lynchburg business magazine december/january 2015-2016

Serving the greater Lynchburg regiOn DeceMber/January 2015-2016

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TABLE OF CONTENTSDecember 2015-January 2016

24

44

27

48

UPFRONT FEATURES

COLUMNS

7 BY THE NUMBERS

8 IN THE NEWS

11 PLUGGED IN

12 MOVERS & SHAKERS

13 LET’S DO LUNCHBräuburgers

15 MARKETINGIncreasing Profitable Revenue

17 LEGALPitfalls to Avoid WhenEstate Planning

23 FINANCIALGive Dividend Stocks a Try

29 HEALTHCARECombating the Smoke

33 REAL ESTATEMaking a House a Home

41 HUMAN RESOURCESChanges to Expect in 2016

43 COMMERCIAL REAL ESTATEA “Cheat Sheet” of Resources

18 FINANCIAL FOCUS

Economic Forecast & Estate Planning

24 BUSINESS OVER 10

CS Custom Structures, Inc.

27 LEADING LADY

Patsy Cunningham

30 LEADER PROFILE Geoff Kershner,

Executive Director of the Academy Center of the Arts

34 BUSINESS PERSPECTIVES Regional Outlook for 2016

44 CONSTRUCTION FOCUS In-Depth Look at Local

Commercial Projects

48 BUSINESS UNDER 10

Southern Loom

ON THE COVER: Academy Center of the Arts Executive Director Geoffrey Kershner photographed inside the historic theatre. Photo by Mitchell Bryant.

LynchburgBusinessMag.comDECEMBER/JANUARY 2015-2016 5LynchburgBusinessMag.com 5

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EDITOR’S LETTER

FEBRUARY/MARCH 2016ADVERTISING DEADLINES

Advertising Space Reservation........................December 31Editorial & Events ..............................................December 31Final Artwork ........................................................... January 4

For Advertising Information,Please call 757.213.2461 or email [email protected]

Publisher Randy Thompson

Managing Editor Jennifer RedmondEditorial Director Angela Blue

Contributing Writers Jeremy Angione, Kendrick Brunson, Sarah Bryant, James Fairchild,

Laurel Feinman, Billy Hansen, Megan House, Larry Jackson, Christine Kennedy, Megan Lucas, Susan Martin, David J. Marshall,

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Client Relations Manager Brittany ProctorGraphic Designers Josh Haralson, Kaye Ellen Trautman

Web Creative Director Chris Murphy Sr. Web Developer & Web Administrator Brandon Litchfield

Web Developer Caleb WhiteheadSEO Analyst Michael Saks

IT Marketing Consultant William Warford

Web Marketing & Promotions Manager Kearsten Walden

Photography Mitchell Bryant, Ashley Bunner, Janine Enold, Dani Heitzman

Editorial Intern Sarah Bryant

Vice President of Sales & Distribution Paul BrannockSales Leader Missy Celli

Account Executives Robert Barber, Christie Berry, Carolyn Keeling

VistaGraphics StaffCopy Editor Robin Cather

Controller Anita BurnsAccounting Manager Dawn Meehan

Office Manager Tracy Thompson

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SUBSCRIPTIONSReceive Lynchburg Business at work or at home by subscribing today for $9.97 annually. Receive 6 bi-monthly issues: Feb/Mar, Apr/May, June/July, Aug/Sept, Oct/Nov and Dec/Jan. To subscribe, go online to www.LynchburgBusinessMag.com or please send your check payable to VistaGraphics, Inc, 1264 Perimeter Parkway, Virginia Beach, VA 23454, Attn: Circulation Mgr. Please be sure to include your mailing information: name, address, city, state, zip code, and phone number. For changes of address, please email George Carter, Circulation Manager: [email protected]

Lynchburg Business is published bimonthly by VistaGraphics, Inc. The corporate office is located at 1264 Perimeter Pkwy, Virginia Beach, VA 23454.

© 2015 - all rights reserved. Reproduction of any material prepared by VistaGraphics, Inc., and appearing within this publication is strictly prohibited without express written

consent of the publisher. Publisher does not purport to authenticate and is not responsible for claims made by advertisers found within this publication.

Lynchburg Business Magazine is a bimonthly publication devoted to highlighting Lynchburg-based businesses and those in the surrounding areas of Amherst, Appomattox, Bedford and Campbell Counties, as well as the Town of Altavista. Every other month, 10,000 copies of Lynchburg Business Magazine are distributed by mail to local businesses, executives and individual business decision-makers. The goal of Lynchburg Business is for readers to look to the magazine as a resource worth keeping in their businesses and homes; one that appeals strongly to professionals in our area.

Proud Members of:

When I was a sophomore in high school, our teacher tasked us with the arduous chore of reading in its entirety The Autobiography

of Benjamin Franklin. Between the colonial language and small font, many of my classmates never made it through. I, however, for some strange reason, was taken with the audacity Franklin displayed. He seemed bent on the attainment of moral perfection and shared in detail his methods for doing so. But even Franklin eventually realized the futility of such a goal and decided instead to appreciate the improvements he made despite never achieving “perfection.” And that’s the real lesson, isn’t it? Improvement is the goal, not perfection.

In looking ahead to 2016, there is much to consider. On a local front, we wanted to provide a number of resources that can assist you in working towards both personal and professional improvements. I would suggest starting with our regional economic forecast on page 18 where several local experts share their observations on where the region is headed—the good and the challenging. Then, turn to page 34 where regional leaders offer insight on coming developments for the Greater Lynchburg community. Finally, our annual construction focus brings us an in-depth look at the commercial market, along with a “cheat sheet” of real estate resources, courtesy of resident commercial real estate expert Billy Hansen. Get an inside look starting on page 43.

In terms of business ownership, who isn’t looking for ways to improve the bottom line? Kendrick Brunson provides a step-by-step breakdown for improving profitable revenue on page 15. In terms of Human Resources, Colleen McLaughlin shares potential changes to HR policy and how they can affect business owners on page 41. As Franklin would say, “An investment in knowledge pays the best interest,” so that’s our goal with each of these industry columns.

And outside of business, what should you be prepared for? Several of our experts take a closer look at estate planning and financial investments for every stage of one’s career on page 20; they also debunk some common myths such as “estate planning is only for the top percentage of earners.” Keep in mind another “Franklinism” that’s become relatively mainstream: Failure to plan is planning to fail. When it comes to leaving a legacy for your loved ones, a well-constructed plan is one of the best gifts you can give them.

As we move towards the beginning of 2016, I’ll leave you with these final words from Franklin. Of his 13 virtues for moral perfection, number four was “Resolution.” He advised, “Resolve to perform what you ought; perform without fail what you resolve.”

Cheers to a 2016 of productivity!

Best—

Jennifer Redmond, Managing [email protected]

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50%Amount of total market return that dividends have accounted for since 1926; more on page 23.

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Before

After

FEEDbACkThe first ever Top 20 Under 40 feature coverage was our most shared and

well-received campaign to date with dozens of shares across social media and enthusiastic support from the surrounding community. Here’s a sampling:

“Love seeing the best of Bedford in the mix,

but congrats to all!” commented Eunice Barnes on the Facebook posting.

“FANTASTIC! So great to see wonderful young

professionals recognized for their service to our

community. Love it!” commented Tanya Fischoff with Young Professionals of Central Virginia.

“I would like to take a minute to say how nice

the magazine looks, and I love the content.

Young professionals were a great focus as young

people bring a new perspective to the ideas of the

older generation, such as myself. Thank you also for

featuring the Hill City House Grille in an article in

your magazine; we are pleased to be there.”

—Donna W. Reichard, Owner, Hill City House Grille

20

40+INSIDE

THE KIRKLEY HOTEL & CONFERENCE CENTERFACES BEHIND THE PLACES

BENCHMARK PROTECHNYDREE FLOORING

MEETING PLANNER GUIDE

Serving the greater Lynchburg regiOn OctOber/nOveMber 2015

Recognizing the Area’s Top

Young Professionals

bY THE NUMbERS

70% Amount of the

economy driven by consumer

spending; more on page 18.

#298 This region’s ranking among 373 mid-sized metropolitan communities nationwide; more on local efforts to address this on page 35.

Amount of first-time home buyers who say student loan debt is

an obstacle to buying a home, according to the National Association of Realtor’s 2015 National Housing Pulse Survey; more on page 18.

Expected growth of the food

and beverage sector over the next five years;

more on page 34.

220,000 Number of new lung cancer cases

physicians are predicted to diagnose in 2016 according to the American Cancer Society; more on page 29.

5.5%MORE

THANHalf

298


BY THE NUMBERS

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“It’s a big facility, but we don’t want to lose that ‘small town feel’ and that small town service,” Leedy said. “We have really strived with the design of this building to keep that.”

Leedy is confident that the new center will improve the average waiting room experience for patients with their new online, check-in experience, which handles paperwork in advance and cuts down on wait time. Additionally, a second check-in area with wheelchair accessibility will also be available.

The new center also houses a dedicated Lasik surgery wing complete with a gallery window for families to view procedures.

“We really do put ourselves in our patient’s shoes, and we really strive to give the best customer service. This building is allowing us to meet those goals, a little bit better than the old facility did. I think patients are going to be more comfortable here,” Leedy said.

Aside from new and additional space, the practice has also recently welcomed Dr. James Paauw, MD, who works as a glaucoma and cataract specialist. Piedmont also boasts Dr. Gail Ganser, MD, as Lynchburg’s only pediatric eye care specialist.

“We really are full service,” said Leedy. “You’re not going to have to go to several different specialists for eye care. What you need, from infant to elderly eye care, is right here.”

IN THE NEWSHEALTHCARE PiedmonT eye RelocaTes To laRgeR locaTion By Jeremy Angione

Piedmont Eye Center is relocating their Lynchburg headquarters to Nationwide Drive. Construction for

the new center concluded at the end of November and was slated to open as of Thanksgiving.

The new location will nestle Piedmont Eye Center amongst an array of other medical centers including Gastroenterology Associates of Virginia, Radiology Consultants of Lynchburg and Centra Medical Group.

The building—which previously housed a Nationwide call center—is approximately 20,000-square-feet and will host 35 exam rooms with more testing equipment available, according to Director of Marketing Shannon Leedy. The increased space and resources will help to relieve the staff and patient overflow that they previously experienced. With approximately 70 employees between the Bedford and Lynchburg offices and 8 doctors on staff, Piedmont was bursting at the seams.

“We have blown out of that building. When we [first] moved in, there was space everywhere, [and] we thought we would never fill the space up,” Leedy said.

Piedmont wanted to ensure that their new space is used efficiently to create both a comfortable and streamlined patient experience.

FINANCIALdavidson & gaRRaRd, inc., named To 2015 Financial Times 300 ToP U.s. RegisTeRed invesTmenT adviseRs

Davidson & Garrard (D&G) has been named one of the Financial Times 300 Top Registered Investment Advisers (RIA). The list recognizes top independent RIA firms from across the U.S. With three Virginia offices

in Lynchburg, Lexington and Tysons Corner, Davidson & Garrard has been serving individual and institutional clients for over 25 years since its founding in 1987. Managing over $600 million, D&G’s professionals have over 200 years of combined investment experience with specializations in customized equity, fixed income and alternative asset portfolios for individuals and families, institutions and retirement plans.

The “average” FT 300 firm has been in existence for 23 years and manages $2.6 billion in assets. The 300 top RIAs hail from 34 states and Washington, D.C., and, on average, saw their total AUM rise by 18% in 2014. More than 2,000 elite RIA firms were invited to apply for consideration, based on their assets under management. 630 RIA firms applied for consideration and were graded on six criteria: AUM, AUM growth rate, years in existence, advanced industry credentials, online accessibility and compliance records.

CITY SERVICES lyncHbURg PaRks & RecReaTion laUncHes new websiTe

The City of Lynchburg Department of Parks and Recreation has launched a new website at www.LynchburgParksAndRec.com. The goal of the new

site is to provide Lynchburg citizens with easy access to information about the department’s many services—parks, trails, recreation programs, special events, facilities and rental information.

“Parks and recreation is all about getting outside and experiencing things; we hope our new website will provide a tool to help area residents do just that,” said Ashley Kershner, Marketing and Development Coordinator.

Key features of the site include a newly integrated blog; an Instagram feed featuring user posts tagged #lynchburgparksandrec; a simplified online registration process; an email newsletter sign-up; and more. The blog will be used to dive deeper into all things Parks and Rec—information about special events, historical articles, updates on park improvement projects, staff profiles and more.

Users can also use the website to access important information such as park and trail maps, volunteer opportunities, facility rentals, recreation activities and scholarship opportunities.


UPFRONT

http://www.LynchburgParksAndRec.com

CONSTRUCTIONJameRson-lewis oPens newly RenovaTed locaTion

Nearly two years after initial discussions of merging CL Lewis & Company, Inc. and

JE Jamerson and Sons, Inc., the two companies have settled into their new space—an adapted Quonset hut, which had been originally purchased over 60 years ago by CL Lewis and Company, Inc. founder Mr. C. L. “Chuck” Lewis. The Quonset hut, one of 150,000 to 170,000 of the structures manufactured

during World War II, was used as a storage facility until it was moved to Lynchburg and underwent extensive renovations with the purpose of housing the merged Jamerson-Lewis Construction company.

The open layout allows for a creative solution to finding necessary office space. With a focus on preserving the history of the structure and reinventing it for creative and innovative purposes, the renovation of the Quonset hut proved to be both a resourceful and economical decision.

“We know that work environment has a direct impact on productivity, and we wanted to build a cool and fun place to work,” says Preston Craighill, co-owner. “Phillip [Jamerson] had a vision, and we ran with it. We are thrilled with the final result.”

The existing concrete floor has been grinded and polished—giving a nod to the history of the building and demonstrating the beauty of using original materials. Exposed framing, ductwork structure and elements that are typically hidden behind drywall or plaster, show the construction and provide a window into how things are made.

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FINANCIALdavidson doyle & HilTon llP and lewis maRsH and associaTes Join FoRces

Davidson Doyle & Hilton, LLP (DDH) and Lewis Marsh and Associates are proud to announce the merger of their accounting firms. DDH is a leader in income tax planning and preparation, corporate financial

statement auditing, financial planning, medical practice accounting and consulting, architecture/engineering/construction industry, employee benefit plan audits and the governmental and nonprofit arenas. Lewis Marsh and Associates specializes in small business bookkeeping, payroll and tax services.

With the combined knowledge and depth of experience from both firms, clients will benefit from large firm resources and expertise with a small firm feel. DDH remains committed to continuing to supporting all of their clients with tax, accounting and auditing needs. This merger is an opportunity for both firms to broaden services and expertise to best serve their now combined clients.

ECONOMIC DEVELOPMENTlyncHbURg eda wins awaRd and enTeRPRise Zone RedesignaTion

Lynchburg’s Economic Development Authority was awarded a silver medal at the International Economic Development Council’s (IEDC) annual conference in Anchorage, Ala. The IEDC’s Excellence in Economic Development Awards

recognize the world’s best economic development marketing materials, programs and partnerships. The Opportunity Lynchburg website, launched just under a year ago, and digital marketing strategy won IEDC’s Silver Medal for General Website, which recognizes the best communities using the web as an effective marketing tool to promote services and other information to their audiences.

In late October, Gov. Terry McAuliffe announced that Lynchburg was awarded redesignation for its Enterprise Zone.

“The Enterprise Zone program is an important tool that will help in our efforts to build a new Virginia economy,” said Gov. McAuliffe. “By providing both local and state incentives, we are creating a pro-business climate that not only attracts new businesses, but also helps our existing businesses grow.”

Businesses in Enterprise Zones gain unique access to both state and local incentives. However, achieving an Enterprise Zone designation is a competitive process. Each designation lasts 10 to 20 years, and the state is cutting back the number of zones across the Commonwealth. This year, 14 zones in Virginia expired from the program. Lynchburg was one of five communities in Virginia to achieve redesignation.

“As Governor McAuliffe indicated in the announcement, it is a testament to the Lynchburg business community…,” said Marjette Upshur, Director of Economic Development.


UPFRONT


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HEALTHCAREagReemenT PUTs PaTienTs FiRsT

Collaborative Health Partners (CHP) and Anthem Blue Cross and Blue Shield have entered into an agreement to bring value-based healthcare to more than 15,000 Anthem members in Central Virginia. This

coordinated model puts patients at the center of the health care system by aligning Collaborative Health Partners’ comprehensive network of primary care physicians, specialists and medical facilities with Anthem’s population health capabilities and primary care support programs. The Enhanced Personal Health Care arrangement will make it easier for CHP to deliver more personalized care by using a broad range of population health management tools such as predictive analytics and chronic care, data sharing, disease management and wellness programs offered by Anthem. The agreement officially went into effect January 1, 2015. Collaborative Health Partners (CHP) is a clinically integrated physician network consisting of Access HealthCare, Central Virginia Family Physicians, Medical Associates of Central Virginia, Physicians Treatment Center and Rehab Associates of Central Virginia.

