october 9, 2015 ubj

COMPLIMENTARY

Despite national trends, Upstate community banks are thriving – and competing – in an increasingly crowded pond pg 5

OCTOBER 9, 2015 | VOL. 4 ISSUE 41

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10.09.2015 | upstatebusinessjournal.com INFORMATION YOU WANT TO KNOW | BANKING & BREWERS | 3

13 Stripes to locate in Taylors MillBrewery planning for spring 2016 launchBrewery-in-planning 13 Stripes signeda lease for a space in the Taylors Mill this week, said cofounder Kenworth Reeves. The brewery searched for a location for nearly a year and will locate in an 8,000-square-foot space near the Due South Coffee Roasters.

“While finding the right space has been one of our tough-est challenges, we are incredi-bly excited to announce that 13 Stripes will be joining the Taylors Mill com-munity. We believe in the vision there and feel the uniqueness of the mill will reinforce what our brand stands for: history, legacy and community,” Reeves said.

He said equipment for the space will be ordered in the next few weeks and estimates a spring 2016 opening.

Greenville bank fi res CEO, stops payments program

Greenville-based bank holding company Independence Bancshares halted development of its new payments program and fi red its president and CEO Gordon Baird “in connection with the suspension” of the project, according to fi lings with the U.S. Securities and Exchange Commission.

“The board of directors will explore strategic alternatives to for this line of business,” according to fi lings. “There have been no material changes to the Bank’s operations.”

Independence CFO Martha Long told UBJ that further announcements would be made public in accordance with federal regulations. Long declined to comment at this time.

The company did not give a reason for suspend-ing its digital banking, payments and transaction

services business. Independence an-nounced raising $8.4 million in tier one capital for its payments platform

project this June. Independence Bancshares has terminated all e m p l o y e e s related to the project – includ-ing Baird – but none with the bank, according to fi lings.

The holding company did not announce Baird’s replacement, but

said Independence National Bank CEO Lawrence R. Miller will remain in his position.

Baird rose to the holding company’s top spot at the end of 2012 when the holding company closed a $14.1 million private placement deal. The an-nouncement said Baird’s appointment was “in connection with the closing of the offering,” and noted Baird’s “extensive experience in bank regulatory issues and payments, technology, consumer fi nance and capital markets.”

ASHLEY BONCIMINO | [email protected]

Baird

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UBJ | 10.09.2015

TBA

The OfficeMax store on Woodruff Road at the Shops at Greenridge

will be closing its doors on Nov. 14. The company says

the Office Depot store nearby at 101 Verdae Blvd.

will remain open.

WORTH REPEATING

“You can play big when you need to play big, and play

small when you need to play small.” Page 5

“Smaller players in our industry will need to consolidate in order to survive.” Page 8

“No one meets everybody’s needs. No one can make everybody happy, which predicates the story of

my life.” Page 12

4 | THE RUNDOWN | TOP-OF-MIND AND IN THE MIX THIS WEEK

VOLUME 4, ISSUE 41

Featured this issue:Sanctuary Pointe aims to lure outdoor lovers 10West End Apartments earn DRB approval 12Nelson Mullins’ Mike Johnson is One to Watch 16

MONEY SHOT: An artist’s rendering of the viewing tower at the planned Great Outdoors Center at Sanctuary Pointe on Lake Hartwell in Oconee County. See our story on page 10.

VERBATIM

On the storm

“We can anticipate a long period of assessment and recovery.” Acting SC Transportation Secretary Christy Hall, on last weekend’s “1,000-year storm” that caused billions of dollars worth of damage and killed at least 13 people. Hall has asked for $5 million in federal emergency-relief funds to help with recovery efforts.

10.09.2015 | upstatebusinessjournal.com INFORMATION YOU WANT TO KNOW | BANKING | 5

It’s been a year of change for the Upstate’s banking market, from big deals such as the $241 million pur-chase of The Palmetto Bank and the piecemeal sale of CertusBank’s inter-state empire, to the eager entrance of new players, including Charleston’s CresCom Bank as well as High Point Bank and Entegra Bank from North Carolina.

Part of the commotion is business as usual for the Upstate, which has always had prominent banking activ-ity and a high level of interest, accord-ing to Art Seaver, president and CEO of Southern First Bank. The other part is a matter of necessity, he says.

“Fifteen years ago there were 94 banks that were headquartered in South Carolina. Today, there are less than 60,” Seaver said. Increasing regulatory costs – among other prov-ocations – were driving up the neces-sary critical mass for operating a healthy bank, he said. “I think you have to be a certain size in this stage just to break even.”

SEEKING THE SWEET SPOTOn top of the $241 million United

Community Bank and Palmetto Bank merger, the Upstate also saw the $22.3 million merger between Caro-lina Alliance Bank and Pinnacle Bank of South Carolina this year. High Point Bank in North Carolina acquired the bulk of CertusBank’s Upstate ac-counts, while Entegra Bank (previously Ga.-based Macon Bank) plans to open its fi rst three Upstate branches in Greenville, Anderson and Spartanburg by the end of 2015.

“Every market is com-petitive, but I would say the competition in this market continues to

intensify,” said Jimmy Kimbell, who piloted Entegra’s fi rst foray into the Palmetto State with a loan production offi ce in downtown Greenville.

Previously located only in North Carolina, the bank decided to go public last year, which provided capital to help it begin to grow into other markets, particularly high-growth markets like Greenville, ac-cording to Entegra CEO and President Roger Plemens. The loan production

offi ce will be con-verted into a s t a n d a l o n e G r e e n v i l l e branch on Roper Moun-

tain Road, and the bank is ex-pected to hit $1 billion in assets after it finishes

acquiring two branches in An-derson and Chesnee, S.C.,

from Green-ville-based Arthur

State Bank.

Upstate banking fi eldmore crowded than ever M&A of older community banks and entrance of new players have changed the fi eld

ASHLEY BONCIMINO | [email protected] DEFINED

Community bank: A commercial bank that derives funds from and lends to the community where it operates, and is not affi liated with a multibank holding company. Assets may range from less than $10 million to $10 billion or more.

of South Carolina this year. High Point Bank in North Carolina acquired the bulk of CertusBank’s Upstate ac-counts, while Entegra Bank (previously Ga.-based Macon Bank) plans to open its fi rst three Upstate branches in Greenville, Anderson and Spartanburg by the end of

“Every market is com-petitive, but I would say the competition in this market continues to

offi ce will be con-verted into a

tain Road, and the bank is ex-pected to hit $1 billion in assets after it finishes

acquiring two branches in An-derson and Chesnee, S.C.,

from Green-ville-based Arthur

State Bank.

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The $10 billion threshold

The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law in 2010, established a $10 billion assets threshold that, once surpassed, designates a bank as a midsized institution. This requires them to comply with an additional set of regulations involving signifi cant expenditures of time, effort, and money.

Source: CFO.com

BANKING continued on PAGE 6

UBJ | 10.09.2015

“I think we need to be a little bigger to hit that sweet spot,” Plemens said.

The $241 million acquisition deal with Palmetto Bank pushed United Communi-ty Bank’s total assets to $9.4 billion, which is within striking distance of the $10 billion threshold that puts banks in a different regulatory category under the Dodd-Frank Act. UCB President and COO Lynn Harton said the bank is preparing for that threshold, and that thanks to organic growth, the bank could be subject to new regulations as early as mid 2017.

“The way we look at it, we’re in business to serve our customers and our community,” Harton said. “So we will grow, and we will go over [the threshold]; we just need to be prepared.”

Harton said a good size for UCB might be between $10 billion and $50 billion in assets.

PLAYING BIG, PLAYING SMALLBanks often discover the sweet spot can be hard

to define. For example, SunTrust CEO and President Bill Rogers says the multistate, $189 billion- asset bank operates in the sweet spot in the middle. SunTrust accounts for 8.2 percent of the 10-county Upstate market’s total deposits, according to FDIC data.

“You can play big when you need to play big, and play small when you need to play small,” Rogers said.

In real terms, that means banks are fighting to balance giving customers that “community bank feel,” where they know their bankers by name, with a high level of specialization for particular populations and business segments, according to SunTrust regional president David Torris. Specialization may include

a range from aging services for the growing number of retirees in the region, for example, to logistics in-dustry banking or franchise services, he said.

NEW ENTRANTS WANT THEIR SHARESNew players to the Upstate this year include Charles-

ton-based CresCom Bank, which opened its first Upstate branch on Haywood Road in September. The

$1.3 billion-asset bank joins Entegra and others in the effort to build a recognizable presence with consumers and businesses in an already crowded market.

While increased activity means more competi-tion, that also means more opportunity to earn

and keep business within one of the state’s most vibrant regions, according to CresCom President and CEO David Morrow.

“Everyone has a choice of where they want to be. Everyone gets to choose where they want to bank,” Morrow said, noting that part of CresCom’s strategy for the Upstate included hiring bankers who already had years of experience and contacts in the market. For CresCom, that meant tapping 23-year Upstate banker

Scott Frierson as executive vice president for the region, as well as 40-year banking

veteran Craig Robinson. “I like to tell people that you need a banker,

not a bank,” said Frierson, who previously spent time building business for CertusBank, Regent

Bank and Carolina First Bank. “And everybody says that, but not everybody delivers that.”

