Crain's Cleveland Business

SPORTS BUSINESS High school athletes could soon be able to sign endorsement agreements provided they meet certain standards set by the OHSAA. PAGE 5

NOTABLES: Our list touches on all responsibilities related to fiduciary matters. PAGE 10

LINCOLN ELECTRIC CO.

CRAINSCLEVELAND.COM I APRIL 25, 2022

Lincoln Electric enters additive manufacturing, adds to its skills

I

BY JAY MILLER

n just three years, Lincoln Electric Co. has built in Euclid what may be the largest 3D printing factory of its kind anywhere.

The operation, Lincoln Electric Additive Solutions (LAS), mates Lincoln’s core arc welding capability with robotics to give the 125-year-old company entry into additive manufacturing, a rapidly growing sector of the manufacturing industry.

3D printing puts down layers of material, using a computer-guided design, to create three-dimensional objects. LAS’s operation uses a kind of 3D printing called wire-arc additive manufacturing, or WAAM, that involves a process Lincoln has been working with for decades, arc welding. A robot-guided electric welder melts wire that is deposited layer upon layer in a process that uses multi-axis turntables to create a piece that may take days to build.

See ELECTRIC on Page 32

CleveMed grows with support of Northeast Ohio partners

BY LYDIA COUTRÉ

After more than a decade of offering at-home sleep apnea testing, CleveMed’s perseverance paid off as the pandemic pushed virtual care mainstream.

But it wasn’t just a matter of right place, right time, said Hani Kayyali, president and CEO of CleveMed. Beyond the newfound widespread

acceptance of telehealth and remote patient monitoring, partnerships in Northeast Ohio helped accelerate the Cleveland business’ growth.

“Our business model is one that really partners with hospitals and sleep centers and small health systems and large health systems across the country that now are seeing a huge demand for home

BUSINESS IS BLOOMING Standard Wellness Co. stands out as the largest multi-state cannabis company headquartered in Ohio. PAGE 3

STANDARD WELLNESS

RISE OF THE ROBOTS sleep testing,” he said. “It’s convenient, and it’s cheaper, and is just as accurate for obstructive sleep apnea as it is to do this in the hospital.”

In two years, CleveMed’s home sleep apnea testing service skyrocketed from testing about 600 patients a month to more than 3,000.

See CLEVEMED on Page 32

Polymer industry hopes for boost

BY DAN SHINGLER

The University of Akron, Case Western Reserve and Kent State universities, and the region’s entire polymer industry, will get a new research and development center — if backers win $17 million in federal funding.

“This investment stands to be a game changer for Akron and

Northeast Ohio,” said Chris Helsel, senior vice president of global operations and chief technical officer at Akron-based Goodyear Tire & Rubber Co., via email. “There’s no question that this initiative will attract top talent and high-growth businesses to the area and drive other powerful economic outcomes for the community and companies of all sizes.”

Proponents expect to know in September if the project will become a reality, as that’s when they’ll learn whether the region’s application for $75 million in Build Back Better Regional Challenge grant funding succeeds. The polymer cluster initiative is the biggest single component of that request.

See POLYMER on Page 33

VOL. 43, NO. 16 l COPYRIGHT 2022 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED

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Business

MARIJUANA

Ohio-based Standard Wellness on path to growth

BY JEREMY NOBILE

Not only is Cleveland-founded Standard Wellness Co. cultivating, processing and selling weed, it’s growing nearly as fast as one.

Despite the overhang of federal prohibition, there already are several large cannabis companies with multibillion-dollar market caps and operations in several North American markets and, in some cases, other countries. That includes major players such as Canopy Growth Corp., Tilray and Cronos Group Inc. These corporations have been continually gaining scale and market share in past years, branching into multiple states during an already decade-old “green rush” as they slowly open up to medical and recreational marijuana programs.

They may veer in different directions, but all are guided by the same north star: securing a foothold in a nascent marijuana industry conservatively projected to top $43.5 billion in legal U.S. sales by 2025 — even without nationwide legalization.

In Ohio, dozens of cannabis companies have sprouted since the 2016 passage of House Bill 523 that established this state’s medical marijuana program.

But with a vertically integrated business in its home state, blossoming facilities in Utah and Missouri and soon-to-be Maryland — not to mention other markets that could come online, including possibly Georgia and New Jersey, where the company is fighting for licenses in court — Standard stands out today as the largest multistate operator (MSO) headquartered in Ohio.

“What’s the master plan? That’s very difficult to answer, because we have a lot of different stakeholders.

We have patients, regulators, equity holders and lenders, all of whom have different priorities,” said Standard Wellness CEO Jared Maloof.

“But I can say our company is focused on building out a quality network for cannabis operations in states with attractive fundamentals in order to deliver the highest value for patients and shareholders.”

But isn’t it weird building up a large enterprise that operates in a quasi-legal industry?

“The way I like to describe it is federal illegality is simultaneously our biggest strength and biggest weakness,” Maloof said. “It’s a weakness in that banking, taxes, just about everything we do is harder. However, it already serves as a barrier to entry for publicly traded companies on the NYSE or NASDAQ. That means we have a unique opportunity to build scale at a time when Big Pharma, tobacco and alcohol industries, for example, cannot.”

What is Standard Wellness?

In Ohio, Standard runs a Level I cultivation and processing facility in the rural village of Gibsonburg on the outskirts of Sandusky. Its dispensary arm, branded as The Forest, includes locations in Sandusky and Springfield.

In 2019, the company became the state’s first vertically integrated marijuana company as all these elements came online.

Since then, Standard has won li-

retired CFO Sean Hennessy and Marc’s owner/CEO Marc Glassman.

Those early investors in Standard, though, include Gregg Wasilko, a longtime real estate agent and owner of Wasilko Group in Rocky River. He and a series of other initial investors pitched in $100,000 each to provide Standard’s first capital.

Wasilko, a self-described conservative, said he “wrestled with the moral conflict of more drugs in society.” But he acknowledges that he didn’t truly understand marijuana before. Research eventually changed his mind. He said he now buys into the potential good marijuana could have for people and views this business endeavor as one way to support that.

“It’s not some dark science anymore,” Wasilko said. “It’s a legitimate medical treatment for many qualifying conditions.”

Even his perspective on recreational marijuana has changed, as he backs the idea of a regulated, adultuse market — which could certainly of course be a boon for companies like Standard that are establishing themselves in this industry before federal legalization comes to pass.

What lies ahead Standard Wellness CEO Jared Maloof examines plants at the company’s facility in Gibsonburg. | JEREMY NOBILE/CRAIN’S CLEVELAND BUSINESS

censes to grow and process in Utah — where it’s working out of temporary grow pods while a permanent facility is built — and Kansas City, Missouri, where another facility is under construction. Another grow license in Maryland was won April 1 by the company following a court battle over how its application was scored. This allows Standard to begin work on a facility expected to open there next year.

With its conservative leanings, Gibsonburg may have seemed like an unlikely home for Standard.

However, its mayor, Steve Fought, courted Standard to come to town when the company was looking for a home for its grow house as he looked to bring new business to the village.

While Standard’s corporate offices are now in Tremont, its cultivation facility employs about 85 people, which will be about the norm for others in the Standard network.

The company reports about 135 employees today between all operations, with more to be added as its other facilities come online.

“They brought jobs and employ local folks in town,” Fought said. “Our economy has grown because of them, and it’s just been great.”

The few people who didn’t like the idea of a marijuana company coming to Gibsonburg were caught up in common stigmas.

“They thought we’d have all these potheads in town, that crime rates would go up. But then we explained what this really was, what it was about and what (marijuana) can do for people,” Fought said. “And people started to change their minds.”

Standard is now the second-largest company in the village of approximately 2,500 people. It’s also just the second business to plant a flag in the Clearview Industrial Park, which had just one tenant for the last couple of decades.

Fought said Standard has brought the village new tax revenue and is a

major charitable contributor. Its donations have helped fund annual festivals and bring back events like parades and fireworks that couldn’t be afforded in the past.

“If you told me when I ran for election that one of the first major things I’d do was bring economic improvement from a medical marijuana facility, I’d have said, ‘Yeah, right. Not likely,’” Fought said. “It’s atypical for this town. But we have fully embraced it. I’m very glad they returned my cold call and gave us a chance.”

How it got started Coming from a finance background that began professionally at KPMG, Maloof became involved with Standard through a connection with longtime friend and Walter | Haverfield attorney Kevin Murphy, who has been ingrained in the marijuana industry for 15 years.

Prior to Standard, Maloof was chief financial officer for Mayfield Heights recycling business PSC Metals. He was a director of corporate finance for Beachwood’s Aleris Corp. before that.

Murphy was involved in an initiative in Ohio aimed at legalizing medical marijuana (Ohioans for Medical Marijuana) and would come to help aspiring marijuana businesses apply for medical licenses as they became available.

As it became apparent then-Gov. John Kasich would sign HB 523 in 2016, a group of investors began considering ways to bring a marijuana company to fruition.

Those efforts coalesced with Standard. Standard applied for cultivation and processing licenses in Ohio in 2017. The company teamed with a group known at the time as Denver Relief, which featured experts who had helped Chicago’s Cresco Labs win their licenses. (Maloof credits Denver Relief with helping Standard win licenses in other states as well.)

Around this time, Erik Vaughn was named Standard’s first CEO. But the industry is not for everyone. Vaughn ended up leaving Standard following concerns with the regulatory environment in Ohio.

Meanwhile, Maloof’s brother, Brad, owner of Amware Distribution Warehouses M&M LLC in Brook Park, was another member of a group of investors looking to establish Standard.

When Vaughn departed, Jared Maloof was asked to step in as CEO. “I’m a huge believer in medical cannabis,” Maloof said. “This country has spent 100 years and $1 trillion on a war against a plant. And I’m happy to say the plant is going to win the war.”

But Maloof and his fellow stakeholders also saw an opportunity to break in at the early stages of this burgeoning new marijuana industry.

“I had been in metals for 10 years at the time,” Maloof said. “I figured if I was going to leave the metals space, I wanted to be in a business that has actual margins and that provides some cushion against fluctuations.”

A combination of seeing that business potential, embracing the increasingly documented benefits of medical marijuana and believing in businesspeople behind Standard is what convinced the company’s first investors to sign on.

Of course, Standard’s licenses in other states — such as the recently won cultivation and processing license in Maryland that features a Black and Latino majority owner, Christina Betancourt Johnson — are secured with local equity partners.

The company has an estimated 215 investors today, which is not uncommon for a growing MSO. That group of equity partners will expand further as other new markets are sought out.

And in addition to Murphy and the Maloofs, Standard’s board of directors includes recognized Cleveland executives such as Sherwin-Williams

It has been a blistering fast few years for Standard. Since 2017, the company has evolved from an idea with no money behind it to a growing MSO valued at $175.8 million, according to figures from Maloof, which he notes do not reflect the full value of the assets that have yet to come online or be fully operational.

The company’s strategy has been to go after pieces of limited-license markets in medical states, which are likely to turn into adult-use markets in the future, whether that’s through state or federal legislation. Standard is not immediately looking for other states to add to its footprint, but it’s keeping its options open. If limited licenses were to become available in markets like Texas, Tennessee or Wisconsin, Standard might vie for licenses there, Maloof said.

Whether Standard would acquire other companies is to be determined.

With financing being hard to come by in the marijuana space, and expensive where available, capital is not exactly readily available for deals.

On the other side, however, selling to a larger company that wants what Standard is working to build could be in the offing. That’s the sort of liquidity event that could be big for shareholders, especially if companies like Philip Morris International or Procter & Gamble turn to marijuana post federal legalization.

But Standard is playing the long game. Something like that would be years down the line. Maloof said he’s most focused on fortifying what has been developed so far.

“The Ohio market continues to grow. And I’m very optimistic about the states we are in,” Maloof said.

“They’re all limited licenses and none have flipped to rec at this point.”

“A lot will change over time,” Murphy said. “You just need to hold on an be prepared, because it’s going to be a wild ride. And where it ends up is anyone’s guess.”

Jeremy Nobile: jnobile@crain.com, (216) 771-5362, @JeremyNobile APRIL 25, 2022 | CRAIN’S CLEVELAND BUSINESS | 3

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DYNAMIC DEAL: Specialty materials company Avient Corp. of Avon Lake is buying one business and considering the sale of another. Avient, formerly known as PolyOne Corp., on Wednesday, April 20, announced it entered into an agreement with Dutch conglomerate Royal DSM to buy the DSM Protective Materials business (including the Dyneema ultra-lightweight specialty fiber brand) for $1.485 billion. Boards of both Avient and Royal DSM have approved the deal, which is expected to close later this year.

Simultaneously, Avient announced that it plans “to explore sale options” for its Avient Distribution business. Estimated sales for the Dyneema brand in 2022 are about $415 million.

HIS NECK OF THE WOODS: Real estate investor Robert Nieto and his business partners have acquired retail centers from Cleveland to Sandusky, but he proudly points out the latest is close to his Medina County home. “As local shoppers, we have always been interested in investing in our home town and we could not pass on this opportunity,” Nieto said. “We all feel it is well-located, and we can increase the occupancy with a good mix of tenants.” Through Medwick Marketplace LLC, Nieto’s group paid $14.45 million to Medwick Realty LLC & Medwick Nassim LLC for the 200,000-square foot plaza on U.S. Route 42, which has a street address of 1049 N. Court St. The Great Neck, New York, seller acquired Medwick in 2019. Marc’s and Marshalls are among 30 stores in the center. Nieto estimates the property has about a 75% occupancy rate.

PUSHING FOR A SALE: Activist investor Ancora Holdings is stepping up its pressure on Middlefield Banc Corp. The Mayfield Heights investment adviser issued another open letter to shareholders of Middlefield — the parent company of The Middlefield Banking Co., which has about $1.3 billion in assets — renewing its message that the bank should explore a sale process that it says would benefit company stockholders. Ancora owns about 7.8% of the company’s shares outstanding and reportedly is its largest shareholder. Ancora executives noted: “During our five-plus-year holding period, we have consistently communicated to the company, along with shareholders, our belief that running a legitimate sale process to sell the bank represents the best risk-adjusted outcome for all stakeholders. In our view, the board, in response, has been consistent in its resolve to remain entrenched and do little to improve shareholder value.”

TIME TO PAY?: Two senior lawmakers have joined the Pentagon in pushing for Cleveland-based TransDigm Group Inc. to pay $20.8 million in voluntary refunds for the costs of spare parts that were deemed excessive by the Defense Department’s inspector general. The $20.8 million “may be only the tip of the iceberg,” Democratic U.S. Rep. Carolyn Maloney of New York, chair of the House Oversight Committee, and Republican Sen. Chuck Grassley of Iowa wrote in a letter to TransDigm president Kevin Stein released on Monday, April 18.

TransDigm, one of the Pentagon’s largest spare-parts suppliers, col-

lected excess profits on 105 parts from early 2017 to mid-2019, according to a two-year inspector general’s inquiry into the company’s business model that was released in December. The watchdog “reviewed a sample of just 3% of TransDigm’s contracts from January 2017 through June 2019.

The inspector general didn’t examine any contracts from July 2019 through the present, when DoD awarded TransDigm over $500 million in contracts,” the lawmakers wrote.

FERRO’S TRANSFORMATION: Coatings producer Ferro Corp. of Mayfield Heights is entering a new era. The company on Thursday, April 21, said its acquisition by mineral and chemicals company Prince International Corp. has been completed. Prince paid $22 per share in the $2.1 billion, allcash deal, which was announced in May 2021. As a result of the deal’s completion, Ferro’s common stock will cease trading on the New York Stock Exchange. In turn, Prince — a portfolio company of private equity firm American Securities LLC — will combine with Ashtabula-based Chromaflo Technologies Corp., a provider of colorant technology products that also is part of American Securities. Prince said the combined companies will be rebranded as Vibrantz Technologies and will be headquartered in Houston. It described the new Vibrantz as “a global, diversified technology leader in advanced materials, color solutions and performance coatings” with annual sales of about $2 billion, about 5,400 employees and 63 manufacturing sites across six continents.

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SPORTS BUSINESS

Four things to know about OHSAA’s name, image and likeness proposal

BY JOE SCALZO

Two months ago, Ohio High School Athletic Association media relations director Tim Stried was watching the Super Bowl at his brother-in-law’s house in Bluffton when he saw a commercial for a local basement waterproofing company featuring several football players from Lima Senior High School.

The ad was fine as far as the OHSAA was concerned — with one caveat.

“High school student-athletes right now can appear in commercials as long as they’re not getting paid,” Stried said.

That could change next month.

Nineteen years after LeBron James was declared ineligible by the OHSAA for accepting $845 worth of throwback jerseys, the organization’s member schools will vote on a proposal that would allow student-athletes to cash in on their name, image and likeness, or NIL. If approved by a simple majority, student-athletes will be able to sign endorsement agreements so long as their teams, schools and/or the OHSAA logo are not used and provided there are no endorsements with companies that do not support the mission of education-based athletics (casinos, gambling, alcohol, drugs, tobacco).

The proposal mirrors the changes made at the collegiate level last year, which have already led to athletes signing six- and seven-figure deals with brands and marketing companies. Eight states have already passed laws allowing NIL rights to high school athletes — California, Nebraska, New Jersey, New York, Alaska, Kansas, Louisiana and Utah — and more are considering it.

“The thing I’ve tried to stress is that putting this up for a vote does not mean the OHSAA fully embraces and likes NIL at the high school level,” Stried said. “Shoot, most of us — me included — don’t even like NIL at the college level. But the courts have spoken, and this is not going away.

“Either we can try to shape this bylaw and have schools voice their input so they can shape it as well, or we can have the courts do it for us.”

Here are four things to know about the proposal: There’s no guarantee it will pass.

Issue 12B is one of 14 potential changes member schools will vote on during the annual referendum voting period, which runs from May 1 to May 16. Most referendum items pass easily, but this one is drawing comparisons to the OHSAA’s competitive balance proposal, which failed three straight times before passing in 2014.

The organization is holding six information meetings for school administrators this month, with the Northeast District meeting set for Monday, April 25, in Cuyahoga Falls.

Several school administrators contacted for this article either declined comment or didn’t respond at all, in part because they’re still undecided on how they’ll vote.

“It’ll be interesting to see how the state votes on this,” said Desiree Powell, the director of interscholastic athletics for the Cleveland Metropolitan

School District. “I’m still trying to process it myself.”

Powell attended an informational meeting last week in Columbus, and “when I left there, I was still a little foggy about how I really feel about it,” she said. The rest of her staff will attend the April 25 meeting.

“There are still just a lot of questions,” she said.

“I think everyone is kind of all over the place with it,” added Canton McKinley athletic director Joe Bogdan. “I think the actual intent of the bylaw makes sense because what it really does is spell out all the things the student-athletes can’t do for NIL. It pretty much protects the school from being used in a way it doesn’t want to be used.”

Most deals will be small.

James’ mother, Gloria, famously took out a bank loan in 2003 to buy her son a $50,000 Hummer for his 18th birthday. The OHSAA cleared the family of any wrongdoing in that case, but the organization stripped him of his eligibility days later for accepting two vintage sports jerseys, violating the state’s bylaw on amateurism. He quickly regained his eligibility — and led Akron’s St. Vincent-St. Mary to that year’s Division II state basketball title — but high-profile prep athletes like James would be free to capitalize on their fame under the NIL proposal.

Thing is, very few high school athletes even approach his marketability. That’s why, if the proposal passes, Stried expects 99% of the NIL deals to be for $100 or less.

“There are a lot of medium and small towns across Ohio with a local pizza shop or car dealership or ice cream parlor, and I could see a lot of those places utilizing local high school student-athletes to promote their company on a student’s social media platform,” he said. “I grew up in Marion, and I think the McDaniel’s (GM) dealership would utilize a wellknown high school athlete in a heartbeat. They could say, ‘Here’s $100.

