IN THIS ISSUE
BusinessLexington JANUARY 2022 | VOL. 18 ISSUE 1
In His Genes: Matt Dawson, M.D., advances an individualized approach to holistic health PAGE 10
Wealth Management Trends to Watch: Local wealth advisors weigh in on inflation, protecting portfolio growth and cryptocurrency PAGE 12
Bourbon as a Bargaining Chip Kentucky distillers feel relief as trade war reaches resolution PAGE 10 Q&A with Ken Troske: A leading labor expert on how Kentucky stacks up nationally and what employers can do to keep qualified workers PAGE 17
PHOTO FURNISHED
BizLists Wealth Management Firms
PAGE 14
| Accounting Firms
PAGE 16
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2021
t s i y b b o L p To Goss Samford, PLLC wishes to congratulate one of our own – Stephanie Stumbo, Director of Government Relations – for being recognized by the National Institute on Lobbying & Ethics as one of the nation’s top 100 lobbyists. Our clients are our central focus. We value the opportunity to advocate on their behalf and have the privilege of working with legislators and state and local officials on policy. From Wall Street to Main Street, whether you’re in energy, healthcare, logistics, manufacturing, tourism, hospitality or another industry, we have a proven track record for helping clients navigate the legal, legislative and policy-making process.
Stephanie Stumbo
(859) 368-7740 www.gosssamford.com
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JANUARY 2022
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BusinessLexington Chuck Creacy PUBLISHER
chuck@bizlex.com Chris Eddie PUBLISHER
chris@bizlex.com Tom Wilmes EDITOR
tomw@bizlex.com Drew Purcell ART DIRECTOR
drew@bizlex.com Rena Baer
CONTENTS PVAStatistics
The latest statistics on local commercial and residential properties
3
IndependentBusiness
Silver Anniversary for Savané Silver PAGE 6
PAGE 4
EconomicAnalysis
A monthly look at economic indicators compiled by the Center for Business and Economic Research (CBER) at the University of Kentucky PAGE 5
COPY EDITOR
Sharon Metz BIZLISTS EDITOR
sharon.metz66@gmail.com Donna Hodsdon ASSOCIATE PUBLISHER
GrammarGourmet
New Year’s Revolution: Resolving to try, try again when it comes to personal goal setting PAGE 5
donna@bizlex.com Theresa Stanley DIRECTOR OF EVENTS AND PROMOTIONS
theresa@smileypete.com ACCOUNT EXECUTIVES
Amy Eddie
amy@bizlex.com Ann Staton
ann@bizlex.com
BizIQ
Remaining legally compliant in a changing business environment PAGE 7
CraveWorthy
Kentucky distillers feel relief as trade war reaches resolution PAGE 8
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QuickBites
(859) 266-6537 www.smileypete.com advertise@smileypete.com info@smileypete.com
Updates on Lady Remoulade, Biscuit Belly, Alfalfa PAGE 9
BizList
Wealth Management Firms PAGE 14 Accounting Firms PAGE 16
Who’sWho
Employment updates from around the Bluegrass PAGE 18
PHOTO FURNISHED
In His Genes: Matt Dawson, M.D., advances an individualized approach to holistic health PAGE 10
Wealth Management Trends to Watch: Local wealth advisors weigh in on Inflation, protecting portfolio growth and cryptocurrency PAGE 12
Q&A with Ken Troske: A leading labor expert on how Kentucky stacks up nationally and what employers can do to keep qualified workers PAGE 17
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PVAStatistics These statistics on local residential and commercial property are compiled by the office of the Fayette County Property Valuation Administrator. The data reflect the most up-todate information available at the time of printing for this publication, but monthly figures may be revised as additional public records of property transactions are submitted and become available.
Top Commercial Transactions for Nov. 2021 SALE DATE
ADDRESS
PRICE
11/8/21
1409 N. Forbes Road
$2,230,000
ENTITY Turner Property 4 LLC
11/1/21
2568 Richmond Road
$1,100,000**
Sable Holdings II LLC
11/1/21
420 E. Third St.
$1,050,000*
AAAG Ltd. Co.
11/1/21
416 E. Third St.
11/1/21
412 E. Third St.
11/4/21
1251 Red Mile Road
$950,000
CLVEN National House Corporation
11/3/21
146 Kentucky Ave.
$873,500
The Baxter Apartments LLC
11/1/21
326 Woodland Ave.
$515,000
Rush Real Estate LLC
11/4/21
780 Enterprise Drive
$285,000
Colgray Properties LLC
Weare areresponsive. responsive.We Weare arecaring. caring.We Weare areadvocates. advocates. We 250 WestMain MainStreet, Street,Suite Suite2900, 2900,Lexington, Lexington,KY KY40507 40507 250 250West West Main Street, Suite 2900, Lexington, KY 40507 Learnmore moreatat atwww.blueandco.com www.blueandco.com Learn Learn more www.blueandco.com 859-253-1100 859-253-1100 859-253-1100
TOP SELLING COMMERCIAL PROPERTY: 1409 N. FORBES ROAD - $2,230,000
* Sale price based on a multiple-parcel transaction ** Parcel includes multiple improvement
Residential Sales Data for Nov. 2020-Nov. 2021 The chart below shows the monthly residential sales activity in Fayette County for the previous 24 months. The data for the most recent month reflect a projected estimate from the office of the Fayette County Property Valuation Administrator and are subject to change. 2021 RESIDENTIAL SALES
2020 RESIDENTIAL SALES
2019 RESIDENTIAL SALES
800 700 600 500 400 300 200 100
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
8%
4%
2%
34%
18%
20%
-8%
-4%
-6%
-11%
-10%
18%
MONTHLY PERCENTAGE CHANGE OVER PREVIOUS YEAR For more local residential and commercial real estate information, visit the website of the Fayette County Property Valuation Administrator at www.fayettepva.com.
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EconomicAnalysis A monthly look at economic indicators compiled by the Center for Business and Economic Research (CBER) at the University of Kentucky. For more on CBER, visit www.cber.uky.edu.
Recent Data December 2021
1-Month 1-Year Change Change
Payroll emp. MSA**** Manufacturing Employment Durable Goods (KY) **** Manufacturing: Lexington-Fayette MSA Total Employees**** Unemployment Rate MSA****
265,000 Oct. 162,700 Oct.
-0.56% 0.74%
-0.19% 6.55%
28,298 Oct. 3.20% Oct.
0.21% -0.10%
-0.46% -1.10%
Payroll Employment, US Manufacturing Payroll Employment US Unemployment Rate, US
148,611,000 Nov. 12,546,000 Nov. 4.20% Nov.
0.14% 0.25% -0.40%
4.06% 2.87% -2.50%
Consumer Price Index, Southern Region Consumer Price Index, US Producer Price Index, US
267.61 Oct. 276.589 Oct. 229.3 Oct.
1.00% 0.80% 1.19%
6.60% 6.20% 12.29%
Index of Leading Indicators** Fed’s Index of Industrial Production**
118.3 Oct. 101.6 Oct.
0.90% 1.60%
NA -1.55%
3-Month Treasury Yield*** 10-Year Treasury Yield***
0.05% Nov. 1.56% Nov.
0.00% -0.02%
-0.04% 0.69%
Real GDP (millions $)
3rd Qtr. 2021 $23,187,042.00
1-Month 1-Year Change Change 1.96% 19.05%
We guide economic growth.
MSA: Lexington-Fayette Metropolitan Statistical Area; (p)=preliminary; NA=not available * Source: http://www.conference-board.org ** Source: Federal Reserve Statistical Release — http://www.federalreserve.gov/releases/G17/ *** Source: Federal Reserve Statistical Release — http://www.federalreserve.gov/Releases/H15/data.htm **** Source: St. Louis Federal Reserve — https://research.stlouisfed.org/fred2/ Note: In some cases 1 mo. and 1 yr. changes are based on revised data from previous mo./yr. GDP is reported in current dollars.
