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JANUARY 10, 2014

2014 Upstate leaders and thinkers gaze into the crystal ball, with bold and surprising predictions

Volume 3, Issue 2

January 10, 2014

WORTH REPEATING “It’s not us and them. It’s all of us together.” William W. Brown, board chairman of Legacy Charter School, on the shared responsibility to “level the playing field” in the community.

“It changes everything about an entrepreneurial company like us that couldn’t even advertise what we were doing. That doesn’t even sound like capitalism.” Leighton Cubbage, cofounder of Serrus Capital, on new SEC rules relaxing restrictions on publicizing investment opportunities.

“Some people pick up a newspaper and sigh. Others pick up a newspaper and then pick up the telephone and make things happen. Greenvillians are telephone picker-uppers.” Hayne Hipp, cofounder of the Liberty Corporation.


The bar near the lobby area of the newly-renovated Crowne Plaza in Greenville.


On Understatements… “Interesting day.” U.S. Sen. Lindsey Graham on Twitter after his flight made an emergency landing at Greenville-Spartanburg International Airport earlier this week. The plane returned safely to GSP after the pilot noticed an oil indicator light. Graham went on to thank “the first responders at GSP and flight crew for the work you do.”


January 10, 2014

TBA A new nightclub called Haze Ultra Lounge may eventually occupy the former J. Peters building on Market Point Drive off Woodruff Road. A rezoning request goes before the Greenville Zoning Board of Appeals Jan. 16… The Phoenix: Greenville’s Inn at the downtown Greenville Airport has been sold and the new owners are making renovations, including a possible new Scottish-themed bar called McKibbons Pub…

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Spartanburg Expands Main Street Challenge for 2014 By Sherry Jackson | staff |

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The city of Spartanburg is kicking off the New Year with an expanded Main Street Challenge in an effort to continue to attract new businesses to downtown. Looking for a creative way to fill empty storefronts, the city announced the first challenge in December 2012 and attracted 58 proposals for retail businesses. The three 2013 winners – Haute Mama, Local Hiker, and Motte & Son – each received $12,000 in subsidized rent and another $8,000 in in-kind support and services such as legal advice, printing and accounting services. Patty Bock, Spartanburg’s economic development director, said the turnout for the first challenge last year exceeded all expectations, and hopes for the same with this new challenge. “It created new stores. It created new jobs and it created growth,” she said. Potential businesses will again receive $12,000 in subsidized rent and another $8,000 in in-kind support. The new challenge will be expanded to a broader area of the city, providing more options in size and locations for those businesses that are applying, Bock said. This year, 12 downtown retail locations have been identified and the parameters expanded to more sites off Main Street, including Broad, Church and Dunbar streets. Lease spaces range from 865 square feet to almost 10,000 square feet. The three winners will be required to open their businesses in one of those locations no later than Nov. 1, 2014, and must sign a three-year lease. Proposed businesses can be independent or franchises, and the challenge is also open to existing business owners

2014 MAIN STREET CHALLENGE LOCATIONS 145 W. Main St. – 2,200 square feet 149 W. Main St. – 4,000 square feet 151 W. Main St. – 2,425 square feet 155 W. Main St. – 4,400 square feet 100 E. Main St. – 1,100 square feet 111 E. Main St. – 9,024 square feet 162 E. Main St. – 2,224 square feet 167 E. Main St. – 2,281 square feet 172 E. Main St. – 865 square feet 155 E. Broad St. – either two separate 1,200-square-foot spaces, or one 2,400-square-foot storefront 123 Dunbar St. – 1,200 square feet 119 N. Church St. – 1350 square feet

as long as they plan to “introduce, open and operate a concept which will offer a new element not promoted in the existing location, or expand upon and highlight an element that would be removed from the existing location,” according to the application rules. “We need more retail and services to continue to grow and shape our downtown, and last year’s challenge brought new businesses to the downtown mix,” Bock said. “With this new challenge, we want to keep the momentum going.” The deadline to submit applications is Feb. 7. A selection committee will review all applications and choose up to 12 applicants as semifinalists. The semifinalists must then submit their business plans by April 18. The selection committee will review and narrow the pool down to six finalists who will then present their plans and ideas at a live final event in late May. For more information, visit


Tavern 24 Closes on Woodruff Road By Jeanne Putnam | contributor |

Tavern 24, located at 1145 Woodruff Road in Greenville, recently closed its doors. “It was the first Tavern 24, so there are some growing pains with that,” said Jim Balis, president and CEO of Café Enterprises, owner and operator of Tavern 24. “We really liked the concept and we plan to open up more of them, but that [Woodruff Road] was not a good location.” Headquartered in Taylors, Café Enterprises also owns Tablefields on Woodruff Road, as well as 47 Fatz Café restaurants across Georgia, Tennessee, Virginia and the Carolinas. Balis said that even when

the Tavern 24 building was Fatz Café, it was not one of the company’s best locations and that the arrangement with property owner Old Mill Stream LLC aided in

making the decision to close. “The bar was always busy [even as Fatz], but we had a difficult time filling up the dining room,” said Balis. “We have one [Tavern 24] in Gastonia that is doing well.”

Balis said that the company plans to grow Tavern 24, but does not have immediate plans to open another Upstate location. Old Mill Stream did not respond to UBJ on its plans for the empty location.

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Businesses Eye 2014 Legislative Calendar By Jennifer Oladipo | senior business writer |

Business leaders are eyeing this year’s upcoming legislative calendar for what is to come of a few key pieces of legislation that could affect their businesses. Transportation funding tops the list of important issues, and a unified business community aims to push the issue hard, said Mark Cothran, vice president of public policy at the Greenville Chamber of Commerce. S.C. Alliance To Fix Our Roads is a coalition of 60 major businesses and business organizations. It is headed by Bill Ross, who previously

spent 14 years as government affairs representative with the South Carolina Trucking Association. “It really is the first time in a long time the business community has come together, all singing from the same song sheet, and they’re being very vocal,” Cothran said. “That’s going to have to happen for anything significant to occur.” He said the group may push the Legislature to seriously consider addressing a gas







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“It really is the first time in a long time the business community has come together, all singing from the same song sheet, and they’re being very vocal.” Mark Cothran

tax increase as a way to fund much-needed infrastructure repairs and improvements, something lawmakers have so far avoided. Another large group, the South Carolina Civil Justice Coalition, is pushing to see legislators move on the issue of tort law reform. The coalition’s agenda includes issues such as workers’ compensation, liability for injury to trespassers, and reducing retailers’ liability for injury that results from a product’s manufacturing process. Businesses also hope continuing momentum from the Angel Investor Bill that last year allowed tax credits for people who invest in startups will push action on more than one crowdfunding-related bill under consideration this year. A bill sponsored by Rep. Dwight Loftis of Greenville that would ease interstate restrictions on crowdfunding has already passed in the House. Parties that have been pushing for regulatory reform might be pleased by progress in that arena this year. In particular, Rep. Eric Bendingfield, also of Greenville, is sponsoring legislation that aims to ease regulations for businesses. “We anticipate that legislation coming out pretty soon, and that’s something that a lot of the pro-busi-

ness organizations can get on board with,” Cothran said. “Flow control,” or where businesses dispose of solid waste, is one hotly debated issue that might see action this year. It would remove counties’ authority to dictate how and where solid waste is disposed of. It has manufacturers and environmental advocates pitted against each other, and municipalities taking various stances or remaining somewhat quiet, as is the case with Greenville County. But flow control might be one of those issues that are sidestepped by politicians keenly aware that this session coincides with an election year. Even with these and other pressing issues at hand, bills such as the nullification of the Affordable Care Act are expected to get a great deal of attention for their political capital, though they may not produce any actual results for South Carolina residents. At the Greenville Chamber’s legislative breakfast last month, Rep. Tommy Stringer of Greenville exhorted the audience of business and community leaders to call representatives to task should they drag their feet on politically sensitive issues this year. It’s up to voters to refuse to accept lameduck sessions, he said, placing the responsibility squarely at their feet.


