$2.00/AUGUST 26 - SEPTEMBER 1, 2013
Vol. 34, No. 34
Who’s in control? Funds don’t have to be Private equity firms have been making more frequent investments in companies that involve minority stakes By MICHELLE PARK email@example.com
afayette Foster admits a fulltime job with benefits wasn’t on his radar. Employers weren’t exactly lining up to hire an ex-convict, especially one who had spent five years in federal prison and whose lengthy rap sheet boasts a host of serious charges, including drug and weapon offenses.
It’s a trend that portends greater access to an alternative source of capital for business owners: Private equity firms are investing more frequently in companies without requiring a majority stake in — and control of — those businesses in return. Steven S. Beckett sees the change. He’s a partner with Peninsula Capital Partners LLC of Detroit, which bought a minority stake in Fire-Dex LLC, a Medinabased maker of firefighting gear, in a recapitalization announced in late July. Mr. Beckett said Peninsula routinely has taken minority positions in companies since its founding in 1995. However, he knows of other firms that haven’t done so before but now “are willing to consider doing minority investments.” Many private equity funds raised money several years ago but haven’t been able to deploy it fully because of the economic downturn, Mr. Beckett said. Now, some of their committed capital is nearing the time when it must be returned to investors if it isn’t invested. “I think many firms — because of the pressures to get that money out — are out there broadening their investment horizon,” Mr. Beckett said.
See REMARKABLE Page 8
See CONTROL Page 21
Lafayette Foster paints a home on Holyrood Avenue in Cleveland. Mr. Foster now has a full-time job for the Cleveland Housing Network.
TRANSFORMATIONS ARE REMARKABLE Cuyahoga County, Cleveland Foundation team up with nonprofits for unique re-entry program INSIDE Rooms with a view
Nick Catanzarite, right, whose family owns Pat Catan’s Craft Centers, will lead the makeover of a historic building along the West Shoreway into apartments. PAGE 3
Catan’s says splurge will pay off in end Company pays $9.2 million for warehouse near headquarters By STAN BULLARD firstname.lastname@example.org
Mike Catan, CEO of Pat Catan’s Craft Centers, acknowledges he overpaid for a warehouse at 12850 Darice Parkway that sits about 50 feet from the company’s
Strongsville headquarters and one of its existing warehouses. But he bit the bullet because the location was right. Mr. Catan (the name is short for Catanzarite) said the supplier of crafts and floral products chose that route rather than spend at least
$200,000 annually in additional operating costs if the new warehouse was in a different location. The company will be able to connect the newly purchased property with its existing warehouse and headquarters at 13000 Darice Parkway, he said. The additional space was needed
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thanks to increasing sales of its Darice Inc. wholesale unit, which provides crafts to “the Walmarts of the world,” Mr. Catan said. Through 12850 Darice Parkway LLC, the family-owned company on Aug. 15 paid $9.2 million for the 170,000-square-foot property, according to Cuyahoga County land records. See CATAN’S Page 7
S E P T 25
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AUGUST 26 - SEPTEMBER 1, 2013
CRAIN’S CLEVELAND BUSINESS
Local companies lining Pandora’s pockets More area businesses are purchasing ads on Internet radio service; younger streaming sites expected to target region By CHUCK SODER firstname.lastname@example.org
Two weeks ago, Eric Hartup was driving through upstate New York with his brother when they heard an advertisement touting half-price
wine every Tuesday at Houlihan’s restaurant in Westlake. His brother was amazed. To think, one of the three Houlihan’s locations Mr. Hartup helps run was just mentioned on Pandora — a national Internet radio service that is starting to
run a lot more local ads. Houlihan’s of Cleveland, which also owns restaurants in downtown Cleveland and Strongsville, is one of dozens of local companies that have bought Pandora ads targeting listeners in Northeast Ohio, according to
Gabe Tartaglia, regional vice president for Pandora’s central sales region, based in Chicago. The fast-growing Internet radio service — which lets listeners create custom radio stations based on music they like — has been ramping up its effort to sell ads that target individual cities and zip codes. Hence, Pandora in May opened an office in Independence, where it employs two sales representatives who focus
on selling local advertisements and two who sell to national brands throughout Ohio, Mr. Tartaglia said. You can hear the results by tuning in to Pandora, via the web or the Pandora mobile app. Akron-Canton Airport has been encouraging listeners to “Fly Happy,” while KeyBank’s ads offer a free Kindle Fire HD to anyone who puts a direct deposit of $500 into a new See PANDORA Page 21
WKNR shakeup is sign of times Northeast Ohio media analyst says sports radio ratings fall when teams do By KEVIN KLEPS email@example.com
Nick Catanzarite, a lawyer in the real estate unit of Walter Haverfield LLP, will lead the conversion of a former tool and die shop along Cleveland’s West Shoreway to apartments in a $10 million-plus makeover.
IT’S A LOFTY NEW VIEW Historic former tool and die shop along West Shoreway will become an apartment building in $10M makeover
By STAN BULLARD firstname.lastname@example.org
oft living will join with looks at the lakefront as a former tool and die shop along Cleveland’s West Shoreway is converted to apartments in a $10 million-plus makeover.
The property at 1260 West 76th Street is next to a recently upgraded pedestrian tunnel connecting West 76th to the beach at Edgewater Park. Construction is under way on the project, which involves a partnership that includes the building’s owner, the Catanzarite family — the See VIEW Page 22
THE WEEK IN QUOTES “They don’t want to lose their edge. But they’re doing it. There is so much money to be put to work that they can’t find enough homes for it.” — Floyd A. Trouten, equity director in transaction advisory services and tax, SS&G Inc. Page One
“Five years ago you could jump in the car and find 300,000 square feet or 500,000 square feet available. Now it looks like a shortage. This was a no-brainer and we’re glad to have it.” — Mike Catan, president of Pat Catan’s Craft Centers. Page One
“Airmall has had since 2008 to deliver an above-average level of sales-per-enplanement at Cleveland. Instead, by 2011 … Airmall generated only $7.31 sales-perenplanement, which, again, fell in the bottom 20th percentile.” — From a Letter to the Editor. Page 4
“As our large-scale investments continue to come online and our residential market continues to explode, more amenities and a variety of restaurants are opening.” — Gina Morris, director of marketing and public relations, Downtown Cleveland Alliance. Page 9
Is there room for two all-sportstalk radio stations in Cleveland? John Gorman isn’t so sure. Mr. Gorman, owner of broadcast consulting firm Gorman Media and a 2000 inductee into the Ohio RadioTelevision Broadcasters Hall of Fame, has followed the recent turmoil at WKNR-AM, 850, and monitors the performance of its top competitor, WKRK-FM, 92.3. Last Tuesday, Aug. 20, WKNR, an ESPN Radio affiliate owned by Good Karma Broadcasting of Beaver Dam, Wis., fired four prominent on-air personalities — Will Burge, Michael Reghi, Kenny Roda and T.J. Zuppe. The following day, the station unveiled a slimmed-down lineup of local programming. Instead of featuring almost all local programming from 4 a.m. to midnight, WKNR eliminated a pair of local nighttime shows that accounted for four to six hours of airtime per day. WKRK — a CBS Radio affiliate that debuted as The Fan on Aug. 29, 2011 — has retained a beefed-up local lineup, but, according to industry sources, isn’t pulling big audience numbers. “The problem is there are two sports stations,” Mr. Gorman said. “Neither one is doing great in the ratings right now. That’s not necessarily because of the material. See WKNR Page 19
ON THE WEB: For more on WKNR firing four of its top on-air personalities, read Kevin Kleps’ blog at: www.crainscleveland.com
CRAIN’S CLEVELAND BUSINESS
AUGUST 26 - SEPTEMBER 1, 2013
Brian D. Tucker (email@example.com) ASSOCIATE PUBLISHER/EDITORIAL:
John Campanelli firstname.lastname@example.org) EDITOR:
Mark Dodosh (email@example.com) MANAGING EDITOR:
Scott Suttell (firstname.lastname@example.org)
epublican lawmakers in Columbus are running out of excuses for why they shouldn’t proceed with an expansion of the state’s Medicaid program, as advocated by their party leader, Gov. John Kasich. Their intransigence looks particularly ill-advised in light of a study presented to the Senate Medicaid Finance Subcommittee that indicates the cost to extend Medicaid to more of Ohio’s poor while capping its annual growth would be less than to leave the program as is. The Ohio Medicaid Expansion Study isn’t leftleaning propaganda. The Health Policy Institute of Ohio and Ohio State University’s John Glenn School of Public Affairs produced the analysis at the request of Sen. Dave Burke, R-Marysville, who chairs the Medicaid subcommittee, and Sen. Capri Cafaro, D-Hubbard, its ranking minority member. The projections found in the study support the proposal Gov. Kasich presented way back in February to extend Medicaid eligibility to those who make up to 138% of the federal poverty level. According to the study, total Medicaid spending without expanding the program is expected to reach $43.4 billion by the state’s 2025 fiscal year if growth in the program’s cost continues at the current rate of 7.2% per year. By contrast, the study projects that if program eligibility is expanded and Medicaid enrollment rises by 1% a year, total Medicaid spending will hit $39.5 billion by fiscal 2025 provided the state caps Medicaid spending increases at 4% a year. That’s a difference in fiscal 2025 of nearly $4 billion in favor of program expansion. And the study projects a favorable difference in spending each year along the way. Gov. Kasich has taken the pragmatic view that if the federal government is willing under President Barack Obama’s Affordable Care Act to pay all the costs of expanding the program for three years and to cover 90% of the costs thereafter, Ohio shouldn’t leave that money on the table. But even if the feds eventually renege on that promise — as some Republican legislators say they fear in justifying their opposition to the governor’s proposal — the study maintains the state still would be ahead of the game if it expanded Medicaid eligibility but kept a cap on the annual spending growth rate. Under the current cost-sharing arrangement whereby the federal government pays 60% of Medicaid costs, the study projects the state’s share of the Medicaid obligation would reach $17.4 billion in fiscal 2025 if program eligibility wasn’t expanded but spending kept growing at a 7.2% annual rate. Using that same 60-40 ratio, the state’s obligation if the program was expanded but annual growth in Medicaid spending was capped at 4% would be $15.8 billion in fiscal 2025, the study projects. Rep. Burke told The Columbus Dispatch the study is “the first fact-based analysis by any party that has shown you can lower costs, both federal and state, if you craft the right policy to get there.” That’s a Republican speaking there. We’d urge his cohorts to stop dragging their feet and to move forward legislation to expand the Medicaid program.
FROM THE PUBLISHER
Media picture yet to come into focus strong year. Ad sales are up, our events ew days pass without someone have grown and our digital newsletters asking some form of the followhave become part of the regular routines ing question: “What do The Plain of thousands of business owners Dealer’s changes mean and executives. But that has been to you?” BRIAN the trend since early in the year, I know that by “you” they TUCKER and it has little to do with anymean Crain’s Cleveland Busithing that’s happening at The PD. ness, and the reality is that, like But the “you” that I relate to the owners of The PD, we don’t best in the above question is know. These are uncharted wamyself and how, as a journalist ters for all print media, and and concerned citizen, I fear for we’re all doing what we think is the changes at the region’s best for our products, and our largest daily newspaper, and all customers. daily newspapers. The PD’s The fact is that Crain’s has been the news staff is a shadow of its former self, stronger player in local business news and that means the paper cannot report for a while, because that’s what we speon as many topics and areas. cialize in. As the daily newspaper has As for that annoying “I’ll just go find it been forced to cut staff, its executives on the web for free from some other have had to make hard choices about source” mantra, well, all I can say is that what coverage serves their largest audithe source for that news is generally The ence. Part of that decision-making has Associated Press, my former employer. been to stop home delivery three days a And without robust newspapers, the week. On those days, The PD publishes a AP’s news report suffers. We simply are drastically slimmed-down version, but not going to know as much about what’s only sells it at scattered retail locations around its coverage area. happening in the state, the country and Our newspaper has been enjoying a the world. It’s the new reality, and it por-
tends nothing good for our society when the watchdog has been muzzled. ***** Speaking of newspapers, I found this headline — “Counties reap shale sales, but job growth still lags” — and the accompanying story from The Columbus Dispatch a little weird. The reason for the story was that while sales tax receipts were up by 20% in 15 shale-intense counties in eastern Ohio, job growth “has not yet proved to be a jobs bonanza.” Employment in those counties was only up 0.6% in 2012. The data came from Cleveland State’s excellent shale team at the Levin College of Urban Affairs, several of whom are bloggers for our weekly energy newsletter. But as Levin’s dean, Ned Hill, has been telling folks for months, this energy play will be slow to develop as the exploration companies find the best-producing areas. “It doesn’t mean we’ve missed the boat,” Ned has said. “It means the boat has not yet pulled up to the dock.” I wish reporters would keep all that in mind when they choose an angle for a story. ■
LETTERS TO THE EDITOR
Airmall’s issue is per-passenger spending
was happy to see Crain’s Cleveland Business cover the story of Airmall’s performance at Cleveland Hopkins International Airport in a July 29, page 4 article, “Union-backed group criticizes Airmall’s work.” However, in challenging The Airport Group’s motive for conducting its research, Crain’s did not adequately address the real issue: the harm of Airmall’s underperformance in per-passenger spending to the city of Cleveland. The article correctly notes that Airmall’s per-enplanement spend at Cleveland for 2011 fell in the bottom 20th percentile of all medium and large hub U.S. airports that reported data to Airport Revenue News. It then mentions that sales-per-enplanement has improved since Airmall took over.
WRITE TO US Send your letters to: Mark Dodosh, editor, Crain’s Cleveland Business, 700 W. St. Clair Ave., Suite 310, Cleveland, OH 441131230; Email: email@example.com
But the article does not mention that there has been improvement in salesper-enplanement at many airports. Forty out of 52 medium and large hub U.S. airports that provided data to Airport Revenue News reported improvement in one-year periods. Airmall has had since 2008 to deliver an above-average level of sales-per-enplanement at Cleveland. Instead, by 2011 (the most recent year for which data is available), Airmall generated only $7.31 sales-per-enplanement, which, again, fell in the bottom 20th percentile.
More significantly, the article omits any mention of Airmall’s most recent attempt to reduce its rent obligations to the city on a long-term basis. In a letter dated Oct. 12, 2012, Airmall asked the city of Cleveland to reduce its long-term minimum rent obligation by tying rent to actual enplanement levels, which would have reduced Airmall’s rent from $4.5 million to $3.43 million according the enplanement trends at the time the letter was written. In a response letter to Airmall, airport director Ricky Smith noted that the rent reductions granted by the city in 2010 and 2011 were “difficult to absorb without passing on additional cost to CLE’s signatory carriers,” and the city would not grant long-term relief at that time. See LETTERS Page 6
AUGUST 26 - SEPTEMBER 1, 2013
CRAIN’S CLEVELAND BUSINESS
COMING NEXT WEEK
The aftermath of the deal
Ohio is one of the least expensive states in which to operate a motor vehicle, at $2,810 per year, about 12% lower than the national average of $3,201, a new report found. The report accounted for the costs of gasoline, insurance, repairs, taxes and fees in each state. Here’s a look at the data from the three most expensive states, the three least expensive states, and Ohio: Estimated annual cost of car ownership Rank, State Repairs Taxes/fees Gasoline Insurance Total 1. Georgia $385 $1,952 $1,129 $767 $4,233
Once an owner sells his or her business and the cash has been transferred, what’s next? In next week’s Dealmaker section, Crain’s talks with entrepreneurs who have navigated the transition.
