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JUNE 2022
PRINCIPAL FACTOR DR. TIM PHARES NAMED NEW CARMEL HIGH SCHOOL PRINCIPAL
HELPING HAND HAMILTON COUNTY AREA NEIGHBORHOOD DEVELOPMENT IS TACKLING LOCAL HOUSING NEEDS
SOCIAL CANTINA MIDTOWN GETS A TASTE OF MEXICAN FLAVOR
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Carmel Youth Assistance Program Feeds Local Families Through Carmel Summer Meals & Pack the Cruiser Event
10 HELPING HAND
Dr. Tim Phares Named New Carmel High School Principal
Hamilton County Area Neighborhood Development Is Tackling Local Housing Needs
SOCIAL CANTINA
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WHEN THE BUYERS ARE CALLING, WHAT SHOULD I DO? Story & Photos Provided by VonLehman
Since the Great Recession, the economy has been on a steady incline. Coupling the economic growth with the Baby Boomer generation reaching retirement age, historically low interest rates and the current delay of unfavorable tax law changes for sellers, it is no surprise that the mergers and acquisitions environment remains red hot. As a business owner, one may be approached time and time again with inquiries from interested buyers. If you are an owner contemplating, or in the position to sell your business, there seems to never have been a better time than now. Additionally, for most owners, this will be a one-time experience. As such, it can be tricky to navigate the inner workings and negotiations of achieving the best value from a prospective buyer. In this article, we walk through the general do’s and don’ts associated with your first interactions with a potential buyer.
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THE BUYER’S APPROACH
Early in the process, approaches typically begin with a phone call, lunch, or simple introduction from an interested party. Once the two parties have connected, a decision is made about whether to move the process forward. Depending on the size and sophistication of the potential buyer, those next steps in the process may vary. At the core value of this “courtship” phase, sellers should be transparent with their level of interest while maintaining the confidentiality of their operations. Here is a list of scenarios and recommendations from VonLehman’s Mergers and Acquisitions/ Business Valuation Experts. SITUATION Over lunch, the buyer is verbally describing the purchase multiples their company offers its targets. RESPONSE Listen, document the conversation, limit your response and don’t over analyze. A
Ely Friedman is an advisor with the VonLehman Mergers and Acquisitions/Business Valuation
good response could be to not directly engage in the multiples part of the conversation but simply congratulate them on closing their deals. While the buyer may be comfortable providing multiples of past deals, every deal is different. The multiple they would pay for your company is likely different from others. Additionally, these conversations leave out the important facts around what adjustments were made to a target before those multiples were applied. SITUATION After a few productive meetings and conversations, the buyer sent a request list for my financial information and other questionnaires. RESPONSE Respond by saying you will gather the information, but do not jump the gun on sending it. Have an M&A professional review your financials to identify other potential adjustments. Common adjustments/add-backs include but are not limited to discretionary, non-operating, and/or non-recurring expenses — which are common in private company financial statements. By addressing these items on your terms, you prevent negotiations breaking down as a result of misunderstanding the information provided. SITUATION The buyer has asked me to sign a nondisclosure agreement (NDA) and sent me other legal documents to sign. RESPONSE Respond to the buyer by saying something along the lines of, “Looking forward to reviewing this further with my counsel and continuing the dialog.”
SITUATION I haven’t heard anything from the buyer in weeks, and another potential buyer has approached. Can I talk with them? RESPONSE So long as you haven’t signed a letter of intent (“LOI”) or another document that explicitly states you are not permitted to speak with other prospective buyers, you should be able to speak freely. Situation: You have already provided your financials, is it too late to engage M&A support? RESPONSE No, one of the benefits of using an M&A advisor is to allow them to play the role of deal negotiator, including making any corrections or adjustments whenever possible. When buyers are calling, be mindful that even in the event you don’t want to sell to them today, you may in the future. Be polite and decline with honesty. Stating how you are enjoying the growth of the company and autonomy it provides you is a nice way of saying “I’m not for sale.” Albeit a potentially emotional process, planning and organizing your thoughts as opposed to being reactionary is always the preferred method of interacting with interested parties. As Director of the firm’s M&A Advisory Group, Ely Friedman is directly responsible for consultation and advisory services relating to founder-owned private businesses. Contact Ely at efriedman@ vlcpa.com or 800-887-0437.
