Business North Carolina October 2024

INTEGRATED SOLUTIONS THAT DRIVE FINANCIAL SUCCESS

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MOVERS + SHAKERS

JOE VAGNONE | ENLIGN Brokers & Advisors

Joe Vagnone is honored to announce the extension of his association with ENLIGN Brokers & Advisors, one of North Carolina’s premier M&A firms. With over 27 years of experience, Joe has established himself as a leading authority in selling small businesses with gross sales of $5 million or less. He leverages a robust network and proprietary systems to connect sellers with qualified buyers efficiently.

Renowned for his exceptional ability to maximize value for clients, he is celebrated as one of the state’s top small business brokers. Joe’s formal negotiation training & extensive personal small business experiences give confidence to business owners wanting to sell, that their biggest transaction of their life is in good hands!

COSGROVE | Builders Association of the Blue Ridge Mountains

Sarah Cosgrove, a leader on housing issues in Western North Carolina, has joined the Builders Association of the Blue Ridge Mountains (BABRM) as Advocacy & Community Engagement Director. In the new role, Cosgrove will work with builders, area governments, and like-minded professionals and nonprofit organizations to facilitate projects that address Western North Carolina’s housing crisis.

SARAH

5 UP FRONT

6 POWER LIST INTERVIEW

Arthur Samet is a second-generation family business owner who has helped create the largest general contractor based in North Carolina.

8 POINT TAKEN

Working together proves to be Craven County’s secret for success.

10 NC TREND

Boutique owner building a brand; New rules for real estate agents; Pharmacies tussle with their middlemen; Recent sales highlight the strength of luxury-home market; Inside view of $500,000 college frat party; Social focus shift at Lowe’s; Coffee and child play at Baby Bar.

80 PROJECT PLANS

The state’s leading industry recruiting organization has impressed the world in its first 10 years.

28 ROUNDTABLE: DIVERSITY

Four experts talk about the value of respect in the workplace and how expanding the discussion of inclusion can pay off for businesses.

58 ECONOMIC DEVELOPMENT: TRAINING THE N.C. WORKFORCE

Community colleges help fill the talent pipeline to supply workers for the companies coming to N.C.

66 COMMUNITY CLOSE UP: EASTERN N.C.

From large-scale agriculture to advanced manufacturing, a lot of things are happening to improve the quality of life down east.

COVER STORY TRAILBLAZERS

Our seventh annual roster of under-40 leaders making a difference in N.C.’s rural towns.

BY KEVIN ELLIS AND NATALIE BRADIN

CHARLOTTE AIRPORT

How CLT expansion has driven its economic impact in the Queen City and beyond.

BY TED REED

CAPITAL GAINS

Richard Bryant and Bobby Edgerton spent 40 years building a stock brokerage firm meant to last.

BY DAVID MILDENBERG

POLITICAL INFLUENCE

Eight professionals helping shape Old North State politics from behind the scenes.

BY KEVIN ELLIS AND RAY GRONBERG

PUBLISHER Ben Kinney bkinney@businessnc.com

EDITOR David Mildenberg dmildenberg@businessnc.com

MANAGING EDITOR Kevin Ellis kellis@businessnc.com

ASSOCIATE EDITOR Ray Gronberg rgronberg@businessnc.com

ASSOCIATE EDITOR Cathy Martin cmartin@businessnc.com

EDITORIAL INTERN Natalie Bradin

CONTRIBUTING WRITERS

Pete M. Anderson, Dan Barkin, Chris Burritt, Natalie Dick, Jessica Ford, Tucker Mitchell

CREATIVE DIRECTOR Cathy Swaney cswaney@businessnc.com

GRAPHIC DESIGNER Lauren Ellis

MARKETING COORDINATOR Jennifer Ware jware@businessnc.com

ADVERTISING SALES

ACCOUNT DIRECTOR Melanie Weaver Lynch, eastern N.C. 919-855-9380 mweaver@businessnc.com

ACCOUNT MANAGER AND AUDIENCE DEVELOPMENT SPECIALIST Scott Leonard, western N.C. 704-996-6426 sleonard@businessnc.com

CIRCULATION: 818-286-3106

EDITORIAL: 704-523-6987

REPRINTS: circulation@businessnc.com

OWNERS

Jack Andrews, Frank Daniels III, David Woronoff, in memoriam Frank Daniels Jr.

PUBLISHED BY Old North State Magazines LLC

PRESIDENT David Woronoff

A TOUGH CHOICE

Among the world’s most powerful impulses is a parent’s desire that their child receive a great education, which can help lead to a ful lling, positive life.

A driving force in my life was to help our son attend terri c schools. I’ve never met a parent who didn’t want the best for their child. So making the case against e orts that support a parent in that quest is an interesting challenge.

But in his nal months as governor, Roy Cooper is pushing back against a movement that has enormous momentum. His reasoning is that liberalizing school choice by subsidizing private schools with public funds is creating an emergency for traditional public schools. He terms the actions of school-choice proponents a “scheme” that is driven by Raleigh lobbyists connected to forpro t private school operators.

About 16% of the state’s K-12 students are now outside of traditional public schools, the governor says. e state’s main school choice nonpro t, Parents for Educational Freedom, says it’s closer to 24%, including 160,000 home-schooled children, 130,000 in public charters and 120,000 in private schools. Lengthy waiting lists suggest those numbers will grow. is year, state lawmakers turbocharged the debate by approving $625 million to help subsidize parents who prefer to send their children to private K-12 schools. Cooper calls them vouchers; proponents label them scholarships. As many as 55,000 students stand to bene t, unless enough lawmakers favor Cooper’s promised veto. e issue was unsettled at press time.

e $625 million could provide public school funding for 8.5% teacher raises, $1,500 retention bonuses, additional counselors and teachers’ assistants, with money le over, the governor said in an interview. “Vouchers are the biggest nancial hit to schools in decades,” he said.

North Carolina is now a national leader in the school choice movement, including requiring the least accountability of private

schools of any state. Cooper notes that the publics require licensed teachers and considerable accountability on many measures, and open their doors to all comers, while the private operators are getting their coin with little, if any scrutiny.

Voucher/scholarship backers counter that surging interest in school choice is less about money than about increasing parental in uence and dissatisfaction with how public schools operated during and a er the pandemic. Trust parents to do the right thing, they say.

It’s quite a shi from the mid-1990s, when school choice launched in North Carolina as a way to spur innovation and maybe a little competition with the public schools. e initial law in 1996 had bipartisan support and limited the public charters to 100 schools.

e cap is o and the state has 211 public charter schools, along with about 830 private schools. Since 2014, the Republican-dominated legislature has promoted private-school vouchers, initially aimed at low-income families. Now the state’s richest families can take advantage of the program. (Some elite schools don’t take part, however.)

Cooper emphasized his respect for those who prefer private schools. Like many of the state’s wealthiest and most in uential leaders, he and his wife made such a choice for their family. But in a world of scarce resources, incentivizing parents to opt for a private school inevitably harms the public schools, he says.

Sadly, he believes, it continues N.C. lawmakers’ long tradition of ignoring a constitutional mandate to provide a sound, basic education to every child.

Contact David Mildenberg at dmildenberg@businessnc.com.

ARTHUR SAMET

‘I

DIDN’T HIT THE TRIPLE’

Samet CEO Arthur Samet joined High Point University President Nido Qubein in the Power List interview, a partnership for discussion with some of the state’s most influential leaders. Business North Carolina’s annual Power List publication spotlights the state’s powerbrokers.

Arthur Samet is a second-generation family business owner who has helped create the largest general contractor based in North Carolina, with revenue of just under $1.5 billion last year. He earned a bachelor’s degree in communications at the University of Georgia, then an MBA at UNC Chapel Hill. The High Point-based company has about 500 employees involved in construction, real estate development, weatherproofing, roofing and siding. The contracting business extends from Richmond, Virginia, to Jacksonville, Florida. He’s active in many civic affairs, including board memberships at Cone Health and Triad Business Bank. Comments were edited for brevity and clarity.

How was the Samet Corporation started and when? It was April 1, 1961. My dad Norman Samet was a civil engineer in the facilities department at Burlington Industries, one of the largest companies in the world. He graduated from NC State with a civil engineering degree.

My grandfather was helping my uncle Harry Salmet and Larry Robinson move their furniture factory into a new building. He told my dad, if you want to start your company, I’ll hire you to build this rst building. So my dad started Samet Construction Company and built that building for him. ( e Globe Manufacturing structure was 16,000 square feet.) So my dad just continued to build the business around the furniture and textile industry around High Point and Greensboro.

When did you become CEO?

My father asked me to take that role in October of 2000. He was a fantastic leader. He stepped aside and let us scale the business. He asked some tough questions and we’d have to answer them, but he let us maintain the relevance of the company in today’s environment. He really gave us the opportunity.

How difficult is it to follow your dad in a business? You’ve grown the business tremendously since you’ve taken over and have done an exceptional job in interacting with leaders across North Carolina. Relational capital is the name of the game in many ways. But it must have been a tough thing at the very beginning.

ere are a few factors that play into that. One, Norman always gave us opportunity and put us in a position to build our own reputation, our own credibility. He said, “I want to give you authority and responsibility. I don’t want to give you just one or the other because you can’t be successful.” So there were plenty of times when I was young and somebody would ask him to participate on a board or a committee, and he’d say, “why don’t you think about Arthur doing that?” He was great at putting people in positions to succeed.

e other piece is we always knew how hard dad worked. I consider I was born on third base, but I knew I didn’t hit the triple. I had to wake up every morning and make sure that I was earning my own keep. And so I really worked. I didn’t take an entitlement or anything for granted, and I wanted to not try and follow directly in Norman’s footsteps, but complement what he was doing. So I would join other networks or get continuing ed that would allow me to broaden the network, and bring something back to the organization rather than harvest what he had done.

LIST INTERVIEW with Nido Qubein

How does a guy who majored in communications become such a smart guy running a large construction and development company?

Norman gave me the opportunity to really learn the business and work in different aspects of the business, but not keep me there so long that it held you back. Hiring the best team and the best people is what’s allowed us to build the business. I like to think of not breaking things just to break, but in a disruptive mentality. I don’t want to be the best contractor. I want to be the best company. I think my business experience and training allow me to bring a different perspective than an engineering, very in-the-box type of perspective.

So is Samet a construction company or a development company?

We’re both, the primary business is general construction. We’ve got six regional offices that span from Savannah, Charleston, Charlotte, Greensboro, Raleigh, Wilmington, and we’ve grown the business in concentric circles. Then we fill in those with some real estate development activities, again, focused on the customer. We want to control land sites that give the customer that ability to put their business where they need to put it.

You’re involved in the Chatham-Siler City Advanced Manufacturing megasite where Wolfspeed is making a $5 billion investment? Tell us about that.

It fell into our land strategy. Whether we’ve purchased the dirt ourselves or partnered with the landowners. In this case, the landowner who assembled that megasite saw the value that we could add to being on the team. So we’re partners in that site, and we help market and promote and really serve the customer when they show up to help get the deal done. We still have plenty of land available there, like 1,500 acres left for development. [Triangle Innovation Point megasite with] Vinfast is another example of a partnership with Kirk Bradley. They asked us to participate as well to help with that.

I’ve seen some of your major projects, such as a big one in Charlotte with apartments, retail. What makes for a good project?

We’ve got three high-rises going right now, two in Charlotte and one in Durham. I attend the meetings for those projects, but I’m not the guy bringing the deal in and closing the deal and building the deal. Seeing the young and older talent succeed makes me feel like the company is operating at the level it should operate at. We also have customers like Amazon or Chick-fil-A that have us building out their supply chain networks. They’re repeat customers, and they know that we will deliver and get them what they need in the timeframe that they need.

So tell me about a time you got really beat up. What happened?

Probably the most challenging projects occurred through COVID and the ramp up in inflation. We have long-term projects. We make commitments on the front end that we have to deliver on. Whether it was the inflation in materials or the lack of availability of materials or subcontractors who couldn’t afford their labor that they had committed to, we just had to compensate and deliver. At the end of the day, we had no choice but to satisfy the customer in the contract terms. There were a few projects that just the numbers were painful. At the end of the day, you learn from it, and you move forward. You don’t try and cut corners. You take your medicine and move forward.

Arthur, what’s on the horizon for your company?

We’re going to continue to build out our land positions across those different markets that we described. We’ll continue to expand our

geographic footprint through those concentric circles. So I think you’ll see us with an office in the northern portion of Florida and in the midregion of Virginia. We can travel with customers and be able to deliver. And then our weatherproofing and roofing company will continue to build out throughout the southeast and Mid-Atlantic region.

A lot of companies are out there trying to get construction deals. How do you beat the competition?

I really think it’s the experience that we give our customers. We lose projects sometimes because it may not be a fit for us or the customer. They’re great companies that we compete with. We can’t win ‘em all. But being able to diversify our business and serve multiple lines of business and maintaining a conservative balance sheet and really taking care of our people who ultimately take care of our customers, that’s the key to the success.

As long as I’ve known you, you smile a lot, you seem calm. You have a very gentle, responsive way with people. What keeps you in shape mentally and emotionally?

I would tell you that between my ears, it’s not as calm as on the exterior. I try to break away a little bit. I exercise, I run, I love to kiteboard, to be out on the boat and spend time with the family. The other thing is having a fantastic leadership team that allows me to step back from the business and observe and correct or advise.

How did you attract and retain an extraordinary leadership team?

It really comes back to how Norman treated us. When I bring somebody in, we don’t micromanage. We don’t tell them what we want. We bring them in because we want them to bring a fresh perspective or their talents into the organization. Whether it’s the head of organizational development and HR or marketing or operations, I want them to have a chief operating outlook. So everybody’s thinking about the same end-game, but bringing their core competencies and their respective disciplines to the table.

Our chief marketing person came from big companies. She said to me after about two weeks, “I don’t know why you hired me. I don’t have any construction experience.” Then a month and a half later, she came back and said, I looked at all your competitors’ websites, and now I know why you hired me. They look exactly the same as ours.” So that’s the kind of disruption or free thinking that I want to create in the business, and that gives me confidence.

Are your children going to follow your footsteps?

I have a 21-year-old, a 19-year-old, and a 15-year-old, and they’ve all started to express a little bit of interest in the business, but they have a long road ahead. One of my main goals is succession planning. I’m not as young as you think I am, and I’ve got to build out a professional management team to lead this organization at a minimum to fill the gap if the family has the desire, the capabilities and the opportunity to be in a leadership role.

Do you believe that the company will stay a family business?

I don’t know. Honestly, I’ve got to focus on what’s best for the organization. I am in a peer group with some gentlemen who are older than I am. One of the most poignant points somebody made when we were talking about whether a business maintained family control was to think about what’s best for the associates, what’s best for the business? I’ve made a commitment to 500 people. If we don’t have the balance sheet or the leadership in the family, I can’t just ride it to the bottom out of ego or selfishness. At this time, I see a path that it will maintain family ownership. But as you know, things change dramatically. ■

FEELING THE BERN

If you are from the Raleigh suburbs, as I am, the quickest way to Atlantic Beach, where we have an 85-year-old cottage, is down U.S. 70. So, like many folks, I drive through Craven County, passing New Bern and Havelock.

But there is a lot you can’t see from U.S. 70, like the Craven County Industrial Park on the west side of New Bern, screened by trees. The park has been a success story and its 300 or so acres are almost sold out. The county needs another big park, which is a good problem to have.

Much of Craven County is rural. Weyerhaeuser, the global timberland company, owns tens of thousands of acres. A large swath of Croatan National Forest runs along U.S. 70.

Craven is also home to Fleet Readiness Center East, the Navy repair depot on Marine Corps Air Station Cherry Point. It employs 4,000 engineers and artisans who overhaul military aircraft.

Decisions affecting FRC East are made by the Navy and Congress. Craven tries to influence things by being a hospitable base community, but that’s basically all it can do. Craven has more control over non-military economic matters, and that is where it has been strategic and effective.

CHUGGING AWAY

The first time I rode through the industrial park was in Jeff Wood’s car last December. Wood is the county economic development director.

The two biggest companies in the park are BSH Home Appliances, with around 1,500 employees, and Moen, a manufacturer of faucets and sinks, with around 700. In all, there are more than 20 companies and organizations in the park.

“Titan Fuels,” he motioned as we drove along Executive Parkway. “They provide fuel to airlines.”

We also passed by Chatsworth Products, which makes server racks and electrical enclosures. “These guys are always growing by 15 jobs. Fifteen jobs and a milliondollar investment,” Wood says. “Fifteen jobs and a million-dollar investment,” he repeated. “I love it. Just a group that just chugs away.”

The last acreage he has to sell in the park is a wooded tract split into seven lots of roughly 6 acres each. A new road through the acreage and water and sewer will require another $950,000 investment. The county will pay for this with part of the $2.45 million that it got from the General Assembly in 2023.

“How many other 6-acre lots are there in eastern North Carolina?” he asked. Cleared and grubbed, with roads and utilities, not many, I guessed.

The 6-acre lot size is strategic. A realistic approach means going after companies with 20 or 30 employees that can grow some, because there are only so many BSHs and Moens. Maybe the owner of a small company has vacationed in Nags Head and likes the idea of moving the business down from New Jersey.

One CEO who was looking to relocate was trying to get Wood to give him land for free. Wood said no. Maybe some incentives at the back end. But he would sell him the land for $20,000 an acre. (It would be $25,000 today.) That took the CEO by surprise. “He said, ‘I’ll write you a check today for that amount.’”

“That hit me,” says Wood. “That eastern North Carolina is in a strong value proposition. Six acres. $20,000 an acre. Eastern North Carolina’s value proposition is that we are effectively priced.”

LUCKIER THAN MOST

Wood, who came here in 2019 from West Virginia, is also the executive director of a key element of Craven’s economic development strategy — the Craven 100 Alliance, known locally as C1A.

The nonprofit, public-private partnership has a board with representatives from local businesses and local government, plus ex-officio members from the schools, community college and local chambers. Cherry Point is represented.

In recent decades, many eastern North Carolina communities have coped with population and job losses. Manufacturing declined, and big cities drew away talent.

Craven was luckier than most. In part because of the military and its retirees, the county population grew by double-digit percentages each decade, from 1980 to 2010. Then it stalled. Population declined slightly between 2010 and 2020, although it has picked back up over the last few years.

Coming out of the Great Recession, Craven developed a strategic plan to chart a path forward, and one of the ideas became the Craven 100 Alliance. Revitalizing the economy would be a heavy lift, and county government needed help.

Craven County unearths success by working together.

Jeff Wood

GET THE BALL ROLLING

A few weeks ago, C1A had a 10th anniversary dinner at Carolina Colours, a 2,000-acre planned community that opened in 2006. It has a prominent sign off U.S. 70 on the south side of New Bern, about three miles beyond the newly renovated airport.

The airport has about 90 acres for aeronautical companies that Wood and the airport director, Andrew Shorter, are trying to recruit. Breeze Airways, a startup launched by the same guy who co-founded JetBlue, started flying in May. A Breeze executive, Bud Hafer, spoke at the anniversary dinner and says New Bern has done better than expected. One of its destinations is Orlando. There are a lot of young families in and around Cherry Point.

The chair of C1A is Owen Andrews, whose family has been in the printing business for 120 years. The dinner kicked off the group’s third fundraising campaign, for $1.5 million, to bankroll what C1A will put in with the county, and probably the state, to assemble and develop the next big industrial park. It will be 300 or so acres near a natural gas pipeline and a major highway, U.S. 70 or U.S. 17.

“The concept [for C1A],” says Andrews, going back 10 years, “was to streamline the process of evaluating companies evaluating Craven County.”

Companies wanted incentives such as land, money and infrastructure. Which ones were right for Craven, and how could decisions be made

quickly in the fast-paced economic development competition?

Ten years later, the C1A has raised more than $3 million in pledges and grants, and attracted about $175 million in investments and 1,400 new jobs.

“In a lot of cases, getting the first commitment of a grant or funds is what gets the ball rolling,” he says. “The county, the city, the state, the federal government, they can’t always make decisions that quickly.”

This struck me as what leadership looks like. It is a scene that gets played out in some, but not all, towns in a region that hasn’t had it easy.

“The main reason that we started this was to keep all of us working together,” says Andrews.

“For this-sized community, when you come to New Bern and Craven County, it’s impressive that we are all together as one collective entity. So you don’t have to go to four or five places to talk with someone to get some decisions made. That is big-city stuff, and we’ve got it right here in our smaller community.”

“We’re going to be asking you for more money real soon.” ■

Veteran journalist Dan Barkin writes the NC Military Report newsletter for Business NC. He can be reached at dbarkin53@gmail.com.

Owen Andrews

PEOPLE POWERED

By Natalie Dick

LAn elite boutique owner champions Charlotte, building a brand bigger than herself.

aura Vinroot Poole is well-known in the international fashion world, but don’t call her a fashionista. While she travels the globe curating pieces for her luxury clothing boutiques Capitol, Poole Shop and Tabor, her passion lies with people, not the industry.

