7/30/2019 Cincy: Diversity is not only RIGHT thing to do, it's GREAT FOR BIZ!

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BillKeating Jr. tells agreat story about hissuccessful attempt tosell outthe 2007 wom-

ens Crosstown Shootout bas-ketball game between UC and

Xavier.TheKeating Muething &

Klekamp partner was lookingfora major sponsor andap-proachedFifth ThirdBancorp.Histheory wasthe bank wouldbenefit frompublicitygener-ated by signs around townsaying, Sell out Fifth ThirdArena.

Keating says thebankini-tiallyagreed to be a sponsorbecause it wasthe right thingto do forthe community. Thenext day, thebankcalled Keat-ingbackwith an amendedanswer: It wasnt just therightthing to do forthe community;

it wasthe right business deci-sion.

Thebank had figured outthat 65 percent of itsemploy-ees,and 70percentof its newcustomers, werewomen.

I wasreminded of thatstory last week when I talkedto Andres Tapia, president ofDiversity Best Practices, athinktank and consultancy

firm in Chicago. Tapia wasintown on Wednesday at a forumsponsored by Agenda 360andVision 2015 in conjunctionwith therelease of their reporton diversityin theregion.

At the end ofthe day, busi-nesses that promote the impor-tance of havinga diverseworkforcebecauseits theright thing to do miss thebig-gerpoint. Creating a diversework force, andan inclusivework environment,is goodfor

SeeDIVERSITY, Page B2

A group plays drums Downtown before the World Choir Games opening ceremony in July. A new report says such events should help localcompanies like P&G, Kroger and Western & Southern Financial Group all of which were big sponsors attract diverse talent. ENQUIRER FILE

Report helps bolsterthe case for diversityIts not just the rightthing to do, its alsogood for business

Events like the World Choir Games play an important role in putting

this region on the international radar, the report says. ENQUIRER FILE

REPORT DETAILSRead the full report here:

www.agenda360.org

TAKING THEINITIATIVEFive initiatives were an-nounced on Wednesday tohelp create greater diversity in

the region: Grow the base of high-demand talent in the region,especially young professionals.Leader: Santa Ono, UC presi-dent Develop a best practicescommunity to bridge companyboundaries, bring members ofemployee resource groupstogether to increase social ties,and improve retention. Lead-er: Leigh Prop, senior vicepresident and director oftalent acquisition and engage-ment at Fifth Third Bank Develop a leadership pro-gram for mid-career multicul-tural professionals that buildson the successful program at

the Greater Cincinnati UrbanLeague. Leader: Donna JonesBaker, president and CEO ofthe Urban League Attract more immigrant-entrepreneurs and grow moreimmigrant-owned companiesand culturally focused non-profits. Leader: Richard Her-man, co-author of Immigrant,Inc. Grow a community of com-panies committed to a minor-ity-owned business spendthrough the Cincinnati USARegional Chambers MinorityBusiness Accelerator.

JOSHPICHLER

@joshpichler

I will give you a newperspective on local executivesand the regions entrepreneurs

and why both matter to you.Find me at linkedin.com,

facebook andjpichler@enquirer.com.

THURSDAY, DECEMBER 13, 2012

Business BEDITOR: LEE ANN HAMILTON, lhamilton@enquirer.com

DOW 13,245.45 -2.99 OIL $86.79 +$1.00 S&P 1,428.48 +0.64

NASDAQ 3,013.81 8.49

MOREBUSINESS NEWS Stayin touchwithlatest news:We bringyou the freshest local, nationaland international business newsby email at 8 a.m. and 2:30 p.m.Monday through Friday. Registerat Cincinnati.com/tipsheet. Celebratea businessannouncement? Postrecent company announcementsand promotions online at Cincin-nati .com. Search: share

Boehner, Cantorjoin CrowdHall users

U.S. Reps. John Boehnerand Eric Cantor are thenewest users of the socialmedia platform CrowdHall,one of 11 startup companiesthat graduated this yearfrom the Brandery consum-er marketing accelerator inOver-the-Rhine.