GrammarGourmet
By Neil Chethik
New Year’s Revolution If you’re like me, you’re getting pressure to list your New Year’s resolutions. My advice: Resist. For as long as possible. Then, if you must set a healthful plan for 2022, choose the vocabulary that is most likely to offer an escape hatch. First rule: Don’t call it resolution. A resolution is defined as “a firm decision to do or not to do something.” This doesn’t leave you much wiggle room. If you make a resolution, you can pretty much count on being a failure within weeks. You should also avoid using commitment. A commitment is “the state or quality of being dedicated to a cause or activity.” Not much opportunity there to shirk. If you make New Year’s commitments, I’m afraid that you’ll be obligated to carry them out — or suffer the self-esteem consequences. How about a New Year’s target? That certainly lowers the bar. A target is “a person, object or place selected as the aim of an attack.” Making something a target doesn’t require action to actually hit the target. But if I’m honest, it implies that I will try. Can we get even vaguer? How about New
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Year’s intentions? An intention is “an aim.” I may aim to do something, but aims go awry. And unlike with a resolution, commitment, pledge or promise, our integrity is intact even if we fail to carry out an intention. Yes, we intended to lose 20 pounds. Oops, it didn’t happen. We intend to try again. If even an intention seems confining, allow me to offer the ultimate in unencumbered goal setting: A New Year’s notion. A notion is “an impulse or desire, especially one of a whimsical kind.” I have an impulse toward bettering myself, a desire to be a healthy, wise, contributing member of society. How whimsical! BL Neil Chethik, aka the Grammar Gourmet, is executive director at the Carnegie Center for Literacy and Learning (www.carnegieliteracy.org) and author of “FatherLoss” and “VoiceMale.” The Carnegie Center offers writing classes and seminars for businesses and individuals. Contact Neil at neil@carnegieliteracy.org or (859) 254-4175.
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IndependentBusiness Silver Anniversary for Savané Silver Rachel Savané celebrates 25 years of crafting singular creations
BY KATHIE STAMPS CONTRIBUTING WRITER
I
n 1996, Rachel Savané started selling her handcrafted silver jewelry at art fairs. By 2003 she had opened a storefront in downtown Lexington, and Savané Silver has occupied the corner of Broadway and Short Street ever since. Her clientele has grown over the years and remains diverse in age, gender, ethnicity and financial means. Savané earned a Bachelor of Fine Arts degree in crafts and metals from the University of Illinois Urbana-Champaign. She’s operated an e-commerce website since 1999 and updates it daily as pieces sell and new ones are made. “I dream of the website taking off as a major point of sale of my work to people who may never step into my shop,” she said. Her only wholesale account is the Kentucky Artisan Center in Berea, though she is open to wholesaling with other customers, she said. In August, Savané celebrated her 25th business anniversary by returning to the Woodland Art Fair with a jewelry booth. “It felt great,” she said. Savané has an inventory of 700 pieces in her downtown gallery at any given time. She uses about 100 different fine gemstones in her silver jewelry. Her signature stone is Kentucky agate, which was designated as the state rock of Kentucky in 2000. She is constantly inspired by agate, she said, “because it is found in such an array of colors and patterns.” Savané typically designs rings, bracelets, necklaces and pendants in the moment instead of drawing them out beforehand. She then cuts, forms and solders the silver parts together, using traditional silver fabrication techniques to set a gemstone in the piece. “My habit is to make something different than the last piece,” she said of her one-of-akind creations. Sometimes customers bring in a sentimental gemstone or a piece of jewelry that belonged to a loved one to have Savané remake it. Gems aren’t the only thing Savané has been asked to include into her crafted silver jewelry. She has used broken pottery, seeds, elk ivory, typewriter keys, a guitar pick, a soda cap, broken glass, sea glass and coins. Having a shop and her signature brand helps Savané explore numerous creative directions. “I have always wished that more artistentrepreneurs would follow my model and open their own shop showing only their own work, because it would add so much character to the town,” she said, adding that she’s willing to speak with anyone seeking advice on doing the same. In 2014, after working 18 years without any significant break, she stayed home for almost three months nursing her husband,
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Mamadou “Sav” Savané, after he had a cooking accident at his restaurant (now called Sav’s Restaurant and Gourmet Ice Cream, located on East Main Street). When she returned to work, she had reservations. “Would I remember how to make jewelry?” she asked herself. “Would my techniques and skills be up to par? If the skills were good enough, would I have ideas for designs?” Her skills were still very much intact, and a new style emerged. Instead of sculpting sleek and shiny pieces, she began forming heavily textured silver into a ring or bracelet without polishing it, “leaving the metal with oxidation and heavy gray tarnish in place,” she said. It “elevates the rough side of silver to appreciated beauty. “Similarly, my husband and I appreciate the scars on his body after being burned, because they are on a living, healed body.” During the pandemic, she created pins to be used on masks, “using a green stone, as our governor asks us to turn on a green light to show compassion for families suffering loss,” she said. Savané also credits financial assistance from an Small Business Association loan and the Paycheck Protection Program, as well as grants from Downtown Lexington Partnership and Lexington-Fayette Urban County Government, with helping her business survive the pandemic. “These altogether meant that I was at square one and not in the hole,” she said. Last fall, Savané created a membership opportunity “for this community of folks who like what I do,” she said.
Rachel Savané works on a new piece in her downtown studio. “My habit is to make something different than the last piece,” she said. FILE PHOTOS
In honor of her 25th year in business — the silver anniversary — she entered those who signed up for membership into a drawing for 25 gift certificates she awarded for $100 each, plus “one big, fat $1,000 shopping spree at my shop,” she said. “When people ask why I am giving away
so much for my anniversary — that people should be giving to me — I say, ‘They have given. That’s why I am still here after 25 years.’ I am full of gratitude for this life and this career and all the people who have supported my art by purchasing a piece or more. I am truly thankful and so I want to show it.” BL
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BizIQ
7
A MONTHLY COLUMN OF BUSINESS INSIGHTS FROM CENTRAL KENTUCKY PROFESSIONALS
Remaining legally compliant in a changing environment BY MATTHEW D. ELLISON FOWLER BELL
C
OVID-19 has altered the landscape for businesses, perhaps permanently. But one aspect of running a modern business remains constant: Staying nimble and adaptable is critical to an employer’s managing its labor force, whether working remotely or in person. But that also requires not being too far behind with modifying your employee management practices to stay compliant with applicable law and remain workable for all those affected. ELLISON Remote work requires updating some policies and procedures Prior executive orders in Kentucky mandated businesses to impose work-from-home requirements on all employees capable of doing so. Many employers continue to permit this practice, although it is not required. But in doing so, an employer needs to continue to monitor when and how long their employees are working to remain compliant with Fair Labor Standard Act rules on maximum hours
worked and overtime pay for non-exempt employees. If the employer does not have a remote “time clock” program by which employees can log in and out during their working time, it should deploy one. Employers need some means to continue to keep accurate records of when each employee is working. Further, employers need to communicate expectations to their employees about what is expected of them during remote work. Most employment manuals probably only consider workplace-specific policies and may need to be altered or amended to account for remote work. Some employees have moved to different states. For example, my friend’s family moved to Tennessee, and one family member remained employed with a New York business after the move. Compliance with specific state tax laws might now be something that employer has to consider. Determining vaccination status Depending on the outcome of court challenges, employers with more than 100 employees may be subject to a new “emergency temporary standard” from the Department of Labor which either a) requires employee vaccinations or requires demonstration of vaccination, or b) imposes rigorous regular testing protocols.