CONTACT ELY AT EFRIEDMAN@VLCPA.COM OR 800-887-0437
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FOOD FOR THOUGHT
CARMEL YOUTH ASSISTANCE PROGRAM FEEDS LOCAL FAMILIES THROUGH CARMEL SUMMER MEALS & PACK THE CRUISER EVENT Writer / Megan Arszman Photography Provided
Sometimes it’s the little guy that needs the most help, and that’s why the Carmel Youth Assistance Program (CYAP) has been working to strengthen Carmel’s youth and families through community involvement. The mostly referral-based program works in collaboration with Carmel Clay Schools, the City of Carmel and Hamilton County Superior Court. The program was initially started in 2009 in Westfield to serve the youth of Hamilton County. Now there is one program serving each municipality, and Carmel’s program started in 2015. The program was originally created to help keep kids out of the juvenile justice system through early intervention. “We’re not a direct service provider,” says Melissa Yarger, early intervention advocate for the CYAP. “We meet the families where they are and ask ‘What do you need?’ and ‘How can we get there?’ We try to bridge gaps wherever we can so our kids are happy and healthy.” In 2017, Carmel Summer Meals was
launched to help families that struggle during the summer months to feed their children. “For most families, these kids were being fed a free breakfast and lunch through the school, so to then have them struggle to find meals for two months, we knew we needed to help,” Yarger says. This year, more than 400 Carmel kids will be served. Families that qualify for the federally reduced meal program through the school system are eligible for the Carmel Summer Meals Program. The deadline to sign up was May 1. “We provide ingredients for families, specifically the kids, to create their own breakfast and lunch during the summer months,” Yarger says. Meal ingredients such as cereal, bread, lunch meat, yogurt and hot dogs are packed up once per week for families to pick up. Hot meals are not included, due to the need for children to be able to make the meals for themselves as well as the safety of the minors. One rather large food drive for the Carmel Summer Meals program is the “Pack the 8 / CARMEL MAGAZINE / JUNE 2022 / TownePost.com
Cruiser” event in partnership with the Carmel Police Department and Kroger. The food drive is a county-wide event, with every Kroger participating with its municipality’s youth assistance program and police department. The Kroger stores located at 1217 South Rangeline Road and 10679 North Michigan Road hosted the event on June 2. Kroger shoppers are asked to donate specific items while they are shopping, and volunteers are there at the exits to accept and box up the donations. “It’s our biggest food drive for the program,” Yarger says. “In fact, we found out quickly that police cruisers do not hold nearly enough. We use box trucks to load everything up.” The Merciful HELP Center, located at 1045 West 146th Street, is a continuing partner for the Carmel Summer Meals program. St. Elizabeth Seton Catholic Church, at 10655 Haverstick Road, houses the program for storage and packing. Donations are accepted throughout the year. Specific food items that are always needed include boxed cereal, boxed granola bars and Teddy Grahams.
Financial donations can be made online. Another important focus for CYAP is mentoring. “We still connect kids to different things like summer camps, mental health support and financial assistance,” Yarger says. “We’ll coordinate resources for them, but the mentoring is my favorite part of what we do.” The CYAP mentoring program matches one adult with one youth as young as 5, to spend at least one hour per week together
for one year. The pairing is about creating a bond and lightening a child’s mood, and involves fun activities such as playing at the park, cooking a meal together, taking a walk down the Monon Trail or whatever activity appeals to the youth. Mentors are all volunteers that pass through background checks and training prior to matching with youths (who are also screened). Kids from all sorts of backgrounds are part of the mentoring program. “They just need another positive
adult in their life,” Yarger says. The common age range for the mentoring program is from sixth grade to high school freshman. Children are referred to the program by their school’s social worker. Adults interested in being a mentor can sign up on the CYAP website. To learn more, visit youthassistance.org/ carmel.
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HELPING HAND
HAMILTON COUNTY AREA NEIGHBORHOOD DEVELOPMENT IS TACKLING LOCAL HOUSING NEEDS Writer / Julie Yates Photography Provided
Hamilton County Area Neighborhood Development (HAND), Inc., a nonprofit organization, is dedicated to addressing the housing needs of low- and moderateincome individuals, families and senior citizens in the community. On May 4, the results of a Hamilton County housing study commissioned by the Hamilton County Housing Collaborative were presented to the public during HAND’s 2022 Suburban Housing Conference. The study is important not only because of the statistics it reports, but also because it includes recommendations that involve immediate and long-range action at a time when funding is currently available. “The study revealed that more housing of all kinds is needed from high to low end,” says Andrea Davis, executive director of HAND. “However, housing in Hamilton County is becoming less affordable to more people. The fastest-growing industries are the lowest paying. In 2019 the top five jobs that employed the most people in the county were fast food/counter workers, retail sales, customer service representatives, office clerks, and laborers/stocking/freight. None
of these pay well. $16.60 an hour is the average. These incomes aren’t keeping pace with the increasing price in housing, which rose 63% from 2010 to 2019.” “There is a stigma attached to affordable housing, such as people don’t want to work or they are trying to get money from the government,” Davis continues. “In reality it’s different. People who need housing aren’t coming from outside the county. They already live here and they are working more than one job.”
some long-term investing in developing some plans. We asked that the consultants take a look at other communities and see what they do, so the next time a study is done, we can see some improvement.”