“I don’t have a huge interest in fashion,” she says. “I am very interested in people, supporting them, and making them feel beautiful and con dent.”

In fact, she doesn’t consider fashion as her true occupation. “ at’s the vehicle, but I believe in wearing the things you feel great in. at varies for every single person.”

Poole’s success continues a family history for which she is immensely proud. e Vinroots are “a real American dream story,” she explains. “My grandfather emigrated from Sweden during the Great Depression, and my grandmother grew up on 36th Street in NoDa in an old mill house and took the trolley to work at a textile mill. My dad was the rst in his family to go to college.”

Her father, Richard Vinroot, is a retired lawyer and former two-term Charlotte mayor who ran for governor three times.

Growing up near Charlotte icons Hugh McColl Jr., Harry Dalton and others, “I grew up feeling like anything was possible and that this city could be anything we wanted it to be because I saw all the people around me doing that,” she says.

Poole parlays her business to serve as a de facto ambassador for Charlotte. “We’re taking in beautiful things from all over the world, but in the process, we’re also sharing with designers who our client is, what she appreciates, what she loves, what an incredible city we live in, and how lucky they are to have their clothes in our city.”

International designers and press have taken note. Her

boutiques have been featured in Forbes, Vogue, Town & Country, e New York Times and e Wall Street Journal, to name a few. McColl, the city’s most famous leader, credits Poole’s shop with helping give Charlotte a world-class credential.

UNLIKELY PATH

Poole attended Charlotte-Mecklenburg Schools through ninth grade before leaving home at age 15 for boarding school in Massachusetts. She felt no particular calling to fashion, but she had a natural talent for styling and a penchant for quality clothing.

“I was a kid who always helped ‘ x’ my mom’s friends. I would style their shawls and pin their brooches in a better place. at was my only fashion background. at, and I was a big thristore shopper” at the Junior League ri Store and Montaldo’s clearance rack, she says, referring to the ladies specialty shop that closed in the mid-’90s.

Poole took a pause a er her freshman year at UNC Chapel Hill, needing a year to “ gure out what I wanted to do,” she recalls. When she returned, she withdrew from her sorority, became an art major and began following her heart.

A er graduating, she met her husband, Perry, and they eloped when she was 25.

“My dad was running for governor, and I didn’t want a 500-person wedding,” she says. “I wanted something more real. My dad cried for a year every time he saw me, but as time went on, and we went to more weddings, he would say, ‘You were so smart to have eloped and understand that getting married is a promise to God and a solemn thing. It’s not a show.’”

A year later, the couple moved to Charlotte so Perry could study architecture at UNC Charlotte. Poole was still searching for her professional purpose.

WHY NOT CHARLOTTE?

“It started really because it bothered me that my mom’s friends were traveling to other places to shop,” Poole says. “They would go to Bob Ellis in Charleston for their shoes, Mom would go to New York twice a year to shop at Saks or Bergdorf Goodman, and they would go to Neiman Marcus in Atlanta.” Executives at Bank of America and other big corporations in Charlotte were traveling globally for business, but “they didn’t have anywhere to shop for the proper wardrobe for those trips.”

In 1998, Poole and her husband opened Capitol in an 800-square-foot space at the Phillips Place retail center near SouthPark Mall. The store offered pieces found nowhere else in the South, along with personalized styling services.

“We had zero money, nobody funded it, we just worked incredibly hard,” she says. “We built the store out on our own, painting the walls and making it up as we went along. Neither of us knew what we were doing, but we always believed in Charlotte.”

While Poole’s connections helped launch the business, her eye for fabrics and patterns with a feminine-yet-statementmaking feel propelled it. A full-service boutique, Capitol’s employees do it all, from packing clients for trips, pulling complete outfits, accessorizing, even making dinner reservations.

“I love serving people, supporting them, helping them feel their best and to be able to do their job without worrying about how they look,” she says. “Clothes are our armor. It’s the first thing that people see and the first thing that people know about you. It’s what you’re communicating to the world about who you are, where you’ve been, what you believe in.”

“Working hard and becoming successful is not an easy process, and it’s not a linear process either. It’s zigzag all over the place,” Poole says. “I’ve had many businesses that I created fail, and they’ve all been great learning experiences.”

Failures include a Lilly Pulitzer shop that lasted a year and an e-commerce business. “Hardships and challenges make you who you are. I have a Bachelor of Fine Arts in painting and never went to business school, so I think real-time failures were necessary to gain knowledge and understanding of what I needed to do next and where I needed to be. I have zero regrets.”

The recession of 2008 was a particularly challenging time. Poole ignored the advice of her then-CFO to lock the doors.

“I got up every day and went to work. I just kept going back, and eventually, we got into a better position. That’s when I saw just how much I was willing to do. I didn’t know my strength or my will or my resolve until those years.”

Her toughest test came in November 2021, when Poole was diagnosed with breast cancer. Watching her mother fight it three times, Poole says she “felt like she’d been trying to outrun it for a long time.” At 49, she underwent a double mastectomy and breastreconstruction surgery. She spent three months at home with her husband and teen daughter while she recovered.

“I think it was one of the first times in my life that I was able to receive love and receive support, and to be able to sit with that and not ‘do’ through it,” she says. “I have boxes and boxes of notes from friends, clients and people I didn’t even know. It’s a testament to this business, this community of women clients, my team, designers and everyone in this industry.”

PERSONAL AND PROFESSIONAL CHALLENGES

Poole later opened a sister store, Poole Shop, after relocating to a standalone, 6,000-square-foot building in southeast Charlotte. Housed on the second floor above Capitol, Poole Shop features contemporary designers and more relaxed silhouettes. In 2015, the couple opened the Tabor menswear store in the Eastover neighborhood, where Poole grew up. Just before the pandemic, Capitol opened a second store in Santa Monica, California.

Cancer-free for nearly three years, Poole describes herself these days as much less stressed. “The biggest measure of success is still being in business,” she says. “All along the way, I’ve tried to take steps back to make it an entity of its own, an energy of its own, [to ensure] that it survives without me, no matter what. I want it to be a gift to all the people who work in it and shop in it. I want it to be a place that gives back to everyone.” ■

A version of this story previously appeared in BNC’s sister publication, SouthPark.

SHOW ME THE MONEY

A key statewide election pits two candidates with vastly different career paths.

By David Mildenberg

North Carolina’s state treasurer holds unusual power, as one of only three nationally empowered with sole duciary responsibility for making investment decisions for retirement funds. Most states delegate that authority to either boards or investment teams.

In North Carolina, that means Treasurer Dale Folwell oversees more than $120 billion to pay the obligations to 875,000 active or retired state workers. It’s among the 10 largest U.S. public pension funds.

Folwell lost a gubernatorial bid in the March primary, opening the door for either Democratic Party candidate Wesley Harris or Republican Brad Briner to win the Nov. 5 treasurer’s election.

Most of the treasurer’s work involves nonpartisan matters. Beyond investments, the treasurer also chairs the State Health Plan, which provides coverage for more than 750,000 active and retired state workers and dependents. It’s the largest single healthcare payer in North Carolina, a role that Folwell has used to sharply criticize the state’s hospitals and global drug companies.

But the personal stories of the two candidates o er sharply di erent stories.

Harris, 38, has been a state representative from Mecklenburg County since 2019. He spent his childhood in Taylorsville; his father was a banker and his mother taught at public schools, according to his campaign website. He earned a bachelor’s degree at UNC Chapel Hill and a Ph.D. in economics from Clemson, then worked for two large accounting rms from 2015-20.

Since then, he has reported income from his legislative salary (about $14,000 per year plus $104 per diem during legislative sessions); consulting jobs and as a part-time instructor at UNC Charlotte.

He doesn’t hold shares in any public or private companies or North Carolina real estate that exceeds $10,000, according to his Statement of Economic Interest led with the state.

e state requires elected o cials and board appointees to le such statements annually, listing their investments and debts in listing their investments and debts of at least $10,000. (It doesn’t distinguish if the ler holds or owes $10,001 or $10 million.) It also does not require lers to include their holdings in widely-held investment funds such as mutual funds, pensions or deferred compensation plans.

Harris’ report cites debts exceeding $10,000 to a bank and a credit card company.

His nancial situation hasn’t changed since the January ling, he said in September. He declined to discuss his income sources and how he is saving for retirement. Instead, his campaign manager sent a statement citing his doctoral degree, consulting experience, leadership among House Democrats on budget issues and endorsements from several public-employee groups.

“Now, I’m running for Treasurer because we deserve a leader in the Treasurer’s o ce who will be an advocate for long-term nancial planning and sound scal policy,” according to his website.

Briner, 47, who lives in Chapel Hill, retired in the past year from Willett Advisors, which manages the personal fortune of billionaire Michael Bloomberg, a former New York City mayor. Briner worked at Willett for 12 years a er stops at Morgan Creek Capital, UNC Management and Goldman Sachs.

e Texas native attended a private school in Dallas where his mother worked a er his father lost his job in the 1980s recession, according to his campaign website. He later attended Exeter, a New Hampshire boarding school, then received a full scholarship to UNC

Brad Briner

Wesley Harris

NOVEMBER’S COUNCIL OF STATE CONTESTS:

ATTORNEY GENERAL

Dan Bishop R (Charlotte congressman)

Jeff Jackson D (Charlotte congressman)

STATE AUDITOR

Dave Boliek R (Fayetteville attorney)

Jessica Holmes D (appointed state auditor)

AGRICULTURE COMMISSIONER

Steve Troxler R (Browns Summit incumbent)

Sarah Taber D (Fayetteville consultant)

INSURANCE COMMISSIONER

Mike Causey R (Greensboro incumbent)

Natasha Marcus D (Davidson state senator)

LABOR COMMISSIONER

Luke Farley R (Raleigh attorney)

Braxton Winston D (former Charlotte city councilman)

SECRETARY OF STATE

Chad Brown R (Gaston County commissioner)

Elaine Marshall D (Raleigh incumbent)

SUPERINTENDENT OF PUBLIC INSTRUCTION

Michele Morrow R (Cary nurse)

Maurice Green D (Greensboro retired foundation CEO)

Chapel Hill. He was appointed to the university’s board of trustees last year. He also has a Harvard MBA.

Briner’s State of Economic Interest in January shows holdings of a home and other real estate in Chapel Hill; more than $10,000 in 10 publicly owned companies; and more than $10,000 in 12 “private interests” such as Florida Real Estate Value Fund II. He and his wife owe more than $10,000 to a bank.

e state treasurer’s race is among eight Council of State races that typically are closely contested but attract limited public notice. Victors in only two of the elections in 2020 received more than 52% of the vote: Folwell got 52.6%, while State Agriculture Commissioner Steve Troxler had 53.8%. Gov. Roy Cooper and Lieutenant Gov. Mark Robinson each received about 51% of the vote.

Both Harris and Briner have said they will tone down Folwell’s rhetoric related to healthcare and criticize his investment management strategy. A conservative approach has cost billions of dollars in potential gains because of strong markets, both candidates say. Folwell has emphasized the need to limit risk and cut investment fees as the best way to protect the pension funds.

e two candidates di er on whether the state treasurer should retain his duciary authority. Briner favors shi ing away from sole authority. Harris prefers the status quo, he said during a PBS North Carolina TV broadcast in September. ■

A HAIRCUT FOR THE REALTORS?

By Tucker Mitchell

The effects of the lawsuit that rattled the foundation of the national real estate industry last spring are beginning to be felt in North Carolina. So far, no chunks of Carolina blue skies have fallen, no apocalypse has dawned.

But it’s still early.

“The difference (the settlement) makes in NC … remains to be seen,” says Miram Baer, executive director for the North Carolina Real Estate Commission, which licenses about 60,000 agents. “But there are some other actors who have to weigh in. We’ll have to see what happens.”

The settlement, which went into effect in August, is a potential doozy. It stemmed from a class-action suit known as Sitzer-Barrett, filed in 2019 by home sellers in Missouri against the National Association of Realtors trade group, and various allied organizations and businesses.

A Kansas City jury awarded $1.78 billion to the plaintiffs and their representative class last October, agreeing that anticompetitive, opaque practices led to systematically overcharging consumers. Last spring, NAR and the plaintiffs reached a settlement that cut the award to $418 million, but gained some regulatory concessions. The national group represents about 90% of the 1.5 million agents in the U.S.

Under the settlement terms, NAR members will no longer advertise buyer agent commissions on the Multiple Listing Service website, and will require that buyers sign a contract with a buyer agent prior to visiting a property with that agent. A final judge’s decision is pending.

The standard industry practice has been for seller agents to advertise a total commission, typically 5% to 6% of the final sale price. That fee has been split between agents for the seller and buyer, making an informal commission structure around the industry longer than three-bedroom bungalows.

NAR’s settlement saved the organization a lot of money and staved off other regulatory concessions that were potentially more onerous.

In North Carolina, the results so far are not earth shaking. It was one of 18 states in which buyer’s agent contracts were already required.

“When it was first reported, everyone was screaming ‘seismic changes, seismic changes,’” says Andrea Bushnell, CEO of the NC Realtors trade organization. “Well, there will be some changes, but they’re not seismic.”

For North Carolina agents and consumers, the new rule on buyer contracts technically means just a slight change. Previously, state regulations required a potential buyer to sign a contract with his or her agent prior to that agent submitting an offer. Now, the contract must be in effect before the agent shows a property.

That difference alone is not significant. The written agreement is similar, and an agent with a contract in hand before the first showing is in compliance with the state’s regulation.

But bigger changes may be ahead.

The basis of the Sitzer-Bennett lawsuit was the idea that home sellers were forced, or at least coerced, into paying exorbitant agent commissions because agents rarely discussed fees in an open manner. Many consumers, who don’t trade homes frequently, may have believed the percentages were immutable.

Lots of money is at stake. The median price for North Carolina homes last year was $335,760. A 6% commission, divided between agents, totals more than $20,000. A $500,000 home can entail a $30,000 commission. That cost is typically rolled into the sales price and paid by the seller.

Inefficiencies in the current system lead to commissions that are as much as 30% higher than under a more competitive model, analysts at the Richmond Federal Reserve Bank concluded in

A national lawsuit may reduce fees and the number of part-time agents.

a March working paper. That amounts to about $30 billion annually, they said.

In theory, the new rules prevent selling agents from advertising a rate for buyer’s agents on the multiple listing service, which is a critical tool for agents. They could also open the door for buyers and sellers to negotiate commissions.

So far, there hasn’t been much change, which shouldn’t be surprising. For years, various companies and entrepreneurs have offered lower-cost options to attract home buyers, without significant success.

Redfin, an online real estate broker, says that the average commission was 2.57% in July, down from 2.62% in January. That means a total commission of about 5.1%, covering both buyer and seller agents.

Charlotte Realtor Daniel Cottingham expects commissions to continue declining, which he says is a sensible, long overdue adjustment.

As a result, consumers will see a range of fees with more established agents likely to charge more than the inexperienced, says Cottingham.

“The really big change, and this should have happened long ago, is that for the longest time, somebody else was determining what a buyer’s agent was going to get paid,” says Cottingham, president of the Cottingham Chalk firm.

“Going forward, each agent will negotiate their fees, based on the services they do or do not provide and that will be baked into the transaction.”

While commissions overall will decline, he says, “I think for some at the top end of agents, they will get paid more.”

Many industry officials also expect a reduction in the number of licensed agents. Almost half the nation’s 1.5 million Realtors listed one or fewer properties per year. Meanwhile, fewer than 1% of Realtors list 45 or more properties per year.

“There has been this narrative in the business that [real estate] is something you can do part time, and if you sell 3-4 houses a year here and there, you might have some nice side income, and can do pretty well,” Cottingham says. Maintaining a license and other expenses as a part-time broker tends to cost at least a couple thousand dollars, according to industry experts.

“But I think not being full time will make for some tough discussions with customers now, as you negotiate a fee.”

The hope is that consumers benefit as the marketplace develops lower cost alternatives. That should have happened long ago, the Richmond Fed noted, as critical aspects of the industry, such as property listings, moved online. Looking at homes on a computer can save lots of hassle versus driving from house to house.

“There’s a need for a range of services,” says Cottingham, the son of his company’s founder. “I’m bald. When I need a haircut, I just find a barber with a good razor and get a nice shave. It’s pretty inexpensive, and it should be. I have no hair. I don’t need much. Someone else may go to a creative stylist and pay $250 every couple weeks. That’s what they need.

“Our industry should be like that, too.” ■

Charlotte Realtor Daniel Cottingham.

Goldsboro 18.9%

DIVIDED DRUGGISTS

Big and small pharmacies tussle over the benefits of their middlemen.

By Ray Gronberg

he fight between locally owned pharmacies and the national chains is a long-running story with no apparent end in sight. Much of the dispute involves pharmacy benefit managers or PBMs, which are the middlemen between pharmacies and insurers. They are supposed to work to keep drug prices low, but skeptics say they mostly dampen competition.

TThe Federal Trade Commission, which has criticized PBMs, says about 10% of rural America’s independent pharmacies closed between 2013 and 2022, partly because they have no real bargaining power. They get take-it-or-leave-it contract offers and pricing terms that are “opaque and unpredictable,” the comission says.

The local-owner lobby seemed to make progress at the N.C. General Assembly in placing restrictions on the PBM industry, of which four major companies control more than 70% of the national market, the FTC says. In April 2023, the N.C. House voted 114-0 for a bill that included limits on “spread pricing,” which critics say benefits the PBMs.

But N.C. Senate leadership, including President Pro Tem Phil Berger, sent the bill to the body’s Rules Committee, idling further action.

The delay enrages the state’s pharmacists who aren’t affiliated with CVS Health, UnitedHealthCare, Cigna and affiliates of Blue Cross Blue Shield, the four big PBM owners.

“The power and money of the $100-plus billion [PBM] behemoths that spout lies apparently carries more weight, for our Senate leaders, than patient needs, local community economies and small businesses,” Penny Shelton, executive director of the nearly 2,000-member N.C. Association of Pharmacists, said in August.

While most N.C. senators favor reform, she says, “The only concern we hear is ‘We’re concerned healthcare costs will go up,’ but there is evidence from other states that shows this is not the case.”

North Carolina U.S. Sen. Thom Tillis is among the cosponsors of a bill in Congress that is similar to the proposed N.C. legislation. The American Medical Association also is pressing for more PBM scrutiny “as a check against possible anticompetitive harm,” Dr. Bruce Scott, the group’s president, said in August.

CVS opposes the bill because it will raise costs, spokesman Phil Blando says. The North Carolina bill “mandates a special $10.24 pharmacy tax on patients for every prescription at the pharmacy counter. The bill harms seniors and others with limited mobility by effectively banning lower-cost home delivery of prescriptions. This bill will not lower the cost for prescription drugs in North Carolina set by the manufacturers.”

Others who oppose more PBM regulation are pushing back. The Carolina Partnership for Reform, an advocacy group with ties to Berger, issued a commentary in mid-September slamming N.C. Rep. Wayne Sasser, a pharmacist in Albemarle. The Republican was a lead sponsor of the House legislation, but is retiring from the legislature this year.

Sasser helped lead “a grievance campaign against legislators who (rightfully) question” the terms of the N.C. bill, according to the partnership. It said the independent pharmacists “have lost their mind” and contended “unsavory tactics are being employed to push a reckless bill that would make North Carolina’s health care cost crisis even worse.”

Legislative rules make it hard to force action by the Rules Committee, so few expect the bill to move given Berger’s opposition.

Meanwhile, Shelton says more than 100 “community pharmacies” have closed in North Carolina over the past 18 months. She blames non-negotiable PBM contracts that “reimburse the pharmacy less than the pharmacy can buy the medication.” She didn’t say how many such businesses have opened in the same period. ■

Recent sales underscore strength in the state’s luxury home market.

By Kevin Ellis

W PRICEY DIGS

hether oceanfront, a mountain view or something on a lake, wealthy homebuyers are spending records for ultra-luxury dwellings across North Carolina.

Realtors report more working professionals joining the ranks of luxury homebuyers rather than retirees, who have long dominated the higher-end market. e buyers also are increasingly paying cash, making higher interest rates less of a concern.

Here’s a look at some recent record-setting home sales.

MOUNTAIN VIEW

COASTAL BREEZE

e most expensive home sale in North Carolina’s history took place in July for a beach mansion on Figure Eight Island in New Hanover County. Herbert Allen III, president of New York-based private investment rm Allen & Co., bought the mansion for $13.9 million. His neighbors include movie stars Jennifer Aniston and Julia Roberts, politicians Al Gore and John Edwards, former Morgan Stanley CEO John Mack and UNC Tar Heel football coach Mack Brown, according to Mansion Global, a luxury home listing site.

J. Long Custom Homes built the 6,700-square-foot home at 102 Beach Road South near Wilmington. e ve-bedroom, eightbathroom home was the last one designed by the late John Stirewalt, who designed more than 150 homes in a career spanning more than 40 years on Figure Eight Island.

e luxury real estate market for oceanfront properties along the North Carolina coast continues to boom, according to J. Long Custom Homes. In 2023, eight homes in New Hanover County sold for more than $5 million.

