Crain's Cleveland Business

Q&A: Cleveland’s outgoing mayor gets frank about the challenges ahead. PAGE 14 NOTABLES IN HEALTH CARE These pros are among the many who rose to the occasion. PAGE 8

CRAINSCLEVELAND.COM I MAY 17, 2021

‘IT’S NOT A QUICK FIX’

BY JEREMY NOBILE

There’s always some degree of competition for employees in financial services sectors like accounting, yet a confluence of events is creating a situation where the demand for people in the field is greatly outpacing the supply.

“If I could find 200 good people tomorrow, I would hire every single one of them” said Kuno Bell, managing partner of Cleveland-based CPA firm Pease & Associates. “We are growing so fast it’s just a matter of time until I need them.”

That’s a bit of an exaggeration for the company, which has about 100 employees today. But Bell emphasizes his firm has open positions to fill and a hunger for growth.

Many accounting businesses are

in the same position as they face issues of capacity. This comes as firms look to meet high demand spurred by a landscape of shifting tax codes and general business uncertainties.

Simply put, there’s plenty of potential work out there to be had. But getting the people needed to handle it all is a challenge for many employers.

“There is a delay in hiring where you hire someone in that they are at full capacity sometime in the first six months.

So it’s not a quick fix,” said Jennifer DiFranco, senior director of talent for Apple Growth Partners, which has about 110 people and positions to fill. “There are definitely capacity issues, and it’s a balance working priorities with talent we have and making sure we are nimble and adapting to client needs.”

Job seekers and accounting firm reps schmooze at a (pre-pandemic) career fair hosted by the Ohio Society of CPAs.

See TALENT on Page 21

CONTRIBUTED PHOTO

Accounting industry has plenty of available work, but is grappling with significant shortage of talent

Material price hikes, chaotic deliveries bedevil builders Rising construction costs, increased demand is difficult combination

BY STAN BULLARD

Randy Sacks, a third-generation builder and real estate developer at Harsax Management Inc. of Garfield Heights, has seen both sides of the tumultuous run-up of construction costs over the past year.

On one hand, he is thankful that the company plunged ahead with adding a second phase of 150,000 square feet to a warehouse in Middleburg Heights it started last year, doubling its size. That allowed it to duck brutal commodity price hikes. However, after construction bids came in 35% more than expected,

it tabled plans for a 40,000-square-foot multitenant office/warehouse in an eastern suburb. Meanwhile, the run-up in lumber prices has Harsax looking for apartment buildings to buy rather than continuing to build them itself.

Welcome to the chaos the pandemic’s impact on production and costs of materials and resurgent demand is wreaking in the construction world.

While the price of lumber in April 2021 was 79% higher than February 2020, just before the pandemic began, steel mill products, a category that covers everything from structural steel to building studs, climbed 67%.

And the list goes on and on, according to data from the U.S. Bureau of Labor Statistics and the Associated General Contractors trade group. The JLL realty brokerage firm forecasts overall construction costs will climb 4% to 6% by the end of 2021.

Jason Jones, a vice president at New York City-based Turner Construction Co. and general manager for Northeast Ohio based in Cleveland, said, “It’s hitting us hard now. We’ve had a couple projects we’ve had to send out for rebid.”

See STEEL on Page 21

Steel for building projects has reached a record high, joining material such as lumber and electrical wiring in pushing up building costs. | CRAIN’S FILE PHOTO

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SPORTS BUSINESS

Kent State has ‘a rising star’ in new director of athletics Randale Richmond rejoins Golden Flashes as first Black person in AD role, says diversity is ‘a competitive advantage’

BY KEVIN KLEPS

ment at Old Dominion University in 2015.

Six years later, he returned to Denise Reading recalls all the details from the day Randale Rich- Kent State as the university’s 12th mond, then a senior football player director of athletics, and the first at Baldwin Wallace University, visit- Black person to be hired for that role at the university. ed her office.

Richmond credits mentors, such Richmond, a history major, realas Reading, for helping ized he no longer wanted make him a “statistical to be a teacher. anomaly.” Growing up “He was this amazing poor in Akron, he was the young man,” Reading, a first person in his family to former vice president of graduate high school. student affairs at BW, said Now, at 39, he’s a Division I of Richmond. “And he was AD. a brilliant math mind. He Reading, though, isn’t could have gone on to get the least bit surprised to his Ph.D. in math, and I see someone she viewed think that’s what he was Richmond as “a star” quickly ascend contemplating. But he said to me, ‘I don’t know that that’s what in college athletics. The entrepreneur and former president of the is going to make me happy.’ ” Reading mentioned the possibili- Corporate College at Cuyahoga ty of being in an administrative role, Community College remembers such as the one she held. She also that conversation in her office “like brought up graduate school, which it was yesterday.”

“It was a good reminder as a leader would help Richmond get on that that even your kids who appear to path.

Richmond said his response to have everything going in the right dieach possibility was some version of rection still need advice, still need “That would be amazing,” followed coaching, still need support,” she said. by “How do I get there?”