New Ad Rule Energizes Investment Scene By Jennifer Oladipo | senior business writer |

Until recently, companies could get into serious trouble for telling the wrong people about new investment opportunities. But since the Securities and Exchange Commission (SEC) last fall allowed businesses to publicize investments much in the same ways they might advertise cheeseburgers or tax services, local companies are seeing a new world of opportunity. They can now place mass-media advertisements and openly discuss elements of business that could generate investment. The amendment to Rule 506 included several changes, but most significantly it is seen as the federal agency’s acknowledgement that technology had outpaced its rule prohibiting general solicitations. Crowdfunding, for example, has allowed companies to entirely circumvent agency regulation, having grown organically on the Internet. “In the old days, you had to go out of your way to avoid mentions in the press,” said Neil Grayson, an attorney with Nelson Mullins who deals with securities offerings. “You couldn’t have any press that’s inconsistent with press or advertising you’re already doing.” Those restrictions put startups at a major disadvantage, because they generally have no communication history. As a result, Grayson said the

“It changes everything about an entrepreneurial company like us that couldn’t even advertise what we were doing. That doesn’t even sound like capitalism.” Leighton Cubbage

rule change benefits startups “tremendously more than more established companies,” because their promotions are not automatically viewed as efforts to sell stock. The impact on real estate securities offerings has also set that industry abuzz. Serrus Capital cofounder Leighton Cubbage said the new law was a factor in his real estate firm’s launch of a new investment fund later

this month. He estimates radio, TV and newspaper advertising could double the number of investors the firm will attract. “Now you don’t have to just know me or I don’t have to know you personally. If you’re a qualified investor, we can talk,” Cubbage said. “It changes everything about an entrepreneurial company like us that couldn’t even advertise what we were doing. That

doesn’t even sound like capitalism.” Grayson said most of his clients, including Serrus Capital, are eager to take advantage of the rule change this year, though some have chosen to use the old rule because they view it as less risky. It limits communications but doesn’t require businesses to verify investors’ financial status. Businesses using the new advertising rule are liable if they are mistaken or misled about investors’ accredited status. On the other hand, Grayson said the increased risk has sparked a new cottage industry of intermediaries who will review investors’ financials and verify that they are indeed accredited. Service providers from accountants to attorneys are now offering to review tax returns, audits and other financial statements to ensure investors meet the $1 million asset threshold. Grayson said some potential investors who learn about opportunities through the newly open channels will be put off by the increased financial scrutiny. In the past, “there would be plenty of companies that would allow an investor to check a box that says, ‘Yes I am accredited,’ and do nothing more,” Grayson said. “Not something I’d ever recommend, but I know that it happens.”


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Time to Ask the Difficult Questions

UBJ Welcomes Joe Toppe

“Insanity: doing the same thing over and over again and expecting different results.” – Albert Einstein Yet, every January, that is precisely what most people do. People plan to lose weight, but don’t really change their daily lifestyle. Salespeople start the year with exciting goals, but they never evaluate their cold calling process and end up with similar results. Executives often talk about change, but then continue to monitor the same reports and processes.


By Jennifer Oladipo | senior business writer

Starting this week, staff writer

So, for 2014, I plan to look backward, as well as forward. I plan to evaluate what did NOT work in 2013. By knowing what failed, hopefully, a solution can be made. In my business, I plan to look at four areas:

• People – Is everyone in the right seat? Review customer comments and peer evaluations. Look at assessment tools and reports. Our team is working now, but what can make it better? • Sales – Look at the clients and prospects we lost. Why? Is there a common theme? Is the sales team delivering a consistent message? Are we informing prospects of the true value of outsourcing? Are we properly qualifying leads? Are we “asking” for the business at every call? • Operations – Are we using our software to its greatest potential? Is there a tool available to make our team more efficient? A review of procedures and tasks needs to be performed. I also plan to gather input from the staff. Take time to ask employees for their advice. They are performing the work and have insight for true improvement. • Information – We live in an age of information overload and this can be distracting in business. I plan to evaluate the type of reports and data I receive and limit them. Often, less is more. What data do I need to make decisions? Which blogs and publications truly help my business? Which internal reports are necessary to navigate the business? Einstein also stated that we need to “learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning.” I plan to take his advice and ask the difficult questions in 2014.


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tions, because the channels of comJoe Toppe joins the news team at munication change so much.” He’s Community Journals, writing pri- particularly interested in helping to marily for the Upstate Business establish a strong virtual presence for Journal. UBJ, helping to navigate the evolving Toppe will cover Greenville city world of social media. government and focus Before working for on economic developCivitas Media, Toppe ment, transportation, worked in public relamanufacturing and tions, journalism and design for UBJ. He other communications said his first aim is to positions. He also build sound relationworked as a photoships with the men graphic assistant for several Associated and women on those Press photographers beats. “It is my opinion on sports assignments. that relationships are He has a master’s built on trust, espedegree in public relacially a relationship tions from Kent State JOE TOPPE between a reporter University and a bachand a business professional, mayor elor’s degree in the science of commuor city official,” he said. “It is crucial nication from University of Phoenix. that a reporter establish friendly diToppe grew up in Indiana and alogue between his or her publication South Carolina, making the permaand the contacts. Once this is done, nent move to South Carolina 15 years trust is established and a solid rela- ago to be near family. He said he loves tionship will follow.” the Palmetto State, which he sees as Toppe worked most recently with a “timeline of American history.” Civitas Media, writing 10-15 stories Greenville in particular is “the perfect each week for the Easley Progress, format for other cities crossing that Powdersville Post and Pickens Sen- bridge from medium-sized city to tinel newspapers. He has enjoyed significant metropolitan area,” he covering such business stories as the said. arrival of TaylorMade Golf CompaOutside of work, Toppe said he is ny’s manufacturing plant in Pickens a longtime wrestler and has been County and expectations that it will training in the martial art of Brazilian revive the surrounding community’s jiujitsu at Alliance Jiu-Jitsu of Greendamaged economy. ville for more than five years. He lives Toppe also keeps an eye toward the in Greenville with his wife and two future of the Internet and has written children. columns about how social media is “The best night for me is just shaping the world of commerce. He watching a movie with my wife and believes one of the biggest challeng- kids,” he said. “That’s the best thing es facing any journalist is “staying in the world. It seems so hard to get ahead of the curve with communica- to anymore.”



Spartanburg Chamber CEO Retires By Jennifer Oladipo | senior business writer

Last week the Spartanburg Chamber of Commerce announced the retirement of President and CEO David Cordeau, effective Dec. 31. Charles “Chuck” White was named as his interim replacement and began working Monday, the same day his appointment was announced. Cordeau had headed the chamber since 2006. He said one of the highlights of his tenure was the creation of the Economic Futures Group, which was twice named a top-10 economic development organization by Site Selection and Industry magazines. Cordeau will remain in the Spartanburg area and said he plans to do part-time project work for local companies. He also looks forward to spending more time on personal endeavors, including a classic car restoration hobby and seeing more of his son’s performances as a Clemson University hockey player. Colleen Perry Keith, 2014 chairwoman, said the selection of Cordeau’s permanent replacement would likely take about six months, and White is expected to serve throughout that time. The board met this week and will continue to meet next week to name a search committee and begin the process. “The greater Spartanburg area has experienced exciting growth in its business community during the seven years that Mr. Cordeau has led the

“We are grateful to have been the beneficiaries of his experience and vision during his tenure with our Chamber.” Sue Schneider



Chamber here,” Sue Schneider, 2013 chairwoman of the chamber, said in a statement. “His retirement is the culmination of a long career in Chamber management that has spanned four states. We are grateful to have been the beneficiaries of his experience and vision during his tenure with our Chamber.” White has served as interim head of several organizations. He retired from the South Carolina School for the Deaf and Blind where he was the director of residential life services until 2006. Since then he has served as the interim director of the Children’s Shelter of the Upstate, the Bethlehem Community Center, Carolina Counseling and the Spartanburg Charter School. “I am excited that Dr. White has agreed to serve as our Interim,” Keith said in a letter to board members Monday. “He can adeptly address issues and has strong operations experience that has helped several other community organizations get ready for their new leaders. He also has strong relationships with key leaders in Spartanburg that he can call upon to help advance the mission of the Chamber.”



For print subscription and email subscription to the “In Box.” Stay up to date with the business of the Upstate. January 10, 2014


UBJ NEWS Effects Still Unclear By Jennifer Oladipo | senior business writer |

Definitive numbers for how many South Carolinians have signed up for health insurance using the federal exchange are currently unavailable. The most recent numbers available from the Department of Health and Human Services showed 364,682 people nationwide had signed up through federal or state exchanges through November. South Carolina employers whose workforce is primarily made up of temporary employees have seen and even helped those workers sign up for insurance through the state’s federally run insurance exchange. However, most South Carolina employers were not affected by the opening of exchanges, and insurance

and employment experts watching

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January 10, 2014

the developments say most are still in limbo over what they and their employees will do. Many rushed to complete early renewals by the Dec. 1 deadline that would help them stave off potentially dramatic rate increases, only to find that it was unnecessary. Some states called the move illegal, but South Carolina honored the renewals. Most large employers have responded to the one-year extension on their compliance deadline by

continuing to put off any changes. That means the fees they would have had to pay for employees who signed up for health care through exchanges will be unavailable to fund the system for a year. They are continuing to provide group health insurance, and many will move to self-funding because they’ll be exempt from a lot of health care reform taxes and fees, according to Howard Einstein, president of employee benefits at Rosenfeld Einstein.

When you are done reading this paper, please recycle it.


Crowne Plaza Unveils $5M Renovation Crowne Plaza Hotel and Resort held its grand re-launch this week,

celebrating the facility’s $5 million renovation. Guest rooms, the lobby,

meeting spaces and more were all updated during the project at the

hotel, located at 851 Congaree Road near I-385.

Photos by Greg Beckner

Greg Greenawalt, general manger of Crowne Plaza, places fresh apples around the table of one of the facility’s executive boardrooms.