While this estate now holds the record sales price, a home on 40 acres perched atop a mountain above the town of Highlands went on the market earlier this year for nearly $50 million.

LAKE LIVING

A Lake Norman waterfront property in Cornelius closed for $11.5 million in July, smashing the $10 million barrier and setting historic multiple listing service records for Mecklenburg County, according to Ivester Jackson Properties and Christie’s International Real Estate.

Paci c coastal style design and expansive retractable glass waterside transitional spaces combine to create a 180-degree lakefront experience in the 14,701-square-foot home, according to Ivester Jackson Properties.

e main house features expansive Lake Norman views from front and rear vantage points, an in nity pool and spa, a natural beach, four en-suite bedrooms, numerous gathering spaces, and an attached guest lanai and sleeping quarters.

As of July, six other Lake Norman properties were listed on MLS for more than $10 million, the Charlotte Business Journal reported.

Auto dealer Vernon Krause, and his wife, Marie, paid $8.45 million for a home in e Cli s at Walnut Cove in Arden, which represents the highest-priced single-family home sale this year in Buncombe County, according to Walnut Cove Realty.

e 7,640-square-foot home was built in 2021 in collaboration with Dillard-Jones Builders, DOMA Architecture and Tribus Interior Design. It includes a wine cellar, a personal gym and retractable screens on the main deck. At 2,800 feet, its elevation o ers views of Pisgah National Forest, the Blue Ridge Parkway, Biltmore Estate and downtown Asheville.

e August sale is the highest-priced home sale in the 33-year history of e Cli s Communities, which is owned by Charlotte-based South Street Partners. e sale represents the growth in Buncombe’s luxury housing market, with 10% of homes sold in the county in the second quarter of this year fetching $1 million or more, according to Walnut Cove Realty.

Vernon Krause lived in Buncombe County about 40 years ago, but his Krause Auto Group business took him away to Georgia and Florida. Krause remains active with his 23 dealerships, which include Asheville Ford, Asheville Lincoln and Huntersville Ford in Mecklenburg County, as well as 11 dealerships in Florida, seven in South Carolina and ve in Georgia. ■

THE HALF MILLION DOLLAR FRAT PARTY

Passion for the flag and Israel helped fuel a peculiar night in Chapel Hill.

By Natalie Bradin

Flagstock 2024 may go down in history as the most publicized, and possibly most expensive, fraternity party in state history. It certainly ranks among the most unusual.

Roughly 3,000 students and others were expected to attend the Labor Day gathering that was advertised as a conservative-leaning “rager” in famously progressive Chapel Hill. But when the lights dimmed and Nashville-based country duo Big & Rich took to the patriot-themed stage on Sept. 2, an estimated 300 people were in attendance.

Organizers say their goal was to promote patriotism and honor the UNC Chapel Hill fraternity brothers who barricaded the American ag from pro-Palestine protestors on the campus quadrangle on April 30. Many of the brothers were members of Alpha Epsilon Pi, a Jewish fraternity, though members of other Greek groups also surrounded the ag.

e event drew more publicity a er then-interim UNC Chapel Hill Chancellor Lee Roberts walked into the crowd and expressed his support for the students who had protected the American ag. Several prominent N.C. politicians praised Roberts’ actions, and in July he was named chancellor on a permanent basis. In July, Prime Minister Benjamin Netanyahu of Israel applauded the fraternity members during a speech to Congress.

activist who played a key role in setting up a GoFundMe account to honor the fraternity brothers. It was an unabashed success, raising $515,500 in donations from nearly 16,000 donors within three days of the April protest.

Noonan’s appeal for money le no doubt of his viewpoints. “Commie losers across the country have invaded college campuses to make dumb demands of weak University Administrators,” he wrote. “But amidst the chaos, the screaming, the anti-semitism, the hatred of faith and ag, stood a platoon of American heroes. Armored in Vineyard Vines and Patagonia, fueled by Zyn and White Claws, these triumphant Brohemians protected Old Glory from the unwashed Marxist horde — laughing at their shrieks and wails and shielding the Stars & Stripes from Soviet missiles.”

Still, the slim crowd isn’t what initial organizer John Noonan envisioned for the free party at the American Legion post in Chapel Hill. e reasons why more students didn’t show up include a possible disinterest in the musical acts and the event’s timing at the end of a three-day holiday weekend.

Noonan is a Virginia Military Institute graduate and conservative

Within a week, a new 501(c)4 corporation, Pints for Patriots, was formed in Virginia in response to the massive nancial support. Later, the group started an a liated nonpro t in North Carolina, e Assembly website reported.

One can buy a lot of pints with $515,000, so Noonan followed up with an invitation for members of UNC’s Interfraternity Council to meet to discuss a party focused on the ag, beer and country music. About 30 fraternity brothers gathered at Chapel Hill’s Top of Hill restaurant to share ideas with a friend of Noonan’s, whose name wasn’t disclosed, e Assembly said.

e Tar Heel fraternity members o er di ering views on how much they in uenced the event planning. But Noonan’s team clearly had a conviction to spend all of the donations on the event itself, with o setting revenue from sponsorships and food and merchandise sales. Daniel Cragg, a Minneapolis attorney who is general counsel for

Flagstock 2024 performer Jeffrey Steele.

Pints for Patriots, didn’t have precise details on costs or revenue from the event. He says the group spent about $100,000 leasing the stage, festooned with spotlights, mics and amps, from New Jersey-based Technical Arts Group, plus $80,000 on security measures. Various officers from area sheriff’s departments and private companies worked at the event, including patrolling the 128-acre property on ATVs.

Other major expenses included renting the site, bus transportation, catering and compensating entertainers.

While performers including Big & Rich, Lee Greenwood and others were not paid for their time on stage, they traveled to the event on private jets hired by organizers, The Assembly reported. About $10,000 was spent on beer for attendees in the VIP tent, the website noted, quoting Noonan.

Flagstock ran for about three hours, with appearances from performers including Aaron Lewis, Rome Ramirez of Sublime and American character actor Nick Searcy. Red and blue spotlights beamed down upon the artists, who performed in front of a large screen displaying a picture of the fraternity brothers barricading the American flag. Greenwood, 81, closed out the night with his anthem “God Bless the USA,” which is a favorite at conservative political rallies.

About half of the crowd was made up of college-aged adults, many sporting cowboy boots and MAGA hats while swaying to the music in a sea of glow sticks and cigarette smoke.

The VIP tent party included a catered dinner, red Solo cups and five Hooters entertainers in cropped shirts and bright orange spandex, handing out merch from the restaurant chain.

Other brands supporting Flagstock included Elmore City, Oklahoma-based Old Glory Bank, which was cofounded by singer John Rich and other national conservative leaders; the Veterans of Foreign Wars; and Gift of Life Marrow Registry.

Nine local food trucks formed a circle outside the VIP tent, where concertgoers could stock up on burgers, fries and barbecue. Food trucks were informed of Flagstock’s location three days in advance, while the location was shared with the media only hours in advance. The trucks did not pay for a spot at the event, one of the operators said.

Any leftover funds are supposed to be donated to charities picked out by the participating fraternities, including Back the Blue NC, Wounded Warrior Project, Children of Fallen Patriots, and Zeta Beta Tau Foundation to Combat Anti-Semitism, according to the GoFundMe page.

“We did spend the money we raised on this,” Cragg says. “So we’d have to figure out another source of funding if we were to do it again.”

Despite the limited attendance, Cragg called the event incredible. “Our founder here, John Noonan, is on record saying he expected to buy a couple of kegs and send them to a frat house,” he says. “I mean $500,000? That was just fantastic. It allowed us to put on all this, and we couldn’t be happier.”

He described the event as an “unabashed celebration of patriotism,” and one that has caused Pints for Patriots to keep their options open for future events.

For now, Flagstock remains the first and last of its kind. ■

CHANGING COURSE

Lowe’s social focus shifts to its core business and away from more edgy issues.

By Chris Burritt

Having one of the few Black CEOs in the Fortune 500 didn’t preclude Lowe from changing its policies on diversity, equity and inclusion.

The Mooresville-based home-improvement chain is changing its DEI policies, according to an internal memo that company officials confirmed after it was leaked to the press in late August. The note was signed by the company’s “Executive Leadership Team,’’ which is led by Marvin Ellison, one of eight Black CEOs in the Fortune 500 as of early this year.

The 300,000-employee company joined John Deere, Best Buy, Harley-Davidson and other large employers in dialing back their DEI commitments. It told employees the changes included no longer sponsoring LGBTQ+ Pride festivals or participating in surveys for the Human Rights Campaign.

The annual Pride festivals attract large crowds in many cities, while the HRC is the nation’s largest advocacy group for lesbian, gay, bisexual, transgender and queer people. HRC had revenue of $50 million for the year ending March 31, 2023, according to its most recent tax filing.

In the internal memo, Lowe’s said it will focus investments on programs that “align with our business,” including affordable housing, disaster relief and educating trades workers. “We believe in inclusion, not exclusion. This simply means we ensure that everyone is included and considered fairly based on merit and results,” according to the memo. The company added that its hiring isn’t based on “numbers or targets.”

Inclusivity initiatives among U.S. companies accelerated in 2020 following the murder of George Floyd by a Minneapolis police officer and the subsequent wave of protests demanding racial justice. In June 2023, the U.S. Supreme Court effectively ended the use of affirmative action in determining college

admissions. Meanwhile, a conservative backlash against corporate America’s embrace of DEI policies intensified.

In June, DEI opponent and music video producer Robby Starbuck criticized diversity efforts at Tractor Supply Co., a publicly traded retailer. The Brentwood, Tennessee-based company subsequently said it was eliminating jobs and goals focused on DEI.

Starbuck, who lives in suburban Nashville, has applied similar online pressure toward other public companies. He took credit for the changes at Lowe’s, but spokesman Steve Salazar told CNN that Starbuck’s outreach to the company came after the company “already announced changes that had long been in process.”

Ellison has been an outspoken advocate for inclusivity since he became CEO at Lowe’s in 2018, after holding a similar role at JCPenney. In a speech to the National Retail Federation last year, he said he “didn’t need a consultant” to tell him there were diversity problems at Lowe’s, according to the Multichannel Merchant newsletter. He said he intentionally looked for managers who were diverse ethnically and in their thought.

“At the end of the day, the management team at any company owes it to themselves to have the decision makers reflect the customer base they’re trying to service,” he said. “Now our [executive vice presidents] are 50% ethnically diverse, with 25% women, and the board also.”

Lowe’s earned a perfect score in HRC’s most recent corporate equity index, which studies policies related to LGBTQ workers. The advocacy group said the changes by Lowe’s and other companies would “create a snowball effect of negative long-term consequences,” including hampering recruiting and reducing sales. But Starbuck said in an X statement that “one by one we will bring sanity back to corporate America.” ■

Marvin Ellison

COMMUNITY CONNECTIONS

Her businesses reflect J’Mihyia Drayton’s passion for Greensboro.

By Jessica Ford

rom cakes to wine, 31-year-old Greensboro native

FJ’Mihyia Drayton has established herself as a business owner with a dedication to serving her hometown. Now, she’s launched a co ee shop and play space to attract a di erent audience.

Her entrepreneurial story started with “Mommy and Me Cupcakes,” a home-based venture creating custom treats. e idea was inspired by her cherished memories from baking with her daughter. It didn’t take long for Drayton to become known among friends as the “cake lady,” gaining viral fame and attracting sweet-tooth clients, including celebrity party planner Jahlil McAllister.

With pro ts from her cake business, she and her partner ventured into a brick-and-mortar business, opening Greensboro’s rst Black-owned wine bar, Marjae’s Wine Bar, in 2021. ( e couple are no longer together.) e bar in the Idlewood neighborhood, a mile northeast of downtown, became a local favorite for couples’ date nights because of a cozy ambiance and quality drinks.

Drayton’s goal was to create a welcoming, nurturing community. While every business faces challenges, Marjae’s faced some unusual ones, including some patrons who questioned Drayton’s wine credentials. She says she gained expertise because of her passion for relaxing with a glass of wine and listening to gospel music. Overwhelming community support has proved instrumental in sustaining Marjae’s, which is Drayton’s middle name.

is summer, Drayton took on a new challenge with Baby Bar, which she calls the world’s rst indoor play space and co ee bar. e concept blends a cozy café atmosphere with a safe indoor playground, designed for families with young children seeking an a ordable, engaging option. It’s about a mile northeast of Marjae’s, not far from Grimsley High School.

Parents can enjoy a co ee while their children play nearby. Unlike traditional kids’ play areas, Baby Bar features a neutral color palette with no loud music, creating a calming environment. A 90-minute play session costs $15.

Baby Bar also o ers event rooms where families can host birthday parties or other private gatherings. Drayton, drawing from her own experiences as a teen mom, envisions hosting community baby showers to support mothers in need.

Motherhood and entrepreneurship

Balancing the roles of motherhood and business owner is no easy feat, but Drayton says her children are her greatest motivation.

“Being a mom has taught me patience, resilience, and the importance of creating meaningful experiences,” she says. “I want my children to see that with dedication and perseverance, anything is possible.”

Drayton has encountered problems common to many entrepreneurs, including building trust as a young Black woman, navigating sta ng issues, and balancing home and business life. Each obstacle has been a stepping stone to growth, she says. She also has a side business mentoring and coaching aspiring entrepreneurs.

“Owning a business isn’t just about pro ts,” she says. “It’s about making a positive impact, creating opportunities, and giving back to the community that supports us.”

“As a business owner, J’Mihyia is very diligent,” says Justice Terry, a Greensboro personal trainer who is a client and friend.

“She’s hardworking, detail-oriented, and highly organized. She is persistent and never shies away from putting in the e ort required to achieve excellence.”

Drayton envisions broadening her impact by creating innovative spaces that leave an impression, long a er customers leave her establishments. “I want to inspire young Black girls to dream big and pursue their passions,” she says. “It’s about showing them that they have the strength to overcome obstacles and achieve their goals, no matter how daunting they may seem.” ■

The Baby Bar in Greensboro

CHARLOTTE

CHARLOTTE

The city paid Norfolk Southern $91 million to purchase railroad tracks and land for a possible Red Line light rail project from uptown to the Iredell County line. The city paid $74 million to buy 22 miles of rail corridor from the railroad and $17 million for 1.6 acres of land in the center city. The purchase does not mean the project is a done deal.

Columbus, Ohio-based Huntington National Bank announced it would open 55 branches in North and South Carolina in the next five years, adding 350 employees to the more than 200 who already work in the two states. The first branch will open in south Charlotte by January, with others to follow in Raleigh, Winston-Salem, and Charleston and Spartanburg in South Carolina.

Charlotte Pipe and Foundry hired developer Trammel Crow to develop the 55-acre Iron District project near Bank of

America Stadium. Charlotte Pipe operated a cast-iron factory near Uptown for more than 100 years, but relocated its foundry about 35 miles east to Oakboro last year.

Hendrick Motorsports filed a lawsuit against Chase Elliott’s No. 9 Chevrolet sponsor Hooters over what Hendrick describes as a breach of the sponsorship agreement. Hooters is closing 44 underperforming locations nationwide.

Driven Brands, the owner of Take 5 Oil Change, Meineke Car Care Centers and other automotive service businesses, sold its Canadian distribution business to privately held PGW Auto Glass. The unit operated under the PH Vitres d’Autos brand in eastern Canada.

Bank of America will be the global sponsor for the 2026 FIFA World Cup in North America, a first such banking industry category. Financial terms were not disclosed. Global sponsorships typically cost around $100 million.

Backers of the new uptown Charlotte park honoring former Bank of America CEO Hugh McColl Jr. raised $12.9 million for the site at the corner of Trade and Tryon streets.

That tops a goal of $10 million, including a $3 million endowment for maintenance. The park is expected to open on June 18, which will be McColl’s 90th birthday.

Truist will pay more than $8 million in penalties for employees sending messages on unapproved platforms like WhatsApp. Federal regulators gave the bank a fee reduction for being upfront about its violations. The bank was among more than 20 financial institutions, investment advisers and broker-dealers that will pay more than $470 million.

Berry Global Group of Evansville, Indiana, announced six new directors for Magnera, the new company it is creating through the acquisition of Charlotte-based Glatfelter. The directors will join the ninemember board of Magnera, which will be formed from the merger of Berry’s health, hygiene and specialty nonwovens and films business with Glatfelter.

The Charlotte Observer, published since 1886, has ended home delivery. The newspaper will now be published on Wednesdays, Fridays and Sundays, and delivered by the U.S. Postal Service. The Sunday paper will arrive on Saturday.

BELMONT

Piedmont Lithium suspended plans for a lithium hydroxide processing facility in Etowah, Tennessee. The company’s plans to open a mine in northwest Gaston County remain on hold and await local zoning approval.

The Montcross Area Chamber of Commerce named a former Gaston County high school principal as its new president. Jennifer Reep, who spent the last eight years as principal at East Gaston High School in Mount Holly, began her new role in September.

CONCORD

DHL eCommerce, a division of one of the world’s largest shipping companies, moved its Raleigh distribution center from Raleigh to a 162,836-square-foot facility here. It employs about 150 people.

DENVER

Green New Energy Materials, the Chinese-owned company planning a $140 million project serving the lithium battery industry, leased a 534,087-squarefoot building at Lincoln Commerce Center West. GNEM expects to create 545 jobs in Lincoln County for its first U.S. plant.

MARSTON

Kentucky-based Graceland Properties will invest $7.4 million and create 51 jobs in a manufacturing and distribution site here. The North Carolina business will be known as GP Portable Buildings and will make outdoor storage buildings at a 100,000-square-foot site.

TROUTMAN

Pennsylvania-based Keystone Powdered Metal is closing its Iredell County plant, affecting 217 workers. The layoffs will start with 45 workers in November, followed by 67 in December,

33 in February and 72 by April. Keystone Powdered Metal is a subsidiary of Sumitomo Electric Industries, which was founded in 1897 and is based in Osaka, Japan.

EAST

FAYETTEVILLE

The city agreed with Fort Liberty to use part of the military installation’s land to build a sports complex. The goal is to give families and service members a major attraction near the College Lakes area. The city reportedly plans to break ground by early next year.

Fayetteville State University partnered with Morrisville-based Lenovo to provide more than 800 laptops for first-time freshmen during FSU’s annual Freshmen Pinning Ceremony.

GREENVILLE

East Carolina University and ECU Health are launching a graduate-level certificate program aimed at getting more nurse practitioners in acute-care settings

for adults and the aging population. It is called the Adult Gerontology Acute Care Nurse Practitioner program. ECU Health donated $1.5 million to fund the program for five years.

KINSTON

Private-jet operator flyExclusive took over management of aircraft services for Volato, an Atlanta company that specializes in leasing HondaJet planes. Both companies went public late last year

MOREHEAD CITY

Dank Burrito and Ioanni’s Grill stand just 40 feet apart, and they’ve always enjoyed a good-buddy rivalry. That is, until a great marquee feud began. “Sign Wars 2024” grew to a citywide smack-talk barrage that rages still, catching viral fire and inspiring multiple TikTok songs.

SHALLOTTE

A 645-acre tract along N.C. 130 is likely to be developed into a residential neighborhood. Property owners have approached both Brunswick County and the town with intentions to develop the property. The land is now forest and farmland.

KANNAPOLIS

The end of the Stewart-Haas Racing team this season will lead to the loss of 323 jobs. NASCAR Hall of Fame driver Tony Stewart and Gene Haas formed the team starting in the 2009 season, and announced in June that this season would be their last. Haas plans to start his own team.

NC TREND ››› Statewide

TOPSAIL ISLAND

The N.C. Coastal Land Trust announced plans to purchase the southern tip of the island, known as “The Point.” It’s one of the largest undeveloped private tracts along the state’s oceanfront. The coastal conservation group calls the proposal to raise $8 million to purchase the roughly 150 acres by March 2025 “ambitious.”

WILMINGTON

The New Hanover Community Endowment appointed Dan Winslow as president and CEO following a nationwide search. Winslow, a veteran nonprofit executive with a career spanning business, legal, legislative, and nonprofit sectors, starts on Oct. 1.

The Historic Wilmington Foundation listed its headquarters for $650,000. The 3,100-square-foot house has four bedrooms and 2.5 bathrooms. It was built in 1912. HWF bought the property for $375,000 in 2019 from the Walter M. Bullard Jr. Trust.

The upcoming Netflix series “The Waterfront,” a story about a family and their fishing business, began filming here. In addition to writing the horror classics “Scream,” “I Know What You Did Last Summer,” and “The Faculty,” director Kevin Williamson also created teen-drama series “Dawson’s Creek,” which was filmed in Wilmington.

WRIGHTSVILLE BEACH

The Blockade Runner Beach Resort is being renovated and will be rebranded as Trailborn Surf & Sound in the coming months. Renovations have begun on the 151-room hotel, which has operated here since 1964. The renovations are expected to be completed in early 2025.