After graduating from BW, Rich- Connecting ‘with ease’ mond went on to earn a master’s degree in education at Kent State UniWhen Kent State introduced versity, where his future wife Richmond via a virtual news confer(Ja’Alycia, then his girlfriend) was in ence on April 15, Lamar Hylton, the graduate school and Reading taught university’s VP for student affairs, classes. There, he worked his way up said the new AD “is the complete from a graduate assistant to an asso- package.” ciate athletic director of stuAt Old Dominion, Richmond led dent-athlete academic services and the athletic department’s complicompliance. He left Kent State for a ance, academic services and leadersenior role in the athletic depart- ship development efforts. He also

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Kent State’s football program under head coach Sean Lewis is a combined 10-7 the last two seasons. The Golden Flashes were 16-55 in the previous six years. | KENT STATE UNIVERSITY

served on several leadership and inclusion committees, and started an initiative in which new employees were welcomed and connected with current staffers.

Cori Pinkett, the assistant AD for character formation at Baylor University, said she first met Richmond during the NCAA’s Charles Whitcomb Leadership Institute in 2014.

Richmond, who was finishing his second year in the program, spoke during the closing ceremony.

“I was captivated by his presence, poise and ability to connect and relate to people with ease,” Pinkett said.

Pinkett and Richmond, as part of a group called Multicultural Excellence in College Athletics, now give advice to up-and-coming administrators. That work helped Pinkett “truly” understand Richmond’s leadership style, and she soon realized that “without a shadow of a doubt he’d make a great athletic director.”

‘A rising star’

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On May 4, the University of Akron announced that Charles Guthrie will start his tenure as the Zips’ director of athletics on July 1. Guthrie’s entry gives the Cleveland-based Mid-American Conference four Black ADs — two of whom were hired by nearby rivals in the span of a few weeks.

When the Black AD Alliance was formed last July, only about 16% of the 350-plus NCAA Division I schools had Black directors of athletics. A month later, the LEAD1 Association, which represents the 130 ADs in the Football Bowl Subdivision, appointed a group to examine diversity, equity and inclusion in college sports.

The group was co-chaired by Northern Illinois AD Sean Frazier, and Richmond was a contributor.

“What people don’t understand yet is diversity is not charity. It’s a competitive advantage,” Richmond

said. “It’s diverse backgrounds, gender, thoughts, sexual orientation. If you have the best thinkers in the room, you’re going to come out with the best product.”

Frazier, who has been at Northern Illinois since 2013, referred to Richmond as “a rising star.” Frazier said he’s tried to hire Richmond multiple times over the years.

“Kent got extremely lucky with him,” the Northern Illinois AD said. “That’s the guy that they needed to get.”

A 90-day approach Richmond, who received a fiveyear contract with an annual base salary of $275,000, started at Kent on May 1. As eager as he is to make an impact, he’s going to take the advice of others, who have urged a patient approach.

Eric Wood, who started as the director of athletics at Louisiana Tech University last October, helped Richmond see the benefits of a 90day plan.

“It’s been great for me, because I hit the ground running,” Richmond said. “My calendar is packed, and I want it that way, because I need to get out in front of as many people as possible to do an assessment to see where we are.”

Last September, the Record-Courier reported that Kent State, as part of a 20% reduction to its athletic budget, eliminated about 15 positions. The Golden Flashes, like the rest of the MAC, are heavily reliant on school funds to subsidize a sports budget that totaled almost $30 million in 2018-19.

Richmond said generating more revenue likely is No. 2 on his list of goals, after alignment. The latter is so important to the new AD that he mentioned it more than a handful of times during a conversation with Crain’s.

“It goes back to that philosophy that the best athletic departments are student-centered, coach-led and administrator-supported,”

“WHAT PEOPLE DON’T UNDERSTAND YET IS DIVERSITY IS NOT CHARITY. IT’S A COMPETITIVE ADVANTAGE.” — Randale Richmond

Richmond said.

The head coaches, he added, are the CEOs of their respective programs.

The AD will have some key decisions to make early in his tenure regarding the two sports with the highest profiles at the university.

Men’s basketball coach Rob Senderoff, who has led the Golden Flashes to six 20-win seasons in 10 years, is entering the final year of his contract. Sean Lewis, who has given Kent’s struggling football program a much-needed spark, has two seasons left on his deal.

Richmond said he’s already had “great conversations” with each.

“Now let’s understand the university metrics and how we go about those particular processes,” the director of athletics said.

His math background should come in handy as Kent continues to address the many challenges brought by the pandemic. But Richmond is more focused on making a difference away from the courts and playing fields.

“It’s my life purpose,” he said. “I know it more now than I’ve ever known it before: to breathe positive energy in life into people. That’s why I’m on this earth. That’s why I’m in this seat. I can’t think of any other reason why all these things have taken place. It’s amazing that it happened at a time where I’m most resolute in what my purpose is — to be a transformational leader who has a positive impact on people’s lives, who resonates well beyond sports.”

Kevin Kleps: kkleps@crain.com, (216) 771-5256, @KevinKleps

2 | CRAIN’S CLEVELAND BUSINESS | MAY 17, 2021

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REAL ESTATE

Investors Diversified Realty plotting move from Cleveland to Independence

BY STAN BULLARD

Investors Diversified Realty, an institutional real estate investment manager, is preparing plans to move to Independence from the skyscraper at 1111 Superior Ave. in downtown Cleveland.