HAND already has a track record of developing affordable housing on a small scale. Stakeholders from multiple local organizations and nonprofits were in attendance at the packed May 4 conference. The study recommended that these groups, the public sector, development and builder communities, as well as realty companies, partner together. It recommended that the The study, which began in 2021 and partnerships focus on four areas - reducing was completed in January of 2022 by the cost of development, removing the Greenstreet Ltd., indicated that a lack of appropriate housing for the entire workforce cultural stigma attached to income-based could jeopardize Hamilton County’s quality housing, stabilizing and supporting individuals and families most at risk, and of life and economic health. If a section increasing funding for attainable housing. of the labor force is unable to afford living in the community, certain jobs could be “We hope to see some improvement in unfilled, tax revenue could decrease and economic growth could be slowed. It could the next 12 to 18 months,” Davis says. “It’s a group effort. HAND can’t fix these be harder to attract companies willing to problems all by itself.” invest in the community, in addition to people and jobs. HAND, Inc. is located at 347 South 8th Street, Suite A in Noblesville. “The county government has allocated $5 million towards helping to fund affordable Call 317-674-8108 or visit handincorporated.org for more info. housing,” Davis says. “It’s time to make 10 / CARMEL MAGAZINE / JUNE 2022 / TownePost.com
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Dr. Tim Phares
DR. TIM PHARES NAMED NEW CARMEL HIGH SCHOOL PRINCIPAL
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“I’ve actually started spending a lot of time at the high school getting to know people, building relationships and learning,” Phares says. “I already have a lot of established relationships there. I’m trying to learn and listen from the team already in place there. Once the school Size/Specs:
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The school board officially approved Phares on April 25, and he will formally begin his role on July 1. However, he’s already taking proactive measures to start his new role.
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In 2017 Phares received his doctor of education degree from Ball State University. He quickly realized he wanted to continue to learn and grow within the field of education, which led to his desire to move into secondary education.
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“I have spent my entire time here in Carmel Clay Schools for 22 years,” Phares says. “It’s been a great place, and I feel like this opportunity was partly because of the relationships I’ve built and the time spent in many different buildings here within our community.”
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Carmel Clay Schools recently selected Dr. Tim Phares as principal of Carmel High School (CHS) for the upcoming 2022-2023 school year. Phares currently serves as principal of Creekside Middle School. During his 22 years with Carmel Clay Schools, Phares was a kindergarten teacher at Orchard Park Elementary before serving as the assistant principal at Prairie Trace Elementary, then principal at Orchard Park and Towne Meadow.
“I HAVE BEEN FORTUNATE TO HAVE WONDERFUL PEOPLE SURROUNDING ME AT CARMEL CLAY SCHOOLS, NOT JUST IN ADMINISTRATIVE OFFICES BUT ALSO IN CLASSROOMS.”
Dr. Tim Phares officially begins his new role in July.
—DR. TIM PHARES
year ends, I’ll go directly into June at the high school.” Transitioning from Creekside Middle School to CHS is one move Phares isn’t scared to make. He knows a school the size of CHS is an essential factor, but it all comes down to people and relationships for him. “Everything is on a larger scale because you’re talking about students preparing for post-college and beyond,” Phares says. “That’s going to be different from that aspect but the reality of it goes back to, we all want the best for our students. That’s one thing that makes Carmel great. This community is built around the value of education. We’re all here to provide opportunities for our students. We want them to have a successful life and make a successful contribution to our society.” In 2021 the Indiana Association of School Principals recognized Phares as the District 5 Middle School Principal of the year for his professional accomplishments, qualifications and leadership. “I have been fortunate to have wonderful people surrounding me at Carmel Clay Schools, not just in administrative offices but also in classrooms,” Phares says. “So, I don’t really think of it as an individual award but rather an award for the school and the community as a whole.”
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Phares is a longtime Carmel resident whose four children attend Carmel Clay Schools. He’s excited for this new phase in his career and to continue the legacy of CHS. TownePost.com / JUNE 2022 / CARMEL MAGAZINE / 15
SOCIAL CANTINA
MIDTOWN GETS A TASTE OF MEXICAN FLAVOR 16 / CARMEL MAGAZINE / JUNE 2022 / TownePost.com
Social Cantina is part of the Bloomington-based Finney Hospitality Group family of restaurants. Writer / Julie Yates Photographer / Justin Sicking
There’s no doubt that Mexican restaurants are common throughout northside Indianapolis. However, one establishment stands out. Social Cantina recently opened and is notable for a menu with a modern twist, its unique interior, and the way it showcases tequila as an approachable liquor. Social Cantina is part of the Bloomington-based Finney Hospitality Group family of restaurants. The Carmel location was chosen because of the vibrancy of the area. Social Cantina is nestled among surrounding activities such as the playground, splash pad, sports courts, and plaza with open seating. The Monon Trail, Sun King Brewery, Java House and Penn & Beech Candle Company make the area a fun destination and a place to gather. “Social Cantina has a very big patio with almost 100 seats,” says Chris Martin, vice president of operations for Finney Hospitality Group. “When the weather is good, that’s where everyone wants to be. It is a great spot for a business lunch, Friday night family dinner, date night, or a great atmosphere for partaking in an adult beverage
while hanging out.” Often, Mexican food found north of the border can be bland and processed. At Social Cantina, patrons experience freshness and flavors not to be had elsewhere. There are 10 innovative tacos on the menu featuring fillings such as ahi tuna, chicken tinga and fried avocado. Other offerings include bowls, burritos, enchiladas, tamales and snacks. Some options are vegetarian, and Impossible meat can be substituted for any protein at a small upcharge.