TECHNOLOGY AWARDSTecH|edge 2015

The Region 2000 Technology Council held their second annual TechEDGE Dinner and Awards Night at the Academy of Fine Arts on

Oct. 22, 2015. Approximately 150 people attended the event honoring area companies, organizations and individuals excelling in technology. Award recipients included: Innovator of the Year—Adam Spontarelli of Vector Space; Entrepreneur of the Year—Tony Erskine of Sharptop Co. (center, top photo); STEM Educator of the Year—Cindy Watson of Altavista High School (center, middle photo); and Technology Company of the Year—Trax, LLC (center, bottom photo). Special recognition for regional technology excellence acknowledged three local initiatives including: Altavista Microsoft TEALS project; Lynchburg City for their Tech Hire Designation; and the Bedford County Montvale Tower Project.

LOCAL LEADERSHIP 2015 aTHena awaRds

The Lynchburg Regional Chamber held the 2015 Women of Worth Luncheon

at the Kirkley Hotel, recognizing and honoring professional women from our region. Sixteen female leaders were nominated; among them were CEOs, business owners, entrepreneurs, nonprofit directors, attorneys and educators. The Chamber presents the ATHENA Award to an exceptional individual who has achieved excellence in her business or profession, has served the community in a meaningful way and has assisted women in their attainment of professional goals and leadership skills. A special presentation was made honoring the life and contributions of Alison Parker, the reporter from WDBJ7 who was killed earlier this year while doing a live broadcast. “It was important for us to celebrate the life of Alison who even though was just starting out in her career, had such an impact on those she came in contact with,” stated Chamber President, Christine Kennedy.

Shauna Parsons, Owner and President of Evergreen Basement Systems, was announced the 2015 ATHENA Award recipient. Shauna took her father’s small company and grew it by 1000% in 13 years. Each year since Parsons has been an active supporter of 4H and The Lion’s Club and currently serves as a board member with the Falling River Country Club and the Appomattox County Economic Development Authority. She supports numerous organizations by hosting and executing more than 20 fundraising dinners each year.

The luncheon also featured a panel of local female leaders including Sharon Eimer, Hermina Hendricks, Synda Maynard and Rebekah Moody, who shared advice and lessons learned. The theme for this year’s luncheon was “Celebrating (Y)our Possibilities.”

This year’s ATHENA Award Nominees included: Tammy Brown; Susan Cash; LaShonda Delivuk; Tracey Dixon; Jennifer Duncan; Patricia Johnson; Amy Kowalski; Megan Lucas; Cynthia McCoy; Mehgan McCrickard; Shauna Parsons (2015 Athena Award recipient); Ethel Reeves; Lori Ruff; Ann Shenigo; Lisa Singleton; and Makena Yarbrough.

NONPROFITRebRanding THe academy cenTeR oF THe aRTs

The Academy of Fine Arts has rebranded as Academy Center of the Arts. Through a desire to more clearly articulate to the general public who the organization is and what they do, the Academy

introduced a new name and a new brand. “We are a multi-facility arts center and want to share this through our name,” said Executive Director Geoffrey Kershner. “The word center—which harkens back to Lynchburg’s former hub of arts and culture activity, the Fine Arts Center—illustrates that we are the center of arts activity in our community. We are a place for community building, with facilities and offerings that include the performing arts, the visual arts, pottery and education. This name also prepares us for a future when we will be a multi-theatre facility with the addition of the historic Academy Theatre.” The Academy can be found online through their new website AcademyCenter.org.


UPFRONT


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PLUGGED INdecembeR 2PANCAkES & POLITICS OUTLOOk bREAkFAST WITH THE LYNCHbURG REGIONAL CHAMbER OF COMMERCERandolph College, 2500 Rivermont Ave., Smith Banquet Hall, Lynchburg7:30 to 9:00 a.m.Come hear Central Virginia Legislators share how the 2016 General Assembly Session will affect local business. Cost is $20 for members; $30 general admission. RSVP at (434) 845-5966.

decembeR 313TH ANNUAL WOMEN’S NETWORkING bLITz PRESENTED bY CENTRA WITH THE LYNCHbURG REGIONAL CHAMbER OF COMMERCEOakwood Country Club 3409 Rivermont Ave., Lynchburg 11:30 a.m. to 1:00 p.m.Cost is $22 for members; $32 general admission.RSVP at (434) 845-5966.

decembeR 8NETWORkING bEFORE NINE WITH THE bEDFORD AREA CHAMbER OF COMMERCEBACC Forest Satellite Office,14805 Forest Road, Ste. 107, Forest8:00 to 9:00 a.m.Hosted by Paws N’ Play Pet Cabana at the BACC Forest Satellite Office.

decembeR 9LUNCH TO LEARN WITH THE REGION 2000 SbDC: SEARCH ENGINE OPTIMIzATIONCentral Virginia Community College, 3506 Wards Rd.,Merritt-Hall, LynchburgNoonLearn to use search engines to direct people to your website and attract customers. Space is limited; pre-registration required; lunch included. RSVP at www.region2000sbdc.com/lunch-to-learn/. Sponsored by the Bedford County Office of Economic Development.

decembeR 16STATE OF THE COMMONWEALTH-STATE OF THE REGION bREAkFAST WITH THE LYNCHbURG REGIONAL CHAMbER OF COMMERCE Liberty University Williams Stadium1971 University Boulevard,Club Level (3rd Floor), Lynchburg7:30 to 9:30 a.m.Attend this breakfast dialogue to learn more about economic opportunities in our state and region. Cost is $25 per person; $500 for reserved table for 8. RSVP at (540) 845-5966.

decembeR 19COFFEE & CONVERSATION: NEW MEMbER ORIENTATION WITHbEDFORD AREA CHAMbER OF COMMERCEBACC Forest Satellite Office,14805 Forest Road, Ste. 107, Forest9:00 to 10:00 a.m.Network with other business members, ask questions and receive an overview of what the Chamber offers. Pre-registration required. RSVP at [email protected] or call (540) 586-9401 Ext. 102.

JanUaRy 7ACCESS ADVISORS’ “MONEY-SAVVY WOMEN SERIES”Magnolia Foods, 2476 Rivermont Ave., Lynchburg6:00 p.m.Amanda E. Stiff, Financial Advisor, is hosting a wine tasting to start off the monthly series. This month’s topic is “Financial Resolutions.” RSVP at [email protected] or call (941) 366-7504.

JanUaRy 9-10QUICkbOOkS TRAINING SEMINAR WITH AMANDA WILLIAMSHilton Garden Inn, Liberty Room4025 Wards Road, Lynchburg9 a.m. to 5 p.m.Register by Dec. 30 at www.constantcontact.com. Information at (434) 381-3088.

JanUaRy 21MEDIA AND MARkETING: FOCUSED DISCUSSION ON USING SOCIAL MEDIACity Place Foods101D Northwynd Circle, Lynchburg9:00 to 10:00 a.m.Website Workbox LLC and the Bedford Area Chamber of Commerce offer this free event to educate businesses on enhancing their web presence. Coffee provided! RSVP to [email protected].

JanUaRy 282016 NEW MEMbER SHOWCASE: “bUSINESS APPRECIATION NIGHT” WITH THE bEDFORD AREA CHAMbER OF COMMERCEForest Recreation Center1088 Rustic Village Road, Forest5:00 to 7:00 p.m.Bring your business cards for a chance to win exciting door prizes! Free and open to the public. RSVP at (540) 586-9401.

QUOTAbLES“The value of the real estate professional is no longer in the doling out of closely guarded

information but rather in being able to make sense of this abundance of raw data and provide their clients with insight and wisdom into the Why and the What’s Next.”

—Billy Hansen, read more in his column on page 43.

“We have an incredible opportunity to make a meaningful impact on Lynchburg and the surrounding area. I live downtown, and I can feel a growing excitement about the revitalization happening around us. We are bringing something back to life. A healthy Academy means incredible things for this revitalization effort.”

— Geoff Kershner, this issue’s Leader Profile; read more on page 30.


UPFRONT

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SHAUNA PARSONS—Recipient of the 2015 ATHENA award from the Lynch-burg Regional Chamber of Commerce. Owner and President of Evergreen Base-ment Systems, Parsons earned the presti-gious distinction for her business accom-

plishments, community contributions and commitment to excellence; she was honored as the winner from a pool of 16 nominees at the Women of Worth luncheon on Oct. 30.

RAUL M. DIAz—Appointed Chief of Police for Lynchburg City. Diaz comes to the po-sition with over 26 years of experience in law enforcement, including both local and federal. Prior to his new role, Diaz was pro-moted to the position of Assistant Chief in

2013. In addition, Diaz also has federal experience as a special agent with the Air Force Office of Special Investigations.

REx D. GEVEDEN —New Chief Operat-ing Officer (COO) of BWX Technologies, Inc. As COO, Geveden will be responsi-ble for execution of BWXT’s government and commercial nuclear operations in the U.S. and Canada. Prior to joining the

company, Geveden was Executive Vice President at Tele-dyne Technologies, where he led two of Teledyne’s four op-erating segments. He holds both a Bachelors and Masters in Physics from Murray State University.

LAURIE GULLUSCIO—Resigned as Direc-tor of Marketing and Membership for the Retail Merchants Association (RMA). Gulluscio started with the RMA in the fall of 2010; since then they have more than doubled membership and started

the Buy Local Lynchburg program. She has been the Com-mittee Chairwoman for the Lynchburg Christmas & Holi-day Parade since 2013.

WANDA OTT—New Office Manager with Custom Structures, Inc. Ott brings with her experience in office administra-tion, real estate sales, new construction and property development. She is ex-cited to use her background and experi-

ence at Custom Structures.

TERRI O’HARA—Honored with Virginia’s Outstanding Economic Educator award for 2015 by the Virginia Council of Eco-nomic Education (VCEE); O’Hara is a personal finance teacher at E.C. Glass High School. She will receive the award

and monetary prize of $1,000 at the 2015 Economic Educa-tion Awards Luncheon.

NADINE BLAKELY—Ranked with RE/MAX International as #98 in sales pro-duction in the U.S. and #7 in the state of Virginia. A realtor with RE/MAX 1st Olympic and licensed since 2006, Blakely focuses on residential lots and

commercial real estate.

JOHN HALL—Earned the Certified Finan-cial Planner™ (CFP) designation, which identifies individuals who have met the experience and requirements of the CFP Board, have successfully completed fi-nancial planning coursework and have

passed the CFP® Certification Examination. Hall has been with MontVue Capital Management, an independent, fee-only firm, since 2012 and serves as their portfolio manager and planning specialist.

LYDIA K. LANGLEY—Appointed to Board of Directors for Bank of the James Finan-cial Group, Inc. (NASDAQ CM: BOTJ). Langley will serve on the audit commit-tee for the Company and the compensa-tion, audit and loan committees for the

Bank. Prior to her new role, she served 9 years on the Plan-ning Commission for the City of Lynchburg and was an original member of the Lynchburg Police Foundation.

GEORGE D. VAUGHAN IV—New Vice President, Commercial Officer, at First National Bank. He brings 14 years of banking experience with a focus on mortgage lending for 12 of those years. As a member of First National’s Com-

mercial Lending team, he will seek to cultivate business relationships in the Lynchburg market.

PENELOPE P. WALLACE—New Vice Pres-ident, Commercial Officer, at First Na-tional Bank. Wallace joins First National’s Commercial Lending team with 12 years of banking experience, during which she worked as a credit analyst, loan under-

writer and, most recently, as a business development officer.

PATRICIA D. CANADA—Promoted to Assistant Vice President, Branch Man-ager at First National Bank’s Old Forest Road Branch. Canada has held progres-sively more responsible roles since join-ing First National in 2004 and provides

leadership for the Old Forest Road Branch in its current location; she will manage the relocation to its newly con-structed branch in 2016.

TAMMIE W. GRIFFIN—New Ecommerce Sales Representative at First National Bank. Griffin brings years of sales and sales management experience and has received multiple awards in recognition of her accomplishments. In her new role,

Griffin will be meeting with commercial customers to assist with merchant services and business online and deposit ac-count services.

ANNMARIE W. KING—New Assistant Vice President, Branch Manager, at First National Bank’s Timberlake Branch. King will ensure a smooth transition for the branch team and customers as the Tim-berlake Branch works in its temporary

location until relocating to its newly renovated branch in 2016. She brings to the position many years of experience in retail branch management and mortgage services in the Timberlake area.

JEFFREY S. WALKER—New Assistant Vice President, Branch Manager, at First National’s Main Branch. He joins First National Main Office team with 25 years of experience in the banking industry as a bank examiner and loan officer.

MOVERS & SHAkERS


UPFRONT

Lynchburg: The Perfect Place to Shop, Eat, Explore, Work & Live Well.

For business news, resources, local incentives and more:www.opportunitylynchburg.com

http://www.opportunitylynchburg.com

“Craft beer and burgers—they complement each other so well,” Roh says describing the decision to make those offerings Bräuburgers’ primary focus. Twenty-two beers—local and craft—are on tap and rotation with more being added all the time. So there’s always a reason to stop back in and see what’s new.

The Extras: Since opening a year and a half ago,

Bräuburgers has grown in more ways than one. “We listen to our customers,” Roh says. They wanted full service, so the restaurant transitioned. They’ve also remodeled and had to convert additional outdoor space to

make room for more tables. “We have a folksy, friendly atmosphere,” said Roh. “Everyone gets along.”

The Experience: Looking for some fun on a weeknight or weekend? Bräuburgers frequently

has tap takeovers and a daily Happy Hour from 2 to 6 p.m., which is a great opportunity to sample the latest craft beers being offered (Roh aims to have over 50 beers on tap within the next year). Stop by on certain nights, and you may be treated to live music courtesy of a local musician.

Visit them online at www.brauburgers.com.

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What to Expect: Craft burgers and beer

What to Try: Being that burgers are the name of the game

at Doug Roh’s establishment, that’s where a first-timer should start—and you won’t be disappointed. Roh and his chefs are dedicated to only using 100% freshly ground and hand-made Certified Angus chuck/sirloin beef. The meat is all-natural and never frozen. Roh did his homework and using only meat that is “Certified Humane” mattered to him in order to preserve flavor. “Basically they’re happy cows from cradle to grave,” Roh says.

On the day of our visit, we sampled the Southwest Burger, which was topped off with fresh fried jalapeños, house-made guacamole, Applewood bacon, pepper jack cheese and more. Paired with some crispy sweet potato fries and Bräuburgers’ secret house dipping sauce, lunch certainly hit the spot on a balmy day. We also sampled a beer-braised bratwurst on a toasted potato roll topped with some tangy sauerkraut. Additional menu offerings include reubens, BLTs, wings (another popular item) and tasty appetizers like Frickle Chips (beer-battered dill pickle chips).

AT A GLANCELocation: 14805 Forest Road, Suite 221, Forest

RSVP: (434) 525-2727

Hours: Opens daily at 11 a.m.

LET’S DO LUNCH! Bräuburgers

By Jennifer Redmond


UPFRONT

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CENTRAL VIRGINIA HEALTHCARE UPDATE

ATTENTION ANTHEM BC/BS MEMBERS

CHP brings together independent physicians and specialists to streamline care, increase cost efficiencies and improve access to community resources. Because CHP has the largest primary care network in Central Virginia, we have a deeper, more patient-focused platform to align around quality

and cost in a way not achievable in traditional health care models.

Find out more at www.CollaborativeHP.com

NEW AGREEMENT PUTS PATIENTS AT THE CENTER OF THE HEALTH CARE SYSTEMCollaborative Health Partners (CHP) and Anthem Blue Cross and Blue Shield have teamed up to bring value-based health care to more than 15,000 Anthem members in Central Virginia.

The value-based agreement, effective Jan. 1, 2015, reflects a national health care shift toward a more coordinated model that emphasizes quality and better patient care experiences. The model aligns Collaborative Health Partner’s comprehensive network of primary care physicians, specialists and medical facilities with Anthem’s population health capabilities and primary care support programs.

“We are pleased to extend the relationship with Anthem and look forward to strengthening our joint commitment to deliver broad access to quality, affordable health care for our patientsin Central Virginia,” said Thomas Eppes, MD, chair, CHP and president of CVFP-Medical Group.