Seaver of Southern First – as well as Kimbell of Entegra and Torris of SunTrust – agrees.

“It’s a people game. It’s still a talent game, and I think that’s why we continue to grow,” said Seaver. “Every bank is going to say that, but… market share and growth will tell you that difference.”

6 | BANKING | INFORMATION YOU WANT TO KNOW

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COMMUNITY BANKS BY REGION � North Central – 24.3% � Midwest – 19.6% � Southeast – 19.3% � Southwest – 15.5% � Northeast – 10.4% � West – 8.6%

Source: Independent Community Bankers of America

BANKING continued from PAGE 5

“The way we look at it, we’re in business to serve our customers and our community...So we will grow, and we will go over [the threshold]; we just need to be prepared.”

UCB President and COO Lynn Harton

10.09.2015 | upstatebusinessjournal.com

others who want to own a “hands-on business with no cap on growth.”

It’s about $100,000 to buy into the franchise, and that includes a cus-tom-designed trailer with a kitchenette or van with walk-in refrigeration and all of the kitchen equipment needed. Ongoing royalty fees are 5 percent along with a 3 percent marketing fee and online booking system fee of $100 per month.

Dickson’s husband designed the rotisserie equipment, which can not only roast a whole hog, but also 40 chickens or several turkeys at a time. “It’s the only technology in North

America that can allow meat to cook so quickly as it’s constantly rotating and can cook at a higher temperature,” said Dickson. Training and getting set up takes about two months, and ex-clusive territories are being offered.

The ability to see the meat while it’s cooking through a smoke-free glass panel door makes the concept part of the entertainment of an event. Chefs also carve the meat in front of guests adding to the “wow” factor, Dickson said. “It’s all about the show.”

For more information, visit www.pigout.catering.

INFORMATION YOU WANT TO KNOW | HOSPITATLITY | 7

Canada-based PigOut Catering is looking to bring its franchise concept to the U.S. and is specifically looking at Greenville and the Upstate as one of its target markets.

The mobile catering business, which features a custom trailer and roaster – which can roast a whole pig in as little as three hours – currently has eight locations in southern Ontario and is looking to expand.

Owner Anne Dickson, who origi-nally hails from Britain, recently completed the paperwork to begin offering franchises in the U.S. and is working now on getting the first one set up in Miami. Dickson said the Greenville market fits into the demographic they are looking for: a “year-round weekend destina-tion market with lots of outdoor event opportu-nities.”

The franchise gives owners a business without the high fixed overhead, she said. The business appeals to chefs, caterers, outdoor cooking enthusiasts, event planners and

Rotisserie leagueCanadian franchise PigOut Catering is within spitting distance of the Upstate

SHERRY JACKSON | [email protected]

$100,000approximate cost of buying in to the PigOut Catering franchise. Includes custom-designed trailer or van and all kitchen equipment

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UBJ | 10.09.2015

After 18 years with Michelin – including six years in Greenville as Michelin North America CEO – Carlos Ghosn leads one of the world’s largest automotive groups, Nissan Renault Alliance. The $158 billion automaker manufactures one out of every 10 cars sold globally and ac-counts for half the international market share for electric vehicles. Credited as the first person to run two Fortune Global 500 firms simultane-ously, Ghosn answered UBJ’s ques-tions on trends, workforce develop-ment and the car of the future, all of which could have big implications for the industry and your next car purchase.

What do you see as the most significant force shaping the auto industry today?

First, there is the combination of new technologies and regulations. Emissions regulations will continue to get tougher. That has already spurred the industry to embrace new, cleaner powertrain technologies, such as battery electric vehicles and fuel-cell electrics.

Connected technologies also promise to disrupt our industry. We’ll see a remarkable evolution of the car and how we use it, which will benefit the driver. For example, “autonomous drive” technology will soon allow you to let the car safely handle stop-and-go traffic, or maintain control on long highway drives, including lane changes. This will free the driver, at his or her option, to use that time more productively. And it will make driving in such conditions much less stressful.

Second, I believe we will continue to see more consolidation within the industry. The substantial costs of R&D into new technologies and to develop new products are such that smaller players in our industry will need to consolidate in order to survive. Con-solidation can take different forms, including mergers, acquisitions, partnerships and alliances.

What does the car of the future look like?

I wish I knew the answer to that question! Imagining how the car will look and perform, even within just 10 years from now, is a risky task. We know it will be more connected, it will have lower emissions and it will have the option to perform more tasks autonomously. The big question is how this will happen, with which technol-ogies? What are the features the public will embrace? What role will technology companies, like Google and Apple, play? Which of the tradi-tional automakers will succeed and which will fail? The next decade could potentially be a very disruptive one in our industry.

Why has it taken so long for consum-ers to catch on to electric vehicles?

It has taken longer than we initial-ly expected, but we have always looked at this as a long-term commitment. The biggest challenge has been to expand the charging infrastructure to remove anxiety about electric vehicle range. We see in countries where there has been a public-private commitment to expanding charging and encourag-ing the purchase of electric vehicles, sales have grown rapidly. Norway, an oil-rich country, is a good example. Lower taxes, parking incentives, free charging and a concentrated effort to install chargers across the country have made a big difference.

Are you concerned at all about fluctuating gas prices?

Absolutely not. EVs are a long-term strategy; you cannot change course

Next decade could be ‘very disruptive in our industry’Nissan Renault Alliance CEO Carlos Ghosn describes the future of the auto industry

ASHLEY BONCIMINO | [email protected]

8 | Q & A | INFORMATION YOU WANT TO KNOW

>>

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Businesses agree: Growth is Good! Growth means new clients and increased production. Ultimately, growth translates to increased profit.

Employees may view growth differently. Growth can be scary. It can mean more work in less time. Employees may worry about additional hours, the impact of stress on their personal lives, and added potential to make mistakes. They may feel that they are overworked and need help, but that no one is listening.

As business leaders, how do we maximize growth and manage employee morale?

• Hire sooner rather than later. Businesses often hire in a reactive manner. However, the most successful companies hire before the need arises.

Personnel requirements should be constantly monitored and the candidate search should begin before the crisis point.

• Manage the hiring process. Hiring and recruiting require a great deal of time and money. However, finding the right employees to grow your business is worth it. Take the time to update job descriptions, advertise effectively, work with recruiting firms and consider using employee assessments.

• Involve the team in the process of structuring new positions. Current employees may feel threatened by the possibility of new personnel. Ask for feedback from employees and keep communication open. Post jobs internally first. When recruiting from the outside, consider having key employees involved in the interview process. This will make them feel less threatened by new hires.

• Create a training program. Whether formal or informal, a training program for new hires is crucial to your growth strategy. Focus the training on the skills and knowledge necessary to perform the job successfully as well as the cultural expectations of the job.

• Evaluate current employees. Do you have the right people on your team to grow with you? You must make objective assessments of your current employees, in particular, the management. Additional training or resources may elevate current managers to the necessary level, but if not, you must be willing to make difficult decisions.

• Plan for physical expansion. Can your current facility handle your expected growth? Can you make modifications to optimize your space and expand your timeline?

Remember the three C’s: Coordinate, Communicate and Celebrate. Plan your growth strategy; be open to your staff; and celebrate your growth. Encourage everyone to work towards continued success. And most importantly, enjoy, this is when business becomes fun!

The Impact of Fast Growth on Employees

LEE YARBOROUGH


because of temporary ups and downs in the price of gasoline. There will always be fl uctuations, but the long-term trend in oil is clear. It’s also important to remember that the biggest driver toward a future of ze-ro-emission vehicles is climate change. That is a signifi cant factor pushing the industry to innovate in powertrains. Governments around the world are imposing stricter limits on CO2 emissions, and the industry is re-sponding. It is why you are seeing other automakers follow our lead and introduce EVs, which is good. We welcome the competition.

How do you view some auto manu-facturers’ workforce development crisis today?

We are all competing for engineer-ing talent, especially. There is a sig-nifi cant shortage of engineers, and we are not only facing competition from within our industry, but from other industries as well. As technology companies begin to get interested in producing vehicles, the competition is only going to get tougher for those with automotive experience. It is why you are seeing some automakers and our trade groups actively supporting

engineering programs and working to encourage students to enter engineer-ing as a career. There is a lot of in-house and external training going on as well within the industry, to ensure our engineers are staying up to date in their skills.

What do you remember most fondly about your time in Greenville with Michelin?

The people, the beautiful environ-ment and the great weather were all memorable. But perhaps the most enduring memory was how welcoming Greenville was, how much at home we felt there, despite it being a new and very different place for us. The people of Greenville were friendly and real. We truly enjoyed the experience and learned a lot in those years about what makes the U.S. such a great country.

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Workforce Development SaluteKeynote speaker Carlos Ghosnworkforcedevelopmentsalute.org

NOV 16

INFORMATION YOU WANT TO KNOW | Q & A | 9

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UBJ | 10.09.201510 | SQUARE FEET | REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION

SHERRY JACKSON | STAFF [email protected] | @SJackson_CJ

Developers of the proposed 325-acre Sanctuary Pointe project at Lake Hartwell, along the Georgia and South Carolina border at Exit 1 on I-85, announced this week they plan to add a veter-ans’ wellness center to the project’s already planned SC Great Outdoors Center complex.