Push the McDaniel’s graphic on social media.’

“I think that could happen a lot.”

with the latest pair of Air Jordans or an iPhone 13.

“If you’re worried about bad actors being turned loose and doing all these deals, those people are already doing things that aren’t good for kids anyway,” Bogdan said.

The OHSAA can’t afford a lengthy court battle.

In January, a class-action lawsuit was filed against the Florida High School Athletic Association for prohibiting student-athletes from capitalizing on their NIL. As a nonprofit organization still recovering from the COVID-19 pandemic, the OHSAA can’t afford that kind of fight.

“The Florida association is spending thousands of dollars to fight this battle in court, and what are the odds they’re going to win?” Stried said. “The case has already been tried in court. The NCAA already lost. How does Florida think it’s go-

Ohio High School Athletic Association member schools will vote on a name, image and likeness proposal next month. | UNSPLASH

ing to win? Maybe Florida has tens of thousands of dollars to fight in court, but we don’t. I can tell you that much.”

Which brings this story back to the original point — schools can either define the NIL terms or, possibly, have them defined for them.

“We might end up with something

that doesn’t fit what we want to be doing,” Bogdan said. “So if this (bylaw) is something that helps us protect kids and give them guidance and education, at the end of the day, that’s a good thing.”

Joe Scalzo: joe.scalzo@crain.com, (216) 771-5256, @JoeScalzo01

There is potential for abuse.

Here’s a hypothetical scenario.

Let’s say there’s a hotshot eighthgrade basketball player in Cuyahoga County who hasn’t yet decided where he’s going to attend high school. Could an NIL deal persuade him to attend one school over another?

“Unfortunately, that could happen,” Stried said. “Now, if there is any evidence that a student-athlete was persuaded or recruited to go to a school, that’s not permitted. But that’s difficult to prove and hard to catch. I call that that unintended consequence of NIL. It’s already happening at the college level.”

The flip side of this argument is, high-profile athletes are already getting these kinds of incentives. There are plenty of stories about a star quarterback’s father suddenly getting a job in a different school district and moving his family within its boundaries. Or a standout point guard transferring to a new school and, coincidentally, walking around APRIL 25, 2022 | CRAIN’S CLEVELAND BUSINESS | 5

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REAL ESTATE

Demolition grant requests include hundreds of houses

BY MICHELLE JARBOE

Northeast Ohio land banks are seeking state demolition grants to eradicate everything from abandoned houses to the remnants of the Akron Rubber Bowl.

Those requests are part of almost $172.7 million worth of applications being vetted by the Ohio Department of Development, through a new initiative aimed at curbing vacancy and blight. The initial application window for the state’s demolition and site revitalization program closed Feb. 28.

Public records show the program, with a nearly $150 million budget, already is oversubscribed.

Applicants from eight Northeast Ohio counties asked for $28.6 million in grants, with the Cuyahoga Land Bank leading the way, according to state documents provided to Crain’s in response to a public records request. Those applications span a block of downtown Barberton, where old building foundations are filled with gravel; development sites in Mentor and Elyria; and seven apartment buildings on one derelict East Cleveland street.

Last year, in the biennial budget, the General Assembly allocated $500 million to cleaning up contaminated real estate and tearing down buildings.

Seventy percent of that cash was earmarked for studying and remediating brownfields, properties where redevelopment efforts are complicated by lingering hazards or pollutants.

The rest of the money was reserved for razing abandoned and vacant buildings with no known environmental woes.

Early applicants for brownfield grants sought just over $262 million — falling short of that program’s $350 million cap and leaving room for follow-up funding rounds. The state has not announced any awards yet.

The smaller demolition program, by contrast, quickly surpassed its ceiling.

“We knew that this was going to be the fastest pot of money to be gone,” said Patrick Bravo, executive director of the Summit County Land Bank.

It’s too early to say which pulldown projects will receive funding.

State development officials set aside $500,000 for each county until June 30 and laid out a first-come, firstserved formula for the remaining $106 million in grants.

The state received applications from 80 of Ohio’s 88 counties, records show. A quarter of those applicants requested less than $500,000, though.

The program required applications for each county to flow through a single applicant — a quasi-governmental land bank, in most cases. In

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A dilapidated house sits empty on Cleveland’s East Side. | MICHELLE JARBOE/CRAIN’S CLEVELAND BUSINESS

counties without land banks, boards of commissioners could select another lead entity.

The Cuyahoga Land Bank, formally called the Cuyahoga County Land Reutilization Corp., requested almost $9.5 million in grants. Its applications cover more than 430 parcels, many of them on Cleveland’s East Side.

Most of the structures are single-family or two-family homes or modest apartment buildings, said Kim Kimlin, the land bank’s director of community stabilization. Dozens of the parcels are in state forfeiture, after going through tax foreclosure and failing to attract bidders at sheriff ’s auctions.

Roughly 300 of the addresses are nuisance-abatement demolitions in Cleveland, where the land bank would tear down privately-owned buildings red-flagged by the city.

In 14 cases, the land bank applied on behalf of other entities, including suburban governments, the Cleveland Metroparks and CCH Development Corp., a nonprofit affiliate of the MetroHealth System. The land bank would convey grants to those sub-recipients, who would handle the demolitions.

The Summit County Land Bank is seeking $6.7 million in grants tied to 44 projects, including some notable commercial properties. That money would contribute to $9 million worth of demolition and site work, Bravo said, noting that the state’s program requires matching funds for all requests above the first $500,000 per county.

The Summit County applications include the former Babcock & Wilcox Enterprises Inc. headquarters in Barberton, a Van Buren Avenue complex owned by Solon-based developer Industrial Commercial Properties LLC. Akron hopes to dispense with the rest of the Rubber Bowl, a storied football stadium that was partially demolished in 2018. The nearby John

W. Heisman Lodge, on George Washington Boulevard, also appears on the list of demolition requests.

And the Summit County Land Bank, acting on behalf of sub-recipients in most cases, is pursuing funds to raze four schools, an old fire station in Tallmadge and a shuttered Motel 6 in Akron. Bravo said the land bank, which moved swiftly late last year to open an online portal for grant requests, still is hearing from public- and private-sector property owners who missed the deadline to apply.

“It was immensely popular,” he said of the program.

The Lorain County Land Reutilization Corp. asked for $4.4 million in grants, according to state records.

The teardown targets range from an obsolete parking garage in Lorain to an old farmhouse, silo and barn in Grafton, said James Miller, the land bank’s assistant director.

“If they are granted, that’s huge for them,” said Gina Hofstetter, program manager in the Geauga County’s department of community and economic development.

The Lake County Land Reutilization Corp. turned in $1.2 million worth of grant requests, including applications to clear the way for Uptown Mentor, an office-and-retail development. That project recently won tax credits through the state’s new Transformational Mixed-Use Development Program.

The state demolition grants will allow land banks to stretch their own dollars further and will help communities eliminate eyesores that depress the value of nearby real estate, said John Rogers, the Lake County land bank’s executive director.

State records show that the Stark County Land Reutilization Corp. submitted just over $1 million worth of grant requests, for structures including a onetime “WHAT WE REALLY NEED IS MORE OF AN Kmart in North Canton and a former ONGOING FUNDING SOURCE FROM THE diner in Alliance.

The Medina County STATE, A YEAR-BY-YEAR ALLOCATION, Port Authority asked BECAUSE THERE’S ALWAYS GOING TO BE for $973,553 in funding. And the Portage SOME LEVEL OF BLIGHT.” County Land Reutili— Kim Kimlin, the Cuyahoga Land Bank’s zation Corp. applied director of community stabilization for $626,263 in grants.

In every case, the land bank Kimlin, at the Cuyahoga Land would serve as an intermediary, Bank, said the state money will make conveying grant money to local gov- a meaningful dent in the backlog of ernments and other recipients, Mill- vacant and abandoned properties. er said.

But a one-time program won’t In Geauga County, which has no obliterate decay. land bank, the board of county com“What we really need is more of an missioners applied for more than ongoing funding source from the $4.1 million in grants. The largest ask, state, a year-by-year allocation, beby far, is for demolition at the old cause there’s always going to be some Geauga Lake amusement park in level of blight,” she said. “And we still Bainbridge. Industrial Commercial have a tremendous level of legacy Properties is remaking the sprawling blight across the state.” property as a master-planned, mixed-use project called the Geauga Michelle Jarboe: michelle.jarboe@ Lake District. crain.com, (216) 771-5437, @mjarboe

6 | CRAIN’S CLEVELAND BUSINESS | APRIL 25, 2022

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EDUCATION

State funding aims to help address truck driving shortages

BY AMY MORONA

There’s a shortage of truck drivers nationwide — a reported 80,000 in 2021. The state of Ohio is allocating millions over the next few years to offer financial aid to get more people certified and on the roads.

The U.S. Department of Transportation called the country’s supply chain stressed since the beginning of the COVID-19 pandemic, while also citing additional factors such as aging infrastructure and geopolitical disruptions as the root of bottlenecks and congestion. The American Trucking Associations called the industry the “lifeblood” of the U.S. economy, reporting drivers moved about 73% of the country’s freight in 2019.

This shortage has existed for years.

Other types of workforce initiatives have come and gone. Randy Gardner, chancellor of the Ohio Department of Higher Education, said the pandemic “probably” highlighted the sense of urgency around the issue this time around.

“I think it was just a growing concern,” Gardner said. “It was time we tried to address it directly.”

The way Ohio’s leaders plan to do that is through the Commercial Truck Driver Student Aid Program.

The funding comes via the state budget. Additional guidelines for the program stem from a state Senate bill that went into effect last month.

Awardees will see $2.5 million in total for this round. Thirty schools — a list that includes for-profit colleges, technical centers and community colleges — then select which students enrolled in approved commercial driver’s license, or CDL, programs will receive it.

The money is split into two pools.

One is a grant earmarked to go directly toward the tuition and fees a student must pay. The rest of the program’s costs will be covered via a loan. Students have to accept both portions of funding. Once they live and work in Ohio as a truck driver for a year, the loan will be forgiven.

“This is what public-private partnership needs to look like,” said Tom Balzer, president and CEO of the Ohio Trucking Association, in a recent news release.

A residency requirement isn’t a problem for students at Stark State College, according to Donald Ball, the college’s dean of business, engineering and information technologies.

“These are things that our students do anyway,” he said. “Most of the students that come to Stark State College want to work, live and reside in this general community.”

Leaders caution they’re still waiting to receive the final agreement from the state, but the college expects to see about $83,000. It’s one of two participating community col-

Stark State College is one of 30 schools across the state set to receive funding for its CDL programs. | STARK STATE COLLEGE

leges in Northeast Ohio. The other, Cuyahoga Community College, will receive about $80,000.

At Stark State, Ball estimates the new money could pay for seven or eight students to go through its program. While he doesn’t work in admissions, he said he typically doesn’t hear about finances being a barrier for students trying to get their CDL at the college. The college’s two CDL tracks range in price from about $6,500 to $7,500.

There are other challenges aside from funding. The industry is overwhelmingly white and male, though Census data shows drivers under 35 are more diverse and educated than their older peers. Roughly 60% of people enrolled in Stark’s CDL offerings are nonwhite.

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The idea — perhaps, even, the stereotype — of drivers spending so much time alone and away from home is another obstacle. Ball said he thinks companies are working to make the industry more appealing.

There’s more talk now about team driving opportunities, chances to bring a spouse along and shorter hauls, so drivers can be home more during evenings and weekends.

Wages have gone up over time, too, yet earlier this year, some trucking companies reported boosting pay hasn’t completely alleviated shortage or turnover issues. Plus, in a booming job market, rates for opportunities not requiring training or a credential like driving also are increasing. Things are competitive.

“I do think there’s some of the

thought from students, ‘Hey, these wages are high right now, I didn’t make this before, let’s make hay while the sun shines,’” Ball said.

Stark State is a two-year public college, offering a noncredit pathway to a CDL, as well as a credit program students could eventually stack with other classes for an advanced degree.

That’s not an option at for-profit trucking schools. Half of the state program’s awardees fall into that category. For-profit institutions as a whole are known for using predatory tactics and leaving students with higher amounts of loan debt.

Officials said all of the selected CDL offerings had to be qualified as eligible through the Ohio Department of Public Safety to receive money in addition to submitting an application for the program.

“We just did not want to differentiate between those who could, in whichever way they’re situated, provide support for training CDL truck drivers,” said Gardner of the Ohio Department of Higher Education.

In the future, the chancellor said there may be “some additional evaluation going on,” potentially looking at who used the funds and how they did it. A total of $5 million is set to be distributed through this state program over the next two years.

Amy Morona: amy.morona@crain. com, (216) 771-5229, @AmyMorona

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GUS CHAN FOR CRAIN’S CLEVELAND BUSINESS

PERSONAL VIEW

EDITORIAL

What’s in store?

“T

he future of cities may be continually in flux, but ultimately our great urban places will thrive in the years ahead with a robust retail environment — and local governments’ ability to support it — at its core.

“Retail — whether online, at brick-and-mortar locations, or increasingly via a mix of both — forms the foundation for local economies, our workforce and community main streets across the country. Now more than ever, city leaders have an opportunity to help shape the retail landscape in ways that realize their community’s vision for the future.”

Those three sentences from a 2021 National League of Cities report, “Re-envisioning Retail,” strike us as apt for this moment in Cleveland. Two iconic retail properties — Shaker Square on the East Side and Tower City downtown — are in states of transformation that offer hope, while, on a smaller scale, the upcoming closing of a neighborhood grocery store highlights the occasional limitations on market forces to meet consumer demand and underscores the need to think expansively in attracting and retaining grocers in the city.

Cleveland City Council earlier this month voted to provide $12 million in loans to pay off the mortgage of Shaker Square and rescue the shopping center from foreclosure, receivership and a sheriff’s sale. The plan is for the money to go to New Village Corp., a subsidiary of nonprofit Cleveland Neighborhood Progress, to pay off debt and, eventually, lead to an ownership change.

As Crain’s reporter Michelle Jarboe noted, New Village and its joint-venture partner, Burten, Bell, Carr Development Inc., “expect to take control of the Square and shepherd it through the next few years.” New Village and Burten, Bell, Carr also are putting together $5.25 million in philanthropic, civic and government grants and loans to address the property’s deferred maintenance and operational needs.

Council’s approval of the plan followed a long pause, with questions from many corners. It’s a complicated deal for a complicated situation. But as Tania Menesse, president and CEO of Cleveland Neighborhood Progress, told council, “This is what cities and what economic development practitioners do. We step in when there’s a critical

asset that anchors a community, as Shaker Square does for the southeast side, and where the market isn’t functioning appropriately.” This deal represents the best chance to make that happen again.

If you’ve been through Tower City lately, you’ll note the property looks much better than it has in a while. There’s still a lot of work to be done, but there’s inviting new seating in the space and, most importantly, new tenants — mostly locally based operators — that are taking the property to the range of 50%-60% retail occupancy. That’s not stellar, yet, but it’s evidence that Tower City owner Bedrock’s push to remake the property as a marketplace is gaining traction.

The effort stands to gain further momentum as stakeholders advance the Vision for the Valley, a framework for riverfront investment. Bedrock has added a big name — Sir David Adjaye, a Ghanaian-British architect with a global practice — to the group of consultants working on a long-term plan to revive Tower City and create a district with new offices, housing, retail, entertainment and public spaces on the east bank of the Cuyahoga River.

A thornier development on the retail front comes in Collinwood, where the Bedford-based Dave’s Markets is closing a store at the end of April. There’s some ambiguity on the reason for the closing, but the bottom line is that the Dave’s closure will leave the neighborhood without a full-service grocery store. (There are stores about 1.5 to 2 miles away, a significant distance for lower-income residents.) In Cleveland and other big cities, grocery stores have been moving out for greener suburban pastures. Solutions are complicated.

They might involve subsidies, but not just that. Grocers, government officials and community organizations have to look comprehensively at other issues — workforce training and transportation assistance, for instance — that put a store in a position to thrive.

Even in a digital age, strong local retail makes cities appealing places to live, work and play. Cleveland has to continue to be creative to support the small businesses — business owners and their workers — who are trying to make it happen.

Executive Editor: Elizabeth McIntyre (emcintyre@crain.com) Managing Editor: Scott Suttell (ssuttell@crain.com) Contact Crain’s: 216-522-1383 Read Crain’s online: crainscleveland.com

Supply chain continues to challenge industry The COVID-19 pandemic exposed a lot of fragile spots in our society.

For businesses, the global supply chain was that weak link waiting to snap under just the right amount of pressure.

Notably, demand has not been the issue here. Demand has been strong throughout much of the pandemic. But the typically linked forces of supply and Rachel Abbey demand that we all learned about in school have had basically no impact on McCAFFERTY one another in the past two years.

The problems started as companies up and down the supply chain closed their doors, sometimes due to government lockdowns but, as the pandemic continued, more frequently due to employee illness or other needs, like caregiving, that took them away from the workplace. Those delays rippled through the supply chain (and continue to do so as China enacts new COVID-19 lockdowns).

Early on, it seemed like this was just another pandemic story, one of the many ways our lives had been disrupted.

But as the pandemic changed and the supply chain continued to struggle, it became clear that COVID-19 had in many ways just exacerbated and highlighted existing challenges.

Manufacturing and transportation employers had struggled to attract workers for years, if not decades. It’s tough to make and move products without people to do that work. BUT THOUGH THE The trend of offshoring had scattered supply PANDEMIC SEEMS TO, chains across the globe, HOPEFULLY, BE FADING, where distance lengthens THE CHALLENGES IT any other delays.

These challenges aren’t HIGHLIGHTED IN THE new. But they have gotten SUPPLY CHAIN PERSIST. worse.

The most recent Beige Book from the Federal Reserve, just released last Wednesday, April 20, cited “supply chain backlogs, labor market tightness, and elevated input costs” as hurdles for manufacturers working to meet demand. Those rising costs included materials, transportation and labor — in other words, just about everything that goes into making a product. Supply chain disruptions were holding back new-home construction and delaying project starts for nonresidential projects, too.

Some may have thought that the supply chain challenges would wane with the pandemic. But though the pandemic seems to, hopefully, be fading, the challenges it highlighted in the supply chain persist. And there’s no real end in sight.

It’s still a struggle for companies to find enough workers. An uneasy political climate has led to protests stopping shipments. The conflict in Ukraine has caused new pricing challenges. And extreme weather events — which are likely to get more common as climate change worsens — continue to disrupt schedules and production.

In Northeast Ohio, homebuilders have faced a lack of supplies, but also increased costs. So have manufacturers.

We’ve seen industries from automotive to beverage get creative to meet demand amid product shortages. Growth in e-commerce has caused some supply chains to shift, changing the type of packaging companies need and the paths their products take to consumers. That’s not a negative change, but the market is different, and adapting can take time.

See SUPPLY CHAIN, on Page 9

Write us: Crain’s welcomes responses from readers. Letters should be as brief as possible and may be edited. Send letters to Crain’s Cleveland Business, 700 West St. Clair Ave., Suite 310, Cleveland, OH 44113, or by emailing ClevEdit@crain.com. Please include your complete name and city from which you are writing, and a telephone number for fact-checking purposes.

Sound off: Send a Personal View for the opinion page to emcintyre@crain.com. Please include a telephone number for verification purposes.

8 | CRAIN’S CLEVELAND BUSINESS | APRIL 25, 2022

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OPINION

BLOOMBERG

PERSONAL VIEW

China’s unfair advantage — enabled by American tech giants

BY PAUL ROSENZWEIG

For too long, some American corporations have pursued profits in China by trying to walk a fine line between America’s values rejecting unfair trade competition, and China’s desire to undermine American jobs.

But that delicate dance may soon be coming to an end. In May of last year, Ohio Sens. Rob Portman and Sherrod Brown introduced their Leveling the Playing Field 2.0 legislation to strengthen U.S. trade remedy laws and support Ohio businesses and their workers who face unfair foreign competition from countries like China. And in February, the House of Representatives passed an American economic competitiveness bill that included Leveling the Playing Field 2.0.