An employer may need to determine whether its employees are in compliance. The Department of Health & Human Services has opined that an employer who asks an employee about their vaccination status is not violating the employee’s rights under HIPAA. However, that employer must treat that disclosure as confidentially as possible. Does your business have a plan for limiting such disclosures so that privacy is balanced with the practicalities of complying with federal requirements? Job duties and essential requirements In the early stages of the pandemic, some job duties were combined with others. Some responsibilities shifted temporarily, and some permanently. Do your job descriptions reflect the way things are now or the way things were two years ago? Having a current and updated list of all job titles and their essential functions is even more critical since job titles and duties have changed like never before. These descriptions are often key evidence concerning a) whether an individual is a “qualified individual with a disability” under the Americans with Disabilities Act, b) what an employee’s essential functions are in relation to their physical capacity, for on-the-job
injuries and other insurance eligibility issues, and c) whether the employee is exempt or not exempt from overtime pay requirements under the Fair Labor and Standard Act. Who is the office ‘point person’? No matter the size, your business needs to have someone who is staying on top of changing conditions, issues, and guidance. Our office manager was monitoring the evolution of the pandemic and employer response in my workplace, so we were prepared to “go remote” when unexpected shutdowns started happening. As new laws and regulations began to flood the landscape, it was my job to keep updated on what was changing and how we needed to adjust. Ignorance is not an excuse. BL
Matthew D. Ellison is a member of the Fowler Bell firm, practicing in the firm’s Litigation, Bankruptcy and Creditors’ Rights Groups. He also has experience in employment law, workers’ compensation litigation, appellate practice and complex collection matters. Visit fowlerlaw.com for information.
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CraveWorthy Kentucky Distillers Feel Relief as Trade War Reaches Resolution BY SHANNON CLINTON CONTRIBUTING WRITER
A
merican distillers had reason to celebrate in late 2021, when the European Union agreed to drop a 25 percent tariff it levied on imported bourbon and other whiskies. The EU levied the tariff in 2018 on a variety of products from the United States in retaliation for the 25 percent and 10 percent tariffs the U.S. levied on European steel and aluminum imports, respectively. It was a prolonged trade war that especially impacted Kentucky’s bourbon industry and, by extension, the state’s economy. Bourbon is an $8.6 billion industry in Kentucky, according to the Frankfort-based Kentucky Distillers’ Association, that generates more than 20,000 jobs annually with a $1 billion payroll. Visitors make nearly 2 million stops along the Kentucky Bourbon Trail each year, and Kentucky distillers have invested $5.1 billion in building projects to meet demands. Amir Peay, owner/ operator of James E. Pepper Distillery in Lexington, said he was alarmed PEAY when he first heard of the tariffs in mid-2018. European sales constituted about 10 percent of his business at that time, he said, and he was poised to take it to 20 percent with a new sales and support presence in Europe, as well as a distribution warehouse. By late 2021, the distillery’s EU sales stood at about 5 percent of overall revenue, he said. “It very much was a targeted tariff to cause political pain in this country and that’s why it was a complete shock and very concerning,” he said. Peay said the effects weren’t immediate for his company, which he describes as a multimillion-dollar business that’s large for a craft distiller player but small compared to big-name brands. He likened the business impacts of the tariffs to the analogy of a frog in a gradually warming pot of water, unaware that it’s about to reach a boiling point. Colleagues Peay spoke with assured him it was a political tit-for-tat that would get worked out quickly. Three years later, the tariff was poised to increase to 50 percent on December 1 had a resolution not been reached. For Peay, however, it was not knowing that kept him on edge. “Uncertainty in business is very problematic,” he said. “Without certainty, it’s very difficult to make plans.”
KDA Executive Director Eric Gregory recalls being caught off-guard when the tariffs were announced. “I got a wakeup call from a reporter in the United Kingdom,” Gregory said. “It was 5 or 6 o’ clock in the morning, and he called and said, ‘Just wanted to get your take on the tariffs.’ [I said] ‘What tariffs?’ Gregory jokes that he was fleetingly proud that Kentucky’s whiskey industry is important enough to be front and center in an international trade war, but his feelings quickly turned to dismay. “We all crossed our fingers and wished that it was a short-term issue, but three years later and we’ve lost hundreds of millions of dollars in exports,” he said. Gregory said the announcement of the tariff’s lifting was a long time coming and a relief. The bourbon industry is a waiting game in and of itself, as products are aged for years, he said. Distillers must gauge the market and plan for future demand. Most distillers factored an expanding global market into their production plans. Between 2010 and 2017, exports of Kentuckymade whiskey increased by 98 percent, he said. GREGORY With tariffs in place, exports decreased by 40 percent to the EU and by 50 percent to the United Kingdom. When Gregory worked on a press release from his office describing the situation, he said he had a hard time coming up with new ways to say “nosedive,” “plummet” and “plunge.” He said the KDA did everything a trade association can do in such times, including immediately alerting its congressional delegation and lobbying and advocating for the industry as much as it could, as did counterparts across the Atlantic. Gregory said member distillers adjusted by absorbing as much of the financial impact as possible. The alternative is to pass increased costs along to consumers, which risks losing once-loyal customers to Scotch and other spirits. Another strategy is to decrease or eliminate exports. Peay decided to keep his prices the same and adjusted his 12-month sales volume forecasts and materials buying accordingly. One bright spot, Peay said, is that domestic sales grew 45 percent in 2020 and 45 percent as of late 2021, he said. Still, over the past three years, overseas opportunities were missed. “Because we didn’t have enough inventory, we couldn’t forecast right and our partners couldn’t either,” he said.
PHOTO FURNISHED
There are currently more than 10 million barrels of whiskey aging in Kentucky, where bourbon is an $8.6 billion industry, a high point in history.
Gregory said craft distillers suffered an outsized impact. The craft segment largely established itself in the early 2010s, and its products were just coming of age about when the tariff hit. “That’s what really hurt the small craft distillery community,” he said. Gregory said one lingering issue — tariffs in the United Kingdom — needs to be resolved, but insiders remain optimistic it will be.
Peay said he is thankful the EU tariff situation is resolved and is appreciative to trade groups on both sides of the pond, as well as Gov. Andy Beshear and the commonwealth’s congressional delegation and other top-level officials for bringing an end to the trade war. “Thank you,” he said. Distillers are “superappreciative and looking forward to doing what we do best — making and talking about American whiskey.” BL
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QuickBites Updates on Lady Remoulade, Biscuit Belly, Alfalfa and more BY SHANNON CLINTON CONTRIBUTING WRITER
M
ore details emerge from the folks at Lady Remoulade as they inch closer to a December or January opening, along with an eventually expanded menu and special events. Executive Chef Kelly Mackey said the Cajun-Creole/French fusion restaurant at 900 N. Broadway has 170 indoor seats and 50 patio seats amidst a courtyard garden and greenhouses. The location was formerly home to Flag Fork Herb Farm and Garden Café. Mackey will be aided by sous chef Jonathan Evers and pastry chef Rachel Chancellor when preparing and presenting, as she calls it, “Southern Gulf Coast delicacies fused with Kentucky flair.” General manager and owner Corie Mackey have been busy preparing a New Orleans-inspired cocktail menu, and French wines and local and NOLA-based beers will be served. Rotating menu items include fried alligator, turtle soup, crawfish, New Orleans-style BBQ gulf shrimp, frog legs piquant, escargot, oysters, boudin and andouille sausages, gumbo, etouffee, maque choux, red beans and rice, along with po’boy and muffuletta sandwiches. Dinner and Sunday brunch services will begin immediately, along with special ticketed events, dinners, brunches and tea services as announced. Lunch and extended dinner services will debut closer to June, Mackey said. In other foodie news… After opening a storefront bakery in 2019, Georgetown-based Desserts by Rebecca has recently added a retro mini food truck to her operations. In business since 2010, owner/baker Rebecca Maupin said food trucks are trendy now, and she wanted to join the craze while also standing out. “I’ve never seen a bakery truck,” she said. “We just thought it would be really unique and fun.” So, she purchased a tiny 1974 mail truck with all original parts and renovated it to become a mobile bakery shop for over a year. There’s no miniature oven onboard, but she said the bakery items are freshly prepared.