All of the guest rooms at Crowne Plaza have been renovated; bathrooms have new tile and vanities.

Part of the freshly renovated lobby of Crowne Plaza.

January 10, 2014


UBJ PROFILE ‘I’m Still Learning’ Through Family Legacy and Legacy Charter School, William W. Brown has sought to make a difference for generations of Greenvillians


By CINDY LANDRUM | staff |

William W. Brown wants to make a difference. He thought at one time it might be as a doctor – until a stint in the military took him to Vietnam for a year. When he came home, his desire for a military career didn’t come home with him. He decided instead to major in business administration and put his mathematic skills to use as an accountant. In 1977, Brown started a CPA firm in Greenville. Nearly 20 years later, he started an investment advisory firm, Family Legacy Inc. “As an CPA, I did a lot of financial planning for people, but if the money doesn’t work, the plan doesn’t matter,” he said. “That way we were 100 percent responsible for the plan and the money.” With his son, Chris, now serving as president of Family Legacy, Brown can focus on making a difference through another Legacy: Legacy Charter School, which gets part of its funding from Campbell Young Leaders, a private foundation started by the late Bob Campbell, a retired vice president of Vulcan Materials and a former Clemson University trustee. “One of the most important things I learned from Bob Campbell is that all of us can make a difference if we’re willing to work at it and commit,” Brown said. “He was always talking about making the playing field level.” It’s a responsibility that Brown says isn’t somebody else’s, but everyone’s. “It’s not us and them. It’s all of us together.” When Brown went to Dallas for a preventative physical and a weeklong wellness program at the Cooper Institute several years ago, he expected to get a new diet, a new exercise program and a road map to better health. He didn’t expect to come home with the motivation for a new school that would improve students’ academic performances, in part, by requiring physical education five days a week. Brown, a former high school basketball coach,


had been thinking about starting a new charter school to serve Greenville’s poorest neighborhoods where students faced formidable challenges. Instead of launching a brand-new school, Brown got involved with the former Fuller Normal School. The school changed its name (to Legacy Charter School), changed its location (to the old Fine Arts Center and the old Parker High on Greenville’s west side) and changed its curriculum. Legacy is the only public school in South Carolina to require 45 minutes of physical education each day. It serves students three healthy meals a day and teaches manners and social skills. It has a longer school day. It expects all students to go to college. The connection between physical activity and increased cognitive ability was one Brown heard about from Dr. Kenneth Cooper, a pioneer in aerobic fitness and founder of the Cooper Institute in Dallas. “It seemed crystal clear that’s what we should be doing.” Brown still believes Legacy is taking the right approach, even though the school received an F on its state report card. “We’re not concerned about that,” he said. “That will change.”

You aren’t an educator. Why did you want to found and help run a charter school? Bob Campbell, who I worked with for 30-plus years, started Campbell Young Leaders in 1997. Campbell Young Leaders is a private foundation started to help underserved kids achieve their potential. One of the things he was a proponent of was if

January 10, 2014

you could find a way to make the playing field level, you could expect similar results. I think education is the key. You can’t eliminate poverty until you improve education. When you say we have a 75 percent to 80 percent success rate, that sounds really good. >>

THE BASICS: WILLIAM BROWN TITLE: CEO emeritus, foundation manager and client consultant, Family Legacy Inc.; board chairman, Legacy Charter School ALMA MATER: The Citadel, majored in business administration HOMETOWN: Gaffney HOBBIES: Reading and basketball WHAT DID YOU WANT TO BE WHEN YOU GREW UP? I spent four years in the military before I attended the Citadel, one year in Vietnam. Before I went to Vietnam, I thought I wanted to be a medical doctor. After a year in Vietnam, I no longer wanted to be a doctor. IF YOU WEREN’T A CPA, WHAT WOULD YOU BE? A math teacher. WHO ARE YOUR MENTORS? My father and Bob Campbell.

Photos by Greg Beckner

WHAT WOULD YOU TELL SOMEBODY JUST STARTING OUT? You can achieve anything you can imagine as long as you believe you can and you are willing to take action and work hard. From here to there is never a straight line, but if you know what you want the end result to look like, you can achieve it. WHAT DO YOU WISH YOU WERE BETTER AT? Bob Campbell wanted to make a difference to kids and he wanted me to make a difference to kids. I need to do a better job at communicating to others how they can make a difference. It can be spending 45 minutes oneon-one with a kid. We will let you out of the building (at Legacy Charter) without writing a check.


Unless you grow up in West Greenville, a place where 50 percent finish high school, seven percent of high school graduates go to college and only 3 percent graduate college. That’s not exactly a level playing field. I saw this when I coached basketball at Hillcrest High. Why does a child’s ZIP code, where he grows up, determine his or her success? If I’d been born in West Greenville, I wouldn’t be sitting here. It’s not only in West Greenville. In every school district in South Carolina, even the districts we think of as being better off, there are pockets of poverty where more than half the residents and in many cases more than two-thirds of the people who live there are living in poverty. It’s about making a difference for these kids.

How has your background in financial planning helped you with Legacy Charter?

In business, particularly in financial planning, you look at what

you want the end result to look like. You have to make clear what you want to happen or it likely won’t happen. At Legacy, starting at five years old we talk about going to college and graduating from college. We have 34 seniors this year and we already have four accepted to fouryear colleges and I think it will keep improving as our students see their peers going to college. It takes something that seemed elusive and not even in their conversations and makes it something they can do.

How is running a charter school different from running a business?

In a business, you say you need “X” amount of dollars to operate and then you prove your model. With the school, we have to prove the model and then the money will come. Hopefully, after we prove the model, it can be replicated in other areas. It’s similar to business in that if you’re trying to build something

January 10, 2014

bigger than you, you have to have the right people or it won’t work. We’re putting the right people in place.

What is your biggest regret?

When I was coaching basketball at Hillcrest, one of my players missed practice. I went to his house and told him I’d pick him up the next day. He told me he was going to drop out. I thought I should have been able to help him, and I couldn’t. Poverty has so many aspects to it. Educating kids in poverty is so much more complex than we realize. It’s so easy to point your finger and blame somebody else. But we all know what happens when we blame another group. Nothing changes and you get the same results.

What was your biggest mistake in business?

That’s a tough one. I don’t know if anybody has made as many mistakes as I have, and I’m still learning.




Glancing Back and Gazing Ahead 2014 is poised to be a historic year for angel investors 2013 was a momentous year in the world of entrepreneurship and venture capital – both nationally and locally. 2014 is poised to be even more historic. Unlike most years when the top stories in the world of entrepreneurship and venture investing are exclusively about emerging technologies, the predominant theme at the moment stems from the most sweeping changes in the rules for raising capital since the Depression era. Last fall, the SEC finally implemented rules from the 2012 JOBS Act that allow startups and private equity funds to publicly advertise that they are raising money for the first time in 80 years. Sometime in 2014, the SEC will implement additional rules from the JOBS Act that will allow those startups and funds to raise investment dollars from non-accredited investors (i.e., those who don’t meet the current income or net worth standards the SEC sets for allowing investments in private offerings). Despite the onerous ways in which the SEC plans to implement the new rules, these are significant

UCAN COMPLETED A RECORD YEAR IN 2013 Growing by 16% Investing over $2.3M

IN 12 COMPANIES, including SEVEN in South Carolina.

UCAN’S TOTAL: Nearly $9 MILLION invested in 32 COMPANIES over the last FIVE YEARS.

2014 will be a year of continued change and opportunity for entrepreneurs and investors. developments for entrepreneurs who seek more and better access to early-stage capital. While those changes will affect startups and investors across the country, there are other significant changes taking place closer to home. 2013 marked the passage of the South Carolina High Growth Small Business Access to Capital Act, which encourages local investors to allocate capital to homegrown startups through a 35 percent state income tax credit. At least 21 companies were approved as Qualified Businesses under the new program for last year, and we’ll know how much was invested by the end of January. Narrowing the focus even closer to our community, the Upstate Carolina Angel Network completed a record year in 2013, growing by 16 percent and investing over $2.3 million in 12 companies, including seven in South Carolina. That brings UCAN’s total to nearly $9 million invested in 32 companies over the last five years. These national and local trends that took root in 2013 are likely to continue building momentum in 2014. Based on the new general solicitation rules, it’s a safe bet that you’ll begin to see a lot more advertising for risky startup investment opportunities. At some point during the year, equity


January 10, 2014

crowdfunding will be legalized and everyone will have access to purchase stock in those companies advertising their offerings. However, as with any major shift in a marketplace, there will be a period of significant readjustment when chaos will emerge and a lot of dust will be kicked up that may take a couple of years or more to settle. In the midst of that dust storm, the Upstate Carolina Angel Network will be working to improve the infrastructure for early-stage investing in South Carolina in 2014. Entrepreneurs will need help navigating the new rules and aggregating sufficient capital, and investors will need help sorting through the cacophony with a trusted source of deal flow, deal structuring and deal administration. To help bring order to the chaos, UCAN is working to establish the South Carolina Angel Network, a network of networks across the state for investors who may want to affiliate by city, by industry, or even by educational institution. With well over 100,000 accredited households across the state, the South Carolina Angel Network is designed to help draw latent capital off the sidelines and into an asset class that supports promising local entrepreneurs (who ultimately create all the

net jobs in the economy) while giving investors an opportunity to do well financially while doing good and having fun. Look for more details about the South Carolina Angel Network in the weeks to come. In order for the South Carolina Angel Network to fulfill its mission to help further the ecosystem for early-stage capital across the state, we’ll need strong partners – entrepreneurs, investors and sponsors. If you would like more information on how to get involved, please contact me at matt@ 2014 will be a year of continued change and opportunity for entrepreneurs and investors. We welcome you to join us for the ride.