IDR, as the firm is also called, is not a big tenant. It’s looking at hiking the amount of space it occupies by 57%, to 5,500 square feet from 3,500 square feet, when it is scheduled to take occupancy in July. It will be on the fourth floor of 3 Summit Park, a seven-story building in the Independence office park of the same name.

However, the move is significant because the nine-person firm manages more than $2 billion in assets for clients such as pension funds and others in the private equity world.

Gary Zdolshek, CEO of IDR, said in a phone interview that the firm needed room to expand and that convenience drove its move to the suburb.

“We have a well-diversified workforce with members from the east suburbs as well as the west suburbs,” Zdolshek said. “This will make the drive more convenient for every member of the team.”

He emphasized the change in municipalities was not “really a negative about Cleveland,” because he will continue to support the city where he has worked downtown for 40 years.

Managing investments in companies that own big-ticket properties, from malls to office towers, could be done with a work-from-home staff of sophisticated financial and technical analysts. So IDR’s plan to move fits in the continuing dialogue over whether central cities and office space will suffer when normalcy returns after the pandemic wanes, whenever that might be.

However, Zdolshek said, “I’m one of the proponents of getting everybody back into the office. In our business, it takes a lot of sharing of ideas and collaboration. I’m not a fan of even working one or two days at home. You lose a lot of interconnectivity by not having the team together.”

Zdolshek founded the firm in 2006 after he worked in real estate investments at the Brown Gibbons Lang and Co. investment brokerage, which has co-headquarters in Cleveland and Chicago.

Prior to that he worked at the former McDonald and Co. securities firm, now part of KeyCorp, where he led a group that took 14 companies public, including what’s now SITE Centers Corp. of Beachwood, in the early 1990s.

A blend of private and open offices will be installed in the suite for IDR. “We’ll have a mix of old-school and new-school space,” Zdolshek said. “We’ll have (private) offices for focus and privacy when you need it.

And we’ll also have new-school open spaces to encourage collaboration.”

IDR received a job creation grant from the city of Independence that will allow the financial services firm to recover more than $24,000 annually for three years in municipal income taxes that the firm’s staffers will pay to the suburb.

Legislation approved April 13 by Independence City Council for the grant indicates the planned move will bring an annual payroll of almost $5 million to the suburb.

Zdolshek said the additional space will come in handy as the firm expects to add more staffers as it grows the next few years.

David Hollister, a managing director at Newmark, is representing IDR in its site search. He said the city of Independence is “a pleasure to work with” but declined comment before

a lease is fully consummated. CBRE represents the building owner.

IDR is the second financial firm to surface with plans for an Independence location in the past two months.

Also in April, wealth management firm MAI Capital Management secured incentives from the suburb and job-creation tax credits from the state to move to the southern suburb from downtown Cleveland.

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

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Cuyahoga Community College is one of four community colleges selected for a national initiative looking to strengthen the connection between education and employment.

The two-year project centers on creating professional learning communities. Colleges will convene workforce leaders, members of community organizations, and high school and community college educators to focus on tackling different pipeline problems, working to better align pathways between K-12 education, college and careers.

The project is backed by the nonprofit group Achieving the Dream, a nationwide initiative focused on academic success for community college students.

If community colleges want to center student success and equity while boosting institutions’ abilities “to be hubs for catalyzing equitable, anti-racist and economically vibrant communities,” there needs to be new types of collaboration between colleges’ faculty and local stakeholders, said the organization’s president and CEO, Karen Stout, in a recent news release.

Other participating institutions are in Michigan, Texas and Florida. Organization officials said each of those institutions’ applications submitted in the competitive process identified pipeline gaps and barriers that keep low-income young people from earning economic mobility.

The focus in Cleveland will be on connecting with health care employers to create academic and workforce programming aimed at addressing local labor shortages. The industry has the most jobs and job openings in the region, according to a 2020 report from Team NEO. “Even with the strength of our connections with K-12, higher ed, employers and our community, we still had a few other gaps we could fill by participating in this,” Tri-C vice president of access and community con-

Tri-C was selected for a project that’s backed by Achieving the Dream. | CONTRIBUTED PHOTO

nections JaNice Marshall said.

Achieving the Dream officials noted that while related work may already be happening from local schools and agencies, there often can be barriers that keep those entities from working together because the groups are often judged by different benchmarks.

‘Connected experience’ In Cleveland, quantitative research and conversations with stakeholders will be the foundation of the project.

The effort at Tri-C isn’t set to fully kick off until later this summer, but partners so far include the MetroHealth System, Polaris Career Center and the Cleveland Metropolitan School District. Things will be done on a larger and more connected scale, including when it comes to related work the college is already doing.

“I want people to close their eyes and be able to see these stakeholders literally holding hands together to redesign and build processes that will allow students today and moving forward to have this rich, connected experience,” Marshall said.

In terms of a concrete product, the project will look to cultivate “a real explosion of information,” Marshall said.

Local families often struggle to

help young people navigate career opportunities, she said, and many leave high school without a plan for what comes next.

Organizers want students to have more exposure and awareness. There will be concentrated efforts such as videos and meet-and-greets with employers that give information about the “myriad” career opportunities in the field beyond doctors and nurses, Marshall said.