Boehner, speaker of theHouse, and Cantor, the Re-publican majority leader,will test CrowdHall for thestart of the 113th Congress,Roll Call reports. CrowdHall

allows candidates and elect-ed officials to easily interactwith voters and constitu-ents.

Brandery co-foundersraise $1.4million

Brandery co-foundersRob McDonald, J.B. Kropp,Dave Knox and BryanRadtke have raised $1.4million for Vine Street Ven-tures Fund I LLC, accordingto an SEC filing.

Knox, who also is chiefmarketing officer for Rock-fish Interactive, said themoney will provide addi-tional seed funding forBrandery graduate compa-nies.

CEO resigns fromKnowledgeWorks

Brian Ross is resigningas CEO of the Cincinnati-based KnowledgeWorksFoundation to transitionback into the commercial,for-profit sector, accordingto the organization. He willremain in a consulting rolewith KnowledgeWorks asthe board conducts a nation-al search for a replacement.

Veteran board memberTim Tuff was named in-terim CEO. Tuff served onthe board of Knowledge-

Works for seven years. Hewas the chairman, presidentand chief executive officerof John H. Harland Co. from1998 to 2007.

KnowledgeWorks has apresence in 170 schools and80 communities in morethan 30 states. Subsidiariesinclude New Tech Network,EdWorks and the StrivePartnership, all of whichfocus on reforming schools.

Bankspostponeeviction processing

Fifth Third Bancorp,PNC Financial ServicesGroup Inc. and U.S. Ban-corp the regions three

largest banks are post-poning eviction processingbetween Dec. 17 and Jan. 2for bank-owned mortgagesthat have been foreclosed.Huntington Bancshares Inc.is suspending evictionsbetween Dec. 17 and Jan. 3.

The postponements areto help our customers whoare experiencing financialhardships find relief thisholiday season, StevenAlonso, executive vicepresident and head of FifthThirds Consumer Bank,said in a statement.

BUSINESSSUMMARY

/ / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /

Source: Oil Price Information Service

FIND THECHEAPESTGAS!Search CinciNavigator atCincinnati.com. Click on buyingand selling to get real time prices

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CincinnatiWEDNESDAY

$3.28A YEAR AGO

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AT THEPUMP

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DOWNTOWNHorseshoeCa-sino Cincinnati will open onMarch 4 becoming the fourthand final casino to do businessin Ohio.

State officials signed offWednesday on the opening date.

Our casino operations teamisallin and will beready tode-

but our legendary Horseshoebrand to theCincinnati commu-nity in 82 days, casino generalmanager Kevin Kline said in astatement.

Construction is windingdown on the project, which hasemployed more than 2,000workers since it broke groundat Broadway Commons Down-town in early 2011.

We expect final work insideandout to wrap upnext month,said Steve Rosenthal, a princi-pal with developer Rock Gam-ing and a leader on the casinos

design and construction team.A controlled pre-opening

demonstration is scheduled forFeb. 27 for state regulators.

After it starts taking betsthat first Monday in March, the$400 million casino will remainopen24 hours a day, seven daysa week, 365 days a year evenon major holidays. Rock Gam-ing expects it to generate 6 mil-lion visits annually and $100million in gambling taxes forcities, counties and schoolsacross the state.

Expected to employ 1,700,

operator Caesars Entertain-ment Corp. has been hiringsince August, including: 750fordealers andtable supervisorpo-sitions, 450 food and beveragejobs, and 400 various otherspots ranging from securityguards to slot attendants.

Mayor Mark Mallorycheered the casinos approach-ing arrival.

Horseshoe Cincinnati is ahuge new addition to Down-town, he said Wednesday. Its

Lay your bets on March 4Horseshoe Casinosets opening dateBy Alexander Coolidgeacoolidge@enquirer.com

SeeCASINO, Page B2

Officials with the Cincinnati/Northern Kentucky Interna-tional Airportwill answerques-tions today from the publicabout the facilitys new masterplan update, from 5-7p.m.at theNorthern Kentucky ConventionCenter in Covington.

The Federal Aviation Ad-ministration requires all air-

ports to provide a master planupdate. CVGs master plan is ablueprint for growth through2035 and subject to change.