“I’ve never seen a bakery truck. We just thought that would be really unique and fun.” REBECCA MAUPIN, OWNER, DESSERTS BY REBECCA
“We have a rotating menu at the shop, so we keep that theme on the truck, fresh baked daily and loaded up!” Maupin said. Items that may appear in the truck and at the bakery include homemade cream horns, banana pudding and a “Lucifer brownie,” a brownie topped with burnt buttercream frosting and chocolate ganache. The truck isn’t limited to any set radius and has visited schools, two hospitals and Blue Stallion Brewing Co.
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“The response has been amazing,” Maupin said. “Lots of interest in the cutest little truck ever!” According to its Facebook page, Sonny’s BBQ has opened at 2341 Buena Vista Road. It serves brisket, pulled pork, ribs and more. After officials announced its impending arrival in late May 2021, the restaurant is undergoing work at 652 E. Main St. to get Biscuit Belly up and running in the former A&W location. The chain, which has three Louisville locations, is known for breakfast, brunch, biscuit-centric sandwiches, breakfast cocktails and more. Local Gumbo Ya Ya officials announced on Facebook that the South Broadway location was closing in December due to a tough economy and labor and supply shortages. All operations will consolidate to the Brannon Crossing location, next to PetSmart. Bruster’s Real Ice Cream is poised to open a new location at 3090 Helmsdale Place, Ste. 390. The shop offers “150 flavors of handcrafted ice cream, yogurt, Italian ice, sherbet, and sorbet,” according to its Facebook page. Steel City Pops is closing its Kentucky locations, including one at The Summit at Fritz Farm, according to multiple news outlets. According to its Facebook page, Alfalfa has temporarily closed its downtown location but hints at a possible future return in a new location in 2022. “Do not fret! We are still Alfalfa Catering and we still are mobile in the Alfalfa On the Go food truck!” the post announcing these changes stated. Hola Havana had its soft opening in late November at 115 N. Locust Hill. Salads include a tropical salad with avocado, mango and orange vinaigrette, and a Mother Earth Salad, aka “Madre Tierra Salad,” to which chicken or shrimp can be added. Menu items also include a Cuban sandwich, a Cuban Philly sandwich and a torta. There are several tacos, camarones (shrimp) a la diabla with beans, rice and tostones, which are smashed and fried green plantains. For dessert, there are churros filled with Bavarian cream, sweet plantains and custard. As for beverages, there are a variety of beer and wines, sangria, cocktails and margaritas, mojitos and daiquiris, along with sodas, coffee and tropical shakes. With a complimentary tasting bar offering hundreds of samples, Pepper Palace hot sauce shop has opened at Fayette Mall in the space between H&M and PINK. Pepper Palace offers hot sauce, BBQ sauce, wing sauce, salsas, seasonings and rubs, according to a press release. “Products are handcrafted and made with all-natural ingredients to ensure an unbeatable flavor with every bite,” it said. Pita Pit opened in mid-November at 543 S. Limestone, touting more than 20 pita fillings and 40 toppings that diners can choose from to build a pita, salad or bowl. There are all-day breakfast pitas with a choice of bacon, ham or steak with egg, specialty pitas and salads, sides and cookies, smoothies and a kids’ menu. A rewards program offers regulars the chance to earn free food. BL Have a food- or beverage-related update to share with readers? Please email info@smileypete.com.
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In His Genes Matt Dawson, M.D., advances an individualized approach to holistic health
BY KATHIE STAMPS CONTRIBUTING WRITER
M
att Dawson, M.D., is a medical entrepreneur with a passion for science and business. He is fascinated with maximizing health and extending the human lifespan. You could say this interest is in his DNA. In fact, DNA is essential in Dawson’s latest entrepreneurial venture, Wild Health, a genomics-based precision medicine company he co-founded in the spring of 2019. “We saw all the science emerging about genomics and how we could truly practice personalized medicine by looking deeply at an individual’s genomics, but no one was doing it,” he said of the business idea. “Once we sequenced our DNA and dug in, we solved some difficult medical problems for ourselves. Then we did the same for friends and family, and eventually we became convinced this is how medicine should be practiced in the future.” Dawson left University of Kentucky HealthCare, where he had been the director of Point of Care Ultrasound, to launch Wild Health. At this cutting-edge medical facility, a team of physicians and health coaches conduct a deep analysis of a patient’s DNA, biometrics, bloodwork and microbiome via proprietary software. They then combine the data with conversations “and other factors to tell you exactly how to optimize your health,” Dawson said, providing clients with an individualized plan for diet, exercise, supplements and lifestyle factors to optimize health and prevent disease. In less than three years, Wild Health has treated thousands of patients “and the results we’ve gotten have been unheard of,” Dawson said.
In October 2021, Wild Health launched a nationwide partnership with Boulder, Colorado-based CrossFit. Called CrossFit Precision Care, this new business model combines the medical science from Wild Health with CrossFit’s physiological exercise and lifestyle to provide a comprehensive, individualized health plan for clients. CrossFit Precision Care co-founder Dr. Julie Foucher is a Lexington-based physician and CrossFit athlete working full-time with Wild Health. Other national and international organizations are also using Wild Health’s precision-based technology and science. Since the spring of 2020, Wild Health has partnered with the University of Kentucky and the Commonwealth of Kentucky to conduct COVID-19 tests and administer Pfizer vaccines throughout Lexington and the state. As of late November, Wild Health has tested over 600,000 people in Kentucky and 17 other states. “I no longer practice emergency medicine,” Dawson said. “It was a love of mine, but my love of genomics and practicing precision medicine grew too much to do them both.” At 5 years old, Dawson knew he wanted to be a doctor and help, but he also had an entrepreneurial spirit. In grade school, in Stanford, Kentucky, he started a landscaping business and sold it when he was in high school. “I’ve always loved solving problems, creating solutions and building businesses,” said Dawson, now 40. “I feel fortunate now to be able to combine my loves of medicine, health and entrepreneurship.” Dawson went to the UK for his undergrad degree and medical school and did his residency training in emergency medicine at the University of Utah. Right out of med school,
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Wild Health has partnered with CrossFit to incorporate its genetics-based analysis in crafting a multidimensional health plan for clients.
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PHOTO FURNISHED
Matt Dawson, M.D., is a founder of Wild Health and co-owner of the Kentucky Castle.