“We look forward to working with Anthem in providing our services to Anthem members in the Central Virginia community,” said Robert Brennan, co-chair, CHP and president of Medical Associates of Central Virginia. “This is an exciting partnership that further supports CHP’s mission of providing quality, coordinated care with a personalized approach”, said Shawn Crawford, CEO of CHP.

The Enhanced Personal Health Care arrangement will make it easier for CHP to deliver more personalized care by using a broad range of population health management tools such as predictive analytics and chronic care, disease management and wellness programs offered by Anthem.

Enhanced Personal Health Care (EPHC) is Anthem’s signature patient-centered care and value-based payment program. Through Enhanced Personal Health Care, Anthem is supporting providers to bring high-quality care to patients, improve member health, and help better control costs by promoting greater preventive care, enhanced care coordination and effective chronic disease management. Providers are, in turn, rewarded for the work required to deliver this type of coordinated, personalized care.

“Ensuring consumers have access to affordable health coverage and quality care is Anthem’s top priority. Agreements like the one we have reached with CHP give our members access to personalized, coordinated care from doctors who are working every day to deliver care that puts patients first,” said John Syer, regional vice president, Provider Solutions, Anthem Blue Cross and Blue Shield.

CVFP Medical Group signed on to Enhanced Personal Health Care in 2014. The positive results of that arrangement were a significant factor in developing a new agreement with CHP.

http://www.CollaborativeHP.com

What is the primary goal of marketers in terms of financial results? Is it to maximize revenues, maximize profits or maximize market share? While these are all valid goals, the best answer for

marketers is to maximize profitable revenues. Here we’ll take a look at what is meant by “profitable revenues” and how to produce them for the purpose of sustaining—and even growing—an organization.

PRoFiTable RevenUes deFined To determine what creates profitable revenues, one must apply formulas from

accounting, specifically that revenues less variable costs equal contribution margin less fixed costs equal net income—the famous “bottom line.” The sales and marketing department of an organization is the sole producer of revenues, and the contribution margin should be the Chief Marketing Officer’s (CMO) “bottom line.” I say this because there should be significant control given to the marketing department to produce the revenues and control the variable costs in order to provide sufficient funds to pay the organization’s fixed costs.

How To deTeRmine RevenUe So how does one determine what are profitable and unprofitable revenues? First,

we need to establish the breakeven point between profitable and unprofitable for the organization. Here are steps to define that breakeven point:

step 1: Determine the annual fixed costs amount, i.e. what it takes to run the business even if nothing is sold.

step 2: Determine the minimum dollar amount of annual profits desired by the owners.

step 3: Add the two amounts from Steps 1 and 2 to establish a minimum contribution margin dollar amount needed to achieve target profitability. Yes, this is a bottom-up method.

step 4: Divide the contribution margin dollars by the annual revenue dollars from the most recent financial reports to establish a current contribution margin ratio of net sales revenues at a decimal value.

step 5: Divide the dollar amount established in Step 3 by the decimal value established in Step 4 to determine the minimum level of revenues required to meet targeted profit expectations at current costs levels.

How To PRodUce PRoFiTable RevenUesThe following discussion is generic so readers can adapt the principles to their

unique circumstances, manufacturing vs. retailer for example. The ability to produce profitable revenues requires a combination of increasing revenues and lowering costs, both fixed and variable. You may ask, “How can I raise revenues in tough economic times?” If anything, the demand curve concept suggests that prices need to decrease per unit in order to increase the number of units sold. Here are some ideas that could increase revenues without lowering prices.

examine incReasing RevenUes1. Increase demand of the product/service/retailer by increasing the level and

quality of service provided before, during and after the sale; doing so increases value.2. Bundle products and services so the consumer perceives a greater savings by

spending more to acquire multiple items under the bundle.3. Raise value perceptions by introducing more uses of purchased products

and services.4. Increase convenience for the consumer in terms of acquiring and owning the

purchased products and services (e.g., improved credit terms, etc.).5. Increase a sense of community around a brand among those who feel

connected to the brand (e.g., Harley Owners Group, etc.).6. Increase variety and selections of products and services that can be

purchased by the target consumer in order to provide a more customized solution or the convenience of “one-stop shopping.”

evalUaTe vaRiable cosTs1. Negotiate better terms and conditions from suppliers even in the middle of a

contract time period if economic conditions or long-term loyalty relationships with suppliers provide leverage for your organization in your supplier relationships.

2. Determine the more profitable units sold based on gross margins that will be attractive to consumers and increase availability of those units for sale.

3. Determine any unprofitable units sold and consider raising the prices or discontinuing the units. Ask yourself whether it is worth continuing to carry unprofitable products or services.

4. Lower labor costs of those directly involved in producing the revenues for the organization. This change does not necessarily mean an employee reduction strategy, but ask yourself, “Can the same employees today become more efficient and productive with new labor-saving tools?”

5. Reduce the cost of support materials and supplies by aggregating purchases with other businesses that need the same supplies. Online aggregators will use reverse auctions to find the lowest prices for their aggregated customers.

invesTigaTe Fixed cosTs1. On a regular basis, investigate how to lower the organization’s fixed costs.

What is minimally required to maintain the overhead operations? 2. Where are resources being under-utilized? 3. What new technology exists today that could save money by implementing

new practices? 4. Would used furniture satisfy needs in lieu of new furniture? Would it be less

expensive to lease vs. buy office equipment?

The Bottom Line: Regularly seek ways to increase profitable revenues in order to sustain and grow your organization even in the midst of tough economic times.

Dr. Brunson is on the faculty of the Liberty University School of

Business and teaches marketing courses in the undergraduate and

graduate programs. Brunson retired from GTE/Verizon in 2003 as

Marketing Manager for major business accounts in the Southeast.

LAUNCHING PROFITS EFFECTIVELY INTO

THE NEW YEAR:A SteP-By-SteP PlAn

you CAn IMPleMent nowB y D r . K e n D r i c K W. B r u n s o n

2016


MARKETING

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Proper transfer of a family business can be confusing when corporate documents and estate planning documents are opposed in purpose. The goal of such documentation is for perfect strangers to read your documents

and use them as a blueprint to accomplish your wishes. In the case referenced here, we do not know for sure what Ms. Corr actually wanted. We do know she tried to ensure that her wishes would be met. We also know that a family was divided because the business documents and the estate plan were not in unison.

THe Family siTUaTion

Ultimately, it will be documents that determine our legacies to our children. In 2014 the Supreme Court of Virginia heard the case of Jimenez v. Corr. In this case a mother, Ms. Corr, passed. She owned 95 shares of a closely held company. Ms. Corr had a typical estate plan consisting of a pour over will and a revocable trust; her company ownership was subject to a shareholder agreement.

The shareholder agreement ordered the shares were to be bought by the company unless they could be passed to immediate family, which was articulated as the decedent’s spouse, children, parents or siblings.

The pour over will passed the shares to the revocable trust. Per the trust, a son could purchase the shares with a down payment and a 10-year promissory note. The trust pushed business ownership in a different direction than the shareholder agreement. The two opposing directions then led to the lawsuit.

THe lawsUiT

Ms. Corr’s daughter was part of the company, and Ms. Corr’s son-in-law was a co-trustee of the trust. The daughter sued to ensure the shareholder agreement controlled the shares, which would force a purchase by the company. The Circuit Court held that the Revocable Trust held control, so the shares could not be

purchased by the company but rather would be held and disposed of by the trust document. This case was appealed and the Supreme Court reversed, holding that since the son-in-law was not considered a close family relationship by the shareholder agreement, the shareholder agreement retained control.

consideRaTions

Fighters understand that you never leave your victory in the hands of the judges. Here a family had done well enough to hold shares in a company and held enough assets to warrant a trust. However, the fate of the business and the family’s inheritance came down to a handful of unrelated strangers who happened to be Justices.

We do not know the financial status of the company or the financial status and abilities of the son-in-law who had an option to purchase under the trust. What if the son-in-law’s ownership would have compromised or hindered the company? What if his involvement would have negatively impacted the daughter? What kind of impact did this lawsuit have on the family as they sorted out what the document controlled?

simPle solUTions

Business and estate planning are often times complex processes. A closely held business is often the parents’ way to pass a legacy to their children. In both business and estate planning, attorneys and owners must spend time and effort using documents to convey the intent of the owners. Remember: the goal is that perfect strangers can read your documents and use them as a blueprint to accomplish your explicit wishes. Make sure that both your business documents and your estate plan are not in opposition. Review them every couple of years to ensure business and family changes have not punctured holes in your plan. Ensure your attorney understands both your business and your estate plan thoroughly. Preparing a well- organized legacy is a lasting gift you can leave for your family.

Disclaimer: This article is for informational purposes only. No attorney client relationship is created based on this article.

PREPARING FOR THE FUTURE: Proper Transfer of a Family Business

B y J a m e s Fa i r c h i l D

James Fairchild is a Partner at Fairchild & Yoder PLLC where they focus on business and estate planning and litigation.

With a background in business, Fairchild greatly values long-term relationships with his clients and learning their businesses as he

serves them. You can reach them at fairchildyoderlaw.com.


LEGAL

Bloomberg Business reported in several articles at the beginning of fiscal year 2016 that “cheaper gasoline and the largest employment increase since 1999 are boosting household confidence” nationwide. Consumer spending, which

accounts for almost 70 percent of the economy, is improving. Americans are more upbeat about the economic outlook than they’ve been in a decade thanks in large part to the dollars they’re saving at the gas pump. And as consumer confidence increases, consumer spending tends to follow suit.

All the signs indicate that consumer confidence is up locally as well, though perhaps not entirely to pre-recession levels. Joe Turek, Professor of Economics and Dean of the School of Business at Lynchburg College, may speak for all of us when he says he is “cautiously optimistic” about the region’s economic outlook.

“When people are spending money again, that helps generate jobs and is a positive thing for the local economy,” Turek says. With retail sales up from previous years, Turek interprets that is a good indicator of local consumer optimism.

Marjette Upshur, Director of Economic Development for the City of Lynchburg, reports her office is also optimistic about regional economic growth in the upcoming year. “Central Virginia’s regional economic profile shows a growing population with expanding educational attainment, increasing disposable income, and a skilled and diversified workforce,” she says.

a closeR look: emPloymenT & woRkFoRce develoPmenTIn its end of fiscal year 2015 summary, Bloomberg reported that nationwide the

jobless rate indicates millions of Americans are underemployed, making less than they did before the Great Recession, or working part-time but seeking full-time jobs. Locally, however, Turek says the chief concern is job creation. “Down the road, there are some real issues we’re going to have to grapple with regarding the local economy. Most important is job creation. We really need to increase the rate of job creation. When you look at the industries where we are losing jobs—for example, manufacturing and technical, professional and scientific services—we’re losing the high paying jobs, and that’s causing the average income in our area to decline.”

Turek says that local employment rates are virtually unchanged from last year. However, during the Great Recession, a significant number of local jobs were lost. Looking towards the future, Turek says our local economy will face serious

challenges if we cannot create enough new jobs to accommodate the anticipated growth in the local labor force.

“Our local economy is not sufficiently diversified. Worse, each of our keystone industries—education, healthcare and nuclear energy—is facing large-scale, global challenges that may undermine its contribution to future economic growth in the Lynchburg metro economy,” Turek cautions.

Upshur adds, “We know that a significant part of our economic success as a region is the quality of our workforce. The Office of Economic Development is working closely with the region’s educational institutions, nonprofit organizations and employers to create opportunities for our citizens to train for jobs that are open today and fill skill gaps.”

Luke Towles, Wells Fargo Lynchburg Market President, further qualifies this challenge stating that local businesses have job openings but struggle to find qualified candidates. “The Lynchburg region has the opportunity to enhance the development of current and future job candidates by working closely with business leaders to give the necessary training to job seekers,” says Towles.

The Lynchburg Regional Governor’s STEM (Science, Technology, Engineering, Mathematics) Academy is an example of such targeted training working very well in our community. Towles reports, “At the STEM Academy, high school students are not only getting a greater education in STEM subjects, but they are gaining valuable internships with businesses in the region. In turn, the business community is getting the opportunity to have access to future business leaders at an early stage. Continued collaboration in the STEM Academy and other successful programs will be vital to the success of our region.”

a closeR look: Real esTaTe

U.S. housing, while improving from lows realized in the Great Recession, has yet to attain its pre-recession levels. Despite low interest rates, the National Association of Realtor’s 2015 National Housing Pulse Survey’s findings reveal that more than half of first-time home buyers say student loan debt is an obstacle to buying a home, which means this same demographic also can’t pay for upgrades, renovations, new appliances or furniture.

Kiplinger reports a nationwide ramp-up of construction activity, including home building and a strengthening housing market. Here, Turek says that local home sales are up too, as are home values. “The median sale prices for homes are up. Even the number of days a home is on the market has shortened,” Turek says. “These things tell us that the demand for housing is there.”

Turek explains the local real estate trends are an important indicator of the local economy. “The housing market drives progress in the construction industry, sales of new furniture and appliances, home improvements—all these

REGIONAL ECONOMIC FORECAST A look At the BoonS And ChAllengeS

CoMIng In 2016 B y l a u r e l F e i n m a n


ECONOMIC FORECAST

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are the positive side effects of a healthy housing market.” Economists like Turek interpret these signs to mean consumers have confidence in the economy and job security—providing the long-term income flow to risk investing in a meaningful asset such as a home, which is an investment, not a one-time expense.

Turek also notes that larger influences could be at play. “There’s evidence that indicates the Fed might be planning to increase interest rates, which would increase mortgage rates as well,” Turek says. “That [possibility] could be pushing some to buy a new home now, sooner rather than later.”

a closeR look: bUsiness develoPmenT

Upshur says the local office of economic development stands out in the Commonwealth for its ability to leverage state dollars to help the local business community. “The City of Lynchburg has two Enterprise Zones that provide investment incentives covering 4,200 acres of commercial property. In our Enterprise Zones, state and local incentives combine to support existing business expansion and new business relocation. Incentives include cash grants for real estate investments and job creation.”

A significant advantage for the region’s business community is Lynchburg’s relatively low cost of living, which is close to 10 percent lower than other comparable markets.

But is life rosy for everyone in Lynchburg?John Abell, the Carl Stern Chair of Economics and a professor at Randolph

College, conducted research with his students revealing that the downtown area—whose residents have the lowest incomes in the city—is a food and pharmaceutical “desert” and that downtown and its surrounding neighborhoods would benefit from a community-friendly grocery store and a community market that is expanded in terms of the scope of its offerings on a year-round basis.

“Lynchburg was once home to a vibrant downtown, teeming with activity—a community alive with the inhabitants of the neighborhoods in and around the downtown area,” Abell says. Today, however, residents in these same neighborhoods live without walking-distance conveniences like grocery stores and pharmacies ever since seven left the downtown area in the 1960s and 1970s.

In recent years, though, there have been many signs of new life popping up in the downtown district. A handful of locally-owned restaurants and shops, conversions of old warehouses into loft apartments and a renewed sense of civic pride are luring folks back to the city’s center. Abell says, “The return of a grocery store and a pharmacy would help to complete the downtown renaissance.”

Towles says the local businesses he works with feel good about the conditions of the current and near-term economy because their balance sheets have seen steady improvement over the past five to seven years. Conversely, Towles says that the local business community does not feel great about overall market conditions. “Factors contributing to their hesitancy include what’s going on in the global market—the Chinese economic slowdown and its impact in other Asian countries and Europe.” Towles adds that U.S. companies (including local businesses) are also feeling the effects, albeit perhaps on a slightly smaller scale.

Turek observes that one of the most interesting things about our local business outlook is an upward trend of new business start-ups. “Of course, what time will tell is whether they survive beyond the first year or two, a time when a staggering number—something like 80 percent—of new businesses fail.” Turek says for those hopeful entrepreneurs to have the confidence to start a new company in (as he says) “an economy that isn’t especially vibrant” is a good sign.

Ultimately, the Lynchburg business community is experiencing many of the same challenges that small businesses face throughout the country. Fortunately, many community leaders have recognized the potential risks ahead and are collaborating in efforts to minimize potential weaknesses and offer support to current and prospective entrepreneurs in the months ahead.

For more in-depth coverage of what to expect in 2016, see Business Perspectives on page 34, featuring input from regional business leaders.


ECONOMIC FORECAST

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Estate planning. While it can be an uncomfortable idea to confront—one’s mortality—few items are as critically important, especially for those who wish to ensure their loved ones are cared for

and have a plan to implement. “No one likes to think of the inevitable,” John N. Hall, Financial Advisor at

MontVue Capital Management, said. “None of us know when our last day will be, and it can be intimidating to plan for it.”