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Letters ..........................4 Reporters’ Notebook....23 The Week ....................23 What’s New..................23
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CRAIN’S CLEVELAND BUSINESS
City’s suit against workers’ comp bureau could set tone
Attorney dealing with private employers’ claim believes other public bodies could follow; state will respond next month
6521 Davis Industrial Parkway is a free standing, single-tenant flex building of 21,600 sf with 2 docks. Currently under renovation. The whole building is for lease or sale.
5821 Harper Road, Solon is a 66,638 sf multi-tenant property with 3 vacant suites of 5,901 sf, 9,600 sf and 12,000 sf. The whole building is for lease or sale.
AUGUST 26 - SEPTEMBER 1, 2013
By JAY MILLER email@example.com
TerryCoyne.com Or Call Terry at
216.453.3001 1350 Euclid Ave, Ste. 300 Cleveland, Ohio 44115
In the wake of a successful class action by private employers, the city of Cleveland has filed a “me-too” lawsuit against the Ohio Bureau of Workers’ Compensation that claims it was overcharged for insurance premiums. And an attorney involved in the private employers’ lawsuit suspects more public bodies may follow Cleveland’s lead. In its complaint, the city contends the bureau was undercharging public employers that could qualify for a group rating plan. At the same time, the lawsuit maintains, public entities such as Cleveland that did not qualify for group rating were paying unjustifiably high workers’ compensation insurance premiums. The city filed the lawsuit in Cuya-
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hoga County Common Pleas Court June 28. The case is assigned to Judge Carolyn Friedland. The lawsuit asks the court to order the bureau to repay an unspecified amount of excessive premiums paid. Because the workers’ comp bureau is financed by employers’ insurance premiums, it could be forced either to raise insurance premium rates or dip into its reserves should it be asked to repay premium overpayments. City spokeswoman Maureen Harper said Cleveland’s case “is based on a ruling in a similar case, a suit involving private employers that found private non-group rated employers were also historically overcharged for premiums.” In an email, Bureau of Workers’ Compensation spokeswoman Melissa Vince said, “BWC is aware of the lawsuit and will be filing a response in mid September.” Last March, Cuyahoga County Common Pleas Judge Richard McMonagle awarded a group of more than 270,000 Ohio private employers $859 million because, he ruled, the bureau charged excessively high premiums to the employers over an
eight-year period. Attorneys for the suing employers in that case, known as San Allen v. The Ohio Bureau of Workers’ Compensation, claimed private-sector employers that did not qualify for membership in insurance-buying groups subsidized discounts of as much as 90% to employers that could join them. After the San Allen lawsuit was filed in 2007 and, the bureau said, in response to a consultant’s study that found recipients’ claims experience did not justify the highest discounts, the bureau changed its premium structure to reduce the discount to group-rated employers. At the time of the San Allen ruling by Judge McMonagle, the bureau issued a statement that it believed its actions were lawful and that no restitution was warranted. The bureau has appealed the judge’s decision to the Ohio Eighth District Court of Appeals. Stuart Garson, one of the San Allen group’s attorneys, speculated last week that other cities might follow Cleveland’s lead. “I would not be surprised to see a class action filed somewhere in Ohio against the bureau — totally on our theory and completely using the judgment (by Judge McMonagle) and our arguments — for public employers, which would be municipalities and school systems,” Mr. Garson said. ■
Letters: Program needs to maximize revenue continued from PAGE 4
In other words: The less rent money the city receives from Airmall, the harder it is for the airport to keep its airline fees competitive with other airports. A successful concessions program is not trivial to the success of the airport as a whole. The people of Cleveland deserve to know if Airmall asks again for rent relief. And the city of Cleveland deserves a concessions program that maximizes revenue for the airport. The Airport Group report highlights real underperformance with respect to per-passenger spending with Airmall’s program at Hopkins. Now that Crain’s has published a piece speculating about the intentions of the report’s authors, I hope that the paper will take the time and effort to explore the report’s content. Ian Mikusko Research analyst, The Airport Group Unite Here
Where’s the outrage? I’m curious. Where is the Agenda 21 crowd — the folks that think
there is a global sustainability conspiracy and that the government is going to (horror!) force people to ride public transit — around the Opportunity Corridor? After all, this project, it might be said, represents the height of government tyranny: The state of Ohio is planning to actually seize and forcibly move some 60 families from their homes, their sacred private property! This seems like exactly the kind of thing Agenda 21 conspiracy theorists fear so much, and yet, curiously, they are silent about this scandalous government usurping of private property rights when it is happening right now in their very community. How strange. It’s almost as if this group is OK with extraordinary government interventions in the realms of land use and transportation provided the folks negatively impacted are oppressed minority groups and the interventions serve their interests. But, nah. Angie Schmitt Cleveland
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AUGUST 26 - SEPTEMBER 1, 2013
CRAIN’S CLEVELAND BUSINESS
Cosmetics maker buys Taylor Chair’s former home Art of Beauty to move from Bedford Heights; plans to add 45 jobs By STAN BULLARD firstname.lastname@example.org
Art of Beauty Inc. plans to set up shop in the empty home of the former Taylor Chair Co. in Bedford after an affiliate of the fingernail polish and cosmetics producer bought the building in a court-controlled liquidation of the office furniture maker. Art of Beauty makes and distributes Zoya Nail Polish and other brands, which it sells online and to hair salon and spa operators, according to its website. Through Independence Court Realty LLC, Art of Beauty paid $2.3 million for the 70,000-square-foot building on 12 acres at 1 Taylor Parkway, according to Cuyahoga County land records. Cuyahoga County Common Pleas
Judge John O’Donnell approved the sale Aug. 7. The Ohio Development Services Agency stands to receive most of the net proceeds from the sale of the office, factory and warehouse that dates from 2006. Taylor Chair built the complex with the aid of a state loan. Art of Beauty said in a press release on its website that it plans to add 45 jobs at the new property. However, Michael Reyzis, who founded the business with his cosmetologisttrained wife, Zoya, in 1986, declined to talk about the company or its plans for the building in a phone call Aug. 21 with Crain’s Cleveland
Business. Art of Beauty began with a nail salon and spa that expanded as Mr. Reyzis, a chemist, developed products such as a fast-drying nail polish, shampoos and similar items, according to the website. The company is in a multitenant industrial complex in Bedford Heights four miles from what will be its new location. The sale is welcome news to Henry “Hank” Angelo, Bedford city manager. “We’re elated,” Mr. Angelo said. He said it is his understanding the company wanted the Taylor Chair
real estate because it includes land on which to expand. Mr. Angelo said the city still is negotiating an incentive package with Art of Beauty. Joseph Martanovic, head of Ostendorf-Morris Co.’s industrial real estate group, called the deal a “fantastic transaction for the buyer.” “They got a new building on a lot of acreage in a good area,” Mr. Martanovic said. “When you buy a building, you want the ability to expand, and this has that.” However, the sale is not so sweet for the state of Ohio. As part of the much-vaunted Taylor Chair project in an industrial park that reclaimed a brownfield, the state provided a
$4.6 million loan in 2006, according to county land records. Taylor Chair, founded in 1816, transformed itself through the years from the consumer market to become a supplier of office chairs and related products before succumbing to poor business conditions in June 2012. Youngstownbased Gasser Chair Co. bought Taylor Chair’s intellectual property last September to use it to enter the office furnishings market. Jeffrey Baldassari, Taylor Chair’s last CEO, termed the company a victim of the lingering 2008 recession. He said via email that Art of Beauty has a “first-class facility” that will serve it well for many years. ■
More than 400 people attended the 2013 Crain’s HR Leaders awards
Catan’s: Big need drove high-priced purchase
at the InterContinental Hotel. The event honored Northeast Ohio innovators in the human resources field, including Lifetime Achievement Award Winner Debra Lyons. Crain’s and Howard & O’Brien Executive Search hosted the Aug. 13 award ceremony.
continued from PAGE 1
The seller was Hackman Capital, a real estate investment and management firm in Los Angeles. Through a joint venture with Square Mile Capital Management of New York, Hackman bought the building, along with 15 others in Northeast Ohio and eight in other parts of Ohio, earlier this summer from an affiliate of the California State Teachers’ Retirement System. Asked why Hackman sold the warehouse, Terry Coyne, executive managing director of Newmark Grubb Knight Frank’s Cleveland office who represented the Los Angeles firm in the transaction, said, “They’re in business to make money. They got paid well.” Mr. Coyne said the price Darice paid works out to $54 a square foot — the highest sale price on a squarefoot basis for a partially empty building he ever has handled as an industrial real estate broker in Cleveland. Part of the building is occupied with rental tenants, but Pat Catan’s immediately will gain 100,000 square feet of warehouse space with the deal. The company plans to convert a 6,000-square-foot office in the building into a daycare center for children of employees; it didn’t have one previously, Mr. Catan said. Mr. Catan said he looked in several suburbs for more space before settling on the neighboring building. “Five years ago you could jump in the car and find 300,000 square feet or 500,000 square feet available,” Mr. Catan said. “Now it looks like a shortage. This was a no-brainer and we’re glad to have it.” While the industrial vacancy rate in Northeast Ohio is estimated at 10%, a recent study by the city of Strongsville found a vacancy rate of 5% among its industrial buildings, said Brent Painter, its economic development director. He said Pat Catan’s is the southwest suburb’s fifth-largest employer, with about 450 employees. ■
4. Lee Ann Howard, Lifetime Achievement Award winner Debra Lyons, and Brian Tucker 5. Janet Rohlik, Kate Bang, Honoree Latoya Smith, and Shirley Hunter.
1. Honoree Carla Fitzpatrick, Honoree Diane Giorgi, Alex Felden and Honoree Nicolette Kynkor 2. John O’Brien, President, Howard & O’Brien Executive Search welcomed attendees 3. Jennifer Bell, Honoree Kate Lawrence, and Brian Tucker.
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AUGUST 26 - SEPTEMBER 1, 2013
Remarkable: County’s objective is getting prisoners back to work — fast continued from PAGE 1
But for the last month, the 34year-old father of three has woken up each day thankful for his full-time job rehabbing properties for the Cleveland Housing Network. It’s a job he said he couldn’t have landed if it weren’t for a new program taking root in Cuyahoga County that is designed to help people such as Mr. Foster overcome their troubled pasts. “It hasn’t sunk in,” Mr. Foster said. “It’s overwhelming that I actually attained a position in life like this. I have a benefits package, everything that goes with an actual career. I could retire from this company.” Re-entry programs aren’t new, particularly in Cuyahoga County, but the program that made Mr. Foster’s newfound career possible puts a different spin on the concept. In-
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“This is a work force that can be worked with. If you get the right individual, they could be better employees than what you might find through more traditional job searches.” – Mary Kelley, programmatic services coordinator, Cuyahoga County’s Office of Reentry stead of throwing money repeatedly at existing work force development programs, Cuyahoga County and the Cleveland Foundation provided money to a handful of local nonprofits to start their own forprofit businesses. In all, the county, the Cleveland Foundation and the three participating nonprofits have pumped about $1.45 million in total into the program. The idea is to create a cadre of sustainable businesses — or social enterprises, as they’re dubbed — that can produce a steady stream of revenue to fund training and job placement programs and actual new jobs for those individuals with felony convictions. So far, the socalled Transformation Enterprises program has helped three local nonprofits launch businesses, including a food prep kitchen, a salon and a home renovation business. Mr. Foster got his start with Expert Reclaim, the renovation business launched in the spring of 2012 by Career Development and Placement Services, a Cleveland-based nonprofit. Since its launch, 32 individuals have “graduated” from the Expert Reclaim program, and 19 have found full-time work. “The transformation in most cases is awesome,” said Expert Reclaim president Maurice Stevens. “A lot of times when they come, their spirit is almost broken. The biggest change I’ve seen in the guys is they seem to be motivated and more self-assured of themselves.”
Staying back on track Between 5,000 and 7,000 individuals return to Cuyahoga County each year from Ohio’s prisons, but not all transition easily back into society, according to the county’s Office of Reentry. About 70% of all recidivism occurs within the first year of release of prison — a reason the Transformation Enterprises advocates are so intent on quickly getting these individuals back to work. “This is a work force that can be worked with,” said Mary Kelley, programmatic services coordinator for the Office of Reentry. “If you get the right individual, they could be better employees than what you might find through more traditional job searches.” Through the various businesses, the participants are able to earn a living wage while acquiring new skills — and in some cases, industry certifications. The participants also undergo soft-skills training, which Ms. Kelley described as teaching the individuals how to handle themselves during an interview or on a job site, how to write resumes or apply for jobs online. “A lot of people are grateful for being given a second chance,” she said. “A lot are motivated to prove to employers they are worth that and can show up and be a good employee. They want to change their
past behavior and be a productive citizen.” Just east of downtown Cleveland, at the intersection of East 45th Street and Superior Avenue, Lutheran Metropolitan Ministries launched its Central Kitchen, in the heart of the human services organization’s new 40,000-square-foot headquarters. The kitchen prepares food for area homeless shelters, but it also gives its workers — all of whom have criminal backgrounds — a six-month crash course on the food services industry. “What we do for them is truthfully give them a life skill. Everybody has to eat,” said Matt Barnes, Central Kitchen’s head chef. “This is a life skill that they can take with them no matter what they do.”
‘Life-changing’ opportunities Social enterprises such as the burgeoning Central Kitchen or Expert Reclaim program aren’t a new phenomenon, but Ms. Kelley said they are the first of their kind in Cuyahoga County. Others across the country include Homeboy Industries, a Los Angeles-based youth outreach program that launched a series of small businesses, including a café and bakery, to provide employment for hard-to-place individuals. While Cuyahoga County’s involvement with the social enterprise concept is relatively new, the program’s advocates already see the potential for expansion. As long as the businesses remain profitable, they’ll be able to carry on their missions of providing training and work for those returning from prison. “I think we feel pretty good overall with where we are,” said Bob Eckardt, senior vice president for the Cleveland Foundation. “Businesses are launching, and you’re beginning to see real people being served. I think the jury’s still out in the long run, but we’re certainly not discouraged. People are searching for a solution to this challenge.” The latest business to open its doors is Signature Style, a salon nestled near the intersection of Mayfield and South Green roads in South Euclid. The salon — in conjunction with Verge Inc., another local work force development nonprofit — trains participants to be licensed hair stylists, massage therapists and manicurists. Verge president Shaun Woods expects the salon to churn out a number of individuals looking to launch their own enterprises. “The issue a lot of times with (reentry) programming is it doesn’t set up the individuals for long-term success,” Mr. Woods said. “They get the same jobs they’d get without your help. “This social enterprise creates a unique opportunity because these people have the opportunity to earn a real serious, life-changing wage or own their salon or barbershop,” he said. ■
AUGUST 26 - SEPTEMBER 1, 2013
CRAIN’S CLEVELAND BUSINESS
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The Aloft Hotel features the w xyz bar, which is one of four restaurants that have opened as part of the first phase of the development of the East Bank of the Flats.