Dawson started his first medical business, one of teaching other physicians. “We created an app that was downloaded over 100,000 times, a podcast that was downloaded over 1 million times, taught over 10,000 physicians, and then created a nonprofit to teach physicians in underserved countries around the world,” he said. Dawson co-hosts a Wild Health podcast with Dr. Mike Mallin, chief medical officer at Wild Health. They interview authors, athletes, entrepreneurs, researchers and physicians — including Dr. Kristin Dawson, Erin Calipari, Ph.D., Dr. Julie Foucher and CrossFit CEO Eric Roza — and cover topics like nutrition, mindfulness and genomicsbased sleep optimization. Each of Dawson’s ventures is its own business entity with different partners, “building something with other passionate people.” In 2017, he and a small group of fellow doctors purchased the Kentucky Castle off Versailles Road. He is still an owner but has changed his title from CEO to CFO — chief farming officer — “to signal the importance of the land and farming,” he said. Most of the produce for the restaurant at the Kentucky Castle is grown in a large garden on the property. His interest in the 110-acre farm inspired Dawson to purchase the castle in the first place. “We wanted to teach people where their food comes from by growing and showing onsite where we get the food for the restaurant,” he said. “That’s still a work in progress as it’s hard to make trees grow faster and change the landscape, but we’re committed to it and we’re making progress.” The Kentucky Castle has sheep, goats, chickens and bees, and will add more animals and plant varieties in 2022. While the property has won awards for its architectural beauty and as a tourism draw, Dawson is most proud of the team members and their commitment to running a naturebased business. He cites COO Christie Eckerline and general manager RJ Bilinovic for
their work in growing the hotel, restaurant and event space while pushing forward the farm’s mission. “Our farm manager, Toni Meyers, and her students have been such an inspiration with how they’ve worked and built out the actual farm,” he said. “Our executive chef, Jason Walls, truly understands what it means to grow food, not just prepare it deliciously, and he’s working on the farm as much as he is cooking in the kitchen. It’s such a joy to see them all at work each day.”
“It’s a myth to think you have to go to the Bay Area or New York City to find great tech talent. Every time I come home from one of those places, I’m so thankful for Kentucky and very proud that our company is based here.” MATT DAWSON, M.D., WILD HEALTH FOUNDER
At Wild Health, Dawson works with several companies on the West Coast and in New York City “and they’re frequently surprised when they hear that this deep science tech company is based in Lexington. It gives me great pride to tell them that,” Dawson said. “Central Kentucky has an amazing pool of talent.” Some of the scientists and software engineers with Wild Health are in other locations, but the vast majority are in the Lexington area. “It’s a myth to think you have to go to the Bay Area or New York City to find great tech talent,” Dawson said. “Every time I come home from one of those places, I’m so thankful for Kentucky and very proud that our company is based here.” BL
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Wealth Management Trends to Watch Local wealth advisors weigh in on inflation, protecting portfolio growth and cryptocurrency BY LIZ CAREY CONTRIBUTING WRITER
F
or the coming year, dealing with inflation and pushing portfolio values up even further are vital considerations in personal finance, area wealth management professionals say. On the one hand, over the past few months, clients have seen their portfolio values rise, said Jason Ayers, Investment Advisor with Stock Yards Bank & Trust, and now their decision lies with how to best use those assets. “Clients have been amazed to see the value of their portfolio over the past several months, with the market and their portfolio reaching all-time highs,” he said. “Conversations have focused on how their financial goals may have changed, with some clients wanting to modify their current lifestyle by AYERS utilizing more of the assets from their portfolio, while other clients are wanting to protect their recent gains or looking for ways to continue to grow their wealth for future generations.” Concerns about inflation, however, have some investors wondering what they can do to combat its effects. “One of the best ways to protect against inflation is by maximizing sources of income that are tied to inflation, such as Social Security and pension payouts,” Ayers said. “Investing responsibly is a great way to combat rising inflation… Bonds are priced to outpace inflation expectations over the bonds investment time horizon, so bonds are used to fill intermediateterm spending needs. Stocks are a great hedge against long-term inflation fears, as companies can increase prices on goods and services, which helps maintain the purchasing power of your portfolio over time.” And it will continue to be an issue through the coming year. “Inflation will remain a headline risk as
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we move through 2022 and, relatedly, interest rates as the Federal Reserve winds down its bond purchasing program,” he said. “COVID has forced companies to think more strategically, with more employees continuing to work remotely and office buildings closing their doors. With over 10 million job openings, companies will continue to lean on automation and new technologies, such as artificial intelligence and machine learning, to optimize their operations.” Infrastructure bill may provide investment opportunities Ayers said that changes to the country based on the passage of the Infrastructure Investment and Jobs Act may create some wealth growth opportunities. “At the individual security level, we invest in strong businesses that take pride in caring for their employees, giving back to their communities and are good stewards of the environment. We think this philosophy lines up well with the goals of the Infrastructure Bill,” he said. “Along with other considerations, the Infrastructure Bill is likely to continue the trend of on-shoring manufacturing facilities to the United States. We are interested in companies that are likely to benefit from this trend of bringing manufacturing back to the U.S., whether that is the equipment needed to build
SPECIAL EVENT & STORAGE SERVICES
new facilities, optimizing warehouses to run more efficiently or providing improved forms of communication and transportation.” But Steve Grossman, with Robert W. Baird & Co. Incorporated, said it’s the returns a company can provide and not the politics that should direct one’s investment strategy. “We want to be owners of great businesses that provide above-average returns over entire business GROSSMAN cycles,” he said. “We don’t let the political landscape shape our long-term approach to investing.” On millennials, cryptocurrency and other trends Grossman also said it’s helpful to have trained professionals assist in building your financial portfolio. According to a recent New York Times article, that’s a trend some millennials are bucking as they turn to cryptocurrency and online trading through apps like Robinhood instead of financial advisors. “Like any field, someone not actively involved in that field falls into the category of not knowing what they don’t know,” Grossman said. “Comprehensive financial planning and
investment management require significant education, resources and access to research and data that most individuals do not possess.” Specifically, Grossman said his firm could not recommend investing in cryptocurrency. “It’s a commodity and does not meet the parameters of a currency and is not a durable means of exchange,” he said. Ayers agreed. “Cryptocurrency has certainly found a place in the investment world, with the performance of the asset class creating plenty of attention,” he said. “At Stock Yards Bank & Trust, our goal is to maintain what our clients have worked hard for and earn a competitive rate of return over the long term without unnecessary risk. We cannot confidently look anyone in the eye and say cryptocurrency does not bring significant and unnecessary risk to their retirement account or investment portfolio.” In his view, working to grow your financial portfolio with stable investments now will pay off in the long run. “Working with a professional to help guide you to where you want to be 10, 20 and 30 years from now is much different than taking a bet on a name you saw cross the headlines this morning,” he said. “Helping to protect clients and their portfolios from volatility is one of the most important benefits of working with professional financial planners and advisors.” BL
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BizList
Please email questions regarding our BizLists to Sharon Metz at sharon.metz66@gmail.com.
Wealth Management Firms Ranked by number of advisors in Lexington area Rank
Firm Name Address, Phone Website
December 2021
Number of Advisors in Lexington
Other Staff
States Licensed
Top Official
Headquarters
1
Baird Private Wealth Management 300 W. Vine St., #1100 Lexington, KY 40507 3120 Wall St. Ste. 310 Lexington, KY 40513 (859) 255-9681 www.rwbaird.com
40
19
Across all states
Stephen Grossman (Managing Director)
Milwaukee, WI
2
Community Trust and Investment Co. 100 E. Vine St., Ste. 501 Lexington, KY 40507 (859) 389-5300 www.ctbi.com/investing
30
25
Across all states
Andy D. Waters, CTFA (President/CEO)
Lexington, KY
3
Merrill Lynch, Pierce, Fenner & Smith 300 W. Vine St., 10th Floor Lexington, KY 40507 (859) 231-5000 www.ml.com
20
14
Across all states
Mollie Brennan (Resident Director)
New York, NY
4
Keystone Financial Group 527 Wellington Way, Suite 225 Lexington, KY 40503 (859) 317-8316 www.keystoneky.com
19
9
AK, AL, AR, AZ, CA, CO, DC, DE, FL, GA, HI, IA, ID, IL, IN, KY, LA, MA, MD, ME, MI, MO, MS, MT, NC, NJ, NM, NY, OH, OR, PA, SC, SD, TN, TX, WA, WI, WV
Mike Kretz; Toby R. Jenkins, MS, CFP®; Tim S. Jenkins, CFP®
Lexington, KY
5
Meridian Wealth Management, LLC 250 W. Main St., Ste. 3150 Lexington, KY 40507 (859) 543-4516 www.meridianwealthllc.com
18
7
Across all states
Greg Couch, AIF (Founder/CEO)
Lexington, KY
6
MCF 333 W. Vine St., Ste. 1740 Lexington, KY 40507 (859) 967-0999 www.mcfadvisors.com
16
11
AL, CA, FL, IL, IN, KY, MD, MI, MO, OH, SC, TN, TX, VA
Dave Harris (CEO), Bob Sathe (Chairman)
Covington, KY
6
Wells Fargo Advisors 333 E. Main St., Ste. 120 Lexington, KY 40507 (859) 243-5013 www.wellsfargoadvisors.com
16
7
Across all states
Justin Schappe (Managing Director, WFA Market Leader)
St. Louis, MO
8
Central Bank & Trust 300 W. Vine St. Lexington, KY 40507 (859) 253-8105 www.centralbank.com
14
8
Governed and regulated through the Kentucky Department of Financial Services and the FDIC. We are not licensed brokers we are investment advisors.
