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Angels, crowdfunding and banks – where are entrepreneurs finding the capital to start new companies?

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Hiring rules change for vets, disabled

ON THE GROUND

Inside OOBE's new headquarters

BY THE RIVER

GSP CEO outlines growth plans

IN THE AIR

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UBJ up front

Reflections from the Sidelines By Greg Beckner | photographer gbeckner@communityjournals.com

Who’s

Photo by Greg Beckner

photographer Greg Beckner shoots a Clemson game from the back of the end zone in the mid-1990s.

i was making a photograph of co-workers in their Clemson apparel before the “big game” against UGA last week when my mind began to play back memories of past college football seasons and my time as a photographer assigned to cover games. Most people believe the sidelines are a great place to watch a game. In fact, it’s the worst place if you really want to see what’s going on. Crowded with other photographers, television cameras, television support staff, coaches, trainers, cheerleaders, security personnel, boosters, prospects, and of course the mascots, the sidelines are a game within a game. A clear view of the field can become as elusive as an oasis in the desert. Which is why I preferred to shoot from the back of the end zone when I could. Still, to experience a game, the

sidelines are beyond compare. Hearing 90,000 people “barking” in unison from the sidelines in Athens is a surreal experience. Watching the orange-clad gang run down the hill and into your camera during the most exciting 25 seconds of college football at Death Valley is indeed exciting, particularly if you can’t hide behind the goalpost because the spot is already taken. And who could forget the first time they spied the giant bird running onto the field while the theme from “2001: A Space Odyssey” plays in Columbia? I remembered the time covering the homecoming game at Clemson when things didn’t go as planned. At halftime the floats were driven onto the field. Unfortunately for the homecoming queen, the giant flower float she was riding inside malfunc-

Who? are you?

introductions feb. 2014

(continued on page 5)

September 6, 2013 Upstate bUsiness joUrnal 3


Volume II, Issue XXXV

September 6, 2013

Worth repeating “The funding environment continues to be challenging, although there are some things taking place that are improving the environment.” Matt Dunbar, managing director of the Upstate Carolina Angel Network, on the difficulty of raising early-stage capital. “It’s really not more money so much as more pressure.” Tech entrepreneur Darren lim, on being accountable to his investors. “Even good businesses that can’t get money can go out of business – quickly. If you wait until you really need it, it’s almost too late.”

tba Word is Keller Williams will be relocating to downtown Greenville from its current location on Airport Way… Apparently the longvacant former italian Market space on Haywood Road is finally getting a tenant. the bavarian pretzel Factory is reportedly moving there from Woodruff Road…

18

a historic shot of an old textile mill once located on the reedy river decorates a wall of oobe’s textile hall.

Verbatim

On the Importance of Coolness… “As long as Greenville stays cool and retail sales stay high, then we will continue to attract … the population 24 to 39 years old, college educated, the professionals of the future – and if they are not coming to your city you are going to die. They are coming to Greenville because we are cool.” Economist Bruce Yandle, part of a panel (also including Deputy City Manager Nancy Whitworth and developer Bob Hughes) that addressed the Rotary Club last week

4 Upstate bUsiness joUrnal September 6, 2013

Photo by Greg Beckner

john Farrall, a partner with Newport Board Group.


UBJ News

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UBJ’s Clemson cheering squad (from left), Ryan Johnston, Kristy Adair, Marla Lockaby, Mark Johnston, emily Price and Richie swann, celebrate the start of football season.

(continued from page 3) tioned. The petals of the flower were supposed to unfold; they didn’t. There was talk of getting the fire department when finally someone got a ladder and, with the help of a couple of men, they were able to break the flower open, releasing the stranded queen from her flower tomb to great applause from the Clemson faithful. I remembered how lucky I was not to get hit. Maybe it was luck or maybe it was my rule of never turning my back to the field during a play that kept me uninjured while so many of my colleagues were not so lucky. In all my years of covering

football – high school, college and professional – I was only trampled once. A Georgia receiver made a spectacular catch in the back of the end zone, right in front of me. Before I could get to my feet and away from the celebration that followed, several tons of human flesh known as offensive linemen began raining down on me. Fortunately, as I was on the ground already and the players were falling down and not running, I was not hurt – and more importantly, I was able to protect my gear. College football season is finally here. So here’s to the Tigers, Gamecocks and Dogs! Enjoy no matter what animal you may be.

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Performance Improves for SC Banks increases in net income contributed to an improvement in the performance of South Carolina banks in the past quarter, according to a report released last week by the FDIC. The FDIC state banking performance summary for South Carolina, which includes information from 71 FDIC-insured institutions, shows that net

income as of June 30, 2013, was $119 million, compared to $50 million as of March 30 of this year and $84 million as of June 30, 2012. Nationwide, net income was $42.2 billion in the second quarter of 2013, said FDIC Chairman Martin Gruenberg in releasing

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(continued on page 13)

September 6, 2013 Upstate bUsiness joUrnal 5


UBJ News last week, the u.s. department of Labor (DOL) announced two final rules to improve hiring and employment of veterans and people with disabilities, but construction groups say the rules are redundant and costly. The rules change the responsibility for federal contractors and subcontractors, requiring affirmative action hiring benchmarks in place of a simpler prohibition of discrimination. The Associated General Contractors of America (AGCA) immediately called the new rules expensive and unnecessary. “In their effort to counter nonexistent employment challenges, the administration has developed two rules that require federal contractors to take extensive measures to combat discriminatory practices the federal government already knows barely exist,” said AGCA CEO Stephen Sandherr in a statement. Sandherr cited a report by Applied Economic Strategies LLC

Labor Department Sets New Rules for Vets, Disabled By Jennifer Oladipo | senior business writer joladipo@communityjournals.com

that found the rule would cost $5.9 billion to implement and $2.6 billion annually to maintain. One rule makes changes to the Vietnam Era Veterans’ Readjustment Assistance Act (VEVRAA), requiring contractors to annually adopt a benchmark either based on the national percentage of veterans in the workforce (currently 8 percent), or their own benchmark based on the best available data. In addition to changes in how jobs should be listed, contractors will be required for three years to compile data on the number of veterans who apply for jobs and how many they hire, and written explanations when veterans are not hired.

Similarly the Section 503 rule introduces a hiring goal for federal contractors and subcontractors that 7 percent of workers in each job group be qualified people with disabilities. Contractors must conduct an annual review and assessment of problem areas and establish specific programs to address them. The DOL argues that the 503 rule addresses consistently low unemployment and high poverty rates among people with disabilities “despite years of technological advances that have made it possible for people with disabilities, sometimes severe, to apply for and successfully perform a broad array of jobs,” according to a DOL release.

The agency cites a 31.6 percent workforce participation rate and 15 percent unemployment rate for working-age people with disabilities in 2012, compared with 76.5 participation and 8 percent unemployment for people without disabilities. Both rules require contractors to invite potential employees to self-identify as a veteran or a having a disability. The Department of Labor says additional collection of several points of data will help contractors measure the effectiveness of their outreach and recruitment efforts, help spot trends, and ensure accountability. A public webinar on the VEVRAA rule will be available Sept. 11 and can be accessed through a link at dol.gov/ofccp/regs/compliance/ vevraa.htm. A webinar for the 503 rule will be available Sept. 18 and can be accessed through a link at dol.gov/ofccp/ regs/compliance/section503.htm.

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UBJ DIGITAL MAVEN

By LAURA HAIGHT

i imagine that most of you have not been keeping up with the tech media in recent weeks. That’s OK, I have. Here are a few developments the media is following that you might have missed. Color me thrilled! I am sure everyone’s aware that a new iPhone is set to be launched this month. No? Well, that may be because there doesn’t seem to be too much to say about it. Still, the lack of important information has not deterred the tech media – particularly those who follow Apple with near-religious fervor – from writing a lot about it. For example, it looks like there will be a graphite- and – wait for it! – champagne-colored iPhone option this time. The color choices have dominated the Apple press for the past couple of weeks with dozens of stories and “leaked” photos. Don’t laugh. Apparently champagne-toned tech is all the rage this season. 9to5Mac’s story about the new Sony QX Smart Lens (goo. gl/8QZRau) begins with the fact that the device, which will attach to iOS and Adroid devices, will clash with the new champagne iPhone. Thank you, Sony, for seeing that giant problem and making color options, champagne and white, to match. Oh, and if you were wondering, the device is 20 megapixels, has a Carl Zeiss lens, connects to the camera operating system via Wi-Fi and will cost a hefty $450. Not to be outdone, Motorola’s Moto X phone due out in Q4 will offer four new wood-look back panels. Creative writing: You may also have heard that the iPhone and iPad are getting a new operating system also due to be released midmonth. This release appears to be more a triumph of talented mar-

keters than groundbreaking technology. Reading past the smart prose and stunning photos on the iOS 7 page on the Apple site, you find that most of the changes are presentation – changing the way the operating system (OS) looks, not what it does. In some cases, it appears to have new functions, but – as in the case of the camera, notification center and other functions – it was really just a matter of putting an existing capability in a new, more accessible place. Every now and then, however, there is some useful information.