Matt Dunbar is managing director of the Upstate Carolina Angel Network.

UCAN UPCOMING EVENTS: Angel Capital Association Webinar

» Wednesday, Jan. 15, noon » Matt Dunbar interviews

Naval Ravikant, cofounder of AngelList

» events/webinars

“Navigating the Boardroom for Startups,” workshop for investors and entrepreneurs

» Wednesday, Jan. 29 » Clemson at ONE » Speaker: John May, chairman emeritus of the Angel Capital Association




4 Social Media Trends to Jump On In 2014 Social media networking is a giant snowball rolling down the mountain, gaining steam, throwing off some detritus as it moves but picking up a lot more than it loses. Once a small outlier, it is a force to be reckoned with now. For a lot of us the question keeping us up is: how? How do we get our arms around it? How do we know where to start? How will we staff up for it? How will we determine if it was worth it? Here are four trends to consider in your planning. 1. Ban Spam. Online services are cracking down on spam and unwanted commercial marketing. In 2013, Google+ started actively suspending accounts of users who did not appear to be using their real names. Reddit, StumbleUpon and Twitter started a process of “ghost banning” this year – blocking updates and activity from suspect accounts while it investigated. You might not even know you

Many businesses cling to an oldschool metric that warns about “giving away” information for free. Those days are over.

were banned because they don’t tell you; they just don’t publish your content. How does this happen? A lot of people start blocking you, on Twitter you send a lot of tweets with links only (no personal content), you post the same content over and over. Find the big players’ rules: 2. Build Content. In place of spammy sales and marketing pitches, the social networking environment values content and information. No matter what your business does, you have interesting information to share. Many businesses cling to an oldschool metric that warns about “giving away” information for free. Those days are over; your competitors are gaining likers, friends, connections and potential business by being seen as experts and thought leaders. A blog is a great way to do this and

has the advantage of giving you something more to talk about on social media. 3. Find Niches. We are always talking about the mega-platforms – Facebook reportedly has at least 1.1 billion users, Twitter 645 million and LinkedIn 259 million. With numbers like that, seems like that’s where you should be, right? Well, maybe. But it depends what audience you are trying to reach. The average Facebook page post reaches 16.3 percent of your “likers.” Of that 16.3 percent, a much smaller number will become engaged with it in some way – like it, share it or comment on it. The social media evolution is not exclusively the province of 10-15 uber-services. Quietly, hundreds of smaller niche sites have been started and are gathering momentum among their particular constituencies. (Here’s one

list: Direct your content at the needs of a particular audience. If you have multiple audience targets, don’t try to wrap everything up with one blog or social media post – create content specifically for the audience you are trying to reach. You won’t find young moms and 50-plus women in the same place. A quick aside on the topic of age: The Internet is not wasted on the young. The Pew Research American Life Project reports that 72 percent of all adults who use the Internet are on social networks. Forty-eight percent of those are over the age of 50. (Some fascinating stats here: 4. Get Visual. If you are on social networks at all, you

have certainly noticed that what really hits home are visuals. A staggering 250 million visuals (photos or videos) are posted daily on Facebook. Posts with photos, galleries, inspirational posters, product images are the items that get liked and shared, repinned and retweeted. It’s that engagement that grows your audience. Does this contradict the earlier point about blog posts? No. But add visual components like virtual events, webinars, hangouts and certainly photo galleries and pin-ables to your arsenal. Create stories that utilize all of the above to illustrate and educate. You may have sensed that these suggestions all share one key component: They are going to take more time and more thought. To be an authentic contributor on social media networks, your communication efforts in this space need to reach beyond a daily checklist to “make sure we post something.” Getting serious and potentially getting some additional hands for strategic planning or operations may be the key steps to kicking it up a notch this year.

Laura Haight is the president of Portfolio (, which works with small businesses to incorporate emerging media and technology into its business communications, operations and training.

January 10, 2014



When Will Interest Rates Rise? It seems it is more a question of when rather than if interest rates will rise. Historical averages of 10-year Treasury rates suggest there is room for interest rates to go up a percentage point or two. And talk of the Federal Reserve tapering their Quantitative Easing program has most analysts believing that rates most assuredly will rise. Quantitative Easing has the Fed buying some $85 billion of Treasury securities every month, month in and month out. All this cash thrown at the Treasury market supposedly keeps rates low. So the thought is that when the Fed tapers off of its buying spree, interest rates will have to rise in order to entice other buyers into the market. Widespread Fed watching by TV pundits and investment firm gurus and all their speculation as to when the tapering of the QE program will begin supports the notion that an increase in interest rates is imminent. You’d be hard-pressed to find an economic report that predicts rates

The information provided is not a solicitation to purchase or sell investments. Any information presented is general in nature and not intended to provide individually tailored investment advice. The strategies and/ or investments referenced may not be suitable for all investors as the appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Investing involves risks and there is always the potential of losing money when you invest. The views expressed herein are those of the author and may not necessarily reflect the views of Morgan Stanley Smith Barney LLC, Member SIPC, or its affiliates.


The question is: How to position your portfolio to protect your assets for the possibility of rising interest rates? The answer, as with all investment strategy questions, depends on your objectives. to stay the same. They really can’t go lower. Even a slowly strengthening economy makes it seem rates do indeed need to increase. The caveat is, though, that when the majority espouses one opinion, the contrarian view usually wins out. And the Fed is promising to keep short-term rates low until the unemployment rate falls below 6.5 percent. You know what they say: You can’t fight the Fed. The investment question is, “How

to position your portfolio to protect your assets for the possibility of rising interest rates?” The answer is, as with all investment strategy questions, “That depends on your objectives.” For folks whose objective is current income, bonds have traditionally been the investment of choice because they make fixed interest payments at pre-determined times. But can enough interest income be generated at these low interest rates?

And if an investment product pays a rate that is higher than most other alternative choices, how much risk is in that product? Remember the old adage, “If it sounds too good to be true…” For growth objectives, which generally allocate a larger amount to equities, bonds can still be an important component of a well-diversified strategy. Long-term research based on Modern Portfolio Theory suggests that a portfolio of 70 percent stocks and 30 percent bonds captures 91 percent of stock market returns with only 70 percent of the risk. Who doesn’t want less risk in their investment portfolio? But, will Modern Portfolio Theory hold if we experience a sharp and prolonged increase in bond

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asset classes. That is because different investment types have proven to trend in ways that complement one another. The challenge if interest rates should rise is to find asset classes that increase when bond values decrease. And if bond values are declining, a larger question could be: Even under the guise of strategic asset allocation, does it make sense to have any money invested in bonds? Still, with interest rates at historic lows, the decision factor is two-sided. On the one hand, you’ll want to invest in as many short-term maturities as you can stand the low rates. This will help protect values if (as?) interest rates increase. On the other hand, you should look to generate income from the total return of your entire diversified investment portfolio, and not just from bond interest. This may mean a higher allocation to stocks than you really want. That will require a stronger risk management process – a topic for another article. Meet with a professional financial advisor to review your bond holdings. Ask about risk management in light of rising interest rates. Stay focused on your long-term objectives and you’ll be able to weather the storms of any market condition. Joseph B. Galloway, CFP, CRPS, is a financial advisor with the Global Wealth Management Division of Morgan Stanley Smith Barney in Greenville. His focus is on serving successful individuals, families, and businesses, helping them protect and grow their assets over multiple generations. Contact him at joe.galloway@morganstanley. com or galloway.





CRYSTAL BALL? Hopes, dreams and visions for 2014 and beyond in the Upstate

The late business author and management consultant Peter Drucker once said that predicting the future is like driving down a dark country road with your headlights off while looking out the back window. All we have to go on is history, and while the Upstate has seen some challenging years, there were some promising milestones along the way in 2013, giving plenty of reasons to be optimistic about the road ahead in 2014. With that in mind, UBJ asked some Upstate visionaries what highlights – and challenges – they expect to see this year and beyond.



Despite continued economic uncertainty, both at home and abroad, the U.S. as a market has remained relatively stable and thus more attractive than some other global locations. With that we have seen a high percentage of inquiries and investment from foreign corporations. In addition, much of our activity has been automotive, related to BMW’s continued growth. The other reassuring sign is that a larger portion of growth this year was expansions by existing industry. We believe these trend areas – foreign, automotive, and existing industry investment – will continue in 2014.