The SC Great Outdoors Center complex is an initiative of the South Carolina National Heritage Corridor that promotes and protects the state’s natural resources. The 75-acre center is intended to be an element within the Sanctuary Pointe Resort development, and is set to include visitors’ services, environmental education, classrooms and meeting space, a café, indoor and outdoor archery ranges, a lakeside pavilion for fl at-water recreation, an am-phitheater and an adventure center pavilion with zip-lining, a ropes course and bike rental facilities.

The design for Sanctuary Pointe, which has been in the planning stages since 2008, includes a resort hotel and conference center, harbor and resort docks, a limited-service hotel and a golf course in addition to the Great Outdoors Center.

“With the Great Outdoors Center coming onboard, we decided to rethink our concept and make sure we’re doing it right,” said Sanctuary Pointe devel-oper Bob Daffi n. “Putting together the two concepts [The Outdoors Center and the resort] makes it a unique property where everyone can experience the great outdoors.”

HELP FOR VETERANSThe SC Great Outdoors Center now plans to add

space for WhenLifeSucks.org, a nonprofi t organiza-tion that serves veterans and their families suffering from trauma. In addition to having its core operations at the center, WhenLifeSucks.org will lead programs utilizing the natural surroundings and outdoor recreation for wellness, healing and renewal.

The veterans’ initiative joins 18 other partners who will have facilities or programs at the Great Outdoors Center, including the state departments

of natural resources, agriculture, forestry and transportation along with Clemson University, USA Olympic Archery and the National Parks Service.

WhenLifeSucks.org founder Tim Wiles said he noticed a need during his work as the president of Renovo Advantage, a company that offers wellness coaching, resilience and leadership development for corporate clients, indi-viduals and military veterans.

“There is no doubt that post-traumatic stress disorder has a negative effect on families in every area of life,” Wiles said. “The emotional and spiri-tual impact is way more devastating than the numbers show. That is why we must succeed.”

Research has shown that outdoor activities promote

wellbeing and decrease tension, anger and depression. Currently, the U.S. has more than 22 million living veterans nationwide from all wars, 2.4 million of whom live in the four states surrounding the Great Outdoor Center site at Sanctuary Pointe.

“I was shocked to learn that an average 22 veter-ans a day commit suicide and more post-9/11 veter-ans have died by suicide than combat-related fatal-ities,” said Michelle McCollum, president of the

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Back to natureSanctuary Pointe project at Lake Hartwell hopes to attract outdoor enthusiasts

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10.09.2015 | upstatebusinessjournal.com REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION | SQUARE FEET | 11

SHERRY JACKSON | STAFF [email protected] | @SJackson_CJ

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South Carolina National Heritage Corridor. “Post-traumatic stress dis-order is a growing epidemic among our veterans that cannot be ignored. Partnering with WhenLifeSucks.org to provide soldiers and their families access to these wellness programs and all of the outdoor recreation activities offered at the SC Great Outdoor Center is simply the right thing to do and we are honored to have them at the table.”

Wiles believes the partnership between WhenLifeSucks.org and the Great Outdoors Center will become a signifi cant resource to veterans on a national scale. “The Great Out-doors Center aligns with our mission and is uniquely positioned to make a measurable dif-ference in the lives of those who have sacrifi ced so much. This center could quickly grow to be the largest center for veterans’ wellness and renewal in the country.”

NEXT STEPSTo make the Great

Outdoors Center a reality, the Army Corps of Engineers must approve the center as an element of the already approved Sanctuary Pointe master plan, McCollum said. Sanctu-ary Pointe developers have already embraced the concept and are hopeful the Corps ap-proval will come quickly.

“This project is taking place on Corps property that is leased to the South Carolina Department of Parks, Recreation and Tourism and subleased to Sanctuary Pointe Resort,” said McCollum. “Once we receive approv-al from the Corps, we will immediately begin our capital campaign. We are hopeful that the public and private sectors will be willing to step up

and become partners in this endeavor to truly do something meaningful for our veterans.”

McCollum said they would need to raise approximately $12 million in capital for the SC Great Outdoors Center, with a target opening date in 2017.

For more information, visit scgreatoutdoors.org.

FLATWATER EXPERIENCES

LAND EXPERIENCES

• Flatwater kayaking – on-site, guided tours and equipment sales

• Paddleboarding – on-site, guided tours, paddleboard yoga and equipment sales

• Canoes – on-site, guided tours and equipment sales

• Pontoon boat rentals – on-site, day and nighttime experience

• Ski/Wakeboard Rentals – on-site, lessons and equipment sales

• Fishing – on-site, guided expeditions, DNR classes

• Fly fi shing – off-site, guided expeditions, DNR classes

• Boat/sailboat rentals – on-site

• Houseboat rentals – on-site

• Jet Ski rentals – on-site and guided expeditions

• Lake tours – off-site (Lake Keowee & Jocassee)

• Mountain biking – off-site (Clemson Forest), equipment rental

• Eco trekking – on-site, off-site (Clemson Forest), equipment rental

• Archery – on-site, lessons from DNR and National Wild Turkey Federation

• Shooting – on-site, hunter safety from DNR and Wild Turkey Federation

• Lakeside fi repit rental – on-site, private parties, special events

• Camping – off-site at local state parks, equipment rental

• Stargazing/astronomy – on-site (PRT, DNR, Clemson, Forestry)

• Zip line – on-site, equipment rental

• Climb to Zip – on-site, equipment rental

• Rock climbing – on-site

• Adventure course – on-site

• Trails – on-site

OUTDOOR EXPERIENCESThe SC Great Outdoors Center will provide:

>>

UBJ | 10.09.201512 | SQUARE FEET | REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION

ASHLEY BONCIMINO | STAFF [email protected]

www.CarltonMB.com(864) 213-8000

2446 Laurens Road, Greenville, SC 29607

Inspiring design.Inviting price.

2015 CLA250Starting at $31,893*

*Starting price includes $393 closing fee.

Around 100 residents packed in for this month’s city Design Review Board meeting, where the application for the 272-unit West End Apartment Homes project on South Main Street passed with a vote of 3-2.

Nearly a dozen people – many of whom were residents of the South Main Street community – voiced concern over the scale and lack of retail they

believe would encourage walkability, saying they were in favor of the project but not at the cost of development. When asked why retail was excluded, Brian Schick of the Charlotte-based developer Woodfi eld Investments said retail would cut into the number of total apartment units, and that retail “can also bring troubles.”

Schick said, “We are not a retail developer,” telling

the audience some design details were changed based on community input from a neighborhood meeting. “We feel like we’ve made every one of the sugges-tions… This is all very different from what we ini-tially planned when we brought them the proposal and developed our plan.”

The 272-unit West End project is planned on the current site for the Pendleton Street Baptist

DRB approves West End projectDesign Review Board votes 3-2 in favor of 272 units on site of Pendleton Street Baptist Church

FRONT ROW: Design Review Board

S Main StPerry Ave

>>

10.09.2015 | upstatebusinessjournal.com REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION | SQUARE FEET | 13

www.CarltonMB.com(864) 213-8000

2446 Laurens Road, Greenville, SC 29607

Inspiring design.Inviting price.

2015 CLA250Starting at $31,893*

*Starting price includes $393 closing fee.

Church property at 1100 S. Main St., where the church has been a fi xture of the community since the 1890s. The church sold three of its 4.5 acres at the site for the project, and retained a small corner at Markley and Rhett Streets where it plans to build a new church.

At the meeting, church pastor Marty Price said the church is in “full support of this project. He said, “Frankly, we want to be surrounded by people,” and the apartment project would help them do that. He went on to say that the plan includes “more than suffi cient parking,” an issue that has been a rallying cry for residents who say the infl ux of cars would make streets impossible to use.

Yet while some residents focused on parking limitations, the primary issue centered around a lack of retail and the project’s size, according to West End Neighborhood Association representa-tive Susan Skipwith.

Other residents voiced the opinion that the project represents a missed opportunity both with employment prospects and building a welcoming

entrance corridor to the city.The project’s application passed 3-2,

with Design Review Board members Mitch Lehde and Todd Malo voting against approval and members Dan-ielle Fontaine, Carmella Cioffi and Chairman Barry Nocks voting in favor.

“No one meets everybody’s needs. No one can make everybody happy, which predicates the story of my life,” said Nocks, who cast the deciding roll-call vote when his colleagues split the decision 2-2.

Nocks said that while the project may bring consequences, another developer may have brought more problems or cared less about its impact, making the 272-unit develop-ment the best they have to work with.

“It could have been commercial, which brings more traffi c,” he said. “The question is not is this project perfect… but is this project con-sistent with the guidelines as gener-ally interpreted?”

The committee also reviewed the 16-unit New City Court View townho-mes project located at Gibbs and Mayfi eld streets. While the DRB noted

Wagner Wealth Management moving HQ to Verdae

Area is ‘the next big thing,’ says fi rm’s president

Greenville-based Wagner Wealth Management is relocating from its Main Street offi ce to a 7,400-square-foot offi ce building it has purchased at Verdae.

The new company headquarters will occupy the second fl oor of the two-story building located at 3A Legacy Square at Hollingsworth Park, which also currently houses the Verdae YMCA. Dan Wagner, the fi rm’s presi-dent, said that while the company loves downtown Greenville, he believes Verdae “is the next big thing,” offering a central location with ample parking.