It’s about time.

The worst offenders are names familiar to us all: Amazon, GE, Apple, Microsoft and Intel. The concessions they have made to China’s government violate the spirit of American law, put American jobs at risk and may even endanger our national security.

That’s a high price to pay for access to Chinese markets, especially considering Beijing demands companies support state censorship, invest in R&D for oppressive technologies, and even give the Communist Party access to proprietary source code.

Consider the moves Apple, Amazon and Microsoft have made in China.

Earlier this year, Apple hit its highest-ever market share in the Chinese market, pushing its 2021 earnings up roughly 90% over the previous year. But to achieve that success, Apple kowtowed to Chinese pressure. User data is now stored on servers in China. And, since 2017, more than 55,000 apps have been blocked by Apple from being featured in the Chinese app store. Meanwhile, Amazon was forced by the Chinese government to take down bad reviews of President Xi’s book (a collection of speeches and writings) under threat of retaliation. And even though Amazon has ended its domestic

SUPPLY CHAIN

From Page 8

Ultimately, I know we’ve only scratched the surface of the supply chain challenges facing Northeast Ohio’s companies today.

I’ve been in journalism for about two decades now, and I’ve spent a lot of time over the years thinking about the role it plays in our society. There are countless other columns — important ones — to be written about what it means for democracy, for progress, for justice.

But in smaller ways, journalism helps us share our stories. And stories help us see the world in different ways. In business journalism, we can learn about how

Chinese e-commerce business, its cloud-based system AWS continues to grow, recently landing the Chinese developer of TikTok as a major client.

Meanwhile, Microsoft has invested heavily in China since the 1990s, when it first opened a research center there. Today, the company has six Chinese data centers with plans Rosenzweig is to build four more, and while mainformer deputy taining deep relationships with the assistant Communist Party and state entersecretary for prises. Microsoft runs a version of its policy at the Bing search engine in China that Department of blocks any content flagged by the Homeland Communist Party, and its subsidiary Security. He LinkedIn has been covered by major currently is the principal at Red news outlets for censoring U.S journalists, academics and political Branch staffers. Perhaps most outrageously, Consulting. He Bing recently transferred Chinese has clients with censorship to American shores interests related when it blocked Americans from acto technology cessing images of the heroic “Tank and Chinese Man” on the anniversary of the Tiinfrastructure, ananmen Square massacre. including These companies demonstrate a Google. depressing willingness to partner with the Chinese Communist Party and China’s corporations at all costs, supporting the regime’s authoritarian rule at the expense of their domestic market.

The trade imbalance between China and the U.S. — and China’s high-handed demands for American intellectual property and concessions by American companies — is a direct affront to American workers. Ohio’s senators have committed to making sure Leveling the Playing Field 2.0 is in any final bill the House and Senate negotiate. That’s only Step One. different industries are being affected by the same challenge, about the varying ways companies are trying to resolve it. Maybe you’ll read about a solution from a peer that you want to try yourself, or maybe an anecdote shared by a company in an industry completely different than yours will spark an idea.

If you have a story to share about the hurdles your company is facing — or the ways you’re adapting to close gaps and meet customer needs — please reach out. We’re living in unusual times, to say the least. Sharing stories and solutions might be one step toward whatever our new normal ends up being.

Rachel Abbey McCafferty: (216) 771-5379, rmccafferty@crain.com

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Noted and successful financier Warren Buffett addressed financial ethics in his own way. “You’re looking for three things, generally, in a person,” Buffett said.

“Intelligence, energy and integrity. And if they don’t have the last one, don’t even bother with the first two.” Our 2022 list of Notables in Finance touches on every responsibility when it comes to fiduciary matters. We have founders, principals, presidents, CEOs and board members of a variety of entities in Northeast Ohio.

Those entities are as varied as a land conservancy and lake development authority to two of our professional sports teams to major banks and investment firms.

These notables are active in their workplace, their homes and their communities — with numerous charitable organizations represented in their out-of-work work. As Buffett also said: “It takes 20 years to build a reputation and five minutes to ruin it.”

JOHN ADAMS

CHRISTOPHER ANSELMO

Founder and principal

President and financial adviser

Adams, Gut and Associates

Brookside Tax & Financial Group

Akron has one of the best wealth management advisers in the nation — and it’s paying dividends for local students as well as clients.

Forbes recently recognized John Adams, of Akron’s Adams, Gut and Associates of Northwestern Mutual, as one of the top 250 financial security professionals in the nation.

Adams is the founder and principal of Adams, Gut and Associates. He started with Northwestern Mutual as a college intern in 1987 and since then has founded and built a business that specializes in serving physicians, who make up 90% of the firm’s clients.

Adams and his partner, Dan Gut, have provided financial education to physicians and medical students across the state, serving some clients from the time they are training to become doctors into their retirement.

The firm boasts a client list of more than 400 families across the U.S., for whom it helps manage $400 million in assets.

Adams has also been awarded the University of Akron’s Dr. Frank L. Simonetti Distinguished Business Alumni Award.

Adams returns the love to the university, his alma mater, too. He and his wife, Sarah, a physician, provide a $5,000 annual scholarship to support future financial advisers enrolled in the university’s financial planning program.

— Dan Shingler

Christopher Anselmo has always worked with the understanding that it’s important to treat people as clients — not just customers. It’s a lesson he learned early on while working at his father’s produce stand at the West Side Market, according to the nomination.

With that mindset, he’s built a career helping people build wealth, protect their assets and plan for unexpected costs later in life like long-term care, the nomination said. A commitment to service — with a heavy dose of humanity — underpins that work.

For example, just recently, one of his clients received a notice that their grass was too long and they would be fined. Knowing the client was hospitalized, Anselmo took it upon himself to do the yardwork himself.

“Chris is the type of adviser that goes above and beyond for his clients,” the nomination said.

Anselmo even hosts a weekly podcast, Road to Retirement, and wrote several books. Anselmo is also deeply involved in the community, the nomination said. For years, he served on the board for Habitat for Humanity. Through his fund — Brookside Gives Back — Anselmo raised $43,000 for the Catholic Community Foundation to provide tuition assistance and emergency mortgage, rent and utility help.

— Timothy Magaw

ANTHONY ANTONELLI

RAJ AGGARWAL

Vice president of finance

Member, board of directors

Tiger Pistol

Kent State University Foundation

If you know a graduate of a local finance program, chances are high that they probably know Raj Aggarwal. In fact, it’s likely he’s taught them a class or two during his three decades in higher education.

Aggarwal has been a finance professor at John Carroll University, Kent State University and the University of Akron. His time at UA included a stint as dean of the College of Business Administration. He “greatly expanded” the university’s financial planning program, and most of those graduates stayed to practice in Northeast Ohio, according to his nomination form.

His work centering on helping other financial professionals grow happened away from campuses, too. Aggarwal was a member of the board of Ancora Trust — and its predecessor, Maxxus Investments — for more than two decades. He also served as a visiting scholar at the Federal Reserve Bank of Cleveland. Both of those roles, per his nomination, included offering guidance to local financial planners and institutions.

Aggarwal currently sits on the boards of Kent State University’s Foundation and ERC Inc. — Amy Morona

Anthony Antonelli has worked in a number of different facets of public and private accounting — in roles that involved financial planning and analysis, audit, tax, compliance and consulting. His work at Tiger Pistol is geared toward ensuring the company’s financial health, growth and integrity.

Antonelli has degrees in accounting and business law from Ohio University and is an active CPA. He is a member of the AICPA and is an active volunteer for various nonprofit groups including the Kidney Foundation and the Epilepsy Association.

Antonelli’s career has wound its way through Skoda Minotti and the Scott Fetzer Co. before he joined Tiger Pistol, an SaaS company in digital advertising. “Tony was tasked with helping to guide the business from a bootstrapped startup to a high growth software company,” the nomination said.

Antonelli also spent more than two years as an associate board member of the Greater Cleveland Sports Commission. He also took part as a panelist in the city of Cleveland’s and the Urban Land Institute’s “Building the 21st Century City: The Future is Now!” symposium — with the goal to identify and discuss policy and programs necessary for Cleveland to thrive going forward.

— Pat McManamon

THE DIVERSITY OF GRADUATES HIRED INTO ACCOUNTING AND FINANCE FUNCTIONS OF U.S. CPA FIRMS IS ON THE RISE WITH AN INCREASE OF ALMOST FIVE PERCENTAGE POINTS FROM 30.1% IN 2018 TO 34.8% IN 2020.

— Association of International Certified Professional Accountants

METHODOLOGY: The honorees do not pay to be included. Their profiles were drawn from the nomination materials submitted. This list is not comprehensive. It includes only individuals for whom nominations were submitted and accepted after a review by editors. To qualify for the list, nominees must be based in Northeast Ohio. They must be currently employed full time in a senior-level role at an investment bank, institutional money manager, exchange, trading firm, institutional asset owner or corporate finance department. They must have a minimum of 10 years’ experience in the financial industry. They must be active in the community and/or philanthropic activities, mentoring programs and/or diversity and inclusion initiatives.

10 | CRAIN’S CLEVELAND BUSINESS | APRIL 25, 2022

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CONGRATULATIONS TO THE INAUGURAL

NETWORKING W I T H N O TA B L E S

C L AS S Thank you for your commitment to northeast Ohio communities.

Together, we are building healthy, smart, vibrant communities for all.

Delta Dental of Ohio Proud sponsor of Crain’s Cleveland’s Networking with Notables series

SUSAN BAILEY

JA

Chief financial officer

Chie

Western Reserve Land Conservancy

Dix &

It was Susan Bailey’s passion for the outdoors that brought her to the Western Reserve Land Conservancy in 2018, after a decade at the Sherwin-Williams Co. on its financial operations team.

“She enjoys the opportunity to speak to our landowners and donors at events about their passion for conservation,” the nomination noted.

As chief financial officer for one of the largest land trusts in the country, she is responsible for fiscal oversight of the organization, including cash flow, budgeting, forecasting, financial reporting, asset allocation and balance-sheet management, as well as recommending internal controls and accountability policies. Her expertise, the nomination said, “is important and incredibly valuable.”

Bailey was promoted to the CFO role during the pandemic, when nonprofits in particular were hit with a great deal of uncertainty. “The result of her work is that she led us through two of the most financially successful years in the history of the organization,” the nomination said, “increasing total net asset value from $14 (million) to $21.5 million.”

At both Sherwin-Williams and the conservancy, Bailey has been involved in mentorship and “a culture of learning,” the nomination said.

“She brings a unique, mature, and financially insightful voice to the organization and its management team.”

— John Kappes

In ton,

TRICIA BALSER Managing director and head of Ohio commercial banking CIBC Bank USA

CONNECT WITH

@CrainsCleveland

CrainsCleveland.com

Not everyone takes a traditional path to banking. Count Tricia Balser, managing director and head of Ohio commercial banking for CIBC Bank USA, among the outliers. Instead of business or accounting, Balser graduated from Syracuse University with bachelor’s degrees in international business and Spanish.

From there, she’s built an impressive 20-plus year career, working for KeyBank, LaSalle Bank, TriState Capital Bank, and The PrivateBank, where she began as managing director and then advanced to head of the Ohio market for commercial lending, before it was acquired by CIBC in 2017. Today, she is responsible for leading middle market commercial lending activities in Ohio and Western New York for CIBC Bank USA. Wendy Ferrara, managing director of CIBC Bank USA, described Balser as “a rare female manager in a male dominated industry and year over year delivers top profitability performance.”

Balser’s civic and philanthropic roots are as deep as her professional ones. She is currently on the Association for Corporate Growth Cleveland board and is president-elect. She’s a co-founder and original board member of the Cleveland Professional 20/30 Club. Balser has also served as a board member and in various chair positions for the American Heart Association’s Go Red for Women Campaign, Playhouse Square, Women in Transactions and the Alliance of Mergers and Acquisitions.

— Elizabeth McIntyre

cess sub fina whe com ed c nizi invo mak and inte A cels man wor dige them is su help imp pan stre B Clev for s mun seve on g

HILARY BEATREZ Chief financial officer Western Reserve Historical Society

CONGRATULATIONS MICHAEL PAULL, CFO CRAIN’S 2 022 NOTABLES IN FINANCE

Empowering small businesses to succeed for generations. »

The Western Reserve Historical Society is in a strong financial position as it approaches its 155th anniversary in May. WRHS president and CEO Kelly Falcone-Hall said that’s largely due to the work of Hilary Beatrez, the Cleveland nonprofit’s chief financial officer. Beatrez’s “tireless commitment and relentless pursuit” of relief funding helped the city’s oldest cultural institution “survive and thrive” during the pandemic, according to the nomination.

Beatrez, who was hired by WRHS in 2017, also managed the institution’s largest single capital project in the last decade — a $3 million renovation of the library and staff offices at its main operation in University Circle. The completed work, the result of a gift from the Jack, Joseph and Morton Mandel Foundation, has exceeded “all expectations,” the nomination said.

Prior to joining WRHS, Beatrez spent 19 years as the Cleveland Hearing & Speech Center’s director of finance and administration. Falcone-Hall, the WRHS president and CEO, said she values Beatrez “for his technical skills, experience and expertise, honesty, integrity, dedication and partnership.”

Beatrez, Falcone-Hall added, “is arguably one of the finest, most accomplished, knowledgeable and committed nonprofit CFOs in Greater Cleveland today.”

— Kevin Kleps

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12 | CRAIN’S CLEVELAND BUSINESS | APRIL 25, 2022

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JAMES A. BROWN

RANDY CARVER

Chief financial officer, chief operations officer

President and CEO

Dix & Eaton Inc.

Carver Financial Services

In a more than 20-year career at Dix & Eaton, James Brown has had a hand in virtually every aspect of operational decision-making at one of the country’s largest midsize public relations and strategic communications firms.

Brown started at Dix & Eaton in 2001 as controller, focusing solely on accounting and firm processes. He expanded his duties with subsequent promotions to vice president of finance and, in 2013, chief financial officer, when he became part of the firm's leadership committee. In February of this year, he added chief operations officer to his title, recognizing his “strategic role within the firm and involvement with all operational decision making, including staffing, strategy, IT, HR and EOS (entrepreneurial operating system) integrator.”

According to the nomination, Brown excels at Dix & Eaton through his ability to manage complex issues, take on a heavy workload and “make financial information digestible by all colleagues and work with them to understand how the firm's business is successful.” The firm credits Brown with helping make “challenging decisions and implementing creative solutions” during the pandemic to “preserve the firm’s people and strength of the business.”

Brown participated in the Leadership Cleveland program in 2021. He has coached for several years in the Kenston school community, focusing on developing kids’ skills in several sports and “providing them guidance on growing into well-rounded young adults.”

— Scott Suttell

Randy Carver is the owner and founder of Carver Financial Services, which uses an individual approach for each of its more than 3,000 clients.

Carver has succeeded despite personal challenges that would have sidelined many. He had cancer as a child, and lost parts of his lungs, his spleen and thymus to the disease. As an adult, a private plane he was piloting crashed, and left him with massive injuries. The challenges simply made him more determined and more aware that he has only so much time to do good for others.

He views his firm as a vehicle toward that end. The firm’s most recent charitable initiative grew from their donations of 300,000 meals to the needy in Lake County. That sprouted the New Beginnings initiative, which tries to join nonprofits to solve homelessness and hunger, not just address the symptoms. The effort will launch in July and address what Carver learned are the two major challenges: child care and transportation for those who want to work.

“People that want to help themselves, we want to help,” he said. “I can’t fix the whole county, but we’ll give it a shot.”

— Pat McManamon

Q&A Randy Carver has survived childhood cancer, the crash of a plane he was piloting, a heart attack, a skydiving accident — and more. But all those experiences only made him more determined to enjoy life and do something good for people. The CEO and president of Carver Financial Services uses what the company calls holistic financial planning to help clients via individualized service and human interaction.

— Pat McManamon  How did all your personal challenges make you who you are today?

I think the childhood illness shows you what’s possible. Things are never as bad as they seem. The plane crash was interesting, because I couldn’t speak for a year, which really helps you become a better listener.  Can you describe what drew you to stress individualized service at your firm?

Our mission is to make lives better, and to do that we need to understand each person’s vision and goals. To do that it really takes bodies. As I hired advisers, we turned the model upside down. Most places have three or four advisers sharing one assistant. We have three or four assistants sharing an adviser. I view technology as a tool behind the scenes, not as a replacement for people.  Do you think you were ahead of the curve?

I just think it’s different. It’s interesting. It’s kind of old school when you think about it. When I started, the internet didn’t exist. When the ’87 crash happened, nobody knew. Now the problem is you’re buried with information. It’s like drinking from a firehose. We try to get relevant information to people, and what’s relevant to one is not to another. We don’t use models. It’s truly an individualized approach.  Do you still have human beings answering the phone?

We don’t have voicemail. I insist our phone gets picked up in two rings. We do it, too. Everybody in the office, including me, has to get the phone.  Is your approach successful?

We’re growing faster than we’ve ever grown. The last year has been unbelievable. I think we opened 150 relationships, with more than $250 million in new assets.  Give me an example of personalized service.

It’s what is important to you. If you said I want to retire and I want to travel and leave some money to my kids but limit the taxes, we can do that. Some may say they don’t care what the kids get, it’s more than I got. Others say they want to work until they die. If people don’t want to invest in, say, anything that has to do with pharmaceuticals, we can do that.

We do a lot of events to build a community. We offer a range of events and programs from a car show to motivational speakers. We’ve done a client trip for 30 years. The next one was to Venice, Italy, and Croatia and then in 2023 to Israel and Egypt. People have worked their whole lives to build up money and then not spent it. We try to give them a unique experience.

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THE CLEVELAND GUARDIANS

Here for you.

Here for life. www.ncafinancial.com 6095 Parkland Blvd., Suite 210 Mayfield Hts., Ohio 44124 (440) 473-1115 NCA Financial Planners, LLC is now Sequoia Financial Advisors, LLC. Investment advisory services offered through Sequoia Financial Advisors, LLC, an SEC registered investment advisor. Registration as an investment advisor does not imply a certain level of skill or training.

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CIBC proudly congratulates Tricia Balser on being recognized as a “Notable in Finance” by Crain’s Cleveland Business.

TIMOTHY CAHILL

GE

Chief financial officer and director of finance

Prin

Lake Development Authority

NRP

Timothy Cahill is starting to end two high-profile finance careers.

The past seven years he’s fulfilled multiple roles on the accounting side as well as the deal-making role at Lake Development Authority, which serves Lake County.

Previously, he had a 39-year career in successive banking jobs, ending as an executive vice president at FirstMerit Bank of Akron, now part of Huntington Bank.

Although Cahill technically retires in April, he will serve as a consultant to the former Lake County Port Authority until his successor is named. At the authority, he helped finance major real estate projects, including Riverwalk in Willoughby and the Vitalia senior living community in Mentor.

He also served as the authority’s interim executive director in 2020 until the new director was installed, which meant he captained the ship through the first difficult year of the COVID-19 crisis.

Cahill is a native of Lake County, holds an MBA from (of course) Lake Erie College in Painesville, and is a graduate of Marquette University. He also has served for decades as a volunteer board member of the Lake County Development Council, a separate agency from the authority, and on the Lake Health Hospital Foundation board, including service as chairs of each.

— Stan Bullard

G ects

with Crain’s email newsletters

Subscribe FOR FREE by visiting CrainsCleveland.com/enewsletters

Case Western Reserve University congratulates

Matthew Lester

With the help of regional vice president of finance Leslie Cook, JACK Entertainment’s casinos and racinos were able to recover from a full 90 days without revenue and even brought in record-breaking returns since the venues reopened in the summer of 2020.

As one of the original staff members, Cook helped establish Ohio’s newly legal gaming and entertainment business, which includes JACK Cleveland Casino and JACK Thistledown racino.