PC Magazine identified six new iOS functions that are actually useful and may help protect your identity and security (goo.gl/Uuvaja), but they are pretty well hidden. So most of us might not uncover them. Check them out. Is there a line anymore? Here’s an example of important stories that can be overlooked. Tech Crunch reported on a new app that will aggregate information from all your fitness apps and send them off to your employer so that they can provide data support for premium reductions. How you feel about this really depends on whether you are the employee or the employer. But it raises a lot of serious Big Brother and ethical questions. Remember that the same data that can be used to lower your employer’s premium can be used to raise yours. What, you put on 10 pounds? Your blood pressure’s a little high? You aren’t sleeping well at night? Maybe your calorie-counting app is reporting you are eating too much fat and carbs. Is this information your boss should have? The good news is that these apps can’t do anything without your consent. The bad news is that most of us give it without regard to what the consequences might be. Apps tell us what they want to do – “xxx is requesting permission to send data to third-party applications and access your Facebook account.” Not sure what that means? Then don’t hit “OK.” You may get a lot more than you bargained for. Want to stay on top of tech developments that might really affect your business or work life? Follow Portfolio on Facebook (facebook.com/portfoliosc).

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

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September 6, 2013 UPSTATE BUSINESS JOURNAL 7


UBJ News

Number of 6-Figure Salaries Grows at Clemson, USC, MUSC By Rick Brundrett | TheNerve.org and S.C. News Exchange

nearly 1,700 administrators, professors and coaches at the University of South Carolina, Clemson University and the Medical University of South Carolina earn at least $100,000 annually – an increase of about 250 from last year in the number of six-figure salaries, news site The Nerve found in a review of state salary data. The Nerve’s analysis of a salary database (bit.ly/sCsalaries) of employees at the state’s three research universities earning $50,000 or more, maintained by the S.C. Budget and Control Board (BCB), found that: • 6,528 employees at the three universities earn at least $50,000, a collective increase of 467, or 7.7 percent, from August 2012. • 1,683 employees earn $100,000 or more, an increase of 246, or 17.1 percent, from a year ago. Clemson experienced a hike of nearly 37 percent in that category. • 219 employees earn at least $200,000, an increase of 31, or 16.4 percent, from last year. • The current average yearly salary of all employees in the database is $89,544, an increase of $2,390, or 2.7 percent, over last year.

coach Steve Spurrier, head women’s basketball coach Dawn Staley and Ray Tanner, the university’s athletic director – are among the top 10 highest-paid employees at the three universities, though their salaries listed in the BCB’s database don’t include other types of income, such as media compensation. For example, Spurrier’s and Staley’s salaries are listed at $350,000 each in the database, though Spurrier’s total annual compensation under his current contract is about $3.3 million – making him one of the 10 highest-paid college football coaches in the country – while Staley will earn $850,000 this year, according to media reports. Tanner’s listed salary in the BCB database is $525,000 – the highest among all 6,528 employees earning $50,000-plus at the three universities. His total compensation as of March was $675,000, according to media reports. Similarly, USC President Harris Pastides has the 25th-highest listed salary in the database at $286,200, though his total compensation, including money from the school’s educational foundation, was UsC head football coach steve spurrier

• The total current payroll for $50,000-plus employees at the three universities is $585.54 million, an increase of $56.3 million, or 10.6 percent, compared to August 2012. Three high-profile sports administrators at USC – head football

8 Upstate bUsiness joUrnal September 6, 2013

$724,000 as of October, according to a story in The State newspaper. The 10 highest-paid employees in the BCB’s database are: • Tanner – $525,000 • Lisa Montgomery, vice president for finance and administration, MUSC – $405,313 • Jay Moskowitz, professor, health services policy and management, USC – $402,999 • Doug Wojcik, basketball coach, College of Charleston – $400,000 • Martin Morad, professor, cell biology and anatomy, USC School of Medicine – $384,911 • James Bottum, vice provost for computing and information technology, Clemson – $366,113 • Prakash Nagarkatti, vice president for research, USC School of Medicine – $357,980 • Spurrier – $350,000 • Staley – $350,000 • G. Thomas Chandler, dean, Arnold School of Public Health, USC – $323,459 • Brett Dalton, vice president for finance and operations, Clemson – $321,334 Wes Hickman, USC’s chief spokesman, didn’t respond to written and phone messages from The Nerve over the past week. The state’s flagship university,

based in Columbia, has 3,151 employees earning at least $50,000, an increase of 333 employees, or 11.8 percent, compared to August 2012, the review of the BCB’s salary database found. The number of employees in the $100,000-plus category jumped by 93, or 14.5 percent, to 733 during the same period, while the number of those earning $200,000 or more increased by 19, or 21.5 percent, to 107. MUSC and Clemson spokespersons offered various reasons for the increase in the number of higherpaid employees at their respective universities, citing, among other things, a 3 percent across-the-board raise given to state employees last year by the S.C. Legislature. At Clemson, the number of employees earning at least $50,000 increased over the past year by 175, or 9.7 percent, to 1,979. The number of those earning $100,000 or more jumped by 146, or 36.8 percent, to 542, while the number of employees in the $200,000-plus category increased by four, or 9.5 percent, to 46, The Nerve’s review found. “There are many possible reasons for changes in salary reports from one year to the next, but not necessarily because positions have been added,” Clemson spokeswoman Cathy Sams said. “Salary adjustments may reflect performancebased raises, but they may also be made for promotions, a change in assignment from nine- to 12-month appointments, reclassifications or additional duties.” “One of the priorities of Clemson’s strategic plan is to recruit and retain talented faculty and staff, and competitive competition is part of the strategy,” she added.


UBJ News

RISK ABATEMENT

Pay for Success Model Studied Nonprofit investigates corporate investment for social programs By April A. Morris | staff amorris@communityjournals.com

the institute for child success is investigating a new funding model for social programs called Pay for Success. The model features investors putting up capital to expand social programs and receiving a dividend if the programs succeed. Seven projects worldwide have been completed under the model, only two in the U.S., including one in New York City for a prison recidivism program with funding from Goldman Sachs. The Institute for Child Success, a statewide nonprofit based in Greenville, recently commissioned a feasibility study to see if such a funding model would work in South Carolina and presented the findings last week in Greenville and Columbia. Funding through corporate and other investors is a way to spread successful programs, said Joe Waters, vice president of the ICS. “Government is stretched thin,” he said, and funds are not available to expand programs. “The cost is immediate and the benefits are longterm and diffuse.” Megan Golden, a fellow with New York University, spent six months studying whether the state’s NurseFamily Partnership could benefit from the funding model. The program has 33 nurse visitors statewide who work with mothers from pregnancy through their child’s second birthday to ensure healthy babies, school readiness, maternal self-sufficiency and more. Golden explained that the investors, not the government, participating in a Pay for Success “deal” provide the capital to help expand a social program that has a proven

track record of success. A nonprofit delivers the program, and as part of the agreement the government pays the investors back in a few years with evidence of a certain level of improvement. The money that the government pays back is realized in savings, said Golden. With the Nurse-Family Partnership, an investment of about $21 million over three years would add an additional 2,750 families over that time period, said Golden. South Carolina is working to reduce the rate of pre-term births and the NFP predicts it can reduce them by 21 percent with such an expansion. Cristina Shapiro, part of the urban investment group of Goldman Sachs, said the investors see the deal like any other loan, investigating the risk. Goldman Sachs, with secondary investment by the Pritzker Family Foundation, invested $4.6 million in a highquality preschool program in Utah. The funds were administered by the local United Way and the school district provided the program, said Shapiro. “The investor only gets paid if the government realizes savings,” she added. The success was measured based on how many children needed special education services, she said. Investors are interested in programs that can be successfully replicated and scaled up, said Jeff Schoenberg of the Pritzker Family Foundation. “We want to be catalysts for replication,” he said. The Institute for Child Success will continue to investigate whether the model will work in South Carolina, said Waters.

Using a comprehensive and inclusive definition, risk may be defined as the cost of “failure to add value” per unit time. Such failure includes performance deficiencies for employees, equipment, material and method. It includes the types of “failure to add value” comprising traditional waste such as overproduction, wait time, transportation, processing, inventory, motion and defects. It includes the cost of injury, litigation and damage to company reputation. It encompasses the total cost of failure and not just the cost of remediation. Risk is consuming the hidden wealth of your enterprise. It is disguised and concealed as the “cost of doing business.” Therefore, strategic maintenance planning, in the business of the future, must embrace a new objective: Remove “Failure to Add Value” from all aspects of the Value Stream. Strategic maintenance planning, in the business of the future, should comprise Comprehensive Risk Abatement. How can this be accomplished? Do you believe Six Sigma is the answer? Check out: http://www.lifetimereliabilitysolutions.com/2012/04/09/ why-not-six-sigma/ Do you believe Reliability Centered Maintenance is the answer? Check out: http://www.lifetime-reliability.com/ free-articles/maintenance-management/A_Common_ Misunderstanding_about_Reliability_Centred_ Maintenance.pdf

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September 6, 2013 Upstate bUsiness joUrnal 9