We expect to see Upstate companies continue to increase hiring in 2014. Our expectations are that job opportunities will be good in the


service industry, including financial and professional services. Health care should remain very steady with allied health professionals in strong demand. The information technology sector has been very hot over the past year or two and we expect to see increasing needs for developers and project leaders with high acumen. Sales roles became more prevalent during the fourth quarter of 2013 and we expect steady demand. Overall, companies in the Upstate recognize the value of top talent and are employing additional assessments to ensure the right long-term fit. I believe that moderate growth across most sectors will be the phrase that fits 2014.


Downtown Greenville is going to continue to be the most desirable place in the region to live, work and play. The return of national retailers to Main Street in 2013 signifies not only how far downtown has come, but also what to expect in the future. With substantial office, residential, retail and hotel development planned for 2014 by local and regional developers, expect to see more and more projects off of Main Street and continued interest from national brands not already in the market. The two biggest challenges to all of this development will be the availability of financing and locating anchor tenants for larger projects.

January 10, 2014


The downtown of Spartanburg will continue to grow and prosper as others look into their crystal balls and see that Spartanburg is a city hot for investment opportunity. Newly enhanced streetscape designs help set the stage and create an environment conducive for mixeduse office, residential, storefront retail, arts and entertainment. The public and private sectors will work together to attract new white-collar businesses, including the entrepreneurial and creative classes that currently tend to favor urban environments. A couple projects of significant prominence will provide additional fuel to the economic engine for downtown revitalization. As the downtown enjoys this vibrant growth, we must be deliberate and intentional to properly position the city for a new workforce, residents and visitors. Challenges will also include ensuring that the designs of future projects are integrated and complement the existing downtown, remaining creative to ensure good projects go forward, and renovating beautiful but vacant historic buildings for occupancy.


At last count, the FDIC reported that Greenville County supported 34 different banks in its market. While that number creates tremendous competition, the Greenville market is indeed blessed to be served by great banks and great >>

>> bankers. The regulatory challenges faced by all banks makes the service we provide more difficult and complex. Our industry will continue to deal with change and you will likely see more disruption in the names of financial institutions in Greenville. I also believe that you will see great bankers in the Greenville market who continue to passionately serve their clients and this great community. MINOR SHAW, CHAIRWOMAN, GREENVILLE-SPARTANBURG AIRPORT COMMISSION

In 2014, Greenville-Spartanburg International Airport (GSP) will continue its role as an essential part of the economic development landscape of Upstate South Carolina. Historically, GSP has had an annual economic impact of just over $817 million. 2014 marks the beginning of the second full year of WINGSPAN, a $115 million terminal renovation program projected to deliver a $164.1 million total economic impact to the community. During 2014, as a part of WINGSPAN, we will

see the opening of the new baggage claim area, the installation of 700 feet of a glass façade, the opening of the north wing and the start of renovations in the core of the terminal. GSP will also welcome new vendors including Dunkin’ Donuts, Thomas Creek Grill and RJ Rockers Brewery. Although airline mergers and the continued evolution of TSA present challenges, the GSP leadership team is committed to providing exceptional air service to the citizens of the Upstate through our focus on the retention and the growth of existing service and the recruitment of new service. We appreciate the support of the citizens of Upstate South Carolina and look forward to an exciting 2014.

rise through the end of 2014. Housing starts are beginning and demand currently far outweighs supply, which is a very real concern; we really need more inventory. As for the challenges that lie ahead, Fritzi Barbour, BIC of our Pleasantburg Drive office, said, “The challenges will be the unknown economic impact of government regulations: Qualified residential mortgage rules, changes to deductions related to real estate, the National Flood Insurance Program changes (possibly delayed) and the Affordable Care Act in the coming year. That and the post-Bernanke policy at the Fed all could affect us in untold ways.” Overall, though, we expect the Upstate to continue to enjoy good job growth, industry expansion, and continued strong economic development. All of which contribute to a healthy housing market.



There are many positives to report with respect to the residential real estate market in Upstate S.C. Home sales are expected to remain steady and home prices are expected to continue to


In 2013 we saw the start of new construction in the industrial market for the first time since 2005, along with the addition of more than 400,000 square feet of downtown office space and the introduction of new national retailers such as Brooks Brothers and Anthropologie. The Upstate’s commercial real estate market and the community as a whole will see this upward momentum and growth continue in 2014 and during the years to follow. As Greenville and the rest of the Upstate enjoy continued growth, we have to be prepared to compete on a global level on every front, particularly in regard to economic development, workforce recruitment and retention, and education. Another challenge will be to maintain the characteristics that have always made our community charming and so appealing, while continuing to pursue and embrace new growth and development opportunities. CRYSTAL BALL continued on PAGE 20

January 10, 2014


CRYSTAL BALL continued from PAGE 19


Greenville is still a great place to live, as evidenced by the continuing positive press we receive listing Greenville in the “Top Five” in many categories. Much of the housing crisis is behind us. Interest rates for mortgage loans are still very attractive. Foreclosures continue to drop, which can only help to stabilize the market. Most of the major area employers are seeing an increase in business and hiring new employees. The apartment market is strong, with many new units scheduled to come on line in 2014. We are seeing a renewed interest from investors and developers who have been sitting on the sidelines for some time. Some challenges: Banks’ resistance to “speculative” lending; increased regulations; Obamacare; uncertainty in new mortgage lending guidelines; a shortage of buildable lots; and trying to plan in an uncertain political environment.


2013 certainly was an exceptional recovery year for the residential real estate market in the Greater Greenville area. It was our strongest market since 2008, with sold figures surpassing 2008 totals by a wide margin. We are at the point where we can drop the word “recovery” and get back to using the term “real estate market.” We are not where we were in 20062007, but the residential real estate market may never see those figures again. 2014 looks to be much the same as 2013, with a steady, solid growth supported by recent economic and jobs data exceeding expectations. Homebuyers are still seeing low mortgage rates, affordable prices and a recovering economy. 


Challenges to the housing market in 2014 include concerns regarding health care, and issues surrounding the National Flood Insurance program. Retention of the Mortgage Interest Deduction is essential to keeping the housing market strong.


Over the next two to three years, we expect to see an unprecedented amount of new projects ranging from retail, to multifamily to office to industrial. Consider just the CBD area: There are four hotels; two high-rise and two low-rise apartment projects; and an office building that have been reported to commence construction in 2014 downtown (potentially nine new buildings that will modify our skyline). Consider the suburbs and there are several additional multifamily developments that will commence; there are also four separate industrial spec projects that will be under construction in 2014 totaling over 300,000 square feet. There are also over 1,000,000 square feet in build-to-suit projects out in the market, all of which would potentially begin construction in 2014. In general, we are extremely excited about 2014 and the opportunity it brings. Interest rates remain low, buyers remain optimistic and inventories for available space continue to tighten, all of which is good news for the real estate industry. It’s a very exciting time to live, work and play in Greenville/Spartanburg.


It has been crazy year for us over here at PSG. We needed to be closer to the “action” so we moved to downtown Greenville, upstairs from our friends at Dark Corner Distillery on Main Street.

January 10, 2014

After extensive sampling of their product and learning to appreciate banjo music throughout the day, we realized that the economy was turning around and people were buying cybersecurity products and services once again! Huzzah! The trend towards “security intelligence” our crystal ball saw last year came true! I now predict with great authority that 2014 will be a time of explosive growth for my industry as traditional service-based contracts migrate to security as a service and we leverage local business partners such as Immedion’s data centers to provide cloud security offerings at a fraction of the cost.


In 2013, with the support and assistance of the Greenville City and County councils, we were able to secure over $13 million to improve our arena. We completed phase one of the improvements in 2013 and plan to complete the remainder of the improvements over the next two years. The 2013 improvements were highlighted by a new center-hung scoreboard, a 360 >>


ribbon board and remodeled suites. The 2014 improvements will include a new roof, a new sound system and a remodeled concourse. Secondly, for the first time in the 15-year history of the arena, we have a new naming rights partner. In September we were proud to announce that Bon Secours St. Francis Health Systems had secured the naming rights for the arena for the next 10 years. Our future challenge will continue to be competing with the larger arenas and markets in the Carolinas for concert business. The amphitheater concert business will continue to grow as more and more major acts have positive experiences at the venue. Our 2014 arena renovations will result in an even more inviting facility for our building users and our guests to enjoy events. The concert business will continue to be unpredictable and cyclical. With more hotels and meeting space being built in the central business district, downtown Greenville will continue to grow as a tourism magnet for the region. Our reliance on social media will become an even more important method of communicating with our guests. We will continue to be a major player in the development of the downtown and in particular

in the North Main Street district as we seek opportunities consistent with our strategic plan and our core business of sports, entertainment and conferences.