She has lead the financial operations for more than 15 years, and most recently had to deal with the COVID-19 pandemic shutdowns and subsequent protocols as part of the plan for JACK properties' financial recovery.

In her position, in addition to constant trend monitoring, forecasting, reviewing operating expenses, analyzing those expenses, evaluating the changing need in staffing levels while always looking for operational efficiencies, she also champions prioritizing contracting with local and minority-owned businesses.

Originally from Ohio, Cook returned after spending more than five years working in Las Vegas. It was then she said she realized her passion to serve the city she calls home and now leads JACK Entertainment’s Habitat for Humanity as well as Cleveland Public Theatre community service initiatives.

— Kim Palmer

Chie

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The Sherwin-Williams Co.

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As senior vice president — corporate controller for Cleveland-based Sherwin-Williams, Jane Cronin leads a team of more than 150 global finance professionals. She’s led large-scale projects in areas from vendor management to payroll, helping roll out new systems and polices that create cost savings for the company.

But she’s also served as a leader for women and other under-represented groups at Sherwin-Williams, helping launch the Women in Finance group and leading a virtual event on leadership skills, communication and more during the pandemic.

She’s a “role model for career success,” the nomination said.

Cronin has served as senior vice president — corporate controller for Sherwin-Williams since 2017. She first joined the paint and coatings maker in 1989 as part of the Internal Audit Department, moving into different financial and management roles over the years.

Cronin is currently on the board of directors at aerospace company TransDigm Group Inc., where she serves on the audit committee. She has also served on the board of crisis nursery Providence House since 2011. In the nomination, Providence House president and CEO Natalie Leek called Cronin “a visionary leader” who “has guided our organization to unprecedented success.”

— Rachel Abbey McCafferty

14 | CRAIN’S CLEVELAND BUSINESS | APRIL 25, 2022

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GEORGE CURRALL Principal, managing director of capital markets NRP Group

Congratulations Andy Hill, Senior VP 2022 Honoree, Notables in Finance - Crain’s Cleveland Business

George Currall plays an essential role in bringing NRP Group’s projects from inception to closing. For one, he manages underwriting and all debt and equity relationships required to finance the developer’s luxury, moderate-income and affordable housing pipelines.

Since 2008, that’s included more than 200 closings, representing more than $6 billion in capitalization, according to the nomination.

“In addition to his ability to close a deal, George is a leader,” the nomination said. “To that end, George has assembled a broad network of debt and equity providers to fund the rapid growth and success of NRP’s developments. While George manages the serious work of overseeing NRP’s institutional capital needs, he approaches his work with enthusiasm and a sharp sense of humor.”

Prior to his role at NRP, Currall worked for 11 years in multifamily mortgage banking with MMA Financial, Lend Lease Mortgage Capital and Red Mortgage Capital.

Currall is also active in the community, serving as a regular donor to Jewish Family Service Association of Cleveland and United Way. He’s also a donor and serves on the board of Great Lakes Theater.

— Timothy Magaw

STEVEN DIERINGER Vice president of finance Destination Cleveland

The global pandemic decimated Cleveland’s tourism industry and caused Destination Cleveland to lose more than 60% of its revenue.

When the COVID-19 pandemic hit, Steven Dieringer, Destination Cleveland's vice president of finance, jumped into action to provide critical financial updates to the organization’s leadership while carefully monitoring cash flow; pursuing emergency funding; and then bringing back crucial programs in a sustainable manner.

Internally, Dieringer brought in two federal Personal Paycheck Protection loans for more than $2 million, a move that significantly stabilized the organization throughout the pandemic.

Then, under his leadership, Destination Cleveland also went to work for the tourism and entertainment industry, and in one month distributed more than 160 Cuyahoga County CARES Act grants of $10,000 to struggling restaurants decimated by pandemic closures.

Dieringer also oversaw the move by Destination Cleveland to provide free accounting services and bring in two federal loans totaling $226,000 to the Greater Cleveland Film Commission.

After he took the vice president position in early 2021, Destination Cleveland administrative expenses are 14% of the organization's total budget, below the 18% industry standard. And beyond his technical expertise, Dieringer expertly blends high emotional intelligence along with his financial competence, and, as one colleague puts it, “Steven makes finance fun.”

— Kim Palmer

Congratulations Andy Hill NOMINATIONS OPEN DEADLINE: MAY 23

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RICH DORFFER Chief financial officer Cleveland Guardians

Since becoming CFO of the Cleveland Guardians in 2018, Rich Dorffer hasn’t just overseen the day-to-day financial operations of a Major League Baseball team.

He also helped ensure Cleveland would have an MLB team for years to come.

Dorffer played an instrumental role in working through the financial details of the team’s 15year lease extension with ownership, MLB and key stakeholders from the city, county and state.

He’s been described as a “highly collaborative leader,” one who works closely with senior leaders across all aspects of the team’s baseball and business operations. He also serves on the American Red Cross of the Northern Ohio Region board.

Dorffer joined the Indians in 1999 as manager of corporate reporting, development and external reporting. From 2013 to 2017, he served as senior director, planning, analysis and reporting. In his current role, he acts as the team’s primary liaison to Major League Baseball, but his job goes beyond numbers, according to Sara Lehrke, the team's VP of human resources.

He's also responsible for “fostering an environment where measurement and accountability are valued,” she wrote, “providing business intelligence tools that allow staff to work smarter and more effectively in the pursuit of their respective departmental goals.”

— Joe Scalzo

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GREG FARMER

WESLEY GILLESPIE

JOHN GRECH

Chief financial officer

Regional president, Northeast Ohio

Financial adviser and limited partner

OverDrive

ErieBank

Edward Jones

Greg Farmer has helped lead OverDrive, a Garfield Heights-based distributor of digital content like ebooks and audiobooks, through significant growth and change as its chief financial officer.

Farmer, who is also a member of the board of directors, joined OverDrive in 2013 and has since overseen the company in revenue growth, sales and acquisitions.

Farmer is a CPA. He has a bachelor’s degree in business administration from Kent State University. Prior to joining OverDrive, he served as vice president and corporate controller at automotive components company Hilite International.

When Farmer joined OverDrive in 2013, the company had about $125 million in revenue. By 2021, that had risen to nearly $500 million. He helped the company through its acquisitions by Rakuten in 2015 and KKR in 2020. And he’s overseen a number of the acquisitions the company has itself made, notably of digital video streaming service Kanopy in 2021.

“Simply put, Greg is well-organized, well-spoken, and incredibly skilled at successfully guiding one of Cleveland’s most successful companies through numerous large-scale financial events,” the nomination said.

— Rachel Abbey McCafferty

Some two decades in leadership positions in the banking industry predicated Wesley Gillespie’s success at his current professional endeavor.

Today, Gillespie serves as Northeast Ohio president for ErieBank, a regional division of CNB Bank.

Gillespie was hired into this position in fall 2018 following a couple of yearlong stints at larger institutions, including U.S. Bank and Huntington Bank. He worked longer terms at former Akron institution FirstMerit Bank and Cleveland’s KeyBank before those.

In his current position, Gillespie is credited with helping the Pennsylvania-based community bank claim a growing piece of this region’s highly fragmented banking market.

Under his leadership, ErieBank reported another record year for commercial lending in 2021 that bested all of CNB’s five regional divisions in terms of volume and growth.

Bringing a community-bank approach to larger metro markets has seemingly been a key differentiator for the commercial lender, which only just established its first Cuyahoga County branch in January 2022.

Outside of the bank, Gillespie is active with community-oriented groups like Cleveland’s Growth Capital Corp., a nonprofit lending agency focused on small and medium-sized business, where he chairs the loan committee.

Gillespie is also a member of the New Community Bible Fellowship and is a graduate of Cleveland Bridge Builders.

— Jeremy Nobile

John Grech has built a successful financial advisory business in his hometown.

Grech launched an Edward Jones office in Middleburg Heights in 2009.

Six years later, he became a limited partner for the national firm.

According to the nomination, he “focuses primarily on creating and developing a one-onone, personal relationship with the clients and families he serves.” He also trains and helps new Edward Jones financial advisers build their business.

Grech was a finalist for Forbes’ 2021 Next-Gen Wealth Advisors rankings. In 2018 and 2019, he was honored as a Cleveland Five Star Wealth Managers award recipient.

The John Carroll University graduate is a member of the MetroHealth Foundation’s board of directors. Grech has been a member of the Middleburg Heights Chamber of Commerce’s board since 2010 — a run that includes two terms as president.

He was the co-chair of the Middleburg chamber’s Vietnam War memorial traveling wall exhibit. The event raised more than $12,500 for seven veterans organizations, according to the nomination.

Grech has taught investment courses for adults at Polaris Career Center. He’s also participated in financial workshops at Cuyahoga County Public Library branches.

— Kevin Kleps

IN 2021, THE PROPORTION OF WOMEN IN LEADERSHIP ROLES WITHIN FINANCIAL SERVICES FIRMS WAS 24% AND IS PROJECTED TO GROW TO 28% BY 2030 — STILL BELOW PARITY. — Deloitte

A reason to celebrate.

Congratulations to Cleveland Market President Kelly Lamirand for being named a 2022 "Notables in Finance" by Crain's.

Your vision, leadership and achievements inspire all of us to be more.

©2022 KeyCorp. Member FDIC. 180613-417830 key.com

16 | CRAIN’S CLEVELAND BUSINESS | APRIL 25, 2022

The MetroHealth System congratulates our own Notable in Finance

Devoted to hope, health, and humanity by keeping MetroHealth financially healthy.

Craig Richmond is relentless in his pursuit of health for every person. That’s why he’s been such a vital leader in MetroHealth’s historic transformation.

Craig Richmond, CPA Executive Vice President, Chief Financial & System Services Officer MetroHealth

As MetroHealth’s CFO since 2013, Craig has worked with his team to strategically reduce the portion of the MetroHealth budget covered by county taxpayers, all while positioning MetroHealth to financially support state-of-the-art care for each person, groundbreaking research, world-renowned training and residency programs. The proof of Craig’s impact on MetroHealth was on display during COVID-19: MetroHealth was able to remain fully staffed and even raise pay for caregivers at a time when other systems were cutting back.

We are proud of Craig’s work that allows MetroHealth to walk alongside every person at every step of their journey to health.

ANDY HILL

JAMES KACIC

BRIAN KENYON

DA

Senior vice president, finance

President and chief financial officer

Chief financial officer

Fina

Industrial Commercial Properties LLC

MAI Capital Management

Gravitas Ventures

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Andy Hill directs financial planning and accounting work for one of the busiest real estate developers in Northeast Ohio.

Industrial Commercial Properties LLC, based in Solon, seems to have a near-insatiable appetite for remaking challenging properties, from near-dead malls to the long-suffering City View Center in Garfield Heights. Hill joined the business in early 2019 and has played a key role in those deals.

“Andy's work has a significant impact on the communities where ICP completes projects,” Chris Salata, the company's chief operating officer, wrote in nominating Hill for recognition. “In just under four years, Andy has directly affected job creation in Ohio and Michigan, handling financial aspects of projects that resulted in 10,000 new jobs.”

An Ohio University graduate who obtained a master’s degree in business administration from Miami University, Hill started his career as a credit analyst. Then he spent more than 12 years at Forest City Realty Trust Inc., a venerable Cleveland-based real estate company that was acquired by Brookfield Asset Management in late 2018.

At ICP, Hill has advanced more than 70 transactions totaling almost $750 million, the company said. He’s also lined up financing for acquisitions, redevelopment projects and ground-up construction.

— Michelle Jarboe

James Kacic has 35 years of experience in finance and accounting related to financial service and banking. He joined MAI in 2008 and now oversees mergers and acquisitions, along with client and corporate accounting, information technology and human resources.

Under Kacic’s guidance, MAI has completed 18 acquisitions.

The nomination form points out that Kacic’s management style is summed up by the mission statement he and his colleagues set at MAI: a joint commitment to caring for the clients, for colleagues and for the community.

In 2021, MAI made donations to more than 100 local and national charities. Kacic, a Bowling Green State University graduate, serves as board chairman for the Achievement Centers for Children and is a member of its executive, finance, strategic planning and investment committees. In 2019, he was selected as a recipient of the Medical Mutual Pillar Award for Community Service for his work with the Achievement Centers.

— Pat McManamon

Brian Kenyon played a critical role in helping to guide Gravitas Ventures when a global media company bought it in 2021. On Nov. 16, Anthem Sports & Entertainment Inc. announced it had acquired the independent film distributor in Cleveland from Red Arrow Studios in a deal valued in cash and stocks at nearly $100 million.

“With his leadership, Gravitas transitioned from an LA-based company to a Cleveland-based company with 100% new staff in its finance and accounting department which he has built and developed,” wrote Gravitas Ventures president Michael Murphy in his nomination of Kenyon.

Before joining Gravitas as CFO in August 2020, Kenyon served as chief financial and operating officer at the Cleveland Museum of Natural History. Prior to that, he spent 18 years as executive vice president and CFO at the Rock & Roll Hall of Fame, where he put the organization on “firm financial footing by reducing operating expenses, and implemented financial reporting, planning, budgeting, and cash management processes,” according to the nomination.

Kenyon is an active community member, having served as an audit committee member for Greater Cleveland Partnership; as a board member and finance committee chair of the YMCA of Greater Cleveland; and as a member and treasurer of the University of Akron College of Business Advancement Council, among many other volunteer commitments.

— Elizabeth McIntyre

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KRISTEN KOLLAR Chief financial and operations officer Providence House

I mentor Y.O.U. youth “because it’s important to provide opportunities for students to explore different education and career paths at a young age. We are able to provide students opportunities they may not have otherwise had, which aligns closely with Hyland’s corporate responsibility goals. ”

Kristen Kollar worked her way up from the ground floor of public accounting to head of fiscal management for Providence House, which serves more than 800 families and children in the Cleveland area each year.

“During her three-year tenure at Providence House, Kristen has made a significant and positive impact on the nonprofit’s fiscal oversight and management as well as deeply supported our efforts for strategic growth, fundraising and organizational development,” president and CEO Natalie Leek said in the nomination.

In addition to overseeing daily financial matters, Leek said Kollar has led Providence House through complex financial transactions, including federal certification for foster care reimbursements, Paycheck Protection Program loans and New Markets Tax Credits. Those transactions have resulted in “significant stability and future growth opportunities,” according to Leek.

Kollar is a licensed CPA with nearly 30 years of experience. She began her career at Ernst & Young after earning a business administration degree from Miami University. Prior to Providence House, Kollar served as controller and then CFO of the Cleveland Institute of Music.

Outside the office, Kollar has served as both board member and chair of finance for the nonprofit Centers for Dialysis Care, the largest outpatient dialysis provider in Northeast Ohio.

— Judy Stringer

KELLY LAMIRAND Cleveland market president and commercial sales leader KeyBank

Caitlin Nowlin Internship Program Mentor Hyland Software Invest today in Northeast Ohio’s future workforce • youthopportunities.org 18 | CRAIN’S CLEVELAND BUSINESS | APRIL 25, 2022

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Kelly Lamirand has progressed rapidly since she started at KeyBank in 1998. She began as a management associate and now is president for the Cleveland market, Lamirand is the senior representative and spokeswoman for economic and community development efforts in the market. She also oversees the Cleveland Commercial Banking team.

Lamirand serves on the KeyBank Women’s Executive Network. This group encourages collaboration and networking to strengthen connections and form relationships between women in Key’s workplace.

She leads KeyBank’s Social Justice and Racial Equity Task Force in Northeast Ohio, which works to ensure KeyBank’s commitment to diversity, equity and inclusion.

Lamirand’s nomination said she has “a strong record of collaboration, support and mentoring involving the bank’s various lines of business.”

Lamirand was named to Crain’s Cleveland Business’ 2012 “Who to Watch in Finance” list. That same year she was also a YWCA Women of Professional Excellence Award winner.

Lamirand is on the Magnificat High School advancement committee.

She has been an active participant in the American Heart Association’s Cleveland Heart Walk and the American Lung Association’s Fight for Air Climb.

— Pat McManamon

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David Lavelle established the Cleveland Heights branch of Edward Jones in 1994, growing the office into a juggernaut now assisting 300 families and small businesses, while managing over $460 million in client assets.

Lavelle’s recent accolades include recognition as one of the firm’s top 500 financial advisers — out of a total of 18,000 — for “outstanding contributions, achievements and excellent client service,” according to the nomination.

A graduate of DePauw University, Lavelle has been active in regional business and civic affairs for most of his career. He currently serves on the Cleveland Print Club’s board of directors, as well as the Case Western Reserve University estate planning advisory council.

Nor does Lavelle skimp on the volunteer side, acting as a board member for United Cerebral Palsy of Greater Cleveland. Additionally, he served on the Shaker Lakes Nature Center’s executive committee and board of trustees.

As co-chair for the nature center’s Enhancing Your Outdoor Classroom campaign, Lavelle helped raise more than $6.1 million in funding. According to the nomination, he was named to the Honor Roll of Philanthropy 2021 by the Association of Fundraising Professionals — Greater Cleveland chapter.

— Douglas J. Guth

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MATTHEW LESTER Vice dean, finance and administration Case Western Reserve University School of Medicine

Matthew Lester wears many hats at Case Western Reserve University’s School of Medicine.

In his current role as vice dean of finance and administration, he oversees a $350 million operating budget while being responsible for the “long- and shortterm planning, implementation, and oversight of strategic finance and budget resources and processes,” per his nomination form.

The school has recruited 25 faculty and 40 staff positions, undergone 8,000 square feet of lab renovations and pursued more than $100 million in NIH grant submissions under Lester’s watch. He arrived at the University Circle campus six years ago after stints at the University of Arizona College of Medicine — Phoenix and Huron Consulting Group.

Lester’s leadership was “critical” during the COVID-19 pandemic, according to Dr. Stan Gerson, Case Western Reserve’s medical school dean.

Lester adjusted “strategies and contingencies while encouraging an efficient strategic vision to meet the investment and financial goals of the school,” Gerson wrote in the nomination form.

— Amy Morona

DOUG MACKAY CEO and chief investment officer Broadleaf Partners

With more than three decades in the industry, Doug MacKay has weathered his fair share of financial storms — the bursting of the tech bubble, the Great Recession and, of course, the COVID-19 pandemic.

But through it all, he’s navigated market challenges “with a steady hand and the calm confidence that comes naturally to him,” the nomination said.

At Broadleaf, MacKay is responsible for setting the overall investment strategy of the firm and is the primary portfolio manager of the Broadleaf Growth Equity Portfolio. Prior to launching Broadleaf, he launched and managed a family of successful mutual funds, according to the nomination.

A respected thought leader, MacKay participates on several industry panels each year and is invited regularly as an on-air guest on CNBC, the nomination said.

MacKay also has a passion for giving back, particularly with church-related ministries. He’s a committee member and adult leader for a Boy Scout troop based out of Akron’s North Hill neighborhood that is largely made up of refugees from southeast Asia.

— Timothy Magaw

CRAIN’S CLEVELAND

Tap into Cleveland.

Crain’s is now in the app store.

Congratulations to MAI Capital’s Jim Kacic on being recognized as a Notable in Finance by Crain’s Cleveland Business www.mai.capital 216.920.4800

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JIM MALZ

KEVIN MAYER

COLEENE MCDEVITT

Midwest regional executive and Ohio president

Managing director

Chief finance and administrative officer

Citizens

Citizens Capital Markets

Towards Employment

Commercial banker Jim Malz received two crucial pieces of advice that inform his work today at Citizens.

The first is from Cleveland attorneys Dick Pogue and Brent Buckley, who told Malz to have a positive influence on his surroundings, as long as he did not spread himself too thin. Second, his grandmother advised him to remain humble and grounded no matter his life’s accomplishments. Malz has followed these principles over three decades as a dedicated partner for a burgeoning clientele portfolio. Malz advises Citizens’ commercial clients throughout the Midwest — a key growth region for the financial institution.