“But, to not plan only increases the burden placed on our loved ones. Having a plan for those pieces can’t bring you back, but it can make a meaningful difference for the people you care about.”

And while planning for tragedy is important for one’s own welfare, it is loved ones who truly benefit, noted Josh Wykle, Tax and Estate Planning Attorney with Woods Rogers PLC.

“[The family] will be tasked with carrying out the client’s affairs, whether the affairs had been planned properly, or left to the default legal system, which can be burdensome,” Wykle said.

misconcePTions: noT JUsT FoR THe wealTHy Delaying or failing to plan is not always due to avoidance of harsh realities;

some people misconceive that estate planning is simply “not for them.”“Some assume it is only for extremely wealthy, when almost everyone can

benefit from working on their financial plan,” said Tommy Doukas, Financial Planner with MassMutual Financial Group.

“Drafting a simple Will or Power of Attorney is a minor task for an attorney, but it provides the client so much in the way of ensuring a smooth transition in the

case of death or incapacity,” Wykle added.

While cost may feel like a deterrent to beginning the process, Darryl D. Whitesell, Principal, Edmunds & Williams, P.C., believes that’s a misrepresentation.

“An effective estate plan can more than pay for itself by drastically reducing the costs associated with estate administration and providing the client and his or her family with a sense of serenity when dealing with decisions and arrangements that may have previously appeared insurmountable.”

ESTATE PLANNING: YOU NEED TO DO IT—HERE’S HOW

Local Financial Planning & Legal Experts Weigh In B y D r e W m e n a r D


ESTATE PLANNING


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misconcePTions: noT JUsT FoR THose neaRing ReTiRemenTHall also noted that estate planning is helpful regardless of one’s relative youth. “When you’re just getting started, it can seem like estate-planning is for

people much older,” he said. “The truth is there are important considerations at all stages of life. … Regardless of what life stage you find yourself in, an important aspect of estate planning is saving and investing. After all, if you don’t save and invest then there may not be much of an estate to plan for.”

misconcePTions: noT JUsT a one Time decision Estate planning is not a one-and-done process; it is a discipline that, like other

areas of life, can yield more positive results when approached strategically.“People may think planning is an event, but it is a process that involves

multiple reviews and corrections,” Doukas said.But for many, the first hurdle—simply starting the process—may

feel insurmountable.“Beginning the estate planning process is overwhelming for many people,”

Whitesell said. “The estate administration process can be complex, stressful and time consuming.”

However, Whitesell continued, the benefits are worth pushing through the initial discomfort.

“Proper estate planning can dramatically reduce, if not eliminate, the confusion or problems created by a failure to properly designate beneficiaries, disagreements among family members or the failure to clearly express the decedent’s wishes,” he said. “Many of our clients find that an understanding of the planning and probate processes and how loved ones will be provided for is ultimately therapeutic and reassuring.”

Breakdown of Where to Start Depending on Current Life Stage

eaRly caReeRExperts agree that early on it is critical to contribute as much as possible to a

401k plan (if available) and to take full advantage of company matching.

“The power of compound interest is a wonderful thing,” Hall said, “By and large the sooner you start

investing, the better off you’ll be.”

Doukas added that working with a financial advisor early on can help individuals maximize their long range potential by helping to “develop smart saving and investing habits.”

Young, healthy individuals might not realize the importance of having their medical documentation in order as well, Hall added. But even those in their twenties should consider questions such as “Do you wish to be an organ donor?” or “What are your wishes should you become mentally incapable of making medical decisions?”

It is also important to have one’s bank accounts, investments and insurance policies labeled, organized and easy to locate, Hall pointed out, noting that investment accounts, for example, can save one’s next-of-kin some paperwork by electing a transfer-on-death designation.

Early career can also be a time when individual interests become entwined as romantic partners make long-term commitments.

“Many couples get married and then plan their future, as opposed to thinking about some key points ahead of the actual ceremony and starting life together,” Wykle noted. “It’s important to think about joint or separate bank accounts, writing a Will, naming a guardian for forthcoming children, drafting an Advance Medical Directive (AMD) and even choosing a trusted person to act as an agent of your matters under a Power of Attorney should you and/or your spouse not be able to make decisions.”

“Not all joint accounts are created equal,” Hall added. “They behave differently upon your death, so you’ll want to understand exactly what you’re choosing.”

mid-caReeRAs families grow and careers begin to thrive, it is time to consider protecting

and securing one’s estate. “The focus [at mid-career] turns toward protecting your wealth, whether

from inheritance taxes, creditors or wayward beneficiaries (e.g., untrustworthy children or other extended family members),” Wykle said. “Establishing a Trust, either revocable or irrevocable, is a great way to shield probate taxes and fees, protect creditor claims and put measures in place to ensure that a beneficiary will not waste his or her inheritance.”

Beneficiaries should be updated as needed. Another key consideration for most individuals finding themselves mid-

career is life insurance. Hall said, “Check to see if your employer offers term-life insurance. If so, it’s often very affordable. If not, I often recommend shopping individual term-life policies. Keep in mind, though, the primary reason for life insurance—it’s very possible to be over-insured, and there’s always going to be someone willing to sell you too much insurance.”

No stage of life is without struggle, and with children, shifts in the economy and other changes in cost of living, finances can get tight.

“Budgets can get thin while raising children, [but] having the right issues taken care of can make all the difference if something unexpected happens,” Doukas said. “Working with an [estate] planner at this stage makes sure everything is on the radar even if it cannot all be addressed at the moment.” Key goals should be awareness of spending habits and substantial retirement planning.

ReTiRemenTIdeally, retirement is a stage where the fruits of one’s labor are reaped, but

that only occurs when previous planning occurred. Retirement means “it is now time to double check who has been named as

the Executor, Trustee and Agent under Power of Attorney and who may need to serve as a successor,” Wykle said.


ESTATE PLANNING

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With the help of a financial advisor, those approaching or in retirement should map out their retirement budget.

“This often gives a first glimpse into what assets may remain at their expected end of life,” Hall said. “It’s important to have a plan for those assets. Likewise, it’s at this stage that many people rethink their charitable desires. It can be so rewarding (and sometimes tax advantageous) to give money to your beloved charities and places of worship while you’re still alive.

“In much the same way, it can often make sense to begin giving assets to children and grandchildren—especially if you’re in a comfortable enough position to know that you’ll not need those assets to meet your living needs.”

Whitesell also pointed out some key considerations when planning to pass property on:

“Many people are unaware of the difference between probate property, which passes under the terms of a Will (or under state law if the decedent has no Will) and nonprobate property (such as property passing under a revocable trust, property with a beneficiary designation, or property held jointly with survivorship rights). People also worry that recipients of gifts or inherited property will be taxed on the value of the property received, as opposed to the donor of the gift or estate of the decedent being taxed on the value of property given above certain exempt amounts as provided under federal law. Additionally, there is a common misconception that all estates are subject to federal estate tax (and potentially generation skipping tax) when in fact, in 2015, only estates that exceed $5,430,000 in value are subject to federal estate tax. An estate planning professional can provide guidance and clarity regarding each of these issues and others.”

beTTeR laTe THan neveR

“It is never too late to start and make a situation better,” Doukas said. “The sooner started, the fewer resources needed, and the better the range of outcomes achieved, but, even done

late, planning can insert reality into expectations and help modify habits and spending to avoid a future crisis.”

The simplest way to get the process started—regardless of your current life stage—is to meet with a professional.

Begin by having a conversation. Wykle recommended sorting out matters first with your spouse or a trusted family member. Know your assets and liabilities; know what your goals for retirement are; think through your wishes for end-of-life care. Hall recommends putting these goals into writing.

Next, sit down with a professional financial planner. It is also good to find a trusted tax-preparer and lawyer as well. Basic analysis and initial consultations should almost always be free, Doukas noted.

Remember, time is of the essence.“Get started now—stop procrastinating,” Doukas said. “Choose a planner

who will be up front and honest. The news may not be pretty when you start too late, so be realistic and prepared to make changes. Whatever you do, do not give up and avoid the problem in the hope that it will simply go away.”

Since the issue is a highly personal one, it is key to work with professionals you feel comfortable with.

“It’s important to work with someone you trust,” Hall said, “someone who has your best interests at heart. If you don’t get that feeling from the first person you speak to, then find another.”

Though it may be intimidating at the start, planning ahead will save your loved ones undue costs and stress down the road.


ESTATE PLANNING

http://www.mybcu.org

The historically low interest rates of recent years have created a dilemma for income-oriented investors. Where should they put their money when yields on traditional fixed income investments like money

market funds, corporate bonds, U.S. Treasury securities and bank CDs have essentially been next to nothing?

For many investors, stocks have proven to be a surprisingly viable alternative, but not just any stocks—stocks that pay dividends and offer the promise of being able to increase those dividends over time. The importance of dividends has often been overlooked; but going forward, baby boomers needing income as they peer into retirement will demand dividend-oriented investments.

The first company to pay a dividend on its stock was the Dutch East India Company in the 1600s. Several American companies like Procter & Gamble and DuPont have been paying dividends for more than 100 years. And since 1926, dividends have accounted for more than 50% of total market return. In fact, a recent article in Forbes cited a Wharton School study that examined U.S. stock performance throughout history until the early 1990s. The study found that approximately 75% of total return on all U.S. stocks during that time was attributable to dividend reinvestment and compounding, while only 25% was due to capital gains.

And yet, many investors don’t consider dividends when determining how to structure their portfolios. They somehow perceive dividend stocks as stodgy and old fashioned—their father’s (or even grandfather’s) investment that lacks the excitement and growth potential of smaller companies poised to benefit from bullish market conditions.

It’s important to remember, however, that dividend stocks offer a number of benefits that their non-dividend counterparts do not:

• They Generate Income:

Dividend stocks typically offer yields that range from 1.5%-5% or thereabouts. Unlike interest from bonds, dividends are not an obligation of the company that distributes them. Dividends come from cash flow, and as a result they can be suspended during periods when companies experience difficult business conditions. That said, many companies have maintained or even increased their dividends over time. Investors can use dividends to help meet day-to-day retirement expenses or to purchase more shares of the underlying stock, which brings us to our next benefit.

• They Offer Potential Appreciation & the Ability to Compound Returns:

Like any stock, dividend stocks are subject to price fluctuations that may result in gains or losses for investors. Unlike other stocks, however, dividend stocks often offer dividend reinvestment plans in which dividends are automatically used to purchase additional shares and fractional shares. Over time, this can make a substantial contribution to total return. To give you an idea how substantial, consider that a $10,000 investment in the Standard & Poor’s 500 at its inception in 1926 would have grown to $33.1 million by the end of 2007. If dividends had not been reinvested, the investment would have grown to only slightly over $1.2 million.

• They Help Cushion Volatility:

With non-dividend stocks, you can only make money if the prices of those stocks rise. With dividend stocks, you can make money through dividend payments, even if the prices of your stocks remain flat or decline. What’s more, declining stock prices increase the yields of dividend stocks, thereby making them more attractive to income-oriented investors. As a result, dividend stocks offer a degree of protection in declining markets and have therefore proven popular with conservative investors seeking preservation of capital.

The flip side of this benefit is that dividend stocks tend not to rise in price as dramatically as non-dividend stocks in bullish markets. Companies that don’t pay dividends reinvest profits in an attempt to grow their businesses. Those that succeed are often rewarded more by the market than companies that distribute a portion of their profits to shareholders.

Still, dividend stocks have outperformed the overall market over the long term. For the five year period ending May 29, 2015, the S&P Dividend Aristocrat Index, which consists of companies that have consistently increased their dividends every year for at least 25 years, provided a return of 18.05% versus 16.54% for the S&P 500. For the 10 year period ending on that date, the Dividend Aristocrat Index again outpaced the S&P 500 by 10.72% to 8.12%.

maybe FaTHeR knew besT aFTeR allWhat all this means to investors is that your father’s favorite investment still

warrants consideration in today’s market environment—in fact, especially in today’s market environment. Dividend stocks may have lagged their non-dividend counterparts in the bull markets of the 1980s and 1990s, but in more normal markets, they have tended to excel. If you believe that the current market will generate more modest returns than in recent years, you might consider the value of adding dividend stocks to your portfolio. Furthermore, stocks of companies that have demonstrated an ability to increase their dividends consistently may prove especially attractive.

DISCLAIMER: This column is for informational purposes and should not be considered personalized investment advice. Everyone’s circumstance is different, and individuals should seek investment advice based on their unique financial situation. All investments are subject to risk, including loss of principal.

Marshall is a portfolio manager and principal member of Flippin, Bruce

and Porter, Inc., an investment firm located in Lynchburg, Va. He has

over 33 years of experience. Reach them at www.fbpinc.com.

DON’T IGNORE DIVIDEND STOCkS:

ReCent StAtIStICS Show PAy offS foR InveStoRS

B y Dav i D J . m a r s h a l l , c Fa


FINANCIAL

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Millie's Back Cover.pdf 1 5/1/15 2:02 PM

Millie's Back Cover.pdf 1 5/1/15 2:02 PM

CS CUSTOM STRUCTURES PRovIdIng one of A kInd deSIgn foR IndIvIduAlS

B y m e g a n l . h o u s e

Whether your house needs a “facelift” or you are starting from scratch, CS Custom Structures, Inc. is ready to meet your architectural design

and construction needs. With 125 years of combined experience in the architectural profession, they strive to offer unique, diverse and “one of a kind” craftsmanship—never duplicating a design.

“There is no other company like ours, that [has] the architect and builder under one roof,” said Ron Driskill, vice president and architect. Unique from most competitors, CS Custom Structures offers a “one-stop shop” approach.

“Most of our work is custom high-end homes and light commercial projects,” Driskill said.

Started in March of 2003, founder C. Scott Elliott’s goal was to bring “good” architecture back to the community. With Elliott’s father’s father being a builder, and his mother’s father an artist, Elliott wove together his passions, which were influenced by his grandfathers.

“The big thing with this company is its design capability,” Driskill said.

“We’re known for our unique design.”

On the residential end, clients are often looking to remodel their kitchens, basements or other living spaces. Having both the architects and builders on site allows clients to simply walk through the door, and everything they need for planning is conveniently available.

“Our typical client is someone who doesn’t want to buy a spec house,” Driskill said. “They have a piece of property, and they want something that’s designed around their lifestyle and their entertainment options.” Aside from residential work, they also undertake various commercial assignments, which now consume a significant amount of their time.

Business O V E R

T E N y E A R S

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BUSINESS PROFILE

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“We do a lot of design and construction work for physicians,” Driskill said. “They’ve been kind of the backbone of our work ever since we started.”

CS Custom Structures was not only responsible for the dramatic transformation of La Carreta on Timberlake Road in Lynchburg, they have also remodeled, designed and built many structures throughout the area. The fourth floor infill and rooftop observation gallery at the DeMoss Center on Liberty University’s campus was also their design. The infill consisted of 115,000 square feet of classrooms, lecture halls, offices, galleries and egress components. The rooftop observation gallery, which was designed to reflect a Jeffersonian style, was adorned with Tuscan columns and Chippendale railings.

“We’re pretty well known for our design capabilities,” Driskill said. “We get phone calls weekly from people who want a design, and that design often leads into the construction phase.”

Aside from residential and commercial, they also have experience working with historical properties. Prior to the company actually being established, some of the team designed work at prestigious historical places, such as the White House, Yorktown and Colonial Williamsburg.

“Dealing with clients like that can tune you to a very sensitive and delicate eye for detail,” Driskill said.

Being an architectural design firm and general contracting firm makes them both unique and convenient for clients. Frequently, clients will know what they want in a house but do not have a design laid out. Offering several forms of visual images, including hand sketches, computer aided drafting, renderings and 3D models, the firm paints a picture of what the finished project will look like.

“We listen to the homeowners; we take that information, and we develop concept drawings,” Driskill said. “Once we get the concept where the owner says ‘yep, that’s what I like,’ then we’ll take it across the hall and take it to the construction side, and they will put a price on it for what they estimate the construction cost to be.”

If the price agrees with the client, and they are satisfied with the look, the project goes into construction documents, which is the final phase of the primary design process. Depending on the job, the design process for an average resident home generally takes 2-3 months, followed by up to 6 months of construction; however, it can be longer, depending on the house.

“We do a lot of design build, where we are designing and getting permitting while the construction people are out in the field doing stuff,” Driskill said. This approach is key, as it makes the whole process move along both quickly and efficiently.

“If there’s a problem in the field, we can go right on out,” said Joshua Moore, graphic designer and photographer.

During the process, clients have the opportunity to meet people from the construction department, providing them with the chance to look over the plans, give suggestions and make changes.