The Enquirer first reporteddetails of the plan last summer.

In the master plan update,CVG officials saytheyre study-ing consolidating all passengerflights into one main concourseandbuilding a newrentalcar fa-cility adjacent to the one re-maining terminal.

The plan shows almost allpassenger services consolidat-edin andaroundnewlyrenovat-edConcourse A. It would beex-panded to accommodate domi-nant carrier Delta Air Lines,which currently operates outofConcourse B. That concoursewould be closed, joining vacantConcourseC. Two mostlyemptyterminals wouldbe demolished.

Funding has not been se-cured,but CVG officials expect

some of the proposed changeswill take shape in the next twoyears. Todays update also willinclude new passengerand car-go forecastsand a financialfea-sibility plan.

CVG staff members will beavailable to answer questionsduringtheopenhousesessioninmeeting rooms 1 and 2.

More information is avail-able at www.cvgairport.com/master-plan.

CVG invites comment on master planBy JasonWilliams

jwilliams@enquirer.com

7/30/2019 Cincy: Diversity is not only RIGHT thing to do, it's GREAT FOR BIZ!

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B2 THURSDAY, DECEMBER13, 2012 /// THE ENQUIRER BUSINESS

We typically make most ofourdonations in Decemberto a variety of organizations

and causes. Can you go overthe rules of what we candeduct on our tax return?

It is the season of giving butyou must know the rules if youwant to take a tax deductionfor your gifts. Whether yourea minor donor or a philanthro-pist, making charitable dona-tions during the holidays hasmany benefits, including sup-porting a good cause and re-ceiving personal satisfaction.Donations can range from cashand stocks to coats, toys,household items and vehicles.And since there are so manyworthwhile organizations whoneed help its important tounderstand the rules for de-

ducting your donations.Qualified charities: Your

charitable contributions mustbe paid to a qualified charityby Dec. 31, 2012, if you want to

take the deduction this year.Ask the charity about its tax-exempt status or you can visit

IRS.gov for a list of qualifiedorganizations. Donationscharged to a credit card byDec. 31 are deductible for 2012,even if you pay the bill in 2013.Gifts to individuals (friends,family members or strangers)are not deductible.

Itemize deductions: Inorder to claim charitable dona-tions on your tax return, youmust itemize deductions. Justmake sure that itemizing willreduce your tax bill more thantaking the standard deduction.

Documentation: Charitablecontributions made using cashor check must be documentedby a bank record, payroll de-duction record or a written

communication from the or-ganization including the dateand amount. This rule appliesto all cash contributions, evensmall monetary amounts.

If your contribution of cashor property is more than $250,in addition to the documenta-tion above, you must also re-ceive verification from theorganization. This verificationletter should include theamount of cash or a descrip-tion of property you contrib-

uted and whether you receivedany goods or services in ex-change for your donation. Forexample, if you received some-thing as a result of your contri-bution that benefits you (raffletickets, memberships, mer-chandise, etc.) you can onlydeduct the amount that ex-ceeds the fair market value ofwhat you received.

Determine the value: Fordonations valued at more than$500 you must submit Form8283 with your return. In cer-tain cases an appraisal may berequired to substantiate thevalue of your contribution.These appraisals must be con-ducted by a qualified apprais-

er.Clothing, toys and house-

hold items must be in goodused condition. When calcu-lating your deductions you

base it on the value the itemswould sell for in a thrift store not what you paid for them.Most organizations provide alist of items and their worth.Additionally, there are specialrules regarding the donation ofa vehicle so you may want toseek expert advice to help you

maximize your tax benefits.Appreciated securities: Ifyou choose to donate stocks ormutual funds, instead of cash,you can potentially create awin-win situation for yourselfand the charity you support.

For example, lets say youwant to donate $10,000 worth ofmutual fund shares that youbought more than a year agofor $5,000. If you sell theshares and then donate thecash, you'll owe $750 in federaltax on the profit and the char-ity will receive $9,250. But ifyou donate the shares, thecharity gets the full $10,000;you avoid the $750 tax bill andstill get to deduct the full

$10,000.However, if you are donat-

ing securities that would gen-erate a loss if sold, you shouldsell the investment first, claim

the loss then donate the cashproceeds.