“Jim is an experienced leader who serves as a trusted advisor to CEOs across the Midwest as they navigate the changing economic landscape and make crucial financial decisions that impact the economy in Ohio and beyond,” the nomination said.

Malz joined Citizens in 2019 following an 18year career at JPMorgan Chase, where he most recently served as Ohio market president and state head of middle market banking. Alongside a wellhoned industry acumen, Malz is committed to educating the communities where Citizens does business. The bank’s support of small and minority-owned businesses negatively affected by the pandemic is a particular passion for Malz. “Jim believes that having strong financial knowledge is essential for people to achieve their goals and reach financial security,” said the nomination.

— Douglas J. Guth

Kevin Mayer and Citizens M&A Advisory had a huge 2021.

Citizens M&A Advisory, a middle-market investment bank under the Citizens Bank umbrella, managed more than $25 billion in M&A transactions last year. Mayer is a leader in Citizens’ industrials practice, with more than 20 years of experience as a financial adviser.

Mayer, according to the nomination, “has distinguished himself as Northeast Ohio’s most productive M&A investment banker, bar none.”

One of Mayer’s notable 2021 deals was the sale of I.D. Images, a Brunswick-based manufacturer with eight locations in the U.S., to Sole Source Capital LLC, a Dallas private equity firm.

Brian Gale, I.D. Images’ former president and majority owner, said Mayer doesn’t just bring a high IQ to the table. Mayer also “provides ‘EQ’ with his negotiation skills” and the “time he takes to understand his clients,” Gale said.

Mayer is a former director at Western Reserve Partners LLC, which was acquired by Citizens Financial Group in 2017. He has since helped Citizens M&A Advisory grow to be what the nomination said is “the largest M&A investment bank based in Northeast Ohio.”

Mayer is a former board member and an active supporter of Malachi Center, which has been assisting local families since 1985.

— Kevin Kleps

Coleene McDevitt has more than four decades of experience improving financial operations by implementing new processes at varied businesses and operations. Prior to joining Towards Employment in 2019, she was at MAGNET, Walsh Jesuit High School and then National City Bank.

Towards Employment helped lowerincome Clevelanders find jobs during the pandemic, and McDevitt was instrumental in obtaining financing and assessing and advising on different types of funding. To help close the “digital divide,” McDevitt worked to obtain supplies, laptops and computers for those in need. Her efforts are described as connecting the bottom line to the mission.

“Coleene does not seek the limelight; she is challenged and inspired by a personal mission to build, sustain and improve organizational structure,” the nomination said.

McDevitt earned a bachelor’s degree in accounting from the University of Akron. She dedicates herself to her two children while also volunteering for Maggie’s Mission, a nonprofit that helps rescue and find homes for senior dogs. — Pat McManamon

AS A RESULT OF THE PANDEMIC, 51% OF CLIENTS GLOBALLY PLAN TO USE MORE DIGITAL AND VIRTUAL TOOLS IN THE FUTURE. — EY Global Wealth Management Research Report

A reason to celebrate.

Congratulations to Anthony Tavrell for being named a 2022 "Notables in Finance" by Crain's.

Your vision, industry expertise and achievements inspire all of us to be more.

©2022 KeyCorp. Member FDIC. 180613-417830 key.com

20 | CRAIN’S CLEVELAND BUSINESS | APRIL 25, 2022

Equitable congratulates Brandy Mickens!

Equitable congratulates Brandy Mickens, executive vice president of Equitable Advisors, named one of Crain’s Cleveland 2022 Notables in Finance.

Throughout her 20-year career, Brandy has been deeply committed to making a positive impact on her clients and communities. A mentor and advocate, Brandy has been focused on educating others, so they gain the financial knowledge to pursue a life that’s most meaningful to them.

She is driven by the desire to break barriers and empower future generations to reach even higher. Brandy doesn’t merely exemplify what it is to be a financial professional, but to be an architect and champion of clients’ dreams as well.

equitable.com

Equitable is the brand name of the retirement and protection subsidaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY). Equitable Advisors Financial Professionals offer securities through Equitbale Advisors, LLC (NY, NY) (212) 314-4600, member FINRA, SIPC (Equitable Financial Advisors in Ml & TN) and annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC; Equitable Network Insurance Agency of Utah, LLC; Equitable Network of Puerto Rico, Inc. in PR). GE 4690829.1 (4/22) (Exp. 4/24) | G1683115

DANA MCLAUGHLIN

KURT MEARS

BRANDY MICKENS

BRIAN MIDLIK

CH

Chief financial officer

Financial adviser

Executive vice president

Chief operating officer

Vice

Medical Service Co.

Advance Capital Management

Equitable Advisors

Stark Enterprises

GOJ

As CFO of Oakwood Village-based Medical Service Co., Dana McLaughlin is responsible for the financial stability of the family-owned health care provider. The COVID pandemic put extra emphasis on “stability,” the nomination noted, because of the investments required in personal protective equipment, laptops for remote work and medical equipment at premium pricing.

“The commonality in all these challenges is they require investment, cash flow management, and strong financial stewardship,” the nomination said. “Dana exhibited all these traits.”

The graduate of Lake Erie College and the University of Phoenix spent 13 years at Omnicare Inc. before joining Medical Service Co. in 2008 as vice president of finance. Throughout the pandemic, McLaughlin navigated the intricacies of various federal relief programs to keep the company’s fiscal position strong.

“Dana has and continues to exude the moral compass and ethical business practices that any organization would strive for in its CFO,” the nomination said.

McLaughlin has a strong record of volunteering in the community, and later this year, she will take a step up and become president of the company. “This is an exceptional accomplishment,” the nomination said, “and will make Dana the first female president for MSC in its 72-year history.”

— John Kappes

Kurt Mears aspires to make a positive impact in the lives of clients and families, an aim of particular importance for folks looking ahead to their golden years.

As a chartered retirement planning counselor at Advance Capital Management, Mears creates strategies around financial planning, investment management and asset protection. Client education is a linchpin of this work, meaning the people coming to Mears fully understand how Advance Capital manages their money.

According to the nomination, Mears has excelled at the firm by exercising a growth-oriented mindset, exemplified by his leadership role at Advance Capital’s Independence office. Among his achievements is expanding the company’s retirement plan services division.

“Kurt has helped people in many industries — from government workers to corporate executives — create financial plans and invest assets in order to achieve their retirement goals,” the nomination said.

Mears is also active in his community, creating the “Let’s Play” nonprofit to collect gently used and new sports equipment for underprivileged Akron youth. A graduate of the University of Akron, he also leads local men’s groups, as well as an adult Bible studies program with his wife.

— Douglas J. Guth

Brandy Mickens is more than notable.

She’s a trailblazer.

Mickens started her career in Dallas 20 years ago and built her practice helping teachers plan for retirement — something deeply personal, given that her mom was an educator.

In the nomination, Mickens said educators are often overlooked by financial advisers because of a belief they didn’t earn enough money to work with.

But that didn’t slow Mickens, and her career took off. By 2020, she had become Equitable Advisors’ executive vice president over the firm’s Mid-America branch — a role that brought her to Cleveland. In fact, according to the nomination, she’s the first African-American woman appointed as an executive vice president in Equitable Advisors’ 160-year history.

When she moved to Cleveland, Mickens brought her passion for community service with her. She helped with educational programs for college students and served on panels about the importance of diversity.

She also serves on the board for Intertwined, an organization that supports students in under-resourced communities.

She is also an active member of the Alpha Kappa Alpha sorority and served as the development chair of Southern Methodist University’s Black Alumni Association.

— Timothy Magaw

Brian Midlik has worked for just one employer, Stark Enterprises of Cleveland, in the 15 years since he graduated from Cleveland State University with an MBA and a bachelor’s degree in finance.

That commitment, and his growth with the real estate development and management concern, recently was underlined by promotion to be the firm’s chief operating officer. Previously, that position was held by Ezra Stark, a son of the family-owned firm’s founder, Bob Stark.

As Stark has relentlessly grown through the years, not only in its well-known shopping center core but also in apartments, hotels and office buildings, so has Midlik’s ability and experience. Increasingly, Stark is tackling larger and more varied projects beyond Northeast Ohio. Midlik’s fiscal scope grew in tandem with that move.

In his successive roles, Midlik has facilitated more than $1 billion of transactions including debt, equity and public finance sources for development, acquisitions and existing portfolio recapitalization. But Midlik’s not just about numbers, dollars and cents. To celebrate the Christmas holidays, he decorates his Brecksville home with Christmas lights synchronized to music from a local radio station and enjoys inviting friends and colleagues over to celebrate the season.

— Stan Bullard

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22 | CRAIN’S CLEVELAND BUSINESS | APRIL 25, 2022

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CHERYL MILLER

GREGORY NAYLOR

MICHAEL PAULL

ANTHA POLEONDAKIS

Vice president, integrated business planning

Vice president and chief financial officer

Chief financial officer

GOJO Industries

Great Lakes Fasteners Inc.

Ahola Payroll & HR Solutions

Senior vice president, portfolio manager, and wealth management adviser

Cheryl Miller is the integrated business planning vice president at GOJO Industries. For the last 16 years, she has held roles of progressing responsibility in the GOJO Finance and Supply Chain organizations, most recently leading the Supply Chain Finance team.

GOJO CEO Carey Jaros credits Miller with inspiring those around her to be collaborative trusted business partners across the organization.

“Cheryl takes on new and challenging opportunities to drive results, motivating cross-functional team members to do the right thing even when it may be the most difficult path. She is most happy mentoring and empowering women and girls, both professionally and through community volunteering,” Jaros wrote in nominating Miller as a Notable in Finance.

Before the COVID-19 pandemic, Miller had responsibility for GOJO’s full supply chain budget and also oversaw standard-setting and all costs for new products. Her finance work supported decision-making around the acquisition and buildout of the company’s 1.3 millionsquare-foot Wooster facility and hundreds of major capital investments.

During the COVID-19 pandemic, Miller worked hand-in-hand with other leaders to design and execute GOJO’s global surge response, which ultimately delivered 140 billion doses of PURELL products — more than three times the company’s previous maximum output — and completing GOJO’s $400 million investment in capacity expansion and vertical integration.

— Dan Shingler

Gregory Naylor, who stays calm amid supply chain challenges and a significant list of responsibilities, “is the ice man of finance,” the nomination said.

Naylor joined Great Lakes Fasteners, a Twinsburg supplier of fasteners and hardware to a plethora of industries, in 2020. He spent almost three decades in accounting, finance and purchasing at Delphi Technologies, which was part of General Motors until 1999.

In addition to his CFO duties at Great Lakes Fasteners, Naylor manages HR and benefits administration. The company recently posted its largest annual profit and was ranked ninth in the 2021 Weatherhead 100.

As the pandemic caused huge inventory issues for manufacturers, Naylor worked to ensure “a steady supply of product to satisfy Great Lakes’ customers,” the nomination said. His team also switched to a new payroll system, vetted and hired a new outside accounting firm and found a way to reduce medical expenses for the company’s employees.

Naylor also has his own tax-preparation and accounting business, Naylor & Associates. Prior to joining Great Lakes Fasteners, he was a controller for Alsico, a global manufacturer and distributor of workwear.

— Kevin Kleps

Scores are important to Michael Paull, and not the just the points put on the board by his favorite teams. Paull leads with a “Know the score. Report the score.

The score will improve” approach at Ahola Payroll & HR Solutions, according to CEO Jeff Ahola.

“His skills in tracking and reviewing thousands of data points are impressive,” Ahola wrote in the nomination, “but what sets him apart is his ability to distill this information into actionable recommendations to implement for our executive team and senior leadership team.”

Paull earned a finance degree from Indiana University and an MBA from Loyola University’s Quinlan School of Business. He is a licensed CPA and a longtime member of the Ohio Society of CPAs, in addition to holding various security and insurance licensures.

Over a 25-year career, Paull has led the turnaround of a manufacturing and distribution business, served as CFO at Explorys amid the startup’s quadrupling of revenue, and supervised multiple exits and capital raises. Since joining Ahola in 2017, he is credited with leading the company to record profitability and sales. He also prioritized the stabilization of its employee benefits expenses, the nomination said, and bolstered its internal employee engagement effort.

— Judy Stringer

Merrill Lynch

From Australia to Akron, Antha Poleondakis has found the drive to overcome and succeed while helping the community around her.

Poleondakis, who was born and raised in Australia, advises clients with more than $677 million in assets.

She is a 2010 graduate of the University of Akron and a 2013 grad of the Wharton School of Business.

Her success follows tragedy, when she lost both her parents in her 20s, which left her to take care of a teenage brother.

She decided not to become, as she said in a previous interview with Crain, “a victim for life” and instead dedicated her energy to fight — for herself and others.

Poleondakis serves on the boards of several community-focused organizations including the Akron Community Foundation’s Women’s Endowment Fund, Downtown Akron Partnership, Akron Soul Train, Victory Gallop and Our Lady of the Elms School.

She and a friend also started a campaign called “Who’s Your Shero?” The effort is to give back after so many women mentors helped her. The campaign supports an endowment in Akron that provides grants to nonprofits in the community that help women and children — to support female heroes in everyone’s life.

— Pat McManamon

WORKFORCES OF INVESTMENT MANAGEMENT FIRMS ARE 84% WHITE, 5% BLACK, 9% ASIAN AND 8% LATINO. — U.S. Bureau of Labor Statistics

CRAIG RICHMOND Executive vice president and chief financial and system services officer

CONGRATULATIONS

MetroHealth System

During his tenure at MetroHealth, Craig Richmond has helped guide the system through historic changes.

Richmond joined MetroHealth 12 years ago, before becoming CFO in 2013. Since then, MetroHealth has doubled its revenue to almost $1.6 billion and halved the portion of its budget covered by county taxpayers to 2.1%. Additionally, the system’s assets have grown from $670 million to $2.3 billion.

“Never in its 185-year history has MetroHealth been in better financial shape than it is today. And that is thanks to Craig Richmond,” wrote MetroHealth president and CEO Dr. Akram Boutros.

In 2017, Richmond led the $946 million bond issuance that allowed MetroHealth to finance the transformation of its main campus.

And over the past two years, he’s helped the system navigate the pandemic and remain financially strong, according to the nomination.

He’s also helped create an empowering culture of innovation, noted Boutros. “His thoughtful, forward-thinking leadership style has elevated the way we operate, the way we’ve expanded our services and the way we care for our patients.”

Richmond is active on the boards of The MetroHealth Foundation, Ronald McDonald House Charities of Northeast Ohio and the Center for Health Affairs.

— Lydia Coutré

94% OF BANKS ARE CLASSIFIED AS SMALL BUSINESS USING SBA GUIDELINES. — American Bankers Association

Coleene McDevitt for recognition as

Notable in Finance From your team at

Learn more about our work at TowardsEmployment.org APRIL 25, 2022 | CRAIN’S CLEVELAND BUSINESS | 23

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GREG RUSH

JOHN RUSNACZYK

KEVIN RYAN

MA

Chief financial officer

Senior vice president and chief financial officer

Managing director

Haslam Sports Group/Cleveland Browns

St. Vincent Charity Medical Center

UBS Financial Services, Rocky River

Seni Grow

Greg Rush became the chief financial officer for the Haslam Sports Group in April 2021, so he’s obviously good with numbers.

He’s good with people, too.

The longtime Cleveland Browns executive is board chair and executive committee chair of Providence House, Ohio’s first crisis nursery, and has volunteered for the Browns’ Adapted Football League. He regularly contributes to the Browns’ efforts in the community, which focus on education, youth football, volunteerism and social justice.

Rush is entering his 16th year with the Browns, first serving as the team’s director of finance and then as its vice president of finance. He oversees all financial matters for the Browns and the Columbus Crew. He also is the team’s primary contact for all operations at FirstEnergy Stadium, playing a pivotal role in the stadium’s modernization in 2014 and 2015 and its restart plan during the COVID-19 pandemic in 2020.

He played a similar role in the renovations at CrossCountry Mortgage Campus in Berea.

“Rush is a consummate professional and man who cares deeply about his co-workers and consistently serves others’ needs first,” wrote Rob McBurnett, the Browns’ director of community and corporate communications.

— Joe Scalzo

As chief financial officer for St. Vincent Charity Medical Center, John Rusnaczyk factors in not only the numbers, but works to understand workflows in order to make the best-informed decision possible for the hospital.

“He has the unique ability to truly understand the clinical side of the operation and shape his decisions accordingly,” according to the nomination.

Rusnaczyk, also senior vice president at St. Vincent Charity, has been with the hospital for 12 years and has played a “key role” in positioning the organization to serve its Central neighborhood community. His work and collaboration with the ADAMHS Board of Cuyahoga County helped the hospital expand services in its Psychiatric Emergency Department and its inpatient and outpatient addiction services.

Amid the pandemic, he stayed on top of governmental funding opportunities while managing the financial operations to mitigate the risks and challenges St. Vincent Charity faced during COVID. “John has done an exceptional job in creating solutions in these difficult and challenging times in health care,” the nomination stated. “He is a kind and humble person and is a great team player. He is a man of few words, his actions speak for themselves.”

— Lydia Coutré

In an industry of constant change and career transitions, Kevin Ryan is a 36-year veteran adviser with UBS Financial Services and its legacy firms, McDonald & Company and KeyBank. For the last 20 years, he also has served as branch manager of UBS’s Rocky River office, where he manages more than $1.1 billion in assets for some of the country’s wealthiest families.

“His role begins as an investment advisor,” nominator and Rocky River office vice president John Ryan said, “but the value he adds is the ability to see complex problems clearly and deliver solutions to his ultra-high net worth clients.”

A lifelong Clevelander and St. Ignatius High School graduate, Ryan earned a business administration degree from Spring Hill College in Mobile, Alabama, and is a graduate of the Securities Industry Institute in conjunction with the Wharton School of the University of Pennsylvania.

He also is a registered National Football League Players Association Financial Advisor and was recognized on UBS’s Chairman’s Council and Forbes “Best-in-State” advisor list.

Ryan currently serves as board chair at St. Ignatius and played a contributing role in the 2019 launch of the Welsh Academy School, a fully endowed, all-boy Catholic middle school for low-income families.

— Judy Stringer

42% OF EXECUTIVES AND 33% OF CFOS ARE ACCELERATING DIGITAL TRANSFORMATION INITIATIVES GIVEN THE EVOLVING GLOBAL TAX ENVIRONMENT. — PwC

Federated Hermes, Inc. congratulates Martin Schulz on being selected as a ‘Notable in Finance’ winner for 2022

© 2022 Federated Hermes, Inc.

24 4629_fh_crains_notables_10-25x7_c.indd | CRAIN’S CLEVELAND BUSINESS | APRIL125, 2022

4/19/22 12:35 PM

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MARTIN SCHULZ

RYAN SOMMERS

GEORGE SULLIVAN

ANTHONY TAVRELL

Senior vice president; head of International Growth Equity Team; senior portfolio manager

Managing director of financial services

CEO

Senior vice president

Project Management Consultants

Equity Trust Co.

KeyBank Real Estate Capital

Ryan Sommers’ fingerprints are on skyline-altering real estate projects, from the Flats East Bank district along the Cuyahoga River to the Lumen apartment tower at Playhouse Square.

At Project Management Consultants, a subsidiary of law firm Thompson Hine, Sommers leads a team that assembles financing for complicated development deals. He specializes in filling funding gaps by marrying private and public capital, using tools including tax credits and bonds.

Sommers was instrumental in crafting the 2018 proposal for Ohio’s Transformational Mixed-Use Development Program, an incentive that finally debuted last year. He worked with Sen. Kirk Schuring, a member of the House at the time, on the concept of a state tax credit for insurance companies that invest in projects with big economic promise.

“The final bill creates one of the most exciting and potentially beneficial programs for catalytic projects available in any state,” Thompson Hine noted in a January 2021 client update.