UBJ GUEST COLUMN

By MELISSA D. BANE, CPA, PFS, CFP, CHFC

Follow the Leader Business succession planning may be uncomfortable, but it’s critical

exiting a business is something most entrepreneurs prefer not to think about. Perhaps because doing so forces them to think about their mortality, or because the business is “their baby” and no one else can run it like they do, or maybe it is part of the “invincible” fabric that drives the entrepreneurial spirit. Having a well-thought-out exit strategy is essential for those who want to realize the full value of the investments they have made in their company. Unfortunately, many small business owners have no exit strategy in the event of their disability, retirement or death. According to the Conway Center for Family Business, 80 to 90 percent of U.S. businesses are family-owned; however, less than a third of them succeed into the second generation. Only 10 percent survive into the third generation. (Harvard Business Review, January/February 2012) If you are a business owner, ask yourself these questions: If you

retired, became disabled, or even passed away, today, who would own and manage your business tomorrow? Have you made the necessary plans to protect your family and position the business for a successful future? When it comes to business succession planning, there is no one right answer for everyone. Developing the proper exit strategy is a big task that has implications for your employees, your business structure, your assets and your tax obligation. Few events affect the employees, suppliers, customers, creditors and family of a small business to the extent of an owner exiting the business. The type of business entity will affect the design of your exit strategy. Whereas sole proprietors can

decide by themselves whether or not to close up shop, partnerships, limited liability companies (LLC) and corporations must work with co-owners in making this decision. Partnerships, LLCs and corporations should have addressed the issue of dissolving the entity in guidelines established through the articles of organization or other operating agreements. Another important question to consider is whether you want your business interest retained by a family member, sold or liquidated. Transferring ownership of a family business to a new generation is complicated and can lead to additional tax implications, such as estate and gift taxes. Perhaps you are considering an associate at your company who has been your “right hand” or “go-to” person. This does not mean he or she is the right person to succeed you. Whether family member or internal associate, successful leadership transition requires broad preparation and mentorship across many levels, both mental and emotional. Should you decide to sell or liquidate your business, you should consider having a business valuation performed to estimate the economic value of your interest in the business. Three different approaches are commonly used in business valuation: the income approach, the asset-based approach and the market approach. Each

Selling or transferring a business is a complicated, multistep process that may be one of the most difficult tasks you face as a business owner.

80 TO 90 PERCENT of U.S. businesses are family-owned.

LESS THAN A THIRD of those succeed into the second generation.

By 2017, it is estimated that

40.3 PERCENT

of family business owners expect to retire.

LESS THAN HALF

of those expecting to retire had selected a successor. Source: Conway Center for Family Business

technique has advantages and disadvantages. Securing the services of a valuation professional is highly recommended. Although the financial numbers are a primary concern, potential buyers often look beyond the spreadsheets to the quality of the employees behind the numbers. It is important to begin mentoring employees and filling potential talent gaps with people who share your enthusiasm for the business. You may have spent a lifetime building, protecting and driving your business forward through challenging times. Selling or transferring a business is a complicated, multistep process that may be one of the most difficult tasks you face as a business owner. It is highly recommended you work with legal, accounting, tax and financial professionals who are experienced experts in the area of business succession planning. Doing so will help ensure a seamless transition when the time comes to exit the business.

Melissa Bane serves as the private client advisor for Greenwood Capital Associates. Her expertise includes financial, tax, insurance, retirement and estate planning, as well as strategic plans for medium-to-high net worth clients.

10 UPSTATE BUSINESS JOURNAL September 6, 2013


UBJ News

Photo provided

Pickhardt Tapped to Lead Palmetto’s SBA Program the palmetto bank, a whollyowned subsidiary of Palmetto Bancshares Inc., announced Tuesday that Paul Pickhardt has joined the bank to lead its Small Business Administration (SBA) line of business. Previously, Pickhardt was vice president and senior SBA business development officer of TD Bank. He was the state’s top producer of SBA 7(a) loans for four years in a row, according to a statement from Palmetto Bank. Prior to entering SBA marketing, selling and originating, he held several management positions in the manufacturing industry, including senior vice president positions at Kent

Inc. and Ithaca Industries, and vice president of manufacturing for Angelica Uniform Company, Gerber Childrenswear and Health-Tex Inc. In addition to previous involvement with the Greenville Area Chamber of Commerce, he was an advisor for Upstate SCORE and was on the advisory board for the Small Business Development Center (SBDC). A Vietnam veteran, Pickhardt served as a captain in the U.S. Army. “The addition of Paul to our diversified Commercial Bank line of business positions us to expand our SBA platform that we began in early 2012,” said

Coleman Kirven, commercial banking executive at The Palmetto Bank. “Paul brings a unique blend of SBA-specific expertise for our clients along with the real-world experience of working in several private companies during his career.” “This is a special opportunity to work with a team that is focused on clients and the communities in the Upstate of South Carolina,” said Pickhardt. “I am a dedicated and active advocate for small businesses given their substantial impact to our economy, and I look forward to helping clients of The Palmetto Bank achieve their goals.”

Paul Pickhardt

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UBJ NEWS

Self Regional Says Customers Will See Rate Cuts By Jennifer Oladipo | senior business writer joladipo@communityjournals.com

A patient’s room at Self Regional Hospital in Greenwood.

Officer Tim Evans, the rate reduction will directly impact what health care purchasers will pay, including individuals and insurance companies. “We made the decision to reduce the charges for outpatient lab and outpatient imaging services based on community input and the high utilization of these procedures,” Evans said. “Laboratory and imaging procedures are some of our highest volume procedures on an outpatient basis and are services where our pa-

tients could see immediate benefits in a cost reduction. “Price reductions in these commonly used services help us bend the price curve down for the majority of our patients.” In fiscal year 2012, Self Regional provided more than 13,000 outpatient lab procedures and more than 50,000 outpatient imaging procedures. The rates recently announced will go into effect for the hospital’s fiscal year beginning Oct. 1, 2013, and ending Sept. 30, 2014. Evans could

not say whether the reductions would continue after that period or comment on any future rates. Hospital rates nationwide have received increased scrutiny since the federal Centers for Medicare and Medicaid Services published a list showing wildly differing rates at 3,337 hospitals located in 306 metropolitan areas earlier this summer, even within the same community. The move aimed to foster increased transparency in hospital pricing.

S.C. Average Charges for Outpatient Services 2011 (Source: Centers for Medicare and Medicaid Services)

Self Regional Hospital’s new 224-bed Patient Tower.

12 UPSTATE BUSINESS JOURNAL September 6, 2013

Excision/Biopsy

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Diagnostic and Screening Ultrasound

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Echocardiogram Without Contrast

$1,762.31-$2,074.59

Magnetic Resonance Imaging and Magnetic Resonance Angiography Without Contrast

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Cardiac Imaging

$4,457.33

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an announcement that greenwood’s Self Regional Hospital would cut some rates as much as 15 percent appears to be unprecedented in the state, according to some industry experts. The nonprofit hospital said customers would reap the financial rewards of changes that would lead to reduced rates beginning in October. Self said in a statement that the average overall reduction would be five percent. Outpatient lab work will be reduced by 10 percent, imaging services by 15 percent. “This seems to be a first, but since we don’t monitor hospital rate increases and decreases, we can’t absolutely verify or provide any meaningful background,” said Shalama Jackson, spokesperson for the South Carolina Hospitals Association. “But we do congratulate Self.” The hospital said cost savings will come as a result of increased efficiency of work processes, staffing adjustments to meet volumes in real time, and a focus on reduced pharmaceutical and supply costs. According to Chief Financial

Dr. Tammy Kitchens, a radiologist at Self Regional Hospital, supervises a PET-CT scan procedure.


ett

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Herlong Herlong Bates Burnett Bates Burne Insurance, Insurance, Inc. Burnett Inc. Herlong Bates announce is pleased Insurance, Inc.is pleased to announce

d to News motion of the promotion of the prom is pleased to announce aylor to Curtis Taylor toof Curtis Ta the promotion der and V ice Shareholder Sharehold Curtis Taylorand to Vice But “in the labor market, an 11 percent t of Sales. President of and Sales. Presiden increase in initial claims for unemShareholder Vice ployment insurance coupled with a Curtis today Contact today Contact C PresidentCurtis of Sales. 3.9 percent reduction in the average 331-3363 at (864) Curtis 331-3363 at (864) Contact today manufacturing workweek pushed the Curtis Curtis Taylor T aylor with your for help with your SCLI lower,” Clayton said. at (864) 331-3363for help w curtis@hbbins.com curtis@hbbins.com or commercial personal or commercial Other key indicators for the state Curtis Taylor for help with your personal second month in a row, the in July included: curtis@hbbins.com eFor the needs. insurance insurance personal orneeds. commercial

