grocery Stores and the United States Postal Service are joining efforts by opening full-service post offices in Harmons’ stores. The newest Harmons contract post office location is at 7755 S. 700 E. in Midvale. Harmons currently operates two contract post offices at its Brickyard and Taylorsville locations. The new Midvale post office features a retail counter and customer service area, signs and new weighing and pricing equipment its annual fund-raising campaign with Walmart and Sam’s Club stores. Between May 1 and June 13, the companies’ associates, customers and members raised more than $27.9 million. During the campaign, Walmart and Sam’s Club customers and members were invited to donate $1, $2 or $5 at the register to the Children’s Miracle Network Hospital in their community. Other in-store fundraisers were held to boost fundraising efforts.
is Our Priority
At Brighton Bank, we have a variety of SBA programs designed to meet the unique needs of your business. With longer terms and lower down payment requirements than non-SBA programs, these loans offer many advantages for business owners looking to obtain financing. SBA 7a This program offers financing for numerous business needs, including the purchase of land or buildings, expansion of existing facilities, equipment purchases, etc. SBA Express Loan This program offers streamlined and expedited loan procedures. To meet seasonal financing needs, you may opt to have your Express Loan as a revolving line of credit. The Express Loan can be used to cover most business expenses, including start-up costs, inventory, business-occupied real-estate purchases, etc. CDC/504 Program The CDC/504 Program provides small businesses with long-term, fixed-rate financing. Proceeds from these loans must be used for fixed-asset projects, such as the purchase of land, construction of new facilities, the purchase of improvements, etc.
For more information, contact Kelly McQuaid at Brighton Bank. With more than 30 years of commercial lending experience and 10 years’ experience as an SBA specialist, Kelly can help you choose a financing option that best meets your business needs.
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14
BOOKS from page 11
the stories in it to inspire us to embrace that uncertainty, and to see the unknown as exciting and full of opportunity. This might sound blindly optimistic, but consider his explanation: “The only thing we have control over is our choice to either react mindlessly or respond mind-
July 18-24, 2011
The Enterprise fully to “what is” in the current moment. There it is: To practice the art of uncertainty is to get comfortable with being “out of control.” By this, I don’t mean being out of control of our own actions and behavior, but rather letting go of the need to control the actions and behavior of other people, including their opinion of us.” MBAs study prediction, and
corporations employ risk management, yet the above quote rings true. For instance: If we invest money, will we get a return? If we hire this person, will they excel at the job? If we do anything at all, can we confidently know the outcome? Jones says we that can’t know the answers to these questions, yet still spend most of our time trying to answer them in some way. As Jones clearly
explains, and as we all know, beating ourselves up over the outcomes we want to know not only can cause disappointment, but can blind us from discovering other opportunities and current understandings along the way. The idea here is not to “give up” and “hope for the best” in any situation, but to respond mindfully to the current moment. “The moment” is constant when we’re
making decisions, thinking about possible actions, or making any plans at all. So, make the best decision you can in the moment, and don’t waste more time worrying about how right or wrong you might be. The current moment will change, and how you respond (or react) will shape what is to come. This is a fascinating and inspiring book about focusing on what is, instead of what we don’t and can never truly know.