“Verdae puts us in the middle as Greenville con-tinues to grow,” Wagner said. “In the next fi ve to 10 years Verdae will be the place to be. We’re hoping to be a little ahead of the curve.”

Wagner Wealth will initially occupy approximately 3,700 square feet, but will have room to expand to the fi rst fl oor once the new YMCA at Verdae is completed in the coming years. The company currently leases 1,800 square feet at 130 S. Main St. and plans to move by the end of October.

The Verdae offi ce will have state-of-the-art Skyping, teleconference and video in its new conference area, as well as rooftop access offering views of downtown Greenville. “It’s condu-cive to us doing larger events and

hosting in our own space instead of going to a larger venue,” Wagner said.

The new location also has the benefi t of easy access to the GHS Swamp Rabbit Trail, Verdae YMCA and Legacy Park, He said. “A lot of

small businesses struggle to have a wellness component to offer, but we really feel like the wellness part is big at Verdae and is something we can offer to our fi rm.”

The new offi ce will accommodate eight advisors and planning, research and compliance staff on site. A new staffer has already been hired who “will play a new role in the new facil-ity,” and with the new space comes plans for new local and national ac-quisitions, Wagner said.

Wagner Wealth also has offi ces in Asheville, Seneca and Anderson.

>> that the project had greatly improved since it was fi rst presented, further changes might be necessary on project railings, garage detailing, the scale of trees and overhead vs. underground utilities.

DRB members also reviewed plans for the six-story mixed-use develop-ment in the Haynie-Sirrine area at South Church and Wakefi eld streets.

The proposal included one fl oor of retail at the pedestrian level topped with fi ve fl oors of residential units, two units per fl oor, with parking under-neath the building for residents. The modernist design lacked details that could tie it in with surrounding build-ings, with one board member noting that the building looked almost un-fi nished in design.

SHERRY JACKSON | [email protected]

FOR MORE INFORMATION VISIT WORKFORCEDEVELOPMENTSALUTE.ORG OR [email protected].

WORKFORCEDEVELOPMENTSALUTE.ORG

JOIN THE GREENVILLE TECH FOUNDATION

AS WE HOST A CONVERSATION WITH

CARLOS GHOSNCHAIRMAN & CHIEF EXECUTIVE OFFICER OF

THE RENAULT-NISSAN ALLIANCE

THIS EVENT WILL FUND STUDENT SCHOLARSHIPS AND OTHER CRITICAL NEEDS FOR GREENVILLE TECHNICAL COLLEGE.

11.16.156:00pm Cocktail Reception • 7:00pm Dinner

TD Convention Center


alignment it creates between investors and entrepreneurs. When it comes time for the next round of investment, instead of investors and founders being aligned as equity holders seeking the highest reasonable valuation, the in-vestors now have incentive to argue for a lower valuation to improve their equity position upon conversion.

Furthermore, by delaying the con-versation about valuation, the entre-preneurs miss an opportunity to test the relationship with the investor, and vice versa. If the two parties can’t have a productive conversation about the subjective and challenging topic of valuation, it may signal potential issues the parties will encounter when faced with the inevitable, inherent challenges and confl icts that arise in all startup companies.

Finally, many entrepreneurs choose to raise money via convertible notes because they can be issued faster and cheaper than a preferred equity round. While this is true to some extent, the advent of standardized equity round

documents like Series Seed has miti-gated these differences signifi cantly. In the end, creating alignment between investors and founders will prove to be much less expensive than the incremental cost of issuing equity instead of a convertible note.

Given the challenges associated with convertible notes, we at UCAN and SCAN tend to avoid them (except in cases where there is a high proba-bility of a conversion event or acqui-sition within just a few months of the note investment), and we encourage entrepreneurs to think twice before defaulting to the trendy wave of convertible notes.

As with many trends related to entertainment or technology, the market for early-stage capital often experiences a ripple effect carrying prevalent practices from the West Coast eastward. One of those waves that has recently swelled to signifi cant heights in our local market is the prevalence of startups raising their fi rst round of outside capital in the form of convertible notes.

While there are certainly appropri-ate times and situations for using convertible notes, we at UCAN and the SC Angel Network find that startups too often default to convert-ible notes when they are not the best approach – for the entrepreneurs or the investors.

INADEQUATE COMPENSATIONBy definition, convertible notes,

which are a form of debt, are intended to convert into equity – or a portion of ownership in the company – in the future. By structuring the investment as debt rather than equity, the entrepre-neurs and investors delay the al-ways-challenging task of determining a price, or valuation, for the company. Instead, the note is structured to convert into equity based on the price of an assumed future round of equity invest-ment, usually at a discount of 10 to 25 percent of the price of the new round.

While the discount provides some additional value for the early investors, it rarely provides adequate compen-sation for the disproportionate risk the note holders took prior to the new round of investment. If the company successfully deploys the capital from the convertible note and gains traction according to its plan, the price of the new round of equity will be such that even with the discount, noteholders pay a much higher price than would have been appropriate for the level of risk at the time of investment.

A valuation cap can be added to the terms of the note to mitigate this risk for investors, but in most cases the cap is still higher than the appropriate valuation at the time – and since the cap requires a price negotiation anyway

(which notes are designed to avoid), it usually makes more sense to negotiate a fair price for the equity at the time of the original investment.

NO PATHWAY TO CONVERSION A more acute risk in our market –

unlike the West Coast where venture capital is relatively abundant – is that the so-called “bridge note” turns into a “pier” with no clear pathway to conversion, which leaves investors and entrepreneurs in a precarious position.

For instance, entrepreneurs often fail to recognize the crippling impact an unconverted note can have on the company’s balance sheet. If the note doesn’t convert in a relatively short time frame, the accruing interest can add up to a large number that may severe-ly limit the company’s future prospects.

Any new equity investor will adjust down the pre-money valuation offered in order to account for the post-invest-ment impact of the converting prin-cipal and interest from the notes. Additionally, if the bridge becomes a pier, the accruing debt can ultimately put investors in position to call their notes, pushing the company into default and ultimately taking over the assets of the company with no recourse for the equity holders like founders and employees.

TAX CONSEQUENCES AND MISALIGNMENT

Another key issue for investors is the tax consequences of convertible notes. When the accruing interest on the note converts into equity at the time of conversion, investors are re-quired to pay income tax on the inter-est earned – even though they are not receiving cash from the company. Additionally, the capital gains clock for investors doesn’t start at the time of the convertible note investment, but rather at the time of conversion – so if the company were to be acquired within the fi rst year after conversion, investors would be required to pay ordinary income taxes on their gains, rather than the capital gains rate which would apply in the case of an equity investment held for more than one year.

Perhaps the most problematic aspect of using convertible notes is the mis-

A note on convertible notesDon’t dive headfi rst into the trendy wave in startup fi nancing

By MATT DUNBARManaging director, Upstate Carolina Angel Network

MOVERS, SHAKERS AND DISRUPTORS SHAPING OUR FUTURE | INNOVATE | 15

DEFINEDConvertible note: A loan that converts into equity after the company has a bit more operating history under its belt and there is more information available to establish a fair price.

Source: Wefunder.com

The morning includes your choice of Starbucks coffee, selection of pastries, Starbucks Coffee Masters presentation, preview of the new Rebuild Upstate video.

Seating is limited. No charge to attend but you must make a reservation. Reserve your ticket now at http://wakeupwithrebuild.eventbrite.com

Thank you to our sponsors:

VENTI: Starbucks

GRANDE: BRIGHT+ CO Marketing Consortium

TALL: BNC Bank, Tom & Ashley Bates Family Fund, MTN, FUSION Audio & Video, South State Bank, O’Neal Inc.

MEDIA: Upstate Business Journal, Complete PR

Tuesday, October 20 • 7:30-9amO’Neal Inc. • 10 Falcon Crest Drive • Greenville, SC 29607

INVITES YOU AND YOUR COMPANY TO…

UBJ | 10.09.2015

When Mike Johnson moved to Greenville and joined Nelson Mullins in 2012, his resume stood out thanks to fi ve years working at the Securities and Exchange Commission in Washington, D.C. That led to his current specialization on corporate fi nance issues such as private equity funds and crowdfunding – topics of particular interest since South Caro-lina recently adopted crowdfunding rules and the SEC is expected to do the same in the coming months.

For Johnson, it’s another way to use his legal expertise to help businesses grow. He serves clients as outside general counsel to their executives and

directors, is a regular speaker at conferences and conventions, and recently joined the board of directors at Elite Crowdfund, an Atlanta company that launched last month. He often attends Upstate events to meet the leaders of emerging compa-nies so he can help them navigate the development stage.

“I try to offer a few lessons I’ve learned in 14 years of representing emerging growth companies,” he said. “When it all comes together, it’s a lot of fun.”

What brought you to Greenville and to Nelson Mullins?

My wife and I moved here in Decem-ber of 2012 to be closer to her family and for me to join Nelson Mullins. Her parents retired to South Carolina and we wanted to be close to them, and

16 | WHO'S WHO: ONES TO WATCH | WHAT YOU WANT TO KNOW ABOUT PEOPLE YOU NEED TO KNOW

Mike JohnsonPartner, Nelson Mullins Riley & Scarborough LLP

LEIGH SAVAGEContributor

Photos by Carol Stewart

>>


we felt South Carolina was a great place for us to raise our family. I had worked with Nelson Mullins while at the Securities and Exchange Commis-sion, so I thought it would be a good fit.