TRIAD

HIGH POINT

The Ecolab Customer Care Center, which spans about 1.1 million square feet,

GREENSBORO

Topgolf opened its first venue in the Triad in September with 72 outdoor, climate-controlled hitting bays spanning two levels. The company said its fourth North Carolina location will be part of a large shopping center development.

began operations. It distributes cleaning and sanitizing products that are made at Ecolab’s Kay Chemical division in Greensboro.

High Point University has been named the No. 1 Best-Run College in the country by The Princeton Review. The university was featured in the publication’s The Best 390 Colleges: 2025 Edition.” The only other North Carolina college ranked in the survey was Elon University.

GREENSBORO

The historic Julian Price mansion is on the market with a $5.25 million price tag. The previous owners, Eric and Michael Fuko-Rizo, spent eight years restoring the hillside mansion to its former glory.

Developer Roy Carroll is changing the name of his downtown Greensboro mixed-use project, switching hotel brands and modestly reducing the number of hotel rooms and apartments. Construction of Carroll at Parkside is slated to start later this year on a nine-story, 159-room AC Hotels, a Marriott brand, adjacent to First National Bank Field, home of the Greensboro Grasshoppers, a minor league baseball team.

PartnerHero, a technology services company for the food, e-commerce, and health industries, is investing nearly $7 million into a new McCloud Road site. There are plans to hire around 200 new positions with average pay at $18.77 per hour.

The mother of Grimsley High School quarterback and Tennessee commit Faizon Brandon filed a lawsuit against the State Board of Education and the Department of Public Instruction alleging the board overstepped its authority by “unlawfully restricting his right to freely use his NIL.” The state association declined to comment.

Ground was broken for UNC Greensboro’s Jeanne Tannenbaum Center for Creative Practice, a roughly $13.4 million project. The university project is funded in part by a gift from the center’s namesake Jeanne Tannenbaum, a UNCG alum and a great-granddaughter of textile industry executive Herman Sternberger.

Sensory Analytics was acquired by New Castle, Delaware-based Industrial Physics, a global packaging and material test and measurement provider. They provide advanced systems for real-time coating thickness and film layer measurement.

MOUNT AIRY

North Carolina Foam Industries, which operates as NCFI Polyurethanes, is adding a 140,000-square-foot plant here with an investment of $50 million. It will help the company retain its 60 employees. The 60-year-old business is a division of Charlotte-based Barnhardt Manufacturing. Omega Construction is the contractor.

OAK RIDGE

The town will execute a $2.99 million contract with Caldwell Tanks for the construction of an elevated 250,000-gallon elevated water storage tank.

WINSTON-SALEM

Front Street Capital and Atlanta-based developer Carter plan to break ground in December on a $150 million project that will put retail, residential and office space near Wake Forest University’s football stadium and baseball park. Spanning 100 acres, The Grounds will draw upon the more than 750,000 people who attend sports, concerts and other events in the Deacon Boulevard area annually.

The School of Filmmaking at the UNC School of the Arts is ranked No. 8 in The Hollywood Reporter’s 2024 list of the Best Film Schools in the U.S. It’s the only public university on the list and its highest ranking ever.

Womble Bond Dickinson, among the nation’s largest, is merging with Lewis Roca, a practice based in Phoenix. The combined law firms will have annual revenue of about $740 million and 1,300 attorneys in the U.S. and United Kingdom. The groups expect to finalize the deal on Jan. 1. Lewis Roca has about 230 lawyers and eight offices in the western U.S.

Inmar Intelligence named Ranjana Choudhry as senior vice president for its media and data platforms division. The company is one of the Triad’s largest private-sector employers as it provides consulting and digital software services to the promotional, healthcare and supplychain industries.

TRIANGLE

CHAPEL HILL

UNC System schools have eliminated 59 diversity, equity and inclusion positions across the state, following a Board of Governors policy change repealing mandates for DEI offices at public universities. The new approach enshrines “institutional neutrality.” It was unclear if the change caused layoffs.

Beechwood Carolinas, part of a Jericho, New York-based developer of single-family homes, broke ground on the 120-acre South Creek mixed-use project that will feature more than 800 residences. It’s one of the biggest housing developments planned in years. Eighty acres will be kept as a nature preserve.

DURHAM

Houston-based Lovett Industrial entered the Triangle market with a $16 million acquisition of a 27-acre site with a small warehouse near the Interstate

WINSTON-SALEM

NC TREND ››› Statewide

85/885 interchange. It plans to develop a 350,000-square-foot industrial building called Durham Logistics Center.

HOLLY RIDGE

An Aug. 19 fire at J&J Snack Foods will lead to layoffs starting Nov. 9. The New Jersey-based company has not reported the exact number of layoffs, but it will involve 33 separate job titles at the plant that makes pepperoni and ham and cheese sandwiches and Pretzel Dogs. J&J Snack Foods is based in New Jersey. At one time the plant employed about 140 workers. Company officials say the fire has left operations at the plant uncertain.

MEBANE

Road closures on I-40 here are the result of preparations for convenience store chain Buc-ee’s expansion into its first North Carolina location. One closure enabled Duke Energy to install new power lines across the interstate.

MORRISVILLE

SmartSky Networks, a startup that invested more than a quarter billion dollars trying to create a reliable internet and mobile telephone service for the aviation industry, ceased operations. Gogo Business Aviation is the main provider of inflight connectivity for business aircraft. SmartSky sued Gogo for patent infringement in a case that is scheduled for trial in April, according to Aviation Week.

Liquidia filed a lawsuit against the U.S. Food and Drug Administration to challenge its decision to grant exclusivity to a competing drug for lung disease. The FDA granted Liquidia tentative approval for its drug Yutrepia, an inhalation powder that

treats lung disease. But the agency did not grant Liquidia final approval until a threeyear exclusivity agreement expires on May 23, 2025, for a similar drug, Tyvaso DPI, made by Silver Spring, Maryland-based United Therapeutics.

RALEIGH

Advance Auto Parts sold its automotive parts wholesale distribution business, Worldpac, for $1.5 billion to private equity firm Carlyle Group. Worldpac has about 5,000 employees. CEO Shane O’Kelly says the sale will help Advance Auto focus on the turnaround of its business.

Software firm ShareFile has been acquired again. Progress Software, a provider of application development and infrastructure software, is buying the homegrown business unit of Cloud Software Group. The $875 million deal is expected to close by the end of November.

Enrollment at Saint Augustine’s University is down to about 200 students this year, compared with 1,108 students last year. The historically Black university was founded by Episcopal priests in 1867.

The National Park Service contributed $8.7 million toward a planned 14-acre city park in the Smoky Hollow area. The park would add public outdoor space to a prominent city area on the northern edge of downtown.

SANFORD

Japanese pharmaceutical company Kyowa Kirin broke ground on a $530 million pharmaceutical manufacturing facility expected to employ about 100 employees. The site will produce medicines for patients with rare diseases.

SOUTHERN PINES

Southern Pines Brewing signed a distribution partnership with AnheuserBusch Wholesaler Network, best known

for its Budweiser brand, to add distribution in 90 N.C. counties. Healy Wholesale, a distributor based in Fayetteville, will distribute the Southern Pines brewer in nine Sandhills counties.

WAKE FOREST

UNC Health filed plans for a 50-bed, $462 million, 500-employee community hospital. The project needs approval from the Certificate of Need office, part of the N.C. Department of Health and Human Services. A decision is not expected until next year. The new hospital is ticketed for a roughly 50-acre parcel on land now owned by Southeastern Baptist Theological Seminary.

WEST

ASHEVILLE

The Great Smoky Mountains National Park contributed to more than $2.2 billion in visitor spending in 2023, while visitors to the Blue Ridge Parkway contributed $1.4 billion, according to National Park Service data. They rank among the nation’s most popular national recreations areas.

BOONE

Appalachian State University marked its 125th year by enrolling 21,570 students, a 1.5% increase over last fall. That included 19,560 undergraduate students at the Boone and Hickory campuses and online and 4,038 firstyear students. App State also received a $35 million federal grant, its largest ever, to help prepare western North Carolina students in 12 N.C. school districts for education after high school. The seven-year grant assists families and teachers in efforts to boost rates of high school graduation and postsecondary enrollment.

CHEROKEE

e Great Smoky Cannabis Co. began selling recreational marijuana products, making it the rst recreational marijuana dispensary to fully open to those over the age of 21 in North Carolina. e dispensary is run by the Eastern Band of Cherokee-backed Qualla Enterprises, which started selling medicinal marijuana earlier this year.

COLUMBUS

Advent Health, a nonpro t Seventhday Adventist health system based in Altamonte Springs, Florida, is taking over management and changing the name of Polk County’s 25-bed St. Luke’s Hospital. It will be called AdventHealth Polk. Advent Health operates a hospital in Hendersonville and plans a new one in Buncombe County. ■

RALEIGH

e home of the National Hockey League’s Carolina Hurricanes and the NC State Wolfpack men’s basketball team is now Lenovo Center. Financial details weren’t disclosed. e agreement for what was formerly PNC Arena will run through the 203334 NHL season.

BETTER TOGETHER

North Carolina is becoming more diverse. Most of us see it every day. The U.S. Census Bureau counts it: Minorities comprise 40% of the population, up from 30% in 2000. But race and ethnicity are only the beginning. People are different in many ways, and they all need to be represented in and respected by businesses. Business North Carolina recently assembled a roundtable, comprised of panelists who deal with diversity and inclusion issues daily. They discussed their importance to businesses, sharing examples of how they’re being embraced, where more work needs to be done and how to address the difficulties of implementation. The conversation was moderated by the magazine’s publisher, Ben Kinney. The transcript was edited for brevity and clarity.

Photography by John Gessner

Patricia Keul operations director, Disability:IN North Carolina

Gemma Saluta partner, Womble Bond Dickinson

Sheila Robinson founder, publisher and CEO, Diversity Woman Media

Borgia Walker senior vice president of human resources, Reynolds American

The discussion was sponsored by:

• Disability: IN North Carolina

• IBM

• Reynolds American

• Womble Bond Dickinson

HOW DOES DIVERSITY AND INCLUSION IMPACT AND BENEFIT BUSINESSES?

WALKER: It has been important for Reynolds. Diverse thoughts drive innovation, and that drives businesses forward. Diversity is crucial for us to be able to transform, so it’s vital to have that innovative thinking and diverse thought at the table for us to be successful. Many of our employees have worked at Reynolds for a long time, and they have a lot of experience in our industry.

ROBINSON: It affects retention. Companies say it all the time: We don’t have problems recruiting employees, but we can’t retain them. Why? The company’s culture is bad. If you’re not driving diversity and inclusion, then you don’t have a culture of belonging. That will drag down employee morale, impacting productivity. They say happy wife, happy life. It’s the same with employees. If you retain and engage your employees, then you’ll have the innovation that drives your program. The math is simple.

SALUTA: We all have different reasons, and that’s a demonstration of its importance. One reason that is often overlooked is the competitive advantage it offers for securing and keeping clients. Fostering diversity is important to our firm, but many of our clients demand that we prove those efforts with numbers. Our firm guarantees that for any promotion, any leadership position, any pitch to clients, at least 30% of the lawyers involved are diverse — women, people of color, differently abled,

LGBTQ. That’s part of our Mansfield Certification, a program that helps law firms and legal departments ensure opportunities for advancing to leadership are fair and equal.

KEUL: People too often approach discussing disability with a charity mindset; we’re doing something for someone who is less than OK. They don’t recognize the return on investment that comes from hiring people with disabilities. Professional services provider Accenture’s groundbreaking 2018 study looked at more than 400 U.S. companies that were voted the best places to work for disability and inclusion. Those were compared to a similar number of companies not engaged in those two points. It found that the companies rated best produced 28% more revenue than their peers who weren’t. They also had twice the net income and 30% better profit performance. If we employed 1% of unemployed people with disabilities, it would give a $25 billion boost to GDP. You’d have to be out of your mind to not see its economic incentive. Seventy

percent of people with disabilities are unemployed, and most want to work. This isn’t charity. Disability intersects race, gender and other aspects of life. It is one aspect of diversity where all of us can be part of the club, today and tomorrow.

HOW DOES YOUR ORGANIZATION FOSTER DIVERSITY AND INCLUSION?

ROBINSON: I witnessed the downfall of the U.S. hosiery industry when I worked as DuPont’s global marketing director for about 15 years. I never saw one business leader who looked like me at the first international hosiery show I attended. Fast forward, and the industry is only a shadow of its former self. But Sarah Blakely, who founded shapewear-maker Spanx, is still here and a billionaire. I was on the team that introduced her to Lycra. She is a consumer of her product. If the industry had been innovated with diverse perspectives across the board, would it still be going strong? Your organization must mirror the market that you’re selling to.

KEUL: The other side of the disability equation is consumers. Ninety-two percent of Americans say they would prefer to shop where people with disabilities are employed and treated

well. Eighty-seven percent would move their business to a store that treated people with disabilities better. There’s tremendous potential to hire people with disabilities. How are these decisions on the margin? They should be front and center. It’s the next place we need to go.

SALUTA: Our firm has affinity groups, where people can find a place to belong. And there’s support from outside groups such as National Asian Pacific American Bar Association and Lambda Law Society, which represents the LGBTQ community. There are many other groups and events where minority corporate counsel can find a place to belong outside the firm.

KINNEY: I was NC State alumni association’s president a few years back. We were trying to grow membership. The biggest gain was from our affinity groups. That changed our board structure. The folks running those groups became integral members of the board.

WALKER: We have several thousand people who are members of our employee resource groups. ERGs cut across LGBTQ and different races.

An eighth one was recently added around disabilities, and about 200 people joined the first week. It was exciting. We continue to create that inclusive culture and use it to recruit. We take members of our ERGs to job fairs, so they can speak to job candidates about Reynolds’ inclusive culture. We’ve gone to places such as the National Black MBA Association. It has helped our recruitment efforts.

WHAT DO PROSPECTIVE EMPLOYEES WANT IN REGARDS TO DIVERSITY AND INCLUSION? WHAT IS IMPORTANT TO THEM?

WALKER: They’re looking for organizations that will invest in their development and career paths. They want help finding a path forward in the industry that interests them. Many times in our industry, people are hesitant to talk to us. But when they discover the opportunities, including how we invest in their development and the culture that we’re creating, then their perspective changes. It’s important for businesses to think about the benefits they offer and how they relate to their diverse populations. Our company implemented a 16-

week leave for mothers and fathers. When they return, they can flex their schedule over the next eight months to make sure they’re there for their child. Make sure health benefits support different populations. It’s important your policies reflect that, too. We have a women in leadership program, and we engage with women leaders around the globe. Specific

development programs help people identify challenges. We have a Black employees program that offers that type of training. Companies should think about enacting them.

SALUTA: Young candidates don’t see diversity as a perk. They want to see it when they walk in the door. It was something you strived for years ago. It’s expected now.

ROBINSON: The company must be committed to their success. And if it is committed, then they need to visually see that they are welcome and belong. ERGs can do that. Celebrating holidays of different cultures helps, too. These initiatives and programs are put in place to make everyone feel that they belong. One of my clients was continuing to struggle with

employee retention. While it offered room for advancement, its culture was bad. We say it all the time: You need a good workplace culture. It’s a business imperative. Your human capital is your most precious resource.

KEUL: People want to bring their authentic selves to work. But disability is often a well-hidden secret. About 75% of disabilities are hidden. One in four people have a disability, and you wouldn’t know that most have a disability by looking at them. Statistically, at least one person at this roundtable discussion has a disability that we’re not talking about. Many people who reach upper management don’t reveal that they have vision or hearing problems, a heart condition, diabetes or some other type of disability. When you talk disability, you’re talking globally. That’s how we represent people with disabilities in the workforce. How sad is that; you go to work and can’t share such a big part of your life with your co-workers. Our board president, Chauncey Barnhill, works for Wells Fargo. He’s a man of color and has been deaf in one ear since he was a teenager. He worked his way up through the ranks, becoming a senior vice president. He never mentioned his hearing loss along the way. It only dawned on him to discuss his situation when he became board president. That’s sad, hiding something that’s so common. Why are we in such great denial?

You need inclusive and equitable initiatives to create diversity. Once you’ve successfully created a diverse pool and diversity through initiatives, then you’ll know you created a success when you have a culture of belonging, where everyone is happy. How do you do that? You have to engage your nondiverse talent. You do that through education.

WHAT ARE THE CHALLENGES TO INCORPORATING DIVERSITY AND INCLUSION?

ROBINSON: When you create a culture of belonging, you have created success. You brought along everyone, your diverse and nondiverse talent.

Some current problems are driven by misinformation and fear. It’s fear of losing your job, being replaced. It’s fear of being pointed out because you’re seen as privileged, but you’re not. There are disruptions and voices in social media that are driving fear toward companies, which are afraid of losing their customer base, which often lacks diversity. Tractor Supply, John Deere and Harley-Davidson, as examples, backed off investing in diversity programs as a result of that. But if you keep reading, you learn that African-American farmers are coming after them. You don’t fix one problem by eliminating initiatives. You create more. We must ensure that we’re

creating a culture of belonging for all our talent. Technology, including artificial intelligence and similar efforts, is impacting business decisions. They’re hiding behind some of these, saying they’re cutting the budget, and in turn diversity and inclusion efforts, because stock prices have dropped. Some retailers say the’re solely focused on business, cutting budgets across the board. It goes back to the fears of losing customers and losing revenue. But you have to be resilient and stay in the storm. Many organizations that I work with are doing that.

SALUTA: Criticism is an opportunity for the consumer, candidate or business to make a choice and take a stand, saying loud and clear that this is important. It’s our values and is what we believe. If there is criticism, then there’s a clear delineation of consumer choice. About two years ago, universal proxies for shareholders for shareholder elections were introduced. There was a fear that when that happened there would

be activists who would try to move out shareholders. But it might be an easy place for diversity advocates to say your board must reflect your customers or shareholders. You might need to start thinking about how universal proxies might affect it.

KEUL: There’s a tendency to think that special groups get special treatment. We must turn that on its head and get away from these weird words that are putting diversity and inclusion efforts on the margins. Fear is at the heart of this. But attitude is baked into the cake, too. Attitude is the No. 1 barrier to employment for people with disabilities, and I’m guessing it might be at the top among all the other diversity groups. Attitude will change by virtue of people getting more information and having more experiences. The element of diversity is really just part of the whole human condition. We should be celebrating it and not denigrating it. We shouldn’t go off in our little tribes over it. No one is getting any special treatment. We all deserve an opportunity.

HOW CAN BUSINESSES OF ALL SIZES ADVOCATE FOR DIVERSITY AND INCLUSION?

KEUL: There was a call out about ERGs and business resource groups. So, Novant Health engaged us, asking for an educational framework that it could put on its staff platform and influence patient care. Novant did this after calling in the community and listening to its members share how they saw people with disabilities being treated by the healthcare provider. What were the complaints? How can we create a more impactful environment? They’ve gone top to bottom, left to right examining the things that they’re doing. We recently received a high compliment: The content that we provided received

high marks from nurses. They are hard to convince. They thought it was excellent training for making people more aware of how to better help patients with disabilities.

WALKER: Reynolds holds inclusive dialogs, which are discussions with our employees. They’re an opportunity to bring up and discuss fears and concerns. They’ve helped people see diverse viewpoints more clearly and better understand why employees are in the place they are, whether it’s a disability or something else. Education is so important, because it helps people think differently.

ROBINSON: Organizations must have internal and external initiatives. Some believe they only need one or

the other. I’m a strategic partner with Catalyst, an international nonprofit whose mission is to help women advance through the workplace. It works with Fortune 500 CEOs from companies such as Target and Bank of America. Collectively, they have a critical mass of 30% women in leadership, the C-suite and on boards. The data says if you get 30% or more, then you’re in great shape. I also work with Paradigm for Parity, which was co-founded by former DuPont CEO Ellen Kullman. She helped form the group, which works to address gender and racial gaps in the corporate sector, because she didn’t want to watch her daughter go through the same struggles that she went through in her career. It’s the same reason I started my organization. Paradigm for Parity has a profit-and-loss program, which prepares women for operational roles. Corporations can send female employees through the program. Within six months of completing it, 11% have either expanded their role or have advanced in their role. Those are two examples of external programs that are underway. One more is how you shape your advertising, marketing and branding. The diversity of your customers needs to be reflected in them.

SALUTA: Many businesses of all sizes provide diversity training. But recently published Harvard University research says only about 10% of those offerings have action items. It’s one thing to educate people on the issues, but you need to explain how to implement that information in the workplace. Here’s how to have a critical conversation about your co-workers. Here’s a script of a possible conversation you can have with a co-worker after you’ve made a gaff.

WHAT ARE SOME MYTHS AROUND DIVERSITY AND INCLUSION?

KEUL: There are many myths connected to hiring people with disabilities. One is making accommodations under the Americans with Disabilities Act is expensive. They aren’t: 58% of them cost nothing. Most accommodation requests that have a price tag cost less than $500. Most people with disabilities arrive at work with a good idea of what they need, and it’s a matter of talking about making it happen. People with disabilities don’t have a higher absentee rate. People with disabilities don’t have higher safety concerns. Actually, they are some of the safest employees, because they place a high value on being able to work. These myths are borne out by bad situations that have been blown up during public discourse.