A graduate of Case Western Reserve University and the Weatherhead School of Management, Sommers joined PMC in 2012. His recent deal pipeline includes the mixed-use redo of 55 Public Square in Cleveland, the Geauga Lake amusement park makeover and the Van Aken District in Shaker Heights.

— Michelle Jarboe

George Sullivan arrived at Equity Trust Co. in 2019, immediately enacting a “smart” mindset that rapidly permeated throughout the company, resulting in significant transformation and company growth.

In his early days as CEO, Sullivan invested in a performance-driven culture that rewarded excellence, while encouraging employees to approach their work with a problem-solving, idea-sharing mentality.

According to the nomination, Sullivan’s management methodology unlocked Equity Trust’s full potential. Despite challenges with the pandemic, the firm’s sales increased 35% in 2020, followed by an unprecedented 132% uptick in 2021.

With the company’s success came accolades, including being named as Best Overall Self-Directed IRA Custodian by Investopedia. Equity Trust is further recognized as a top regional employer, an honor highlighted by annual NorthCoast 99 awards every year of Sullivan’s tenure.

Before arriving at Equity Trust, Sullivan acted in several roles at the State Street investment firm, among them executive vice president/global head of alternative investment solutions.

On the volunteer side, Sullivan holds board positions at MetroHealth Foundation, as well as the Lorain County American Heart Association.

“These organizations’ missions closely align with George’s personal passions, including improving the accessibility of life-saving health care, especially in underserved communities,” the nomination said.

— Douglas J. Guth

In a real estate financing career that spans almost two decades, Tony Tavrell has been involved in deals that are worth a combined tally of more than $3 billion.

Tavrell manages the Cleveland office of KeyBank Real Estate Capital’s Income Property Group. Included in his portfolio of major Northeast Ohio deals are The Beacon, The Lumen, the Metropolitan at The 9, Crocker Park and Pinecrest.

“Tony brings a practical and solution-oriented approach to financing that accomplishes his customers’ goals,” the nomination said. “When challenges arise, he can quickly analyze issues and craft creative solutions.”

Prior to joining KeyBank Real Estate Capital late in 2016, Tavrell was a vice president in the commercial real estate group at Fifth Third Bank for almost 13 years.

His current and past board experience includes the Cuyahoga County Community Improvement Corporation, Downtown Cleveland Alliance’s Real Estate Lending Advisory Group and Team NEO’s RightSites Council.

He also has volunteered with the Cuyahoga County Board of Developmental Disabilities, United Way of Greater Cleveland and United Cerebral Palsy of Greater Cleveland.

Tavrell, according to the nomination, is “always eager to enliven any conversation with his energy and humor.”

— Kevin Kleps

Federated Hermes

Strategy is at the heart of all Martin Schulz’s work.

That includes 30-plus years of military service working in special operations for the U.S. Army Reserves and his role at Federated Hermes. According to the nomination, “as he did in the military, he must think strategically, be adaptive and deliver results under high-pressure situations — which is critical when working in the ever-changing investment landscape.”

At Federated, Schulz manages two fivestar funds — the Emerging Markets Equity Fund boasts $60.1 million and the International Growth Fund $757.2 million, according to the nomination. Moreover, the fourstar Federated Hermes International Equity Fund has $1.6 billion in assets.

In all, Schulz boasts more than 25 years of investment experience. Before joining Federated, Martin served in equity research and portfolio management for PNC Capital Advisors.

Schultz also has a breadth of global experience, having traveled to more than 90 countries and speaking German and French.

That experience informs his work in the community as a board member for the Cleveland Council on World Affairs, an organization committed to increasing international awareness and engagement in Northeast Ohio.

— Timothy Magaw

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MICHAEL TOTH

ANNAPURNA VALLURI

DANIEL WALSH

President and CEO

CFO and treasurer

CEO

Westfield Bank

Cleveland Museum of Art

Citymark Capital

When founding CEO Jon Park announced his plans to retire this year, Westfield Bank undertook a national search to identify a successor. The executive committee landed on one of its own, naming then-President Michael Toth as CEO of the bank, which currently manages $2 billion in assets nationally and has branches in six counties.

“Mike’s financial and business acumen, integrity, passion for empowering people to reach their full potential, and commitment to investing in talent and technology define his mindset as an exceptional leader,” Park said in a news release about the appointment.

Toth joined Seville-based Westfield as chief experience officer in 2017, after working for other banks. He was promoted to president in May 2018, with the responsibility of managing all revenue-generating business lines.

Today, the nomination said, Toth promotes organizational initiatives that sustain the bank’s focus on the customer experience, as well as transformation strategies for online and mobile banking capabilities, digitalization and customer service processes. He holds a marketing degree from Miami University and an MBA from the Weatherhead School of Management at Case Western Reserve University.

Toth’s community engagement includes longtime service to The Gathering Place in Cleveland, where he is chairman of the board.

— Judy Stringer

Relocating to Cleveland from New York City in 2014, Annapurna Valluri wasted no time in becoming a spark in Northeast Ohio’s professional and civic communities.

For six years, she managed University Hospitals’ $2.7 billion investment portfolio as director of investments.

Following that, she was a director and senior portfolio manager at MAI Capital Management, a $12 billion wealth manager. Valluri was tapped in 2021 to head finances for the venerable Cleveland Museum of Art, including its $50 million operating budget and $1 billion endowment.

In addition, she has served on the investment committees of Beaumont School for Girls, Benjamin Rose Institute on Aging and United Way of Greater Cleveland. Valluri also joined the board at Benjamin Rose and is currently board treasurer and chair of its finance committee.

“Taking charge, getting the job done and not shying away from even the most administrative or menial of tasks has always been her mantra,” according to her nomination.

Valluri holds a PhD in operations and information management from the Wharton School of Business at the University of Pennsylvania and a dual bachelor’s degree in computer science and finance from the University of Maryland, College Park.

— Judy Stringer

From a laundry list of community involvement and philanthropic endeavors to the launch of his real estate investment fund, Citymark Capital, Daniel Walsh has been driven to be a part of something bigger than himself throughout his career.

In Cleveland, Walsh is a prolific businessman who has impacted dozens of charitable and civic organizations.

He co-founded KeyBank’s real estate private equity group in 1998 before growing into the bank’s real estate capital markets leader a decade later. He later shifted to Huntington Bank in 2010, where he would serve the company as its Cleveland market leader for several years.

With plenty of success behind him, Walsh eventually stepped out on his own, hanging his shingle for Citymark in 2015, a company he was uniquely equipped to manage.

Since then, Walsh has raised more than $230 million across two funds from a mix of investors, deploying that capital in multifamily, value-add apartments in the top 50 up-and-coming markets across the United States.

Leveraging the skills and connections collected over his career — along with the help of some strong operating partners — are part of his secret sauce for success.

— Jeremy Nobile

PRIVATE SCHOOL PLANNER YOUR GUIDE TO NORTHEAST OHIO SCHOOLS

EMPLOYMENT OF FINANCIAL MANAGERS IS PROJECTED TO GROW 17% FROM 2020 TO 2030, MUCH FASTER THAN THE AVERAGE FOR ALL OCCUPATIONS. — U.S. Bureau of Labor Statistics

Crain’s Content Studio-Cleveland will publish a Private School Planner exploring the array of private education options in Northeast Ohio, from K-12 to planning for college and beyond.

The Private School Planner special supplement is distributed with the Aug. 22 issue of Crain’s Cleveland Business.

NT A T R IMPDOATES 22

G. E: AU E 27 T A D E : JUN E N I L ISSU 15 EAD ION D : JULY T E A U P I D IC ENT PART CONT .8 E L I F : AUG E PRO U D AD

CRAIN’SCONTENTSTUDIO CLEVELAND

Contact Conner Howard at conner.howard@crain.com to learn more about this paid opportunity.

26 | CRAIN’S CLEVELAND BUSINESS | APRIL 25, 2022

NOMINATIONS NOW OPEN

Crain’s 2022 Excellence in HR Awards are designed to honor and highlight the full scope of work done by Northeast Ohio’s top HR professionals, from companies large and

NOMINATION CATEGORIES:  Overall Excellence  Rising Star

small, and from all sectors, including the

 “Accidental” HR Leader

nonprofit realm. We’re in search of stories of

 Employee Advocacy

innovation and creativity to celebrate, and case studies from which we all can learn.

 Diversity, Inclusion and Equity

DEADLINE

TO NOMINATE:

MAY 23 Visit crainscleveland.com/nominate

HR NOMS FULL PG.indd 1

4/20/22 10:56 AM

TAX TIPS

Potential risks and benefits of compensation in cryptocurrency

BY DAVID KALL

On Nov. 12, 2021, former Cleveland Browns wide receiver Odell Beckham Jr. (“OBJ”) signed a deal with the Los Angeles Rams for a base salary of $750,000, which he announced he would be taking in Bitcoin. At that time, each Bitcoin was worth $64,293. Bitcoin now hovers around $40,000.

Assuming OBJ received the entire $750,000 at once, the deal today is worth approximately $466,000. Add to that the fact that he was taxed on $750,000, and it appears taking his salary in Bitcoin may not have been a

Kall is managing member of the Cleveland office of McDonald Hopkins LLC and chair of the Tax and Benefits Practice Group. great decision.

OBJ’s situation and news that the mayors of New York City and Miami have been paid in cryptocurrency have increased interest in this option among some employers and employees. These headline stories, however,

do not explain the special challenges raised by this type of payment.

Federal law does not permit payment of base wages in currencies that have not been issued by a government, and some states require wages to be paid in U.S. currency. If an employee has been paid in cryptocurrency, the employer may not have legally satisfied its obligations to the employee.

Employers may be able to pay bonuses in cryptocurrency or pay in cash and then, with the employee’s approval, convert the cash payment to cryptocurrency. Either approach would raise compliance questions and add complexity and cost to the

payroll process.

Paying employee compensation in cryptocurrency also raises complicated tax issues. The IRS considers cryptocurrency to be “property” for tax purposes. As a result, if an employee receives cryptocurrency as payment for services, the employee must pay tax on the fair market value of the cryptocurrency as of the date that it is received.

If the cryptocurrency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the cryptocurrency is determined by converting the cryptocurrency into

Your Legacy Can Advance the Healthcare Breakthroughs of Tomorrow Gift Planning Ignites the Future of Healthcare Blend family and philanthropy to create a legacy

Since our founding in 1921, Cleveland Clinic’s mission has been “better care of the sick, investigation of their problems and further education of those who serve.” As a nonprofit organization, philanthropy has played a significant role in a century of fulfilling this mission.

There are many ways to include Cleveland Clinic in your personal philanthropic plans. Working together, we can integrate your charitable, family and financial goals with the mission of Cleveland Clinic to transform healthcare for our patients and shape the future of medicine around the world.

We look forward to the opportunity to discuss options that can help you achieve your financial and charitable goals, and make the greatest impact. Call 216.444.1245, email giftplanning@ccf.org or visit clevelandclinic.org/waystogive.

“As we recently celebrated Lee’s 90th birthday, we paused to consider how our philanthropic gifts have enabled our community to enjoy a future of promise, discovery and innovation.

We’re proud that our family and our legacy have made a difference for patients and their families.”

– JANE AND LEE SEIDMAN CLEVELAND CLINIC LEGACY DONORS

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U.S. dollars at the exchange rate, in a reasonable manner that is consistently applied. If the cryptocurrency is not traded on an exchange, then valuation would be much more complicated, making tax compliance more difficult.

Employees need to be aware of the tax consequences of exchanging cryptocurrency for money or other property (including other cryptocurrency). The employee starts with a tax basis in the cryptocurrency equal to its fair market value in U.S. dollars as of the date of receipt.

If the employee converts the cryptocurrency (to cash or other cryptocurrency) or uses it to pay for goods or services, and the amount of money or fair market value of property or services received in exchange for the cryptocurrency exceeds the employee’s adjusted basis of the cryptocurrency, the employee would have taxable gain. The employee would have a loss if the amount of money or fair market value of property received is less than the adjusted basis of the cryptocurrency.

The character of the gain or loss depends on whether the cryptocurrency is a capital asset of the employee. Cryptocurrency received for services and taxed as compensation should be a capital asset for the employee and would likely receive capital gain treatment. Similar to other capital assets, employees must hold cryptocurrency for more than one year from the time of receipt to qualify for long-term capital gain treatment, which results in lower tax rates.

One advantage of cryptocurrency is that the federal wash sale rules do not apply. These rules ordinarily prohibit a taxpayer from claiming a tax loss if he or she sold stock or securities at a loss and then bought an identical or similar asset within 30 days before or after the sale. Because cryptocurrency is not classified as stock or securities for federal tax purposes, this provides a unique opportunity for taxpayers that suffered significant cryptocurrency losses to sell and reap tax savings, and then buy more cryptocurrency at reduced prices.

Taxpayers can use their cryptocurrency losses to offset any capital gains in the same year. If they do not have capital gain to offset, they can deduct up to $3,000 in losses from ordinary income. Any excess capital losses above that amount could be carried forward to offset future income.

The wash sale exception for cryptocurrency may not last long. The Build Back Better Act (H.R. 5376) would have subjected cryptocurrency transactions to wash sale rules, but it ultimately failed to pass. Additionally, President Biden’s executive order signed on March 9, 2022, called on the government to examine the risks and benefits of cryptocurrencies, which may lead to clarification regarding the tax issues surrounding these assets, including the wash sale rules.

Taxpayers that have suffered significant losses from the recent downturn in cryptocurrencies may want to consult with an investment or financial adviser and a tax professional to determine whether taking advantage of the wash sale loophole makes sense for them before Congress or the Biden administration takes further action.

4/15/22 2:21 PM

4/21/2022 2:35:09 PM

CRAIN'S LIST | INVESTMENT ADVISERS Ranked by regulatory assets under local management ASSETS UNDER LOCAL MGMT (MILLIONS) RANK

COMPANY LOCAL ADDRESS

12-31-2021 1-YEAR CHANGE

WITH DISCRETION

ADV ASSETS (MILLIONS)

COMPENSATION

PRIMARY LOCAL ADVISORY SERVICES

HEAD OF INVESTING

TOP LOCAL EXECUTIVE

1

HIGHLAND CONSULTING ASSOCIATES INC. 159 Crocker Park Blvd., Suite 350, Westlake 440-808-1500/highlandusa.net

$17,373 —

$54

$17,373

Fee only

Financial planning, portfolio management for individuals, businesses and institutional clients, pension consulting

Mike Grater

Richard Veres, president

2

CAPTRUST 222 S. Main St., Suite 220, Akron 330-535-4550/captrust.com

$12,887 4.3%

$2,456

$719,360

Fee only, percent of AUM

Portfolio management for business and institutional clients, financial planning, pension consulting, seminars/workshops

Michael Vogelzang

Mario Giganti, senior VP; Steve Wilt, principal

3

MAI CAPITAL MANAGEMENT LLC 1360 E. 9th St., Suite 1100, Cleveland 216-920-4800/mai.capital

$12,161 44.9%

$11,058

$14,386

AUM-based fee; set fees for non-investment services

Financial planning, portfolio management for individuals, selection of other advisers

John Zaller Richard Buoncore, managing partner

4

LEGACY STRATEGIC ASSET MANAGEMENT OF WELLS FARGO ADVISORS 1891 Georgetown Road, Hudson 330-655-7065/legacystrategicassetmgmt.com

$9,500 15.9%

$110

5

SEQUOIA FINANCIAL GROUP LLC 3500 Embassy Parkway, Suite 100, Akron 330-375-9480/sequoia-financial.com

$6,153 1 67.0%

6

FAIRPORT WEALTH 1350 Euclid Ave., Suite 400, Cleveland 216-431-3000/fairportwealth.com

7

$1,900,000 Percent of AUM, fee only Financial planning, portfolio management for individuals, businesses and institutional clients, pension consulting services

Darrell Cronk

Doug Krapf; Matt Shannon; James Barsella, managing directors

$4,349

$10,091

Financial planning and portfolio management for individuals and businesses

Chad Roope

Tom Haught, president, CEO

$3,883 33.2%

$3,328

$117,800 2 Fee only

Financial planning (wealth management), portfolio management for individuals/small businesses, seminars/workshops

John Silvis

Kenneth Coleman, president, CEO; Heather Ettinger, chairwoman

CM WEALTH ADVISORS LLC 2000 Auburn Drive, Suite 400, Beachwood 216-831-9667/cmwealthadvisors.com

$3,534 16.4%

$3,364

$3,534

Percent of AUM, fixed fees

Financial planning, portfolio management for individuals, businesses and institutional clients, selection of other advisers

Cynthia Resch

R. Douglas McCreery, manager

8

CERITY PARTNERS LLC 50 Public Square, Cleveland 216-464-6266/ceritypartners.com

$2,713 10.2%

$2,713

$44,671

Fee only and percent AUM

Financial planning, portfolio management, retirement plan consulting, tax planning and preparation

Benjamin Pace

Robert Smith, partner, Ohio Market leader

9

FAIRWAY WEALTH MANAGEMENT LLC 6055 Rockside Woods Blvd., Suite 330, Independence 216-573-7200/fairwaywealth.com

$2,023 9.5%

$6

$2,023

Fee only based on assets and/or services

Financial planning/wealth management, Matthew portfolio/investment management, retirement Garrott planning, family office services

Mark Weiskind, president

10

MARCUM WEALTH 6685 Beta Drive, Mayfield Village 866-605-1901/marcumwealth.com

$1,860 43.9%

$1,840

$2,038

Fee only

Financial planning, investment management, 401(k) plan consulting, business consulting

Michael McKeown

Eric Wulff, CEO

11

CEDAR BROOK GROUP 5885 Landerbrook Drive, Suite 200, Mayfield Heights 440-683-9200/cedarbrookfinancial.com

$1,731 21.4%

$1,592

$1,731

Percentage of AUM, Financial planning, wealth management, hourly charges and fixed protection planning/risk management, fees institutional money management

Azim Nakhooda

Bill Glubiak, CEO

12

MCDONALD PARTNERS LLC 1301 E. 9th St., Suite 3700, Cleveland 216-912-0567/mcdonald-partners.com

$1,101 1.8%

$849

$1,634

Fees

Portfolio management for individuals, businesses and institutional clients, financial planning, pension consulting

Thomas Yako Bill Hegarty

Beatty McDonald, CEO

13

CAPITAL ADVISORS LTD. 20600 Chagrin Blvd., Shaker Heights 216-295-7900/capitaladvisorsltd.com

$1,076 25.6%

$1,073

$1,076

Percent of AUM

Financial planning, portfolio management, adviser consensus building, retirement modeling

Rob Holub Zachary Abrams

Neil Waxman; Mark Ciulla, managing directors

14

MGO INVESTMENT ADVISORS INC. 24400 Chagrin Blvd., Suite 310, Beachwood 216-771-4242/mgo-inc.com

$1,013 11.2%

$1

$1,013

Percent of AUM

Portfolio management for individuals/small businesses

Michael Moskal

Ronald Gross, president

15

ST. CLAIR ADVISORS LLC 6120 Parkland Blvd., Suite 306, Mayfield Heights 216-925-5670/saintclairllc.com

$848 16.8%

$848

$848

Fee only, fixed or based on AUM

Integrated wealth planning, investment advisory, tax planning and compliance services

David Sommer

Ronald Bates, chairman

16

PROSPERITY CAPITAL ADVISORS 30400 Detroit Road, Suite 201, Westlake 888-240-0064/prosperitycapitaladvisors.com

$828 6.8%

$828

$1,737

Fee only, percent of AUM

Financial planning; portfolio management for individuals, businesses and institutional clients; seminars

Dave Alison Jerry Herman

Jason Smith, CEO

17

W.A. SMITH FINANCIAL GROUP 5070 Waterford Drive, Sheffield Village 440-934-8691/wasmithfinancial.com

$692 27.6%

$638

$692

Percent of AUM, financial planning fees, tax planning fees

Financial planning, portfolio management for individuals, tax planning, seminars/ workshops/webinars

William Smith

William Smith, founder, CEO

18

LINEWEAVER WEALTH ADVISORS 9035 Sweet Valley Drive, Valley View 216-520-1711/lineweaver.net

$622 3 11.9%

$622 3

$622 3

Fees, percent of AUM

Wealth management for private and corporate Jim Jim Lineweaver, president, clients, retirement plans for corporate clients, Lineweaver founder tax and risk management

19

SCOTT SNOW (FINANCIAL ADVISORS) LLC 1991 Crocker Road, Suite 210, Westlake 440-871-7669/s2fa.com

$621 9.8%

$0

$621

Fee only, percent of AUM

Porfolio management for individuals

Scott Snow Scott Snow, managing director

20

VANTAGE FINANCIAL GROUP INC. 6200 Rockside Road, Independence 216-642-7878/vanfin.com

$609 19.6%

$494

$773

AUM fees, consulting and planning fees

Portfolio management for individuals/small businesses, pension consulting, financial planning and consulting

—

William McCormick, president, CEO

21

FINANCIAL MANAGEMENT STRATEGIES INC. 9200 South Hills Blvd., Suite 310, Broadview Heights 216-642-1099/fmstrategies.biz

$608 15.8%

$491

$608

Fixed fee, percent of AUM, hourly consulting

Portfolio management, retirement plan consulting services, financial planning

Charles Elliott

Jeffrey Knox, president, CEO

22

PEAK WEALTH SOLUTIONS 30195 Chagrin Blvd., Suite 360, Pepper Pike 216-370-7887/retirepeak.com

$586 24.7%

$486

$586

Percent of AUM

Financial planning, portfolio management for individuals, education seminars, pension consulting

Greg Gromek

David Kocsis; Greg Gromek, managing principals

23

ONE SEVEN 24400 Chagrin Blvd., Suite 200, Beachwood 216-865-1700/weareoneseven.com

$539 20.4%

$539

$1,659

AUM fee, financial planning fee

Portfolio management for individuals, businesses and institutional clients, financial planning, seminars/workshops

Pascal Roduit

Ronald Gross, CEO; Todd Resnick, president, CCO

24

DEMMING FINANCIAL SERVICES CORP. 13 New Hudson Road, Aurora 330-562-2122/demmingfinancial.com

$530 12.7%

$530

$530

Fee-based on AUM, retainer-based financial planning

Financial planning and asset management

David Demming Jr.