You spent five years at the SEC. Does that help you in your work now?

There are talented securities lawyers in the state, but having been on the inside is something that I offer that is unique, and it’s helpful in a lot of re-spects. From the time I was in law school, it was something I wanted to do. I knew it would be a great educa-tion and an opportunity to meet the real experts in securities law, and I knew I would get to see the kind of transactions that interested me: IPOs, cutting-edge securities developments.

The Jumpstart Our Business Startups Act, or JOBS Act, was signed into law in 2012. How has that affected your work and your clients?

The JOBS act was signed into law while I was at the SEC, so it was a really interesting time to be there. It proposed rules for crowdfunding and new ways to raise capital. It was de-signed to facilitate capital raising in the U.S. for smaller businesses. I’ve taken a particular interest in private equity funds and crowdfunding.

Tell us more about crowdfunding and how it affects S.C. businesses.

There are several types of crowd-funding, but it is generally offering securities over the Internet, in rela-tively small amounts, to a large number of potential investors. There are several national crowdfunding websites being used by South Carolina businesses, but the current equity crowdfunding websites can generally only raise capital from high net-worth individuals. The SEC is still in the process of adopting rules to open up crowdfunding to everyone.

Because of SEC delay, individual states are adopting their own rules, including South Carolina. The South Carolina rule permits South Carolina businesses to raise capital from South Carolina residents, with a $5,000 limit for non-accredited investors. Opening up crowdfunding to non-accredited

investors is a delicate subject. While most would like to see everyone pro-vided with the opportunity to invest in or support a business, you also want to ensure that more vulnerable inves-tors don’t get in over their heads. It’s a balancing act, and that’s why the SEC has been so slow to finish its rules. The SEC plans to adopt rules in 2015, but we shall see.

After living in Seattle and D.C., what was it like to move to Greenville?

Greenville offered the opportunity to do sophisticated work similar to what I was doing in those cities, but without some of the headaches like traffic and the outrageous cost of living. There were so many things we liked here, like shows, restaurants and a walkable downtown area. We didn’t feel like we were giving up anything – except the things we wanted to give up.

Do you have any mentors who have guided your career?

I have several senior partners in the firm that are there for me on a regular basis. Neil Grayson recruited me and has been instrumental in my development.

What aspect of your work do you find most fulfilling?

It’s exciting to me when a client has a new business opportunity and they need to accomplish something – raising capital or making an acquisi-tion to take that business to the next level. It’s satisfying to me to get to be a part of that and to help get them from point A to point B. It’s a team effort, and it’s exciting when the client is able to bring something to market that the community needs, and the community is better because of it.

ONES TO WATCH: The judges could only choose a handful of winners from the more than 130 nominees for Who’s Who in 2015. Over the next few months, UBJ will intro-duce you to a dozen more whose work is worth keeping an eye on.

POINTS OF INTEREST

Age: 40

Hometown: Seattle

Education: Washington State University; Willamette University College of Law

Family: Wife Rachel; son due in December; dachshund puppy

Hobbies: “Next year I want to improve my tennis game.”

WHAT YOU WANT TO KNOW ABOUT PEOPLE YOU NEED TO KNOW | WHO’S WHO: ONES TO WATCH | 17

>>

GENERAL LIABILITY INSURANCE:

YOUR DEFENSE AGAINST LIABILITIES

The only way to effectively protect the assets of your business is to carry adequate Commercial General Liability (CGL) Insurance coverage. CGL protects your business from damages caused by bodily injury or property damage for which your business is found to be legally liable.

What Does CGL Cover?

As a safeguard against liability, CGL enables you to continue your normal operations while dealing with real or fraudulent claims of negligence or wrongdoing. CGL policies also provide coverage for the cost to defend and settle claims. Here is more detail into what a typical CGL policy may cover:

• Automatic Additional Insured – Coverage is provided for written contracts, agreements and permits.

• Personal and Advertising Injury – Protects against offenses made by you or your staff during the course of business, such as libel, slander, disparagement or copyright infringement in advertisements.

• Defense Costs – Provides coverage for legal expenses for liability claims brought against your business, regardless of who is at fault.

• Medical Expenses – Provides coverage for medical expenses if someone is injured on your premises or by your products.

• Premises and Operations Liability – Provides coverage for bodily injury and property damage sustained by others on your premises or in conjunction with your business

operations.

• Products Liability – Provides coverage for bodily injury and property damage sustained by others as a result of your products.

How Much Coverage Does Your Business Need?

The amount of coverage that your business needs depends on three factors: perceived risk, where you

operate your business and the type of products you manufacture.

Perceived Risk – Consider the amount of risk associated with your business operations and functions. For instance, if you manufacture heavy machinery, you would generally need more coverage as compared to another organization that manufactures stuffed animals.

�• Premises and Operations Liability – If you operate in a state that has a reputation for rewarding high damages, then you may wish to purchase higher limits of liability.

• Type of Product Manufactured –If you manufacture a dangerous product, you may want to carry higher limits of liability.

Remember, you can purchase an Umbrella Liability policy to help achieve the desired limit of liability.

Herlong Bates Burnett Insurance understands that your business needs to be protected, and we are here to help! Please contact us today to learn more about our risk management and insurance solutions.

28 Global Drive, Ste 102, Greenville 29607864-527-0424 •

TOM BATES VICE PRESIDENT/COO [email protected]

Proudly Representing

UBJ | 10.09.2015

AUTOMOTIVE

Milex Complete Auto Care/Mr. Transmission franchisee Dean Bingham was awarded the Franchisee of the Year Award by the Internation-al Franchise Association.

COMMUNITY

Brad Wyche was recognized by Governor Nikki Haley with The Order of the Palmetto, the state’s highest civilian honor given to those who have made signifi cant contributions to the life and well-being of South Carolina and her people. Wyche retired as ex-ecutive director of Upstate Forever and will serve as a senior advisor to the organization.

The Upstate SC Alliance hired Marc Metcalf as a business recruiter and Aaron Whitehead as marketing coor-dinator and promoted Emelie Hegarty to communications manager and Patty Wills to operations manager/executive administrator. Metcalf previously served as the employer services manager at Greenville Technical College. Whitehead previously served as a graphic designer at Meyco Prod-ucts and Stäubli Corporation.

FINANCE

SeaCrest Wealth Management hired Richard Matthews and Melissa Liggett. Matthews is a financial advisor with 10 years of experience in retirement distribution and estate

planning. Liggett has focused her career on the insurance and healthcare landscapes.

LEGAL

Elliott Davis Decosimo named Howard Houston and Jerry D. Lewis of the firm’s Greenville office as shareholders. Houston specializes in audits, reviews and compilations for construction, higher education, real estate companies and not-for-profi t entities. Lewis leads the fi rm’s Tax Methods and Credit Services Practice, providing strategic solutions to tax-payers in an effort to increase current and future cash fl ows.

PR/MARKETING

Infi nity Marketing recently pro-moted four employees to new posi-tions. Melissa Burkhamer was named a senior media buyer. She oversees the grocery and hospitality teams with media planning and buying and account management. Jessica Howard was named a media coordinator. She assists the health care and media teams with delivera-bles, scheduling and tracking. Ross McIlwain was named a client services coordinator. He assists the retail team with media plans, DJ endorsements and copywriting. Leslie Olson was named a media buyer. She manages one of the agency’s retail and fi nancial teams with media planning, buying and account coordination.

Jackson Marketing, Motorsports & Events hired Steve Bartlett, Brandon Bolen, Shannon Boswell and Nick DeAngelo as event specialists and commercial truck drivers. Bartlett has 20 years of experience in the automo-tive industry, including sales, service, parts, customer service and motor-sports preparation. He also has 15 years of experience driving commercial ve-hicles for companies. Bolen will focus on transporting for off-road racing clients. He has fi ve years of transport and hauling experience. Boswell has 10 years of experience in the motor-sports industry, previously working with companies such as Richard Petty Motorsports, Robby Gordon Motor-sports, Champion Tire and Wheel and JHE Productions. DeAngelo will drive a commercial vehicle, manage its maintenance and equipment and provide program support.

Sarah Moore received the Septem-ber 2015 Hales Jewelers Young Leader Award by PULSE for innovative,

initiative-driven leadership impacting the recipient’s work or community environments. Moore is an associate at Complete Public Relations.

REAL ESTATE

Serrus Capital Partners hired Gary Gosztonyi as president and COO and Douglas Walker as CFO. Gosztonyi will manage the day-to-day operations of the business. Walker has more than 20 years of experience managing and developing controls specifi c to the real estate industry.

TOURISM

The Spartanburg Convention & Visitors Bureau named Lisa Giaimo and Dave Sundermann to the Spar-tanburg Tourism Advisory Board. Giaimo is vice president of sales and marketing at OTO Development in Spartanburg. Sundermann is the general manager and director of sales at the Spartanburg Marriott.

APPOINTED HIRED HIRED APPOINTED HIRED

Clemens Schmitz-JustenAppointed by the Federal Republic of Germany to serve as the honorary consul of Germany in South Carolina. Schmitz-Justen previously served as president of BMW Manufacturing. In 2009 he started his own strategic and executive consulting business.