ROBINSON: Diversity does not replace jobs. It increases job opportunity. It grows businesses. Look at the demographics. There are more generations than ever working side by side. You have more intersectionalities.

You have these differences that can contribute to diverse perspectives. We must continue to educate the market and our businesses on the value and business imperative of diversity and inclusion. What would be the outcome if we don’t incorporate diversity? We have hard research that says that it increases profit. If you don’t believe that, then look at the industries that passed on it. They don’t exist. It’s an opportunity to create a business or an organization that creates more jobs.

KEUL: Innovation comes from different thinking and a different way of viewing the world. When you talk about people with disabilities, you have to mention people with neurodiversity. These individuals bring a completely different perspective on problem solving, initiating situations and creating strategies than neurotypicals. So, why would we marginalize a group that could be useful to us? Why wouldn’t we leverage this talent? ■

Up, up and away

NSoaring travel demand and favorable industry trends have created golden times for Charlotte’s airport.

By Ted Reed

o, opening 10 new airport gates is not routine. It just seems that way in Charlotte, where throughout this century, the city’s airport has expanded with almost no letup.

The new gates added in September brought the total count at Charlotte Douglas International Airport to 124, about twice as many as in 2000. The cost was $241 million, a small piece of the approximately $6 billion invested at CLT over the past two decades.

No other capital spending in the region approaches the economic impact of the airport’s expansion, local officials say. In terms of Charlotte’s economy, the 6,000-acre transportation hub is the Queen City’s GOAT.

In April 2015, a $1.8 billion 10-year airport improvement program was completed. With virtually no break, work began on an additional $4 billion of work running through 2027, when a fourth parallel runway should be completed. Key projects have included a third runway; more gate expansions; a renovated terminal, revamped roadways and doubling the number of parking spaces.

The airport’s transformation from a regional Southern outpost to a major global hub has reflected the evolution in the U.S. airline industry. Like many sectors, it has been shaped by consolidation that reduced the number of hubs, which form the foundation of commercial aviation. Few cities have benefited more than Charlotte, thanks to a combination of location, efficiency and meeting demands of the world’s second-largest airline by revenue.

There are now about 10 hubs in the interior U.S., plus about eight coastal airports that are heavy with international traffic. The Southern cities that lost hubs include Raleigh-Durham, Nashville and Memphis. But Charlotte kept growing and now ranks with Atlanta as the only two hubs in the Southeastern U.S., a region with about 100 million people and well-situated between the Northeast and southern half of the nation.

ROCKING STEADY

Charlotte’s airport story is dominated by American Airlines, which provides about 90% of CLT’s flights. It is the carrier’s s second-biggest hub, behind Dallas-Fort Worth. Because of American’s growth, the continually expanding airport has helped propel the region’s expansion.

Charlotte Douglas’s current airport opened in 1982 as a hub for Piedmont Airlines, which flew its first flight in 1948. For years, the airport kept the Piedmont, Southern vibe “That’s our draw here,” then-US Airways station manager Terri Pope once said. “We are a big airport but we have a small-town feel, and we pride ourselves on that.”

The airport became known for rocking chairs in its main lobby; the 28 chairs are often occupied by some of the 23,000 who pass the lobby daily. (Other concourses also have rockers.)

In 1989, following a merger between Piedmont and US Airways, Charlotte became a hub for US Airways, primarily a Northeast airline with its biggest hub and its heart in Pittsburgh. A second merger in 2013 made Charlotte a hub for American, a global airline based in Dallas.

Airport traffic grew to 53.4 million passengers in 2023, versus 23 million in 2000. During that period, the Charlotte metro area’s population has more than doubled to 2.7 million, while per-capita income reached $76,000 last year, versus $33,000 in 2000. Only eight U.S. airports had more traffic than CLT last year.

In 2000, US Airways had about 450 daily Charlotte departures. By 2013, when American acquired US Airways, the airport counted about 610 departures. Then-CEO Doug Parker described a “virtuous circle” where the airline offered

lots of flights and “the business community can attract more and more companies, and once more companies come, we can (offer) more flights.”

More than a decade later, American is up to about 690 daily flights, making Charlotte the third-largest single airline hub in the world after Atlanta and Dallas.

But traffic has soared because of the strong economy and increased demand for domestic and international travel. Meanwhile, the airlines are flying bigger Boeing and Airbus jets, and they are filling more seats per flight because of better technology.

Jack Christine, Charlotte Douglas chief infrastructure officer, has been part of the growth since joining the airport in 1997. He considers the opening of the third parallel runway in 2010 as the most significant improvement this century, boosting capacity for aircraft by about 33%.

That has enabled American’s growth, while boosting the number of gates. The airport can accommodate 87 arrivals and 87 departures per hour, up from about 60 before the third parallel.

In recent years, American has focused its growth on two hubs: Charlotte and Dallas. That point has been noted on every earnings call by the airline’s executives for several years. Speaking to investors this past summer, CEO Robert Isom said, “We’re very pleased with our positions both in [DallasFort Worth] and Charlotte. You’ll see that the majority of our growth this past year has been in those hubs.”

The fourth parallel runway is expected to allow for 20 additional arrivals and departures during peak hours. The number could increase to 32 in 2033, depending on

▲ Parking revenue totaled $95 million in 2023, the airport’s biggest single revenue source.

“achieving additional airfield efficiencies, such as runway usage or enhanced taxi patterns,” says Christine, a bachelor’s degree graduate of Embry-Riddle Aeronautical University and the second-highest paid airport executive behind CEO Haley Gentry. That could mean another 33% increase in flights. The number of gates would have to expand to accommodate the added passengers.

Like everything else, building runways has gotten more pricey. The fourth one is expected to run about $1 billion, versus $350 million for No. 3. “Inflation is one issue, but also we’ve got a lot more pavement, two parallel taxiways and two end-around taxiways,” Christine says.

To pay for this, CLT relies heavily on Charlotte-area commuters who park their vehicles (about $95 million in the 2023 fiscal year) and American (about $85 million). That’s more than half of the airport’s total revenue of $353 million.

At the turn of the century, the airport had about 10,000 parking spaces, including a single deck with 2,700 spaces. Now it has 21,000 spaces with a close-in hourly deck and two daily decks. Daily rates range between $12 to $32.

The fourth parallel runway will cost $1 billion, triple the previous one. “Inflation is one issue, but also we’ve got a lot more pavement and [taxiways].

Jack Christine, chief infrastructure officer

Meanwhile, the terminal lobby was built in 1982 to accommodate 2.8 million passengers a year. Because about 8.3 million passengers now roll through CLT, the lobby is undergoing a $600 million expansion set for completion next year.

The project includes revamping security gates and updating roadways, which now incorporate 16 lanes on two levels.

All this spending has led to total long-term debt of $1.56 billion, versus $817 million a decade earlier. Charlotte is among the few large U.S. cities with a triple-A bond rating, indicating rating agencies are comfortable with its ability to repay that debt.

TOO MUCH CONGESTION

Concourse expansions and openings have accompanied all of this growth. In 2002, Concourse E opened with 32 gates intended for use by regional carriers. In 2003, Concourse D, the airport’s international terminal, expanded, adding nine gates. Growth on Concourse A has been a recent focus, with 20 gates added since 2018, bringing the total to 33.

As many passengers can attest, lots of work needs to be done on heavily congested Concourses B and C, the principal gateways for American. They were built for smaller airplanes than today’s Airbus A321s and larger Boeing 737s. Christine says about 10 gates will be added on each concourse, with work likely to start in about 2028.

Airport growth is not always pretty. On some days, particularly during summer months, usage seems to overwhelm capacity. This past season was the busiest summer U.S. aviation history. The busiest day was July 7, when about 3 million people passed through security at U.S. airports, and traffic exceeded 2.7 million on 14 days in July.

In Charlotte, traffic through July ran about 15% ahead of the record 2023 level.

For two weeks in mid-July, American’s ticket counters were temporarily relocated due to construction in the terminal lobby. Throughout the summer, passengers periodically encountered long lines of traffic for pick-up and drop-off; extended waits to check bags and at security checkpoints; and crushes of travelers, especially on Concourses B and C.

For some long-term airport users, the cost of having a global airport has been a diminution of the Southern gentility and smalltown charm that once characterized the airport.

“We’ve had challenges with the record growth we’ve had,” Christine says. “The construction plays a role, and we’ve had double-digit growth.”

To improve traffic flow, the airport deployed extra staff to direct passengers at curbside and in the lobby. On July 31, the airport opened skybridges over the traffic lanes, which combined with recently opened underground walkways to improve vehicle flow.

▲ CLT has 16 lanes for vehicles on its two levels.

Christine says terminal lobby construction in summer was preferred over the holidays, given that Thanksgiving and Christmas generally produce the heaviest travel days. Asked whether the past summer was the worst period in airport history, he recalls a more difficult time. Late in the century’s first decade, “We were parking cars in the grass along the entrance roads because we didn’t have enough parking,” he said. Airport executives including Christine and former airport director Jerry Orr directed traffic.

“You could talk to anyone, and they would agree that this airport is the economic driving factor of both Carolinas,” says CEO Gentry, who joined the airport as an Appalachian State University intern in 1991 and steadily moved up.

“Talk to any CEO of any company that moved here, and they didn’t come just because we’re nice. The value of the hub is incredible when it comes to that.” ■

CLT’S SENIOR LEADERSHIP

CLT’S FINANCES

CLT’S TOP TEN REVENUE SOURCES

(start date, annual salary)

Haley Gentry, CEO, joined airport in 1991; $305,143

Jack Christine, chief infrastructure officer, joined airport in 1997; $242,410

Michael Hill Jr., chief financial office, joined airport in 2013; $233,004

Ted Kaplan, chief business and innovation officer; joined city attorney’s office in 2007; moved to airport in 2017; $229,296

Jerome Woodard, chief operating officer, joined airport in 2022; $224,675

* 2021 revenue reflects impact of pandemic

** Revenue totals do not include passenger and airfield facility charges, grants and investment earnings, totaling about $230 million.

Source: Charlotte Douglas International Airport

▲ CLT ranked ninth in passengers among North American airports in 2023.

JASON ANDREW

CAMERON BIXBY

TARA BROSSA

TREY CASH

CLINT FONTENOT

JOE HANEY

LENNY HICKS

RYAN HILL

ANTWAN HORTON

SAVANNAH JUNKINS

J. ALEX LEWIS

BREWER LOGAN

CHRIS LOIGNON

MATTHEW MAXWELL

SHELBY MCCLAIN

ROB MCINTYRE

NICOLE MOORE-GETER

BENTON MOSS

MATTHEW REDMOND

ROWEN TODD

CLAY SCHOSSOW

BRENT WRIGHT

Pivotal Players

By Kevin Ellis and Natalie Bradin

Blazing a path involves diligence and moving in a direction that has yet to be well traveled. is year’s class of Business North Carolina Trailblazers includes folks who plotted their course, while also helping create jobs and champion their rural communities.

is year, we received dozens of nominations for trailblazers who live from the coast to western North Carolina. e 23 people work in occupations including hospitality, marketing, entrepreneurship and technology. Several of them did not take traditional routes to owning a business.

One started work at age 14 to raise money to pay for college tuition, and at 21, he owns his business and wins awards for customer service. Another lost his job during the pandemic, and used that time o to start his own business. Another wanted to work in China, so he convinced a global company to modify its policies and give him an Asian assignment right out of college. His two years of experience there broadened his worldview beyond eastern North Carolina.

Business North Carolina has created a list of trailblazers for seven years. ese are thriving business owners and professionals under the age of 40 who work in cities and towns with fewer than 100,000 residents.

North Carolina’s population has trended urban for decades, but the state’s rural history remains vital economically and culturally. About 40% of the state’s population resides in 80 rural counties, as defined by the North Carolina Rural Center. The rural population of nearly 3.5 million people trails only Texas among the 50 states.

Most trailblazers are working behind the scenes to help make Main Streets across the state vibrant. Some help teach nancial literacy to young people, others coach youth sports and serves on his town’s elected council. One makes a point to visit elderly residents at nursing homes.

Congratulations to these energetic folks who are making a mark, and thank you to those who made nominations.

JASON ANDREW

CHIEF OPERATIONS OFFICER

UWHARRIE BANK

ALBEMARLE

Andrew’s career at Uwharrie began as a coin roller while he was still in high school. CEO Roger Dick took a chance on him, he says, and “since then, my loyalty to Uwharrie Bank has only grown stronger.” He has worked for Uwharrie for more than 21 years and now oversees about 200 employees and operational functions of the locally owned bank that serves four counties with a physical branch presence but has digital customers across the U.S. He considers loyalty to family, colleagues, organization and community as a guiding principle.

Education: Bachelor’s, UNC Charlotte

Key influencer: My late father, Tommy Andrew Jr. battled health problems but was always positive. He had a remarkable ability to stay optimistic and always had the right things to say to keep me on track, whether personally or professionally. He taught me about resilience, positivity and the importance of staying true to one’s values.

Cool fact: I coach my son’s baseball team. I didn’t realize the enjoyment I would get out of coaching, but it also gives me a chance to have a positive impact on young individuals’ lives.

Organization’s biggest success: Every year when we are able to give 10% of our earnings back to our communities. is commitment to community support and development is a core value at Uwharrie Bank.

Best place to show off your town: A tour of Morrow Mountain State Park, then out to either Lake Tillery or Badin Lake hit one of the local wineries, and experience the recent momentum of downtown growth with shops, restaurants, breweries and bars.

CAMERON LANEY BIXBY VICE PRESIDENT OF COMMUNITY RELATIONS

TARA BROSSA

AREA GENERAL MANAGER, INSTRUCTOR

POTEAT HOSPITALITY AND CALDWELL COMMUNITY COLLEGE

Bixby was raised in the family businessthat was started by her maternal grandparents, David Allen and Raenell Hunsucker, and has worked at Catawba Insurance for nine years. Most of the eight employees were hired by her late father, Tim Laney, who died in 2014. She says they learned from him and she learns from the things he taught them. Bixby says one of the best things about her job is the time she gets to spend in the community, building relationships with people. Her time as chair of the Hickory Young Professionals connected her with others interested in helping grow Catawba County.

Education: Bachelor’s, UNC Charlotte

Key influencers: My grandparents and my parents led by example, and I feel blessed to have had the opportunity to learn di erent things from each of them. I nd myself implementing things they’ve taught me at such odd times, but they truly made me who I am today.

Cool fact: I studied abroad in Australia at Macquarie University, where I worked with 2RRR Radio connecting to new and emerging communities. It was one of the most beautiful places. I went skydiving and whitewater ra ing and stayed in hostels, and embraced the culture.

Organization’s biggest success: We celebrated 75 years in business. We are a third-generation agency that was started by my grandfather. My father and mother bought it from him and continued to grow the agency, with my father being the youngest president of Independent Insurance Agents of North Carolina. ey created something amazing here, and we hope to continue making it the best we can.

Best place to show off your town: Main Street in the town of Catawba has blossomed with co ee shops, boutiques, live music venues, restaurants, bars and two awesome ice cream shops.

Colleagues say they sometimes play “Where’s Tara” as they try to keep pace with Brossa’s many duties. She has been the general manager of the Hampton Inn and Suites since 2016 and took on the same duties at the Courtyard by Marriott last year. e two hotels employ nearly 90 sta ers. Since January 2022, she has taught leadership and business courses to hospitality and culinary management students at Caldwell Community College. She is chair-elect of the Boone Area Chamber of Commerce board, and leads its Workforce Development Committee. She’s also vice chair of the High Country Workforce Development board, which represents Alleghany, Ashe, Avery, Mitchell, Watauga, Wilkes and Yancey counties. She cites integrity as her most important trait. “I strive to live and lead above reproach and to do what is right, not what is necessarily easy.”

Education: Associate, Rowan-Cabarrus Community College; bachelor’s, UNC Chapel Hill; master’s, Liberty University

Key influencer: I worked alongside my mother, Susan Brossa, in my 20s. A er more than 50 years in the insurance industry, she is meticulous to detail and provides top-notch customer service. She remains vibrant, cheerful and deeply engaged with every client. For her, it has always been about the people, not just the work.

Cool fact: I o ciated the wedding of my wonderful friends Jackclyn and Duncan. We merged beautiful traditions from both families’ cultures, and it was an amazing experience.

Organization’s biggest success: Our Hampton Inn & Suites received the Conrad Achievement Award for ranking in the top 1% of the brand.

Best place to show off your town: Spend a day exploring and hiking Grandfather Mountain, then return to town and enjoy a meal at one of the many locally owned eateries.

TREY CASH

ECONOMIC DEVELOPMENT DIRECTOR

LENOIR AND GREENE COUNTIES MAURY

Cash has worked in economic development for the two eastern N.C. counties for almost three years. In June, he became Greene County’s rst certi ed economic developer. Working in the family’s tobacco and sweetpotato elds as a youth taught him the value of hard work, resilience and perseverance. He’s a board member of the Boys and Girls Clubs of the Coastal Plain. He co-hosts “ e New Economic Developers on the Block” podcast with Stanly County Economic Development Director Elizabeth Underwood.

Education: Associate, Wilson Community College; bachelor’s, Western Carolina University; master’s, Grand Canyon University and Fayetteville State University

Biggest influencers: Retired Greene County Economic Development Director Harold omas taught me the essentials of leadership and how to navigate the complex challenges that arise within a community. My uncle Randy Allen instilled in me the value of hard work and dedication.

Cool fact: Since age 16, I have been a volunteer re ghter. is role has helped me make great friends and taught me the importance of community service and teamwork.

Organization’s biggest success: Groundbreaking of the new Fleet Readiness Center East complex at the North Carolina Global TransPark in June. is 700,000-square-foot facility is dedicated to the maintenance and repair of military aircra such as the C-130 and HH60W, and it will create more than 440 well-paying jobs. is project is a major development for Lenoir County and also bene ts Greene County by utilizing its sewer infrastructure. Best place to show off your town: e Ellis Planetarium at the Health and Science Museum in Kinston takes space exploration to the next level. Farmer and the Dail in Snow Hill is more than just a Southern bakery and kitchen. Cutter Creek Golf in Snow Hill is a challenging, perfectly manicured course.

Fontenot worked about 10 years as an electrician before venturing on his own. He credits the pandemic. “COVID was the best thing that could have happened to me,” he says. “I found myself unemployed because everything stopped. at led me to see that I was no longer on that hamster wheel, so I thought, ’What can I do to improve my family.’” He now has three full- and one part-time employee. About 75% of the work is residential, with the balance light commercial. e company serves the Salisbury, Concord and Charlotte areas. He coaches his 6-year-old son Beau’s football team and says the “Angler” name re ects his love for shing. “I would sh in a mudhole if I could.” He also volunteers with several addiction recovery groups.

Education: Associate, Rowan-Cabarrus Community College

Key influencers: My success comes from dad’s work ethic and mom’s entrepreneur spirit. I talk daily with my friend, Bradley Boyd who owns Property Pal, and he helps me avoid some of the problems that would arise from owning a business. I wouldn’t be where I am without his guidance.

Cool fact: I’m French-Cajun and my favorite food is boudin, a pork sausage made with rice, vegetables and seasonings.

Organization’s biggest success: Doubling last year’s sales.

Best place to show off your town: Staton Field, home of the state champion East Rowan High School baseball team.

CLINT FONTENOT

JOE HANEY

As the owner and founder of his accounting rm, Haney assists clients with bookkeeping, taxes and consulting services. He particularly enjoys meeting with new business owners and helping them navigate their nances.

Education: Bachelor’s and master’s, Appalachian State University

Key influencer: Joni Berry took a scrawny teenager that was quiet, yet eager to learn and she modeled business leadership. She was a very successful business owner and approached life with a strategic mind. Being in her presence always challenged me and made me always want to be a better person. She was a mix of erce and tender. Fierce to grow, erce to excel, but also tender to nurture, tender to care about those in her village. Her almost 20 years of impact in my life have had the single greatest in uence in my life. I apply the very principles she taught me, every day.

Cool fact: I started driving at 7 on the family farm. I spent most summers back in Kentucky working the family farm. at type of work teaches you real quick what working hard really means.

Organization’s biggest success: Over the last 12 months, our organization has doubled in size, both guratively and literally. Two sta members have been added. We moved locations to more than double our space, and we were able to double the volume that we did the previous year.

Best place to show o your town: I strategically have placed my rm in the downtown area. It is great to be so close to local restaurants and our newly opened trail system, and to be able to walk out my front door and directly engage with the community.

LENNIE HICKS JR.

Hicks started his career with PNC almost a dozen years ago as a teller in Williamston. He now ensures that PNC’s physical branches in the Carolinas and Florida meet the needs of customers. at includes adding branches where needed and ensuring low- and moderate-income areas are served. Hicks says his work requires adaptability to the changing banking industry. He also has a passion for teaching nancial literacy, especially among middle school and high school students and groups a liated with the Y Achievers. Last year, Hicks completed the Consumer Bankers Association’s course in banking fundamentals.