The effort is being funded by the Carnegie Corp. of New York. Tri-C will receive $20,000. Achieving the Dream also will provide other types of support, including learning and technical help, to each institution.

The hope is to eventually scale these types of professional learning communities in other places.

Achieving the Dream and Tri-C have a history. The college has earned several other grants from the group in recent years, including a $100,000 award focused on boosting completion in 2012 and $25,000 for manufacturing education five years ago. Tri-C president Alex Johnson is the current chair of Achieving the Dream’s board of directors.

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

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4 | CRAIN’S CLEVELAND BUSINESS | MAY 17, 2021

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GOVERNMENT

All aboard: RTA added a transit rider to its board of trustees

Roberta Duarte plans to bring a different perspective to the organization

BY KIM PALMER

mayoral candidate Justin Bibb, with the 29-year-old In April, the Greater Cleveland Re- Duarte comes as RTA seeks gional Transportation Authority vot- to get input directly from ed to place a young Latino woman, the communities it aims to downtown resident and public tran- serve.

Duarte, a native of Parasit rider on the group’s board of trustguay and a Hathaway Brown ees.

Roberta Duarte’s addition is a de- School graduate, works as a parture for the 10-member board, project manager at Jump- Stocking which is made up of three suburban Start Inc. and has a backmayors and other well-known politi- ground in global public health. She cal, executive and civic leaders cho- returned to Cleveland in 2016 after sen as much for their reputations in graduating from Mount Holyoke Colthe community as their familiarity lege as part of the inaugural cohort of the Cleveland Foundation Public Serwith the use of public transit. vice Fellowship. In 2019, she started ArePUBLIC TRANSIT ADVOCATES HAVE ko Consulting, which CONTINUALLY CRITICIZED CUTS IN RTA conducts research into including fedSERVICE, WHICH HAS BEEN REDUCED matters eral transportation funding for the region.

29% SINCE 2006.

Her work interview“I don’t own a car, so I’m a total ing RTA riders caught the attention of public transportation rider,” Duarte members of the advocacy group said. “In fact, I declined the parking Clevelanders for Public Transit, spot at the RTA main office. They which led to the group’s support of her application to the agency’s board. were really shocked.”

Duarte was selected by Budish The move by Cuyahoga County Executive Armond Budish to fill the from a handful of applicants. During spot, held previously by Cleveland her interview with him, Duarte said,

she had no compunction about calling herself a loud voice for equity in public transportation.

“I’m a change agent and an ecosystem builder. I think (that’s) part of why I was chosen for this position,” Duarte said. “We need to find a way to voice what needs to change, and I’m just voicing what I’m hearing because people trust me to get that information to those who are making the decision.”

Duarte will begin serving on the RTA board just as Rev. Charles P. Lucas, pastor emeritus at St. James AME Church, begins his term as president.

Lucas has relied on RTA paratransit since he was diagnosed with an illness that left him confined to a wheelchair.

Clevelanders for Public Transit had called for a rider appointment to the board since 2018. Its chair, Chris Stocking, is optimistic that Duarte’s firsthand experience with RTA will help improve the agency’s customer service.

“She takes the bus every day. It is something that we have been missing

RTA service has been cut 29% in the last 15 years. | DAVID KORDALSKI

from the board,” Stocking said. “It’s a really important perspective to have.”

Public transit advocates have continually criticized cuts in RTA service, which has been reduced 29% since 2006. Fare hikes, lower ridership and a loss of sales tax revenue created a $35.5 million deficit in 2019.

Clevelanders for Public Transit and others argue that RTA has placed too much focus on expensive park-and-ride and rail commuter service rather than shorter, more essential bus service.

Hearing directly from riders — some

of whom have unique needs and experiences and rely solely on bus and train routes and schedules to get to work, school or for essential services — gives a perspective that “numbers on a spreadsheet” do not, Stocking said.

“I don’t think there is a way to easily see the effect of missing a bus by five minutes, then showing up to work an hour late and getting fired, has on someone (who is) evaluating performance metrics. I think you really need someone that understands how the system works,” Stocking said.

See RTA on Page 14

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FROM THE EDITOR

RICH WILLIAMS FOR CRAIN’S CLEVELAND BUSINESS

Database is a great way to get ‘Latino ready’

EDITORIAL

A little help here N

othing about COVID has been easy. And yet when it comes to the most important part of the response to the pandemic — vaccinating the public — the (relatively) easy part is done.

As of last Tuesday, May 11, 58.5% of U.S. adults, or nearly 151 million, have received at least one dose and 44.7%, or about 115 million, are fully vaccinated, according to data from the Centers for Disease Control and Prevention. A lot of those people, to use a business cliché, are low-hanging fruit — the ones who were always going to get vaxxed, needed no convincing and had the freedom in their work schedules to take time off to do it.

As a result, the U.S. has a seven-day average of 38,826 new coronavirus cases per day — a number that has not been below 40,000 for nearly eight months. That’s the good part. The red flag is that since the middle of April, as The Atlantic noted, the vaccine campaign has slowed. The U.S. is administering about 2.1 million shots per day, down from 3.4 million shots about a month ago, even though there’s enough supply to give more.