July 18-24, 2011
The Enterprise
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from page 10
everyone, locals and visitors, heads for the trains and buses and light rail and subways. On the other hand, the availability of the copious systems of public transportation make it quite easy and inexpensive to get around. I wanted to visit Dachau — not particularly romantic the day before our wedding anniversary, but very informative. This was the first concentration camp built by Hitler and the model for all others. It was used from 1933 to 1945, and after its liberation, photos of the emaciated dead, stacked like wood outside the crematorium, circled the globe and became the face of everything the Third Reich stood for. Anyway, round trip rail tickets for my wife and me were only 11 euros total for both of us. And in spite of the high cost of fuel, airline tickets, spurred by good old American-style competition from private companies such as Ryanair and Easy-Jet, cost much less than they do in the United States. The national airline companies, Air France, Lufthansa, British Air, Alitalia, etc., have had to drop prices in order to compete. An article in a recent New York Times by Susan Stellin stated that calculations made by a research organization put the cost of travel within a given European country at 11 cents a mile, including taxes and fees, and 14 cents per mile between
countries. In the United States this organization, the Fraser Institute, says we are paying approximately 23 cents a mile. I think our problem is that Southwest and Jet Blue haven’t needed any more business recently. Now, let’s talk about how to get a hotel and meals without staying in a youth hostel and trying to feed ourselves by finding a local grocery store. Here’s the answer: a cruise ship. We went on our first river cruise. We went down the Danube from Nuremberg to Budapest and here are the essentials that were included: our hotel room, which floated down the river with us; all of our meals were part of the price of the cruise; there was a city tour (shore excursion) in every town where we stopped (also part of the cruise price). Hotels and meals can put you in debt when you take a trip to Europe, but on a cruise ship that’s what you paid for when you bought the cruise. We went with Viking River Cruises. Why? Largely because a travel agent friend of mine told me about a client who had taken nearly 30 cruises in his married life and went for the first time on a Viking River Cruise, and he said he wished he had known about them a long time ago because it was the best cruise he and his wife had ever enjoyed. I second that. They were the best meals and the best service we have ever experienced on a cruise. Along the river
we were sight-seeing all day. When we stopped, we were right in or near the heart of each city, and the shore excursions were not only included, but they were well-organized and efficient, and we had excellent local guides giving us descriptions and historical background. We also saw lots of places we’d never been to — Regensberg, Passau, Vienna, Budapest. It was great! Now, one other question I have about traveling to Europe: Why do we change the names of European cities? Let me explain by asking more questions. Why do we call it Munich while the city in Germany is Munchen? How come the Germans spell it Nernberg and we spell in Nuremburg? When did Koln become Cologne? Why is Wien changed to Vienna? And why have we taken the pronounced vowel off the end of Italian cities? I mean, why is Roma Rome to us? Why don’t we call it Milano instead of Milan? What happened to the “o” in Turino? And don’t get me started with Firenze. How in the heck did we get Florence out of Firenze?
17
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July 18-24, 2011
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Obama's raw deal?
Suddenly Republican leaders give his enemies a historic victory in Congress, after months of star- on the eve of his own re-election ing down the Democrats over a bid. potentially disastrous debt default, According to The Washington began blinking so fast that they Post, President Obama wants “sigmight be signaling in Morse code. nificant” cuts to Social Security and Although their message Medicare in exchange for is muddled and illogical Republican agreement — with House Majority to let tax breaks for the Leader Eric Cantor, R-Va., nation’s wealthiest famisaying he can accept closlies expire at the end of ing tax loopholes only if this year. While White such measures are “revHouse press secretary enue neutral,” thus cancelJay Carney would say ing their budgetary value only that the president — the Republicans now Joe Conason is opposed to “slashing” appear to understand that Social Security benefits, they will be blamed by voters if that is a semantic dodge leaving the negotiations collapse. open the prospect of substantial And Democrats appear to cuts. understand that they have the Why would the president political advantage, as they voiced undermine his party’s longstandsupport for a proposal by Senate ing support for the two highly Budget Committee chair Kent popular federal programs — espeConrad, D-N.D., to reduce future cially when polls consistently deficits by $4 trillion with an even show overwhelming majorisplit between increased revenues ties in both parties continue to and reduced spending. oppose cutting Social Security and But just when the Republicans Medicare benefits? It isn’t as if are showing fear and losing there is any great enthusiasm for momentum, there is one important Obama or his economic leadership Democrat who seems to think it is among Democratic voters. Indeed, time to wave the white flag — and he and congressional Democrats
July 18-24, 2011
The Enterprise
only began to achieve political traction again -- for the first time since the midterm elections — when the Republicans foolishly lined up behind the plan promoted by House Budget Chairman Paul Ryan, R-Wis., to transform Medicare from a public entitlement to a privatized voucher. Over the past several weeks, Democrats pressed that advantage by portraying the Republicans as defenders of tax loopholes for corporate jet owners and oil companies and enemies of middle-class families. Ideological and belligerent, the Republicans eagerly leaped into that trap. But the Democratic strategy worked so well that even the most extreme elements in the Republican leadership — such as Cantor — suddenly saw that they had closed themselves into a very dangerous box. That is why Cantor— and Senate Minority Whip Jon Kyl, R-Ariz. — began to babble the usual euphemisms about “increased revenues,” “user fees” and “closing loopholes” over the past few days, using language that directly contradicts their own ear-