David Demming Sr., president

25

JENTNER WEALTH MANAGEMENT 3677 Embassy Parkway, Akron 330-668-1000/jentner.com

$530 17.1%

$530

$530

Fee only, percent of AUM

Financial planning and investment management

Seth Jentner

Bruce Jentner, president

Percent of AUM, hourly rates, fixed fees

Research by Chuck Soder (csoder@crain.com) | This list of registered investment advisers excludes companies that invest most of the assets they locally manage directly into stocks and bonds; those RIAs appear on the Money Managers list. AUM stands for "assets under management." ADV assets represents total regulatory assets under management as of Dec. 31, 2021. Data is from the companies. NOTES: 1. Sequoia in November 2021 acquired Mayfield Heights-based NCA Financial Planners, which managed $1.7 billion in assets as of Sept. 30, 2021. 2. Represents assets managed by Fairport Wealth's parent company, Hightower Advisors. 3. As of Feb. 10, 2022.

Get 38 investment advisers and 19 money managers in Excel. Become a Data Member: CrainsCleveland.com/data APRIL 25, 2022 | CRAIN’S CLEVELAND BUSINESS | 29

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4/22/2022 11:27:45 AM

CRAIN'S LIST | MONEY MANAGERS Ranked by regulatory assets under local management

CRAIN'S LIST | MONEY MANAGERS

ASSETS UNDER LOCAL MGMT (MILLIONS)

COMPANY

12-31-2021

WITH

Ranked by regulatory assets under local management 1-YEAR CHANGE DISCRETION RANK LOCAL ADDRESS

1 RANK

12 23 34 45 56 67 78 89

109 11 10 12 11 12

BOYD WATTERSON ASSET MANAGEMENT LLC

1301 E. 9th St., Suite 2900, Cleveland COMPANY 216-771-3450/boydwatterson.com LOCAL ADDRESS

AB BERNSTEIN 127 Public Square, 50th Floor, MANAGEMENT Cleveland BOYD WATTERSON ASSET LLC 216-263-8090/bernstein.com 1301 E. 9th St., Suite 2900, Cleveland 216-771-3450/boydwatterson.com ANCORA 6060BERNSTEIN Parkland Blvd., Suite 200, Mayfield Heights AB 216-825-4000/ancora.net 127 Public Square, 50th Floor, Cleveland 216-263-8090/bernstein.com VICTORY CAPITAL MANAGEMENT INC. 4900 Tiedeman Road, 4th Floor, Brooklyn ANCORA 216-898-2400/vcm.com 6060 Parkland Blvd., Suite 200, Mayfield Heights 216-825-4000/ancora.net CARNEGIE INVESTMENT COUNSEL VICTORY CAPITAL INC. 30300 Chagrin Blvd., MANAGEMENT Pepper Pike 4900 Tiedeman Road, 4th Floor, Brooklyn 216-367-4114/carnegieinvest.com 216-898-2400/vcm.com OAK ASSOCIATES LTD. CARNEGIE INVESTMENT COUNSEL 3875 Embassy Pkwy., Suite 250, Akron 30300 Chagrin Blvd., Pepper Pike 330-668-1234/oakltd.com 216-367-4114/carnegieinvest.com BEESE FULMER PRIVATE WEALTH MANAGEMENT OAK ASSOCIATES LTD.1150, Canton 220 Market Ave. S., Suite 3875 Embassy Pkwy., Suite 250, Akron 330-454-6555/beesefulmer.com 330-668-1234/oakltd.com NORTH POINT PORTFOLIO MANAGERS CORP. BEESE PRIVATE WEALTH MANAGEMENT 100 ParkFULMER Ave., Suite 200, Orange Village 220 Market Ave. S., Suite 1150, Canton 440-720-1100/nppmcorp.com 330-454-6555/beesefulmer.com VAN CLEEF ASSET MANAGEMENT INC. NORTH POINTPkwy., PORTFOLIO MANAGERS 3201 Enterprise Suite 140, BeachwoodCORP. 100 Park Ave., Suite 200, Orange Village 216-464-0253/vancleefinc.com 440-720-1100/nppmcorp.com ELLSWORTH ADVISORS LLC VAN CLEEF ASSET MANAGEMENT INC. 1764 Georgetown Road, Hudson 3201 Enterprise Pkwy., Suite 140, Beachwood 234-281-2894/ellsworthadvisors.com 216-464-0253/vancleefinc.com WINSLOW ASSET MANAGEMENT INC. ELLSWORTH 3333 RichmondADVISORS Road, SuiteLLC 180, Beachwood 1764 Georgetown Road, Hudson 216-360-4700/winslowasset.com 234-281-2894/ellsworthadvisors.com FIRST FIDUCIARY INVESTMENT COUNSEL INC. WINSLOW ASSET INC. 6100 Oak Tree Blvd.,MANAGEMENT Suite 185, Independence 3333 Richmond Road, Suite 180, Beachwood 216-643-9100/firstfiduciary.com 216-360-4700/winslowasset.com

ADV ASSETS (MILLIONS) COMPENSATION

PRIMARY LOCAL ADVISORY SERVICES

HEAD OF INVESTING

TOP LOCAL EXECUTIVE

Portfolio management

Brian Gevry

PRIMARY LOCAL ADVISORY SERVICES Portfolio management for individuals, businesses and institutional clients; Portfolio management financial planning

HEAD OF INVESTING Alexander Chaloff BeataGevry Kirr Brian

$6,771 $9,950 Percent of AUM $10,158 $779,000 Performance based or percent of AUM $9,586 $169,591 Percent of AUM $6,771 $9,950 Percent of AUM

Asset management, investment advisor, wealth planning, retirement plan advisor Portfolio management for individuals, businesses and institutional clients; financial planning Portfolio management Asset management, investment advisor, wealth planning, retirement plan advisor

John Micklitsch Alexander Chaloff Beata Kirr

Brian Gevry, CEO, CIO, chairman; Timothy Hyland, president; Brian Convery, EVP; Michael Bee, EVP TOP LOCAL EXECUTIVE Kara Lewis, managing director Brian Gevry, CEO, CIO, chairman; Timothy Hyland, president; Brian Convery, EVP; Michael Bee, EVP Fred DiSanto, chairman, CEO Kara Lewis, managing director

CIO at franchise level Micklitsch John

David Brown, chairman, CEO Fred DiSanto, chairman, CEO

$3,982 $9,899 35.3% 19.9%

$3,953 $9,586

$3,982 Fee only, $169,591 Percent percent of AUM

Investment research, portfolio Portfolio management management, wealth management

Richard Alt CIO at franchise level

Gary Wagner; Richard Alt; David chairman, CEO ArthurBrown, Merriman III, principals

$2,067 $3,982 14.6% 35.3%

$2,067 $3,953

$2,067 $3,982

Percent of AUM Fee only, percent of AUM

Portfolio management for business/ Investment portfolio institutionalresearch, clients and investment management, companies wealth management

James Oelschlager Richard Alt Robert Stimpson

Margaret Ballinger, chief compliance officer, Gary Richard Alt; COO; Wagner; Robert Stimpson, co-CIO, portfolio Arthur Merriman III, principals manager

$1,281 $2,067 18.4% 14.6%

$1,281 $2,067

$1,281 $2,067

Percent of AUM, Percent fee only of AUM

Ryan Fulmer James Oelschlager Robert Stimpson

$986 $1,281 13.2% 18.4%

$984 $1,281

$984 $1,281

Percent of AUM Percent of AUM, fee only

Portfolio management for businesses, Portfolio management business/ institutional clients andfor individuals institutional clients and investment companies Portfolio management for individuals, Portfolio management for businesses, businesses, nonprofits and retirement institutional clients and individuals plans

Diane Stack Ryan Fulmer

Ryan Fulmer, president, principal Margaret Ballinger, chief compliance officer, COO; Robert Stimpson, co-CIO, portfolio manager Ronald Lang, president, secretary Ryan Fulmer, president, principal

$861 $986 13.8% 13.2%

$833 $984

$861 $984

Percent of AUM Percent of AUM

Lino Sergo Diane Stack

Geoffrey Hauck; Martin Burke Jr., principals Ronald Lang, president, secretary

$711 $861 26.5% 13.8%

$710 $833

$711 $861

Percent of AUM Percent of AUM

Portfolio management for individuals and Portfolio management for individuals, institutional clients businesses, nonprofits and retirement plans Portfolio management for individuals, Portfolio management for individuals businesses and institutional clients, and institutional clients financial planning pension consulting,

Kelly Kuennen Lino Sergo

Timothy Clepper, managing partner Geoffrey Hauck; Martin Burke Jr., principals

$629 $711 18.5% 26.5%

$629 $710

$629 $711

Percent of AUM Percent of AUM

Gerald Goldberg Kelly Kuennen Mac Muirhead

Gerald Goldberg, CEO, CIO; Timothy managing Timothy Clepper, Goldberg, principal,partner portfolio manager

$587 $629 1.1% 18.5%

$587 $629

$587 $629

Percent of AUM Percent of AUM

Portfolio management for business/ Portfolio management for individuals, institutional clients, individuals and businesses institutional clients, investmentand companies pension consulting, financial planning Portfolio management for individuals, Portfolio management for business/ businesses and institutional clients institutional clients, individuals and investment companies

Mary Anderson Gerald WilliamGoldberg Henry Mac Muirhead Andrew Givens

Mary Anderson, president Gerald Goldberg, CEO, CIO; Timothy Goldberg, principal, portfolio manager

ASSETS UNDER LOCAL MGMT (MILLIONS) $16,058 $16,739 26.1% 12-31-2021 WITH 1-YEAR CHANGE DISCRETION $10,158 $10,158 4.0% $16,058 $16,739 26.1%

$9,950 12.8% $10,158 4.0% $9,899 19.9% $9,950 12.8%

$16,739 Fee only, percent of AUM ADV ASSETS (MILLIONS) COMPENSATION $779,000 Performance based or $16,739 Fee only, percent of AUM

Research

by Chuck SoderINVESTMENT (csoder@crain.com) | This list consists$587 of registered$587 investment advisers that investofatAUM least half of the assets they manage locally directly into Mary stocksAnderson and bonds. RIAs below threshold appear on our Investment $587 Percent Portfolio management for individuals, Marythat Anderson, president FIRST FIDUCIARY COUNSEL INC. Advisers 6100 list. AUM for "assets management." ADV assets represents is from the companies. businesses and institutional clients William Henry Oakstands Tree Blvd., Suiteunder 185, Independence 1.1%total regulatory AUM as of Dec. 31, 2021. Information 216-643-9100/firstfiduciary.com

Andrew Givens

Research by Chuck Soder (csoder@crain.com) | This list consists of registered investment advisers that invest at least half of the assets they manage locally directly into stocks and bonds. RIAs below that threshold appear on our Investment Advisers list. AUM stands for "assets under management." ADV assets represents total regulatory AUM as of Dec. 31, 2021. Information is from the companies.

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4/22/2022 11:31:03 AM

REAL ESTATE

Developer jumps to East Side from West Side for latest deal

BY STAN BULLARD

James Sosan, who redeveloped three old buildings to housing in Ohio City and Tremont in the early 2000s, has completed his first historic restoration project on the East Side.

“This one beat the crap out of me,” Sosan reflected on a tour of the three-story Bristol Apartments, 2928 S. Moreland Blvd. in Cleveland.

Sosan undertook a challenge many investors might skip. But he admired the Georgian-style design of the 1928-vintage building, so he shelled out $130,000 to buy the empty walk-up apartment building in 2017.

Fast forward five years and through about $2.5 million in loans and assistance from Village Capital Corp. — part of the Cleveland Neighborhood Progress nonprofit focused on making loans and investments in catalytic economic development projects in the city of Cleveland and Cuyahoga County — and Sosan recently started renting suites in the property.

The most off-putting aspect of the project was not visible from the street, where Bristol stands among blocks of aging apartment buildings. Part of the roof caved in all the way to the first from the third floor in about 20% of the building.

Another section was fire-damaged.

“We had to replace wooden floors on three levels in part of the building,” Sosan said, pointing out a difference between darker century-old wood and new wooden flooring. The windows on the sides and back of the building all had to be replaced. Windows facing the street had to be rebuilt to retain the charming exterior design of the property, which has red brick contrasting with stone ornamentation.

The project benefited from both state and federal tax credits for historic preservation, Sosan said, which were essential to funding the renovations and keeping down subsequent rent rates. Sosan said he didn’t try to get a bank loan for the project; he knew no conventional lender would fund such a risky project.

As a historic preservation project, there was no ripping out kitchen walls to foster open-space designs. Instead, white crown molding and plaster remained in place while the bathrooms got contemporary fixtures, and the kitchens received new appliances and granite counters.

The building has a total of 20 suites, all one-bedroom, and about half have been rented in the past 60 days. The suites rent for about $850 monthly, half what they’d go for on the West Side, some for less due to agreements to provide about eight suites for low-income residents to satisfy financing requirements.

“This means that we can offer

senior citizens in the area good units that they can afford,” Sosan said. “I’m constantly hearing people (from the area) complaining about the conditions of their units.”

Conditions among blocks of apartments bubbled up earlier this month as Cleveland City Council OK’d a plan to provide funds to put control of the nearby Shaker Square complex in hands of a nonprofit to cure a pending foreclosure case and ensure the landmark's safekeeping.

Councilwoman Deborah Gray, whose Ward 4 includes the area, said in a ward newsletter she backed the plan but that the city needs to stabilize Shaker Square's multifamily neighborhood by holding owners of “broke-down buildings accountable.”

The importance of Bristol's revival is greater than its scale, said Dione Alexander, president of Village Capital. She said small projects revitalize neighborhoods, aid local businesses and the city's overall economy.

"People don't want to live near a dilapidated building," Alexander said, "even if it is not right next door to them. This was James Sosan's first affordable project and drew on his market-rate experience. It’s in a lovely neighborhood that needs more James Sosans."

Sosan said the Bristol project was the most difficult he has undertaken. Surprisingly, he considers his earlier projects easier.

Those included turning two old commercial buildings in Tremont and Ohio City to, respectively, Metro Lofts and Detroit Lofts apartments (both since sold), and the former West Side YMCA on Franklin into condominiums.

“In those cases you started with an empty box and added infrastructure,” Sosan said. “Here you had to replace or update residential units so more was involved.”

Sosan’s real estate projects form a second career. The Nigerian immigrant came to the United States to earn an engineering degree at DeVry University in Chicago. He then came to Cleveland for a job at Ohio Bell, and worked at it and its successors for years. Now, the seasoned electrical engineer counts himself an expert in historic restoration, learned the hard way.

Despite the challenges, Sosan is excited about Bristol and hopes to land another project nearby.

“In some ways I feel there is more opportunity here than when I worked in Ohio City and Tremont,” Sosan said. “You have amenities such as the grocery store, restaurants and Shaker Square a block away. You also have the (rapid transit) train downtown and proximity to employment centers. I really think this area is a gem that is just starting to be discovered.”

Stan Bullard: sbullard@crain.com, (216) 771-5228, @CrainRltywriter

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ELECTRIC

From Page 1

Additive manufacturing contrasts with traditional component manufacturing, where blocks of material are stamped and then machined or cut to trim excess or where liquids are poured into molds and solidify when cooled. Additive manufacturing builds materials into a finished product, which may have channels or hollowed-out cores that traditional methods couldn’t create. In Lincoln’s case, that means melting welding wire in hundreds, even thousands of layers.

“They’re experts in welding, as they have been for a hundred years, and this style of 3D printing is basically redeploying welding as a 3D printing process,” said Peter Zelinski, editor-in-chief of Additive Manufacturing, which covers the industry in print and online.

While the company won’t disclose sales figures, Amanda Butler, Lincoln’s vice president of investor relations and communications, said that with LAS Lincoln is building a “$100 million-type business.” Lincoln Electric had sales of $3.2 billion in 2021.

“We have tucked it within a $500 million robotics business and the goal is to double that to a billion at the end of 2025,” she said.

Rise of the robots Lincoln is one of a growing number of Northeast Ohio businesses developing additive manufacturing, said Ethan Karp, president and CEO of MAGNET, the nonprofit that works to help manufacturers in the region grow.

“We are known across the country for 3D printing as a region, and it’s through examples like (Lincoln),” Karp said. “They’re like a stealth technology company who’s revolutionizing one of the oldest manufacturing processes. They’re a hidden gem.”

Karp also pointed out that Youngstown is the home of America Makes, the National Additive Manufacturing Innovation Institute. America Makes was founded by the U.S. Department of Defense in 2012 and now brings together industry, academia, government, workforce and

A robotic welder, using 3D printing technology, creates a flux mixer at Lincoln Electric Additive Solutions. | LINCOLN ELECTRIC CO.

economic development organizations to work to accelerate the adoption of additive manufacturing.

ThomasNet, formerly the Thomas Register of American Manufacturers, lists 36 Oho suppliers of 3D printing services.

The pieces Lincoln’s robotic equipment makes can be anything from castings used to stamp out propeller blade components to building oneoff replacement parts for a machine made by a long out-of-business equipment maker. The robots can produce unique shapes and even create in a single piece equipment that otherwise needed to be created out of several pieces, such as tubular T-K-Y joints (T-shaped, K-shaped and Y-shaped joints) needed to build offshore oil drilling rigs.

One of Lincoln’s advantages in this business is that it makes all the pieces and parts in-house. In addition to the welding equipment and wire, it makes its own power sources for the equipment and it has developed the robots and the software needed to

CLEVEMED

From Page 1

Today, CleveMed’s customers include about 70 hospital and 400 medical clinics in nearly every state.