Downtown Cleveland is becoming diners’ delight
estaurants come and go, but continued growth in downtown Cleveland’s residential and office markets suggests the urban core has the appetite to support a recent healthy net gain of retailers and eateries. According to Downtown Cleveland Alliance, 48 retail stores have opened in the last 18 months, with 36 being restaurants. The market this year alone will see a net gain of 23 shops and dining establishments once Driftwood Restaurant Group’s Cibreo Italian Kitchen and Rothschild Farms open later this year at PlayhouseSquare. Another 22 retail shops and eateries are planned through 2014. “Downtown Cleveland has been a dining destination, with internationally acclaimed restaurants attracting tourists and locals,” said Gina Morris, director of marketing and public relations for Downtown Cleveland Alliance. “As our largescale investments continue to come online and our residential market continues to explode, more amenities and a variety of restaurants are opening.” The mix includes more fast-casual, national chain restaurants, including Chipotle, Potbelly Sandwich Shop and Au Bon Pain, as well as esteemed locally owned opera-
WHAT’S COOKING tions, such as the aforementioned Scott Kuhn’s Driftwood Restaurant concepts, Barroco Grill in Cleveland’s Warehouse District, and Red the Steakhouse, on Prospect Avenue near East Fourth Street. Those new establishments aim to fulfill market demand, as downtown’s office population of 120,000 continues to grow steadily, and its residential population base surges, up 32% to 12,000 at present from about 9,100 in 2010. These three downtown pockets particularly are bolstering their dining options: ■ Flats East Bank: Four restaurants — Lago, Willeyville, Ken Stewart’s and w xyz bar at the Aloft Hotel — have opened as part of the development’s first phase. Another seven, including Flip Side, Toby Keith’s I Love This Bar and Grill and Big Bang Dueling Piano Bar,
ON THE WEB Read Kathy Ames Carr’s What’s Cooking blog at: www.crainscleveland.com are slated for the $133 million second phase, which is scheduled to break ground this fall. ■ NineTwelve District: Over the last two and a half years, downtown Cleveland has attracted more than 5,500 new jobs from 60 different companies, with about half those jobs concentrated in the NineTwelve District, Ms. Morris said. Its office occupancy in the second quarter rose 2.4%, with AmTrust Financial’s relocation and National General Insurance’s move to 800 Superior Ave. adding about 1,000 jobs to the district. Restaurant openings in that district include Table 9 and Walk in the Park Café, both located within Ohio Savings Bank on East Ninth Street, and Winks inside the Galleria. ■ PlayhouseSquare: The theater district’s planned $16 million transformation campaign, along with its burgeoning office and residential market, is a beacon for quality establishments, with the addition of Zack Bruell’s Cowell & Hubbard in 2012 and his Dynomite! burger stand this year. ■
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Cleveland Orchestra names Barlament its general manager Jennifer Barlament, executive director ON THE WEB Story from orchestra's chief administrator, with of the Kalamazoo Symphony Orchestra www.crainscleveland.com responsibility for board relations, since 2009, has been named general fundraising, marketing, concert planning manager of The Cleveland Orchestra. and operations, finances and education, according to a She replaces Gary Ginstling, who was named CEO of Cleveland Orchestra news release. the Indianapolis Symphony Orchestra effective last March From 2002 to 2009, she served as general manager 18. of the Omaha Symphony. She also has held executive Ms. Barlament “comes to Northeast Ohio with more roles with the Detroit Symphony Orchestra and the Baltithan 10 years of experience as a highly successful ormore Symphony Orchestra. chestra executive,” said Gary Hanson, executive director Ms. Barlament was the 2013 recipient of the of the Cleveland Orchestra, in a statement. He said her Orchestra League's Helen M. Thompson Award for “strong musical background and record of achievement extraordinary achievement and commitment in the field are among the terrific portfolio of skills and talent she will of orchestra management. bring to us.” She starts her job in Cleveland on Sept. 23. — Scott Suttell With the Kalamazoo Symphony, Ms. Barlament was the
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CRAIN’S CLEVELAND BUSINESS
AUGUST 26 - SEPTEMBER 1, 2013
GOING PLACES JOB CHANGES CONSULTING SEDLAK MANAGEMENT CONSULTANTS: Steve Simco to practice director, health care services. Lane
BEACON FINANCIAL PARTNERS: Peter Franz to co-chief investment officer.
associate, assurance; Sean Coffey to associate, IT.
EDUCATION KENT STATE UNIVERSITY: Center for Corporate and Professional Development — Amy Lane to associate vice president, corporate and professional development and Corianne Kocarek to program manager.
CBIZ INC.: Erica Belletti to senior financial analyst; Nico Lindsey to applications developer II; Tyler Darnell to applications developers I.
SS&G HEALTHCARE: Kimberly Brady and Anita Sherman to billing specialists.
FAIRPORT ASSET MANAGEMENT: Janet Havener to director, wealth advisory services.
MIRAE ASSET GLOBAL INVESTMENTS: John Whitaker to regional vice president, emerging market specialist. SS&G: Cristina Beacham to senior
HARD ROCK CLEVELAND: Dennis Fischer to general manager.
INSURANCE MEDICAL MUTUAL: Mary Anne Bromelmeier to system development and maintenance
manager; John Uhlir to vice president, IT infrastructure and operations.
LEGAL FAUVER, KEYSE-WALKER & DONOVAN LPA: Brett D. Wieber to president. WICKENS, HERZER, PANZA, COOK & BATISTA CO.: Philip J. Truax to associate.
MANUFACTURING MOEN INC.: Kevin Campbell
to vice president and general manager, Commercial Business Unit.
MARKETING COREELEMENT: Anthony N. Russo to marketing strategist. INNIS MAGGIORE: Marty Richmond to public relations director. MELAMED RILEY: Adam Gale to community manager. STUDIOTHINK: Steve Taylor to senior writer; Eleanore Hilow to account coordinator; Megan Confer to public relations associate; Pete Honsberger to culture development coordinator.
PROFESSIONAL PLACEMENT SERVICES: Sandra Christopher to sales manaager; Brad Rosenthal and Matthew Kimberley to recruiters.
THUNDER::TECH: Steve Frohwerk to account manager; Dave Crader to optimization specialist.
MCPC INC.: Mike Russ to rotational desktop technician; William Chernock III to project management office director.
CASE ALUMNI ASSOCIATION: Ed McHenry to president, Case Alumni Council.
VEALE FOUNDATION: Cynthia L. Bailie to executive director.
ASIAN AMERICAN BAR ASSOCIATION OF OHIO: Barbara A. Lum (Thompson Hine LLP) to president; Sonja Rice to president-elect; Sanjiv Kapur to secretary; Edward Chyun to treasurer; Elaine Tso to vice president, membership; Deborah W. Yue to immediate past president.
SIMON PROPERTY GROUP INC.: Kurt Palmer to local leasing representative, Great Lakes Mall and Richmond Town Square.
OCTOBER RESEARCH LLC: Chris Crowell to editorial director.
AMERICAN PSYCHOLOGICAL ASSOCIATION: Mary Ann Parris Stephens (Kent State University) received the 2013 DevelStephens opmental Health Award given by the Aging and Health Committee.
TMC EMPLOYEE BENEFITS GROUP: Laurie Sheehan to account manager.
Send information for Going Places to email@example.com.
MENORAH PARK FOUNDATION: Traci Felder to director of major gifts.
SERVICE BERNARD HEALTH: Jake Blume to retail advisor.
Cox Business helped Liberty Market keep more than their produce and bread 100% local.
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OHIO MBA GUIDE 2013 F or those seeking an MBA, there are any number of programs to choose from in the Buckeye State. On the following pages, we give a brief breakdown of some programs available in Ohio (only schools with a physical presence are included in the directory).
PUBLIC SCHOOLS THE UNIVERSITY OF AKRON College of Business Administration Akron 330-972-7043 firstname.lastname@example.org Types of MBAs available: The flexible MBA at Akron allows students to attend on a full- or part-time basis. Evening and weekend classes provide flexibility for students who are fully employed. Concentrations that are available are: management; leadership and organizational change; direct interactive marketing; finance; global technological innovation; interdisciplinary; international business; international finance; health care management; supply chain management; and strategic marketing. The interdisciplinary concentration provides the most flexibility. A student can customize the concentration by selecting nine graduate credits to use toward the concentration. Students develop their own plan of study for approval, and it can include graduate courses from outside of business. MBA program highlights: The school launched its first cohort of students in fall 2011 for the Saturday MBA. This cohort successfully completed the program and graduated in August 2013. The third cohort will begin in fall 2013 semester. Students take courses using distance-learning technologies at the Medina County University Center, University of Akron Wayne campus and the University of Akron Lakewood Center, every other Saturday for two years. The in-class experience is supplemented with online technology. Students take three courses per semester using this hybrid format. The same students attend classes together over the two-year period. The new cohort will run from fall semester 2013 through summer semester 2015.
Class locations: Most classes are held on the main campus in Akron. Saturday MBA classes use distance-learning technologies at the Medina County University Center and The University of Akron Lakewood. Online options: The economics class is offered twice a year and is 100% online. Scholarship/financial aid available: Graduate assistantships are available for full-time students. They offer full and half scholarships and a stipend for working 20 or 10 hours per week, respectively. About 20 to 25 new awards are granted per year.
BOWLING GREEN STATE UNIVERSITY College of Business Administration Bowling Green 419-372-2488 email@example.com Types of MBAs available: Fulltime MBA, an accelerated oneyear program with specializations in accounting and finance; executive MBA, a part-time weekend program; and professional MBA, a part-time evening program. MBA program highlights: The full-time program is a cohortbased, accelerated one-year format open to students from any undergraduate major. BGSU’s MBA programs are accredited by the Association to Advance College Schools of Business (AACSB). According to the school, it received the second-highest ratings in Ohio by The Princeton Review for academic experience and admissions selectivity. Class location: Full-time and executive MBA classes are held at the main campus. Professional MBA classes are held in Perrysburg and Findlay. Online options: None Scholarship/financial aid available: Financial aid is available to full-time students in a variety of forms, including graduate assist-
antships, student employment and loans. The executive MBA and professional MBA have tuition deferral for students who receive financial assistance from their employers.
UNIVERSITY OF CINCINNATI Carl H. Lindner College of Business Cincinnati 513-556-3546 (Dona Clary) firstname.lastname@example.org Types of MBAs available: The full-time MBA program includes a 12-month accelerated program and a 15month accelerated program with an internship. Also available is a dual-degree program, which includes a 21-month MBA/master of science program. There also are joint degrees — MBA/arts administration; MBA/law; MBA/medicine; and MBA/nursing — as well as a part-time option, which is two years with flexible sequencing. The five-year Accelerated Engineering Degree (ACCEND) program allows engineering students to earn an undergraduate engineering degree plus an MBA. All MBA students are invited to complete a discipline-specific certificate in conjunction with their MBA. Sixteen certificates are offered including marketing, finance, international business, innovation, data analytics, operations excellence and taxation. These graduate certificates are transcriptable and can be included as part of the degree. MBA program highlights: According to the school, the recently redesigned MBA program allows students to tailor the degree to their needs and interests for a more personalized experience. Students with undergraduate business degrees can waive foundation courses and use available electives to earn transcripted graduate certificates. Students also can add a specialized master’s degree in accounting, applied economics, business analytics, finance, information systems, marketing or tax to an MBA with as few as 18 to 24 additional semester
Schools were asked to provide such information as highlights and details of their programs, class locations and online options. Additional information from the schools — such as admission requirements, tuition information and the size of the program — is available at www.crainscleveland.com.
hours of study. The program has been AACSB accredited since 1919; the part-time program was ranked 78th by U.S. News & World Report’s 2013 rankings, according to the school. Class location: Main campus. The part-time program also is available at the Blue Ash Carver Woods campus. Online options: Up to 25% of program can be conducted online. Scholarship/financial aid available: The Albert C. Yates Fellows offers full tuition for minority students, while university graduate scholarships are merit based. Need-based financial aid is available through the University of Cincinnati Financial Aid Office. Paxton Fellows are available for full-time MBAs, with an emphasis on leadership and interdisciplinary problem solving.
CLEVELAND STATE UNIVERSITY Monte Ahuja College of Business Cleveland 216-687-3730 email@example.com (Dr. Elad Granot, MBA programs director, 216-687-3850) Types of MBAs available: Fulltime MBA; part-time; off-campus at Cleveland Clinic, Progressive Insurance, CSU West Center and Metro Health Medical Center; executive, full-time weekend program (19 months); mobile accelerated, full-time online program (12 months); global accelerated MBA, full-time weekend program (12 months). MBA program highlights: Flexibility of class offerings; off-campus options; AACSB (Association to Advance Collegiate Schools of Business) accredited; and 80% of graduates work in the Northeast Ohio area. In the executive MBA program, students are all individuals who have been out of school for some time and are working in profes-
sional and supervisory positions. International trip included where students will meet with executives from top companies. During the weekend classes, meals are provided. Books and a parking pass are also provided (included in tuition) In the global accelerated MBA program, an international trip is included during which students meet with executives from top companies. During the weekend classes, meals are provided. Books and a parking pass are also provided, included in tuition. The mobile accelerated MBA program is 100% online. When students are admitted into the program they receive an iPad, which they use for all of their courses and for their textbooks. Class locations: Downtown Cleveland (main campus); Progressive Insurance: Mayfield Heights; Cleveland Clinic, Cleveland; CSU West Center, Westlake; and MetroHealth Medical Center, Cleveland. Online options: The Mobile Accelerated MBA is a 100% online program. Scholarship/financial aid available: Student loans; graduate assistantships; and scholarships (http://www.csuohio.edu/business/currstudents/scholarships. html)
KENT STATE UNIVERSITY College of Business Administration Kent 330-672-EMBA for executive MBA and executive MBA for health care professionals; 330-672-2282, firstname.lastname@example.org for full-time and professional MBA programs. Types of MBAs available: Executive MBA; executive MBA for health care professionals; full-time MBA; and professional MBA (part-time). MBA program highlights: The executive MBA and executive MBA for health care professionals both feature an international business trip. See KENT Page 12
OHIO MBA GUIDE 2013
12 CRAINâ€™S CLEVELAND BUSINESS KENT, continued from PAGE 11
The executive MBA has Saturday only classes, while the executive MBA for healthcare professionals meets once monthly with supplemental online content. The full-time MBA is a cohort program. The part-time MBA has weeknight evening courses and a flexible, self-paced setup. Class locations: Executive MBA, main campus; executive MBA for health care professionals, to be determined; full-time MBA, main campus; and part-time MBA, main and Stark campuses. Online options: The executive MBA has one online class weekend per session. The executive MBA for health care professionals has once monthly class meetings supplemented with online content. Several online courses are available for fulltime and part-time MBA programs. Scholarship/financial aid available: Executive MBA scholarships are based on need. Full-time graduate assistantships cover tuition and pay a stipend of up to $6,700 for 20 hours of work per week.
MIAMI UNIVERSITY Farmer School of Business Oxford 513-895-8876 email@example.com Types of MBAs available: Accelerated part-time program with concentrations in finance, marketing or a blend. MBA program highlights: Casebased learning environment cultivates cross-functional decisionmaking required for positions of broad responsibility. A concierge service provides all course materials, course registration and provides dinner. Limited prerequisites and a schedule of shorter semesters were developed to accommo-
date working professionals for completion of the program within two years. Class location: West Chester, satellite location. Online options: Prerequisites online options available only. Scholarship/financial aid available: Student loans.