Barry Hickey (EVP and Trust Manager), Kathy Wilson Gibson, (Senior VP and Compliance Officer), Tim Fyffe (Senior VP and Senior Portfolio Manager), Leigh Ann Young (Operations Manager/Assistant VP)
Lexington, KY
8
WealthSouth 106 W. Vine St., Ste. 600 Lexington, KY 40507 (859) 523-2600 www.WealthSouth.com
14
5
Across all states
Thomas Hager (President), Bill Howell (Senior VP, Lexington Market Director)
Danville, KY
9
UBS Financial Services 307 S. Ashland Ave. Lexington, KY 40502 (859) 335-8107 www.ubs.com
11
7
Across all states
Matt Fresca (Senior VP)
New York, NY
10
American Trust Company 2353 Alexandria Drive, Ste. 100 Lexington, KY 40504 (859) 411-8781 www.americantrust.com
10
275
Across all states
Kevin Avent CFP®, AIF® (Managing Director)
Lexington, KY
11
Raymond James and Associates, Inc. 489 E. Main St. Lexington, KY 40507 (859) 232-8251 https://www.raymondjames.com/ lexingtonwealthmanagement
9
6
Across all states
Elizabeth A. Robertson, AWMA®, CDFA® (Branch Manager)
St. Petersburg, FL
12
WesBanco Trusty & Investment Services 400 E. Vine St. Lexington, KY 40507 (859) 244-7204 www.wesbanco.com
8
8
IN, KY, MD, OH, PA, WVA
Barry W. Norfleet, JD, MBA (Senior VP & Senior Trust Officer); Thomas E. Hatton (VP and Senior Investment Officer)
Wheeling, WV
13
E.S. Barr & Company 1999 Richmond Road, Ste. 1B Lexington, KY 40502 (859) 266-1300 www.esbarr.com
6
4
CA, FL, GA, IL, KY, NY, NC, TN, VA
Edward S. Barr (President)
Lexington, KY
14
Ballast, Inc. 360 E. Vine St., Ste. 320 Lexington, KY 40507 (859) 226-0625 www.ballastplan.com
5
5
CA, GA, KY, NC, OH, TX , IN. Available to do business nationwide.
John V. Boardman, III (Founder/CEO), Andrew J. Reynolds, CFP® (COO), Brian Burton, CFP® (Director of Portfolio Strategy) Cameron Hamilton, CFP® (Director of Financial Planning)
Lexington, KY
14
Bank of the Bluegrass 101 E. High St. Lexington, KY 40507 (859) 233-4500 www.bankofthebluegrass.com
5
2
KY
Bell Allen (CEO), Jerry Johnson (Director of Wealth Management), Tom Greinke (President)
Lexington, KY
TIE
TIE
TIE
TIE
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15
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Wealth Management Firms Ranked by number of advisors in Lexington area Rank
Firm Name Address, Phone Website
December 2021
Number of Advisors in Lexington
Other Staff
States Licensed
Top Official
Headquarters
15
Russell Capital Management 476 E. High St. Lexington KY 40507 (859) 254-5225 www.russcap.com
4
3
AZ, CA, FL, GA, IN, KY, MI, NC, OH, TN, TX, VA
Jack Russell (CEO)
Lexington, KY
15
Asio Capital, LLC 220 Lexington Green, Ste. 420 Lexington, KY 40503 (859) 785-4131 www.asiocapital.com
4
1
Across all states
R. Tracy Osborne (CEO/Founder), John C. Cheshire (CIO/Founder), Ryan M. Gray (Senior Wealth Strategist/ Founder), Erin H. Serrate (Senior Wealth Strategist/Founder)
Lexington, KY
VFG Wealth Management and Benefit Solutions 131 Prosperous Place Lexington, KY 40509 (859) 312-1216 www.vfginvest.com
4
2
AL, AZ, CA, CO, CT, DC, FL, GA, HI, IL, IN, KS, KY, MI, MO, NC, NH, NY, OH, OK, PA, SC, TN, TX, VA, WY
Adam Legate (Partner), Kevin Kitchin (Partner), Jason Young (Partner)
Lexington, KY
Dupree Financial Group 237 E. Main St. Lexington, KY 40507 (859) 233-0400 www.duprefinancial.com
4
5
KY, FL, LA, MI, OH, SC, TN, TX
Tom Dupree (Founder)
Lexington, KY
Wallace Hart Capital Management 1792 Alysheba Way, Ste. 390 Lexington KY 40509 (859) 300-3030 www.wallacehart.com
4
2
KY, CA, OH, IL, NY, MA, AL, FL, TN, NV, NC, TX, MI, GA, VA, SC, NJ, AZ, NM, OR, MD, IN
Jeremy Wallace, Andrew Hart
Lexington, KY
Joule Financial 1216 S. Broadway Lexington, KY 40504 (859) 881-0777 www.joulefinancial.com
4
2
Licensed in Kentucky but available to work with clients nationally
Quint Tatro (Managing Director) Daniel Czulno (Managing Director)
Lexington, KY
Dean Dorton Wealth Management 250 W. Main St., Ste. 1110 Lexington, KY 40507 (859) 425-7780 www.deandortonwealth.com
3
1
KY
David Parks, CPA/ABV
Lexington, KY
Stock Yards Bank & Trust Wealth Management & Trust 200 South Fifth St., Ste. 100N Louisville, KY 40202 (502) 625-1005 www.syb.com/wealth-management
3
3
KY, OH, IN
Ja Hillebrand (Chairman/CEO), Phil Poindexter (President) Kathy C. Thompson (Director of Wealth Management & Trust)
Louisville, KY
Alpha Financial Partners 710 E. Main St., Ste. 110 Lexington, KY 40502 (859) 785-2660 www.alphaky.com
3
2
Across all states
Marc Cobane (Co-Founder, Partner) Greg Turcotte (Co-Founder, CCO) Aaron Ammerman (Co-Founder, Partner)
Lexington, KY
Monticello Wealth Management Monticello Banking Company 997 Governors Lane, Ste. 125 Lexington KY 40513 (859) 268.2411 www.mbcbank.com/personal-banking/ wealth-management
2
1
AZ, CA, CO, IN, KY, NM, OH, TN
Bill Hall (South Central Kentucky), Kezia Ramsey (Bluegrass and Eastern Kentucky regions)
Monticello, KY
PNC Wealth Management 301 E. Main St., Ste. 300 Lexington, KY 40507 (859) 281-5372 www.pnc.com
15*
70*
Across all States
Ann Georgehead, Managing Director
Pittsburgh, PA
Family Wealth Group 2704 Old Rosebud Road, #180 Lexington, KY 40509 (859) 309-0349 www.thefamilywealthgroup.com
6*
12*
KY, FL, WV, OH, TN
G. K. Metzler, CEO & Founder
Lexington, KY
TIE
TIE
15 TIE
15 TIE
15 TIE
15 TIE
21 TIE
21 TIE
21 TIE
24
Source: Information was obtained from representatives of listed companies, firm websites, and the Business Lexington questionnaire survey. List was restricted to accounting firms, located in Lexington. There may have been other firms but they did not respond by deadline. Footnote: * Previous figures, did not respond by deadlines.