Report: SC Leading Index Loses Ground

South Carolina Leading Index – a • state personal income – down 1 insurance needs. measure of several key economic percent to $163.3 billion in the first indicators for the state – has shown quarter of 2013 a loss, suggesting that the predicted • Labor force – down 0.2 percent, pace of recovery has moderated, acdecreasing by 3,962 to 2,161,969 cording to the latest South Carolina (seasonally adjusted) Economic Outlook published by the • Unemployment rate – up 0.1 SC Department of Commerce. 28 Global Global Drive, Suite 102, Greenville, SC 29607 nville, SC 29607 28 Drive, Suite 102, Green percent, increasing from 8 percent July’s reading of the SCLI shows to 8.1 percent in July 864.331.3363 864.331.3363 28 Global Drive, Suite 102, Greenville, SC 29607 m a loss of 0.24 points to 100.75. This curtis@hbbins.com curtis@hbbins.com • single-family home sales price 864.331.3363 is double the decline of 0.12 points sc.com www.insurancegreenvillesc.com www.insurancegreenvilles – down 1.1 percent, decreasing by curtis@hbbins.com recorded in June, said David Clayton, $1,800 to $163,000 in July www.insurancegreenvillesc.com director of the research division at Representing Representing • Residential building permits – down the Department of Commerce. 2.2 percent, decreasing by 45 permits STATEAUTO.COM S TAT E ARepresenting UTO.COM “While above the 100 mark, foreto 2,018 permits issued in July casting improving economic conSTATEAUTO.COM ditions for the state, the expected “However, year over year, both pace of recovery has moderated,” the housing and labor market indiClayton said. cators have improved significantly,” JOIN US FOR One positive among the key S.C. said Clayton. JOIN US FOR indicators was the uptick in the South Carolina Stock Index, which gained For the full report, visit 6.43 points in July, closing at 104.61. sccommerce.com/data-resources. SEPTEMBER 14, 2013

JOIN US FOR

DESSERT AT OUR OURHOUSE HOUSE DESSERT AT DESSERT AT OUR HOUSE SEPTEMBER 14, 2013

(continued from page 5) the results. This is the 16th consecutive quarter that earnings posted a year-over-year increase, he said. Other condition and income data for the state, as of June 30, 2013: Total assets – $37.3 billion earning assets – $33.5 billion Total loans and leases – $23.2 billion Other real estate owned – $556 million Total deposits – $31.3 billion equity capital – $3.9 billion

The data “provides further evidence of the recovery that has been underway in the banking industry for almost four years,” said Gruenberg. “Over the past quarter, asset quality improved,

loan balances grew, fewer institutions were unprofitable, and the number of problem banks continued to fall. These improvements were shared by community banks as well as larger institutions.” Challenges still remain, said Gruenberg. “Narrow net interest margins and modest loan growth have made it difficult for banks to increase revenue,” he said. “And the recent rise in interest rates led to the largest nominal decline in the value of availablefor-sale securities during a quarter since banks started reporting these data in 1994. “Nonetheless, overall these results show a continuation of the recovery in the banking industry,” Gruenberg said.

SEPTEMBER 14, 2013 Get to know the Ronald McDonald House and our special guest,

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September 6, 2013 Upstate bUsiness joUrnal 13


UBJ GUEST COLUMN

By CHARLES MENTION

Lean Thinking: A Gift That Keeps On Giving Smart CEOs don’t hack away – they trim waste and preserve value in a scene in “christmas vacation,” Clark (Chevy Chase) receives an envelope containing his Christmas bonus. He had earmarked it towards a backyard pool, writing a personal check for the down payment (which he couldn’t cover without the bonus) and had been worried until the envelope finally came a day late. Relieved, he confidently spilled his pool plan to the entire family. With the whole crowd waiting with anticipation, Clark opened the envelope to find a certificate for a one-year membership in the Jelly-of-the-Month Club. Everyone was shocked – Clark nearly catatonic – but Cousin Eddie (Randy Quaid) quipped, “Clark, that’s the gift that keeps on givin’ the who-o-o-ole year.”

Admittedly, if you’re expecting a pool-sized windfall, 12 flavors of jelly, no matter how exotic, won’t likely erase the bitter taste. Yet Eddie was onto something basic and essential for business growth and performance improvement: Today’s efforts and investments must be sound enough to fuel tomorrow’s gains and profits with, comparatively, minimal additional contribution. “The gift that keeps on givin’” for business executives is something called Lean Thinking. Most companies – regardless of size, industry or sector – actively, even obsessively, pursue performance improvement, cost reduction and excellence in quality and customer satisfaction as a means to gain competitive advantage and

increased market share, income and shareholder profit. Despite this, many leaders feel frustrated, trapped and disappointed by less than promised impact for their efforts. Many employees feel cheated, undervalued, disrespected and ignored by what they perceive as a “latest hot thing” (Jelly-of-theMonth) approach to management. The difference between this frustrating paradox and true, all-in-theboat, focused corporate energy with sustainable employee morale, improving customer loyalty and rising profits, is the continuity of Lean Thinking. Unfortunately, Lean for many companies becomes a problem, not because of failures of its tenets or principles, but because companies don’t think Lean.

When a good butcher prepares a lean cut of meat, his years of skill and experience allow him to trim the fat, but preserve as much meat as possible. He does this by using the proper tools and techniques and by keeping his tools sharp. He doesn’t hack; that would lose too much value. He trims carefully to avoid sacrificing saleable product. Herein lies the problem in the corporate Lean approach. For many, the focus is not on “trimming,” but “cutting.” Worse, there is an underlying acceptance of sacrifice and collateral damage that happens with it. An example will serve to make the point. Let’s say we have two companies of similar size, industry and geography. Their organization structures and products are similar, as are their sales channels. The chief executives of both companies attend the same training on Lean “something-or-nother” and both come back to their companies to an-

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“When a good butcher prepares a lean cut of meat, he doesn’t hack; that would lose too much value. He trims carefully to avoid sacrificing saleable product.”

Photo provided

nounce, “We’re gonna attack waste around here!” Both implement the principles as prescribed, rather quickly figuring out how to fulfill their primary product commitment to customers with 38 people when it used to take 50. Wow! The Company A CEO wastes no time. It has to be done. It’s not personal; it’s business. He cuts the “extra” 12 people from the payroll, banking the savings. To keep the numbers easy, let’s say that fully burdened cost per person is $50,000. CEO A just saved $600,000! CEO B was listening more intently to the “thinking” messages that “somebody-or-nother” consultant was preaching, so, realizing that he had already “trimmed” the fat and that “cutting” erases value, he viewed the 12 people as opportunity. He could now sell and fulfill products/ services he couldn’t before, to customers he couldn’t, in regions he couldn’t. Instead of banking the $600,000 one time, he increased his revenues by some multiple of that! This extra revenue kept coming yearafter-year ... a gift that kept on giving. Did CEO B work harder and expect

and require more of his company than CEO A? You bet he did! That’s why before long, he will buy Company A at a steal when its love affair with cutting finally hits bone. Here’s what CEO B did and what every executive must do, to promote Lean Thinking: 1. Re-program the company DNA and align completely to customer value by helping everyone concentrate on what your product/service does rather than what it is. 2. Demand continuous improvement; every day, every job should be measurably better. 3. Identify the purpose of everything you do (strategic, budget and compensation planning, performance evaluation, etc.) and link it all to customer value. 4. Train everyone, then coach and develop leaders to prioritize and capture improvement. 5. Keep vision bold to stretch targets; you can achieve far more than anyone believes. Yep. Good Ol’ Eddie was really onto something. Think Lean! Trim waste and preserve value.

Charles Mention is the president and founding partner of TFM Consulting Group (tfmconsultinggroup.com), a corporate consulting company based in Simpsonville that helps medium-to-large-sized companies grow and improve performance. A former IT executive, he is an author and a Certified Supply Chain Professional.

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September 6, 2013 UPSTATE BUSINESS JOURNAL 15


$$$$ $$$$ $$$$

COVER STORY

$$$$ $$$$ $$$$

FINDING THE MONEY AS THE FUNDING LANDSCAPE CHANGES, BUSINESSES DISCOVER RISK AND OPPORTUNITY By JENNIFER OLADIPO | senior business writer joladipo@communityjournals.com

E

very company needs money, and experts say the methods of acquiring it have changed, probably permanently. Banks have money, but they have learned lessons about risk. At the same time, new opportunities have opened up that will likely have long-lasting effects on the way business startups and expansions are funded moving forward. “The funding environment continues to be challenging, although there are some things taking place that are improving the environment,” said Matt Dunbar, managing director of the Upstate Carolina Angel Network (UCAN). He said early-stage capital has always been tough to come by, and the recession just made it a little tougher. But the evolution of angel investing is creating

a structured way for people to get together.

The Laws

Some significant changes in state and federal laws are changing the game this year. South Carolina recently passed the “Angel Investor Bill,” which provides a tax incentive for people who invest in companies within the state. Regulatory changes from the Securities and Exchange Commission (SEC) will open new doors, although they are getting mixed reviews. Businesses have hailed new rules that allow companies to advertise their public offerings through conventional media. But Dunbar said the rules as currently written could make the process of public offerings more difficult and risky for businesses. “Basically what they’ve done is that you can

16 UPSTATE BUSINESS JOURNAL September 6, 2013

solicit, make it known, but there are a whole bunch of hoops you have to get through to do that. One of which is that the only investors you can take in are accredited investors. So the startup now has to verify the investor’s financial info,” Dunbar said. Even worse, said Dunbar, a company that makes a mistake could be barred from fundraising for a year if deemed to be in violation of the rules. The rules are set to go into effect Sept. 23, and Dunbar says companies should proceed with caution and very good counsel.