Businesses are among the institutions that can play a role in helping to raise vaccination rates.

The move by many vaccination sites to offer shots without appointments will help. So will mobile clinics and initiatives such as one announced by CVS Health, which will inSMALL INVESTMENTS troduce employer-based clinics through TO BOOST VACCINATIONS vaccination its “Return Ready” proCAN PAY BIG DIVIDENDS. gram. Axios pointed out that a recent Kaiser Family Foundation study found nearly 25% of Americans were more likely to get a vaccine if it’s available at their workplace.

Among people who said they wanted to get vaccinated as soon as possible but haven’t done so yet, the top reasons preventing that move were “busy/didn’t have time” and “can’t take time off work/conflict with work hours.” The potential of needing extra time off due to vaccine side effects also weighs heavily on many people.

Those findings are consistent with a study released last

week by Cleveland’s Center for Community Solutions, which reported that the inability to miss work “contributes to vaccine hesitancy and likely, lower vaccination rates.”

There’s a particularly strong connection, the study found, between lower vaccination rates and people who are either part-time/seasonal workers or who work full-time with annual incomes below $35,000, which the Center for Community Solutions used as a proxy for hourly workers. The less secure the income source, the less likely a person is to find time to get vaccinated.

Kate Warren, one of the study’s authors, pointed out in an interview that the federal government last month announced that employers with fewer than 500 workers are eligible for a tax credit to cover paid time off (PTO) for employees who take time off related to COVID-19 vaccinations. The study itself noted, “There is still work to do to ensure that employers are aware of the credit.” The credit exists to help smaller businesses reduce their costs while enabling employees to take time needed for vaccination.

Consulting firm McKinsey recently released recommendations that support vaccine adoption among employees by making vaccination as convenient and “costless” as possible.

It encouraged, for instance, that employers support vaccination scheduling for their workers by reserving appointment slots at nearby vaccination sites to minimize wait and travel times. Employers also could provide incremental sick days or PTO for vaccination and any needed recovery time, offsetting potential structural challenges that might prevent workers from getting vaccinated. Additionally, employers could adjust shift times and scheduling to accommodate employee vaccination appointments, particularly during working hours.

Every employer’s situation is a different, and accommodations are easier in some industries than others. And yet employers are all in the same position. It’s to companies’ benefit, particularly when workers are difficult to find, that larger numbers of people are vaccinated because it creates a bigger pool of healthy available workers and limits the emergence of dangerous new variants of the virus. Small investments to boost vaccinations can pay big dividends.

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

Marcia Moreno is on a mission. It’s a pretty simple one: Northeast Ohio must get “Latino ready.”

She points out that Latinos are not only the second-largest ethnic group in the United States, they also are the fastest-growing one. By 2025, they will make up one-fifth of the national workforce. If our region doesn’t prepare now, we’ll be Elizabeth left behind, she contends.

McINTYRE That’s why she’s providing a platform to showcase the talents of Northeast Ohio Latinos as employees, board members, resources, suppliers, volunteers and more.

Moreno knows well the challenges of getting your voice heard.

She was born and raised in Chile and came to Cleveland in 2005 to pursue her graduate studies at Cleveland State University.

While she could easily read and write English, she struggled speaking the language and often felt isolated as an immigrant in those first few years here because of custom and cultural differences. But she also recognized the opportunities Cleveland offered that were not necessarily available to her in Chile.

After doing workforce development and talent management for nonprofits such as Esperanza and El Barrio, she turned her attention to diversity and inclusion efforts in the private sector. The desire to spread the word about the value and underMORENO KNOWS standing of the Latino community, though, was a higher calling for WELL THE Moreno. So, in 2018, she founded CHALLENGES OF AmMore Consulting, which is dedicated to “creating more diverse, in- GETTING YOUR clusive and equitable workplaces by supporting organizations to develop VOICE HEARD. long-lasting strategies and systems to effectively attract, recruit and retain Latino talent to succeed and thrive.”

Looking at the demographic trends, Moreno said it’s clear that “Latinos are the future.” She wants to help employers create more inclusive workplaces, which will benefit all of their employees. But often, she would hear complaints from employers and others about the lack of Latino professionals.

To bridge that gap and create awareness of the strength of Northeast Ohio’s Latino community, she decided to launch a database of “100+ Latinos Cleveland Must Know.” It features a range of Latino professionals, entrepreneurs, creatives, volunteers and others. She calls it “a visibility platform” for Latinos “looking for opportunities to shine, volunteer, lead and change the narrative” about themselves.

AmMore Consulting launched the first “100+ Latinos Cleveland Must Know” cohort in fall 2020 with profiles of 102 area Latino professionals. Now, Moreno is looking for the second group of Latinos to spotlight. She will be taking applications at ammore.us/100latinos2021 through July 30, with the goal of introducing the 2021 cohort at the start of National Hispanic Heritage Month, which runs from Sept.15 to Oct. 15. She asks that area Latinos self-nominate because, as she says, only individuals can decide whether they are ready to explore new platforms and opportunities.

I strongly urge you to check out the database. It’s a great resource for anyone seeking to make connections in the Latino community in Northeast Ohio. And, if you are a Latino professional or know someone who is, please apply or pass along the information about Moreno’s “100+ Latinos” effort.