COMING IN FEBRUARY
THE JANUARY 2022 BUSINESS LEXINGTON WILL FOCUS ON REAL ESTATE TRENDS OUTLOOKS AND PERSPECTIVES, WHILE FEATURING THE FOLLOWING BIZLISTS:
Real Estate Law • Commercial Real Estate Management Companies • Architecture Firms AD SPACE DEADLINE: JANUARY 10 • AD MATERIALS DEADLINE: JANUARY 12
FOR ADVERTISING INFO CALL (859) 266-6537 OR EMAIL ADVERTISE@SMILEYPETE.COM
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Accounting Firms Ranked by number of certified public accountants on staff
December 2021 % of Clients
% of Business Firm Name Address, Phone Website
Number of Licensed CPAs in Lexington/ in Firm
1
Dean Dorton Allen Ford, PLLC 250 W. Main St., Ste. 1400 Lexington, KY 40507 (859) 255-2341 www.deandorton.com
2
Top Local Official/ Title
Year founded locally/ Headquarters/ Number of local offices
Tax
Accounting/ Financial Reporting
Auditing
Consulting
Other
Individual
Business
Other
65/ 107
42%
20%
14%
26%
0%
13%
72%
15%
David C. Bundy (President & CEO)
1979/ 3/ Lexington, KY
Blue & Co., LLC 250 W. Main St., Ste. 2900 Lexington, KY 40507 (859) 253-1100 www.blueandco.com
31/ 200
28%
11%
27%
30%
4%
17%
80%
3%
Jennifer Miloszewski (Director-in-Charge)
1970/ 10/ Carmel, IN
3
RFH, PLLC 300 W. Vine St., Ste 800 Lexington, KY 40507 (859) 231-1800 www.rfhco.com
20/ 20
41%
5%
52%
1%
1%
19%
75%
6%
Amelie Larson (Managing Partner)
2004/ 1/ Lexington, KY
3
Crowe, LLP 541 Darby Creek Road, Ste. 270 Lexington, KY 40509 (859) 252-6738 www.crowe.com
20/ 1,331
25%
0%
31%
42%
0%
25%
70%
5%
Steve Jennings (Office Managing Partner)
1951/ 39/ Chicago
5
Miller, Mayer, Sullivan & Stevens, LLP 2365 Harrodsburg Road, Ste. A-100 Lexington, KY 40504 (859) 223-3095 www.mmssllp.com
16/ 16
30%
25%
30%
5%
10%
20%
70%
10%
John Huston (Managing Partner)
1973/ 1/ Lexington, KY
6
Radwan, Brown & Company, PSC P.O. Box 1485 Lexington, KY 40588 (859) 233-4146 www.radwanbrown.com
13/ 13
60%
15%
0%
20%
5%
30%
65%
5%
Troy Mulligan, Randy Hatfield, Leah Christopher, Stephen Horn (Partners)
1987/ 1/ Lexington, KY
7
MCM CPA’s & Advisors 333 W. Vine St., Ste. 1000 Lexington, KY 40507 (859) 514-7800 www.mcmcpa.com
12/ 136
48%
4%
41%
5%
2%
12%
84%
4%
Debbie Smith (Partner and Location Leader)
1980/ 6/ Louisville, KY
8
FWK and Associates, PLLC 401 Lewis Hargett Circle, Ste. 110 Lexington, KY 40503 (859) 219-0098 www.fwpllc.com
10/ 10
70%
20%
0%
10%
0%
30%
60%
10%
Louis E. Fister, Jr., Jim Mike Williams
2000/ 1/ Lexington, KY
9
Cloyd & Associates, PSC 2410 Greatstone Point Lexington, KY 40504 (859) 223-3318 www.cloydcpa.com
9/ 9
60%
20%
15%
5%
0%
50%
50%
0%
J.Michael Cloyd, Madgel Miller (Partners)
2016/ 3/ London, KY
10
Kring, Ray, Farley, Riddle, PSC 444 E. Main St., Ste. 203 Lexington, Ky 40507 (859) 231-0541 www.krfrcpa.com
8/ 8
65%
10%
15%
5%
5%
55%
35%
10%
Edward H. Ray, III (Managing Shareholder)
1973/ 1/ Lexington, KY
10
Hisle and Company 277 E. High St. Lexington, KY 40507 (859) 259-3403 www.hisle-cpa.com
8/ 8
45%
15%
15%
13%
10%
30%
60%
10%
Kent Hisle (Managing Partner)
1975/ 1/ Lexington, KY
12
Besten & Dieruf, PLLC 190 Market St. Lexington, KY 40507 (859) 254-4427 www.BandDcpa.com
6/ 6
55%
10%
25%
5%
5%
25%
60%
15%
Chris Besten and Andrew Dieruf (Partners)
2011/ 1/ Lexington, KY
12
Enderle and Romans, PLLC 318 E. Main St., 2nd floor Lexington, KY 40507 (859) 254-4428 www.enderlecpa.com
6/ 6
70%
5%
0%
15%
10%
15%
85%
0%
Mark G. Enderle and Scott L. Romans (Partners)
2017/ 1/ Lexington, KY
14
SKW CPAs & Advisors, PLLC 183 Walton Ave. Lexington, KY 40508 (859) 721-1820 www.skwcpas.com
5/ 5
50%
25%
10%
15%
0%
30%
70%
0%
Donna J. Smith, CPA, ABV, CFF, CITP (Managing Partner) Kelley W. Kirk, Jimmy E. Webster, R. Tyler Byrge (Partners)
2015/ 1/ Lexington, KY
15
Switzer McGaughey & King, PSC 811 Corporate Drive, Ste. 303 Lexington, KY 40503 (859) 223-5353 www.smkcpaky.com
4/ 4
50%
30%
10%
10%
0%
45%
50%
5%
Ron C. Switzer, Daniel King (Shareholders)
1968/ 1/ Lexington, KY
16
Duncan, Smith & Stilz, PSC 824 Euclid Ave., Ste. 200 Lexington, KY 40502 (859) 268-2221 www.dssky.com
3/ 3
70%
70%
20%
0%
5%
70%
25%
5%
Stewart A. Smith (President)
1978/ 1/ Lexington, KY
Rank
TIE
TIE
TIE
TIE
TIE
TIE
Source: Information was obtained from representatives of listed companies, firm websites, and the Business Lexington questionnaire survey. List was restricted to accounting firms, located in Lexington. There may have been other firms but they did not respond by deadline. Key: CPA=Certified Public Accountant, WND= Would Not Disclose, NA= Not Available.