Dan GaltNamed as senior accountant at OnPoint CFO & Controller Services. Galt has more than 20 years of experience in the accounting industry. He specializes in setting up nonprofi t organizations both in South Carolina and federally.

Keith GettysNamed to the medical team at Shriners Hospitals for Children – Greenville. Gettys recently completed his fellowship in pediatric orthopaedics and scoliosis at Texas Scottish Rite Hospital in Dallas, and earlier this year was the recipient of the T. Boone Pickens Award for Orthopaedics.

Meliah Bowers JeffersonSelected as national spokesperson for the American Heart Association’s “Go Red For Women” movement. Jefferson is an attorney with Wyche, focusing her practice on complex commercial litigation and intellectual property law. She will share her experience of suffering a heart attack at age 33.

Erika DeRobertsNamed the project executive and director of developer relations at Coldwell Banker Caine. DeRoberts recently served as branch leader and broker-in-charge for another Upstate real estate company. She began her real estate career in 2005, working for a national builder in onsite sales.

APPOINTED HIRED HIRED APPOINTED HIRED

18 | ON THE MOVE | PLAY-BY-PLAY OF UPSTATE CAREERS

GREENVILLE NEWS PUBLISHER TO RETIRE

Dave Neill, Gannett regional president in the Carolinas and publisher of the Greenville News and The Asheville Citizen-Times, announced his resignation this week.

Neill, who previously served as president and publisher of the Naples Daily News in Florida and as president of Portrait Publishing LLC, plans to return to his family in South Florida, the Greenville News reported.

His resignation is effective Oct. 17. A search is underway for his replace-ment, according to the Greenville News.

«


CONTRIBUTE: New hires, promotions & award winners may be featured in On the Move. Send information and photos to [email protected].

THE FRESHEST FACES ON THE BUSINESS LANDSCAPE | NEW TO THE STREET | 19

Open for business

CONTRIBUTE: Know of a business opening soon? Email information to [email protected].

1

TRANSLATION SERVICES

Ivannovation LLC hired Lynne Junker and Darren Jansen as project managers. Junker has experience in both translation and project management. She receives translation requests, assigns projects to linguists and oversees the work from outset to delivery. Jansen previously taught English and managed marketing at Agape English Language Institute. In addition to managing translation projects, he is spearheading marketing efforts.

«

«

1. Primrose School of Simpsonville at Five Forks recently opened at 2255 Woodruff Road, Simpsonville. The school is an accredited private preschool. For more information, visit primroseschools.com/schools/simpsonville-fi ve-forks or call 864-757-1191.

3

2

2. Sylvan Learning recently opened at 150 Tanner Road, Suite E, Greenville. The organization provides personal learning for students in grades K-12. For more information, visit bit.ly/sylvan-learning.

3. O’Reilly Auto Parts recently opened at 205 N. Main St., Mauldin. Hours are Monday-Saturday, 7:30 a.m.-9 p.m., and Sunday, 9 a.m.-8 p.m. For more information, visit bit.ly/oreilly-auto.

UBJ | 10.09.2015

Greenville Chamber chooses local printer for rebranding

The Greenville Chamber chose local printer Colorhammer for its rebrand printing.

“Choosing Colorhammer was easy for us,” Marion Mann, senior marketing manager at the chamber, said in a release. “We were looking for someone who could intuit where we needed to go and beautifully deliver our business cards, stationery and more with a minimum of effort on our part.”

The Chamber this year underwent a major rebranding effort to consolidate its 50 brands and 70 programs.

“Colorhammer delivers the best efforts of a consortium of custom printing facilities,” Matt Stocking, Colorhammer principal, said in a release. “Our secret sauce brings into play facilities with a wide range of capabilities, all coordi-nated by a single point of contact. Our customers have come to expect the extraordinary without the hassle.”

Duke Energy lowering rates for customersDuke Energy Carolinas customers will see savings on their electric bills this

month due to a decrease in the annual fuel charge. The new fuel charge results in an

electric rate decrease for residential customers of 0.9 percent – about $1.06 per month for those using 1,000 kilowatt-hours (kWh) a month.

General service customers will see a decrease of 2.4 percent, lighting cus-tomers 1.4 percent, and industrial customers 3.5 percent.

Reasons for the overall rate decrease include lower projected coal and natural gas prices and a $19-million decrease in the period true-up of fuel costs from the prior year’s projection

These deductions were partially offset by higher projected nuclear fuel prices and higher sales.

The Cliff s completes $525K golf course restorations

The Cliffs completed a three-month-long renovation process, investing more than $525,000 to enhance its two oldest golf courses, The Cliffs at Glassy and The Cliffs Valley.

“We are excited about the recent enhancement to The Cliffs at Glassy prac-tice facility,” Brian Peeples, The Cliffs director of golf, said in a release. “For agronomic reasons this was a big step to help us manage our traffi c, but the fun part is we now have a practice area that better replicates the experience to be had on the course.”

The Cliffs at Glassy practice facility underwent a total rebuild, increasing tee space from 18,000 square feet to 31,000 square feet. Glassy’s practice fa-cility also includes a new short game green with surrounding chipping and pitching areas to help players simulate shots on the course.

The Cliffs Valley’s new practice facility includes a new short game area, a 3,000-square-foot green and two new green side practice bunker complexes.

NFIB off ers tips for businesses damaged by fl ooding

The South Carolina offi ce of the National Federation of Independent Busi-ness has released a list of tips for small businesses damaged by the historic fl ood-ing across South Carolina:

Contact the U.S. Small Business Admin-istration (SBA) and take advantage of the Federal Emergency Management Agency’s (FEMA’s) presence to begin the recovery process.

Document any damage to the business with photos and video.Protect property from further damage, but hold off making permanent

20 | FINE PRINT | BUSINESS BRIEFS YOU CAN’T MISS

Has Been Acquired By

US LBM Holdings, LLC Mt. Vista Capital, Inc.

Served as Financial Advisor to GBS Building Supply, Inc.

Alan D. Austin, President 864-423-2347

[email protected]


repairs until the claims adjuster can come to the business and assess the damage. Save receipts to document what is spent on repairs.

Provide the adjuster with as much information as possible about the items that were damaged – descriptions of the items that were damaged, when they were purchased and what they would cost to repair or replace – to speed up the settlement process.

Use social media and the company’s website to keep up with customers, vendors and your employees.

NFIB has a comprehensive website to help small businesses prepare for and recover from a disaster. To learn more, visit NFIB.com/disaster.

GHS honored with two UHC awardsUHC, an alliance of the nation’s leading nonprofi t academic medical centers

and their affi liated hospitals, honored Greenville Health System with the Supply Chain Performance Excellence Award and Supplier Diver-sity Leadership Award at its annual conference last week.

The UHC Supply Chain Performance Excellence Award recognizes high-performing organizations in supply chain management as measured by the Supply Chain Per-formance Excellence Collaborative Study. The study analyzes data from the UHC Operational Data Base to measure supply utilization at the facility level and across select clinical service areas.

The Supplier Diversity Leadership Award honors a UHC member organi-zation for an outstanding supplier diversity program and a demonstrated commitment to supporting the growth of minority-, women-, and veteran-owned businesses.

Carolina Alliance, Pinnacle Bank complete merger

Carolina Alliance Bank, PBSC Financial Corporation and PBSC’s wholly owned subsidiary, Pinnacle Bank of South Carolina, jointly announced this week that the previously announced merger of the two banks was completed on Oct. 3, 2015, after receiving all shareholder and regulatory approvals. On Monday, Oct. 5, the Pinnacle Bank offi ces in Greenville, Powdersville and Easley opened as offi ces of CAB.

Under the terms of the merger agreement, PBSC share-holders will receive either $12.00 in cash or 1.0909 shares of CAB common stock, or a combination thereof, for each PBSC share they owned immediately prior to the merger, subject to limitations. Based upon the fi nal CAB stock price, the transaction value was approximately $22.3 million, the company said in a statement.

“Customers of both Carolina Alliance and Pinnacle Bank will continue to receive the exceptional customer service they expect from both organizations, with the added benefi ts of enhanced product and service offerings,” said John Poole, CEO of CAB.

CAB began operations in January 2007 and is headquartered in Spartanburg. PBSC was founded in January 2006 and has been headquartered in Greenville. The combined bank will have eight banking offi ces located in Spartanburg, Greenville, Powdersville, Easley, Anderson and Seneca, S.C., and Asheville and Hendersonville, N.C., as well as loan and lease production offi ces in Spartanburg and Charlotte, N.C. All of the offi ces will operate as CAB. The bank will be headquartered in Spartanburg, with senior management person-nel operating from Spartanburg, Asheville and Greenville.

Carolina Alliance was advised in the transaction by FIG Partners LLC as fi nancial advisor and Nelson Mullins Riley & Scarborough LLP as legal counsel, according to the statement. PBSC was advised by SunTrust Robinson Humphrey as fi nancial advisor and Bryan Cave LLP as legal counsel.

BUSINESS BRIEFS YOU CAN’T MISS | FINE PRINT | 21

and their affi liated hospitals, honored Greenville Health System with the Supply Chain Performance Excellence Award and Supplier Diver-sity Leadership Award at its annual conference last week.