Volunteer work: Volunteerwork for charitable organiza-tions is another wonderful wayto give back. You are not al-lowed to deduct the value ofyour personal time or services.But you can deduct out-of-

pocket costs you incur thatdirectly benefit the charitysuch as supplies and travelcosts.

The rules related to deduct-ible charitable contributionscan be very confusing so besure to work with a reputableand experienced financialadviser to make the most ofyour deductions. You can alsosee IRS Publication 526 atwww.irs.gov for more informa-tion.

Tom Cooney and CrystalFaulkner are partners withCooney Faulkner & StevensLLC, a CPA firm serving busi-nesses and families as an ad-viser and advocate by provid-

ing innovative solutions fortodays most challenging prob-lems. For additional informa-tion call 513-768-6796 or visitus at www.cfscpa.com.

Check rules of charity deductionsTom Cooney and CrystalFaulknerBUSINESSWISE

business.We areall affected by the

global economy, and we needto understand diversityin itsbroadest sense of theword,Tapia said.

The diversity report wascompiled through one-on-oneinterviews with local corpo-rate leaders, focusgroupsmade up of skilled, college-educated employeesfrom awide range of regional compa-nies and organizations,and anonline survey completedby1,500 respondents.

Some of thefindingsil-lustrate the challenges ofbuilding a diverse workforce.Accordingto the report:

Thepercentof thelocalminority population 25 or olderwhohave at least a bachelorsdegree is 23.1 percent.

Just 15.5 percent of Afri-canAmericans 25 or older inthe region have bachelorsdegrees or higher.

We ranklow onthe ratioof minority- and women-ownedbusinesses to populationsize:6.9 minority-owned businessesper1,000 people, and 21.9female-owned businessesper1,000people. Austinhad 22.2

minority-owned businesses,and Denver 32.2 female-ownedbusinesses per1,000 people.

The goodnewsis thatpro-grams are under way to ad-dress some of these chal-lenges, andour business com-munityis takingthe leadthrough initiatives like theUnitedWayof Greater Cincin-natis Bold Goals,and theCin-cinnati USA Regional Cham-bers Minority Business Accel-erator.

Events like this summersWorldChoir Games shouldgoa long waytoward putting theregion on an internationalstage andhelp companieslikeProcter & Gamble, KrogerandWestern& Southern FinancialGroup all ofthembigspon-sors attract diverse talent.

Perhaps the more troublingaspectof the report comes atamacrolevel: Conservativewasthe topword respondentsused in describing our region.That word canobviously meandifferentthings. Butif itsdefined as non-inclusiveorclosed-minded, whichis howsome minority respondentsdefineit, thats a problem.

When CEOs like JimRogersof Duke Energyand LloydBlankfein of Goldman Sachscame out against proposedbans on gaymarriage, thatswhere they were comingfrom.

Diversity and inclusion arentthe same things.

Diversity is themix, andinclusionis makingthe mixwork,Tapia told me.I canhavea mix ofpeople, but theymaynot be working very welltogether. Thats the inclusionpart.

Among local executiveswhoget it is Mike Robinson,chief executiveofficer of La-VerdadMarketing. LaVerdadsemployeescome from 20 coun-tries.Many arewomen. Thatdiversity is critical becausepart of LaVerdadsbusinessmodel is helping clients, whichinclude ToyotaNorth America,P&G, Downtown CincinnatiInc. andCintas, identify over-seas opportunities and un-derstand specific culturalmarkets.

So when Robinson says adiverse team will outperform ahomogeneous team everytime, hes nottalking aboutdoing therightthing. Hestalking about makingthe rightbusiness decision to maximizethetop andbottom lines.

Wednesdays report offerscompanies an opportunity todrill down into their owncul-ture andask if,like Robinson,they aremaking thebusinesscase to their employees andthemselves when it comes todiversity and inclusion.

DiversityContinued from Page B1

Andres Tapia calls himselfthe accidental chief diversityofficer.