AT A GLANCEFounded: 2003

Location: 1934 Graves Mill Rd., Lynchburg

Employees: 30-35

Signs of Growth: Expanding into new areas including Albemarle County, Lexington and Smith Mountain Lake

TRANSFORMATION—Many residents will recognize the updated design of La

Carreta on Timberlake Road, a project that highlights the extensive abilities of the CS

Custom Structures team.

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BUSINESS PROFILE

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“When you’re working through the design process, it’s a lot of fun,” Driskill said. “We’re going to end up drawing everything you want, you’re going to look at it and say,

‘Yep, that’s exactly what I wanted, and it looks great.’” Although Custom Structures offers comparably low prices, clients are

welcome to pursue construction bids from other companies if they so desire. “In most cases, when a family is building, the design process isn’t

intimidating but finding the contractor is,” Driskill said. “So if you have this gentleman over your shoulder who is working with you to save money during that design process, more often than not, when we give them our bid to go get

competitive bids, they say, ‘Nope, let’s start busting ground’ because they’ve developed that relationship with that builder during the design process.”

CS Custom Structures strives to make their work innovative and diverse, never duplicating their designs.

“We’re well known in the local area as a high end home designer builder, and the commercial side is

rapidly growing,” Driskill said. Since the company’s founding with a mere three employees, they have

now grown to employ over 30.

“It’s been constant,” Driskill said. “Even in 2008 when the turn in the economy took place, we didn’t see it as a hiccup, we just kept going.”

They are also branching out, pursuing jobs in Albemarle County, Lexington and the Smith Mountain Lake area. “We are trying to spread our wings to different localities,” Driskill said.

“If everything continues, I would say in the next 10 years we will have 70-75 employees instead of the 30-35 we have now,” Driskill said. Currently, they are working on several local projects, including wedding venue Bella Rose, the Porter House restaurant, St. Andrew Church, Piedmont Eye Center and many others.

Their mission is to create a balance of “impeccable design” and “exceptional craftsmanship.”

“We’re truly custom,” Moore said.

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BUSINESS PROFILE

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What is your current job? I am the owner of Basket Case, an upscale gift/gourmet shop specializing in

custom-designed gift baskets filled with fine chocolates, teas, coffees and wines. We also include many unique Virginia products. Every gift basket is designed to fit the customer’s budget and occasion for the gift.

What led you to where you are now? Many years ago, with a desire to be more flexible and more involved with

my little girls’ school activities, I researched the possibilities of a home business. I discovered that people were thrilled with receiving a gift basket filled with surprises.

What were the early days of business ownership like? In 1990, Basket Case was born. While still employed at B&W, I began

working my business on a part-time basis. In 1993, with the support of my husband, I resigned my public job and took on Basket Case full time. After a routine mammogram, before leaving my public job, I was diagnosed with breast cancer. I knew what I wanted to do and considered this health problem merely a bleep on my career screen. After recuperation, I jumped in with all the strength and fervor I could muster. Having an actual business with a storefront, by that time, kept me very busy.

What did you learn? During the very early period of my business, I was the only employee.

I did it all—from sweeping the floor to the daily paperwork. I learned that you cannot be the best at everything. I was able to hire some part-time help, which took a ton off my shoulders. Three moves, due to growth, and 25 years later, I am now located in the Old Forest Commercial Center, a growing center located behind the Fresh Market Complex.

What excites you the most about your work? My business is exciting and each day is different. My associates and I

design gift baskets for every occasion from new baby to bereavement and everything in between. Corporate clients comprise a very large part of my business. Because we have a great website, designed by Michael Justice, we have a shopping cart and receive orders from all over the world. Our college care business keeps us busy during the school year as well.

I do my best to know my customers and certainly greet them by name and a hug when they walk through the door. This is important to me. Since many of my customers and I have such a great relationship, they simply call in their orders, and we do the rest. Basket Case is known for great customer service.

What are some challenges you’ve faced over the years? Convincing decision-makers in the corporate arena that gift baskets are

an over-the-top expression of feeling. With word-of-mouth advertising, and

actually seeing the joy people express when they are the recipient of a Basket Case gift basket, many of these challenges have been overcome.

What are some ideals or strategies that you prioritize in business? I have been part of numerous networking groups. The relationships I have

nurtured are still as strong today as ever. This very closeness has been a real boon to my business. Being a member of both the Lynchburg Regional and Bedford Area Chambers of Commerce has enabled me to make priceless contacts and customers. A most exciting event for Basket Case and me, personally, was receiving the Small Business Award for 2005 from the Lynchburg Regional Chamber of Commerce.

What’s life like outside of work?My girls, who are now adults with their own families, were the real reason

behind Basket Case. Even though they are busy themselves, one is a full-time nursing student at Liberty University and the other is the librarian-media specialist at R.S. Payne Elementary, we make time for a weekly family gathering at my house. My grandson, Dakota, who lives with me, is the impetus for keeping me active with his high school activities. God and family are stressed at my table each week.

What do you enjoy about this region?I grew up in Amherst County and am now residing in Lynchburg. I’ve been

married to Jimmy Cunningham for 35 years. Jimmy had a severe stroke 13 yrs. ago and now resides in a nursing facility. He continues to be my cheerleader and support system.

Any final words? Going the extra mile puts you miles ahead of the competition.

PATSY CUNNINGHAMOccupation: Owner of Basket Case

Hometown: Lynchburg, Va.


LEADING LADIES

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Some resolutions can save lives. Companies that invest in wellness programs can make tremendous strides in promoting a healthier and happier workplace and lower healthcare costs too. Every

program should include a smoking cessation initiative.The statistical realities of lung cancer are all around us. Few people would argue

that modern research clearly links tobacco use to cancer, heart disease and stroke. For years, government regulations have required tobacco companies to label products with health warnings.

Still, lung cancer—the leading cause of cancer-related deaths in the United States—remains often overlooked. Lung cancer is the most preventable form of cancer. Tobacco use accounts for at least 30 percent of all cancer deaths and 80 percent of all lung cancer deaths.

The statistics are alarming. According to the American Cancer Society, physicians will diagnose an estimated 220,000 new lung cancer cases in 2016. The cancer society estimates 158,000 deaths from lung cancer this year. The United States Surgeon General’s Office has identified 20 million smoking-related deaths since 1964. Over two million deaths were attributed to secondhand smoke.

Secondhand smoke is also a killer. Even with declining numbers, smoking remains harmful not just to the user, but in some cases, more dangerous to those sitting nearby. Those that continue to smoke assume the health risks and pass those risks off to others around them.

Take cigarettes, for instance. There are two types of cigarette smoke: sidestream, smoke coming from a lit cigarette, and mainstream, smoke exhaled by the user.

Although both types are dangerous, research shows a higher rate of cancer-causing chemicals in sidestream smoke because it is unfiltered. Mainstream smoke is inhaled through a cigarette filter, absorbed by the user’s body and exhaled.

When someone smokes indoors or in a car, the risks are amplified. Chemicals settle in dust, carpet and clothes, wreaking havoc on unsuspecting bodies. Oncologists often find cancerous tumors in the lungs of patients who never smoked but lived with parents or spouses who did. Those are tough conversations.

Because smoking is such a huge risk factor, smokers and those living around secondhand smoke should watch for warning signs of lung cancer, including a new or different cough that does not go away or worsens over time, coughing up blood, changes in voice, unintentional weight loss and chest pain with deep breathing.

In children, secondhand smoke exposure may be linked to lymphoma, leukemia and brain cancer, in addition to bronchitis, asthma and higher rates of hospitalization. Smoking among pregnant women is linked to low birth weight, miscarriage and Sudden Infant Death Syndrome (SIDS).

Children have little, if any, influence on their environments. They can’t avoid secondhand smoke or move to another place. While society is making strides in requiring smoke-free environments and raising awareness, work is far from over.

Two of the best methods to combat smoking are to lead by example and to encourage others to be mindful of smoking dangers. The most important step an employer can take is providing wellness programs that provide access to smoking cessation programs. Long-term health is worth the effort.

Aimee Strong, NP, leads the Comprehensive Lung Cancer Screening

Clinic at Centra Alan B. Pearson Regional Cancer Center. To learn

about Centra’s free smoking cessation classes, call (434) 200-3812.

lUng canceR scReening clinicUnder the Affordable Care Act, insurance companies, including Medicare,

are required to cover low-dose CT screenings for individuals considered “high risk” for developing lung cancer. The screenings are designed to detect lung cancer in its earliest and most treatable stages. According to research, the CT screenings have made a tremendous impact in finding early-stage lung cancer. From an economic standpoint, healthcare costs are much lower for early-stage treatment compared to advanced-stage lung cancer.

Centra Alan B. Pearson Regional Cancer Center offers a comprehensive Lung Cancer Screening Clinic, recently designated a Screening Center of Excellence by the Lung Cancer Alliance. A thoracic nurse practitioner treats patients, schedules CT screenings and discusses smoking cessation if necessary with patients. To make an appointment, please call (434) 200-3100.

SAvING LIvES By CuRBIng the hABIt

B y a i m e e s t r o n g , n P


HEALTHCARE

LEADER PROFILE

LynchburgBusinessMag.com DECEMBER/JANUARY 2015-20163030 LynchburgBusinessMag.com

LEADER PROFILEGEOFFREY KERSHNER

Occupation: Executive Director of the Academy Center of the Arts Hometown: Amherst, Va.

What does your current job entail? I lead the organization’s programming, strategic planning and operations.

Our organization includes a flexible black box theatre, two art galleries, a pottery studio and an arts education facility. We are also in the middle of a facility expansion with the addition of a 750-seat historic theatre.

How do you explain the intersection of the arts and community development?

On a basic level, the arts build a healthy community. They gather people together to have a shared experience. When this happens, people intersect, exchange ideas, and community is formed. Arts activity also increases foot traffic, which leads to an increase in public safety and provides a large lift to local commerce.

What’s coming up for the Academy in 2016? We are hosting the work of local artists and local arts organizations in multiple

artistic genres, and we are offering a wide range of youth and educational programming. We are also bringing in professional artists like the American Shakespeare Center, Chicago’s Second City and the Aeolus Quartet.

When you were younger, did you know what you wanted to do? How did you arrive where you are today?

As a high school student, I wanted to be an actor. While training to be an actor, I realized that what I truly wanted was to shape the overall theatrical experience for people, so I moved to directing. To facilitate my directing work I formed a theatre company. From there, I realized I loved using my company’s work to engage my community directly. Making this jump to the Academy is continuing my exploration of community service.

What were the early days of running Endstation Theatre like? Exciting and challenging. Endstation was formed by a great group of artists that

I met in graduate school. We were a family, and we cared deeply for each other, the work and this community. The possibilities and future seemed limitless.

What did you learn? I learned to listen. I learned to pay attention to what my community

needed and/or wanted. I had to care deeply about the work we produced,

but it was important that my production choices started with listening and observing my community.

Is there anything you would change in retrospect? I wish I had lived in Virginia full time sooner. For three years I taught at a

college in Daytona Beach, Fla. I would travel back to Virginia in the summer to run Endstation. It was really difficult to grow the company from offsite, particularly when we were so community focused.

What excites you the most about the work that you are doing now? I think a great city has a great arts center. I think we have an incredible

opportunity to make a meaningful impact on Lynchburg and the surrounding area. I live downtown, and I can feel a growing excitement about the revitalization happening around us. We are bringing something back to life. A healthy Academy means incredible things for this revitalization effort. New restaurants, shops and destinations will continue to materialize with our help.

What are some challenges you’ve faced over the years? I have fallen on my face many times. Producing artistic work or organizing

events is difficult to practice. You just have to do it. This means your failure is public. I have produced shows no one attended, and I have created work that was lousy. I learned more from those failures than I have from successes though.

What are some ideals or strategies that you practice for general productivity?

I go to the gym every morning. I had a college professor who told me that if I found one thing that I am consistent in doing, that that dedication will transfer over into the rest of my life.

What are some unique challenges facing a nonprofit, specifically one related to the arts?

Our staffing and operational costs are as valuable as the work we do or the buildings we renovate. This isn’t always understood. If we don’t have a strong operational budget, we can’t provide our city effective impact. For example, if we can’t spend money to properly market our work, no one will attend, and it will have no value. Support for our annual fund is vital.

Workforce DevelopmentCareer & Technical Education Programs

www.lcsedu.net

State Licensure

Industry Certification

National Competency CertificationCareer Electives

Workforce DevelopmentCareer & Technical Education Programs

www.lcsedu.net

State Licensure

Industry Certification

National Competency CertificationCareer Electives


LEADER PROFILE

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What is your advice for facing those unique challenges? Most people understand the value of staffing and marketing in the for-profit

sector. It has the same value in the non-profit sector. With strong infrastructure comes an effective organization.

What are the advantages to having a position like yours at a relatively young age?

I am not afraid to ask for help. I am surrounded by some incredible servant leaders who serve on our board. It is a “who’s who” of Lynchburg leadership. When an issue arises, I have an incredible brain trust to turn to, and as a younger leader, this is an easy relationship to have. I have no ego with them, and I am ready to learn.

What are the disadvantages to having a position like yours at a relatively young age?

My network is younger. I don’t have a long history with older artists, patrons and donors. I need to reach as many in our community as possible, and I will have to work to create more of these relationships and connections.

What type of leader are you? I am a collaborator. I like a team environment in which my co-workers are

empowered and own their work.

What’s life like outside of work?My wife [Ashley] and I love good food, the outdoors and travel.

We are always looking to expand our experiences. I am also a big college football fan. Some of the things I love about sports are the same things I love about the arts.

What do you appreciate about this region? I grew up here. I have lived by the ocean, and I have lived in a major city.

[But] I only truly feel at home in the mountains. There is nowhere I would rather be than on a trail in the Blue Ridge Mountains.

What’s the best piece of advice you’ve ever received?

My mother taught me not to bemoan what I don’t have but to take advantage of what I do have.

What one piece of advice would you share with others?

I will quote the playwright Samuel Beckett, “Ever tried. Ever failed. No Matter. Try Again. Fail again. Fail better.”

Any final words? This is an exciting time to be in Lynchburg.

We are sitting on so much potential. I think if you are complaining about Lynchburg, you aren’t trying very hard to engage or create something new. There is so much opportunity.

EVER FORWARD— Kershner came on as Executive Director in May of 2015. “The arts. . .gather people together to have a shared experience. When this happens, people intersect, exchange ideas, and community is formed.”


LEADER PROFILE

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When I was a kid, we lived not more than 15 minutes from both sets of grandparents. On Thanksgiving, we would first go to my grandparents on my dad’s side for dinner,

which was usually around 2:30 in the afternoon and involved the entire family—aunts, uncles and cousins all crowded into the nearly-windowless basement of their brick cape cod. The smell of turkey fresh from the oven, combined with the dank and musty basement (and my grandfather’s pipe), is woven into my childhood memories.

Following several hours there, we would go across town to visit with the other side of the family at my aunt and uncle’s house, where we would enjoy their leftovers and watch the adults practically lose their minds playing Dutch Blitz (if you’ve ever played, you understand). Sure, it all made for a long day. But it was tradition. It’s what we did.

Years later as my dad’s mother, by then a widow, began to slow down, that side of the family moved holiday dinners to a church fellowship hall. And you know what? It just wasn’t the same. Sure, it was brighter, and there was more room. And cleaning up was easy since we used disposable plates and silverware. But it didn’t feel right. These memories got me thinking.

Home owneRsHiP: THe FRonT endI live and work in the world of real estate. It is both my job, and my delight, to

help people find a new home. That process involves many variables and factors. Two of the more important ones are: What specific criteria are most important to the buyers? and How much do they want to spend? Sometimes along the way, both the search criteria and the price range undergo a few adjustments.

On the front end of home ownership, the focus is often on the price, condition, features, amenities and other variables related to the home. It must also be affordable. It should check as many of the boxes as possible and, ideally, come with some added bonuses. As the process moves from one stage to another, these are the things that guide us toward a final decision.

Home owneRsHiP: THe back endHowever, on the back end of home ownership—once you’ve lived in a home

for awhile—you realize there is another component. And it’s not one you can search for in the MLS. It won’t show up on your appraisal either. As time passes, you grow to appreciate the fact that a home is more than just square footage and utility costs. It is where you will live. There will be loud laughter and quiet tears, tough talks and joyful celebrations, important life changes and small intimate moments. In short, a lifetime of memories will be made.

Home owneRsHiP: PRioRiTiZing wHaT maTTeRsIt’s for this reason that several years ago, my wife and I rearranged our annual

Christmas trip and made it a priority to be back home by Christmas Eve. Why? Because waking up in your home on Christmas morning is infinitely better than driving for hours.