The Crowd

Equity Crowdfunding is expected to become legal next year. It will be similar to sites such as Kickstarter and Indiegogo that solicit donations from anyone who wants to pledge


money to a cause or project. It’s less popular for business endeavors, though a local company has found success. By the end of August, Ractiv, whose first product is Haptix, had raised $140,000 on Kickstarter to develop a 3-D multi-touch device that can turn any surface into a computer mouse, among other things. The original goal was $100,000. Ractiv has raised the rest of its funds from angel investors and seed money from the Iron Yard accelerator. Yet cofounder Darren Lim said the money raised is less important than the support. He sees those crowdfunders as the people who can give guidance on the product development from the user side, and also as people to whom Ractiv must be accountable. “It’s really not more money so much as more pressure,” he said. Meanwhile, the South Carolina Small Business Chamber of Commerce is seeking businesses to participate in an online portal that will connect accredited investors (people with $1 million or more in liquid assets) with companies seeking funds. Because the federal rules for equity crowdfunding do not kick in until next year, the portal will have a Kickstarterlike donation option as well as equity investment, once it becomes legal.

The Usual

“The banks are still very risk-averse. They have lots of money to lend, that’s not the problem. It’s just some of the government regulations, and they’re just still gun-shy,” said John Farrall, a partner with Newport Board Group. He consults with companies across industries. He said angel investing in South Carolina remains weak, but it’s out there in the form of wealthy people pooling their resources.

“one of the biggest reasons companies go out of business is because they run out of money, even if they’re doing well. if you wait until you really need it, it’s almost too late.” John Farrall, a partner with newport Board Group

Private equity is also available, but often unattractive because such investors usually want a controlling interest in the company, at least 51 percent ownership, Farrall said. “A lot of companies don’t want to do that. That’s giving up control of the business. That’s usually for when they get big enough that they want to sell the whole company,” he said. Investment banking, contrary to what the moniker might imply, actually generates profits from fees related to facilitating transactions such as when one company buys another. Farrall said having a relationship with a bank is important. Smaller banks are more relationship-driven than the very large ones, and a few in the Upstate have a reputation for supporting local business.

The Timing

If you think you might need money, better start looking now. “One of the biggest reasons companies go out of business is because they run out of money, even if they’re doing well,” said Farrall. “That’s not something I realized until I got into this business.” As businesses grow, they find that resources they might have fallen back on – such as credit cards – are no longer able to meet their needs. Farrall said it is important to anticipate and plan for those needs as far in advance as possible, perhaps establishing a line of credit for expenses such as in-

creased inventory or capital improvements. “Even good businesses that can’t get money can go out of business – quickly,” Farrall said. “If you wait until you really need it, it’s almost too late.”

The Winners

So who is getting paid? Luckily, experts say investors want to keep their portfolios diverse and aren’t giving preference to any particular industry. But a few characteristics will mean a better chance of success. Dunbar said that enterprises that can attract capital at the early stages tend to be relatively capital-efficient, such as health technologies, software or advanced materials. Farrall said when a company starts to make revenue, accessing funds becomes easier. “And of course how long you’ve been in business. But scale matters, definitely. And a track record of meeting your commitments and doing what you’ll say you’re going to do,” he said. Companies should plan and build relationships, he said. A well-thought-out plan that lets investors know that businesses have a solid understanding of the realities of their business will make investors of all types more inclined to take a risk. In sum, a healthy dose of hard work, from learning laws to excellent business planning, is the main prerequisite. After that, experts say, the money will follow.

EngagE: Funding and REsouRcEs Upstate Carolina angel network

Accredited investors

upstateangels.com

Michelin Development

Low interest loans

michelindevelopment.com

appalachian Development Corporation

Low interest loans

adcloans.com

azalea Capital

Private equity firm

azaleacapital.com

Kickstarter

Crowdfunding campaigns

kickstarter.com

invest in a new economy

SC donation and investment crowdfunding portal

scsbc.org/issues.aspx?article_id=1201

U.s. small business administration

Various loan programs

sba.gov/loanprograms

September 6, 2013 Upstate bUsiness joUrnal 17


UBJ Layout

OOBE’s New HQ Pays Tribute to Past For its new corporate headquarters in RiverPlace in downtown Greenville, OOBE, makers of outdoor apparel and customdesigned corporate uniforms, worked with JSD Architecture.

1 1. the lobby of ooBE’s corporate office in River Place in Greenville.

2

2. the tom Green room in ooBE’s corporate office. 3. ooBE’s textile Hall has a display of vintage sewing machines located next to the entrance of the large open meeting space. 4. tom Green, the concrete frog named for thomas Green Clemson and symbol of the friendship of the founders of ooBE, graduates of the university.

6. the downstairs common area of the ooBE corporate office features names of some of their client’s companies. 7. the Stump House room at ooBE.

18 Upstate bUsiness joUrnal September 6, 2013

Photos by Greg Beckner

5. ooBE’s textile Hall located next to its corporate office in River Place in Greenville is decorated with historic photos and ooBE products.


3 4

6 7

Photos by Greg Beckner

5

September 6, 2013 Upstate bUsiness joUrnal 19


UBJ THE TAKEAWAY

Opportunity in the Air

By Claire Rozeman, Smoak Public Relations

GSP CEO Dave Edwards

GSP CEO Dave Edwards outlines the airport’s future growth plans THE THEME OF THE MORNING WAS CAPITALIZING ON

Following Sabatine’s presentation, Dave Edwards, CEO of the Greenville-Spartanburg International Airport, also described his plans to capitalize on this optimistic market outlook. Magnify Economic Output In 2012, one 137-seat jet flying into GSP had an average annual economic impact of $30,875,000. Edwards believes that GSP has the capability to inject even more dollars into the Greenville economy by taking advantage of the region’s strong air service market. With almost 7 million potential passengers within 100 miles of Greenville, Edwards hopes to build on last year’s momentum after being named the fastest-growing small airport in the U.S. EVENT: The Marchant Company Quarterly Breakfast, Aug. 21, 2013 WHO WAS THERE: 60 local business leaders TOPIC: GSP’s Blueprints for the Future

Facility Facelifts Wingspan, GSP’s Terminal Improvement Program, is a four-year, $115 million expansion and renovation strategy with improvements planned for the baggage claim carousels, retail and concessions area and the building’s grounds and exterior. Along with a goal of increasing enplanement (number of passengers to board an aircraft) to 2 million passengers by 2035, the Wingspan website calls this the “most substantial wave of renovations in GSP’s history.”

Wingspan will not require the use of any local tax dollars. GSP has also invested an additional $750,000 in cargo equipment and freight-handling training to effectively compete for permanent scheduled cargo service from Europe. Increasing Enplanement and Decreasing Costs With the addition of Southwest Airlines’ service to GSP, the airport now boasts an average of 52 daily non-stop flights to 22 domestic destinations. In 2012, GSP saw an increase of 43

With almost 7 million potential passengers within 100 miles of Greenville, Edwards hopes to build on last year’s momentum after being named the fastestgrowing small airport in the U.S. Smart Spending Eighty percent of Wingspan’s cost will be funded by the airport, with the remaining 20 percent coming from FAA, TSA and other grants. Edwards proudly notes that the project will not necessitate the addition of any passenger facility charges or cause the airport to incur any long-term debt. He stressed that

20 UPSTATE BUSINESS JOURNAL September 6, 2013

percent in total passenger traffic, with Southwest accounting for 73 percent of that increase. Although Southwest only claims about one-fifth of the airport’s airline market share, Edwards says that receiving the award for “Largest Reductions in Air Fares for the TOP 100 US Airports” (USDOT-BTS) was due to Southwest Airlines’ added routes and service.

Explore New Territories In November 2012, a land use planning and development study determined the most beneficial uses for nine tracts of land surrounding the airport terminal structure. This study led to a growth initiative, called GSP360, that is forging partnerships with local, regional and national developers to maximize the potential value and economic impact of the unused airport property. The most notable project to date is a 45-acre lease to CenterPoint Properties, who is partnering with the SC Ports Authority as the inland port’s developer and construction manager. Greenville-Spartanburg International Airport is poised to become a major player in the Southeastern air service market, and Dave Edwards is enthusiastic about the future. Although major construction is expected to last from 2014-2016, Wingspan has a projected local output of over $160 million, and the development of GSP’s surrounding property could total $31 million in capital investments. Edwards believes this concentration of growth will ultimately attract even more development in the Upstate, and could potentially change our region’s entire business landscape.

Photo provided

opportunities. A presentation by Nick Sabatine, CEO of the Greater Greenville Association of Realtors, buoyed the hopes of the realtors in the room, saying that the days on market (DOM) for a Greenville listing has dropped from 180 during the height of the economic downturn to only 96 days. He deemed this a time for optimism, and an opportunity to make serious progress in returning the market to pre-recession numbers.