I am very positive about the balance that developed in 2013 among the different sectors that share downtown. You have the retail and the office, from financial services to lawyers, but now you also have a lot of customer service places popping up like dentists and insurance agents downtown. There’s still the wonderful base of restaurants offering affordable food to the high dollar. I can’t see anything negative on the horizon. There’s going to continue to be continued growth. We’ve learned to work around the frustrating problems of construction and growth, but we need to just smile. We’re getting there. I see people beginning to utilize the parking spaces better. They’re not trying to park and stay too long, and the people who are working downtown are finding a permanent space in the lot. People coming for retail are learning to use these wonderful parking garages that the city has provided and they’re not frightening. People are beginning to use what we have been provided. Now we’re a metropolis and we’re learning to use things in an urban manner. Also, other cities are cutting back on things like festivities, but I expect Greenville to continue to offer those big wonderful events that make downtown great.


One of the biggest challenges I see is growing the minority young professional population within the city limits of Greenville. We have a number of businesses and organiza-

tions that continue to recruit talent, but often those individuals relocate to larger cities. Those who stay live outside of the city limits. I’d like to see a wider variety of housing stock similar to the options located outside of the city. In the next few years, I’d like to see an increase of minority population in the city.


I am starting to see how minority businesses are strategic engines for helping to create economic development and to add to the vitality of the overall area. At some point in time there wasn’t a lot of focus on accelerating minority-owned businesses. I think that the Chamber has been catalytic in creating that greater participation. I feel like I’m sensing a movement that’s unique in this area. I don’t think we’d seen this area get behind initiatives like this before. People are getting more thoughtful in general about the value of diversity and inclusion. People will move from having conversations about it to figuring out how to really move this body of work forward. It’s on people’s minds, and it’s on their radar for the right reason. People new to this space are realizing they can’t just throw tactics at it, but they’re being strategic in order to not just initiate the work but make it sustainable. Our MBA (Minority Business Accelerator) program is an example of that, and through the 17 businesses that have been selected we’re starting to see some early returns just in the perception of the value they bring to the area. We may start to see some results from that. In one year it’s ambitious to think it’s going to be significant, but we just want to see some progress. We hope that minority businesses will not have

January 10, 2014

CRYSTAL BALL continued on PAGE 22


CRYSTAL BALL continued from PAGE 21

to look solely outside of this area for business, that they’ll have more available to them.


Like many internationals in the Upstate, I am used to living immersed in various cultures. What makes Greenville my chosen home is its ability to evolve and embrace new people and ideas. I am particularly optimistic about our progress as a community in the area of inclusion. We are taking meaningful steps towards engaging the outstanding diverse talent and assets that our Upstate communities are fortunate to have. We are experiencing a shift from ideas to action and from wanting to be inclusive to appreciating the competitive advantage that diversity brings to all sectors. A great example is the partnership between United Way of Greenville County and the Hispanic Alliance of SC, which is a new model of collaboration engaging diverse partners to lift and strengthen undeserved communities and create opportunity through education and access to essential resources. The rapid growth of the Hispanic population has challenged many of our current systems, but it has also brought great talent to the Upstate. Our ability to embrace new perspectives will help us build a promising future for everybody. There’s no better way to experience and honor our communities in 2014 than rolling up our sleeves and leveraging our collective strengths to turn challenges into opportunities.


Next year we will see more fruit of years spent on wearable tech and physical devices connected to the Internet. We will also see continued increases in mobile Internet usage as the cost of both smartphones and Internet access continues to decrease around the world (Android devices will have a large share of that growing


market). Increasingly, local tech economies will grow and great startup companies will emerge from places other than Silicon Valley, NYC and Boston. Hopefully, we will also see positive shifts in education as traditional institutions struggle to provide cost-effective and up-to-date training in a world where almost all information is free and inexpensive online courses abound.

chaos that will ensue in the marketplace for a few months. Fourth, UCAN will help launch the South Carolina Angel Network to help support early-stage capital infrastructure across the state. Fifth and most importantly, entrepreneurs will continue to identify opportunities, take risks and create great companies – and although some will win and many will lose, the net result for our economy and our lives will be undoubtedly positive.  



In early-stage investing, we are reminded often of the overconfidence bias we bring to predictions about the future. So with that caveat in mind, here are five educated guesses about what’s on the horizon in 2014. First, you will begin to see many more advertisements for private investment opportunities based on new general solicitation rules enacted by the SEC this fall. Second, equity crowdfunding will be legalized sometime in the middle part of the year, allowing anyone (not just the wealthy) to buy stock in private companies (and driving more ads). Third, investors will be attracted to organized angel groups like UCAN to help navigate the

January 10, 2014

Courageous collaborative leadership will determine Greenville’s future just as it does today. This courage to address in a positive way Greenville’s political barriers, partisanship, regionalism and intolerance, breaking down those silos of arrogance that block progress, will continue to make Greenville special. Some people pick up a newspaper and sigh. Others pick up a newspaper and then pick up the telephone and make things happen. Greenvillians are telephone picker-uppers. Our problems are manageable and solvable. By the nature of its definition the status quo doesn’t budge until leaders shove and holding on to that status quo doesn’t get us there, doesn’t move Greenville forward. As long as we have frank, candid and civil discussions about who we are and where we are going, the future for our families and businesses is bright indeed.

TBA in 2014 Here at UBJ, we’ve had our ears to the ground and our fingers on the pulse of the Upstate business community for more than a year. Here’s what we think we might see happen in the next 12 months:

>> Roads will be big on the state and local

levels. County Council must decide whether to allow a referendum on a local option sales tax, and the Legislature is faced again with how to address $29 billion worth of infrastructure needs.

>> More and more national retailers will open

retail outlets in downtown Greenville. Think along the lines of Eddie Bauer, Victoria’s Secret, Neiman Marcus.

>> The North Main area will get a grocery store – perhaps a Trader Joe’s or Fresh Market.

>> Greenville will begin to emerge as a

technology hub in the Southeast, possibly fueled by “tech space” in the ONE building.

>> In manufacturing, materials technology will see the most advances this year.

>> The Greenville News building will be sold >> Pressure from business interests will result in more significant transportation funding in addition to last year’s developments.

and the site will become the city’s downtown convention center.

>> The Village of the West End will emerge as

an arts district as more businesses move to the area fueled by rising rents and lack of space available along Main Street.

>> Genetics-based technologies will outpace other bioscience categories.

>> Hispanic professionals and business owners will gain more visibility.

>> Greenville County will opt to take advantage

>> Education funding reform could impact

business. A bill pending in the S.C. House would levy a 100-mill statewide property tax dedicated to schools, and includes authority for local districts to levy property taxes up to 8 percent of assessed value of local property on top of that.

of its AAA bond rating and embark on a capital project on the site of County Square in downtown Greenville. A new multi-use project will be built at County Square to house city and county offices. Land surrounding it will become condo/retail development.

uptick in momentum and activity.

>> Downtown Spartanburg will see a significant increase in open storefronts.

>> After rumors of a takeover during 2013,

>> Retail and restaurant options will continue

to grow downtown, with Greenville landing on even more national top 10 lists.

>> Downtown Travelers Rest will see another

>> More speculative industrial and commercial

buildings will be built to supply demand, especially around the airport and inland port areas.

Greenville Health System will assume operations of the Greenville County Emergency Medical Services (EMS), freeing up approximately $16 million out of the county’s budget.

>> Health technology related startups will outpace other tech startups.

January 10, 2014



Office/Warehouse Space Planned for Pelham Road By Sherry Jackson | staff |

The Pelham Road corridor will soon have a new 200,000 SF, Class A, multi-tenant, office/warehouse space named Logue Park at Pelham. The new development will be located within one mile of the I-85/ Pelham Road interchange between I-85 and Highway 14. The location near the Greenville-Spartanburg International Airport and companies such as Michelin, ScanSource, Super Duper Publications, Iron Mountain and Bausch & Lomb is expected to be attractive to potential tenants. The park will be constructed on a 13-acre site that was purchased in August 2013 by JOCO LLC. Mark A.

Cothran, a principal at JOCO, said the development is currently in the final design stages. The park will consist of two buildings, one 90,000 SF and the other 110,000 SF. The buildings will include 50-by-50 inches column spacing, 28-foot minimum clear ceiling heights, a 200-foot truck court, and the ability to provide drivein doors. The buildings in the park will have early-suppression fast-response (ESFR) sprinkler systems. According to Lee and Associates, the current Upstate Class A multitenant office/warehouse market includes a total of 25 buildings/projects,

comprising 2,775,106 SF. This includes two additional announced projects – one containing 156,000 SF located in Spartanburg County which has pre-leased 52,000 SF, and a second project of 250,000 SF to be located in lower Greenville County which has not yet started construction. The current vacancy rate, which includes all newly announced projects, is 12.6 percent. Logue Park at Pelham is the only park located in Greenville County in the very popular Pelham Road corridor. Cothran Properties LLC will oversee the development and management of the project, while Lee &

Associates – Greenville will handle the leasing and marketing for space within the park. The project is expected to be completed in the third quarter of 2014 and pre-leasing is underway. “We haven’t had a lot of product being created in the past three or four years,” says Russell Bentley, brokerin-charge at Lee and Associates. “Our demand is up and our industrial vacancy is down. Considering this location on Pelham Road is golden, it will be filling a void we have right now for quality space that will appeal mostly to distribution-type companies with an excellent location near I-85.”