Moreno is on a mission, indeed, to broaden our horizons to become “Latino ready.” Expanding our networks to include the talented Latinos in our region, to seek to understand their talents and their experiences, will help all of us do just that.

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.

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BLOOMBERG

OPINION

PERSONAL VIEW

These are the personality traits that make lockdown coping easier

BY ANDREAS KLUTH/BLOOMBERG OPINION

In March 2020, still early in the pandemic, I opined that for introverts quarantine can be a liberation. I was extrapolating from personal experience and historical examples. And many other pundits had a similar hunch.

But we were speculating before we had empirical data.

Now that such information is available, what does it say?

By and large, the research shows that I was wrong. But I couldn’t be happier because what the evidence actually says is that the truth, as usual, is more complex, more subtle and more interesting.

The studies published since the outbreak agree that personality plays a huge role in how we do or don’t cope with difficult situations such as lockdowns. Obviously, there are other factors as well, from age (the young suffer much more from depression and anxiety) to employment (no job, no cheer) and, well, infection. But personality determines how we greet our lot in life. And it’s the combination of several traits that shapes resilience.

Scholars break down those traits into five main bundles. One is the aforementioned degree of extroversion — how stimulating (or draining) we find social interactions. Another is openness — how curious, inquisitive, adventurous and creative we are, for example. A third is agreeableness — how helpful, optimistic and kind we are. The fourth is conscientiousness — how organized, focused, prepared and disciplined we are. The fifth is neuroticism — the extent to which we get moody, nervous, worried or unstable.

As far as introversion goes, the evidence certainly surprised me. One study of college students at the University of Vermont did find that introverts in lockdown reported improvements over time in their mood, whereas the extroverts said their mood got worse. But the extroverts were still in a better mood overall, thanks to their more cheerful default position.

Another study, of people from various ages and backgrounds, found that introversion was clearly associated with more loneliness, anxiety and depression during lockdown. I wonder whether that’s in part because many introverts can’t actually withdraw into solitude when they’re stuck with suite mates or family members.

As one introvert joked on Twitter, “This quarantine is not our dream come true. We have people in our house who NEVER leave.”

But as a study published in January suggests, other traits appear to be more important than extroversion. In particular — and rather unsurprisingly — neuroticism was strongly correlated with more anxiety and worse depression. People who are worrywarts even in normal times are also at heightened risk of freaking out when a

deadly virus is making the rounds.

Openness was also associated with increased anxiety, though not with depression. That surprised me. This trait includes abstract, creative and lateral thinking.

That’s why, in last year’s column, I used Isaac Newton, an introvert who also had an unusually open mind, as an example of somebody who had stunning intellectual breakthroughs in quarantine. By the same token, perhaps, very open minds are also better at imagining all the things that could go wrong.

Being agreeable helped against both anxiety and depression, but not as much as you might think. It’s possible — I’m speculating — that agreeability mainly turbo-boosts the positive effects of that aforementioned other trait, extroversion. After all, it’s no good being a social butterfly, on Zoom or in your dormitory, if you’re not also empathetic and kind. It’s the quality, not the quantity, of human connections that comforts us in bad times.

The winner on the positive side of the ledger was clear. The more conscientious people were, the less anxious and depressed when stuck at home. This makes sense. People that score highly on this THE STUDIES trait are better at hewing to routines PUBLISHED SINCE THE that provide structure OUTBREAK AGREE during endless days of working or study- THAT PERSONALITY ing remotely. I have a friend who never PLAYS A HUGE ROLE IN wore coats and ties in HOW WE DO OR DON’T the office, but started dressing up in fancy, COPE WITH DIFFICULT and rather eccentric, SITUATIONS. suits during lockdown. Looking sharp, he ascends every day to his attic to do productive and satisfying work.

Conscientiousness, or what we used to call self-discipline, also helps in every other way. It gets us on the yoga mat day after boring day, corks the wine bottle after the fourth second glass, and helps us meet our deadlines on the job, so we can keep it.

What I find uplifting about this research is that there are many individual paths toward resilience. For each trait, we’re all somewhere on a spectrum. With self-awareness, we can compensate for risk factors — neuroticism, say — and we’ll be fine. Moreover, we still have recourse to some secret weapons the psychologists forgot to include in their categories. Even (or especially) in a macabre situation like a pandemic, humor is an option.

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R

L

C

a h fu in s s

C a e ti p n d

The COVID-19 pandemic has tested the health care sector in ways we’ve never seen before, but industry professionals have risen to the occasion in a variety of areas. Teams and individuals ensured that life-saving transplant services continued despite the pandemic. Civic officials and boards helped to save lives through their services for citizens and the spread of information. Health system teams looked out for their fellow caregivers, and breakthroughs in medical innovation continued. These are among Crain’s Cleveland Business’ Notables in Health Care.

fo ti s th

METHODOLOGY: The honorees did 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. The program was designed to recognize individuals and teams making an impact in patient care, the community and health care sector. Recognition was available in three categories: administration, patient care, and research and innovation.

“

ADMINISTRATION

PATIENT CARE

ADMINISTRATION

SEAN CANNONE, D.O.