Education: Bachelor’s, Chowan University; master’s, Liberty University

Key influencers: Katy Harris and Terrence Johnson, both of PNC Bank, pushed me to higher levels by o ering me stretch assignments and advocating for me throughout my career.

Cool fact: I nd cooking to be peaceful. I love seeing my family and friends enjoy something I have either grilled or smoked.

Organization’s biggest success: PNC will invest $1 billion in our branch network. We will renovate nearly 1,200 existing branches and open 100 new locations by 2028.

Best place to show off your town: Rocky Mount Mills is a nice hangout spot with several breweries and restaurants right on the Tar River.

Leading the charge

For nearly two decades, Rob McIntyre has served his home state as an infrastructure water engineering expert, earning him a well-deserved spot as one of Business North Carolina’s 2024 Trailblazers. Congratulations, Rob!

Rob McIntyre, PE North Carolina Water Infrastructure Team Leader GarverUSA.com

RYAN HILL

RESIDENTIAL DEVELOPMENT MANAGER

e Brunswick County native has been with Focus Broadband, formerly Atlantic Telephone Membership Corp., for more than two-and-a-half years and took his current role in January. He is a liaison with the building community as Focus expands in a 10-county region. e company has more than 360 employees. He also assists with the children’s ministry at First Baptist Church of Shallotte.

Education: Bachelor’s, UNC Greensboro

Key influencer: My grandfather, James Junior Johnson, was my idol. His leadership and care for his family showed me what it truly meant to be a man. People still speak highly of him years a er his passing, which speaks about the legacy.

Cool fact: I love to cook. It started when I was much younger and watched my grandmother in the kitchen. She would eventually run me out for asking too many questions.

Organization’s biggest success: Expanding to many rural areas in North Carolina through grant funding has allowed Focus to provide those who are unserved or underserved with high-speed internet. We will soon have more than 70,000 broadband subscribers.

Best place to show off your town: A er visiting one of the many beaches surrounding Shallotte, it’s only right to go and grab some legendary Calabash seafood.

Horton is a member of the Washington City Council and has worked for the local community college for three years. His o ce is a hub for activities and programs that enhance the overall student experience.

Education: Bachelor’s, N.C. Central University

Key influencer: My grandfather, a ectionately known as Chief, is the embodiment of perseverance and dedication, always driven to provide for his family. His strength and determination are a guiding light for our family, and through the generations, he continues to encourage us to rise above and strive for greater achievements.

Cool fact: I have an adventurous side.

Organization’s biggest success: We’re making our campus an inclusive environment where everyone can thrive.

Best place to show off your town: Washington's historic museums o er detailed exhibits and artifacts that illustrate the region's cultural heritage, signi cant events, and notable gures, collectively enriching our understanding of our past.

SAVANNAH JUNKINS

PHYSICIAN ASSISTANT AND DIRECTOR

Junkins has worked for seven years at Carolina Family Health Centers. She oversees multiple programs, program development, grant writing and administration and personnel management.

Education: Bachelor’s, West Virginia University; master’s, Chatham University

Key influencer: My CEO, Dr. Laura Owens, patiently teaches me to be a better manager. She also supports me in developing new ideas for programs to serve our patients, even when those ideas are unconventional.

Cool fact: I played so ball for a few years in college. I was a le -handed pitcher, which served me well since pure skill would not have gotten me through.

Organization’s biggest success: In December 2023, Carolina Family Health Centers received a $5 million gi from philanthropist MacKenzie Scott. e gi will be used to further CFHC’s mission to provide accessible and a ordable healthcare with excellence, where patients come rst.

Best place to show off your town: While my company’s service area encompasses three counties, I am primarily located in Tarboro, a mile away from historic Princeville. My favorite spot in downtown Tarboro is the restaurant On the Square. e location is lovely, and the food is delicious.

J. ALEX LEWIS VICE PRESIDENT MSS SOLUTIONS

Lewis has 16 years of nancial and industrial construction experience and has been with MSS Solutions for more than two years. e company has eight o ces in North Carolina and South Carolina, and it works with construction and renovation companies on mechanical, HVAC, controls, re alarm, security and plumbing systems for commercial and industrial buildings. Lewis also works with high school and college students in mock interview programs, trades classes and resume reviews.

Education: Bachelor’s, East Carolina University

Key influencer: My grandfather taught me the importance of relationships, learning, and giving back. He also taught me the importance of having vision for tomorrow and having the grit to get there.

Cool fact: I have a love for music and enjoy playing the guitar and singing.

Organization’s biggest success: We have seen tremendous growth over the past two years. We have invested heavily in technology, infrastructure, and most importantly our people. Our Raleigh team has grown from 12 to more than 110 employees in that timeframe.

Best place to show off your town: My family’s farm. It is a great place to get away and enjoy the outdoors while spending time with my family and friends.

BREWER LOGAN

FOUNDER & CEO

VERENOVO ENERGY NORTH WILKESBORO

Logan founded Verenovo Energy three years ago. e company’s focus is turning waste wood from sawmills into a substance called biochar, which enhances soil health and stores carbon. Verenovo promotes sustainable agriculture by integrating its technology into building materials to reduce environmental harm.

Education: Bachelor’s and master’s, Appalachian State University Key influencer: I rely on a team of mentors, each specializing in di erent areas. In graduate school, my principal investigator was Dr. Darren Seals. He taught me how to ask the critical questions and develop a practical way of addressing them. Additionally, he was instrumental in shaping my work ethic and desire to continually challenge myself.

Cool fact: I serve as the CFO of a nonpro t in Boone that focuses on men’s recovery from addiction. It is a yearlong Christ-centered counseling program. I am assisting in deploying a $950,000 grant to build a new campus.

Organization’s biggest success: Verenovo received investor funding and a $300,000 grant from the U.S. Department of Agriculture.

Best place to show off your town: Driving to the top of Brushy Mountain Road and looking over the largest western county in the state. It is spectacular. We also have great biking and hiking trails, and Kerr Scott Lake is a great place to spend time.

Loignon has been a franchise owner for seven years, and his running-shoe and apparel store serves eastern North Carolina. He has donated more than 500 pairs of shoes to local youth over the past two years, along with $35,000 as part of Fleet Feet’s community partner program. He was the Greenville-Pitt County Chamber’s 2023 Small Business Leader of the Year. e store has nine full-time and 11 part-time employees.

Education: Bachelor’s and master’s, East Carolina University

Key influencers: Jesus Christ rst and foremost. e ultimate servant leader. I would also say Dr. Seth Brown is a key leadership mentor of mine. He spends time with me each month, teaching me and pushing me to grow as a servant leader and an individual.

Cool fact: I played a lot of soccer growing up, including in an invitational tournament in Hawaii.

Organization’s biggest success: We had 75% sta ng turnover last year, with some key leadership positions needing to be lled as well as hourly employees. Our motto for the transition period was “Setting the Standard.” We hired strategically, trained with purpose, held high standards and now have the best team culture we have ever had.

Best place to show off your town: East Carolina University is a beautiful campus. I love me some Purple and Gold!

PRINCIPAL/FOUNDER

THE NANTAHALA GROUP

Maxwell started his company a year ago to consult with healthcare groups on guidance concerning investment acquisition and value chain optimization. He also launched WhenToScreen.com, a free service to educate people about health screening. He previously worked as an executive for Alcanza Clinical Research, which he says emphasized inclusivity in clinical trials. He is a board member of Together We Can, which supports foster families in Macon County.

Education: Bachelor’s, University of Georgia; master’s, Texas A&M University-Commerce; and master’s, University of Alabama.

Key influencer: My mother’s con dence and my father’s high standards.

Cool fact: I love to pick up trash on the beach.

Organization’s biggest success: Getting o the ground and serving multiple clients. Best place to show off your town: Waterfalls.

SHELBY MCCLAIN

APPRENTICESHIP COORDINATOR

McIntyre leads infrastructure projects that ultimately supply communities with clean water. Some communities he’s helped include Mount Gilead, Mount Pleasant and the Kannapolis Crossing water and sewer project in Rowan County. Garver operates in 19 states, including the Carolinas. McIntyre serves on Albemarle’s Planning and Zoning Board and the Historic Resources Commission. He previously served on the boards of Stanly Atrium Health Foundation and Stanly Community College Foundation. He is active with First Presbyterian Church. McIntyre says one of his most valuable traits is loyalty, which allows him to build trust and relationships with co-workers and clients. He also coaches youth sports.

Education: Bachelor’s, NC State University

Key influencer: My high school basketball coach, Al Andrew, taught me and many others the value of hard work and the importance of teamwork, honesty and integrity. I went on to serve as his assistant coach at Albemarle High School for eight years.

Cool fact: I am an avid outdoorsman and conservationist. I enjoy spending time outdoors with my family shing, hunting and hiking. I also enjoy learning about land management activities and preserving land for future generations.

McClain has worked for more than three years partnering with employers to establish apprenticeship programs that build a skilled workforce across an eight-county region. She services close to 100 apprenticeship programs. e program challenges employers to look internally at their training practices to nd improvement, with a goal of increasing retention and creating a more well-rounded workforce, she says. When not working, she visits local nursing homes or assisted living centers. “It’s shocking how few visitors these individuals receive. ere’s so much wisdom to be gained from these individuals that will be lost with their generation. Adopt a grandparent and you’ll realize the amazing impact it will make on your life,” she says.

Education: Bachelor’s, Piedmont University; master’s, Brenau University

Biggest influencer: My late grandmother, Majorie Peeples Wynn, raised three children on her own, completed a graduate degree and was a cancer survivor. She was a passionate teacher whose in uence lives on through her students.

Cool fact: My 4-H archery team of three placed fourth for the senior level stage competition when I was in high school.

Organization’s biggest success: Expansion into healthcare and early childhood education sectors to address workforce shortages and create job opportunities in these critical sectors.

Best place to show off your town: A hot dog at City Lunch. e atmosphere captures the appeal of a small town and stewardship in the community.

Organization’s biggest success: I’ve had the privilege of playing a role in growing Garver’s client base throughout the Carolinas and exposing those clients to Garver’s water and wastewater design team. Our work also includes stormwater, master planning and streetscape projects.

Best place to show off your town: Albemarle is a hidden gem. Our downtown has a wonderful social atmosphere. ere are farmto-table restaurants such as Courthouse Tavern, Albemarle Sweet Shop for pastries and Uwharrie Brewing for locally cra ed spirits. Albemarle is also abundant with natural recreational areas such as Morrow Mountain, Lake Tillery and many public parks.

ROB MCINTYRE

N.C. WATER INFRASTRUCTURE

LEAD

SHAWANNA NICOLE MOORE-GETER

FOUNDER & CEO

COUNSELING WITH A PURPOSE

KERNERSVILLE

40

Moore-Geter started Counseling With a Purpose in 2017. She has more than 15 years of experience in helping people manage and cope with mental health issues. She describes her life mission as teaching clients to identify setbacks, and empower them to overcome such challenges.

Education: Bachelor’s, Winston-Salem State University; master’s, N.C. A&T State University

Key influencer: My professional supervisor guided me through my learning curves when entering my profession. She lived authentically and modeled how this involves being true to one’s self rather than constantly trying to meet external expectations.

Cool fact: I have been on TV several times and participated in a reality show for entrepreneurs.

Organization’s biggest success: Being awarded a Minority Business Enterprise Grant from the city of Winston-Salem.

Best place to show off your town: Downtown Winston-Salem.

BENTON MOSS

CEO & OWNER

SIMMONS & HARRIS

ROCKY MOUNT

Simmons & Harris is a real estate rm with more than 100 years of history. He is the broker-in-charge of the property management and commercial brokerage divisions and has been involved in projects that top $500 million in value.

Education: Bachelor’s, UNC Chapel Hill

Key influencer: e late Charlie Munger was a famous California investor Warren Bu ett partner and author of “Poor Charlie’s Almanac.” It is one of the greatest compendiums of writing for learning about human psychology, business and life in general.

Cool fact: I played classical and jazz piano for 13 years.

Organization’s biggest success: Substantial growth in organization’s headcount and revenue.

Best place to show off your town: Jack’s Restaurant at Rocky Mount Mills.

MATTHEW REDMOND

PRESIDENT/OWNER

Redmond has worked for Raymer Oil for nine years, a company started by his grandfather. His family had one convenience store in 2014, 10 a year later, and now has 39 in 11 N.C. counties. e convenience stores are branded as Fast Phil’s or Run-In. Raymer added eight Co ee House diners in 2018, then bought its rst IGA grocery store in 2019. It now owns eight. e company employs 750 people. Redmond says his faith has helped him “take any bad circumstance and continue to work through any problem in both my personal and business life.”

Education: Bachelor’s, Appalachian State University

Biggest influencers: Grandfather, Jack Raymer, was responsible for fostering my interest in business and taught me so many lessons that I still use today. My parents also set a great example of maintaining a strong work ethic and following through until the job gets done.

Cool fact: I love to play pickleball. It provides the perfect break from a stressful day.

Organization’s biggest success: Raymer Oil Co. continues to be a growing enterprise. I am most proud of my team and their ability to continue to absorb new acquisitions.

Best place to show off your town: Statesville has an awesome downtown. Start with dinner at one of our local restaurants, followed by a stroll around the town.

CLAY SCHOSSOW

NEW MEDIA CAMPAIGNS

CO-FOUNDER, PARTNER

CARRBORO

ROWEN TODD

PRESIDENT, FOUNDER

MOUNTAIN VISTA WASHING AND

A Cleveland native, Schossow came to UNC Chapel Hill at age 18 and has stuck around. With 20 employees, New Media Campaigns is a digital agency that works with Fortune 50 companies, international advocacy groups, local nonpro ts and funded startups. Clients include law rms, higher education institutions and construction and engineering rms. Schossow didn’t know what YouTube was when he cofounded the company, but he credits his curiosity with gaining understanding and an ability to help clients build an online strategy. He volunteers at the SECU Family House in Chapel Hill and at his daughters’ schools.

Education: Bachelor’s, UNC Chapel Hill

Key influencer: My grandpa modeled how to treat everyone with respect. He also told me, “Start your own company, if you can, so you won’t be at the whims of other people.” I took that advice and helped start NMC while still in college. I’ve never had a full-time job anywhere but here.

Cool fact: I am one of the co-owners of North Carolina’s oldest restaurant, Carolina Co ee Shop. A group of UNC alums bought it together about seven years ago to help save and revitalize it. It has been a lot of fun as both a project and an opportunity to contribute back to Chapel Hill.

Organization’s biggest success: We helped a global brand consolidate 16 di erent websites into a single overarching web presence. In the yearlong project, we led teams around the world in a discovery process, built out a strategy, and then worked to design and build the nal product.

Best place to show off your town: An ideal Franklin Street Day: Carolina Co ee Shop for brunch, Top of the Hill for happy hour, Lantern for dinner. All quintessential Chapel Hill experiences that put you in the middle of the action downtown.

Todd cleaned his rst window at age 14, with a goal of earning money to pay tuition at Appalachian State University. He’s been in business for six years and has eight full- and two part-time employees serving N.C.’s High Country. e Boone Area Chamber named Mountain Vista its Startup Business of the Year in 2020 and its Outstanding Customer Service Award winner in 2023. Todd was a recipient of the group’s "4 under 40" award in 2024. He credits part of his success with his desire to be kind and considerate of others. at includes providing employees with exible hours and daily, free healthy lunches. He volunteers with Appalachian Voices, a nonpro t working to help transition rural Appalachia away from fossil fuels and toward renewables. In 2022, Mountain Vista grossed $250,000 and served 273 homes and 50 businesses monthly. In 2023, it nearly doubled its size and is on track for double-digit growth this year with expansion plans for surrounding counties.

Education: Dual degrees from Watauga High School and Caldwell Community College.

Biggest influencers: I’m fortunate for my parents’ support, but we would not be here today without the promotion, advice and mentorship of the Boone Area Chamber of Commerce team. It started with a free one-year membership, which helped me gain traction while learning how to run a business.

Cool fact: I teach plant and tree identi cation to kids at Bu alo Cove and other summer camps. I have been making rope out of plants, tools out of stone and can start a re by rubbing sticks together. Teaching those primitive living skills help others experience the Appalachian mountains, the second-highest biodiversity in the world.

Organization’s biggest success: In 2023, we added a van and two full-time employees to keep up with demand. At this year’s International Window Cleaning Association competition in Galveston, Texas, I won the medley and technique categories, while our lead tech, Izzy Smeltzer, won the women’s speed cleaning.

Best place to show off your town: Drive anywhere on the Blue Ridge Parkway and you can see why people live here.

D. BRENT WRIGHT JR. PRESIDENT & CO-FOUNDER

Wright was an entrepreneurship and business development major in college. He co-founded 5050 Storage Partners about 10 years ago with Vice President Joshua Davis. e company owns and manages more than 7,000 self-storage units across ve Southeastern states and the Philippines under its StorMark Self-Storage ag. e company works with investors to identify, acquire and optimize self-storage assets, and he has completed more than $200 million in self-storage transactions. Wright enjoys inshore shing or heading out to the Gulf Stream in search of tuna, mahi or bill sh. He is also active in the children’s ministry at One Harbor Church.

Education: Bachelor’s, UNC Wilmington

Key influencer: Bob Rippy, the owner of Jungle Rapids Family Fun Park in Wilmington, was my mentor in college. He helped me formulate my ideas from thoughts to action. Getting started can be the hardest thing, and it was for me.

Cool fact: I studied in Beijing my junior year at UNC Wilmington, and then persuaded Caterpillar to send me there to work in China for two more years a er I graduated. I lived in an apartment complex that housed 60,000 people and traveled a good bit. I learned the culture and expanded my worldview beyond eastern North Carolina.

Organization’s biggest success: We’ve made some great key hires over the past 12 months. Finding employees who have talent in their respective eld is one thing, but then nding employees who also align from a cultural standpoint is very di cult.

Best place to show off your town: Get on the boat. e Crystal Coast is just amazing, and the water really puts into perspective the beauty of the area.

CAPITAL GAINS

Richard Bryant and Bobby Edgerton have spent 40 years building an investment business, outlasting most of their peers.

By David Mildenberg

PHOTOS

When Richard Bryant and Bobby Edgerton converse, folks often wonder why they call each other “group.”

It seems that when they started Capital Investment Group in Raleigh in 1984, the group included two people. The inside joke has become a trademark that reflects a sense of humor and confidence that has undergirded the duo’s efforts for 40 years.

The “group” now includes about 175 brokers and assistants in 12 states, managing nearly $8 billion of client assets. Bryant is among the longest-serving CEOS of any U.S. broker-dealer company.

Capital’s story revolves around the unconventional partnership of Bryant and Edgerton, who are two of Raleigh’s more colorful business people. The brokerage’s growth accelerated after Ben Brooks, a fraternity brother of Bryant’s, joined in 2001, when the business had more than $2 billion in assets under management. He became president in 2016.

“Bobby is one of the best stock pickers I’ve ever seen,” Brooks says. “And Richard is one of the most charismatic personalities you will ever meet. I try to be the glue that holds it together. Without some connectivity, it will never work.”

Nobody is more surprised by the private company’s success than Bryant himself. He grew up in Gastonia, where his father Harry ran Bryant Supply, an industrial parts distributorship that was among the state’s largest private companies for many years. He attended a local private school, then graduated from NC State in 1981.

He joined the family business, expecting to spend his life in Gaston County.

About a year later, he concluded selling parts and working with his father and two brothers didn’t fit his personality. So he moved back to Raleigh without a job. “I didn’t want to live the same life as my dad,” he says. “I thought the business was boring.” Maybe boring, but successful. A Dutch company, Hagemeyer, bought Bryant Supply in 2007.

Knowing that he could sell, and having majored in business, Bryant looked for work managing other people’s money. An initial rejection came from Interstate Securities, where he bombed

the hiring test. That was embarrassing because of his family’s connections with several top brokers at the Charlotte-based company.

But First Jersey Securities hired him, and he spent a month there before concluding the business was bad news. He wasn’t alone in that perception. The fast-growing brokerage gained notoriety for its “boiler-room” approach and focus on mostly worthless penny stocks. Jersey Securities went bankrupt in 1987 and its founder went to prison for fraud.

But the one month gained Bryant enough credibility to get a job at the Raleigh office of Prudential Bache Securities, a national firm with a stronger reputation. The brokerage sent him for three weeks of training in New York City, which opened Bryant’s eyes to the industry’s potential. Pru-Bache’s emphasis on selling initialpublic-offering stocks quickly soured Bryant, however, so he found himself at a crossroads.

At age 24, with nothing to lose, he left to start his own company, hoping his 30 or so clients, developed mostly through cold calling, would follow him. He enlisted the help of Dan Bell, who was the state’s chief securities industry regulator for much of the 1980s. He now practices law at the Kilpatrick Townsend and Stockton firm.

“It was extremely rare for a business person to come into our office and seek help starting a firm,” says Bell, who has remained a friend of Bryant. “People just didn’t do that because it is such a highly regulated industry. It was usually lawyers, but never the actual business owners.”