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UBJ Square Feet

Sherry Jackson | staff sjackson@communityjournals.com

a new $7.5 million golf course designed by Gary Player is scheduled to open on Sept. 26 at The Cliffs at Mountain Park. The Mountain Park Golf Course is one of only a handful of courses opening across the U.S. in 2013 and will be the seventh Cliffs golf course. The 18-hole championship course was designed by golf legend Gary Player. “Our purpose with Mountain Park was to create a golf experience that offers a wide range of playing scenarios unique to The Cliffs’ compendium of world-class courses,” said Scott Ferrell, president of Gary Player Design. The course is highlighted by two main water features that include a 12-acre lake that runs along holes 11 and 12, and the North Saluda River which plays into the design of eight of the

holes. The entire course is 7,218 yards and “members and guests will see an environmentally friendly landscape, with native grasses incorporated to create a ‘links’ feel,” said Ferrell. Wide fairways and generous collection areas add to the variety of playing scenarios the course will offer. “Players of all skill levels will have a wonderful array of shot options, particularly around the greens,” Ferrell said. Another highlight is that due to the short distances between the greens and tee boxes, Mountain Park is set up for golfers to walk the course if they so choose. Other course amenities will include a golf cabin available for rental and a multipurpose facility that can be used for cart storage and special events. “The Cliffs provides one of the most extensive golf offerings in the country,” said Brian Peeples, director of golf for The Cliff Clubs. “The Mountain Park Golf Course is the perfect complement to our diverse portfolio of championship courses.” The Cliffs consists of seven communities across Greenville and Asheville, N.C. Mountain Park is situated in the Blue Ridge Mountains along the North Saluda River off of Highway 11 in northern Greenville County.

Plans Submitted for Hollison Place By Sherry Jackson | staff sjackson@communityjournals.com

hollison homes, a local custom homebuilder, has submitted plans to construct 12 homes on 6.39 acres between Pleasantburg Drive and Parkins Mill Road. If approved, the new subdivision would be called Hollison Place. The property is located at 1140 Parkins Mill Road.

There is a currently one home located on the land, which would be replaced by the new homes. Hollison Homes has been in business since 1991 and specializes in custom homebuilding. The plans will be reviewed at the Sept. 12 Planning Commission meeting.

DealMaKers NaI earle FurmaN aNNouNced: Scott Jones represented the landlord of 224 Feaster Road, Greenville, in leasing a 1,500 SF office space in Suite A to Blue Ridge Bariatrics PC. Hunter Garrett and John Staunton represented the landlord of 429 Roper Mountain Road, Greenville, in leasing a 1,984 SF office space in Building 100 to Bellus ALC of SC LLC. Jimmy Wright and ted lyerly represented the landlord of 783 E. Butler Road, Mauldin, in leasing a 1,827 SF retail space in Suite F to Sub Station II. Keith Jones represented the landlord of 224 Westfield St., Greenville, in leasing a 7,000 SF industrial space to Quest Communications Company LLC. Jimmy Wright and ted lyerly represented the landlord of 15 Pelham Road, Greenville, in leasing a 1,500 SF retail space in Suite B to Kinesio Klinic LLC. Jake Van Gieson, Bill Simms and rob Schmit represented the landlord of the Plaza on Pelham in leasing a 3,305 SF retail space in Suite B at 3935 Pelham Road, Greenville, to Crum Enterprises LLC.

22 Upstate bUsiness joUrnal September 6, 2013

represented Schenck Corporation in leasing a 4,794 SF industrial space in Suite 302 of the Patewood Business Center at 1 Marcus Drive, Greenville. Glenn Batson represented J and M Thomason Enterprises LLC in leasing a 10,000 SF industrial space at 565 Woodruff Road, Greenville. Peter couchell represented the landlord of Union County Business Center in Charlotte, N.C., in leasing 8,400 SF of flex space to Cheer Extreme Allstars. Glenn Batson represented the landlord of the Golden Creek Center at 619 Gentry Memorial Highway, Greenville, in leasing a 1,500 SF retail space to Thy Tran. Peter couchell represented the landlord of the Woodruff Point Shopping Center in leasing a 4,800 SF retail space at 1616 Woodruff Road, units G and H, Greenville, to Wisteria Day Spa & Salon LLC. Keith Jones represented the landlord of 9 Toy Street, Greenville, in leasing a 1,760 SF office space to Metcalfe LLC.

david Feild represented Oaktree Medical LLC in leasing a 3,619 SF office space at 200 E. Broad St., Greenville.

Keith Jones represented the landlord of EastPark of Pelham in leasing a 2,121 SF office space at 3453 Pelham Road, Suites 204 and 205, Greenville, to The Assurance Group Inc.

Glenn Batson

Jimmy Wright and ted

Photos provided

Mountain Park Golf Course Set for The Cliffs


PROFESSIONALISM EXPERIENCE MARKET KNOWLEDGE

CONTACT US TO DISCUSS YOUR COMMERCIAL REAL ESTATE NEEDS Lyerly represented Advanced Pharmacy LLC in leasing a 1,500 SF industrial space at 350 Feaster Road, Suite D, Greenville. Keith Jones represented Nelson Holdings LLC in selling an 8,000 SF office building in EastPark at Pelham located at 3441 Pelham Road, Greenville. Jake Van Gieson represented the buyer, Healthcare Plus SC LLC. Peter Couchell represented the seller in selling a 26,800 SF retail space in the Shoppes at North Main located at 341 N. Main St., Woodruff. Jake Van Gieson and Robert Schmidt represented the buyer, GVC Realty Ltd. Earle Furman, Jon Good, and Alexi Papapieris represented Occasionem Cognosce LLC in selling a 9,200 SF building at 1122 S. Main St., Greenville. John Powell represented Electric City Realty LLC in selling a 2,500 SF retail building at 301 & 303 S. McDuffie St., Anderson to J&D Baxter Ventures LLC. Jake Van Gieson, Bill Sims and Robert Schmidt represented Nittel Properties LLC in buying a 3,000 SF retail building at 118 Southport Road, Spartanburg. Scott Jones represented KLR Investments LLC in selling a 19,412 SF office building at 300 Pelham Road, Building A, Greenville. Ford Borders and Grice Hunt represented Stone Mountain Industrial Park Inc. in buying a 28.53 acre land parcel on

Parkway E. in Hillside Park, Duncan. John Baldwin and Michael Greer represented Itema America Inc. in selling a 43,000 SF industrial building at 1750 Martin Road, Spartanburg, to Edgewater Automation Properties. David Feild and Tyson Smoak represented Greer State Bank in selling a 4,212 SF medical office building at 2076 Woodruff Road, Greenville. Tom Daniel represented the buyer. John Powell represented Grandsouth Bank in selling a 7.91 acre residential land parcel in Belton. John Powell represented Morningstar Investments LLC in selling Towne House Apartments, a multi-family residential complex at 908 Carolina Circle, Anderson. Peter Couchell represented the buyer in buying a Dollar General on N. Main St., Anderson. John Powell represented the seller in selling a 7,100 SF office building at 908 N. Main St., Anderson. Tim Roller represented the buyer. Peter Couchell represented the seller in selling a Dollar General on Cedar Lane Road, Greenville. Peter Couchell represented the seller in selling Montague Commons, a 13,540 SF retail space located at 805 Montague Avenue, Greenwood. John Gray represented the seller in selling a 5,200 SF retail space at

2-8 Lois Ave. and adjoining property, 528 Perry Ave., Greenville. Hunter Garrett and John Staunton represented GrandSouth Bank in buying a 0.47 acre land parcel at the intersection of Rocky Slope Road and Halton Road, Greenville.

OFFICE • RETAIL • INDUSTRIAL • LAND

INVESTMENT

OFFICE SPACE

REDEVELOPMENT

Downtown Inman

Downtown Greenville

Downtown Anderson

Jimmy Wright and Ted Lyerly represented Dialysis Venture Partners LLC in buying a 2,800 SF office space at 121 Commerce Blvd., Easley. LEE & ASSoCiATESGREEnViLLE AnnounCED: Randall Bentley recently represented the landlord of 770 Pelham Road, Suite 200, Greenville, in a lease renewal of the +/-10,432 SF office space to AssetPoint LLC. Randall Bentley represented the landlord at 565 Woodruff Road, Greenville, in leasing a +/-10,000 SF industrial space to Breakout Bras.

JACK SNEDIGAR BROKER-IN-CHARGE 864-979-1978

ROBERT L. BRISSIE, JR. BROKER-ASSOCIATE 864-414-2426

BRENT L. FREEMAN BROKER-ASSOCIATE 864-901-1901

CHUCK SCHELL BROKER-ASSOCIATE 864-320-2226

DEVELOPMENT • INVESTMENT • PROPERTY MANAGEMENT (864) 335.3030 • 135 S. Main St., Suite 800 Greenville, SC 29601 • www.SpectrumCarolinas.com

S ’ D U M E H T STILLCALLINGYOU!

Deanna Hemberger represented the landlord at 111 Blackstock Road, Spartanburg, in leasing a +/- 1,456 SF retail space to Sprint by N Touch Wireless. Randall Bentley represented the landlord at 124 Interstate Blvd., Greenville, in leasing a +/- 15,000 SF industrial space to Redi-Floors Inc. Randall Bentley represented the landlord in leasing a +/- 28,800 SF industrial space to Softbox Systems Inc. Randall Bentley and Logan Berry represented the landlord at 7486 Augusta Road, Suite D, Greenville, in leasing a +/- 1,500 SF retail space to Subway.