My wife recently threw me a surprise party for my 40th birthday, and it was absolutely incredible—our house was packed, our friends and their kids were everywhere…and there was so much food. It’s one of the best memories we’ve created so far, and I know there will be many more to come.

Listen, no one would have bought my grandparents’ house for their damp, dark low-ceilinged basement. And most people wouldn’t love my aunt and uncle’s tiny eat-in kitchen, and the fact that it faced a vacant lot, across which you could watch the McDonald’s drive-through. But none of that mattered, and I wouldn’t trade those experiences for the world.

I remember one of my first brokers used to say that we’re in the business of “sticks, bricks and mortar.” But I prefer to think of it as something a little more. So over the next several weeks, let’s truly enjoy our homes. Let’s make some new memories. Let’s tell those old stories again.

Here’s hoping you have a Merry Christmas and a Happy New Year!

“A PILE OF STICKS, BRICKS & MORTAR…”

A SoMewhAt SentIMentAl PeRSPeCtIve foR the holIdAy SeASon

B y Da n vo l l m e r

Dan Vollmer is an Associate Broker at Re/Max 1st Olympic

and member of the Virginia Association of REALTORS

Board of Directors. Find him at www.danvollmer.com.

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PROjECTIONS Regional Outlook for 2016

by laRRy Jackson, aeP; Board Chair, Region 2000 business & Economic Development Alliance

and Jim RicHaRds, PeTTy, livingsTon, dawson & RicHaRds;

Board Chair, Lynchburg Regional Chamber of Commerce

“The status quo is acceptable,” said nobody ever.Two years ago, following a Lynchburg Regional Chamber Board Strategic Retreat,

a group of business leaders put their heads together to voice a thought: “Since the Lynchburg Regional Chamber is focused on growing and sustaining the business community and the Region 2000 Alliance is focused on industry recruitment and global marketing, wouldn’t it be logical for the two organizations to combine to advance our region? Why have two organizations? Wouldn’t a combination be better for the region?”

This thought was the spark that started further discussion. Eight communities from Richmond to Spokane were interviewed regarding their results from merging one or more groups into a new organization focused on regional economic enhancement. Of the eight communities, Lexington, Ky., was identified as the gold standard for regional mergers, and so representatives from the Alliance and from the Lynchburg Regional Chamber traveled to Lexington, Ky., for an intercity visit in mid-2015.

Lexington had successfully merged its regional economic development organization and chamber of commerce to create Commerce Lexington more than 10 years ago, which has propelled that region to the top of major charts and lists in the areas of job creation and capital investment. That research resulted in our creation of a regional task force, the generation of a guiding principles document and our commitment to roll up our sleeves and get to the business of creating a new organization. Upon recommendation of the task force, both boards voted to merge the organizations and charged the task force with developing the details.

So, why combine the two organizations?

enhanced economic efficiency: One entity moves us forward more efficiently and effectively than two organizations operating independently. It will eliminate the competition for dollars and increase private investment for the prosperity of the region.

larger Regional voice: A larger voice carries greater weight outside the region. The voice is collective and collaborative, resulting in unified messaging.

Greater Strategic Collaboration: The organization, unified under one vision and mission, will serve as the regional convener for key leadership to collaborate on opportunities.

When we looked at how our region ranks nationally among mid-sized metropolitan areas, we were shocked to learn that of 373-ranked communities, ours places at number 298. Our rank relative to other communities is very disappointing when we know that we have a strong, vibrant region rich with talent, resources and beauty. We are certain a merged organization will make the region more competitive in attracting new companies and jobs and that a collective, collaborative voice will enhance our regional success.

Our new vision statement is “creating a region where businesses and individuals thrive.”

The new mission is to lead regional economic development through:1) generating jobs and investment,2) promoting our brand and image globally,3) cultivating talent, and4) enhancing the business climate.

Do you see the bigger picture? We certainly do. The realm of possibilities is endless for our region, and we whole-heartedly believe that this new model will continue to advance and enhance our regional economic base. We will be collaborative and integrated with our valuable partners: our local Economic Developers, Chambers of Commerce, Workforce Development Board, Small Business Development Center, the Center for Advanced Engineering and Research, Local Government Council and our municipalities. We look forward to serving our Chamber members and Alliance stakeholders and building a stronger region—together!

by cHRisTine kennedy, iom, cPc, eli-mP

President Lynchburg Regional Chamber of Commerce

2016 holds an abundance of promise for the Lynchburg Region. And, if I had to sum up where I think we’re headed as a region, I’d use the following words: Entrepreneurship, Business Growth/Expansion and Increased Regionalism.

In my work at the Lynchburg Regional Chamber, I’m finding entrepreneurs who are choosing to make our region their location because of our quality of place, low cost of living and doing business, and the fact that, in many instances, you can do business from anywhere. Existing businesses are expanding and investing in infrastructure as evidenced by the construction industry growth we’re seeing. And, regional support industries like chambers of commerce, nonprofit entities and economic development organizations are collaborating like never before under a fairly recent model called “Collective Impact.”

some fairly recent examples of collective impact worth noting include: 1. Live Healthy Lynchburg. This collective brought together numerous partners to

achieve positive health outcomes for the Lynchburg region. Since inception, we’ve become an official “Let’s Move!” city, improved our MSA’s health ranking nationally and seen more than 3,000 individuals and more than 150 employers all implementing health changes.

2. intercity Trip. For the first time in 15 years, we collaborated this year with regional government, economic and business leaders to host an intercity trip to Lexington, Ky. Most of our competing regions take intercity visits annually or at least biennially, and it was time to see what we were competing against. This trip led to our plans to merge our regional chamber with the Region 2000 Business & Economic Alliance so that the two largest business organizations are working together toward business and economic growth.

3. The creation of the blue Ridge economic coalition. Another example of regionalism on an expanded scale is the recent formation of the Blue Ridge Economic Coalition comprised of business, chambers of commerce, economic development, government and transportation leaders from the Lynchburg and Salem VDOT Districts unified with the goal of creating a high level, larger voice advocating for goals and projects that increase economic activity across our jurisdictional boundaries.

There’s an undercurrent of change that’s sweeping across our region. Why? I think it’s about impact. I think it’s about caring enough about our entire region, not just one locality, to ensure that we all succeed and can compete with other markets such as the Research Triangle or the Quad Cities.

As we move into the coming months and years ahead, we have an opportunity to dream and vision together about what our region could be.

we’re asking questions such as:• What are the opportunities for growth that would enable us to compete globally? • What are the regional assets that the world needs to know about? • What makes our community special? Unique? • How can we collaborate to put the Lynchburg Region on the map?

The Chamber’s 130-year history showcases brave new things we’ve been a part of over the years like the creation of United Way, Partners in Education and expanding passenger rail which got us the new service to DC, to name just a few! We look forward to all that is to come in 2016 and beyond. Why not join in being a part of the positive change we’re creating? Why not help us write our region’s future? For more information about the Chamber and its programs and services, visit our website at www.lynchburgchamber.org.


BUSINESS PERSPECTIVES

http://www.lynchburgchamber.org

by megan a. lUcas, cecd, iom

CEO Virginia’s Region 2000 business & Economic Development Alliance

Is the glass half-full or half-empty? Neither. It is overflowing! The Lynchburg MSA will be overflowing with opportunity in 2016. While our strengths are many, 2016 will be positively impacted by our higher education, entrepreneurial ecosystem, young professionals, technology infrastructure, workforce and water resources.

As a center for educational excellence, our robust offerings of universities and colleges will continue to be significant economic engines by attracting students, generating intellectual capital and innovation and acting as a catalyst for entrepreneurism. The attraction of traditional and non-traditional students to our region will provide a highly-skilled pipeline of professionals. Young professionals are the most likely to start a business; they tend to have the highest levels of educational attainment, and they play an especially important role in the labor needs of fast-growing, knowledge-based firms. Nurturing business creation is a core component of economic development through which our regional entrepreneur ecosystem will continue to be cultivated in 2016.

Currently, our region is outpacing other rural areas in the development of technology infrastructure. On the horizon for 2016 will be several innovative projects related to broadband expansion in the region. Technology will continue to reshape the business landscape in fields such as medicine, manufacturing, energy and business services. Showcasing our technology assets will be critical for maximizing industry recruitment efforts.

Our low cost of living, higher education sector and unique blend of recreational opportunities will continue to attract and retain a talented workforce to grow key regional industries such as advanced manufacturing and healthcare. Our region has an abundance of education and training partners with tools to elevate our workforce. Quality apprenticeship programs will continue to expand beyond the traditional trade models to other sectors such as IT, energy and engineering. Our successes in these areas are bolstered by Lynchburg’s recent designation as a TechHire Community due to the efforts of the Lynchburg Economic Development Office. This designation will be a game changer in 2016 for regional technology workforce development.

Our glass is overflowing literally and figuratively. Our proximity to water makes our region an optimal location for food and beverage industry attraction. The food and beverage sector is expected to grow 5.5% over the next five years. The abundance of water in our region puts us ahead of the competition, setting the stage for aggressive recruitment efforts in 2016.

Combining these regional assets creates a thriving business environment that will continue to offer growth opportunities for existing business and serve as an attractive place for industry relocation and start-ups. The continued collaboration and cooperation of regional partners will be a key to regional prosperity in 2016. For more information about the Region 2000 Business & Economic Development Alliance and its programs and services, visit our website at www.region2000.com.

by sUsan maRTin, iom

President & CEObedford Area Chamber of Commerce

From my point of view, the business environment will continue to improve in 2016. We have seen some new industry over the last few years in the Bedford area as well as a great deal of small business growth, and I believe the entrepreneurial spirit will continue to expand.

Small business owners have been able to take advantage of the improving economy, which continues to incentivize them to launch new businesses and expand existing ones. An increasing number of home-based businesses and freelance personnel will continue to grow as they fill the expertise gaps experienced by the larger employers due to downsizing in recent years.

A significant issue that will continue to impact the business and industry in our area is the need for a skilled and qualified workforce. Businesses say it is becoming more difficult to find people who have the skills they need. Employers are seeing a lack of basic soft skills like written and oral communication, work ethic, customer service and a lack of technical and computer skills.

To build a skilled and talented workforce, there is a huge focus among several entities on developing new programs and working with students at an earlier age. The Bedford Area Chamber of Commerce is working to grow its educational and workforce development initiatives for next year. We look forward to continuing to grow the High School Internship program in collaboration with Bedford County Public Schools; enhancing student career tours through the One Program with Bedford County Economic Development; and establishing an Entrepreneur Program for students in Bedford County. These programs will in turn increase the quality of the local workforce in future years, creating a strong talent pool, which will be extremely positive in attracting business and industry.

Social media will continue to have a profound effect on the way consumers get and give information, and businesses need to take advantage of this opportunity to engage with their customers in 2016. Social networks are increasingly becoming business networks as people’s social/personal/business lives converge. Social media allows businesses to communicate and interact with customers on a more personal level by piquing their interest in products and services and allowing customers an opportunity to provide direct and immediate feedback. The Bedford Area Chamber of Commerce will continue to offer affordable workshops in 2016 related to developing social media for your business, search engine optimization and much more.

Our area has a lot to offer new business, both large and small. Collaboration among organizations throughout the region will continue to have an impact on the business environment in the coming year. Working together to promote our region and its amenities will aid in attracting business, its employees and their families. For more information about the Chamber and its programs and services, visit our website at www.bedfordareachamber.com.



http://www.region2000.com

http://www.bedfordareachamber.com

http://www.facebook.com/refreshwash

Business PersPectives

2016

DaviDson & GarrarD

in a few words, tell us about Davidson & Garrard?We focus on providing comprehensive, customized investment strategies for individuals

and institutions, financial planning, and fiduciary advisory services for group retirement plans. We were recently recognized by Financial Times as one of the Top 300 Registered Investment Advisors in the U.S.*

What are some growth opportunities you see for your business in 2016?We see growing demand from individual investors who want personalized guidance as

they plan for or enter retirement, non-profit organizations with endowment advisory needs, and businesses looking to optimize their retirement plans while reducing costs.

From your perspective: What makes Lynchburg a great business climate?Expertise should be a given for anyone hiring a financial advisor, but of equal importance

is a relationship that is based on trust and communication. Folks in Lynchburg appreciate the value of the relationship.

share some words of wisdom for 2016Many investors fail to meet their goals because they don’t have a well-designed plan,

and their approach to investing is driven by the latest headlines and by emotion. A good plan, a disciplined investment approach, and a trusted advisor are the ingredients for long-term financial success.

*Disclosure: Third-party rankings and recognitions are no guarantee of future investment success and should not be construed as a testimonial. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300. More than 2,000 elite RIA firms were invited to apply for consideration, based on their assets under management. 630 RIA firms applied for consideration and were graded on six criteria: AUM; AUM growth rate; years in existence; advanced industry credentials; online accessibility; and compliance records.

810 MAIn STREET, SUITE 300 | LynchbURg, VA | (434) 847-6600WWW.dg-g.coM | LynchbURg | TySonS coRnER | LExIngTon


2016

tommy Doukas Financial Planner

How will 2016 be different for Financial Planning? The industry has increasingly shifted from a commission driven model to a

fee based model in recent years. Government regulations in 2016 may force that transition for retirees.How can you best help local business leaders in 2016?

The need to plan for succession has never been greater. Nearly 40% of businesses end up in liquidation, often at a discount, due to inadequate planning. Proper planning may improve the outcome significantly.What should individuals focus on in the upcoming year?

Make sure your retirement is on track with a retirement benefit analysis. Social Security is set to change some eligibility rules in 2016. This will increase the pressure on your personal savings in retirement.

Tommy Doukas is a registered representative of and offers securities, investment advisory and financial planning services through MML Investors Services, LLC. Member SIPC. Supervisory Office: 222 Central Park Ave, Suite 1100, Virginia Beach, VA 23462 (757) 490-9041. CRN201711-197933

TOMMY DOUKAS | 7331 TIMBERLAKE RD, SUITE 103 | LYNCHBURG, VA 24502 OFFICE: 434-406-4825 | EMAIL: [email protected]




Be Selective.Buy Businesses,

Not Products.

Most firms buy products for their clients (mutual funds, annuities, ETFs, REITs). We buy businesses. No load fees. No

middlemen. No commissions. Fixed income managed free. Rollover your IRA, 401(k), 403(b) or taxable account today.

To learn about our past and present business deals visit our website or

schedule a meeting with an advisor today.

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828 Main St, Suite 1703, Lynchburg VAwww.selectivewm.com434-515-1517

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Amherst

Bedford

Campbell

Appomattox

Lynchburg

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YOur reGiOnAL ecOnOMic

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reGiOn 2000Business AnD ecOnOMic DeveLOPMent ALLiAnce

What are some growth opportunities you see for the region in 2016?

Our growth opportunities include manufacturing, especially food and beverage, technology and entrepreneurism. Our proximity to water makes our region an optimal location for food and beverage industry attraction. The food and beverage sector is expected to grow 5.5% over the next five years. The abundance of water in our region (more than 25 million gallons per day excess) puts us ahead of the competition, setting the stage for aggressive recruitment efforts in 2016.

From your perspective, what makes the Lynchburg region a great business climate?

We are resource rich! Rich in talent, education, infrastructure, beauty and water. Virginia’s Lynchburg Region is home to 250,000 people with a labor force of 160,000 plus, the fastest growing University in the country and an abundance of water. We are 2000 resource-rich square miles and home to the most talented economic developers in the state.

Our Region has proven to be an ideal location for manufacturers, distribution centers, and service businesses with a national or global reach. The Region offers convenient proximity to some of the nation’s most important markets. In a single day’s drive, one leaving the Lynchburg region can reach every major metropolitan area on the east coast between New York and Atlanta. Other major destinations, such as Chicago, New England, and the Canadian border, are just a few hours beyond.

The vitality of the Lynchburg region is evident in the mix of businesses that are already flourishing in the area and in the array of internationally known names that have chosen to locate here. Our diversity makes for a healthy, stable economy and a productive environment for the growth of your business.

How important is an election year to economic development?

Important. The heart of economic development is a valuable partnership between the private and public sectors (at the local, state, and federal levels). Our government allies have critical tools that help shape and impact economic development; tools

such as tax policy, incentives, land-use laws, transportation policy, and workforce development. Each election brings new leaders to the forefront of economic development initiatives. Pro-business and pro-growth public servants are critical partners as we strive to recruit and retain the industries that will drive our growth and improve the standard of living for citizens.