He grew up in Lima, Peru,thesonof aPeruvianfatherandAmerican mother. He studiedhistory and journalism atNorthwestern University andspent several years as a writerbefore going into consulting.

Tapia was Hewitt Asso-ciates chief diversity officerfor nine years before joiningChicago-based Diversity BestPractices, a think tank andcon-sultancy organization, as presi-dent in 2011.

Tapia was in Cincinnati on

Wednesday as part of a pro-gram ledby Agenda360and Vi-sion 2015, which released a re-port comparing our regionsoverall diversity to peer cities.Tapia spoke separately withThe Enquirer about the busi-ness case for diversity and in-clusion.

Howdo youdefine diversi-ty and inclusion?

Diversity is the mix, and in-clusionismakingthemixwork.So what is the mix for the com-pany, and the environment inwhichyoure in? Thats diversi-ty. Then, how well is it work-ing?I can havea mix ofpeople,but they may not be workingvery well together. Thats the

inclusion part.And within the answer towhats themix, it could be race,ethnicity, gender, disabilities,sexual orientation, thinkingstyles, personalities, function-al, generational it can besome or allof those things. Andwe work with all those dimen-sions.

How do you help compa-nies achieve inclusion?

Many companies have got-ten comfortable with the ideaof bringing in people who lookdifferent. The problem is ifthose people start to act differ-

ently, they gettold,Wedont do

it that way here.And so the person says, Ithought you wanted me be-cause I was different. And theunspoken answer is, We likethefact that youlookdifferent,but wedont really like the factthat you think and behave dif-ferent. And thats about inclu-sion, about making the mixwork. How do I make it a wel-coming environment for peo-plewhoactuallyactandbehavedifferently, not only so theyfeel more welcome, butso I canbenefit from the diverse per-spectives and backgrounds ofpeople who are free to articu-late their unique perspective.

Why is diversity important

for companies?The demographics of thecountry are changing. We justsaw it in the last election. Com-panies realize that our futuretalentis in that diversity. So wewant to make sure we are at-tracting and retaining that tal-entthat we desperately need tobe successful.

But its not just demograph-ics of the talent. Its the demo-graphics of thecommunitiesinwhich these organizations areoperating. These are consum-ers who need bank accountsandinsurance,needto goon va-

cation and need a car. Do weknow how to design productsfor them? Do we know how tomarket products for them?

What thingscan managersdo day to day to help facili-tate inclusion?

You needmanagers whorec-ognize why diversitys impor-tant. It cant be imposed onthem, because theyll resent it.They have to see that in orderfor them to grow the business,they need to have diversity.

Second, they need to haveknowledge and understandingof how millennials think andbehave, how women may havepreferred styles of leadership,how African-Americans andLatinos may experiencethe en-

vironmentin Cincinnatiand ob-stacles they may encounter,and be sensitive to that.

And managers have to beself aware: What do I believe,why do I believe it, where doesthat come from, andwhatis mypreferred style, so that when Iencountersomebodywith a dif-ferent temperament or per-spective,Im notjudgingit, Imnot getting confused by it, butIm owning who I am while be-ingopento otherways of think-ing or communicating.

Whats the right conversa-tion to have?

We have to make the busi-ness case for diversity. Letsstart with the marketplace op-

portunities, and how the mar-ketplace is changing. Therewill be people who support di-versity because its the rightthing to do, there will be othermanagers who know they needgreat talent to do great work,but a lot ofpeoplewont becon-vinced by that.

Weve got to make it aboutgrowing the business. Increas-ing your margins. Whenever Iwork with companies, I helpthem answer that question:How can diversity and inclu-sion help us grow the top line,and manage the bottom line?

Q&A with diversityexpert Andres TapiaBy Josh Pichler

jpichler@enquirer.com

Andres Tapia, president ofDiversity Best Practices. PROVIDED

LONDON The value ofmergers and acquisitions dealsaround the world in 2012 wasnearly half the amount madefive years ago, when the finan-cial crisisfirst bared itsteeth,aleading accounting and consult-ing firm said Wednesday.