OHIO STATE UNIVERSITY Fisher College of Business Columbus 614-292-8511 firstname.lastname@example.org Types of MBAs available: Fulltime MBA; working professional MBA; and executive MBA. MBA program highlights: Nationally ranked and accredited; flexible and action-based curriculum; distinguished faculty; small class sizes; close partnerships with local, regional and global business communities; and strong alumni network. Class locations: Main campus. Online options: Fisher MBA programs were developed to allow students to benefit from the interaction and collaboration that happens in the classroom. Therefore, Fisherâ€™s MBA program does not currently offer online classes. Scholarship/financial aid available: For the full-time MBA program, Fisher provides meritbased funding consisting of scholarships, fellowships, graduate assistantships and housing awards.
OHIO UNIVERSITY College of Business Athens 740-593-2028; email@example.com
Types of MBAs available: Professional MBA; online MBA with concentrations in finance, health care and executive management; and full-time residential MBA coming in June 2014. MBA program highlights: The professional MBA is a part-time MBA program designed to meet the needs of emerging business leaders, non-managers moving into managerial roles and individuals whose careers are in transition. A class and residency schedule that recognizes the multiple demands of working professionals allows one to remain fully employed while earning an MBA degree in 20 months. Most of the program is offered online through virtual classes and online modules with one in-person Saturday residency each month, which is offered in Columbus and Cleveland. Through the new online MBA, students complete their degrees in two years with the same academic requirements as those taking the professional MBA degree, and they can acquire a specialization in finance, health care and executive management. In addition to the online courses, the program includes one mandatory and two optional on-campus professional development workshops. Class location: Once-a-month Saturday residencies offered in Columbus and Cleveland; fulltime MBA will be held on Ohio University, Athens campus. Online options: For the online MBA, the entire program is offered online, with the exception of one weekend workshop. For the professional MBA, 80% of the program is offered online through virtual classes and online modules.
your earning potential and marketability with an MBA from Kent State University. Kent Stateâ€™s MBA programs are fully accredited, affordable and offered at convenient locations in Northeast Ohio. s &ULL TIME -"! s 0ART TIME -"! s %XECUTIVE -"! s %-"! FOR HEALTHCARE PROFESSIONALS s $UAL DEGREE -"! PROGRAMS WITH ARCHITECTURE TRANSLATION NURSING AND LIBRARY SCIENCE
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Kent State University, Kent State and KSU are registered trademarks and may not be used without permission. Kent State University is committed to attaining excellence through the recruitment and retention of a diverse student body and workforce. 13-1858
AUGUST 26 - SEPTEMBER 1, 2013
UNIVERSITY OF TOLEDO College of Business and Innovation Toledo 419-530-2087 COBIadvising@utoledo.edu Types of MBAs available: The University of Toledo offers a selfpaced professional MBA that is delivered with a combination of weeknight and online classes, and a 12-month executive MBA that takes place on campus once per month with the rest of the program delivered online. The professional MBA program has 10 areas of concentration, including marketing, entrepreneurship, leadership, finance and health care systems management, among others. MBA program highlights: The executive MBA is provided as a 12-month program with a blend of online and once-a-month on-campus classes. The professional MBA program can be taken up to 85% online, which allows students the opportunity to complete the program from a distance, including from the Cleveland area. Class location: Main campus. Online options: About 85% of the professional MBA can be completed online, and students have the choice whether to take courses in person or online. Scholarship/financial aid available: Scholarships are available for the professional MBA, and the size of the scholarships are dependent on merit (work experience, GPA, GMAT scores, fit with program), and they can range from a modest tuition award to full tuition.
WRIGHT STATE UNIVERSITY Dayton Raj Soin College of Business 937-775-2437 firstname.lastname@example.org Types of MBAs available: Three programs are offered. The MBA weekend cohort program offers classes every other weekend and can be completed in two years. The class schedule is published two years in advance. The evening program offers classes twice per week from 5 to 6:20 p.m. or once per week from 6:30 to 9:10 p.m. The program can be completed at oneâ€™s own pace within five years. The full-time program can be completed in one year. MBA program highlights: The program is AACSB accredited. Ten concentrations are offered in investments; new venture creation; health care management (offered jointly by the Boonshoft School of Medicine); project management; marketing; economics; finance; international business; management, innovation and change; and interdisciplinary business. Class location: Mason, main campus-Dayton and Lake Campus-Celina. Online options: Five foundation courses can be completed online. These courses are designed for students who do not have an undergraduate degree in business and for business graduates who need a refresher in accounting, finance, economics, business statistics or business law and ethics.
(Most AACSB-accredited schools will accept transfer credits for other AACSB-accredited MBA programs.) Scholarship/financial aid available: Financial aid is offered to full-time graduate students in the form of graduate assistantships and graduate tuition scholarships. Students should apply by April 15 for early consideration.
YOUNGSTOWN STATE UNIVERSITY Williamson College of Business Administration Youngstown 330-941-1889 (MBA program director Tony Kos); 330-941-3069 (MBA program coordinator Monique Bradford) or 330-941-3064 (office of the dean) email@example.com or firstname.lastname@example.org Types of MBAs available: Flexible MBA program and online MBA program. MBA program highlights: Program is AACSB accredited. Primary program goals include development of skills related strategic analysis, leadership and management decision-making, with an emphasis on applied learning. Projects with the business community are incorporated throughout the curriculum. Eighty percent of students work full-time and complete the program on a part-time basis. It is designed for both business and non-business undergraduate degree holders. The total program is 49 semester hours. A maximum of 16 hours of Level I courses may be waived depending upon undergraduate preparation. The MBA Core (Level II) consists of 24 hours. Nine hours of MBA electives (Level III) are required. Electives are offered in accounting, finance, enterprise resource planning, entrepreneurship, and management. Concentrations are also available. There are options for global learning experiences and internships. The average class size is 12 and oncampus courses meet one evening per week. Class location: Flexible MBA is held on the main campus, and the online program is 100% online. Online options: The MBA program is offered 100% online. Requirements for admission: Application, $40 fee, resume, statement of purpose, official transcripts and official GRE or GMAT score. GMAT or GRE is a required exam for entrance into the program however the GMAT or GRE may be waived for individuals who hold a terminal degree such as a JD, MD, PhD or a DDS. Medical doctors, dentists and attorneys must be licensed to practice in the United States to take advantage of this waiver. Scholarship/financial aid available: Graduate assistantships are available for full-time MBA students. Assistantships include 24-hour tuition waiver and $7,500 stipend per academic year. Scholarships and grants-in-aid are available to a limited number of graduate students for a maximum of four semester hours per term, based on the following criteria: nine semester hours of YSU graduate credit, a minimum 3.6 GPA; or six semester hours of YSU graduate credit, 4.0 GPA.
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PRIVATE SCHOOLS ASHLAND UNIVERSITY Ashland 419-289-5214 or 888-MBA-CLAS email@example.com Types of MBAs available: Executive management and specializations in accounting, entrepreneurship finance, global management, human resource management, project management, supply chain management and a sport management concentration MBA program highlights: High quality in national and regionally accredited programs (Accreditation Council for Business Schools and Programs and North Central Association of Colleges and Schools); professors who possess excellent academic credentials and have business experience; flexibility and convenience; four teaching delivery methods — one evening per week for 12 weeks, six alternate Saturdays, hybrid online and online program Class locations: Ashland main campus; Columbus Center in Columbus; Westlake Center (Corporate College) in Westlake; Medina Center in Medina; Massillon/Stark Center in Massillon Online options: All online and hybrid online
Scholarship/financial aid available: Graduate students are eligible to receive Stafford loans unless they are in default on a previously received federal loan or have reached their aggregate loan limit of $138,500. Corporate reimbursement and tuition management systems payment plan also are available.
BALDWIN WALLACE UNIVERSITY Berea 440-826-2392 firstname.lastname@example.org Types of MBAs available: There is a management MBA, management hybrid (new), executive, accounting, health care, entrepreneurship, international, human resources and the sustainability MBA (new). The EMBA, health care and management hybrid MBAs have Friday and Saturday classes. All other programs hold Monday through Thursday classes. MBA program highlights: The majority of MBA students are working professionals who have two to 30 years of professional work experience and are pursuing the MBA part time. The faculty
members are an intentionally designed portfolio of full-time PhDs who also are leaders in business and who have been a CEO, COO, CFO or senior vice president in their careers. The BW MBA program is one of the largest MBA programs in Ohio and has graduates living around the world. Class locations: Main campus and Beachwood. The executive and hybrid programs are offered only at the main campus. Online options: The management hybrid MBA is a two-year program with approximately 75% delivered online and 25% seated. The seated component is conducted during weekends at the start and completion of each semester. Students have seven weekends of classes at the Berea campus during the two-year program. Scholarship/financial aid available: MBA students are eligible for consideration for Stafford loans, which can cover up to 100% of the program’s costs.
BLUFFTON UNIVERSITY Bluffton 800-488-3257, option 4 email@example.com Types of MBAs available: Bluffton graduate students can complete an MBA or an MBA with a concentration in health care management or sports management in two years, attending class
CRAIN’S CLEVELAND BUSINESS 13 one evening a week. In addition, there is a master of arts in organizational management. MBA program highlights: Students complete the degree program in cohorts of 15 to 20 students. Courses emphasize interactive, experiential learning rather than the traditional lecture. The school also provides an optional China business study trip; the objective of this experience is to learn about China’s business environment, culture and economy. Class locations: Bluffton campus; Edison Community College, Piqua; and Northwest State Community College, Archbold. Online options: None available. Scholarship/financial aid available: Students are eligible to apply for William D. Ford Federal Direct Loan programs. Federal direct loans are guaranteed low-interest loans for students attending school at least half time. Students are eligible to borrow a maximum of $20,500 per year.
CASE WESTERN RESERVE UNIVERSITY Weatherhead School of Management Cleveland 216-368-2030 firstname.lastname@example.org Types of MBAs available:
Full-time, part-time, executive and global MBAs. MBA program highlights: The school touts its Weatherhead MBA as a “transformative experience.” It educates leaders who innovate using design practices and create sustainable value. Class sizes are kept small so as to allow direct access to faculty. In addition to electives in subjects such as design and sustainability, students complete foundation courses such as finance, operations and marketing, as well as a leadership development course. This year, the school welcomes the first students in its global MBA, which brings students from China, India and the United States together in a two-year, full-time program. Students spend the first semester in Shanghai, China; the second semester in Jamshedpur, India; and the third semester in Cleveland. Class location: Cleveland. (The global MBA program includes semesters in China and India) Online options: None. Scholarship/financial aid available: Applicants to the full-time MBA program may request that they be considered for scholarships. Materials beyond the standard application are not required for consideration. Scholarships are based on academic and professional qualifications and are not need-based. Scholarship recipients are informed of the award in their admission letter. Candidates are encouraged to apply early for maximum scholarship availability. Application for need-based financial aid is a separate process.
P A R K E R MBA PROGRAM Complete your degree in as few as eleven months Attend Lakeland’s Holden University Center a state-of-the art learning facility Convenient evening or Saturday classes No GMAT required
INFORMATION NIGHT Monday, October 7, 2013 at 6:00 p.m. at Lakeland's Holden University Center Register at www.lec.edu/mbainfonight
HOLDEN UNIVERSITY CENTER
continued on PAGE 14
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UNIVERSITY OF DAYTON
classes are completed. Many employers have tuition policies to cover all or most of the cost of the MBA. For complete information, visit the Office of Scholarships and Financial Aid at http://finaid.udayton.edu/.
School of Business Administration Dayton 937-229-3733 (Janice Glynn, MBA program director) email@example.com Types of MBAs available: Whether a student is enrolled full-time for one year or part-time for three years, the University of Dayton helps customize the program. The University of Dayton also offers a joint, JD/MBA degree, as well as post-master’s and certificate programs. Concentrations are available in accounting, cybersecurity, finance and marketing. MBA program highlights: The Princeton Review listed the University of Dayton MBA program in the most recent edition of “The Best 300 Business Schools.” This is the sixth consecutive year the MBA program made the list. Class locations: Main campus as well as the 1700 Building at River Campus. Cybersecurity courses are held at Riverside Research in Beavercreek. Online options: Five of the program’s courses will be online this fall. Nine were online this summer. Scholarship/financial aid available: The University of Dayton has a number of sources of financial aid, including graduate assistantships and loans. The school has a 10-month deferred payment plan. Students who receive reimbursement from their employers after courses and grades are complete can opt to defer payment for tuition charges for six weeks after
UNIVERSITY OF FINDLAY College of Business Findlay 800-558-9060 firstname.lastname@example.org Types of MBAs available: The university offers day, evening and online courses for both full-time and part-time students. Students may choose to focus in a number of areas: certified management accountant or certified public accountant, business administration, health care management and hospitality management. The university also offers specialized second concentrations in finance, human resource management, international business and marketing. MBA program highlights: All primary textbooks for MBA classes are free through the school’s book rental program, and the program may be completed in one year as a full-time student. For those who are working, real-world class projects can be tailored to benefit you in your current job. Class locations: Main campus Online options: The entire program may be completed online. Scholarship/financial aid available: The university does not offer scholarships for graduate programs, though some external organizations do make them available. The university offers free textbook rental.
FRANCISCAN UNIVERSITY OF STEUBENVILLE Steubenville 740-284-5249 (enrollment questions) or (740) 283-6281 (program specifics) email@example.com Types of MBAs available: Franciscan University of Steubenville’s MBA is a general management degree with an optional area of concentration in accounting. The MBA offered through the school is a part-time evening program, with two workshop-style courses that meet three weekends throughout the term. The program is offered in trimesters, and it typically takes two years to complete. MBA program highlights: The MBA program requires coursework in managerial leadership, managerial communications and international business. It also is designed to meet the needs of working professionals because almost all courses are offered in the evening; the degree also may be pursued on a part-time basis. Class locations: Main campus Online options: New online MBA is available as of fall 2013. All the coursework can be completed online. Scholarship/financial aid available: Full-time students enrolled on a trimester basis (fall, spring, summer) are eligible for up to $26,280 in federal direct student loans per year, and part-time students are eligible for up to $20,700 in federal loans.
WHERE ACADEMIC EXCELLENCE MEETS THE REAL WORLD
All of our core classes begin with a real-world business challenge posed directly from Northeast Ohio-based companies, large and small. And unlike other MBAs, our integrated track courses are team taught by expert faculty. We combine several business disciplines into each class to empower you to quickly assess real-world business problems and implement the best solutions.
Learn more and apply: go.jcu.edu/mba
AUGUST 26 - SEPTEMBER 1, 2013
FRANKLIN UNIVERSITY Columbus 614-797-4700 firstname.lastname@example.org Types of MBAs available: The accredited MBA program has weeknight and online classes and is designed to help students develop into well-rounded, adaptive and strategic-thinking business leaders — and to work around busy lives. Students can earn master’s degrees in 16 months. MBA program highlights: Offered around the world, the Franklin MBA has the distinction of being an accredited MBA by the International Assembly for Collegiate Business Education. The MBA aims to develop leadership skills designed for global application and will challenge students to leverage their strengths and increase their ability to think expansively about how the world of commerce operates. The curriculum emphasizes analytics, contemporary business communication skills and social responsibility Class locations: Main campus downtown, Delaware and Dublin locations, and it will be available through the university’s new regional location in Beavercreek. Online options: The MBA can be completed entirely online, face-toface or in a hybrid mix of the two formats.