lier hard-line rhetoric. Of course, Republican support for fee hikes and closed loopholes that add up to a negligible amount — or to nothing at all, as Cantor apparently prefers — won’t satisfy Democrats who now know that pushing back works. They might well imitate Republican intransigence, accept the concessions by Kyl and Cantor, and push back even harder. The Senate Democratic budget plan would reduce the deficit from $4 trillion to $5 trillion over the coming decade, according to Conrad’s calculations. By requiring that half of the total come from tax increases and ending tax loopholes, Conrad would raise roughly $2 trillion to match a similar amount in spending cuts, which is far more than the president has proposed. Last spring, for instance, the White House suggested that Congress should cut $3 in spending for every dollar in revenue raised. Conrad is among the most conservative of Senate Democrats, but he is retiring after this year,
which may permit him to take positions he might avoid if facing re-election in his home state. What he proposes would be fairer to American families, better for the American economy and more desirable for his party, too, than Obama’s deal. But the restored courage demonstrated by Democratic senators in support of his plan will not accomplish much if the president is determined to capitulate on fundamental principles. Should he prove to be so foolish, then he will find himself another step closer to the end of his presidency. Joe Conason’s articles have been published in Harper’s, The Nation, The New Republic, The Guardian (London) and The New Yorker, among many other periodicals in the United States and abroad. He also appears frequently as a commentator on television and radio programs. A winner of the New York Press Club’s Byline Award, he has covered every American presidential election since 1980. Copyright 2011 Creators Syndicate
July 18-24, 2011
19
The Enterprise
Unknown unknowns When Donald Rumsfeld was There are similar kinds of Secretary of Defense, he coined gaps in our knowledge in the some phrases about knowledge economy. Unfortunately, our own that apply far beyond military government creates uncertainties matters. that can paralyze the economy, Secretary Rumsfeld pointed especially when these uncertainout that there are some things that ties take the form of “unknown we know that we know. unknowns.” He called those “known The short-run quick knowns.” We may, for fixes that seem so attracexample, know how many tive to so many politiaircraft carriers some cians, and to many in other country has. We may the media, create many also know that they have unknowns that make troops and tanks, without investors reluctant to knowing how many. In invest and employers Thomas Rumsfeld’s phrase, that reluctant to employ. Sowell would be an “unknown Politicians may only look known” — a gap in our as far ahead as the next knowledge that we at least know election, but investors have to look exists. ahead for as many years as it will Finally, there are things we take for their investments to start don’t even know exist, much less bringing in some money. anything about them. These are The net result is that both our “unknown unknowns” — and they financial institutions and our busiare the most dangerous. We had nesses have had record amounts of no clue, for example, when dawn cash sitting idle while millions of broke on September 11, 2001, people can’t find jobs. Ordinarily that somebody was going to fly these institutions make money by two commercial airliners into the investing money and hiring workWorld Trade Center that day. ers. Why not now?
Because numerous and unpredictable government interventions create many unknowns, including “unknown unknowns.” The quick fix that got both Democrats and Republicans off the hook with a temporary bipartisan tax compromise, several months ago, leaves investors uncertain as to what the tax rate will be when any money they invest today starts bringing in a return in another two or three or ten years. It is known that there will be taxes but nobody knows what the tax rate will be then. Some investors can send their investment money to foreign countries, where the tax rate is already known, is often lower than the tax rate in the United States and — perhaps even more important — is not some temporary, quick-fix compromise that is going to expire before their investments start earning a return. Although more foreign investments were coming into the United States, a few years ago, than there were American investments going
to foreign countries, today it is just the reverse. American investors are sending more of their money out of the country than foreign investors are sending here. Since 2009, according to the Wall Street Journal, “the U.S. has lost more than $200 billion in investment capital.” They add: “That is the equivalent of about two million jobs that don’t exist on these shores and are now located in places like China, Germany and India.” President Obama’s rhetoric deplores such “outsourcing,” but his administration’s policies make outsourcing an ever more attractive alternative to investing in the United States and creating American jobs. Blithely piling onto American businesses both known costs like more taxes and unknowable costs — such as the massive ObamaCare mandates that are still evolving — provides more incentives for investors to send their money elsewhere to escape the hassles. Hardly a month goes by with-
out this administration coming up with a new anti-business policy — whether directed against Boeing, banks or other private enterprises. Neither investors nor employers can know when the next one is coming or what it will be. These are unknown unknowns. Such anti-business policies would just be business’ problem, except that it is businesses that create jobs. The biggest losers from creating an adverse business climate may not be businesses themselves — especially not big businesses, which can readily invest more of their money overseas. The biggest losers are likely to be working people in America, who cannot just relocate to Europe or Asia to take the jobs created there by American multinational corporations. Thomas Sowell is a senior fellow at the Hoover Institution, Stanford University, Stanford, CA 94305. His Web site is www.tsowell.com. Copyright 2011 Creators Syndicate
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