RICHARD GROSSBERG, M.D.

JULIE JACONO

Medical director for Post-Acute Care and Home Care, University Hospitals; medical director for the Wolstein Center mass vaccination site

Medical director, Hattie Larlham Center for Children with Disabilities

Senior vice president and chief strategy and innovation officer, MetroHealth System

Dr. Richard Grossberg’s “unwavering dedication and commitment to bring the best possible health care to the Hattie Larlham community did not fluctuate during the COVID-19 pandemic,” according to his nomination.

Grossberg became the first fulltime medical director at Hattie Larlham in 1999. His commitment, guidance and encouragement kept the front-line workers at Hattie Larlham equipped to care for the medically fragile community they serve.

“Dr. Grossberg has taken a leading role in our response to the COVID-19 pandemic with overall excellent results,” Hattie Larlham CEO Steve Colecchi said in the nomination. “He has been a valuable member of the Hattie Larlham team for more than 20 years and is a nationally recognized expert in the care of individuals with complex medical issues and disabilities. Dr. Grossberg plays a key role in allowing Hattie Larlham to meet its mission of providing comfort, joy and achievement to the persons we serve.”

In addition to his work at the Hattie Larlham Center, Grossberg is a pediatric neurodevelopmental disabilities specialist at UH Rainbow Babies & Children’s Hospital and a professor of pediatrics at Case Western Reserve University School of Medicine.

Julie Jacono builds new systems and processes that improve patients’ health.

“She is our genie in a bottle,” said MetroHealth System president and CEO Akram Boutros in the nomination.

“Leading our small and mighty strategy team, she has used her superpowers — unmatched creativity, intellect and tenacity — to turn ideas and vision into form and function.”

To curb suicide completions and attempts at the county jail, Jacono redesigned the process, scope and delivery of health care at the facility, which included adding proactive mental health care and addiction treatment. Previously, the jail had failed to meet 22 state health and safety standards. Afterward, it met or exceeded requirements.

When Jacono learned many patients did not seek care at MetroHealth’s Buckeye Health Center because of outside factors, she invited community partners to bring basic services — job training, food, benefits enrollment, trauma counseling and other resources — to the center.

The number of patients to the center since has increased.

In addition, Jacono led MetroHealth’s collaboration with the Cleveland Clinic, University Hospitals, Case Western Reserve University and Cleveland State University to create the JobsOhio Cleveland Innovation District, which is expected to bring more than $566 million in economic development to the region.

Dr. Sean Cannone’s work during the COVID-19 pandemic as a co-clinical lead for the Ohio Department of Health in Northern Ohio put him in a big role: The state agency chose him as the site medical director for the federally supported mass vaccination site at Cleveland State’s Wolstein Center.

In that role, Cannone has provided clinical guidance and oversight for operations at Wolstein, the only mass vaccination site of its kind in Ohio that at its peak was vaccinating thousands of people per day.

Cannone helped coordinate hundreds of physicians, nurses and medics, plus worked with the Federal Emergency Management Agency, Ohio National guard members, a pharmacy team, security forces and more to coordinate efforts.

All of that comes on top of Cannone’s role as the regional clinical adviser for the Rapid Regional Response Assistance Program within the Ohio Department of Aging. Cannone provides the governor and the state with expert guidance on COVID-19 policy and education for long-term care facilities.

His expertise was put to use when COVID began to hit patients at skilled nursing facilities hard. UH tapped Cannone to lead the response effort, and he guided the rapid implementation of the UH Congregate Living Intercept Team to provide outbreak pre-planning and support.

Leslie Green Leslie Green

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FOCUS | NOTABLES IN HEALTH CARE RESEARCH AND INNOVATION

PATIENT CARE

ADMINISTRATION

LARA JEHI, M.D.

HOLLY KLEIN

HEATHER MEKESA

Chief research information officer, Cleveland Clinic

Co-founder and executive director, Grace House Akron

Chief operations officer, Clinical Operations, Lifebanc

As the inaugural chief research information officer at the Lerner Research Institute, Dr. Lara Jehi is spearheading a multi-institutional data science project funded by the National Institutes of Health. Her work involves integrating information technology, research, finance and other resources to support research and accelerate the development of new treatments.

“Dr. Jehi’s expertise as both a databased researcher and physician will provide strategic vision to leverage large clinical informatics systems to drive innovation,” said Dr. Serpil Erzurum, chief research and academic officer at the Cleveland Clinic, in the nomination.

In 2020, Jehi collaborated to use predictive analytics to counter COVID-19 with personalized medicine. The team created a registry to store and analyze data, which resulted in a model used around the world to forecast a patient’s likelihood of testing positive for COVID-19 and predict their outcomes from the virus. The registry is now supporting more than 200 research projects in 14 different medical disciplines.

In addition, Jehi is co-director of Network Capacity for the Clinical and Translational Science Collaborative of Cleveland, vice chair of Cleveland Clinic’s Institutional Review Board, and principal investigator of the biorepository.

Former in-home hospice nurse Holly Klein routinely witnessed patients falling through the gaps of the health care system — gaps that were even larger for the underprivileged and underinsured.

Motivated by the belief that all individuals deserve a death with dignity, Holly and co-founders Cindy and Nicholas Browning formed Grace House Akron, a notfor-profit, to help.