HEIDELBERG UNIVERSITY Tiffin 419-893-1986 email@example.com, Allen Underwood Types of MBAs available: General management MBA program highlights: The Heidelberg University MBA program delivers the faculty quality you’ll find at larger schools, with the personal attention you expect from a smaller school. Seated courses provide a strong environment for interaction between students and professors. The capstone courses, field study, allow students to work on an actual consulting project with a real client. The program can be completed part-time over two years, or full-time within 12 months. Class locations: Tiffin campus and Maumee campus in Arrowhead Park Online options: None Scholarship/financial aid available: None available.
INDIANA WESLEYAN UNIVERSITY Independence 800-621-8667 ext. 6207 Types of MBAs available: Health care administration (online only); MBA/master of science in nursing dual degree (online only); virtual delivery in executive management (online only); virtual delivery in international business (online only). All programs are offered with an accelerated yet flexible schedule. Students complete one course at a time in sequential order — either one night per week at one of the
local education centers (Independence or Mayfield Heights), or in an online format MBA program highlights: The university pioneered accelerated programs for adults in 1985 and now is recognized as a model for adult education with more than 60,000 adult graduates across almost 30 years. The school first offered its MBA program in the online format in 1996. Its small class sizes maximize learning experience and interaction and have motivated student population with average ages of 30 to 45. Class locations: Independence and Mayfield Heights Online options: Online classes are available in all programs. If a student chooses the online program, the entire degree can be completed in the collaborative distance-learning format. Scholarship/financial aid available: Payment options may include federal and/or state financial aid; company-sponsored tuition reimbursement on a deferred payment option; company direct-bill; self-pay; military benefits.
JOHN CARROLL UNIVERSITY Boler School of Business University Heights 216-397-1970 Types of MBAs available: John Carroll offers the part-time MBA for working professionals with at least two years of experience, and the Boler fifth-year MBA is open to recent undergraduates. MBA program highlights: The part-time MBA allows students to take courses that integrate business tools and concepts to solve real-world business problems posed from Northeast Ohio-based companies. The fifth-year MBA allows any student to obtain an MBA in one year if they have taken prerequisite business courses. Students are required to complete an internship as part of the fifth-year MBA program. Class locations: Most courses are taught on the main campus in addition to on-site visits to Northeast Ohio businesses. Online options: Several of the foundation courses are offered online. Scholarship/financial aid available: The school offers merit scholarships, federal loans and graduate assistantships (tuition remission and monthly stipend).
LAKE ERIE COLLEGE Painesville 440-375-7075 firstname.lastname@example.org, Donna Bares Types of MBAs available: Lake Erie’s most popular option, the evening MBA, allows students to take anywhere from one to four classes per semester, with each class meeting one evening per week. Most students complete the program in roughly two years. Evening students also have the option of including accelerated Saturday classes. The accelerated MBA allows students to complete their MBA in as few as 11 months. The concentration in healthcare administration prepares students for staff, managerial and leadership roles in the health care industry. See LAKE ERIE Page 15
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LAKE ERIE, continued from PAGE 14
MBA program highlights: The Lake Erie College Parker MBA is designed to provide a graduate business education that is practical and real-world focused, enabling students from a wide variety of backgrounds to develop managerial and professional competencies that will be relevant regardless of where your career takes you. No prior business courses are required. Class locations: New Holden University Center of Lakeland Community College. Online options: Several optional online courses are offered. Scholarship/financial aid available: The Stafford Loan is available for graduate students for up to $20,500 per academic year.
LOURDES UNIVERSITY College of Business & Leadership
hours and four semesters with six credit hours. The tuition is the same as the classroom version (plus $120 technology/materials fee per course). Class locations: Main campus. Scholarship/financial aid available: Maximum loans available are $20,500 per year or up to the federal budget. We are also a military-friendly school; a veteran can apply his or her Veterans Affairs Yellow Ribbon grant toward the MBA.
COLLEGE OF MOUNT ST. JOSEPH Cincinnati 513-244-4233 Mary_Brigham@mail.msj.edu, Mary Brigham Types of MBAs available: This
program is only offered to current undergraduate students, as well as recent alums in certain cases, because it is a program that allows students to earn graduate credit while they are still undergraduates. In this program, undergraduates complete four courses during their senior year for dual credit, a project-based professional experience and finish with one additional year of graduate courses. It is not yet a standalone graduate program offered to other students. MBA program highlights: Students earn graduate credit while still an undergraduate in this MBA format. Students apply to the program during their junior year, take
CRAIN’S CLEVELAND BUSINESS 15 dual-credit courses their senior year, and the complete their MBA with one additional year of coursework. Class locations: Main campus. Online options: None available. Scholarship/financial aid available: Undergraduate students can use their fourth-year scholarship eligibility for the first four courses, and graduate eligibility for financial aid for the additional year.
MOUNT VERNON NAZARENE UNIVERSITY Mount Vernon 740-392-6868, ext. 3323 Types of MBAs available: Con-
centrations in finance, human resource management, organizational management and health care administration are available. The MBA is a 12-course curriculum, which includes nine core courses in accounting, economics, finance, management, marketing ethics, leadership, organizational behavior, legal issues, global business and strategy. The executive MBA offers an MBA with an organizational management concentration and can be completed in less than a year. MBA program highlights: The MBA is an accelerated program that offers degree completion in 15 months or less. Classes are offered one night a week or online. The tuition is locked in and will not increase as long as students are continuously enrolled. See MOUNT VERNON Page 16
Sylvania 419-824-3517 email@example.com Types of MBAs available: General MBA degree in a full-time, 12-month or part-time, 24month option. MBA program highlights: The school said it has a distinctive, cutting-edge curriculum and state-ofthe-art technology, personalized career guidance, including job search and interview preparation. Its intentionally recruited faculty brings to the classroom their reallife experiences serving as senior corporate executives at Fortune 500 companies to successfully launching entrepreneurial ventures. International and professional immersion courses allow candidates the opportunity to put into practice through real-life experiences gained throughout the program. MBA students have the opportunity to meet with business leaders in major global cities, including Beijing, London and Sao Paulo. Class location: Main campus Online options: None available. Scholarship/financial aid available: A limited number of graduate assistantships, scholarships, and graduate housing stipends are competitively awarded for full-time students. Candidates are encouraged to apply early for maximum graduate assistantships, scholarships, and graduate housing stipends.
MALONE UNIVERSITY Malone University School of Business and Leadership Canton 330-471-8224 firstname.lastname@example.org, Doug Gregory Types of MBAs available: Online or in-classroom MBAs are available. MBA program highlights: The classroom is one night a week for 24 months, with personalized classes of about 15 to 25 students. The format is easy to manage, with one course at a time in five- to eightweek sequences. Malone University’s MBA program is accredited by the Accreditation Council for Business Schools and Programs. Online option: The online program can be finished in 20 months, in one semester with 12 credit
Get Your MBA. Keep Your Life. Earn a fully accredited MBA from The University of Akron in just two years by attending class every other Saturday at The University of Akron Lakewood (UAL), the Medina County University Center (MCUC) and Wayne College.
Flexible Format Three courses are offered per semester (seven to nine credits), one class at a time, using a combination of in-class and distance learning. Class meets from 8:30 a.m. to 5:30 p.m. every other Saturday. Designed for the Working Professional UÊ Six semesters to graduation (fall 2014 though summer 2016) UÊ Cohort format – students start and graduate together UÊ Experienced faculty UÊ Action-based live team project UÊ Team-building experiences
“With the UA Saturday MBA program I attend class every other Saturday, which gives me the ﬂexibility to spend more quality time with my family. I’m earning a fully accredited MBA in a way that ﬁts perfectly into my busy lifestyle.” Travis Wilson, Strategic Sourcing Purchasing Agent The Will-Burt Company Saturday MBA Student
Plus, UA has the highest-ranked part-time MBA program in Northeast Ohio, according to the 2012 Bloomberg Businessweek rankings of part-time MBA programs.
Visit mba.uakron.edu/SaturdayMBA or call 330-972-7043 for more information.
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16 CRAIN’S CLEVELAND BUSINESS MOUNT VERNON, continued from PAGE 15
Class location: Main campus, Columbus-New Albany, Mansfield and Newark. Online options: The entire program is available online. Scholarship/financial aid available: The maximum financial aid is $20,500 of unsubsidized loans. Employer tuition reimbursement also is available.
UNIVERSITY OF NORTHWESTERN OHIO Graduate college Lima 419-998-3120 or 419-998-3269 email@example.com or firstname.lastname@example.org Types of MBAs available: There is a one-nighta-week option and a 100% online option. Both allow the working adult time to complete his or her MBA degree while maintaining a regular schedule, including work and family responsibilities. MBA program highlights: The school said the MBA program is one of the most affordable MBA’s in Ohio. Either program can be completed within 18 months. Class locations: Main campus
$20,500 in federal loans annually. Ohio Christian also has the following discounts: military, $250 per credit hour (active duty, veterans, spouses and dependents age 23 or younger); pastor, 10% off; senior, 20% off; and varying corporate/church discounts.
Online options: The entire MBA program online. Within the standard one-night-a-week delivery option, the classes are a hybrid format, meaning there are online components. Financial aid available: Annual amounts for independent graduate MBA students are $20,500 unsubsidized. There are also graduate assistantships available.
OHIO DOMINICAN UNIVERSITY
OHIO CHRISTIAN UNIVERSITY Circleville 855-OCU-GRAD email@example.com Types of MBAs available: General MBA MBA program highlights: Students can earn their degree online or by attending class once a week. The program does not require prerequisite courses, allowing those from a variety of backgrounds to earn their MBA. In addition, students get a quality education with courses taught by highly qualified, doctorally prepared faculty. Class locations: Main campus and Dublin Online options: The entire program can be taken online. Scholarship/financial aid available: Students are eligible for
Columbus 614-251-4615 graduateadmissions @ohiodominican.edu Types of MBAs available: The Ohio Dominican MBA is accelerated and offered in three delivery formats: six-week cohort, eightweek non-cohort and online. MBA concentrations are available in accounting, finance, leadership and public administration. A graduate certificate in public administration is offered. MBA program highlights: The three delivery formats allow students to select the program design that works best for them. All eightweek courses are offered face-toface and online. Concentrations allow students to select an area of interest. Emphasis is placed on leadership skills enhancement and
THE CSU MBA. MORE THAN A DEGREE. A COMPETITIVE EDGE.
Mobile - 100 percent online Global Accelerated Executive Traditional
Isn’t it time you got started?
216.687.3730 Email: firstname.lastname@example.org mba.csubusiness.com
AUGUST 26 - SEPTEMBER 1, 2013
ethical decision-making. Class locations: Main campus and a branch campus in Dublin Online options: All eight-week courses are offered online. Scholarship/financial aid available: Maximum annual loan amount for unsubsidized is $20,500, depending on enrollment. Aggregate loan limit for graduate students is $138,500, which includes any loans obtained for undergraduate studies.
OTTERBEIN UNIVERSITY Graduate School Westerville 614-823-1212 or 614-823-1095 email@example.com Types of MBAs available: There are concentrations available in information technology, fraud examination and actuarial science. MBA program highlights: There is a part-time and full-time program, small classes, rolling admission and flexible scheduling. The MBA can be completed in two years. Otterbein also offers accelerated scheduling that allows students to complete a degree sooner without sacrificing quality or content. Class locations: Main campus Online options: Some are offered in the hybrid format. Scholarship/financial aid available: Graduate students can receive up to $20,500 in federal unsubsidized loans and, if their individual cost of attendance allows, can apply for the Graduate PLUS Loan to cover any unmet costs for the year. A $2,500 scholarship is available for graduate students through the Westerville Area Chamber of Commerce.
UNIVERSITY OF RIO GRANDE Emerson E. Evans School of Business Rio Grande 800-282-7201, ext. 7352 firstname.lastname@example.org Types of MBAs available: The University of Rio Grande MBA is a two-year, part-time program, which includes one evening per week in the classroom and online assignments MBA program highlights: The MBA with a concentration in entrepreneurship provides students with an understanding of and experience with the entrepreneurial process. It provides competencies and skills to both launch a new business and to function successfully in an established corporation with entrepreneurial management strategies. The program is open to all students with business or nonbusiness undergraduate degrees (students with non-business degrees must satisfy five prerequisite courses in accounting, business management, microeconomics, statistics and business law. Class locations: Main campus Online options: The program is a hybrid, which means there is a faceto-face and online component.
Monte Ahuja Ah a Coll Collegee of Business Busines Cleveland State University is an AA/EO institution. 13-00847
Tiffin 419-448-3510 email@example.com Types of MBAs available: The Tiffin University MBA program includes concentrations in leadership, sports management, general management, finance, interna-
tional business, human resources management, marketing and healthcare administration. MBA program highlights: The school says the program is distinguished by a focus on developing competencies in communication skills, leadership and teamwork, information technology and problem solving. The faculty leads the student body through current issues in management and the technology-driven global workplace. Class locations: Main campus Online options: Complete z online option available Scholarship/financial aid available: A $250 per credit hour discount for Fraternal Order of Police, active military and Marathon employees. Student loans are available.
URBANA UNIVERSITY Urbana 937-484-1258 firstname.lastname@example.org Types of MBAs available: Full and part-time MBA programs are available. MBA program highlights: The university’s MBA program offers 12 courses, in a 36-hour program, which is designed for busy professionals managing multiple commitments. Class location: Main campus and Troy Online options: The full program is available online. Scholarship/financial aid available: Loans can be obtained by completing the FAFSA.
URSULINE COLLEGE School of Professional and Graduate Studies Pepper Pike 440-646-8119 email@example.com Types of MBAs available: Ursuline College offers several convenient and flexible types of MBA programs, including an evening MBA program where students only have to attend class one night per week and a Saturday executive MBA program where students only have to attend class once every other week. Students may enroll full time or part time. The concentration areas are management; leadership; financial planning and accounting; marketing and communications; health services; and ethical and entrepreneurial leadership. Most courses are structured as accelerated five or seven-week courses. MBA program highlights: One of the newest program options at Ursuline is the executive MBA program in ethical and entrepreneurial leadership. The EMBA program includes an iPad, e-books, a travel abroad study trip, and working lunch sessions with professional guest speakers. Students only have to attend a maximum of 24 on-campus class sessions that are held every other Saturday to complete the 36 credit-hour degree. Class locations: Main campus and Pilla Student Learning Center Online options: Students have an option to take traditional face-to-face courses, hybrid courses and online courses. Scholarship/financial aid available: A graduate student is eligible to receive up to $20,500 in Stafford loans per school year. continued on PAGE 17
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CRAIN’S CLEVELAND BUSINESS 17
The Baldwin Wallace MBA WALSH UNIVERSITY
Walsh University DeVille School of Business
Williams College of Business at Xavier University
North Canton 330-490-7406 firstname.lastname@example.org, Mona McAuliffe Types of MBAs available: Our newly redesigned curriculum allows you the option of earning your MBA online, in-class or through a combination of the two in as few as 12 months. Students can earn their MBA degree in management, health care management, entrepreneurship or marketing. Classes meet one night a week and one Saturday per month. MBA program highlights: The Walsh University MBA program is accredited. Classes are small and meet one evening per week and one Saturday per month in eight-week segments. Class location: Main campus Online options: Walsh University offers four online, 12-month MBA programs: management, health care management, marketing, and entrepreneurship. Scholarship/financial aid available: Student loans available are based on 36 credit hours, for a total of $21,780. Other options include graduate assistance, outside scholarships or company reimbursement.