DEALMAKERS CUSHMAN & WAKEFIELD | THALHIMER ANNOUNCED: Brad Harvey represented the tenant, Greater Western Carolinas Chapter of JDRF, in renewing its lease of 1,216 SF of office space in Piedmont East at 37 Villa Road, Suite 109, Greenville. Charles G. Whitmire Jr. represented the tenant, UBS Financial Services,

in renewing its lease of 12,879 SF of office space in Poinsett Plaza at 17 W. McBee Ave., Greenville. Chris Norvell, Scot Humphrey and Bill Simerville represented the seller, Alliance Partners, in selling the Commonwealth Distribution Center, a 221,645 SF class-A industrial facility located at 40 Tyger River Drive, Duncan to Exeter Property Group for $9,700,000.


Brian Young and Elliott Fayssoux also assisted with the sale. NAI EARLE FURMAN ADDS TO TEAM NAI Earle Furman recently announced that John Gray and Grice Hunt have been named shareholders, and Henry “Hal” Johnson officially joined NAI Earle Furman as chief development officer on Jan. 1. Gray joined NAI Earle

January 10, 2014

Furman in the summer of 2010. Previously, he cofounded Croxton Gray Commercial Properties in January 2005 after 14 years as a top producer with another market-leading commercial real estate firm. Hunt is a University of South Carolina graduate and began his career in the research and marketing division of a commercial real estate firm in Columbia and later moved into



brokerage. In 2006 he began work at NAI Earle Furman with the Industrial Services Division. Prior to joining NAI Earle Furman, Johnson served as the president

JOHNSON and CEO of the Upstate Alliance for almost nine years. He was named the 2013 Economic Developer of the Year by the South Carolina Economic Development Association.


‘A Homey Place to Crash’ Investor and cyclist plans six-bedroom inn off GHS Swamp Rabbit Trail By Sherry Jackson | staff |

“It’s a great space and there’s a lot that can be done with it.” Wendy Lynam

deluxe room will have two queensized beds and a private bath, and one of the rooms will have two bunk beds that will adjoin the deluxe room. Lynam says that people can be “as communitable as they want or as hermit-y as they want,” with shared living and kitchen space. Bluetooth locks will be installed on each door, instilling a bit of high-tech and security in what Lynam says will be a fun, funky and fresh interior with European flair. Lynam won’t live on the property and describes it as self-service, but says she is only a few

minutes away to assist guests if they need anything. She also plans to offer personal concierge service. Lynam sees the inn as fulfilling a need for short-term and vacation rentals in downtown Greenville and says that the good location downtown really fills a niche for travelers wanting a more “homey place to crash.” Rates will be approximately $125.00 a night per room, and the inn can also be rented as a whole house. Lynam says it will be perfect for weddings and girls’ getaways. If the zoning exception isn’t approved, not to worry, says Lynam. She’s got a plan B and a plan C. “It’s a great space and there’s a lot that can be done with it,” she says. Lynam says with the current zoning of multifamily residential she could convert the house into a short-term or corporate rental.








deluxe bedroom that will have its own en-suite bathroom) and shared kitchen and common areas. Lynam says she got the idea for the inn after attending several multi-day, organized cycling events and saw that people would rather stay somewhere comfortable and low-key rather than a hotel. She’s purchased five other rental properties in Greenville in the past year but says she particularly loves where this property is situated. The location, just a block from the Greenville Health System Swamp Rabbit Trail, not only inspired the name of the inn but also inspired Lynam’s plans to offer weekly organized bike rides for both locals and guests, host cycling get-togethers and conduct walking guided restaurants tours. The inn will have six bedrooms. Four will have a queen-sized bed, one


avid cyclist, Wendy Lynam saw the opportunity in a large home for sale in the heart of Greenville’s downtown. If her special exemption permit is approved by the City of Greenville zoning board later this month, Lynam hopes to open the six-bedroom Swamp Rabbit Inn at 1 Logan St. on March 1. She describes the property as a European inn with shared bathrooms (except for one


As a real estate investor and

January 10, 2014


New hires, promotions & award winners can be featured in On The Move. Send information & photos to onthemove@upstatebusiness





University. Angela Lynn has been named banking officer. Lynn works in the bank’s compliance department where she serves as BSA specialist and has been with Greer State Bank for six years. She received her B.S. degree from USC-Upstate and her MBA degree from North Greenville University.


Rick McDaniel

Arynn Carswell

Ken Costanzo

Dr. Tanju Karanfil

Joined Ever-Green Recycling as a route driver serving Ever-Green customers in Greenville and Spartanburg counties. McDaniel formerly worked with Corporate Recycling Solutions in Duncan.

Joined the Old Cigar Warehouse as its new wedding sales manager. Carswell has been active with the Furman Student Advisory Board, Chi Omega Sorority and Furman Admissions Ambassadors. She previously served as an intern with the food and beverage festival Euphoria.

Rejoined Stanton Chase International. Costanzo was previously a search consultant with Stanton Chase, specializing in real estate, consumer products and services, travel, hospitality and leisure. Previously, he was president of Gary Player Real Estate, and the chief operating officer of The Cliffs Communities.

Named dean for research and graduate studies in the College of Engineering and Science at Clemson University. Karanfil was previously an environmental engineering professor and chair of the Environmental Engineering and Earth Sciences department since 2008.




Greer State Bank announces the promotion of John Hobbs as senior vice president and chief risk officer. Hobbs has been with Greer State Bank for three years and has been involved in the banking industry for over 29 years. He received his accounting degree from The University of South Carolina and is a Certified Public Accountant. Scott Presley has been named senior vice president, construction lending manager. Presley has been with Greer State Bank for over six years and has been involved in the banking industry for over 22 years. He received his B.S. degree from Clemson

Will join the Greenville Chamber effective March 1 to direct the leadership development initiative (LEAD) programs and serve as executive vice president of operations. Kimbrell has a 15-year career in chamber management with the Anderson and Greer chambers and most recently as president and CEO of the Gaston Regional Chamber in North Carolina.

The Spartanburg Chamber of Commerce recently announced that president and CEO David Cordeau recently retired. Charles “Chuck” White was named as an interim replacement for Cordeau, who held the position for seven years.

LEGAL: Steve W. Sumner Attorney at Law LLC recently announced that attorney Matt Foster was selected for membership into The National Trial Lawyers: Top 40 Under 40 professional organization for the state of South Carolina. The National Trial Lawyers: Top 40 Under 40 is a new professional organization comprised of America’s top young trial attorneys.

NONPROFIT: Upstate Forever 2014 announced the following officers of its board of directors: Chairman Dick Carr; Vice-Chairman Brice Hipp; Secretary Glenn Hilliard; and Treasurer Tom Kester.

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1. Zoës Kitchen recently opened its 104th location at 1130 Woodruff Road, Suite C, in Greenville. The restaurant features salads, pitas, sandwiches and kabobs in addition to fresh sides like no-mayo slaw, potato salad and braised white beans with fresh rosemary. The restaurant is open from 11 a.m. to 9 p.m. daily. For more information, visit


2014 Sponsors

January 10, 2014



Kyrus Solutions Merges with Tolt Service Group Greenville Joins Statewide Restaurant Week Restaurant Week South Carolina gives Upstate food lovers the opportunity to sample 26 Greenville area restaurants from Jan. 9 through Jan. 19. The restaurants range from casual to high-end and include newer restaurants such as Roost and Tupelo Honey Café while featuring older local names such as Stel-

la’s Southern Bistro, Rick Erwin’s West End Grille and American Grocery Restaurant. Participants can choose from the list of restaurants with prices from $15 to $35 per person on a special prix fixe menu for Restaurant Week. For more information or to make reservations, visit

Clearlake Capital Group, a Los Angeles-based private equity firm, recently announced the formation of Tolt Solutions through a merger of Taylors-based Kyrus Solutions Inc. and Charlotte-based Tolt Service Group. Clearlake recently acquired Tolt Services, and had acquired Kryus Solutions in July. The new company will employ approximately 900 experienced retail IT consultants and continue to serve over 37,000 customer locations throughout the United States and Canada. “We are committed to building an even stronger global company via a combination of acquisition and organic growth, ultimately providing more dynamic and expanded services to our current and future customers,” said Keith Bradley, chairman and CEO of Tolt Solutions, in

a release. “Retailers need a strong, reliable partner that will ensure the right technology and processes are in place to manage operations and improve store profitability. This merger immediately creates one of the largest independent providers of retail IT services and technology solutions in North America, resulting in increased coverage for our customers as well as an enhanced service offering.” Each company has a background in providing managed services, technology solutions and application development. Tolt Solutions will offer retail point-ofsale, self-service and wireless mobility development and solutions along with deployment and maintenance services, network management solutions, and other managed services.