What is the economic development model for our region?Virginia is divided into 16 regional economic development

organizations. Each one represents a specific geographical area of the Commonwealth. We are Region 2000, and are comprised of the counties of Amherst, Appomattox, Bedford and Campbell, the Towns of Altavista, Amherst, Appomattox, and the City of Lynchburg. Our role is to work in conjunction with the local economic developers to recruit and retain industry in our region, market the region nationally and internationally to business and industry, and to work on issues that impact the entire regions ability to grow and sustain industry. Generating jobs and capital investment in the entire region is the core of what we do.

Megan Lucas, ceO

Dennis Jarvis, Economic Development DirectorTown of Altavista

Population: 3,400

top three employers: Abbott Nutrition, BGF Industries, Schrader Bridgeport

Fun Fact: Red Cedar Chest Company was started in Altavista in 1912, later it became Lane Company.

www.altavistava.com

Traci Blido, Economic Development DirectorBedford County

Population: 75,773

top three employers: Georgia Pacific, Innovairre Communications, TEVA

Fun Fact: Forest and Bedford both ranked as Top 25 Places to Start a Business in Virginia.

www.bedfordeconomicdevelopment.com

Victoria Hanson, Economic Development DirectorAmherst County

Population: 32,000

top three employers: Central Virginia Training Center, Glad/Clorox Manufacturing, Greif

Fun Fact: Amherst is home to the oldest traffic circle in Virginia.

www.amherstvabusiness.com

Jeff Taylor, Economic Development DirectorAppomattox County

Population: 15,270

top three employers: Appomattox County, Appomattox County Schools, Walmart

Fun Fact: Appomattox, Virginia is the only locality named Appomattox in the world.

www.appomattoxcountyva.gov

Marjette Upshur, Economic Development DirectorCity of Lynchburg

Population: 75,568

top three employers: BWXT, Centra, Liberty University

Fun Fact: The City of Lynchburg was recently designated Virginia’s first TechHire Community.

www.opportunitylynchburg.com

Mike Davidson, Economic Development DirectorCampbell County

Population: 54,885

top three employers: Abbott Nutrition, BGF Industries, BWXT

Fun Fact: Campbell County holds the record for the longest serving Board of Supervisors member in the state at 52 years.

www.campbellvirginia.com

REGION 2000 BUSINESS AND ECONOMIC DEVELOPMENT ALLIANCE | 828 MAIN STREET, LYNCHBURG, VA 24504 | (434) 847-1447 | REGION2000.ORG

Amherst

Bedford

Campbell

Appomattox

Lynchburg

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£¤221

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YOur reGiOnAL ecOnOMic

DeveLOPMent teAM2016

reGiOn 2000Business AnD ecOnOMic DeveLOPMent ALLiAnce

What are some growth opportunities you see for the region in 2016?

Our growth opportunities include manufacturing, especially food and beverage, technology and entrepreneurism. Our proximity to water makes our region an optimal location for food and beverage industry attraction. The food and beverage sector is expected to grow 5.5% over the next five years. The abundance of water in our region (more than 25 million gallons per day excess) puts us ahead of the competition, setting the stage for aggressive recruitment efforts in 2016.

From your perspective, what makes the Lynchburg region a great business climate?

We are resource rich! Rich in talent, education, infrastructure, beauty and water. Virginia’s Lynchburg Region is home to 250,000 people with a labor force of 160,000 plus, the fastest growing University in the country and an abundance of water. We are 2000 resource-rich square miles and home to the most talented economic developers in the state.

Our Region has proven to be an ideal location for manufacturers, distribution centers, and service businesses with a national or global reach. The Region offers convenient proximity to some of the nation’s most important markets. In a single day’s drive, one leaving the Lynchburg region can reach every major metropolitan area on the east coast between New York and Atlanta. Other major destinations, such as Chicago, New England, and the Canadian border, are just a few hours beyond.

The vitality of the Lynchburg region is evident in the mix of businesses that are already flourishing in the area and in the array of internationally known names that have chosen to locate here. Our diversity makes for a healthy, stable economy and a productive environment for the growth of your business.

How important is an election year to economic development?

Important. The heart of economic development is a valuable partnership between the private and public sectors (at the local, state, and federal levels). Our government allies have critical tools that help shape and impact economic development; tools

such as tax policy, incentives, land-use laws, transportation policy, and workforce development. Each election brings new leaders to the forefront of economic development initiatives. Pro-business and pro-growth public servants are critical partners as we strive to recruit and retain the industries that will drive our growth and improve the standard of living for citizens.

What is the economic development model for our region?Virginia is divided into 16 regional economic development

organizations. Each one represents a specific geographical area of the Commonwealth. We are Region 2000, and are comprised of the counties of Amherst, Appomattox, Bedford and Campbell, the Towns of Altavista, Amherst, Appomattox, and the City of Lynchburg. Our role is to work in conjunction with the local economic developers to recruit and retain industry in our region, market the region nationally and internationally to business and industry, and to work on issues that impact the entire regions ability to grow and sustain industry. Generating jobs and capital investment in the entire region is the core of what we do.

Megan Lucas, ceO

Dennis Jarvis, Economic Development DirectorTown of Altavista

Population: 3,400

top three employers: Abbott Nutrition, BGF Industries, Schrader Bridgeport

Fun Fact: Red Cedar Chest Company was started in Altavista in 1912, later it became Lane Company.

www.altavistava.com

Traci Blido, Economic Development DirectorBedford County

Population: 75,773

top three employers: Georgia Pacific, Innovairre Communications, TEVA

Fun Fact: Forest and Bedford both ranked as Top 25 Places to Start a Business in Virginia.

www.bedfordeconomicdevelopment.com

Victoria Hanson, Economic Development DirectorAmherst County

Population: 32,000

top three employers: Central Virginia Training Center, Glad/Clorox Manufacturing, Greif

Fun Fact: Amherst is home to the oldest traffic circle in Virginia.

www.amherstvabusiness.com

Jeff Taylor, Economic Development DirectorAppomattox County

Population: 15,270

top three employers: Appomattox County, Appomattox County Schools, Walmart

Fun Fact: Appomattox, Virginia is the only locality named Appomattox in the world.

www.appomattoxcountyva.gov

Marjette Upshur, Economic Development DirectorCity of Lynchburg

Population: 75,568

top three employers: BWXT, Centra, Liberty University

Fun Fact: The City of Lynchburg was recently designated Virginia’s first TechHire Community.

www.opportunitylynchburg.com

Mike Davidson, Economic Development DirectorCampbell County

Population: 54,885

top three employers: Abbott Nutrition, BGF Industries, BWXT

Fun Fact: Campbell County holds the record for the longest serving Board of Supervisors member in the state at 52 years.

www.campbellvirginia.com

REGION 2000 BUSINESS AND ECONOMIC DEVELOPMENT ALLIANCE | 828 MAIN STREET, LYNCHBURG, VA 24504 | (434) 847-1447 | REGION2000.ORG

http://www.bedfordeconomicdevelopment.com

http://www.altavistava.com

http://www.amherstvabusiness.com

http://www.appomattoxcountyva.gov

http://www.opportunitylynchburg.com

http://www.campbellvirginia.com


2016

Karl Miller teaM realtors

What growth opportunities will we see in 2016? The Central Virginia population is expanding; Housing is affordable for

purchasers and lower than renting. These cheaper house payments are driving demand, so homes are selling!

What sets apart your employees?Our enthusiastic, professional team of six was involved in almost 3% of MLS

properties sold YTD. We plan to add another agent in 2016.

What are you observing about the lynchburg business climate?Low taxes compared to other U.S. regions; very affordable housing and a great

local labor talent pool. We have four seasons and friendly, smiling people!

With 2016 being an election year, what should we expect? People need housing regardless of political cycles. The Fed will likely keep

mortgage rates low, so I expect a strong year of sales.

Please share any closing “Words of Wisdom:”The only marketplace we can control is the 6-Inch Market: That market located

between the ears. Choose a positive mindset and strong market for 2016!

THE KARL MILLER TEAM | 504-A WYnDHURST DRIVE, LYnCHbURg, VA 24502 | (434) 239-2394 | WWW.KARLMILLERTEAM.COM

The expected trends in 2016 for the field of human resource management have the potential to significantly change our workplaces. These changes include, but are not

limited to, the areas of classification status for the exempt/non-exempt employees, benefits and retention strategies.

emPloyee classiFicaTion

First, the Department of Labor continues to have a significant focus on ensuring organizations are accurately classifying their exempt/non-exempt employees. Audits and investigations are expected to increase, and organizations must ensure they have accurately classified each job position. However, one of the most critical issues under scrutiny, regarding the Fair Labor Standards Act’s (FLSA) standards, is related to the potential for change of the exempt/non-exempt classification status as established by the Department of Labor’s (DOL) Wage and Hour Division. Under this proposed legislation, the income requirement to be considered exempt will increase from $455 per week to $970 per week. This increase proposed by the DOL seeks to revise the regulations implementing the FLSA’s exemption for executive, administrative, professional, outside sales and certain computer employees.

The financial impact to organizations if this legislation passes in 2016 will be significant and will impact nonprofit organizations, state and local governments as well as those organizations existing in lower income areas. As your organization finalizes and implements its HR strategy for 2016 and beyond, it must be prepared for the potential of this change as it will clearly impact performance management, compensation strategy and, ultimately, the bottom line.

emPloyee beneFiTs

Employee benefits and other rewards are another key trend to address in 2016. First, consumer-driven health plans will continue to become a greater part of organizational strategy as organizations attempt to prepare for the 2018 excise tax. High deductible health plans, telemedicine as well as health savings accounts or health reimbursements accounts will be the focus in 2016 and going forward.

Additional benefits that may be expected would include offering financial wellness support for employees as well as additional creative and individualized

benefit offerings. Additional employee benefits will need to address those related to time off, hours worked and telecommuting. Both workflex and telework strategies need to be developed. As technological advances continue and globalization exponentially increases, employees are looking at the competition in terms of who will offer them the most with regard to work-life balance and opportunities for professional and personal development. The incoming generations are seeking customization in their employee benefit offerings.

ReTenTion sTRaTegies

One of the greatest trends that employers must address is that of recruiting and retaining skilled workers. With Baby Boomers continuing to retire by the thousands on a daily basis, their primary replacements will be the millennial generation—Generation Y—making up the majority of the workplace by 2018. As these employees, as well as those in Generation Z, average 24-30 months in a position, companies are losing opportunities to train and retain these workers. Therefore, in order to achieve and maintain a competitive advantage, companies are first going to need to identify effective recruitment strategies that include marketing their company as an employer-of-choice. To do so, organizations will need to recognize what these generations are seeking in their employers.

In order to attract and retain these workers, organizations must be willing to be flexible and change in ways that are both feasible and effective. Once employed, there must be an intentional focus on retention of these young professionals. Keys to retention include, as previously stated: customized benefits, mentoring, coaching and opportunities for growth. Another interesting note on recruiting and retaining this generation of employees is their keen interest in working for organizations that are intentional in their social responsibility strategies as corporations. Finally, organizations must be willing to invest in training to ensure that skill gaps have been addressed before the corporate knowledge contained by our Baby Boomers and Gen Xers is lost due to retirement and other causes of attrition.

It will be imperative to ensure your organization remains abreast of the impending legislative changes and is strategically prepared to respond to these changes. With several anticipated rulings coming in 2016, it will be necessary to proactively prepare your organization. Finally, organizations that create a corporate culture strategically focused on its employees will make great strides in assimilating with the anticipated HR trends.

CHANGES AHEAD FOR HR: What to Expect and How to Prepare Now

B y co l l e e n m c l a u g h l i n

Colleen is an HR professional with 15 years of experience; she

currently serves as a professor of business and as an HR consultant.


HUMAN RESOURCES

FOUNDATION PROBLEMS? CRACKED BRICKS? UNEVEN FLOORS? CRACKED DRY WALL? MUSTY SMELLS? STICKING DOORS? BOUNCY FLOORS? STICKING WINDOWS? NASTY CRAWLSPACE? WET BASEMENT? MOLD & FUNGUS? TERMITES, BUGS, RO-DENTS? FOUNDATION PROBLEMS? CRACKED BRICKS? UNEVEN FLOORS? CRACKED DRY WALL? MUSTY SMELLS? STICKING DOORS? BOUNCY FLOORS? STICKING WINDOWS? NASTY CRAWLSPACE? WET BASEMENT? MOLD & FUNGUS? TERMITES, BUGS, RODENTS? FOUNDATION PROBLEMS? CRACKED BRICKS? UNEVEN FLOORS? CRACKED DRY WALL? MUSTY SMELLS? STICKING DOORS? BOUNCY FLOORS? STICKING WINDOWS? NASTY CRAWLSPACE? WET BASEMENT? MOLD & FUNGUS? TERMITES, BUGS, RODENTS? FOUNDATION PROBLEMS? CRACKED BRICKS? UNEVEN FLOORS? CRACKED DRY WALL? MUSTY SMELLS? STICKING DOORS? BOUNCY FLOORS? STICKING WINDOWS? NASTY CRAWLSPACE? WET BASEMENT? MOLD & FUNGUS? TERMITES, BUGS, RODENTS? FOUNDATION PROBLEMS? CRACKED BRICKS? UNEVEN FLOORS? CRACKED DRY WALL? MUSTY SMELLS? STICKING DOORS? BOUNCY FLOORS? STICKING WINDOWS? NASTY CRAWLSPACE? WET BASEMENT? MOLD & FUNGUS? TERMITES, BUGS, RODENTS? FOUNDATION PROBLEMS? CRACKED BRICKS? UNEVEN FLOORS? CRACKED DRY WALL? MUSTY SMELLS? STICKING DOORS? BOUNCY FLOORS? STICKING WINDOWS? NASTY CRAWLSPACE? WET BASEMENT? MOLD & FUNGUS? TERMITES, BUGS, RODENTS? FOUNDATION PROBLEMS? CRACKED BRICKS? UNEVEN FLOORS? CRACKED DRY WALL? MUSTY SMELLS? STICKING DOORS? BOUNCY FLOORS? STICKING WINDOWS? NASTY CRAWLSPACE? WET BASEMENT? MOLD & FUNGUS? TERMITES, BUGS, RODENTS? FOUNDATION PROBLEMS? CRACKED BRICKS? UNEVEN FLOORS? CRACKED DRY WALL? MUSTY SMELLS? STICKING DOORS? BOUNCY FLOORS? STICKING WINDOWS? NASTY CRAWLSPACE? WET BASEMENT? MOLD & FUNGUS? TERMITES, BUGS, RODENTS? FOUNDATION PROBLEMS? CRACKED BRICKS? UNEVEN FLOORS? CRACKED DRY WALL? MUSTY SMELLS? STICKING DOORS? BOUNCY FLOORS? STICKING WINDOWS? NASTY CRAWLSPACE? WET BASEMENT? MOLD & FUNGUS? TERMITES, BUGS,

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An essential part of any real estate agent or appraiser’s job is mastering the ability to quickly and readily research and learn everything that they possibly can about

a prospective listing, the subject of a new appraisal assignment or another property of interest. Outside of the industry, a surprising amount of people love to play amateur real estate detective and do their own research, while others just want to get answers to specific questions like “Who owns this property?” and “How much did that property sell for?”

For the real estate newbie learning the basics and those playing along at home, here is a “cheat sheet” of resources that I use on a regular basis.

local government assessment data or geographic Information System (GIS) Website—Many people are aware of this resource and are already using it to answer ownership and sales history questions. The level of data provided varies depending on the City or County, but typical data available includes tax parcel number, site size (acreage), assessment data, improvements size, sales history, floor plan, GIS view, local historic districts and overlays, zoning information and the most recent deed document number, which will be a starting point for further research in the local courthouse/deed room.

Local Courthouse/Clerk’s Office/Deed Room—At the courthouse, a researcher can find recorded documents such as deeds, legal descriptions, liens/mortgages, plats, restrictions, declarations and easements. The real pros of the courthouse are the title researchers digging deep into old records on behalf of title companies.

Zoning Information on Local City/County Website—A local jurisdiction’s website typically provides a zoning map and zoning ordinance, which can be used to determine a property’s zoning. The zoning code will lay out the site regulations, setbacks and uses allowed by right and by special use permit for

that district as well as general parking and use requirements, while the zoning office will keep records on rezoning information and for specific projects.

Census Data at factfinder.census.gov—When considering a new or proposed project, commercial and residential developers will often analyze area demographic data such as population and income statistics.

Traffic data from the virginia department of Transportation (VDOT)—VDOT publishes traffic data annually that can be searched by jurisdiction and by roadway. A major data point is AADT (Average Annual Daily Traffic). For example, the AADT for a major retail corridor could range from 20,000 to 30,000 vehicles per day, while secondary roadways may range from 1,000 to 5,000. Traffic counts are an important consideration for retail users, such as gas stations and restaurants that seek out and thrive in highly trafficked areas.