Cincinnati 513-745-3525 or 800-344-4698, ext. 3525 email@example.com Types of MBAs available: The program has concentrations in business intelligence, finance, general business, health industry, international business, marketing and values-based leadership. MBA program highlights: Xavier University has a 20-month executive MBA, weekend MBA (Saturday classes); momentum MBA for fulltime students; accelerated 24-month MBA in West Chester and Fort Wright, Ky. According to the school, the program is ranked 19th in the nation for international business, 19th for the executive MBA and 22nd for finance. Class locations: Main campus, West Chester, and Fort Wright, Ky. Online options: Five of the 20 MBA classes are offered online. Scholarship/financial aid available: Graduate assistantships are available with tuition coverage from $2,220 to $4,440 per semester. Scholarships are a discount on tuition from $30 to $70 off per credit hour based upon financial need as demonstrated by the FAFSA.
At Baldwin Wallace, we know there is a leader in us all. We all have it in us to become more than what we are today. It’s called potential. Perhaps we want to advance our career, grow our business, sharpen our leadership skills, or become more effective and valued in our current role. 275 Eastland Road Berea, Ohio 44017-2088 440-826-2392 1-800-773-4261 firstname.lastname@example.org www.bw.edu
Baldwin Wallace University does not discriminate on the basis of race, creed, age, disability, national origin, gender or sexual orientation in the administration of any policies or programs.
With a focus on LEADERSHIP, INNOVATION, CRITICAL THINKING and COMMUNICATION, the BW MBA will provide you with all of the tools, insights and information required to develop a pathway to professional success. BW’s MBA programs offer a practical education that can have immediate impact on your career and your life. ■
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DEVRY UNIVERSITY Keller Graduate School of Management Cincinnati, Cleveland, Columbus (two locations), Dayton 216-328-8754 Types of MBAs available: There are 17 career-oriented concentrations available from DeVry: accounting; e-commerce management; entrepreneurship; finance; general management; health services; hospitality management; human resources; information security; information systems management; international business; marketing; network and communications management; project management; public administration; security management; and sustainability management. MBA program highlights: Students can take classes on-site at any of five Ohio locations, online, or a combination of both. Class location: MBA classes are offered at DeVry University’s Keller Graduate School of Management’s Cincinnati, Cleveland, Columbus, Columbus North and Dayton campuses. Online options: The MBA program is available online. The entire program can be taken online.
HERZING UNIVERSITY Campuses in Akron and Toledo, online campus is headquartered in Menomonee Falls, Wis. 866-508-0748 email@example.com Types of MBAs available: Herzing University offers online MBA programs that can be completed in as little as one year. Students choose and MBA specialization in accounting, business management, health care management, human resources, marketing, project management, public safety leadership or technology management. MBA program highlights: According to the school, Herzing University’s online graduate business programs were ranked No. 10 in the country for faculty credentials and training in U.S. News & World Report’s 2013 online education survey. There are three full semesters each school year instead of two. Class location: None in Ohio Online options: Yes, 100% of the program can be completed online. Scholarship/financial aid available: Title IV funding is available.
ON THE WEB: For more on the MBA programs, including admission requirements, tuition information and the size of the program, log on to www.crainscleveland.com
Earn your Ohio MBA with monthly workshops held right here in Cleveland.
CRAINâ€™S CLEVELAND BUSINESS
AUGUST 26 - SEPTEMBER 1, 2013
LARGEST CUYAHOGA COUNTY EMPLOYERS RANKED BY FULL-TIME EQUIVALENT LOCAL EMPLOYEES
Company Address Rank Phone/Website
FTE employees Cuyahoga County June 30, 2013
Total number of employees in Ohio
Type of business
Top local executive Title
Cleveland Clinic 9500 Euclid Ave., Cleveland 44195 (216) 444-2200/www.clevelandclinic.org
Health care provider
Delos M. "Toby" Cosgrove, M.D. president, CEO
University Hospitals 11100 Euclid Ave., Cleveland 44106 (216) 844-1000/www.uhhospitals.org
Nationally recognized, integrated health care system comprised of hospitals and outpatient health centers
Thomas F. Zenty III CEO
U.S. Office of Personnel Management 1900 E St., NW, Washington 20415 (202) 606-1800/www.opm.gov
C. Frank Figliuzzi chair, Cleveland Federal Executive Board
Progressive Corp. 6300 Wilson Mills Road, Mayfield Village 44143 (440) 461-5000/www.progressive.com
Insurance and financial company
Glenn M. Renwick president, CEO
Cuyahoga County 1219 Ontario St., Cleveland 44113 (216) 443-7220/www.cuyahogacounty.us
Edward FitzGerald county executive
Cleveland Metropolitan School District 1111 Superior Ave., Cleveland 44114 (216) 574-8000/www.clevelandmetroschools.org
Eric S. Gordon CEO
City of Cleveland 601 Lakeside Ave., Cleveland 44114 (216) 664-2406/www.city.cleveland.oh.us
Frank G. Jackson mayor
MetroHealth System 2500 MetroHealth Drive, Cleveland 44109 (216) 778-7800/www.metrohealth.org
Health care provider
Akram Boutros, M.D. president, CEO
KeyCorp 127 Public Square, Cleveland 44114 (216) 689-6300/www.key.com
Bank holding company
Beth E. Mooney chairman, CEO
Group Management Services Inc. 3296 Columbia Road, Suite 101, Richfield 44286 (330) 659-0100/www.groupmgmt.com
Professional employer organization
Michael Kahoe president
Case Western Reserve University 10900 Euclid Ave., Cleveland 44106 (216) 368-2000/www.case.edu
Barbara R. Snyder president
Giant Eagle Inc. 5300 Richmond Road, Bedford Heights 44146 (216) 292-7000/www.gianteagle.com
Food, fuel and pharmacy retailer
Bill Artman senior vice president, retail operations
Swagelok Co. 29500 Solon Road, Solon 44139 (440) 248-4600/www.swagelok.com
Designer and manufacturer of industrial fluid system components
Arthur F. Anton president, CEO
Sherwin-Williams Co. 101 W. Prospect Ave., Cleveland 44115 (216) 566-2000/www.sherwin-williams.com
Coatings and related products
Christopher M. Connor chairman, CEO
U.S. Postal Service 2200 Orange Ave., Cleveland 44101 (800) 275-8777/www.usps.com
U.S. postal service
Melvin J. Anderson acting district manager, Northern Ohio District
Lincoln Electric Co. 22801 St. Clair Ave., Cleveland 44117 (216) 481-8100/www.lincolnelectric.com
Designer, developer and manufacturer of arc welding products
John M. Stropki, executive chairman Christopher L. Mapes president, CEO
Caesars Entertainment Co. 100 Public Square, Cleveland 44113 (216) 297-4777, (216) 662-8600/www.horseshoecleveland.com, www.thistledown.com
Horseshoe Casino Cleveland and ThistleDown Racino are part of Caesars Entertainment Co., the world's largest casino entertainment company.
Marcus Glover senior vice president, general manager
Greater Cleveland Regional Transit Authority 1240 W. Sixth St., Cleveland 44113 (216) 566-5100/www.riderta.com
Joseph A. Calabrese CEO, general manager, secretary/ treasurer
United 5300 Riverside Drive, Cleveland 44135 (216) 501-5170/www.continental.com
Rich Lisser managing director
Cuyahoga Community College 700 Carnegie Ave., Cleveland 44115 (800) 954-8742/www.tri-c.edu
Alex Johnson president
UPS 4300 E. 68th St., Cleveland 44105 (216) 641-3027/www.ups.com
Dwayne Meeks president, UPS Great Lakes District
State of Ohio 30 E. Broad St., Columbus 43215 (614) 466-2000/www.ohio.gov
John R. Kasich governor
Nestle Prepared Foods Co., a division of Nestle USA 30003 Bainbridge Road, Solon 44139 (440) 349-5757/www.nestleusa.com
Manufacturer of Stouffer's and Lean Cuisine prepared Frank Higgins foods, Buitoni pasta and sauce, Hot Pockets and Lean president, CEO, Pockets Nestle Prepared Foods
ArcelorMittal 3060 Eggers Ave., Cleveland 44105 (216) 429-6000/www.arcelormittal.com
Eric Hauge vice president, general manager, ArcelorMittal Cleveland
Southwest General 18697 Bagley Road, Middleburg Heights 44130 (440) 816-8000/www.swgeneral.com
Private, not-for-profit 354-bed top 100 hospital with a 90-year history
Thomas A. Selden president, CEO
Medical Mutual of Ohio 2060 E. Ninth St., Cleveland 44115 (216) 687-7000/www.medmutual.com
Mutual company providing health and life insurance, dental, vision products and TPA services
Rick A. Chiricosta president, CEO, chairman
Eaton 1000 Eaton Blvd., Cleveland 44122 (440) 523-5000/www.eaton.com
Electrical, hydraulic, aerospace, truck and automotive products
Alexander M. Cutler chairman, CEO, president
Parma City School District 5311 Longwood Ave., Parma 44134 (440) 842-5300/www.parmacityschools.org
Public school system
Jeffrey Graham superintendent
General Motors Co. P.O. Box 33170, Detroit 48232-5170 (313) 556-5000/www.gm.com
Robert Parcell, plant manager, Lordstown; Al McLaughlin, plant manager, Parma
Cleveland State University 2121 Euclid Ave., Cleveland 44115 (216) 687-2000/www.csuohio.edu
Ronald M. Berkman president
Rockwell Automation Inc. 1 Allen-Bradley Drive, Mayfield Heights 44124 (440) 646-5000/www.rockwellautomation.com
Global provider of industrial automation control and information solutions
Frank Kulaszewicz senior vice president, architecture and software
Continued on PAGE 20
AUGUST 26 - SEPTEMBER 1, 2013
CRAIN’S CLEVELAND BUSINESS
WKNR: Station’s GM says moves were made in order to improve continued from PAGE 3
WKNR’S NEW SCHEDULE
“It’s because we don’t have many winning sports teams,” Mr. Gorman continued. “I think you can directly tie a sports format’s ratings with how the teams are doing in a particular market.” WKNR isn’t a subscriber to Arbitron Inc. — the media and marketing company that measures radio audiences — but Mr. Gorman said “there is a way you can kind of mathematically figure” how ESPN Cleveland is faring by analyzing the other stations’ numbers. His analysis: “Neither station is doing great.”
A look at the reconfigured weekday lineup that WKNR-AM, 850 unveiled last week: ■ 6-9 a.m.: “Mike and Mike in the Morning” (ESPN Radio) ■ 9 a.m.-1 p.m.: “The Really Big Show” with Tony Rizzo and Aaron Goldhammer ■ 1-3 p.m.: “Cleveland Browns Daily” ■ 3-6 p.m.: Bruce Hooley and Je’Rod Cherry ■ 6-8 p.m.: “Munch on Sports” with Mark “Munch” Bishop ■ Note: Various Browns, Ohio State and ESPN programming will fill the remainder of the day. ... WKNR’s prior schedule included local programming from 8 p.m. to midnight.
An odd alliance In late March, the Cleveland Browns unveiled a radio rights deal unlike any other in the NFL. It involves in part the two all-sports-talk stations — The Fan and WKNR — and WNCX-FM, 98.5, carrying Browns games in a unique gameday “triplecast.” The three stations share Browns flagship station rights, and The Fan and WKNR divide more than 1,000 hours of annual programming produced by the team itself that includes game broadcasts, a two-hour show called “Cleveland Browns Daily,” weekly coach’s and preview shows, and pre- and post-game broadcasts. Terms of the deal weren’t announced — the Browns only would say it was a multiyear agreement — but the speculation following last week’s upheaval at WKNR was that the rights agreement played a role in the station trimming its staff. Good Karma Broadcasting vice president and ESPN Cleveland general manager Keith Williams tried to dispel that notion. “That is not true,” Mr. Williams said. Asked if the firings of Mr. Roda (who had been with the station for 21 years), Mr. Reghi (a former Cleveland Cavaliers television announcer), Mr. Burge and Mr. Zuppe were motivated by finances, Mr. Williams said, “Not in any way.” Rather, Mr. Williams said he believes the juggled local lineup, combined with ESPN Radio’s “great” programming, will result in a stronger daily format. Mr. Gorman — who spent 13 years as program director and operations manager at WMMS-FM, 100.7 and WHK-AM, 1420, and another seven as a vice president and director of operations at WMJI-FM, 105.7 — isn’t buying the explanation.
“My reaction is I’m sure it was a financial decision,” he said. “Those people will be replaced by ESPN network programming.” He continued, “Getting the Browns had to cost them a few bucks.” The NFL club’s partnership with WKNR and The Fan has resulted in a staggering amount of team programming on the two stations. WKNR, for example, airs a combined 12 hours of Browns shows Monday through Friday (five installments of “Cleveland Browns Daily,” plus weekly one-hour preview and coach’s shows). On game days, the station has four hours of team-affiliated pregame programming, followed by the game broadcast of at least three hours. The departures of Messrs. Burge, Reghi, Roda and Zuppe doesn’t affect that partnership — the only member of the quartet who was involved in team programming, Mr. Reghi, remains a part of the Browns Radio Network. However, they do weaken the local programming of one of the two stations in town that spends a big part of its week discussing a team that plays 16 games a year. Asked for a comment on WKNR’s shakeup, a Browns spokesman said the team didn’t believe it was appropriate to discuss the radio station’s personnel matters. “It doesn’t affect our broadcasts,” the spokesman said. “It doesn’t involve us.”