Greenville Memorial Hospital Receives Consumer Choice Award Greenville Health System’s Greenville Memorial Hospital has received National Research Corporation’s Consumer Choice Award for the 18th consecutive year. The recognition makes Greenville Memorial the only hospital in South Carolina to have won this award every year since the award’s inception in 1996. In addition, the hospital is one of six in the state to be recognized as a winner this year. The state winners include: MUSC Medical Center in Charleston; Lexington Medical Center in

Columbia; McLeod Regional Medical Center in Florence; Grand Strand Regional Medical Center in Myrtle Beach; and Spartanburg Regional Medical Center in Spartanburg. According to a release, the award is given to the nation’s top hospitals that consumers have chosen for providing the highest quality health care. “It is an honor to be recognized by the community as the


January 10, 2014

healthcare provider of choice again this year,” said Michael Riordan, GHS president and CEO, in a release. “This achievement reflects positively on not only Greenville Memorial but also Greenville Health System as a whole. Our network of hospitals and physician practices, committed teams of physicians, nurses, allied health and other staff are committed to demonstrating excellence in patient care, safety and service every day.”


More than 500 to Attend SCANPO Summit

and its impact on nonprofits, as well as North Carolina-based experts Gail Perry and Roger Schwarz, who will present “New Rules for Fundraising in Changing Times: Don’t Get Left Behind” and “Smart Leaders, Smarter Teams.” Local philanthropic leaders George

Stevens and David Farren will cap off the event with “Building Teams Beyond Your Walls.” Attendance to the Summit ranges from $100 for one day to $345 for all three days for non-members. To register, visit

Denny’s to Expand to Middle East Denny’s Inc., the Spartanburg-based family dining chain, announced this week that it has signed a franchise agreement with Advance Investment LLC, an affiliated entity of Food Quest Restaurant Management LLC, for the development of 30 new Denny’s restaurants in nine countries in the Middle East over the next ten years. Advance Investment LLC, with manage-

ment support of Food Quest, has exclusive rights to open restaurants in the United Arab Emirates, Saudi Arabia, Qatar, Bahrain, Kuwait, Egypt, Lebanon, Iraq and Jordan and expects the first restaurant will open in the United Arab Emirates in 2015. “We are making significant progress expanding the Denny’s brand internationally with the right franchise partners and this is further

evidence of our momentum,” said John Miller, Denny’s president and CEO, in a release. “This significant development agreement is our first major expansion in the Middle East and expands Denny’s unopened international pipeline to over 60 restaurants.” “We are proud to be associated with the Denny’s brand and look forward to developing it in the Middle East,” said Fareed Bilbeisi, chairman of the board of Food Quest. Denny’s opened its first international restaurant in 1966 in Acapulco, Mexico and has since expanded its footprint to 11 countries and U.S. territories, including 100 locations in Canada, Chile, Costa Rica, Curaçao, the Dominican Republic, El Salvador, Guam, Honduras, Mexico, Puerto Rico and New Zealand. January 10, 2014

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The SCANPO Nonprofit Summit “Together for Good” is expected to bring together over 500 fundraising and nonprofit professionals throughout South Carolina Feb. 10-12 at the Francis Marion Hotel in downtown Charleston. The conference, which is in its 15th year, focuses on replicating the best practices throughout the state in the fundraising and nonprofit sectors. The areas to be discussed include energizing a volunteer board, simplifying the strategic planning process and tracking advocacy opportunities. The summit will also offer sessions on the Affordable Care Act


UBJ PLANNER FRIDAY JANUARY 10 FIRST FRIDAY LUNCHEON Greer City Hall, 301 E. Poinsett St., Greer; 11:30 a.m.-1 p.m. COST: $10 for Greer Chamber members; $15 for non-members CONTACT: Katie Witherspoon atkatie@

The Upstate Business Journal welcomes expert commentary from business leaders on timely news topics that relate to their specialties, especially little-known but significant issues they feel are pertinent to business readers. Our guest columns run 700-800 words and we welcome supporting art that will help explain your points graphically. Please contact Executive Editor Susan Clary Simmons at ssimmons@ if you are interested in submitting an article for consideration.

Greenville; 7:30-9 a.m.


COST: $8.50 for pre-registration or $12 at the door. Open only to Chamber members.

NORTH GREENVILLE ROTARY CLUB The Poinsett Club, 807 E. Washington St., Greenville; 12:30-1:30 p.m. CONTACT: Shannon Harvey at 864-228-2122 or shannonharvey@

CONTACT: Lorraine Woodward at 864-239-3742 or if you are a Commerce Club member, contact Dot Drennon at ddrennon@ REGISTER AT:


SPEAKERS: Heather Clark, sales director for FUEL Digital Marketing & Branding; and Lindsey Stemann, vice president of Intero Advisory COST: $25 per person. REGISTER AT: CONTACT: Janet Christy at or 864-244-4117



CONTACT: Call Golden Career Strategies at 864-527-0425 to request an invitation


CONTACT: Tripp James at tjames@ or 864-239-3728


Mauldin Cultural Center, 101 E. Butler Road, Maudin; 11:30 a.m.-1 p.m. SPEAKER: Babb & Brown, PC

Westin Poinsett Hotel, 120 S. Main St., Greenville; noon


CertusBank, 530 W. Wade Hampton Blvd., Greer; 8-9 a.m. COST: Free for Greer Chamber members





The Palmetto Bank, 306 E. North St., Greenville; 5-7:30 p.m.

Greenville Chamber of Commerce, 24 Cleveland St.,

CONTACT: 864-646-1700 REGISTER AT:


CONTACT: info2@


TOPIC: Dress for Success

TOPIC: Sales Techniques/Prospecting

TOPIC: Wills & Probate

The Office Center at the Point, 33 Market Point Drive, Greenville; 8:30-9:30 a.m. SPEAKER: Myles Golden

Greenville; 11:30 a.m.-1 p.m.

Tri-County Technical College-Pendleton Campus; 5:30-8:30 p.m. COST: Free to attend

XPERIENCE CONNECTIONS Noma Tower, Hyatt, 220 N. Main St., Greenville; 6-8 p.m. SPEAKER: Bonnie Ross-Parker, Co-Founder and CEO of Xperience Connections TOPIC: Women Make It Happen COST: $20 per person REGISTER AT: xperienceconnections. com/spotlight/greer

GOT A HOT DATE? Contribute to our Planner by submitting event information for consideration to events@

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Historic photo available from the Greenville Historical Society. From “Remembering Greenville: Photographs from the Coxe Collection,” by Jeffrey R. Willis

In this historic photograph of Coffee Street at Five Points you can see on the far left the rear portion of Myers-Arnold. The Five Points Service Station is nestled in a small corner next to Myers-Arnold. The entrance to the station is through a bay that projected from the facade. Tollison’s Barber Shop is to the right of the station. The building with the castellated roofline is divided into two stores. The Home Furnishings Company is on the left; and to the right is the Piedmont Pawn Shop. On the far right at the corner of Coffee and Main streets is W.T. Grant’s.


The renovated public space, Piazza Bergamo, is located at what was Five Points. The $4 million renovation created an active public open space complete with water features, comfortable seating, shade structures and trees, and outdoor dining opportunities. The city worked with Civitas on the design and planning of the Piazza. The Myers-Arnold Building now houses Mast General Store. The service station is gone, but the buildings containing the barbershop, Home Furnishing Company and the Piedmont Pawn shop remain and are home to Sassafras Southern Bistro restaurant.




STAFF WRITERS Sherry Jackson, Cindy Landrum, April A. Morris, Joe Toppe



EXECUTIVE EDITOR Susan Clary Simmons

SALES REPRESENTATIVES Lori Burney, Kristin Hill, Kristi Jennings, Donna Johnston, Annie Langston, Pam Putman




ART DIRECTOR Kristy M. Adair


ADVERTISING DESIGN Michael Allen, Whitney Fincannon UBJ welcomes expert commentary from business leaders on timely news topics related to their specialties. Guest columns run 700-800 words. Contact Executive Editor Susan Clary Simmons at ssimmons@communityjournals. com to submit an article for consideration. Copyright @2014 BY COMMUNITY JOURNALS LLC. All rights reserved. Upstate Business Journal is published weekly by Community Journals LLC. P.O. Box 2266, Greenville, South Carolina, 29602. Upstate Business Journal is a free publication. Annual subscriptions (52 issues) can be purchased for $65. Postmaster: Send address changes to Upstate Business, P.O. Box 2266, Greenville, SC 29602. Printed in the USA.

January 10, 2014


EVENTS: events@



Jan 10, 2014 UBJ  

Upstate Business Journal published by Community Journals in Greenville, South Carolina. Weekly business news and information for the Upstate...

Jan 10, 2014 UBJ  

Upstate Business Journal published by Community Journals in Greenville, South Carolina. Weekly business news and information for the Upstate...