“Our cuisine features fruits and vegetables that are bright and fresh every day,” Martin says. “What’s also unique about Social Cantina is the way the space is designed. We are Indiana based and we used Indian people to put this together. Meyer Najem Construction out of Fishers were our contractors. We were excited to partner with Loree Everette and her team at PHANOMEN Design. This place has seen a lot of Instagram love.” Martin feels like tequila is misused and misunderstood. He’d like to change the way people think about it. Currently, Social Cantina offers about 180 different brands of the liquor. “Tequila is often associated with doing shots of an inexpensive brand, and then not feeling well the next day,” he says. “People are in for a surprise because just like a high-
end Scotch or bourbon, a good tequila can be poured on the rocks. We probably have every kind that is available in Indiana. They are from different regions and made from different distillation processes.” Besides tequila, the restaurant has a small but curated wine list. Imaginative craft cocktails, and traditional drinks such as palomas, margaritas and sangrias, are offered. Also available is a selection of American ales and Mexican beers. “Social Cantina is unlike usual Mexican restaurants,” Martin says. “The food on the menu was influenced by research, travel and cool ideas from our staff. We are lucky to have employees that come from a rich Mexican tradition. They have shared the way their culture and family have been eating for decades.” Social Cantina is located at 350 Monon Boulevard in Carmel. For more info, visit thesocialcantina.com or call 317-218-3342.
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Congratulations CARMEL HIGH SCHOOL CLASS OF 2022 Natalie Aaron Ayaan Abbasi Sebastian Abbey Ilvia Acosta-Silva Madelyn Acton Danielle Adams Natasha Adams Caleb Adamson Oreoluwa Adeola Aanchal Agarwal Adam Aguilar Evan Aguilar Ashley Ailes John Airey Hikaru Akiba Ayomide Akindoju Kashyap Akkinapally Faison Alden Casey Alderman Sean Alerding Bridget Alexander Kayley Allen Beck Allison Ryan Allshouse Lily Alvarez Natalia Alvarez Allison Amburgey Lucas Amick Ryan Anderson Sydney Anderson Gianna Andreozzi Michael Andres Marina Andrews Nathan Andrews Abhiram Ankaraju Michael Antunez Princesa AraujoGuadarrama Brannick Arbuckle Chase Arbuckle Aditya Ariyur Cadence Armstrong Jack Armstrong Zyrah Arulogun Peter Ashak Anokhi Ashwin Tala Assaf William Atteberry Faith Austin Joseph Ayer Fiza Azeez Sanya Bahl Lauren Bailey Lucia Bair Caleb Baker Sanjay Balachandar Caleb Banks John Banninga Ian Barajas Brooke Barbato Jackson Barnes Luca Barnett Mckenna Barr Thomas Barrett
Nishesh Basavareddy Chloe Bass Yashaswini Battina Michael Baun Maral Bayar Tressa Beach Katelyn Beavan Natalie Beck Chase Becker Joanna Begley Caleb Beik Olivia Belcher Audrey Bell Jolina Bell Grace Belt Matthew Benedetti Lourdes Bengero Ari Berebitsky Pol Berger Romeu Owen Berglund Alexander Bergstedt Thea Bertolini Laila Betancourt Haarika Bhamidipati Tarun Bhamidipati Ameya Bhargava Rhea Bhatia Akash Bhowmik Dhanush Biddala Wes Biggerstaff Kirby Biggs Jack Binder Jakob Bintrim Mark Bisbecos Charles Bischoff Aniket Biswal Gregory Black Jetson Black Harrison Blahunka Cassandra Blaufuss Isaac Blevins William Blevins Saispoorthy Bodapati Alywin Bodey Kaitlyn Boler Ester Boles Sophia Boller Lucy Bolles Joshua Bonnell Joshua Boone Nicholas Boschee Ella Bostic Ava Botimer Thomas Botta Rory Bowers Chloe Boyd Dylan Boyer Olivia Boyer Ivan Bracho Jacob Bracken Taylor Braden Caitlyn Brady
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