Despite big deals such asRosnefts takeover of fellowRussian oil company TNK-BPfora projected$54.5 billion, andGlencore International PLCs$45.8 billion acquisition of min-er Xstrata PLC, Ernst & Young

is forecasting that the value ofglobalM&A was47 percent low-er in 2012 at $2.25 trillion,against 2007s $4.3 trillion. Thecompany noted a shift in activ-ity from developed economiesto high-growth ones in Asia andLatin America the value ofdeals in the U.S. halved whilethose in China doubled.

There were slightly fewerthan 37,000 deals worldwide,around 9,000 less than in 2007,when many companies tookpart in a feverish bout of deal-making, many of which provedto be too costly for the compa-nies to bear.

Much of the blame for RoyalBank of Scotland PLCs near-

collapse in 2008, which eventu-ally required a governmentbailout, was placed on its over-priced purchase of a largechunk of Dutch bank ABN Am-ro the year before.

The excess of corporatedeals in 2007 contributed to thenear-freezing of credit markets

thatyearandpaved the way fortheglobal banking crisisin 2008and the subsequent global re-cession.

However,Ernst&Youngsaidthis years slump in corporateactivity was mainly because ofthe uncertainty created by thedebt crisis afflicting the 17 Eu-ropean Unioncountriesthat usethe euro as well as fears overthe impending fiscal cliff ofautomatic spending cuts andtax increases in the U.S.

Acute caution was the pre-vailing M&Asentimentin 2012,said Pip McCrostie, global headof Ernst & Youngs M&A divi-

sion. The eurozone crisis con-tinuesto impact9 globalcompa-nies in every 10, and in 2012 wesaw its impact reducethe appe-tite for M&A, even in many for-merly deal-hungry emergingmarkets. Limited deal activitywill likely continue through2013, especiallyif we dont seeaclear, long-term resolution tothe fiscal cliff.

Oneclearconsequenceoftheeurozone debt crisis in Europehas been to lower the currencyblocs share of the deals that dotake place. In 2007, the euro-zone accounted for around 21percent of the global value ofM&A.Thatsnow downto 11per-cent.

While the eurozone has suf-fered, the so-called BRIC coun-tries the fast-growing econo-miesofBrazil,Russia,IndiaandChina are filling the gap.They accounted for 15 percentof the global M&A market in2012, more than double 2007srate of just 7 percent.

The Royal Bank of Scotland nearly collapsed in 2008 after an overpricedpurchase of part of a Dutch banking firm. SANG TAN/AP

Global corporatedeals nearly

halved in 5 yearsBy Pan PylasAssociated Press

putting thousands of Cincin-natiansto work, and it will openthedoorfornewbusinessdevel-opment in thesurroundingarea.The casino opening is an excit-ing way to kick off 2013 in Cin-cinnati.

The two-story 400,000-square-foot complex is roughlytwice the size of a Wal-Mart su-percenter on a 23-acre site.

A quarter of that space willbe the gaming floor, featuring2,000 slot machines, 85 tablegames and a 31-table World Se-ries of Poker room.

The casino also will featurethree restaurants accessiblefrom the street: a Jimmy Buf-fetts Margaritaville Restau-rant, a Jack Binions Steak andanother yet-to-be announcedeatery. Inside will be a buffet

restaurant, a quick-casual eat-ery, a VIPplayers lounge, a cof-fee shop and a bar.

Ohiovoters in 2009approvedexpanded gambling at casinosin Cincinnati, Cleveland, Co-lumbus and Toledo.

The Horseshoe CasinoCleveland, also developed byRock Gaming and operated byCaesars, opened first, on May14.

Hollywood Casino Toledoopened next on May 29, fol-lowed by Hollywood Casino Co-lumbus on Oct. 8.

As of Nov. 30, the three casi-nos had generated $293.9 mil-lion in gambling revenue and$97 million worth of gamblingtaxes,accordingto theOhio Ca-sino Control Commission.

Ohio gambling revenues al-ready have surpassed thosefrom these states with longerhistories of gaming: Maine,South Dakota, Oklahoma andNew Mexico.

CasinoContinued from Page B1