At the time, Bryant started talking about a partnership with Edgerton, who was then in his early 40s. Edgerton says he’d met Bryant “while we were out trolling, which I’ve done a lot in my life.” Indeed, the Raleigh bachelor has led an interesting life. In 1984, he was selling shoes for his family’s business inside a Nowell’s Clothiers store, playing lots of amateur golf tournaments and enjoying the capital city’s nightlife, the trolling thing.

But Edgerton’s greatest passion was picking undervalued stocks, mostly ones with little debt and lots of cash. He was then managing about $6 million for clients, earning about $44,000 in annual fees, he says. At a meeting at the TK Tripps’ restaurant

Richard Bryant and Bobby Edgerton

near Meredith College, Edgerton agreed to merge his company with his younger friend. “I needed some compliance help. So I told Richard I’d split the management fees and see if we wanted to hang together.”

Bryant says he gured “we’d know within three years if the company would work. It helped that we were so young and we lived very cheaply.” e two leased a small north Raleigh o ce. Bell, whose mother had hired Edgerton to manage her money, met him there and was surprised to learn he’d joined with Bryant to start Capital.

With Edgerton’s investment skills and Bryant’s tenacity in attracting clients, the business clicked. While building his own clientele, Bryant started looking for brokers who wanted a less pressured environment than the largest investment rms.

It was an audacious strategy for a young, inexperienced guy, but showcased an entrepreneurial style, Bell says. “Most of the companies he was facing back then have all been gobbled up, while he’s one of the largest independent operators in the whole region.”

Merrill Lynch, Dean Witter and other so-called wirehouses had well-known brands and size-related marketing advantages, so Bryant’s pitch was basic. Capital’s brokers could keep as much as 90% of their commissions. At the time, the brokers’ cut was typically 30% to 40%.

CLICKING HEELS

Among his recruits was Lonnie Waggoner, who was working for a larger brokerage in Charlotte’s SouthPark neighborhood in 1990. “Lonnie told me that when I le his house a er he agreed to join Capital, he saw me clicking my heels. Which is true.” Waggoner stayed for 30 years before retiring.

Capital also bene ted by creating other revenue sources. Bryant hired Bill Nicholson to lead the company’s insurance a liate, which sells annuities and other products that have made up as much as 40% of revenue in some years. e UNC Chapel Hill graduate has worked at the company for nearly 30 years, serving as co-general agent of Capital Insurance A liates.

Capital has also managed the trust departments of some community banks in North Carolina over the years.

But the core business comes from brokers hired gradually over the years to t Bryant’s model of one- or two-person o ces in North Carolina and other East Coast states. Capital’s brokers operate from Massachusetts to Florida and the average tenure is more than 15 years. Only about one or two leave every year, mostly due to retirements, Brooks says.

Bryant earned an early lesson when he hired a fraternity brother as a Capital employee in the Washington, D.C. area, setting him up in an o ce. e broker had personal problems and failed at the business, leaving Bryant stuck with a lengthy real estate lease. e incident cost him about $7,000 overall. “It seemed like a lot of money at the time, but my father told me that would be a very inexpensive lesson over the long term,” he recalls.

Ever since, Capital has employed its brokers as independent contractors, among the rst in the industry to use an approach that is now commonplace in the registered investment adviser industry. e approach attracts self-starters who want to build their own business, not work for a paycheck, Bryant says. “You’ve really got to believe in yourself.”

Edgerton’s role in helping Capital grow also proved critical. ere’s a reason he still manages 630 accounts; One won’t nd someone who talks more enthusiastically about the stock picking process, Brooks notes.

Indeed, Edgerton is full of stories about buying Nvidia for a current cost basis of 27 cents; the shares now trade for $115. “I thought [CEO] Jensen Huang was an exceptionally smart, nice guy who owned the videogame chip market worldwide, and who never criticized his competition,” Edgerton says.

Or there’s Costco, which Edgerton says he started buying when it was trading for $40 on a split-adjusted basis. It now trades for about $920 in mid-September.

Edgerton, who turns 83 in October, still plays lots of tennis and golf at Carolina Country Club, and loves to mingle with hipsters at Tazza Kitchen in the Cameron Village shopping center. “For some reason, those 21 and 22-year-olds all like me,” he says. “I nished Wake Forest (University), but I don’t go back to those reunions. Half of my classmates are dead and the rest are married. ey keep guys like me away because I’ve chased more women than most people in history.”

CAPITAL INVESTMENT COMPANIES' SENIOR LEADERSHIP

RICHARD BRYANT, co-founder

BOBBY EDGERTON, co-founder

BEN BROOKS, president - Joined firm in 2001 became president in 2016

HAL EDDINS, vice president, portfolio manager, joined in 1987

MAIN STREET AMERICA

Capital is unusual among investment companies in its focus on middle-income customers, Brooks says. e average client account is about $300,000, which tends to be less than some of the largest investment rms.

e company had about 200 brokers when Brooks became president; that number has declined because the company is trending toward having fewer brokers with more money under management, he says.

Recruiting brokers is challenging because the larger rms are o ering huge upfront bonuses to lure successful candidates, Bryant says. “ e market is too frothy right now. But I believe in inching the ball forward every day.”

e industry trend is for wealth management, in which advisers are compensated with a fee based on the amount of assets managed, rather than per transaction. Capital’s revenue is now split fairly evenly between the two styles. Hoping to attract more wealth managers, Capital hired veteran Wells Fargo executive Steve McKenzie. A er about two years, he departed earlier this year to join Comerica, a Dallas-based regional bank.

Capital’s basic approach won’t change, Brooks says. “Most other companies target upper-class clients. We are perfect for Main Street America.”

e key to long-term success is to treat the brokers so well that they stick around, Bryant says. “If you treat people correctly, why would they leave?” ■

CON MCDONALD, vice president, investment; adviser; joined in 1984

BILL NICHOLSON, vice president, director of Capital Insurance Affiliated; joined in 1994

KURT DRESSLER, vice president, portfolio manager, joined in 1996 Capital is unusual

A 1980s photo of Bobby Edgerton and Richard Bryant, early in their firm’s history.

hired guns

A look at eight professionals helping shape N.C. politics.

By Kevin Ellis and Ray Gronberg

By this time in the election cycle, using the TV remote’s fast-forward feature to breeze past the latest political ad comes in quite handy. But with the nal push before Election Day on Nov. 5, viewers probably haven’t seen the real surge of advertising quite yet.

While candidates win campaigns, their success o en hinges on hiring a campaign pro to help polish their image, focus their message, and, more o en than not, unearth and publicize negative features about the opposing candidate. e nasty ads have spurred broad public disillusionment with the election process, but the spots wouldn’t be running nonstop if they weren’t e ective.

Of note, a dated Pew Research Center study found that 98% of political consultants consider it “clearly unethical” to make factually untrue statements. e remaining 2% called it questionable.

About $10.7 billion is likely to be spent in the 2023-24 election cycle, the Ad Impact research rm projected in July. at incudes $362 million in North Carolina for federal and state races.

Here’s a look at eight individuals working behind the scenes in campaigns that have helped shape the political landscape in the Old North State during this cycle. ey represent both political factions and include some new faces, joining such veteran North Carolina advisers as Brad Crone, Jonathan Felts and Paul Shumaker.

Josh Stein is relying on veteran Raleigh political consultant Morgan Jackson to lead the attorney general’s gubernatorial campaign against Mark Robinson. But the campaign manager title is held by Jeff Allen, a political operative who declined an interview request. Several Raleigh consultants and Democrat lawmakers said they knew nothing about Allen. Media reports say he managed a losing congressional campaign in Montana in 2020. Allen has overseen fundraising of about $33 million for Stein, giving him a big advantage over his Republican opponent.

Consultant Aisha Dew estimates she has worked with 200 political campaigns over the past dozen years, including helping Vi Lyles become Charlotte’s rst Black female mayor. As a political director for Higher Heights for America PAC and owner of e Dew Group, she has helped secure wins for more than 100 candidates. She’s on this year’s ballot, running unopposed for a Mecklenburg County House seat that the late Kelly Alexander had held since 2008. Dew is a Charlotte native and Salem University graduate.

As chair of the N.C. Democratic Party, Anderson Clayton, 26, has led the party’s attempts to bounce back a er the party su ered net losses of two Senate and four House seats in the 2022 elections. As a result, Republicans hold supermajorities in both bodies. A er ousting party chair Bobbie Richardson, a former state legislator, the Roxboro native has focused on raising money and boosting the party’s pro le in Republican-leaning areas. She has a big social media presence, aided by 43,193 X/Twitter followers.

Jim Blaine has been a Republican power player for years, including as Senate leader Phil Berger’s chief of sta from 2010 to 2018. He and another former Berger aide, Ray Martin, then started e Di erentiators, a political consultancy that has worked for many businesses and political candidates, including state treasurer hopeful Brad Briner and Fayetteville lawyer Dave Boliek, who is running for state auditor. (Like Boliek, Blaine is a member of the UNC Board of Trustees.) His father, Jim, was CEO of State Employees’ Credit Union from 1979 to 2016.

Bear Creek native Chase Gaines is building a serious resume in his early 20s. He ran Michael Whatley’s successful e ort to remain the state GOP party chair in 2023; Whatley now leads the national Republican party with Lara Trump. Gaines works as U.S. Sen. Ted Budd’s political director on a contract basis, and this spring managed Addison McDowell’s successful campaign for the GOP nomination for the 6th District U.S. House seat.

Ches McDowell is a 2014 graduate of Campbell University School of Law who formed his own rm last December a er working for the Kilpatrick Stockton law rm for eight years. He also worked on Senate leader Phil Berger’s sta from 2009-11. e in uential lobbyist helped lead the successful push for sports betting legalization. He added to his laurels by helping convince former President Donald Trump to endorse the successful Republican primary campaign of his younger brother, Addison McDowell. e 2016 graduate of UNC Charlotte faces no opposition in November.

Conrad Pogorzelski helped orchestrate Mark Robinson’s election to the lieutenant governor’s o ce in 2020, and at age 25 became his chief of sta , the youngest person to ever hold that post. Now he’s leading Robinson’s gubernatorial campaign through his Endgame Consulting rm that he started last year with Jason Williams. Pogorzelski’s family has been involved in Gaston County politics for decades, but says he got interested when he became a Christian while in high school. e UNC Charlotte graduate now lives in Clayton.

Jason Williams spent one term on the Gaston County commission from 2012-16, but now works as a campaign manager and consultant. A er leading Mark Harris’ ill-fated 2018 congressional campaign, he started the N.C. Faith & Freedom Coalition a year later, when it had a $53,000 budget. e group will spend $2 million this year reaching out to the state’s estimated 1.8 million evangelical Christian voters, he says. Volunteers will knock on 500,000 doors, while 2 million direct-mail pieces are planned. e coalition’s annual Salt & Light gathering in late September was expected to attract 2,000 people to McDowell County, including former HUD Secretary Ben Carson and Moms for Liberty co-founder Ti any Justice. ■

HOW NORTH CAROLINA VOTERS ARE REGISTERED:

Source: State Board of Elections as of Sept. 14, 2024 Unaffiliated – 2,882,110

Total: 7,647,355

MAKING SUPPLY MEET DEMAND

Community colleges and workforce development professionals move quickly to fill workforce needs in North Carolina’s growing economy. New efforts, including a revamped funding model, will further cut response times.

North Carolina was the No. 1 state for workforce last year, according to business-news channel CNBC. And it topped Site Selection magazine’s South Atlantic Regional Workforce Development ranking this year. The Tar Heel State regularly outshines the 49 others as the nation’s top place for business and industry. That prestigious ranking bestows an abundance of jobs that need to be filled with qualified workers.

Economic Development Partnership of North Carolina, the state’s public-private business booster, called North Carolina one of the fastest growing states by population in a recently published white paper. It says more than 340 residents arrive daily, and its growing labor force that currently numbers 5.2 million. “I think from a top-level perspective, our workforce argument continues to be strong, propelled by its size and the rate it is increasing,” says EDPNC CEO Chris Chung. “But that doesn’t mean fast growth is necessarily relevant for every industry sector or that every employer will have the same hiring experience.”

The EDPNC counts about 650 business and industry announcements with more than 90,000 jobs created and more than $50 billion of investment in less than five

years. They include megasite corporations, such as the Toyota battery plant in Randolph County, aerospace company Pratt and Whitney near Asheville and Wolfspeed semiconductor in Siler City. Three corporations — medical device companies Schott Pharma in Wilson County and Nipro in Pitt County and Natron Energy in Edgecombe County — announced investments totaling more than $2 billion this year. “So, you’ve got Greenville, Wilson and Rocky Mount scoring over 2,000 new jobs right there,” Chung says.

While the arrival of multimillion-dollar companies make the biggest headlines,

most businesses that relocate to North Carolina are small to midsize. While they count plenty of reasons to relocate, some pause when they consider hiring in a job market tightened by robust economic development. “On one hand, companies might say, ‘Wow, North Carolina is very successful. Maybe I need to be a part of this,’ and that’s great,” Chung says. “The challenging aspect is that they see other employers creating thousands of jobs and wonder if the state has tapped out its labor force.” He believes the state needs to illustrate what the long-term trajectory of workforce growth looks like and the trends that support it.

Workforce supply is a Catch 22. While North Carolina has a host of workforce development programs, most with the state’s Community College System, it can’t deploy them until it knows what’s needed. “We can’t just build that pipeline of 1,000 highly qualified specifically skilled individuals and have them sit and wait for a company to arrive,” says N.C. Community College System President Jeff Cox. “We must show companies that if they do choose North Carolina, we will build their talent pipeline, because we’ve got a track record of being able to do that.”

Jeff Cox, N.C. Community College System president

a ]complicated system of tiers that is … too inside baseball and needs to be changed so others can understand it. Now we’re matching up the credentials with what’s really valued in the labor market.”

The state Community College System intends to influence targeted workforce growth by providing a steady flow of employees who are ready to work through its proposed Propel NC workforce development funding model. “We are the workforce solution for the state, the primary labor partner for business and industry,” Cox says. “We are thinking differently about how we’re asking the legislature to fund us in a way that is tied directly to our high-demand, high-wage labor market needs.”

Propel NC is designed to better fill the talent pipeline by elevating the status of short-term credentials that meet specific requirements in the labor market and tailoring them to individual needs in communities statewide. The model focuses on high-demand careers and those that pay competitive wages.

The system’s current funding model, which was created in 2010, doles out financial resources to colleges in proportion to the number of full-time equivalent students enrolled in each curriculum program. Some receive more money than others because of a tiered funding model that encourages colleges to offer courses that lead directly to employment.

While funding decisions will remain FTE-based under Propel NC, the tier model would shift to workforce sectors — public safety, transportation, health care, information technology, advanced manufacturing and biotech-

nology. Under the new funding system, certificate programs receive the same funding consideration as ones that lead to a degree.

Dale McInnis will retire from his post as Richmond Community College president this fall, ending a 32-year career in the community college system, and take the helm of The O’Neal School, a private college preparatory school in Southern Pines. But his impact on the system will continue: He played a lead role in drafting Propel NC, which

grew from a proposal by the community college system for a 16-month study on workforce development. “Our state board chairman said we couldn’t wait that long,” McInnis says. “We were operating off a 14-year-old model that hadn’t been updated since 2013. [It’s

Propel NC has received widespread support. The N.C. Association of Community College Presidents’ 58 members unanimously approved it in December. The State Board of Community Colleges approved it in February. And the business community is on board. “We’ve received over 200 letters of support from private businesses and industry, local chambers of commerce, workforce development boards and others,” Cox says. “In over 10 years in the community college system, I’ve never seen us embark upon any kind of initiative that’s caught fire more than this.”

The community college system estimates Propel NC’s cost at $68.6 million. It recently requested that, along with an additional $24.4 million to shore up campus-based support, from lawmakers. That nearly $100 million is on top of the state’s usual $1.5 billion allocation for the 58-campus system, the country’s second largest.

Before the 2024 short session of the General Assembly adjourned in late June, the House and Senate approved $18.5 million for Propel NC. But the session ended without a budget. Community college officials hope the legislature goes back into session in November to pass a budget that includes Propel NC funding, even if it’s less than requested. “We’re moving forward and already thinking about how much we can do even without full funding,” Cox says. “But at the end of the day, the Propel NC model won’t serve its intended purpose without the full investment.”

Community colleges have long worked under a mandate to match programs to local workforce needs. “We focus on jobs in the communities we serve, and we offer scholarships for free training,” says Scott Ralls, Wake Technical Community College president. The application process for scholarships opened Oct. 1.

Dale McInnis, Richmond Community College president

“We focus on jobs in the communities we serve, and we offer scholarships for free training,” says Scott Ralls

Wake Tech’s accelerated nondegree Workforce Continuing Education courses lead to industry recognized or state credentials, and most can be completed in three to six months. That helps students quickly obtain skills and certifications for high-demand jobs. While all training programs prepare students for immediate employment, some also lead to obtaining course credit in a Wake Tech degree program or enrollment in an apprenticeship program.

Ralls says Wake Tech received more than $850 million in bond revenue over a 10-year period. The college has invested it in simulated work environments on seven campuses. They provide hands-on training, including at the Lilly Center for Science and Technology in Research Triangle Park, a public safety center in

Wendell, Perry Health Sciences Campus near WakeMed Raleigh Medical Park and a cyber-science lab on the college’s RTP campus. “The facilities we are building will connect the dots to uniquely meet workforce opportunities and challenges,” he says. “Wake Tech is a national leader in simulated work environments, and we’re moving fast because people can see opportunities when they come through our programs.”

Cox previously served as president of Wilkes Community College, where a partnership with Hendrick Automotive Group created a 15-week program designed to fill jobs quickly. “We’re constructing a new building to house a short-term automotive training program,” Cox says. “They have embraced this option to get skilled workers into their talent pipeline faster.”

Scott Ralls, Wake Tech Community College president

The state’s 20 workforce development boards and 80 NCWorks Career Centers operate on the local level, serving about 100,000 residents annually. “We work with our local workforce development boards and career centers across the state to administer funding and carry out the governor’s vision for what workforce needs to look like,” says Andrea DeSantis, N.C. Department of Commerce’s assistant secretary for workforce solutions. “Once companies determine they want to be here or want to expand, we connect them to those services. We’re fortunate that through great collaboration and partnerships with the community colleges and local school districts we help employees of the future get their career pathways started early.”

The Workforce Solutions Division assists individuals entering the workforce after they have been released from the state’s correctional facilities. “We know that folks coming out of incarceration face a number of barriers but having a well-paying and stable job can help alleviate many challenges they face and also helps keep our communities safe,” DeSantis says.

Workforce development efforts also are focused on rural communities, where the lack of opportunities spurs population decline. “We’ve been impressed with Surry Yadkin Works, a pre-apprenticeship program for high school students that leads to an apprenticeship,” DeSantis says. “It’s a collaboration between the four school districts in Surry and Yadkin counties and a local community college with a goal to help people find ways to live the life they want within their community.”

The state Community College System assists rural North Carolina in other ways. Zack Barricklow, a former Wilkes Community College administrator, recently filled a new position, vice president of rural innovation and strategy.

“We will be developing a new playbook for rural community colleges on strategies they can be implementing to lift up their communities more effectively,” Cox says.

Also in the works for the community college system is a strategic plan that focuses on the workforce needs of the future. In its Propel NC proposal, the system projects 576,000 annual job openings and workforce shortages by 2031, especially in health care, advanced manufacturing, biotechnology and information technology. More than half of those jobs — 68% — will require a post-secondary degree or credential. “We will also be thinking about skill sets students of the future will need and will strive to be responsive to the things that are already happening and preparing for jobs that don’t even exist yet,” Cox says.

EDPNC supports Propel NC and its basic tenet, which aligns education with the current workforce needs of private

businesses that locate, expand and invest in North Carolina. “Ideally, the workers our education systems are producing, and those our employers are seeking, are in alignment,” Chung says. “So, let’s get more resources into the hands of community colleges that can be

producing the skill sets and experiences that employers increasingly are looking for in North Carolina.”” ■

— Teri Saylor is a freelance writer from Raleigh.

NC Works Career Centers are conveniently located across the state.

As an employee of Pi County Government, public service is our mission and our duty, and as an economic developer, this goes even further to include the overall well-being of our citizens, businesses, and communities. A tall order, but in fact, every citizen is a stakeholder in our growth and prosperity, so I am in good company with many partners and allies that have a similar mission and vision for the future of our region and our great State.

We say it all the time, but it always rings true – there is power in partnerships. Eastern North Carolina is a region ripe with opportunities, and we have a powerhouse network of partners including industries, small businesses, educational institutions, government agencies, not-forprofit organizations, community leaders, legislators, and many others.

There is growing momentum not only from recent announcements such as Boviet Solar and Nipro, but also from innovative initiatives that are addressing challenges that not only a ect our region, but the entire State and nation.

One example is the NCGrads2Work program, which addresses the need to identify talent for entry level positions at pharmaceutical manufacturers and the need to retain talent within our communities. The program o ers Pi County high school graduates the opportunity to participate in a free, two-day biopharma training program with a guaranteed interview with a local biopharma company such as Catalent or Thermo Fisher Scientific upon completion. From high school graduation to the beginning of a career in the pharma industry can be, quite literally, just a few days. The success stories from this program, including career advancement and higher educational achievement by the participants, are truly inspiring.