The UHC Supply Chain Performance Excellence Award recognizes high-performing organizations in supply chain management as measured by the Supply Chain Per-formance Excellence Collaborative Study. The study analyzes data from the UHC Operational Data Base to measure supply utilization at the facility level and across select clinical

SOLD

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STEVE MUSSMAN 864.316.6569

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JAMIE OUZTS 864.617.5307

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Join Our List of Satisfied Professionals

UBJ | 10.09.201522 | #TRENDING | INFORMATION YOU WANT TO KNOW

BIZ BUZZ The top 5 stories from last week’s issue ranked by shareability score

1. Greenville startup Bandwagon lands lead angel, $25K commitment

2. Chicken Salad Chick opening third Greenville location

3. Construction begins on state’s fi rst co-op grocery store

4. Loose Reed seeks to jump-start Upstate brewery district

5. Mitsubishi Polyester plans $100M plant expansion

OVERHEARD @ THEWATERCOOLERDistilled commentary from UBJ readers

>> 1,155

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UPSTATEBUSINESSJOURNAL.COM

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RE: BANDWAGON & COLLEGE GAME DAY

> @BandwagonSusan “Ain’t nothing going to break our stride!” @BandwagonTix @CollegeGameDay @UpstateBiz @ClemsonFB”

RE: CATERPILLAR DOWNSIZING COULD AFFECT 800 S.C. WORKERS > Craig Kinley “Earth moving equip and tire production slowdown, headed for a overall market little slow down and correction @Arthur Milwee, @Klugh IV, @Virginia Simpson #drypowder time”

> Virginia Simpson “Opportunity often shows up in disguise.”

> Craig Kinley “The cycle is not a stranger in disguise, planning for the next one is key, Virginia Simpson.”

OCTOBER 2, 2015 | VOL. 4 ISSUE 40

ADVANTAGEADVANTAGEHOME FIELD HOME FIELD PROTECTINGTech startup Bandwagon could be

just the ticket for sports fanspg. 8

DO YOU HAVE WHAT IT TAKES TO RETIRE?

WE HAVE WHAT IT TAKES TO TELL YOU.

Visit us at www.fosterfitzsimmons.com to learn more.Or call 864.289.2166.

112 Haywood Road, Greenville, SC 29607

©2014 Raymond James & Associates, Inc., member New York Stock Exchange/SIPCRaymond James is a registered trademark of Raymond James Financial, Inc.

Beach Foster, AIF®

Managing Director, Investments

Matthew Foster, AAMS®

Financial Advisor

Pat Fitzsimmons, AIF®

First Vice President, Investments

Karen AlexanderSales Associate


PRESIDENT/CEOMark B. [email protected]

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STAFF WRITERSAshley Boncimino, Sherry Jackson, Benjamin Jeffers, Cindy Landrum, April A. Morris

MARKETING & ADVERTISING

SALES REPRESENTATIVESNicole Greer, Kristi Jennings, Donna Johnston, Annie Langston, Lindsay Oehman, Emily Yepes

DIRECTOR OF EVENTS & ACCOUNT STRATEGY Kate Madden

DIGITAL TEAM Emily Price, Danielle Car

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ART DIRECTORWhitney Fincannon

OPERATIONS Holly Hardin

ADVERTISING DESIGNMichael Allen

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UBJ welcomes expert commentary from business leaders on timely news topics related to their specialties. Guest columns run 700-800 words. Contact Executive Editor Susan Clary Simmons at [email protected] to submit an article for consideration.

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IN THIS WEEK’S ISSUE OF UBJ? WANT A COPY FOR YOUR LOBBY?

Order a reprint today, PDFs available for $25. For more information, contact Anita Harley 864.679.1205 or

[email protected]

20 Upstate bUsiness joUrnal November 1, 2013

UBJ milestone

Solve. Serve. Grow. Those three words summarize Jackson Marketing Group’s guiding principles, and ac-cording to owner Larry Jackson, form the motivation that has kept the firm thriving for the past 25 years.

Jackson graduated from Bob Jones University with a degree in video and film production and started his 41-year career in the communications industry with the U.S. Army’s Public Information Office. He served during

Vietnam, where he said he was “luckily” stationed in the middle of Texas at Fort Hood.

He left the service and went to work in public affairs and motorsports at Ford Motor Company in Detroit. After a stint at Bell and Howell, where he was responsible for managing Ford’s dealer marketing and training, the entrepreneurial bug hit and he co-founded Jackson-Dawson Mar-keting Communications, a company specializing in dealer training and product launches for the auto indus-try in 1980.

In 1987, Jackson wanted to move back south and thought Greenville would be a good fit. An avid pilot, he

learned of an opportunity to purchase Cornerstone Aviation, a fixed base operation (FBO) that served as a service station for the Greenville Downtown Airport, providing fuel, maintenance and storage.

In fact, when he started the Green-ville office of what is now Jackson Marketing Group (JMG) in 1988, the offices were housed on the second floor in an airport hangar.

“Clients would get distracted by the airplanes in the hangars and we’d have to corral them to get back up-stairs to the meeting,” Jackson said.

Jackson sold the FBO in 1993, but says it was a great way to get to know Greenville’s fathers and leaders

Jackson Marketing Group celebrates 25 yearsBy sherry Jackson | staff | [email protected]

>>

Chairman larry Jackson, Jackson marketing Group. Photos by Greg Beckner / Staff

November 1, 2013 Upstate bUsiness joUrnal 21

UBJ milestone

with a majority of them utilizing the general aviation airport as a

“corporate gateway to the city.”In 1997, Jackson and his son,

Darrell, launched Jackson Motor-sports Group. The new division was designed to sell race tires and go to racetracks to sell and mount the tires. Darrell Jackson now serves as president of the motorsports group and Larry Jackson has two other children and a son-in-law who work there. Jackson said all his children started at the bottom and “earned their way up.”

Jackson kept the Jackson-Dawson branches in Detroit and others in Los Angeles and New York until he sold his portion of that partnership in 2009 as part of his estate plan-ning.

The company now operates a small office in Charlotte, but its main headquarters are in Greenville in a large office space off Woodruff Road, complete with a vision gallery that displays local artwork and an audi-torium Jackson makes available for non-profit use. The Motor-sports Group is housed in an additional 26,000 square feet building just down the street, and the agency is currently looking for another 20,000 square feet.

Jackson said JMG has expand-ed into other verticals such as financial, healthcare, manufac-turing and pro-bono work, but still has a strong focus on the auto industry and transportation. It’s

also one of the few marketing com-panies in South Carolina to handle all aspects of a project in-house, with four suites handling video production, copywriting, media and research and web design.

Clients include heavyweights such as BMW, Bob Jones University, the Peace Center, Michelin and Sage Automotive. Recent projects have included an interactive mobile appli-cation for Milliken’s arboretum and 600-acre Spartanburg campus and a marketing campaign for the 2013 Big League World Series.

“In my opinion, our greatest single achievement is the longevity of our client relationships,” said Darrell Jackson. “Our first client from back in 1988 is still a client today. I can count on one hand the number of clients who have gone elsewhere in the past decade.”

Larry Jackson says his Christian faith and belief in service to others, coupled with business values rooted in solving clients’ problems, have kept

him going and growing his business over the years. He is passionate about giving back and outreach to non-prof-its. The company was recently awarded the Community Foundation Spirit Award.

The company reaffirmed its com-mitment to serving the community last week by celebrating its 25th an-niversary with a birthday party and a 25-hour Serve-A-Thon partnership with Hands on Greenville and Habitat for Humanity. JMG’s 103 full-time employees worked in shifts around the clock on October 22 and 23 to help construct a house for a deserving family.

As Jackson inches towards retire-ment, he says he hasn’t quite figured out his succession plan yet, but sees the companies staying under the same umbrella. He wants to continue to strategically grow the business.

“From the beginning, my father has taught me that this business is all about our people – both our clients and our associates,” said his son,

Darrell. “We have created a focus and a culture that strives to solve problems, serve people and grow careers.”

Darrell Jackson said he wants to “continue helping lead a culture where we solve, serve and grow. If we are successful, we will continue to grow towards our ultimate goal of becoming the leading integrated marketing communications brand in the Southeast.”

jackson Marketing Group’s 25 Years1988 Jackson Dawson opens in Greenville at Downtown Airport

2003 motorsports Division acquires an additional 26,000 sq. ft. of warehouse space

1998 Jackson Dawson moves to task industrial Court

1997 Jackson Dawson launches

motorsports Division

2009-2012 Jackson marketing Group named a top BtoB agency by

BtoB magazine 4 years running

2012 Jackson marketing Group recognized by Community Foundation

with Creative spirit Award

2009 Jackson Dawson changes name to Jackson

marketing Group when larry sells his partnership

in Detroit and lA

1988 19981993 2003 2008

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

1990 Jackson Dawson acquires therapon marketing Group and moves to Piedmont

office Center on Villa.

2011 Jackson marketing Group/Jackson motorsports

Group employee base reaches 100 people

pro-bono/non-proFit Clients

American Red Cross of Western Carolinas

Metropolitan Arts CouncilArtisphere

Big League World SeriesThe Wilds

Advance SCSouth Carolina Charities, Inc.