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BizLexQ&A
Ken Troske
A leading labor expert on how Kentucky stacks up nationally and what employers can do to keep qualified workers BY TOM WILMES BUSINESS LEXINGTON
E
conomist Ken Troske is in the business of untangling complex webs of information — sometimes seemingly conflicting — and providing context while identifying prevailing trends. As a member of the Congressional Oversight Panel, he helped assess the condition of America’s financial markets and its regulatory system. As a researcher, he is particularly interested in how the labor market and human resources affect the economy. And, as a professor at the University of Kentucky’s Gatton College of Business, he teaches the next generation of business leaders to think more critically about these issues. We spoke with Troske to better understand how national labor trends impact Kentucky. How does Central Kentucky compare to the national trends? What are some points of differentiation? Central Kentucky and Kentucky do tend to move and change similar to the rest of the country. We’re primarily a manufacturing state, which has been true for a long time. Our largest industry is the auto industry, particularly the auto parts industry. We have three major auto manufacturers in the state: GM, Ford and Toyota. But more importantly, we have a lot of businesses in this area that make parts for those folks and other manufactures around the region. We also have a lot of aerospace and production of various parts of planes and things like that. We tend to be a manufacturing economy, so we’re going to grow and contract based on the performance of those industries and the broader economy as a whole. We continue to struggle with the fact that we are below average in education attainment — I think we still rank 45th nationwide in the percentage of adults with a college degree. We’re in the bottom five states in the country in household income. We’re below average in labor force participation rates. As a result, we tend to be heavily focused on the production aspects of manufacturing rather than on engineering or development. The Ford announcement is very consistent with that. We are going to be manufacturing batteries here. Okay, that’s great, but we’re not doing the R&D behind the batteries. We’re not doing anything else. We’re doing the manufacturing component, just like we’ve always done.
you’d probably think ‘well, those people have to go somewhere.’ And chances are they are finding better places to rent. I believe a major component of lots of people quitting their jobs is a function of lots of people who are looking for better opportunities. In a tight labor market, where there are lots of openings and not necessarily enough people to fill them, wages tend to go up. So, workers start looking around and say, ‘Well, my current employer doesn’t seem willing to give me a raise. Maybe I could go somewhere else and be just as happy and get paid more money?’ Retirements have also increased with the spread of COVID. I think there’s still a lot of concern about COVID among some workers, which may be what’s prompting some of that behavior. Once things settle down, we’ll see whether those people decide to come back into the labor market. There’s also evidence that child care has a bigger impact on women’s labor market participation than men. Rightly or wrongly, it remains the case in our society that women tend to be the primary caregivers in taking care of the young, the sick and the elderly. Some claim that expanded unemployment insurance benefits have kept people out of the labor market. Research on that looked at variations across states in terms of benefits availability and where they’ve ended before most of the country. They didn’t find a lot of evidence that once benefits ended people came flooding back into the labor market. What can employers do to keep their talent pipelines filled? First, they must figure out how to pay wages that will attract workers. There’s a demand side of the market and a supply side, and where those two curves cross, that’s the wage you should be paying in that market for the types of workers you want to hire. If you’re unwilling to match those wages, then you’re going to struggle to find workers.
But studies have also shown for years that it’s not just wages that attract workers: How accommodating are you to the difficulties in your worker’s lives? How flexible is your scheduling? How do you handle conflict? How do you encourage your workers to do better? Are you providing a positive, encouraging environment where people want to work? That makes a big difference to folks. Everybody says the new leadership style will be a Ted Lasso-like coach. Not to be flip, but when I teach MBA students managerial economics or HR management, that’s
part of what we talk about. Study after study shows that businesses worldwide with good management practices significantly increase productivity and profitability with reduced turnover. When you look at other states, particularly those surrounding us, we’re not an exceptionally business friendly state, and that’s another thing that tends to hold us back. We have tax policies that are antiquated and not very flexible. We have a lot of occupation rules about starting a business and licensing requirements that are onerous. BL
Ken Troske is the Richard W. and Janis H. Furst Endowed Chair of Economics at the University of Kentucky’s Gatton College of Business and a research fellow with the Institute for the Study of Labor in Bonn, Germany. PHOTO FURNISHED
The New York Times reported that more people voluntarily left their jobs last September than at any point in modern history. What do you make of that? Many people are quitting their jobs, but there are lots of people looking for jobs. So, it’s not all that surprising. If I told you a lot of people were giving up their apartments,
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Who’sWho New Hires & Promotions FoodChain, a Lexington nonprofit that connects the community to fresh food through education and demonstration of sustainable food systems, has named Chaquenta Neal as its new executive director. Mark Mains, assistant director of Kentucky 4-H, has been named as new director of workforce and equity initiatives within the UK Cooperative Extension Service. After serving more than four years as president of Baptist Health Paducah, Chris Roty has been named chief operating officer at Baptist Health Lexington. Madeline Flynn has joined investment adviser firm Ballast in the role of director of communications. Full-service commercial real estate brokerage and property management services firm NAI Isaac has announced the promotion of Jonathan Keller to property manager. Leigh House has joined the architectural design staff at Omni Architects as a production team member. Kathy Love, MHA, has been named president of Saint Joseph East, part of CHI Saint Joseph Health. Kentucky American Water has announced the appointment of Erik Hall as construction project manager. Lindsey Brady has joined the Wiser Strategies team as a writer and content manager. LaDonna
EMPLOYMENT NEWS AND AWARDS IN OUR COMMUNITY
Roberts also joined as office coordinator.
Kudos Buffalo Trace Distillery has been awarded Level II arboretum accreditation by the ArbNet Arboretum Accreditation Program and the Morton Arboretum. The ArbNet Arboretum Accreditation Program is the only global initiative to officially recognize arboreta at various levels of development, capacity and professionalism. Buffalo Trace Distillery is also now recognized as an accredited arboretum in the Morton Register of Arboreta, a database of the world’s arboreta and gardens dedicated to woody plants.
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Alongside 26 others, two outstanding Fayette County volunteers will be honored by Gov. Andy Beshear and Cabinet for Health and Family Services Secretary Eric Friedlander at the 26th Annual Governor’s Service Awards recognizing volunteerism and service contributions across the commonwealth. Nancy Johnson, RN, representing Surgery on Sunday, a nonprofit medical organization providing free surgery to those who otherwise could not afford treatment, will receive the Adult Volunteer Service Award. Habitat for Humanity volunteer Mark Reynolds, will receive the Senior Volunteer Service award.
for their member assistance program. This included a lowinterest loan with deferred payment options, and the ability to defer loan payments, including mortgage loans, to a later date.
Commonwealth Credit Union has received the 2020 Business Impact Award from Louisville Business First. As Kentuckians grappled with the constantly evolving situation due to COVID-19, Commonwealth Credit Union stepped up and took action, allocating $5 million
The Saint Joseph Hospital Foundation recently recognized John Dvorak, M.D., as the 2021 Physician of the Year, and James Mullins, APRN, as the 2021 Advanced Practice Provider of the Year. Dvorak, of Lexington, is medical director of the Robotic Surgery Pro-
WHO’S WHO FOR YOU? Submit your company’s recent hirings, promotions, and awards for listing in the Who’s Who section of Business Lexington. Email a press release and photo to info@bizlex.com.
gram at Saint Joseph Hospital, and Mullins, of Nicholasville, is a nurse practitioner with CHI Saint Joseph Medical Group – Cardiology. VisitLEX earned Best in Show along with three gold, four silver and three bronze awards at the Kentucky Travel Industry Association (KTIA) fall conference, which was held November 10-12 in Louisville. Mary Quinn Ramer, president of VisitLEX, was also honored by the association as KTIA’s Member of the Year for
BusinessLexington her tireless work on behalf of the statewide tourism industry. The Lexington Parking Authority (LPA) was recognized by the International Parking & Mobility Institute (IPMI) with 2021 IPMI Awards of Excellence for the Helix Parking Structure Water Quality Improvement project. IPMI Awards of Excellence showcase outstanding parking and transportation facilities and innovative programs to further the parking, transportation and mobility industry. BL
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