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SC-TAC. Greenville, SC

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September 6, 2013 Upstate bUsiness joUrnal 23


UBJ THE FINE PRINT NJ Company Expands Spartanburg Footprint chambers street properties has acquired a 156,800-squarefoot industrial building at 1200 Woods Chapel Road in Duncan. With this purchase, Chambers Street now owns more than 2.1 million square feet of warehouse and distribution properties in the Spartanburg area. Completed in 2009, the concrete tilt-up building is fully leased on a triple-net basis to Lear Corporation, a leading supplier of automotive seating and electrical power management systems. The property is situated on a 32.5-acre parcel and the building is expandable to 273,000 square feet. “With its expandability and quality tenancy, this building is

2013 Manufacturers of the Year Revealed

an excellent complement to our Spartanburg portfolio,” said Chuck Hessel, Chambers Street senior vice president of acquisitions, in a news release. Chambers Street is a net lease industrial and office real estate investment trust that focuses on acquiring, owning and operating high-quality warehouse, distribution and office properties. As of June 30, 2013, Chambers Street’s $3.3 billion portfolio is comprised of 129 properties totaling 34.2 million square feet.

the south carolina chamber of Commerce presented awards to the three winners of the Manufacturers of the Year award in Columbia last week. The award “recognizes companies that strive for manufacturing excellence, have a positive economic impact, remain committed to workforce development and are outstanding community stewards.” Michelin North America won in the large manufacturer category. It is the state’s largest manufacturing employer, with 8,500 employees. The Chamber recognized the company’s 40-year presence in South Carolina,

which houses eight of its 18 U.S. plants, with another on the way. The winner in the mediumsized category was Orangeburg’s Cox Industries, a manufacturer and distributor of treated outdoor wood products. The company operates 12 manufacturing facilities and six distribution yards, and employs more than 400 people in 10 states. Grantville Specialty Fabrics, in operation since 1947, won the small-company category. Grantville’s specialties include custom-coated marine fabrics and military and commercial tents and awnings.

Boyanoski, White Publish Book on Downtown Greenville the story of downtown Greenville’s redevelopment is the subject of a new book by John Boyanoski, president of Complete Public Relations, and Mayor Knox White. “Reimagining Green-

ville: Building the Best Downtown in America” focuses on some of the key elements in the transformation, including the reopening of the historic Poinsett Hotel, the beautification of

the Reedy River, and the construction of the Fluor Field baseball stadium. “Greenville has a great story and I am honored to have been allowed to try and capture part of it,” Boya-

noski said. His previous books include “Ghosts of Upstate South Carolina” (2006), “More Ghosts of Upstate South Carolina” (2008) and “Palmetto Pigskins” (2010).

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Fraenkische Industrial Pipes Expands in Anderson fraenkische industrial pipes announced plans to expand its operations and North American headquarters in Anderson County. The $5 million investment is expected to generate 50 new jobs over the next few years. “We are very happy to be expanding again in Anderson. We have grown from 20 employees in 2009, at the worst of the Great Recession, to over 100 employees now. Anderson County has been a great partner through the years, supporting our initiatives, and the location here in the Southeast is central to many of our large customers,” said CEO Joe Roznowski in a statement. “This expansion and growth would not be possible without

the hard work and dedication of our employees, as well.” Fraenkische Industrial Pipes will add 20,000 square feet of space to its facility, located at 416 A.M. Ellison Road, and will make room for the company’s new manufacturing equipment. A smaller warehouse addition of 7,200 square feet was previously completed in 2011, with 20 additional jobs added at that time. The Anderson location became the North American headquarters after the company opened operations in Mexico, which are managed by the Anderson team.

Delta Apparel Acquires Salt Life Brand delta apparel announced last week that its wholly owned subsidiary, To The Game LLC, has acquired Salt Life Holdings LLC, including all of its domestic and international trademark rights in the Salt Life brand. Salt Life was purchased with $15 million in cash, two promissory notes totaling $22 million, and an additional payment contingent on certain performance targets being met with respect to sales of Salt Life products in 2019. The company financed the cash portion of the purchase price through an amendment to its asset-based secured revolving credit facility. “The Salt Life acquisition

opens up another exciting chapter in the history of Delta Apparel,” said Robert Humphreys, chairman and CEO, in a statement. “This continues our strategy of building lifestyle brands that can take advantage of our creative capabilities, vertical manufacturing platform and international sourcing competencies.” Salt Life will be operated as a division of To The Game LLC, where it has been managed under a license agreement since 2011.

New Greenspace for Downtown Anderson downtown anderson will officially open its new park Sept. 21. Officially unveiled as Carolina Wren Park last week, the one-acre $2.8 million park was approved last year to be built at the former

site of a Belk department store. It will feature a water wall, amphitheater, event pavilion, overlook areas, a water wall and fountain. The park is named after the South Carolina state bird.

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The design and construction team included RSCT Architecture + Design, William Renninger Associates, Britt Peters and Associates Inc. and Trehel General Contractors.

The park’s opening and naming are also tied to the publication of “Little Wren Lost and the Teakettle Call,” a new book commissioned by the city of Anderson.


UBJ ON THE MOVE ELECTED

HIRED

HIRED

HIRED

HIRED

Steve Farrar

Jonathan Philipsen

Mandy Gilbert

Ben Fricks

Olivia George

Elected as the secretarytreasurer of the Federation of Defense and Corporate Counsel (FDCC) and as president in 2016-2017. Farrar moves into the position after serving on the board of directors and as former vice president for the organization. He is a trial lawyer and partner in the Greenville office of Smith Moore Leatherwood.

Joined Green Cloud Technologies, a cloud technology solutions provider headquartered in Greenville, as vice president of wholesale services. Prior to joining Green Cloud, Philipsen served as a director of business development at EDTS and as district sales director at Windstream (formerlyNuVox).

Joined Herlong Bates Burnett Insurance as a personal lines account manager. Gilbert has several years of insurance experience and most recently worked at Farm Bureau Insurance. Her responsibilities include marketing and servicing home and auto insurance policies.

Joined Dillard-Jones Builders as project manager. A licensed residential builder since 1997, Fricks has more than 20 years of building construction and management experience. He was most recently housing development manager for Spartanburg Housing Development Inc. He was also the owner of Fricks Construction in Landrum.

Joined Godsey & Gibb Wealth Management as executive assistant to Dan Savage. George graduated from Bob Jones University with a Bachelor of Arts degree in interior design, and a minor in business administration.

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UBJ NEWS HONORED

Talecris Biotherapeutics/Wyeth Biotech in Cary, N.C.

PATTY BOCK

M.B. Kahn Construction recently welcomed Jack N. Brown as vice president of sales. Brown has more than 30 years of experience in sales and marketing for the real estate and construction industries primarily in the Upstate of South Carolina.

Chosen by her peers as this year’s “Upstate Economic Developer of Year” at the Upstate SC Alliance’s mid-year meeting at the Marriott in Greenville. Bock is the City of Spartanburg’s director of economic development, a position she has held since July 2009. She previously worked for Johnson Development. CONSTRUCTION/ ENGINEERING: O’Neal Inc. has hired Dexter Williams as safety technician. Williams has more than 30 years of professional construction experience with Haynes Electric and Hayes and Lunsford, where he held the position of safety director. He also holds

his OSHA 500 certification. O’Neal has also hired Marshall Blackmon as senior construction manager. Blackmon has more than 35 years of professional experience in industrial manufacturing construction management experience with a focus on pharmaceutical facilities. He has most recently worked with

Craig Gaulden Davis recently announced that interior designer Andrea Kuhfuss was named the 2013/2014 IIDA Carolinas Chapter president. The IIDA (International Interior Design Association) Carolinas Chapter serves both North and South Carolina and strives to advance and promote the profession of interior design. EDUCATION: Junior Achievement of Upstate SC announced the addition of Vickie

Sims as education manager. Sims brings more than eight years of experience in public school career education and more than 15 years of experience working in the business community. REAL ESTATE: Prudential C. Dan Joyner Co., Realtors, recently promoted Jo Anne Conner to network manager for the Corporate Services/Relocation Division. Conner joined the Corporate Services staff in March. In addition to her broker’s license, she has a degree in psychology from the University of Georgia. Keller Williams Realty recently added new associates to the team in the Greenville Market Center: Creech Properties and Trip Creech, and Debbie Maine. Maine is a graduate of USF and the Wyatt Institute of Real Estate.

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UBJ New to the StReet 1. Papi’s tacos recently opened at 300 River St., Suite 123, Greenville, underneath the Lazy Goat. They serve tacos, tortas, salsas and dips, as well as gelato. They are open Monday-Saturday at 11 a.m. and on Sunday at noon. For more information, call 864-3737472, or visit eatpapistacos.com or facebook.com/eatpapistacos. 2. Con-Pearl NA Inc. recently celebrated the grand opening of their North American headquarters at 6400 Augusta Road, Greenville. The company makes packaging products including boards, sleeve packs and the brand-new Octa Flow Box. For more information, visit friedola-tech.de.

1 3. Carolinas wealth Management recently held their ribbon cutting at 883 NE Main St. in Simpsonville. For more information, call 864-962-4110 or visit carolinaswealth.com.

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28 Upstate bUsiness joUrnal September 6, 2013

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Photos provided

lmo wi


UBJ SNAPSHOT At one time the first two blocks of College Street were home to four automobile dealerships and could be considered Greenville’s new “Motor Mile.” The Erskine Studebaker Company was on the site where the Daniel Building was later built. Greenville photographer Bill Coxe was hired to photograph most of the businesses in downtown Greenville including the Erskine Studebaker Sales Company. From “Remembering Greenville: Photographs from the Coxe Collection,” by Jeffrey R. Willis. Today the site is occupied by the Daniel Building, Greenville’s tallest building, which was built as a home for what was then called the Daniel Construction Company. Construction of the building, using a steel frame covered with precast concrete panels, was completed in 1966.