Tom Herschel, senior vice president and market manager for WKRK, also wasn’t eager to weigh in on the reduced lineup of its rival. “It’s probably not for me to say at this point,” Mr. Herschel said. “It’s kind of their business.” Asked if his station could take advantage of its rival’s reduced local nighttime programming, Mr. Herschel only would say The Fan “really” likes the lineup it has “top to bottom.” The Fan begins its local programming each day with a four-show featuring Kevin Kiley and Chuck Booms at 6 a.m. and wraps up the
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Tired refrain Mr. Williams said he doesn’t believe the changes at his station will weaken WKNR’s longtime standing as a go-to station for local Cleveland sports talk. “I understand we’re not making certain popular decisions in some people’s minds, but we are doing what we think is best for the team,” he said. Team is a common theme at ESPN Cleveland. Employees are referred to as teammates, and the term even is used for job openings at Good Karma Broadcasting. (At the top of the company’s online job board is an opening for a “Part-Time Programming Teammate” in Janesville, Wis.) In Mr. Gorman’s mind, any sports radio team is helped greatly by a city with successful professional clubs. Cleveland, you might have figured, doesn’t quite match that description. “Who wants to hear everyone complain about sports teams right now?” Mr. Gorman said. “We need some fresh material.” ■
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local portion of its broadcasts at midnight, when Ken Carman’s fivehour program concludes. WKRK’s 18 hours of daily local programming has been comparable with WKNR, which had a 20-hour block of shows from 4 a.m. to midnight that, with the exception of ESPN Radio’s “Mike and Mike in the Morning,” was entirely local. WKNR since has moved Mark “Munch” Bishop’s early morning show to 6 p.m. and — aside from occasional Browns or Ohio State
football programming — will fill the rest of its nights with ESPN Radio broadcasts. “We’re trying to get better,” Mr. Williams, ESPN Cleveland’s general manager, said. “Every team makes changes to its lineup. That’s what we’re doing here.” But if the moves aren’t motivated by finances, as WKNR insists, why would the station leave a gaping local programming hole in its nighttime schedule — one now in stark contrast to its primary competitor? “We did not concern ourselves with what other people are doing,” Mr. Williams said. “Just like we don’t believe in Arbitron; we don’t worry about what others are doing.” Besides, WKNR doesn’t view Arbitron’s ratings as an accurate indicator of the market, Mr. Williams said. Arbitron’s research, industry sources say, shows The Fan, two years after its launch, still is struggling to gain a significant slice of the Cleveland radio audience. One source said WKRK’s most recent share — the percentage of listeners in a market who are tuned into a particular station — was below 2.0. “That’s pretty bad,” the source
CRAINâ€™S CLEVELAND BUSINESS
AUGUST 26 - SEPTEMBER 1, 2013
LARGEST CUYAHOGA COUNTY EMPLOYERS RANKED BY FULL-TIME EQUIVALENT LOCAL EMPLOYEES
Company Address Rank Phone/Website
FTE employees Cuyahoga County June 30, 2013
Total number of employees in Ohio
Type of business
Top local executive Title
Kaiser Permanente 1001 Lakeside Ave., Suite 1200, Cleveland 44114 (800) 524-7371/www.kp.org
Health care provider and insurance company
Patricia D. Kennedy-Scott regional president
Parma Community General Hospital 7007 Powers Blvd., Parma 44129 (440) 743-3000/www.parmahospital.org
Terrence G. Deis president, CEO
Ford Motor Co. One American Road, Dearborn 48126 (800) 392-3673/www.ford.com
Hyland Software Inc. 28500 Clemens Road, Westlake 44145 (440) 788-5000/www.hyland.com
Independent software vendor; developer of the OnBase enterprise content management software suite
Bill Priemer president, CEO
Alcoa 1600 Harvard Ave., Cleveland 44105 (216) 641-3600/www.alcoa.com
Aluminum forgings for aerospace, automotive and commercial transportation markets
Eric Roegner, COO, Alcoa Investment Castings, Forgings and Extrusions; president, Alcoa Defense; Tim Myers, president, Alcoa Wheel and Transportation Products
Ernst & Young LLP 925 Euclid Ave., Suite 1300, Cleveland 44115 (216) 861-5000/www.ey.com
Assurance, advisory, tax and transaction advisory services
C. Lee Thomas, managing partner, Cleveland; Edward T. Eliopoulos, managing partner, Akron
Invacare Corp. One Invacare Way, Elyria 44035 (440) 329-6000/www.invacare.com
Medical devices for the home and long-term care markets
Gerald B. Blouch president, CEO
Cuyahoga County Board of Developmental Disabilities 1275 Lakeside Ave. East, Cleveland 44114 (216) 241-8230/www.cuyahogabdd.org
Vocational, residential, educational, therapeutic and other support services for children and adults with developmental disabilities
Kelly M. Petty superintendent, CEO
GE Lighting (unit of GE Home & Business Solutions) 1975 Noble Road, East Cleveland 44112 (216) 266-2222/www.gelighting.com
A global manufacturer and marketer of lighting products
Maryrose T. Sylvester president, CEO, GE Lighting
Scott Fetzer Co. 28800 Clemens Road, Westlake 44145 (440) 892-3000/www.scottfetzer.com
Bob McBride, president, CEO Kenneth J. Semelsberger chairman
Philips Healthcare 595 Miner Road, Highland Heights 44143 (440) 483-3000/www.philips.com/healthcare
Manufacturer of medical diagnostic equipment
Gene Saragnese, exec. vp; CEO, Imaging Systems; Dominic Smith, general manager, computed tomography and Cleveland site
Safeguard Properties Management LLC 7887 Safeguard Circle, Valley View 44125 (216) 739-2900/www.safeguardproperties.com
Inspection and maintenance of defaulted and foreclosed properties nationally
Alan Jaffa CEO
Cleveland Heights-University Heights City School District 2155 Miramar Blvd., University Heights 44118 (216) 371-7171/www.chuh.org
Public school district
Nylajean McDaniel superintendent
FirstEnergy Corp. 76 S. Main St., Akron 44308 (800) 736-3402/www.firstenergycorp.com
Electric utility holding company
Anthony J. Alexander president, CEO
Dave's Supermarkets 5300 Richmond Road, Bedford Heights 44146 (216) 763-3200/www.davesmarkets.com
Daniel Saltzman president
Ohio Savings Bank, A Division of New York Community Bank 1801 E. Ninth St., Cleveland 44114 (216) 588-4100/www.mynycb.com
Jon K. Baymiller president, CEO, NYCB Mortgage Co. LLC
JPMorgan Chase & Co. 1300 E. Ninth St., Cleveland 44114 (877) 302-4273 /www.chase.com
James R. Geuther, regional president and head, commercial banking business, NE Ohio
St. Vincent Charity Medical Center 2351 E. 22nd St., Cleveland 44115 (216) 861-6200/www.stvincentcharity.com
Health care provider
David F. Perse, M.D. president, CEO
Menorah Park Center for Senior Living 27100 Cedar Road, Beachwood 44122 (216) 831-6500/www.menorahpark.org
Full continuum of care for seniors including residential and community services
Steven Raichilson executive director
PPG Industries Inc. One PPG Place, Pittsburgh 15272 (412) 434-3131/www.ppg.com
Coatings and speciality products company
Keith Schneider plant manager
Federal Reserve Bank of Cleveland 1455 E. Sixth St., Cleveland 44114 (216) 579-2000/www.clevelandfed.org
U.S. central bank
Sandra Pianalto president, CEO
Third Federal Savings & Loan 7007 Broadway Ave., Cleveland 44105 (216) 441-6000/www.thirdfederal.com
Savings and loan
Marc A. Stefanski chairman, president, CEO
Parker Hannifin Corp. 6035 Parkland Blvd., Cleveland 44124 (216) 896-3000/www.parker.com
Fluid power systems, electromechanical controls
Donald E. Washkewicz chairman, president, CEO
Huntington National Bank 200 Public Square, Cleveland 44114 (800) 480-2265/www.huntington.com
Daniel P. Walsh Jr. president, Greater Cleveland region
Forest City Enterprises Inc. 50 Public Square, Suite 1100, Cleveland 44113 (216) 621-6060/www.forestcity.net
Owner and developer of real estate
Charles A. Ratner, chairman David J. LaRue president, CEO
Lakewood City School District 1470 Warren Road, Lakewood 44107 (216) 529-4092/www.lakewoodcityschools.org
Public school system
Jeffrey Patterson superintendent
Weltman, Weinberg & Reis Co. LPA 323 W. Lakeside Ave., Suite 200, Cleveland 44113 (216) 685-1000/www.weltman.com
Creditors' rights representation and legal services
Scott S. Weltman managing partner
Northeast Ohio Regional Sewer District 3900 Euclid Ave., Cleveland 44115 (216) 881-6600/www.neorsd.org
Wastewater treatment and stormwater management Ciaccia for all or part of 62 communities throughout Northeast Julius executive director Ohio
Jones Day North Point, 901 Lakeside Ave., Cleveland 44114-1190 (216) 586-3939/www.jonesday.com
Christopher M. Kelly Cleveland partner-in-charge
Euclid City School District 651 E. 222nd St., Euclid 44123 (216) 261-2900/www.euclid.k12.oh.us
Public school district
Keith Bell superintendent
Source: Information is supplied by the companies unless footnoted. PNC does not report local employee numbers. American Greetings did not respond to the 2013 survey. Crain's Cleveland Business does not independently verify the information and there is no guarantee these listings are complete or accurate. The Book of Lists and enhanced versions of most lists, with more companies, are available to purchase at www.crainscleveland.com.
RESEARCHED BY Deborah W. Hillyer
AUGUST 26 - SEPTEMBER 1, 2013
Control: Minority deals can bridge gaps continued from PAGE 1
Simultaneously, there’s a shortage of good companies for sale, caused by the number of companies that sold last year to avoid tax increases this year and business owners’ increased confidence in their businesses and the economy, said Ken Hirsch, a managing director with Western Reserve Partners LLC. The Cleveland-based investment banking firm advised Fire-Dex in its deal with Peninsula Capital. Jim Hill, executive chairman and chairman of the private equity group at the Benesch law firm, said private equity firms that historically have done only majority-stake deals where they control companies are including in “next-generation fund” agreements with their investors provisions that allow them to do non-control deals. Five to seven years ago, no more than 15% to 20% of private equity funds in the nation would invest as minority investors in deals, Mr. Hill estimated. Today, that percentage has grown to 40%, maybe even higher, he said. “It is vastly accelerating,” Mr. Hill
said. “You hear it more and more.” The reality is there are funds that still only want majority stakes but that aren’t going to say no to other deals that allow them to put money to work, said Floyd A. Trouten, equity director in transaction advisory services and tax for Solon-based accounting firm SS&G Inc. Mr. Trouten said private equity funds “are not going to tell you that they’re doing minorities.” “They don’t want to lose their edge,” he said. “But they’re doing it. There is so much money to be put to work that they can’t find enough homes for it.”
Minority nears majority Data from one industry tracker backs up local advisers’ anecdotal observations. As of Aug. 22, the percentage of private equity-backed deals in 2013 in the United States that were minority transactions stood at 39%, according to Preqin, a leading source of data on alternative asset investments. That year-to-date figure compares with 32% in all of 2012, 30% in all of 2011 and 34% in
2010; the latter percentage is the highest full-year number recorded since 2006, the earliest year for which figures are available. Generally, majority, control investments involve a buyer acquiring 51% or more of a company, holding a seat or seats on its board and possessing the right to fire management, liquidate a company and more. Minority, non-control investments involve the purchase of less than 51% of a company and leave key control of the company to its management. One reason Bill Mulligan said he believes minority deals have increased is the desire by some parties to bridge gaps in company valuation. If a company wants a higher price in a control sale than a private equity group wants to pay, the group can buy a minority stake and build in returns that still render the deal attractive to the buyer, said Mr. Mulligan, managing director of Primus Capital, a Mayfield Heights private equity firm that always has done a limited number of minority deals. Private equity groups’ struggle to obtain debt financing for “mega
Pandora: These ads aren’t ‘annoying’ continued from PAGE 3
checking account. The city of Mentor promoted a beach party it hosted this past July and has been marketing the city as great place for businesses and young professionals. Expect the number of local Pandora ads to grow, Mr. Tartaglia said. While dozens of advertisers already have signed up in Cleveland, more mature Pandora markets have many more, he said, noting that Pandora had about 200 advertisers focusing on Detroit last month. “Obviously, we’re just at the start of that process in Cleveland,” said Mr. Tartaglia, a Bay Village native. In the meantime, various competitors to Pandora are attracting their own listeners and advertisers. Those streaming music services represent a new advertising option for local companies — and new competition for traditional media outlets, especially radio stations, according to local radio consultant John Gorman. “We are going to see a massive shift in listening and revenues going online,” said Mr. Gorman, best known for his stint as program director at WMMS-FM, 100.7, in the 1970s and 1980s. “Pandora is the first case.”
Watch out, radio For now, Pandora’s rivals are focusing on running ads for national brands. For instance, on Spotify — which lets listeners choose their own songs, though it also has a Pandoralike radio feature — the only local company you’ll likely hear mentioned is Progressive Corp. The Mayfield Village insurance company has been running Spotify ads where its popular Flo character asks listeners to check out Progressive’s online
CRAIN’S CLEVELAND BUSINESS
“Name Your Price” tool, regardless of whether they’re “into polka, heavy metal or heavy polka.” The company also has been advertising on Pandora for years. However, Spotify and other younger music streaming services — such as Google Play, which launched in May, and iTunes Radio, which will launch in September — probably will focus more on attracting local ads as they mature, according to Nick Pecko, producer and media buyer for Burges and Burges Strategists, a Clevelandbased consulting, marketing and communications firm. Mr. Pecko said he doesn’t consider streaming music services to be a direct competitor with local radio today. However, that situation could change as more people start driving cars connected to the Internet. Some new cars come with a Pandora app built in. “Then you can compare it a little more with traditional radio,” Mr. Pecko said.
Following the money … Local companies that spoke with Crain’s said they are happy with how their Pandora ad campaigns are going. Mr. Hartup said he has seen an uptick in sales for the specials that Houlihan’s advertises, and people have told him the ads caught their attention. Pandora runs fewer ads than radio, so he said listeners are less likely to change the channel — or log off, in Pandora’s case. “It’s only 30 seconds. It’s not annoying,” he said. Kristie VanAuken, senior vice president at Akron-Canton Airport, made that same point. In June, the airport started running audio, video and banner ads on Pandora’s website and its mobile app. So far, the percentage of people clicking through to the airport’s website far exceeds the clickthrough rate for most of the airport’s online display ads, Ms. VanAuken said. The airport decided to try Pando-
buyouts” from banks is another driver of the trend, said Ignatius Fogarty, head of private equity products for Preqin. Also, the volume of private companies marketed for sale isn’t robust, said Andy Vollmer, the managing director who runs the consumer and retail group and the financial sponsors group for KeyBanc Capital Markets, the corporate and investment arm of Cleveland-based KeyCorp. “If there were more companies that were for sale, you probably wouldn’t have the trend continue to build like that,” Mr. Vollmer said.
Filling holes More business owners are becoming familiar with this form of capital, and many like the non-control alternative to selling outright, according to Mr. Hirsch of Western Reserve Partners. “They don’t give up management of the company,” he said. “They don’t give up control of the economics of the business. They feel they have control over the day-to-day decisions. They fill a hole in the balance sheet that historically would have forced someone to sell a business. “We as a firm believe this will be an increasing trend across indusra ads because those who use the service tend to be educated people with enough disposable income to travel. “They tend to track really well with our core demographic,” Ms. VanAuken said.