Aloft

Hidden Treasure Christian School

CoMMUnitY inVolVeMent & boarD positions

lArry JACkson (ChAirmAn): Bob Jones University Board chairman, The Wilds Christian Camp and Conference Center board member, Gospel Fellowship Association board member, Past Greenville Area Development Corporation board member, Past Chamber of Commerce Headquarters Recruiting Committee member, Past Greenville Tech Foundation board member

David Jones (Vice President Client services, Chief marketing officer): Hands on Greenville board chairman

mike Zeller (Vice President, Brand marketing): Artisphere Board, Metropolitan Arts Council Board, American Red Cross Board, Greenville Tech Foundation Board, South Carolina Chamber Board

eric Jackson (Jackson motorsports Group sales specialist): Salvation Army Boys & Girls Club Advisory Board

>>

AS SEEN IN NOVEMBER 1, 2013

IN THIS WEEK’S ISSUE OF UBJ? WANT A COPY FOR YOUR LOBBY?

Order a reprint today, PDFs available for $25. For more information, contact Anita Harley 864.679.1205 or

20 Upstate bUsiness joUrnal November 1, 2013

UBJ milestone

Solve. Serve. Grow. Those three words summarize Jackson Marketing Group’s guiding principles, and ac-cording to owner Larry Jackson, form the motivation that has kept the firm thriving for the past 25 years.

Jackson graduated from Bob Jones University with a degree in video and film production and started his 41-year career in the communications industry with the U.S. Army’s Public Information Office. He served during

Vietnam, where he said he was “luckily” stationed in the middle of Texas at Fort Hood.

He left the service and went to work in public affairs and motorsports at Ford Motor Company in Detroit. After a stint at Bell and Howell, where he was responsible for managing Ford’s dealer marketing and training, the entrepreneurial bug hit and he co-founded Jackson-Dawson Mar-keting Communications, a company specializing in dealer training and product launches for the auto indus-try in 1980.

In 1987, Jackson wanted to move back south and thought Greenville would be a good fit. An avid pilot, he

learned of an opportunity to purchase Cornerstone Aviation, a fixed base operation (FBO) that served as a service station for the Greenville Downtown Airport, providing fuel, maintenance and storage.

In fact, when he started the Green-ville office of what is now Jackson Marketing Group (JMG) in 1988, the offices were housed on the second floor in an airport hangar.

“Clients would get distracted by the airplanes in the hangars and we’d have to corral them to get back up-stairs to the meeting,” Jackson said.

Jackson sold the FBO in 1993, but says it was a great way to get to know Greenville’s fathers and leaders

Jackson Marketing Group celebrates Jackson Marketing Group celebrates Jackson Marketing

25 yearsBy sherry Jackson | staff | [email protected]

>>

Chairman larry Jackson, Jackson marketing Group. Photos by Greg Beckner / Staff

November 1, 2013 Upstate bUsiness joUrnal 21

UBJ milestone

with a majority of them utilizing the general aviation airport as a

“corporate gateway to the city.”In 1997, Jackson and his son,

Darrell, launched Jackson Motor-sports Group. The new division was designed to sell race tires and go to racetracks to sell and mount the tires. Darrell Jackson now serves as president of the motorsports group and Larry Jackson has two other children and a son-in-law who work there. Jackson said all his children started at the bottom and “earned their way up.”

Jackson kept the Jackson-Dawson branches in Detroit and others in Los Angeles and New York until he sold his portion of that partnership in 2009 as part of his estate plan-ning.

The company now operates a small office in Charlotte, but its main headquarters are in Greenville in a large office space off Woodruff Road, complete with a vision gallery that displays local artwork and an audi-torium Jackson makes available for non-profit use. The Motor-sports Group is housed in an additional 26,000 square feet building just down the street, and the agency is currently looking for another 20,000 square feet.

Jackson said JMG has expand-ed into other verticals such as financial, healthcare, manufac-turing and pro-bono work, but still has a strong focus on the auto industry and transportation. It’s

also one of the few marketing com-panies in South Carolina to handle all aspects of a project in-house, with four suites handling video production, copywriting, media and research and web design.

Clients include heavyweights such as BMW, Bob Jones University, the Peace Center, Michelin and Sage Automotive. Recent projects have included an interactive mobile appli-cation for Milliken’s arboretum and 600-acre Spartanburg campus and a marketing campaign for the 2013 Big League World Series.

“In my opinion, our greatest single achievement is the longevity of our client relationships,” said Darrell Jackson. “Our first client from back in 1988 is still a client today. I can count on one hand the number of clients who have gone elsewhere in the past decade.”

Larry Jackson says his Christian faith and belief in service to others, coupled with business values rooted in solving clients’ problems, have kept

him going and growing his business over the years. He is passionate about giving back and outreach to non-prof-giving back and outreach to non-prof-giving back and outreach to non-profits. The company was recently awarded the Community Foundation Spirit Award.

The company reaffirmed its com-mitment to serving the community last week by celebrating its 25th an-niversary with a birthday party and a 25-hour Serve-A-Thon partnership with Hands on Greenville and Habitat for Humanity. JMG’s 103 full-time employees worked in shifts around the clock on October 22 and 23 to help construct a house for a deserving family.

As Jackson inches towards retire-ment, he says he hasn’t quite figured out his succession plan yet, but sees the companies staying under the same umbrella. He wants to continue to strategically grow the business.

“From the beginning, my father has taught me that this business is all about our people – both our clients and our associates,” said his son,

Darrell. “We have created a focus and a culture that strives to solve problems, serve people and grow careers.”

Darrell Jackson said he wants to “continue helping lead a culture where we solve, serve and grow. If we are successful, we will continue to grow towards our ultimate goal of becoming the leading integrated marketing communications brand in the Southeast.”

jackson Marketing Group’s 25 Years1988 Jackson Dawson opensin Greenville at Downtown Airport

2003 motorsports Division acquires an additional 26,000 sq. ft. of warehouse space

1998 Jackson Dawson moves to task industrial Court

1997 Jackson Dawson launches

motorsports Division

2009-2012 Jackson marketing Group named a top BtoB agency by

BtoB magazine 4 years running

2012 Jackson marketing Group recognized by Community Foundation

with Creative spirit Award

2009 Jackson Dawson changes name to Jackson

marketing Group when larry sells his partnership

in Detroit and lA

1988 19981993 2003 2008

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

1990 Jackson Dawson acquires therapon marketing Group and moves to Piedmont

office Center on Villa.

2011 Jackson marketing Group/Jackson motorsports

Group employee base reaches 100 people

pro-bono/non-proFitClients

/lients

/

American Red Cross of Western Carolinas

Metropolitan Arts CouncilArtisphere

Big League World SeriesThe Wilds

Advance SCSouth Carolina Charities, Inc.

Aloft

Hidden Treasure Christian School

CoMMUnitY nitY nit inVinVin olVolVol eVeV Ment& boarD positions

lArry JACkson (ChAirmAn):Bob Jones University Board chairman, The Wilds Christian Camp and Conference Center board member, Gospel Fellowship Association board member, Past Greenville Area Development Corporation board member,Past Chamber of Commerce Headquarters Recruiting Committee member, Past Greenville Tech Foundation board member

David Jones (Vice President Client services, Chief marketing officer): Hands on Greenville board chairman

mike Zeller (Vice President, Brand marketing): Artisphere Board, Metropolitan Arts Council Board, American Red Cross Board, Greenville Tech Foundation Board, South Carolina Chamber Board

eric Jackson (Jackson motorsports Group sales specialist):Salvation Army Boys &Girls Club Advisory Board

>>

AS SEEN IN NOVEMBER 1, 2013

OCT. 16: THE MANUFACTURING ISSUEWomen are thriving in this growing fi eld.

OCT. 30: QUARTERLY CRE ISSUEThe state of commercial real estate in the Upstate.

NOV. 20: THE FOODIE ISSUESupper’s ready – and so are opportunities.

Got any thoughts? Care to contribute? Let us know at [email protected].

UP NEXT

CONTRIBUTE: Got a hot date? Submit event information for consideration to [email protected].

INSIDE THE UPSTATE’S NETWORKING AND SOCIAL SCENE | PLANNER | 23

DATE EVENT INFO WHERE DO I GO? HOW DO I GO?

Tuesday

10/13Hispanic Business ForumDiscuss the impact of the Latino community in the Upstate

Greenville Chamber24 Cleveland St., Greenvillenoon-1:30 p.m.

Cost: $10 Register: bit.ly/hispanic-forum2015

Thursday

10/15Networking with a TwistMonthly speed networking event

Commerce Club55 Beattie Place, Greenville6:30-7:30 p.m.

Register: 864-232-5600

Friday

10/16Community Shark TankFive business owners/entrepreneurs interested incompeting for a $1,000 business grant and coaching

OnlineMore info and application:nashalending.org/community-shark-tank

Tuesday

10/20The Economic Benefi ts of Conservation and Open Space Speaker: Jessica Sargent, Trust for Public Land

USC Upstate University Readiness Center800 University Way, Spartanburg3-5 p.m.

Cost: $10 Register: bit.ly/tat-october2015

Wednesday

10/21Manufacturing Leadership Forum: Operational Excellence Kickoff Meeting Bringing together like-minded individuals in support of manu-facturing and distribution

Commerce Club55 Beattie Place, Greenville7:15 a.m.

Register: 864-232-5600

october 9, 2015 ubj

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