We are home to some of the best real estate advisors in the business.

Our full-service real estate accounting and advisory practice handles everything from the front end to the successful closing of a deal. We add value throughout your transaction by assisting with entity and investment structuring, strategic planning and projections, as well as tax minimization and financial reporting advice. Our clients include commercial brokerages, property managers, investors, developers, hotels, syndicators and real estate funds.

© 2013 Elliott Davis LLC © 2013 Elliott Davis PLLC

Historical Photo available from the Greenville Historical Society; Bottom: Photo by Greg Beckner

Cy Burgess, CPA Shareholder

200 East Broad Street • Greenville, SC 29601 • 864.242.3370 • www.elliottdavis.com

September 6, 2013 UPSTATE BUSINESS JOURNAL 29


UBJ PlANNER fRIDAy SEPT. 6 fIRST fRIDAy luNchEoN Greer City Hall, 301 E. Poinsett St., Greer; 11:30 a.m.-1 p.m. Speaker: John Uprichard, president and CEO, Find Great People cost: $10 for Greer Chamber members, $15 for non-members Register at: greerchamber.com contact: jennifer@ greerchamber.com

fIRST fRIDAy lEADERShIP SERIES Clemson at the Falls, 55 East Camperdown Way, Greenville; 5-7 p.m. Speaker: Davis Senza, CEO, Cliffs Clubs Partners cost: Free Register at: firstfriday sezna.eventbrite.com

MoNDAy SEPT. 9

Drive, Greenville; 8:30-9:30 a.m.

Place, Suite 1700, Greenville; 7:30-9 a.m.

Register at: uptatesc.bbb. org or call 864-242-5052

Speaker: Myles Golden Topic: Networking vs. Networking Call Golden Career Strategies at 864-5270425

cost: $8.50 for pre-registered attendees or $12 at the door Open only to Chamber members, but Chamber members who are also members of the Commerce Club can bill this event to their account. Pre-register at: greenvillechamber.org contact: Lorraine Woodward at 864-2393742 or, if you are a Commerce Club member, Dot Drennon at ddrennon@greenville chamber.org.

ToASTMASTERS bIlINGüE

MAc uSERS GRouP Grace Baptist Church, Choir Room, 5020 Old Spartanburg Road, Taylors; 6:30-8:30 p.m. Attendees share tips, discuss the latest news and enjoy the company of other Macintosh users.

GREENVIllE wooDwoRkERS GuIlD Greenville Woodworkers Guild, Education Center, 209 Hollyridge Drive, Greenville; 6:45 p.m. for more information: greenvillewoodworkers.com

TuESDAy SEPT. 10

GcS RouNDTAblE

buSINESS bEfoRE houRS

The Office Center at the Point, 33 Market Point

Commerce Club of Greenville, 55 Beattie

bbb’S woRkING luNch EVENT Hubble Lighting Corporate Headquarters, 701 Millennium Blvd., Greenville; 11:30 a.m. Speaker: Richard Bradshaw, head of SBA for TD Bank in Greenville Topic: Accessing Capital for Small Businesses cost: $14. $2 from each lunch will be donated to the BBB Student of Integrity Scholarship Program. Space is limited and registration is required.

University Center, Auditorium Room 204, 225 S. Pleasantburg Drive, Greenville; noon contact: jeff@ alfonsointerpreting.com for more information: tmbilingue.toastmasters clubs.org

MARkETING SERIES The Palmetto Bank, 306 E. North St., Greenville; 5-7:30 p.m. Topic: Developing Your Message cost: $25 contact: 864-244-4117

SuccESSful ENTREPRENEuR lEcTuRE SERIES University Center of Greenville, 225 South Pleasantburg Drive, Greenville; 6-8 p.m. Speaker: Dan Walsh Schmidt, The Boldt Company cost: Free, but participants must register

for more information: successfulentrepreneurship.com

wEDNESDAy SEPT. 11 luNch AND lEARN Babb and Brown, P.C., 505 W. Butler Road, Greenville; 11:30 a.m.-1 p.m. Topic: Family Court: Supporting You Through Life’s Changes RSVP: by Sept. 9 to 864-297-1323 or info2@ mauldinchamber.org Lunch will be provided.

GSA TEchNoloGy couNcIl lEARNING luNch Embassy Suites Hotel, 670 Verdae Boulevard, Greenville; 11:30 a.m.-1 p.m. for more information: gsatc-lunch-09-2013eorg.eventbrite.com

youNG PRofESSIoNAl ToASTMASTERS Commerce Club, 55 Beattie Place, Suite 1700, Greenville; 6 p.m. cost: $5 to cover

meeting space and one drink at the bar for more information: yptm.toastmastersclubs.org

ThuRSDAy SEPT. 12 buIlDu luNch Events at Sapphire Creek, 401 North Main St., Simpsonville; 11:40 a.m.-1 p.m. Speaker: Sonya Cunningham, supplier diversity manager at GHS Topic: Supplier Diversity cost: $15 for Chamber members, $25 nonmembers and includes lunch from Bernie and Candie Register at: simpsonville chamber.com contact: Allison McGarity at amcgarity@simpsonville chamber.com

SMAll buSINESS STARTuP Tri-County Technical College-Pendleton Campus, 7900 Highway 76, Pendleton; 5:308:30 p.m. cost: Free Register at: piedmontscore.org/ workshops

GoT A hoT DATE? Contribute to our Planner by submitting event information for consideration to events@upstatebusinessjournal.com

STAff wRITERS Sherry Jackson, Cindy Landrum, April A. Morris

PRESIDENT/PublIShER Mark B. Johnston mjohnston@communityjournals.com ubJ ASSocIATE PublIShER Ryan L. Johnston rjohnston@communityjournals.com EXEcuTIVE EDIToR Susan Clary Simmons ssimmons@communityjournals.com MANAGING EDIToR Jerry Salley jsalley@communityjournals.com

MARkETING & ADVERTISING

SENIoR buSINESS wRITER Jennifer Oladipo

SAlES REPRESENTATIVES Lori Burney, Mary Beth Culbertson, Kristi Jennings, Annie Langston, Donna Johnston, Pam Putman

coNTRIbuTING wRITERS Dick Hughes, Jenny Munro, Jeanne Putnam, Leigh Savage

MARkETING & EVENTS Kate Banner

INTERN Keith Sechrist ART & PRoDucTIoN ART DIREcToR Richie Swann PhoToGRAPhER Greg Beckner PRoDucTIoN Holly Hardin

30 Upstate bUsiness joUrnal September 6, 2013

DIGITAl STRATEGIST Emily Price Copyright @2013 BY COMMUNITY JOURNALS LLC. All rights reserved. Upstate Business Journal is published weekly by Community Journals LLC. 148 River Street, Suite 120, Greenville, South Carolina, 29601. Upstate Business Journal is a free publication. Annual subscriptions (52 issues) can be purchased for $65. Postmaster: Send address changes to Upstate Business, 148 River St., Ste 120, Greenville, SC 29601. Printed in the USA.

how To coNTRIbuTE SToRy IDEAS: ideas@ upstatebusinessjournal.com

EVENTS: events@ upstatebusinessjournal.com

NEw hIRES, PRoMoTIoNS, AwARDS: onthemove@ upstatebusinessjournal.com


Thanks to these New Greenville Chamber Members for their Investment in our Business Community Amanda Henry’s Popcorn Parlor Anna’s Cleaning Service AudIT3, LLC Back to 30 Rejuvenation Center Brooks Brothers Carolina Advantage Properties Cornerstone Financial Partners Cornerstone National Bank DB Consulting Group, LLC Down Syndrome Family Alliance of Greenville DSW Shoe Warehouse EHSolutions, LLC Equilibrium Zen Gym ERF Marketing First Light Homecare Greenville Fellows Jack n’ Diane’s Justen Time Transportation Kendrick and Leonard Koops Southeast Lamplight Marketing Group, Inc. Lanier Law Firm, LLC Little Steps Logic Technology

Magnolia Medical Aesthetics Mardav Industries Co./ Rivers Freight Lines Metal Market Exchange Meyer Center For Special Children Mujer Project New Morning Foundation Newbold Services, LLC Payroll Medics Poff Chiropractic & Rehabilitation Purple Communications Quest Brewing Co Red Line Rim Repair Samsung Electronics America Scarpetta Group Sheldon Porter Agency - State Farm TMAX Publishing LLC/The Ultimate Media Group Tony Dale, Inc. Tortilla Maria Upstate Home Health Care Solutions LLC US Safety Stop Wal-Mart Neighborhood Market Which Wich? xpress lingo solutions

The Greenville Chamber’s vision is to build one of the world’s premier business communities. Call 864-242-1050 to find out how we can help you learn, save and connect! 24 CLEVELAND ST. GREENVILLE, SC 29601

864-242-1050

WWW.GREENVILLECHAMBER.ORG

24 CLEVELAND ST. GREENVILLE, SC 29601

864-242-1050

WWW.GREENVILLECHAMBER.ORG


September 6, 2013 UBJ  

Upstate Business Journal published for the Upstate of South Carolina. Designed and created by Community Journals.

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