This collaborative e ort was initiated by Mark Phillips, North Carolina Biotechnology Center’s Vice President, Statewide Operations and Executive Director of the Eastern Regional o ce. The resulting program was made possible through a strong partnership network including the NC Biotech Center, Pi County, Pi Community College, the Golden LEAF Foundation, local industry, and others. In space that was formerly a textile factory, the NCGrads2Work program takes place in what is now called the Pharmaceutical Services Network at Pi Community College. Plans are in the works to expand this program to additional counties.

There are many other examples of this type of e ort in our region, supported by champions of our communities, and in collaboration with others that have a common goal – to create economic growth and mobility for our citizens through opportunities.

Su ce it to say that eastern North Carolina is rising. We are leveling up. We are strong, adaptable, and tenacious, and our e orts are contributing to North Carolina’s reputation as the Best State for Business. May we continue to grow together!

Kelly Andrews, Director Pi County Economic Development

COURSES OF ACTION

From large-scale agriculture to advanced manufacturing, a lot of good is happening in eastern North Carolina. Keeping that going, along with addressing current challenges, is the point of several initiatives that span from workforce development to quality of life.

North Carolina agriculture has a $111.1 billion economic impact, according to state Agriculture Commissioner Steve Troxler. And a large portion of the crops and animals that contribute to that amount are raised in eastern North Carolina. The three counties with the most harvested acres in 2022 — Robeson, Sampson and Duplin — are in the region, according to the N.C. Office of State Budget and Management. It’s home to some of the state’s richest soil, the Blacklands of the Tidewater region along the Albemarle and Pamlico sounds, where streams and rivers empty into the Atlantic Ocean.

The blue economy industry workshop, which was hosted by Carteret Community College.

Agriculture is one piece of a patchwork of industries at work in the East. The region is home to one of the state’s largest universities. Manufacturing and energy are thriving, too. Californiabased battery-maker Natron Energy, for example, recently pledged a $1.4 billion investment at Kingsboro CSX Select Megasite, which will create more than 1,000 jobs that pay an average of $64,071 annually, more than Edgecombe County’s $43,183 average, according to the Economic Development Partnership of North Carolina. And there’s tourism, which includes historic sites, conferences and conventions, coastal activities, and professional and amateur sports that attract visitors year-round.

Even with all the good that’s happening in the East, some of its economic pieces are frayed. It’s home to some of the state’s poorest counties: Many residents live where poverty rates exceed 20%, according to financial

news company 24/7 Wall St. Heat and drought are sapping agricultural yields this year, leaving farmers to struggle with fuel and seed bills. And they face other concerns, including losing farmland to housing developments, developing new markets for their products and finding skilled workers for the ever-increasing presence of technology.

Some residents have chosen to move. The total population of the 29 counties represented by NC East Alliance, an economic development organization with offices in Greenville and Edenton, is about 1.4 million. That’s nearly 30,000 fewer people than a decade ago. Twenty-two counties have seen a decrease in population, says Todd Edwards, who is chair of the Alliance’s board of directors. “These issues also affect the labor sheds of our growing areas and businesses,” he says.

Wesley Beddard, part of the Alliance’s STEM East leadership team, says the population of many counties

in the region has been in decline over the past couple decades. “We didn’t get here overnight,” he says. “And we will not reverse things overnight. But we believe our proactive approach over the next 20 years involving education and industry partners, along with community development efforts, will help reshape and develop all of eastern North Carolina.”

Tying solutions to problems requires a stitch by stitch approach. “It is a real tightrope to walk with regards to identifying real problems and possible solutions and at the same time promoting eastern North Carolina as a land of opportunity and possibilities,” Edwards says.

Enfield argibusiness A&B Milling Company is home to Aunt Ruby’s peanuts (above). Warrenton farm land available for purchase.

The Power of Partnerships

Eastern North Carolina is not only a beautiful place to live, but also to grow business. Together, our Counties form a powerful team creating opportunities for our people and places to thrive.

We are proud of our strategic partnerships that are leading growth within our region.

Join us in Pitt County — a leading location with strong collaboration.

TEACH THEM WELL

Travel is a requirement of many eastern North Carolina jobs. “Our major employers often have a labor shed of 20-plus counties,” Beddard says. “For these companies to continue to expand, we need all of our counties to have trained workers who want to continue to live in their home counties and commute one or two counties to work and bring those paychecks back home.” While giving residents a lift to work isn’t an option, regional leaders are ensuring workers are prepared once they arrive.

Workforce development efforts are varied. One of the most recent begins with bolstering the number of National Science Foundation Advanced Technological Education grants awarded locally. They fund partnerships between academic institutions and industries that focus on science and engineering. “To the best of our knowledge, only one

community college in our 29-county region has received an NSF ATE grant during the last decade,” Beddard says. “We hope to change that.” An NSF-ATE workshop this fall will prepare for grant application submissions in fall 2025.

STEM East, an Alliance initiative that organizes collaborative efforts between businesses and schools to give students real-world STEM — science, technology, engineering and math — learning opportunities, kicked off its Industry in Schools Initiative at NC East’s Vision 2024 conference in January. “This program is being invented and implemented for the purpose of stopping the export of our most valuable resource — our homegrown workforce,” Edwards said at the event, which was held at East Carolina University. “We plan to provide a great deal of content and programing in an effort to bring awareness to local teachers and students with regards to local industries, what they do and career

opportunities that they provide and pathways to those local careers.”

Beddard says Industry in Schools focuses on six industries, each of which has a robust presence in the region, offers well-paying positions and is expected to continue adding jobs. They include: aviation, blue economy, green energy, smart agriculture, health sciences and biopharma. The Biopharma Crescent, for example, is a swath of Johnston, Pitt and Wilson counties where manufacturers making therapeutics, vaccines, insulin and other life-saving medicines, employ almost 10,000 workers and recently have made more than $4 billion in investments. “We are making great, incredible gains in the East in boat building, aviation manufacturing and aviation MRO, biopharma manufacturing, travel and tourism, and agriculture, among many others,” Edwards says. “First and foremost, we seek to help the companies that are

Roanoke Chowan STEM Camp and the Aviation and Aerospace Industry Workshop

281 CE

already here to flourish and grow to their utmost potential. We want to help them all to continue to add more and more high-paying jobs, for a capable and ready workforce.”

Under the Industry in Schools Initiative, employers in these STEM industries work with community college presidents and school district superintendents across the region to help teachers — the goal is to involve 13,000 — prepare students for careers in them.

“We provided nine industry-focused workshops this summer for public school teachers to make them aware of the opportunities for their students to find great high-paying careers within our region and of the training opportunities available through our community colleges,” Beddard says. “If our teachers are more aware of the opportunities in our area, they can be the conduit that connects students to those careers.”

The green energy workshop, which included a tour of Dominion Energy’s hydroelectric dam on the Roanoke River, was hosted by the Center for Energy Education and Halifax Community College in Roanoke Rapids in July. The aviation cluster met for two days in Elizabeth City that same month. Its lead, former Wayne County Schools Superintendent David Lewis, say elementary, middle and high school teachers from nine school districts took part. They toured the U.S. Coast Guard’s Aviation Logistics Center in Elizabeth City. “[It] employs engineers, metal

workers, maintenance technicians, painters, machinists and many others in their efforts to keep … aircraft in top condition,” he says.

Lewis says teachers also visited the College of the Albemarle-Currituck campus in Barco, which is home to its Aviation Technology program. “Participating teachers worked to develop connections between STEM and aviation concepts and their own curriculum standards,” he says. “Our participating teachers represented a wide range of subject areas across all grade levels, so the emphasis was on helping them understand how STEM, and more specifically aviation, could be used to make their lessons more engaging for their students.”

Smart agriculture workshops were held at Martin and James Sprunt community colleges. “The purpose of it, as we bring the teachers into it, is they learn how to integrate into their daily lessons what is available,” says Cluster Lead Ben Thigpen, who retired as Jones County Schools superintendent in January. “The workshops expose teachers to what’s there and how to put it into their standard course of study and share with the students.”

Thigpen says agriculture is more than plants and animals. “The industry is so deep and vast,” he says. “You have to have welders and truck drivers and mechanics to keep those John Deeres and Massey Fergusons running. There are electrical systems, monitoring

systems, seeds and watering. Even the banking industry works with farmers in a different way, because their work is seasonal.”

The blue economy industry workshop, which was hosted by Carteret Community College, focused on aquaculture and marine construction. Teachers toured Jarrett Bay Boatworks in Beaufort. Career paths include offshore wind; Sea Grant program, which works to maintain a healthy coastal environment and economy; and Center for Marine Sciences and Technology. Further south, UNC Wilmington’s Blue Economy program partners with Cape Fear and Carteret community colleges and the Coastal Studies Institute at ECU’s Outer Banks campus. UNCW’s All Blue is a local multidisciplinary initiative to establish Wilmington and southeast North Carolina as a national and global leader in blue economy, according to its website. “Of course as we move forward, we hope to add many more businesses and workforce connections that will benefit from the work that we’re doing,” says Cluster Lead Lisa Jackson, who retired as Pamlico County Schools superintendent last year. “As we succeed in our region, this model could be applied to other regions throughout the state and the country.”

Expansion plans for the initiative are being discussed. “We are currently working with the North Carolina Bar Association, Mock Trial and the N.C. Supreme Court to develop a legal cluster,” says Trey Goodson, the Alliance’s chief information officer. “Eastern North Carolina has been identified as a ‘legal desert’ with a lack of attorneys and legal professionals. Our first project, which is still in the works, is expanding the mock trial program to schools. We have identified needs for an education cluster, an advancedmanufacturing cluster, and a hospitality and tourism cluster. There aren’t any concrete plans to develop these clusters, but the need is there.”

The green energy workshop and tour.

PITT’S GROWTH

The N.C. Department of Commerce annually ranks the state’s 100 counties by economic wellbeing. The 20 least distressed counties are labeled Tier 3, and the 40 most distressed are Tier 1. The balance fall in between. The ranking is used to direct state programs, encouraging economic development where it’s needed most.

While Pitt County was designated Tier 1 this year, it also is raking in business commitments. “Pitt County is fortunate to have a growing list of assets and amenities,” says Pitt County Economic Development Director Kelly Andrews. “ECU, ECU Health, and new and expanding industries have been catalysts for growth in Pitt County. These big three draw people into Pitt County every day, particularly from eastern North Carolina counties, but also from all over the world.”

ECU has almost 27,000 students, making it North Carolina’s fourthlargest university by enrollment. Next door to its downtown Greenville campus is 19-acre Intersect East, which is being privately developed by Elliott Sidewalk Communities. “[It] is envisioned as a hub of innovation that promotes collaboration opportunities for businesses and industry with ECU,” says Merrill Flood, ECU’s director of research and innovation campus development. “Through these partnerships, earlystage innovation and discovery can be brought to bear on the opportunities

to build new products, create jobs and lead to economic prosperity in Greenville and eastern North Carolina.”

Flood says ECU received the UNC Board of Governors’ permission to develop Interest East as a millennial campus in 2015, opening the door to public-private partnerships to spur economic growth. “The Intersect East area was in strategies the city of Greenville envisioned including through the 2006 Horizons Long Range Comprehensive Plan, the Center City / West Greenville Redevelopment plan and 2014 Dickinson Avenue Corridor plan,” he says.

Intersect East welcomed its first tenant in March, when Hyster-Yale Group — an international designer, maker and marketer of lift-truck solutions — leased 53,400 square feet for a technology center that will consolidate its global emerging and technology division. And while the mixeduse development’s residential units aren’t ready for lease yet, other companies have arrived. Computer software company Appogee, for example, moved into 13,400 square feet. “Additional tenants are being recruited to bring more jobs and innovative businesses to downtown Greenville,” Flood says.

Elsewhere in Greenville, Vietnamese manufacturer Boviet Solar announced a $294 million investment for a factory in April. Chemical company UNX-Christeyns announced in July that it’s expanding its location, investing more than $10 million to build a 70,000-square-foot factory that will create 21 jobs. And Attindas Hygiene Partners, a manufacturer of disposable adult incontinence and baby care products, will add 25 jobs and expand operations with a $25.2 million investment.

East Carolina University

Gov. Roy Cooper welcomes Boviet Solar.

Aunt Ruby’s Peanuts providing the best quality Virginia-style nuts to peanut lovers for more than 40 years. We are family-owned and operated company located in historic Halifax County. We o er nut varieties, sweet treats and create-your-own combinations. North Carolina’s nest peanuts make great gi s.

A&B Milling Company | Enfield, NC

In July, medical device manufacturer Nipro Medical Corp. announced it was establishing a factory in Greenville, investing $398 million and creating 232 jobs over the next five years. Andrews says its executives visited 10 times, vetting the site and the local quality of life for its employees and their families. “Would they be able to find the kind of food that they like to eat?” she says. “Would they be comfortable sending children to our schools? Would they be able to find a great place to live and find things to do? All of that was considered. Each person that comes here for a visit, whether that is for a job interview, a school tour, a sporting event or a business meeting, is a potential new citizen, and we want everyone to feel welcome.”

Ayden, about a dozen miles south of Greenville, has been the on-again, off-again site for the Eastern North Carolina Food Commercialization Center, which will offer food

processing services for farmers, food manufacturers and entrepreneurs. Its construction and outfitting, along with three years of operations, was estimated to cost $8.9 million. The General Assembly funded $4 million in 2021 to cover the 12,000-squarefoot building; $500,000 more came from the Agriculture and Consumer Services Agency of the State Budget Management Fund. Construction has been underway for a year, and it was expected to open in September, says Keith Purvis, vice president of valueadded services for Foster-Caviness, a food supply chain solutions provider that purchased his Greenville Produce Company in March. “The center will provide infrastructure, expertise and connectivity for local farmers [and] consolidate and create value for local crops, and connect growers to markets for their crops,” he says. “The center will help larger growers with value-added services. The equipment provided by

the center will further process raw crops produced in eastern North Carolina, which in turn generates more revenue per acre, and per pound, for local growers.”

Purvis says agriculture, whether tending fields, raising animals or working at a company that adds value to those products, is what puts food on the table, a roof overhead and clothes on the backs of many North Carolina families. “In eastern North Carolina, that impact is even greater as we account for most of the farmland and most of the Tier 1 counties,” he says. “The Commercialization Center aims to provide opportunities for eastern North Carolina families to grow and develop individually, through job creation and collectively through industry expansion. We want to help growers diversify crop mixture, create more value for products grown and return more revenue per acre of production back to local farmers.”

Project Manager Keith Purvis and Ayden Mayor Steve Tripp during the Eastern North Carolina Food Commercialization Center kickoff celebration in 2021. Nipro Medical Corp. ground breaking.

QUALITY OF LIFE

Giving residents the needed skills for the jobs of today and preparing them for the ones of tomorrow meets one challenge. But they need other reasons to stay, too.

Greenville hosted the Little League Softball World Series for the third time last summer and has a new Coastal Plains League baseball team, the Greenville Yard Gnomes. “Pitt County has created its first Recreation and Parks department, showing the commissioners’ and county leaderships’ focus on placemaking and health for our community and citizens,” Andrews says. “The city of Greenville has done quite a bit in this regard with Wildwood Park, and Pitt County is also in the midst of building two community centers.”

Nearby along the coast, TripAdvisor ranks Outer Banks wild horse tours, island-hopper boat tours in Wrightsville Beach, hang gliding lessons in Kitty Hawk and jet ski rentals in Duck in its top-20 activities for the state. The importance of tourism, as an industry and outlet for residents, isn’t lost on the state Commerce Department. It says

outdoor recreation contributes almost $12 billion to the state’s economy and creates about 130,000 jobs, whose annual compensation totals more than $5.9 billion. CORE — Creating Outdoor Recreation Economies — is its 34-government program created to, “identify and develop outdoor recreation assets that present economic growth opportunities.”

Andrews says Emerge Gallery & Art Center Executive Director Holly Garriott has been named to the 2027 Arts North Carolina Board of Directors. It oversees the group’s efforts to unify the state’s art communities while creating equity and access to the arts for all residents. An associate teaching professor at School of Art and Design

at East Carolina University, she founded Emerge Gallery in Greenville in 2000. She has supervised more than 100 public art projects and received many grants throughout the years, including the National Endowment for the Arts Our Town grant and, most recently, a $250,000 NEA Local Arts Agencies grant to sub-grant to Pitt County arts organizations.

ALL FOR ONE

While eastern North Carolina leaders have defined needs and solutions, they also know how and when these efforts will be deemed a success. “The biggest win would be five years from now, for the people involved in aviation, blue economy, green energy and agriculture to look back and say we have all the employees we need and to see eastern North Carolina thriving business-wise and community-wise,” STEM East Cluster Leader Thigpen says. “And that we helped to get our kids in those positions that we need. I hope so. I hope it’s doable.”

Edwards agrees that employment is an important benchmark. But there are others. “You will see the population loss figures slowing or stopping in some of our poorer places,” he says. “It will not be headlining stuff. It will be very subtle.”

ECU’s Flood points to the cycle of success. Talented students and a skilled workforce will attract businesses. And in turn, they’ll attract more students and more companies. “We all win when those good things happen,” he says. And that rising tide lifts all ships approach is most important, Pitt County’s Andrews says. “Our goals, no matter the county we might represent, all focus in one way or another on uplifting our citizens and our communities,” she says. ■

— Kathy Blake is a writer from eastern North Carolina.

Little League Softball World Series

Holly Garriott

PLANS

Insights on the state’s

PROJECT PLANS ››› Insights on the state’s growth

ON A ROLL

The state’s key industry hunting group has impressed the world in its first decade.

BY CHRIS BURRITT

Fortunately for Christopher Chung, CEO of the Economic Development Partnership of North Carolina, he had a conflict on the bitterly cold afternoon of Jan. 26, 2022.

Gov. Roy Cooper and others shivered in the parking lot of Greensboro’s Piedmont Triad International Airport. That’s where Denver-based startup Boom Supersonic announced plans to spend $500 million and employ more than 2,400 people assembling passenger jets that can travel at the speed of sound.

‘I understand it was very cold and pretty miserable,” Chung says. “But thankfully, everyone was there to talk about something good.”

That’s proved to be the track record for the EDPNC, celebrating its 10th anniversary as the state’s lead economic developer recruiter. The group was formed as a public-private partnership, taking over recruitment and marketing tasks formerly handled by the N.C. Department of Commerce.

Over the past decade, companies have announced more than 1,300 projects, which have pledged investments of nearly $68 billion and promised nearly 178,000 jobs, according to Chung, the partnership’s first and only CEO.

“The results speak for themselves,” says Anthony Copeland, a Raleigh lawyer who was North Carolina’s commerce secretary from 2017-21. “Under Chris Chung’s leadership, it has been quite successful.”

The partnership’s early recruitment efforts sought to deflect what Copeland called “the perfect storm”— the state legislature’s elimination of some economic incentives and the passage of House Bill 2, the so-called “bathroom bill.” Before its repeal in 2017, the measure had cost North Carolina economic investments and led to the cancellation of sports events and concerts.

In recent years, the EDPNC has contributed to a string of economic announcements that included the biggest project in state history. Slated to start production next year, Toyota’s electric battery facility in Randolph County represents a $13.9 billion investment projected to create 5,100 jobs.

Other huge wins include Durham-based semiconductor maker Wolfspeed’s plan for a $5 billion, 1,800-employee factory near

Siler City and Natron Energy’s sodium-ion battery factory in Edgecombe County. The latter $1.4 billion project may eventually create more than 1,000 jobs.

The successes were decades in the making, according to Chung and Copeland. They cite North Carolina’s efforts to improve its infrastructure and support the state’s education system to prepare students for in-demand jobs. The two leaders spread the credit around, to the governor and the Department of Commerce, academic leaders and state, regional and local economic development officials.

State lawmakers appropriated about $120 million this fiscal year for the EDPNC to replenish North Carolina’s inventory of industrial recruitment megasites. The appropriation set a record for the partnership, pushing its budget to about $160 million, compared with $41.5 million last year, Chung says. It has 76 employees and is led by an 18-member board. It also leads state tourism marketing.

The partnership’s mission, according to Chung, revolves around “figuring out how we can market and sell and position this great product as effectively as possible” to win economic development battles against other states.

This past summer, the EDPNC suffered a blow when Virginia unseated North Carolina as the best state for doing business, as ranked by the CNBC TV channel. The Tar Heel state came in second after ranking first in 2022 and 2023. CNBC dinged the state for its “quality of life” and ranked it behind Virginia in infrastructure.

“It’s not great to slip to No. 2,” says Chung. But EDPNC’s website notes that CNBC has ranked the partnership in the top three for the past five years.

“Being able to tout that kind of superlative really catches the attention of the kinds of business decision-makers we want to get on our radar,” he says.

“We think it helps companies validate their decision to choose North Carolina as one of the top best business climates in the country.” ■