Managing the soaring demand required expanding its relationship with a local contract manufacturer and turning to local colleges and universities near CleveMed’s Midtown location.

Without “ready access to local, high-quality student talent,” through internships or hiring their graduates, CleveMed would not have been able to grow quickly, Kayyali said, noting partnerships with Case Western Reserve University, Cleveland State University, Cuyahoga Community College and John Carroll University.

CleveMed also outsourced more of its manufacturing to Vexos, a contract manufacturer in the Lorain County community of LaGrange that had been building product for CleveMed since 2017. The relationship served as a foundation for the two to “focus on each other’s core competencies and support one another through this growth pattern,”

Kayyali

Patil

said Brad Koury, general manager of the LaGrange facility of Vexos, owned

by New York City-headquartered private equity firm Centre Lane Partners.

Innovating to keep up Few devices are capable of shifting sleep testing to the home because the technology is not there yet, but sleep apnea testing is positioned to do that, said Dr. Susheel Patil, system director for sleep medicine for University Hospitals.

During the pandemic, UH limited in-lab sleep testing where possible and found that demand was outpacing its limited supply of home testing devices. To keep up and ensure patients wouldn’t put off care, UH

to be made first, before the piece can be created.

Douglass said that another advantage additive manufacturing has on traditional methods is that cast pieces often have excess material that needs to be trimmed away. It gets expensive when that scrap is stainless steel, titanium or another expensive material. WAAM builds up a part without extra material.

“So if you’ve got a big steel or iron machine part, the chance to just 3D print that using a robot, rather than going through all the steps that a foundry would require, that’s very attractive,” Zelinski said.

Zelinski said that very often, large castings come from overseas, and that raises supply chain issues, which have been heightened by the COVID-19 pandemic.

“If you could change your supply chain now, so that they’re 3D printing that in Cleveland, instead of it crossing an ocean, that’s huge,” he said. “That’s not just COVID, but just the long-term supply chain issues. So, long-term, COVID will probably help additive manufacturing.”

Lincoln is thinking the same way.

Douglass said Lincoln envisions building regional printing centers around the United States and the world.

“Look at the supply chain issues,” he said. “Do we want to be printing up a part in Cleveland that (gets sent) to Singapore? No. We’ll digitally send the (computer design) file to Singapore and you can print the same part there, because they’ll have the same equipment, same wire.”

Zelinski said that, eventually, the business could change as manufacturers see the opportunity to do this work themselves. But that’s not necessarily a bad thing for Lincoln, since it has the welding equipment, the robots and the software.

“The way forward would be, manufacturers like Caterpillar (Inc.) or John Deere (& Co.) or appliance makers or automakers in some cases, find more and more applications for this and start buying some of these robotic systems from Lincoln Electric, and take (the work) in-house,” Zelinski said.

design pieces. A key piece that helped kick off its additive manufacturing venture was added in 2015 when it purchased Wolf Robotics, a Fort Collins, Colorado, firm that developed robotic welding and cutting systems.

After acquiring Wolf, Lincoln spent the next few years integrating Wolf’s robots with its own welding systems before opening LAS in 2019. After starting with three robots, LAS has grown to 30 employees operating 18 robots.

Zelinski agreed with Lincoln’s own assessment of where it stands in the industry. “I would feel pretty confident with the assertion that it is the biggest facility there is,“ he said.

“When it comes to the ability to use robots to melt wire and build big, big things like big tools or big casting replacements, Lincoln Electric is not unique, but no one would dispute that they’re a leader in this area,” he said.

LAS doesn’t compete with firms that build castings in high volumes to mass produce things like bronze

plaques, firearms components or fire hydrants.

Instead, its market is for low-volume castings, including the custom making of those single pieces that may be needed quickly as replacement parts for old equipment that is still in service.

needed a solution, Patil said. In 2020, UH partnered with CleveMed, which helped shift 30% to 40% of its sleep apnea testing to the home, he said.

Founded in 1991, CleveMed has been in the sleep apnea space since the mid-2000s. It initially focused on in-lab testing, which now accounts for less than 5% of its business.

But shifting to the home wasn’t immediate.

When CleveMed launched SleepView — its portable monitoring device — in 2011, the market wasn’t quite ready for home sleep testing, Kayyali said.

Interest grew, and in 2015, the company added support services with SleepView Direct, a mail order service and logistical solution to send monitors and sensors to patients directly for them to test and then return them. CleveMed also handles logistics like night support and test scheduling.

It continues to sell devices to health care providers, who can manage those logistics on their own, but SleepView Direct proved to be beneficial during the COVID-19 pandemic when sales to providers slowed.

As sleep labs temporarily closed

SleepView Direct demand grows

Shortening the supply chain Mark Douglass, LAS’s business development manager, said that fast turnaround time can be critical to a customer who has to shut down a production line because it needs a replacement part whose maker is long out of business.

“If a customer says, ‘I need that part of the factory to be back on line in four weeks,’ the casting could take 10 weeks (to make and ship from Asia),” Douglass said. “So, they can get it now in less than a week.”

The LAS product also could be cheaper, since to create a part in the traditional way, a mold or casting has

Jay Miller: jmiller@crain.com, (216) 771-5362, @millerjh

In recent years, CleveMed’s SleepView Direct service grew from testing roughly 600 patients a month to more than 3,000 patients in March 2022. SleepView Direct is a logistical solution and mail order service for CleveMed’s at-home sleep apnea monitoring device.

3,000

2,000

1,000

Jan. 2019

Jan. 2020

SOURCE: CLEVEMED

during COVID, SleepView Direct orders soared, helping to achieve significant revenue gains for CleveMed. Following slow growth in the years prior to the pandemic, CleveMed’s overall revenue grew by 33% last year

Jan. 2021

Jan. 2022

CRAIN’S CLEVELAND BUSINESS GRAPHIC

and 18% the year before. Device sales have recovered, but Kayyali sees SleepView Direct as the future.

Since 2020, CleveMed has achieved five patents and was recently notified of a sixth that will be is-

32 | CRAIN’S CLEVELAND BUSINESS | APRIL 25, 2022

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POLYMER

From Page 1

Those who worked on the application say they’re optimistic, because the regional proposal is one of only 60 national finalists, selected from 529 applications in March. Federal officials have said they plan to select between 20 and 30 of the remaining proposals for funding.

“We made the toughest cut. We believe we have a really stellar application,” said Ethan Karp, CEO of the manufacturing support organization MAGNET, the official applicant for the federal funding.

Plus, proponents contend, support for the polymer cluster dovetails perfectly with a current national drive to bolster domestic manufacturing, after seeing international supply chains fail in recent years. That’s a priority for the U.S. Economic Development Administration (EDA), which will decide who gets Build Back Better grant funding, said Steve Millard, head of the Greater Akron Chamber.

“We believe that a strong polymer supply chain in Northeast Ohio advances many of the things the EDA cares about with regards to the national supply chain,” Millard said.

Gaining momentum If the effort succeeds, plans call for the new polymer center to be built at the University of Akron over the next two to three years. It would conduct polymer research and perform testing for local manufacturers, and work with them to prototype and scale up production of new polymer-based products.

All three of the local universities’ polymer programs would use the center and participate in its work, but Akron might have the most to gain.

“This would be a game changer for us,” said Ali Dhinojwala, UA’s H.A. Morton Professor of Polymer Science, who would be the university’s point person for developing the new facility.

Such a development would come at a critical time for the university, he said. While Akron’s postgraduate polymer programs have struggled with the loss of some key researchers in recent years, the school is rolling out its first undergraduate program for polymer sued in early May, adding to its more than two dozen patents overall, Kayyali said.

Regional support Madison Winters, SleepView Direct customer support specialist, began as a CleveMed intern in summer 2020 as part of a team handling returns and shipments.

She had just graduated in May 2020 from Cleveland State University, during a lot of uncertainty in the health care market. She wanted to work with medical devices and was looking to get her foot in the door somewhere when she heard through CSU about the CleveMed internship.

CleveMed hired her full time a few months into her internship. Winters gives a lot of credit to the university and to CleveMed for working with schools to recruit students.

“I knew that that was the school for me, just because of all the opportunities there are up here with health care,” she said. ”The reason I found CleveMed is because they partner with Cleveland State.”

Having relationships with colleges and universities has been instrumen-

Interest in polymers grows

Those who have worked on the proposal say they’ve ticked a lot of key boxes, such as emphasizing an industry that already is strong in the region; picking a category that supports manufacturing supply chains; ensuring that their proposal represents an inclusive and diverse mix of entities and people; and showing regional public-private support and collaboration.

“I think that is the reason we made the first cut,” MAGNET’s Karp said of the broad support. “That and the fact that equity is woven throughout this.

It’s not an afterthought.”

But backers are also cautious not to count chickens while their eggs are still incubating with federal decision makers.

“Let’s wait for them to come home to roost, but I’d say we have a decent shot,” said CWRU’s Maia. “These things are highly competitive. … But for polymers, there’s really no other region of the country that can approach Northeast Ohio in terms of knowledge and (manufacturing) end users.”

Meanwhile, local interest in the polymer cluster generally continues to grow. Anderson said the Akron Chamber is on track to build the cluster’s advisory panel to represent 50 companies.

“We’ve pretty consistently added a few members per month, so the goal of 50 at the end of the year, I think we’ll hit that,” Anderson said.

And if they don’t win the grant money? Those backing the industry cluster say they’ll continue to work to find ways to support its growth.

“There’s a lot of work being done from a strategy perspective to continue the work. If we don’t win, that will keep going,” Koehler said. “I think win or lose, some really good stuff is going to come out of this.”

S E P T E M B E R 3 - 9 , 2 018 | PA G E 2 9

The support behind this effort is broad and deep. In addition to the universities and MAGNET, the Greater Akron Chamber has been heavily involved, as have Team NEO, Akron’s Bounce Innovation Hub and the Akron Urban League.

They’ve been assisted by JobsOhio and more than 20 companies — ranging from giants Goodyear, Bridgestone and Parker Hannifin Corp. to lesser-known entities such as Akron’s Röchling Automotive — that have helped work on the grant proposal and have pledged matching funds, said Brian Anderson, senior director of research at the Akron Chamber.

Many give the Akron Chamber much of the credit for assembling the proposal. For about two years, it has been working on ways to support the local polymer cluster, which MAGNET reports represents 40% of a statewide industry, representing more than 2,800 companies and 140,000 workers.

“The Greater Akron Chamber drove the formation of the polymer cluster, and the great thing about it was they were already up and runThe University of Akron’s polymer programs could gain a new research facility if ning. We worked with them for about backers of an industry cluster win federal funding. | AKRONSTOCK a year,” said Team NEO’s CEO, Bill science this year. In February, it was Bridgestone Corp., for the center, Dhi- Koehler. “Team NEO had an interest in it because of the strong polymer named the top polymer school in the nojwala said.

The center also would enable more cluster we have throughout Northworld by the global ranking agency collaboration between the universities, east Ohio.”

EduRank.

“That was really great for us, and I faculty members said.

Polymers are becoming more im“There have been a lot of individual portant as more applications for think all of this will give us the momencollaborations, and we’re friends with them are found in advanced manutum that we need,” Dhinojwala said.

The grant money and private fund- the faculty at Akron, but there hasn’t facturing, and as they become ing would be used to build a been a lot of structure to it,” said João sought-after as materials for additive 20,000-square-foot facility on campus Maia, professor and director of the manufacturing (or 3D printing), Koe— the specific location has not been Center for Advanced Polymer Process- hler said.

“The polymer industry has greater determined — that would enable fac- ing at CWRU. “Maybe this cluster and ulty and students from Akron and the center will help take it to the next level significance in Northeast Ohio beof that today than it did perother schools to work closely with and make it more formal. … If we get C Rcause AIN’S CLEVELAND BUSINESS | manufacturers, Dhinojwala said. Ulti- together, we’re going to make North- haps 20 years ago,” he said.

Winning the money, though, is far Dan Shingler: dshingler@crain.com, mately, he hopes the center becomes east Ohio unbeatable in terms of poly(216) 771-5290 from a done deal. self-funding via contracts with manu- mers in the United States.”

Maia said the center would help facturers and then grows larger.

Advertising Section “It’s going to be a new building and a CWRU augment its polymer departsite that’s really appropriate for this ment’s faculty of nine — soon to be 10, building, but also for expanding to he said — by providing technicians build a hub around it,” Dhinojwala and equipment to help CWRU with some of the work it does with industry. said.

On top of the $17 million in federal The university works with manufacturfunding, companies in the local poly- ers on polymer products ranging from mer industry have pledged more than self-lubricating razors to colostomy To place your listing in Crain’s Cleveland Classifieds, $8 million in matching funds, from bags that don’t make crumpling noises companies including Goodyear and when a user moves, he said.

CLASSIFIEDS contact Suzanne Janik at 313-446-0455

tal for CleveMed, which at one point had 20 interns, compared with its usual four to eight, Kayyali said.

CleveMed’s employee count grew from 20 to 24 employees in the past two years, but it was able to achieve significant growth with intern support, adding contractors (a net increase of 10 contractors) and by outsourcing manufacturing to Vexos, Kayyali said.

In addition to its Northeast Ohio location, Vexos has manufacturing facilities in China, Vietnam and Canada, offering the convenience of a local connection with the resources and strength of a global footprint, Koury said. Building on the existing relationship allowed Vexos and CleveMed to focus on their core strengths, he said.

“So we can also leverage all of our supply chain resources to source the materials associated with the portions that they were building inhouse,” he said. “And that married up really nicely to getting through the pandemic, and now in the crux of what is a global materials shortage issue.”

Though COVID initially fueled the demand for the home sleep apnea

testing application as sleep labs were temporarily shut down, the demand has continued as the pandemic has slowed, Kayyali said “So we think that this shift in how the diagnosis of sleep apnea is happening from the hospital to the home is permanent,” he said, “and I think it’s going to continue to grow.”

Patil said there had already been a transition toward doing more home sleep apnea testing. And the pandemic accelerated that for UH and other providers. Working with local partners is a way for UH to support the local economy, while offering a sense of accountability and opportunity for innovation, he said.

Being a part of CleveMed’s growth means a lot to Koury, a Lorain native.

“To now be in a relationship with someone like CleveMed, where we’re basically turnkey — with manufacturing and the company and shipments all residing within Ohio — really does represent that sustainable model that not only gets through the pandemic, but actually capitalizes on where the market’s going,” he said.

or email sjanik@crain.com

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Adcom welcomes Jessica Van Wagenen as Senior Media Director. Jess is a media and digital strategy star whose light is ready to shine brightly on Adcom’s client work. She’s a Cleveland native whose competitive edges were sharpened in the fires of pro sports marketing and big entertainment media. Jess joined us to help lead our dynamic team and develop strategies with the right media mix for optimal results. She also mixes a mean salad – “It’s all about the herbs,” says Jess. To learn more, visit engageadcom.com

Gardiner is pleased to announce that Nick Oriani has joined as Business Intelligence Manager. Oriani brings a combination of financial and construction industry experience, having served in accounting management positions and construction management roles for more than 15 years. With Gardiner, he is focused on interpreting data, financial results and trends. He will provide forward-looking insights, support and analysis tools to business leaders across the company and to the executive team.

Brennan, Manna & Diamond, LLC Chip Erb joins BMD’s Cleveland office as a partner on the firm’s Banking & Finance Law team. Capitalizing on his earlier career as a commercial loan officer, Erb has more than 20 years of experience representing financial institutions with both the negotiation and documentation of commercial loan transactions and the enforcement of creditors’ rights and remedies. Erb previously served as Editor of Matthew Bender’s Ohio Transaction Guide and Current Legal Forms for Commercial Transactions.

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Todd brings more than 25 years of executive leadership experience driving growth for several companies in the business information services sector. In his new role, Todd will oversee day-to-day operations while driving strategic opportunities as the company continues to grow and scale. Risk International is an independent, outsourced risk management and health benefits services advisor. To learn more visit www.riskinternational.com

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Sean will represent the bank in the region and drive collaboration between all business lines. Sean has over twenty years commercial real estate experience in project finance and institutional real estate finance. Sean volunteers as a youth soccer coach for the Brunswick Soccer Association and donates time to St. Ambrose Church. He serves on the loan review committee for Village Capital Corp.

Gardiner is pleased to announce that Jared Prior has been hired as Assistant Controller.

Prior joins having spent more than eight years in a variety of analyst and accounting management positions with Sherwin-Williams, most recently as International Accounting Manager. He will play a key role, contributing to all aspects of the company’s accounting management and finance functions. Prior holds both a bachelor’s degree in Finance and an MBA in Business Analytics from Ohio University.

McDonald Hopkins Franklin Malemud has joined the Cleveland office of McDonald Hopkins as a Member of the Litigation Department and Chair of the firm’s Trust and Estate Litigation Practice Group.

Malemud is recognized in Northeast Ohio as a preeminent trust and estate litigation attorney. He brings more than two decades of experience providing guidance to clients on disputes and problem solving involving family wealth transfer, wills, trusts, guardianship, conservatorship, powers of attorney and living wills.

HP Manufacturing is proud to announce Scott Hrach promoted to Director of Operations and Zac Melchiorre promoted to Sales and Marketing Hrach Manager. Scott, in his new role will be overseeing all operational activities with an emphasis on our lean and capability improvement initiatives. Scott earned his B.S.in Accounting and possesses a Master’s in Business Administration.

Zac, in his new role will Melchiorre be leading the sales team in all five market segments, as well as, the marketing activities to help drive growth for the organization. Zac earned his B.A. in Entrepreneurship and possesses a Master’s in Business Administration with a concentration in Finance.

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Mathews will be responsible for leading Gardiner’s procurement team, strategies and processes.

Gallagher Benefit Services is pleased to announce that Leslie Berzansky has been promoted to Area Vice President of Sales Operations & Marketing. In her new role, Leslie is responsible for developing and overseeing a smooth, effective sales process to enable the growth of the Gallagher Ohio team. Leslie joined Gallagher in 2016 and most recently served as the Ohio Director of Marketing & Business Development. She has over 20 years experience and 16+ years in the Insurance industry.

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Anzevino most recently lived in the Pittsburgh area where he worked for an international law firm with 24 locations worldwide.

We are pleased that he has decided to return to Northeast Ohio and become a new member of our team.

34 | CRAIN’S CLEVELAND BUSINESS | APRIL 25, 2022

SME SME has named Jeannine Kunz to the new position of Chief Workforce Development Officer.

She joined SME in 2000 and previously served as vice president, Tooling U-SME — manufacturing’s top provider of learning and development solutions — overseeing manufacturing workforce training and education for SME. Kunz was recognized as a 2018 Notable Women in Manufacturing and 2019 Notable Women in Education Leadership in Michigan by Crain’s Detroit Business for her professional accomplishments.

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Tuesday, June 28 | 11AM – 1PM Tinkham Veale University Center at CWRU

Every year, Crain’s Cleveland Business salutes a group of inspiring women whose dedication and achievements enrich Northeast Ohio, its institutions and its people. Join us as we celebrate and learn from the extraordinary female business leaders in the 2022 class of Women of Note!

EARLY-BIRD SPECIAL

now available only thru May 1!

BUY TICKETS TODAY!

crainscleveland.com/WON22 TITLE SPONSOR:

All attendees must present a negative COVID test (within 72 hours of the event) OR show proof of being fully vaccinated (vaccination card with more than two weeks after the second dose). Proof must be presented at the registration desk on the day of the event with a PRINTED copy of your negative test or your original vaccination card. You must follow all posted instructions in order to attend Crain’s Women of Note event – you will be turned away at the door if you do not comply. COVID-19 is an extremely contagious disease, and an inherent risk of exposure exists in any public place where people are present. By attending Crain’s Women of Note event, you voluntarily assume all risks related to exposure to COVID-19. Subject to change.

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