… and following the herd Pandora also is a good fit for the University of Akron’s target market — future students and their mothers, said Wayne Hill, associate vice president and chief marketing officer. Pandora can target those groups because everyone who registers provides their sex, age and zip code. Early results from the pilot cam-
tries, across businesses who are looking to bring on equity partners but not necessarily to sell a controlling interest in the business,” Mr. Hirsch said. Benesch’s Mr. Hill said minority, non-control investing is “a riskier investment because … you don’t have complete control of the company.” But as long as the appropriate approval rights are put in place, a minority investor still can have the right to depose a company’s leadership if certain metrics aren’t met, and can have its say on the sale of certain assets or the doling out of big raises, Mr. Hill said. Mr. Hill agrees that private equity’s increased interest in minority investing should benefit business owners, particularly those who may be so leveraged that they cannot refinance or borrow more bank debt, and those who simply don’t want to sell. “It gives them another alternative,” Mr. Hill said. “If you have a minority investor who understands your industry and (they) are sophisticated people, have contacts, are strategic and understand corporate finance … that’s a pretty good addition to your business. Suddenly, you’ve got a lot more firepower.” ■ paign the university launched in July have been “very positive,” Mr. Hill said, adding that the ads were “cost effective.” Pandora charges rates similar to what radio stations charge per listener in a given market, according to Mr. Tartaglia, of Pandora. Advertising on Pandora is part of the city of Mentor’s long-term move toward spending less on print advertising and more on digital, said Kathie Pohl, director of marketing and community relations for the city. “This is simply a sign of the times,” Ms. Pohl said. “You have to go where the people are.” ■
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DOWHOUMDO\=\OF/O\OGMOT\W\M=\E=H Volume 34, Number 34 Crain’s Cleveland Business (ISSN 0197-2375) is published weekly, except for combined issues on the fourth week of December and fifth week of December at 700 West St. Clair Ave., Suite 310, Cleveland, OH 44113-1230. Copyright © 2013 by Crain Communications Inc. Periodicals postage paid at Cleveland, Ohio, and at additional mailing offices. Price per copy: $2.00. POSTMASTER: Send address changes to Crain’s Cleveland Business, Circulation Department, 1155 Gratiot Avenue, Detroit, Michigan 48207-2912. 1877-824-9373. REPRINT INFORMATION: 800-290-5460 Ext. 136
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CRAIN’S CLEVELAND BUSINESS
AUGUST 26 - SEPTEMBER 1, 2013
View: Developers will install café, coffee shop or other retail corporate 42 units in a mix of onebedroom units with tentative monthly rents in a range of $1,000 to $1,800 and two bedrooms renting in a range of $1,596 to $1,911. A banner will go up on the building soon and its website at www.shorewayliving.com is scheduled to go live this Tuesday, Aug. 27. The suites are scheduled for occupancy next June.
continued from PAGE 3
family behind Pat Catan’s Craft Centers — Nationwide Insurance Co. of Columbus and Tracy Green, a founding principal of Ohio Realty Advisors in Richfield. The project, appropriately dubbed “The Shoreway Building,” is led by Nick Catanzarite, a lawyer in the real estate unit of Walter Haverfield LLP, and Mr. Green, whose firm will serve as construction manager for the conversion and property manager after the building opens. The two most recently worked together on the Goodyear Tire & Rubber Co. headquarters developed by Industrial Realty Group of California, a large client of Ohio Realty. “My expertise is in representing real estate developers and lenders in doing these types of deals, which enabled us to walk the family through how we would put the deal together,” Mr. Catanzarite said. He said his father, Mike Catan, CEO of Pat Catan’s, worried about the risk but signed on as the plans came together. The property has been in the family’s hands as a warehouse since 1986, though a sign on the building’s exterior still bears the name of industrial distributor Mau Sherwood Corp., which moved to Twinsburg years ago. The building dates to 1918, when it was constructed for Globe Machine and Stamping Co., and is on the National Register of Historic Places. “This building was built like a fortress,” Mr. Catanzarite said. The conversion project was
Marous blazes a trail
This fireplace and small library in the former tool and die shop must be retained in this condition to keep the building’s historic tax credits. awarded a state historic preservation tax credit. Such credits allow companies to offset their federal and state income taxes. Nationwide Insurance is in for tax credits valued at about $4 million, Mr. Catanzarite said.
Up on the roof The picture Mr. Catanzarite paints of the building’s future is almost as cool as its past. He said the developers will install a café, coffee shop or other retail use on part of the first floor and use the building’s roof as an amenity for gatherings by tenants to capitalize on views of Lake Erie and down-
town. When first constructed, the building had a rooftop garden and an observatory. The building originally was built with a social club on its fourth floor that encouraged workers to linger longer at work and socialize with their families after work, Mr. Catanzarite said. Space that once housed a dance floor and two bowling alleys will turn into apartments. But to earn the historic tax credits, a small brick-lined room with wood beams and a huge fireplace that survives untouched from the social club must be retained; it will become part of a tenant’s penthouse suite. The Shoreway Building will in-
Between now and then, workers hired by Willoughby-based Marous Brothers Construction will transform the building’s floors into lofts with ceilings either 12 or 14 feet high. The units will incorporate the old brick walls with polished concrete floors and contemporary kitchen and bathroom finishes. Part of the first floor will include a 42-car parking garage and room for bike racks as the developers expect their tenants to use bikes to enjoy Edgewater Park. Mr. Catanzarite said Marous was selected for the project because it is familiar with the Detroit Shoreway neighborhood as the developer and builder of Battery Park, a condominium complex on the east side of West 76th Street. A row of Battery Park units faces the Shoreway Building. Mr. Catanzarite said the project is possible because of the Battery Park project, the four decades the nonprofit Detroit Shoreway Development Corp. has spent redeveloping the area, and the city’s investment in infrastructure around the neighborhood. The $6 million makeover of the
pedestrian tunnel under the Norfolk & Southern railroad tracks and the Shoreway opened July 2 and provides direct access to the lake from in front of the building. Also, a new interchange providing car access to the Shoreway from West 73rd Street is under construction in a $33 million project by the Ohio Department of Transportation. The link will slash an already short downtown commute.
Room for more To Jeff Ramsey, executive director of Detroit Shoreway Development Corp., the project is significant because it proves a private developer will invest in new rental housing in the city neighborhood. “We’ve undertaken residential projects that no private developer would tackle. Our projects have been designed to be catalytic to show private investors there is a market,” Mr. Ramsey said. “This shows the value of a strategic plan, strategic investments by the city of Cleveland and patience by many dedicated (community) partners.” Mr. Ramsey said there is no question about residential demand, with waiting lists in place for downtown, Ohio City and nearby apartments. He said a market study commissioned by Detroit Shoreway sees unmet demand for more than 1,000 units on the city’s Near West Side. Mr. Green said The Shoreway Building’s developers are so confident of demand and their project he wishes they had room for more units than the building can accommodate. ■
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AUGUST 26 - SEPTEMBER 1, 2013
CRAIN’S CLEVELAND BUSINESS
THEWEEK AUGUST 19 - 25 The big story:
A recently formed joint venture between the Cleveland Clinic and Community Health Systems — a large, publicly traded hospital company in Franklin, Tenn., that leases or operates 135 hospitals in 29 states — is in talks to acquire Akron General Health System. Terms of the proposed deal were not disclosed, but if it moves forward, Akron General would convert to a for-profit entity. The proposed purchase, which is expected to be finalized by late 2013 or early 2014, is the first big announcement between Community Health Systems and the Clinic since they announced last March their formation of a “strategic alliance.”
A home run:
Home sales in Northeast Ohio and statewide showed big gains last month over levels of July 2012, as the housing market posted its 25th straight month of year-over-year improvement in Ohio. The Ohio Association of Realtors reported the number of homes sold in the 17county area covered by the Northeast Ohio Real Estate Exchange climbed 23.5% last month, to 4,277 units from 3,463 a year ago. The average sales price increased 7%, to $150,340 from $140,512. Statewide, the number of homes sold last month rose 25.8%, to 13,354 from 10,619 in July 2012.
Group effort: Five groups of developers have thrown their hats into the ring for a chance to develop the lakefront in downtown Cleveland. The groups responded to a call from the city of Cleveland, which issued a request for qualifications to flush out developers with the experience and capacity to finance and create large-scale projects and that would be interested in developing one or both of two parcels totaling 28 acres along the waterfront. Three of the five groups are offering to develop both parcels.
Members of the United Steelworkers union ratified a new collective bargaining agreement with Akron-based Goodyear Tire & Rubber Co. The agreement, which represents more than 8,000 employees at six Goodyear plants, including one in Akron, was passed by a 3-to-1 margin. There are 265 employees under the contract at the Akron plant.
Steaking his claim: Legendary Cleveland Browns quarterback Bernie Kosar will lend his name and celebrity to plans for a steakhouse at the Hard Rock Rocksino Northfield Park. Mr. Kosar announced the restaurant deal at a news conference and topping-off ceremony for the $265 million gaming center. The 408-seat steakhouse will be called Kosar’s Wood-Fired Grill. The restaurant will be run by the gaming group.
Sounds good: The Cleveland Orchestra received a $2.5 million gift from The Eric & Jane Nord Family Fund of Oberlin to support educational programming for students of all ages and concert access for young people. The contribution is one of the largest the orchestra has received for education. The Nord Family Fund will contribute $250,000 toward annual operating costs associated with delivering education and community programs, and $2.25 million to the creation of an endowment fund.
Adding capacity: Specialty chemicals maker Lubrizol Corp. of Wickliffe opened a 400,000square-meter additives manufacturing plant in Zhuhai, Guangdong, China, part of a long-term plan to grow operations in Asia. The plant also is a key part of a 10-year phased investment plan, launched in 2010, to upgrade operations and increase global capacity in additives, Lubrizol said. Construction on the plant began in October 2010.
REPORTERS’ NOTEBOOK BEHIND THE NEWS WITH CRAIN’S WRITERS
Sorry you didn’t get the memo about payday ■ Adding injury to insult, the editorial staff of The Plain Dealer learned last week their payday was changing. But they didn’t get the email until the morning of payday. In an email staffers received at 10:30 a.m. Thursday, Aug. 22, Virginia Wang, general manager of Plain Dealer Publishing Co., wrote, “You were not paid today. You will be paid tomorrow.” The email went on to say that because of a technical error, an Aug. 7 email announcing the change didn’t reach Plain Dealer newsroom employees. The email stated that the company would cover any overdraft charges or other penalties incurred by employees because of the glitch. Earlier in the week, PD editorial staff members were told they would be moving out of their longtime home at 1801 Superior Ave. to an as-yet undetermined location as part of the strategy by parent company Advance Publications Inc. to emphasize its digital cleveland.com over the printed Plain Dealer. — Jay Miller
stopped one tenacious Case Western Reserve University researcher, Nicole Ward, from securing within a year three National Institutes of Health grants totaling $4.2 million. “It doesn’t happen very often,” said Dr. Ward, an associate professor of dermatology at the university. “I was very aggressive.” “I’m a big nerd,” she said. “This stuff gets me excited.” Dr. Ward’s latest award will enable her team to study the role the nervous system plays in psoriasis — an inflammatory autoimmune disease characterized by raised areas of red, scaly, itchy and often painful patches of skin. Psoriasis is the nation’s most common autoimmune disease, affecting as many as 7.5 million Americans. “I want to improve patient care, change the understanding of disease in my field, make an impact and have some influence,” Dr. Ward said. “The bottom line is the patients and their families and making their lives better.” — Timothy Magaw
HGR auction will leave old stuff in the dust
■ It’s no secret the federal government’s quest to rein in spending through sequestration has siphoned the amount of grant dollars doled out to researchers. Still, that hasn’t
■ HGR Industrial Surplus of Euclid, a buyer and reseller of used machinery, is trying a new tactic to attract customers. This Tuesday, Aug. 27, HGR will host an auction at its headquarters, 20001 Euclid Ave., with auctioneer Buddy Barton. Glenn McLaren, chief marketing officer at HGR, said the company’s equipment buyers have discovered there’s a segment of the population that regularly turns to auctions to buy
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Forest City wraps up big deal ■ Newsday took a close look at how Forest City Ratner Cos., the New York outpost of Cleveland-based Forest City Enterprises Inc., won the big contract to redevelop Nassau Coliseum on Long Island. It apparently involved a lot of food. “Every Tuesday and Thursday for the last month, Forest City Ratner Cos. executive Jim Lester and two colleagues spent up to 10 hours at a conference table in the Nassau County offices in Mineola, eating wraps and macaroni salad and negotiating his company’s contract to redevelop Nassau Coliseum and the plaza around it,” Newsday reported. “Across the table sat two lawyers hired to get the best deal possible for Nassau. They poked and prodded, asking for better terms on everything from who paid for capital improvements to how much the county would get before construction even began,” according to the story. The last negotiating stretch “lasted about four weeks, ultimately ending with last week’s announcement that Forest City Ratner won the bid with a final lease that gives Nassau County Bruce Ratner 8% of all gross revenue,” the newspaper noted. But it was among the tougher negotiations for developer Bruce Ratner, who heads Forest City Ratner. “This was not easy,” he told Newsday.
Family matters ■ Northeast Ohio landlord/blogger Bert Stratton weighed in with a New York Times op-ed piece about the joys of his unglam-
their used goods. Mr. McLaren said HGR has taken part in auctions in the past, but this will be the first one it has hosted. Mr. McLaren said the auction will include about 200 pieces of “good equipment” that represent what’s typically available in HGR’s showroom. It isn’t a liquidation or clearance sale featuring the oldest, “dustiest” items HGR has, he said. The auction begins at 10 a.m. and will be accessible at www.bidspotter.com. — Rachel Abbey McCafferty
Some growth capital for Growth Capital ■ A new partnership means Growth Capital Corp., the Cleveland nonprofit that lends money to small businesses through two Small Business Administration programs, has millions more dollars to lend. Goldman Sachs is lending the SBA-certified company $5 million that Growth Capital then can lend to businesses, all backed by the SBA’s guarantee. The cash will allow Growth Capital to scale up faster, said John Kropf, its president and executive director. “Many of us don’t have sufficient capital to make as many loans as we would like to,” Mr. Kropf said of lenders in the SBA’s Community Advantage program, through which lenders provide both loans and technical assistance. “It’s bridging our growth.” Goldman Sachs, which has pledged the capital through its 10,000 Small Businesses program, also is granting Growth Capital $950,000 to support its operations. — Michelle Park
orous family business. “I’m a landlord,” he writes. “It isn’t very glamorous. I just got a call: ‘There’s a smell of urine in the front of my apartment. Something is leaking from above.’ But at least it’s pretty lucrative and stable.” That’s what he tells his 32-year-old son, a recently minted lawyer. “Come on, Son, make the rounds with me,” Mr. Stratton wrote. “He has taught English in Korea; he has been a newspaper reporter; he has passed the Ohio bar. But things are tough out there; right now he’s an hourly contract worker at a big law firm.” His other son is 25 and a musician in a band called Vulfpeck in Los Angeles. Neither son wants to be a landlord. Mr. Stratton’s father’s properties were prewar buildings in Lakewood. His dad started the business in 1965 and “I kept it going and expanded it,” Mr. Stratton wrote. He concluded this way: “At different times, I’ve had my sons cleaning halls and collecting rent. They asked, ‘I went to college for this?’ Quite possibly. I did. I’m a proud dad; my sons will probably be big successes. But I can’t help hoping at least one of them comes back to the family business.”
Get a load of this ■ Ohio students are carrying a particularly heavy debt load when they leave college, according to this study from NerdWallet.com. Data from the Institute for College Access and Success and Peterson’s College Guide show the average debt for an Ohio student is $28,683 and 68% of students graduate with debt. That earned Ohio a spot on the survey’s “10 worst states for debt” list, based on a ratio of the amount of debt and the number of students who have it. The best state for student debt was Hawaii, with 38% of students accruing debt and average debt of $17,447. The worst: New Hampshire, with 75% of students incurring debt and average debt of $32,440.
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