FEMA Flood Maps from msc.fema.gov—The researcher will use this site and the map to determine whether a property is in a floodplain and to what extent. Floodplains strongly impact new development possibilities as well as insurance rates and availability.

Real Estate Professional Websites: Local MLS, Loopnet, CoStar—These sites are often partially or totally restricted from public view and only available to subscribers. For example, the Lynchburg MLS allows anyone to view all active listings, but only members can view expired listings, sold listings, pricing history and a variety of other data. Subscription-based commercial real estate sites like Loopnet and CoStar keep a majority of their data about active listings, historical information, sales comparables and leases behind a paywall.

Virginia SCC at www.scc.virginia.gov—If the real estate that you are researching is held in a Limited Liability Company (LLC) or corporation, this site can be used to find additional information about these business entities, such as attorney information, the registered agent and the principal address. This resource is most helpful in finding contact information for the property owner in order to ask questions or make an inquiry.

Google/Search Engines—Google the property address, the owner, the tenant, etc. and see what turns up. While always a good source for contact information, you may also discover news articles about the recently proposed shopping center going in next door or potentially negative items that don’t often make it on to marketing flyers. If the top search results for your prospective retail tenant include “credit rating downgraded,” “brink of bankruptcy” or “layoffs and store closings,” you know that, at the very least, more homework is needed and that you should proceed with caution.

Drive-By/Walking Tour—One of the most reliable ways of gathering public information is to drive-by the property or walk the block and inspect the current physical condition and occupancy yourself. While Google Earth, Street View or the local GIS may show an old industrial building on the property, a drive-by lets you verify that the industrial building has not been remodeled, demolished or otherwise altered.

Interviews—Sometimes, picking up the phone and talking to a live person is the only way to get the answer that you need. Interviews and conversations with owners, tenants, neighbors, real estate professionals, attorneys and local government staff can yield a wealth of new information and insight about the property while also giving you a chance to confirm data.

Since the Who, What, When and Where of real estate are now easily accessible to anyone with an internet connection, the value of the real estate professional is no longer in the doling out of closely-guarded information. The value of today’s real estate professional is in being able to make sense of this abundance of raw data and provide clients with insight and wisdom into the Why and the What’s Next.

INSIDER TIPS OF THE TRADE:

A “CheAt Sheet” of ReSouRCeS

B y B i l ly h a n s e n

Billy Hansen, MAI serves the Lynchburg area as the principal commercial real estate appraiser of Hansen Realty Advisors, LLC

and as an agent with Cushman & Wakefield | Thalhimer. To discuss resources some more, email him at [email protected].


COMMERCIAL REAL ESTATE

http://www.scc.virginia.gov%E2%80%94If


Commercial real estate folks consistently get asked the “Anything new coming to town?” and “You think that we’ll ever get [fill-in-the-blank] store/restaurant?” questions.

But with a bimonthly publishing schedule for Lynchburg Business magazine, this forum isn’t always ideal for breaking news. One also needs to keep in mind that the number of rumored commercial real estate deals vastly outweighs those completed commercial deals. So here the focus won’t be “Who’s coming to town?” but rather “Where could it happen?” with an evaluation of available supply.

Timing is eveRyTHing

Let’s say a major apartment developer with a student-focus wants to enter the Lynchburg market and be within a 10 minute drive of Liberty University. Their typical project has a 300-unit minimum, which means that they will need approximately 15 to 20 acres (depending on topography) that meet the location requirements and have the appropriate multifamily zoning. If this site doesn’t actually exist, they would need to make exceptions to their project size or their location requirement. If they find land that meets the physical requirements but doesn’t have the right zoning, they must decide whether they want to risk the time (easily 3 to 6 months) and expense of a rezoning process with an uncertain result. If they don’t make an exception and aren’t willing to take on a rezoning, they would likely put our market in the “pass” or “not now” category, move on and hopefully return to revisit it again down the road. This scenario is not fiction and happens regularly with restaurants, gas stations, retailers and hotel and apartment developers.

On the flip side, when Walmart decided that they were going to bring two Neighborhood Markets to our area by 2015, their timeline did not allow them extra time to wait for the perfect sites. In that type of scenario, a user looks at every possible location that might be a fit before ultimately moving forward with the best available site at the time. Their eventual selection on the north side of Rt. 221 had been vacant and available for a long time, but it checked the right boxes for Walmart and sold quickly. Nothing changed with the site itself to make it more marketable, but it was ready to go when a user emerged.

The Walmart Neighborhood Market news boosted urgency and demand for the adjacent 2.29-acre site, which was purchased for $595,000 in December 2014 and is being developed into a multi-tenant retail strip center, and the 1.21-acre site on the corner that was subsequently purchased for $515,000 in July 2015 and will be home to the second Zaxby’s location in our market. In the land market, value is typically maximized when you take the long view and are able to wait for an end user that needs exactly what you have.

oUT wiTH THe old, in wiTH THe new

In both the apartment and Walmart scenarios, the supply of available land mattered tremendously in determining who comes to our market and where they ultimately go. But what about when there is heavy demand for land where there’s none available? Let’s see how that plays out on our very own Wards Road area.

Wards Road is easily the most popular retail location in our area. That stretch of Wards from the River Ridge Mall to the US-460 interchange is so crowded with retail uses that vacant sites are almost nonexistent these days. To make way for newcomers, older uses are being demolished at an increasing rate. An old gas station property was purchased and replaced with a Chipotle-anchored strip center. The former Sonic restaurant was recently pushed over and a high-end car wash is now being built there. Right next door, a site plan recently submitted to the City calls for an existing car wash to be torn down to make way for a proposed mattress store. Zaxby’s restaurant was one of the few users to find some vacant dirt when it built on a 2.76-acre leftover site behind Logan’s Roadhouse in 2014. Without frontage on Wards Road and limited

LOCAL CONSTRUCTION PROJECTS A Closer Look At What’s Happening Now

B y B i l ly h a n s e n

Editor’s Note: All referenced sales information was obtained from publicly available data sources as detailed in the Commercial Real Estate column on page 43.


CONSTRUCTION FOCUS

utility due to the large drainage ditch running through it, the site didn’t seem to be an obvious or development-friendly retail location and traded for just $100,000 in 2009. Four years later, when it was identified as a suitable Zaxby’s site and purchased, the price for the land was $650,000. Tickets are always more expensive for a sold-out event and the cost of admission for Wards Road is getting steep. With sites so hard to find on Wards Road, and in close proximity to Liberty University, the 0.771-acre Steak ’n Shake site in the River Ridge Mall parking lot was purchased for $780,000, and a hotel developer paid $840,000 for the 2.458-acre former auto property on the south side of the mall.

The next time you drive down Wards Road or 221, try to identify the uses that are nearing the end of their economic life that could be prime candidates for redevelopment; there’s a decent chance that the restaurant or retailer you have been waiting for could be there someday. This consideration of redevelopment options and imagining what vacant sites could be one day is very similar to the Highest and Best Use analysis that commercial real estate appraisers complete in every appraisal assignment. [By the way, “Highest and Best Use,” which is defined in The Appraisal of Real Estate, 14th Edition as “the reasonably probable use of property that results in the highest value,” will be covered in the next issue].

Places To waTcH

While the nature of my industry does not allow for big and bold predictions, I’m going to leave you with a list of commercial real estate developments and areas to watch in 2016 and the years ahead. Inclusion on this list simply means that the property or area is a good candidate for potential new development in our market.

Lakeside Centre—US 501, Lakeside Drive, & McConville Road, City of Lynchburg

With approximately 120 acres in a prime corner assembled by a group led by English Construction, the proposed Lakeside Centre project has been in the news since 2006 and has the potential to be the major retail counterweight to Wards Road. Old marketing documents called for “over 1,000,000-square-feet of retail” in a mix of anchors, junior anchors, shop space and pad sites. Rumors have been flying for years about specific big box stores and high-end restaurants going here. While a retail development of this size would certainly have a huge impact on our area, the big question on this project remains the timing.

SURGING AHEAD: Commercial real estate development along Rt. 221 has been steady over the last several years; most recently these lots have been sold and developed for retail and restaurant space such as a Walmart Neighborhood Market and a Zaxby’s.


CONSTRUCTION FOCUS

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Rosedale Development—Graves Mill Road, City of Lynchburg

The initial 27 acres of this proposed mixed-use development received rezoning approval from the City in March 2015 and current plans call for retail, restaurants, hotel, office, apartments and residential uses [full disclosure: I am part of the Cushman & Wakefield | Thalhimer team that represents this development]. As many have noticed while driving by the property, the Bella Rose Plantation wedding event center is already underway next door. If someone is thinking of doing new retail, a hotel project, or apartments on this side of town, Rosedale is on their radar. Beyond the immediate impact of the development itself, the Rosedale project could facilitate a connector road from Graves Mill Road to Stone Mill Drive, which has the potential to unlock much more City acreage in the future.

Wards Road Area—City of Lynchburg & Campbell County

I would expect a continuation of the previously discussed demolition of existing structures to make way for new uses on the prime stretch. I would also anticipate new retail uses to spill over onto secondary roads in that area, including up Wards Road to the north between the River Ridge Mall and Fort Avenue, on the Simons Run connector road between Wards Ferry Road and Leesville Road that recently landed a CarMax and has plenty of vacant sites left, and down the Wards Road stretch south of the US 460 interchange, which has already seen multiple new hotels and several proposed restaurants.

US 221/Forest Road Area—City of Lynchburg & bedford county

While not as built out as Wards Road, the 221 stretch from the new Fresh Market Center in Lynchburg to Perrowville Road in Forest has seen much new commercial development with plenty of sites remaining.

On the Lynchburg end of 221 at the Breezewood Drive intersection, a Famous Anthony’s restaurant was torn down to make way for a car dealership while an Aldi grocery store is going up on the adjacent vacant site. One of the last large vacant tracts left on 221—a 13.85-acre parcel between True Value and Sheetz—was purchased this year for $2,770,000, and City records show proposals for another car dealership. On the Forest end of 221, several commercial pad sites are available within the Venture Ridge development, which sold a 1.22-acre site in 2011 for a proposed Wendy’s restaurant. At the Perrowville Road intersection, Cavalier Corner appears to be a likely candidate for both new construction and redevelopment as it has the former Food Lion grocery store space and a closed Sonic restaurant available, several vacant pad sites and a large acreage tract behind the shopping center that has been proposed for apartments or townhouse use.

Old Forest Road Area & Timberlake Road Area— City of Lynchburg & Campbell County

With both of these corridors being fairly well built out, new activity will likely consist of infill development and redevelopment of existing properties. Think about the recent construction of a First National Bank branch and the new Lynchburg Dental Center on Old Forest Road that are on former home sites and the proposed U-Haul self-storage facility being considered for rezoning by the City on the former Lowe’s property on Timberlake Road.

Along Wards Road, US 221 and other major retail corridors in our area, opportunity for new development often looks like a vacant site ready for new construction or an older structure that, as the market and the neighborhood have changed over time, no longer represents the highest and best use of the land. While it’s impossible to predict what the “next big thing” in commercial real estate will be or when it will hit our market, we are able to consider and identify the available supply where it could happen.

GROWTH POTENTIAL: Depending on which users find a home at the Rosedale site, this stretch of Graves Mill Road could see more development in the coming year.


CONSTRUCTION FOCUS

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SOUTHERN LOOMRenewing and Refreshing Homes

in Central Virginia B y s a r a h B r ya n t

Rebekah Moody’s love for design began at a young age…six in fact! She learned to sew under the tutelage of her mother, and the seeds sown have now become a thriving business. Southern Loom,

Moody’s design business, located in the Boonsboro Shopping Center in Lynchburg, is the space in which she works with fabrics and designs new and beautiful creations from the materials around her.

Since 2014, when the Southern Loom storefront opened, the business has steadily outgrown its space to where Moody will be launching a new warehouse location called Southern Provision Company, a destination for fabulous finds while also maintaining her current storefront. The space, scheduled to open in 2016, is located on Langhorne Road across from E.C. Glass High School. The warehouse was saved from demolition, and several improvements are being made to make the area another destination for the Lynchburg community. Along with Southern Provisions, there are plans to add a café, courtyard and other shops to increase public appeal and provide an inviting atmosphere.

It’s hard to believe that Moody’s business has grown to where it is today considering its first location was in her basement just a few short years ago. Even more surprising is her path to entrepreneurship. Moody’s educational

background is not in business; she earned her Bachelors of Arts degree in Psychology at Carroll College in Wisconsin. “Quite honestly, I didn’t ever consider design for a degree,” Moody said. “I didn’t even know that there was a degree that you could get in design. My mom was a single mother—a school teacher—so it just wasn’t the way that I was brought up. When I was 16 years old, I talked my mom into redoing the carpet in my room from mauve to a creamy white, so…I was always improving my spaces, but I didn’t even realize that [design] was something that I could get into.”

For 10 years after college graduation, Moody sold real estate, which helped her realize that she had a desire to design homes by creating livable spaces and classic interiors. After moving to Lynchburg, Moody wanted to get back into sewing, so she took her old Singer sewing machine to Mr. Hackman, owner of Sew Simple on Fort Avenue, and he fixed it up for her. During this same time, Moody’s grandparents’ estate was being settled, and instead of letting all of the doilies and old fabrics that her grandmother had go to waste, Moody took them home with her and started creating fresh new pieces from these seemingly old and useless materials. From that point on, Moody knew she wanted to pursue design full time.

When Moody started Southern Loom in 2010, she found many of her interests—refurbishing furniture, painting, visiting estate places—were infringing on the core of her business, which was interior design and using fabrics to renovate spaces. Moody decided to cut out these extra interests to focus on developing the essence of her business. As Moody’s business grew to where it was producing enough clientele and income, only then could she afford to reintroduce those items.

Business U N D E R

T E N y E A R S


BUSINESS PROFILE

Specialization and focus on craft are two tenets that Moody clung to. As a business, she says, “You can’t be

everything to everyone. You can’t do everything yourself. And so, outside of capital, knowing what your strengths are,

what your weaknesses are, and then really being able to focus on the strengths, [that] has been the key to our success.”

Since the early years, 2010 to 2013, when Southern Loom was still located in her basement, Moody’s husband, Allen, has been a large part of the support system that has motivated her. She is a proponent of the philosophy that the success of a business is more than just the figurehead of a company; part of that success is attributed to the family, friends and coworkers who stand behind him or her.

“In order for someone to be successful in business, or successful in their occupation, they have to have somebody behind them who is supporting them and cheering them on, who’s picking up all of those other pieces,” Moody said. “However good that person is behind them is equally how good the person is who is out in front. Probably the best advice [Allen] gives me, is every day he tells me not to quit.”

Many of Moody’s mentors are women like herself who manage their own businesses here in Lynchburg. “[As women], we want to be the perfect mothers, the perfect wives, the perfect homemakers, the perfect businesswomen, and at the end of the day, there’s not enough time to be perfect at all of those things.” Moody believes that sacrifices must be made because perfection is not realistic.

Moody has also been a vocal supporter of the local chapter of the ATHENA Awards, an annual international program that honors businesswomen and promotes leadership balance worldwide. In 2012 she spoke at the annual event about her experience as a female business owner in the region. This year Moody served on the selection panel to recognize the 2015 recipients. These initiatives are important to her because they support businesswomen through communal recognition and inspire them to reach their full potential.

In explaining what sets Southern Loom apart, Moody says, “We are so different from other design companies because the

client comes to us, and we facilitate the design process for them versus telling them ‘This is what you have to do in your space.’”

Moody’s attitude is what draws back repeat clients and empowers them to be involved in the design process. Her customers voice their desires through custom online orders and her creations are sold to clients all over the world.

AT A GLANCEFounded: 2010

Location: 4925 Boonsboro Rd., Lynchburg

Employees: 3 full time; 5 part time

Signs of Growth: Outgrown their current space and will be opening a second location—a renovated warehouse—in 2016; offering more design products such as furniture and light fixtures.

Even if Moody believes that a client’s curtains should be an inch or two off the ground, if the client wants the curtains to be a half-inch off the floor, then that is what the client is going to get. Her opinion is irrelevant to the client’s overall happiness with the finished product.

“You have to give [the client] what they want,” Moody laughingly exclaimed, “It’s their home!”


BUSINESS PROFILE

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©2015 AREVA Inc. All Rights Reserved. Photo by Warren Wright.

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lynchburg business magazine december/january 2015-2016

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