That was in 2017, and Klein spent the next two years developing the organization and its innovative service model to provide an accepting, caring environment for individuals with terminal illnesses who would otherwise spend their days alone or in undesirable conditions.

“I have known Holly for several years, and I have not met a person with more drive, initiative, focus and compassion to serve those in the Akron community who need support during their last days of life,” said Grace House vice chairman Brian Emich in the nomination. “Holly had a vision five years ago to meet the needs of the homeless and those without caregiver support during their final days of life. … Five years later, Holly has secured land for $10 from Summa Health system, worked with our board of directors to raise over 80% of our capital campaign goal (total goal $2.8 million) and is planning on breaking ground in June on our Grace House home.”

Heather Mekesa’s life changed when a friend’s death resulted in saving the lives of others through organ and tissue donations.

Under her leadership in 2020, Lifebanc exceeded previous metrics in respect to the number of lives saved, for a total of 531. She was also integral in the design and launch of a “world-class,” onsite hospital that includes a three-bed intensive care unit and three operating rooms for organ and tissue donation. Mekesa’s efforts provided relief to hospitals dealing with overcrowding as a result of COVID-19 and helped Lifebanc exceed its transfer goal.

Her team’s efforts resulted in a $100,000 grant from Allergan to promote the use of tissue donors from hospice patients.

In addition, Mekesa works with transplant surgeons on ways to improve organ recovery as co-chair of the Association of Organ Procurement Organizations COO Council.

“Her passion for the work we do is evident in her high level of involvement with industry organizations, mentorship of peers in and outside of Lifebanc, and her desire to cross the finish line on every donation opportunity to ensure the wish of each donor or family are honored and remembered,” said Lifebanc CEO Gordon Bowen in the nomination.

Leslie Green

Dan Shingler

Leslie Green

“ There are people who think big.

And there are people who do big.

Julie does both.”

-MetroHealth Team

Julie, congratulations for receiving the Notables in Health Care Award.

Your extraordinary drive makes health care better for everyone.

We call Julie our genie in a bottle. And thankfully, we’re not limited to three wishes.

She routinely turns disruptive, innovative health care ideas into real-world successes.

And not just minor successes. Julie led our effort to help create the Jobs Ohio Innovation District, focusing on community responsive care, workforce development and population health. The project will bring more than $566 million to our region. Her work on solving the regional behavioral health and substance abuse acute need culminated in MetroHealth announcing a 110 bed hospital expansion in Cleveland Heights. And what does Julie say about all this, “My work should get other people awards. I just want better health outcomes for our community.” I guess we can also add humility to her many admirable traits.

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FOCUS | NOTABLES IN HEALTH CARE

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ROBERT PHILLIPS-PLONA Director of residential services, Hospice of the Western Reserve Robert Phillips-Plona’s collaborative nature, along with his experience as a nurse and administrator who in both roles is certified in hospice and palliative care, has helped Hospice of the Western Reserve (HWR) gain national recognition.

In addition to managing two inpatient hospice units, he manages the infection control, dietary and safety programs. A member of the Northeast Ohio Metropolitan Medi-

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The relationship has helped the hospice system vaccinate more than half of its staff.

In addition, he spearheaded a collaboration with the Northeast Ohio Regional Health Departments that allows staff, volunteers, patients and their families to receive medication during a disaster without going to public distribution sites.

“Bob led the initiative to get our staff vaccinated across the nine

counties we serve, coordinating with every county health department, even as information was changing day to day,” HWR president and CEO Bill Finn said in the nomination. “Because of his tireless efforts, we were able to serve thousands of dying patients in hospitals, nursing homes, assisted-living facilities, at home and in our hospice facilities, while educating staff and patients/families on safety and best practices.”

Leslie Green

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Dr. Robert Salata has numerous responsibilities and roles. In addition to other roles at Case Western, he is STERIS Chair of Excellence in Medicine. He also has participated on advisory boards of major pharmaceutical companies and the National Institutes of Health, related to infectious diseases and new antimicrobial products.

He was principal investigator for the Pfizer/BioNTech global vaccine study of BNT162b2 against

COVID-19. Salata’s action in managing trial recruitment, deadline adherence, and prospective data entry and sign-off contributed to the design and analysis of the study that led to the Food and Drug Administration’s emergency use authorization. He will be beginning research on the vaccine’s impact on pregnant women and is involved in research in treatment to prevent progression of the virus.

“Dr. Robert Salata has proven ex-

traordinary leadership during the COVID-19 crisis,” said UH chief operating officer Eric Beck in the nomination. “… The frequency and quality of information he provided internally … to our community stakeholders and government officials, sometimes multiple times a day, helped calm nerves, provide clarity and shape policies and decisions that were constantly evolving.”

Leslie Green

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CUYAHOGA COUNTY BOARD OF HEALTH It is fair to say that because of the tireless work of the team at the Cuyahoga County Board of Health (CCBH) many lives were saved during the COVID-19 pandemic.

“Together with a small army of EMS first responders, doctors, nurses, medical students and countless brave Community Emergency Response Team volunteers, we worked 24/7 this year to defend against the COVID-19 pandemic by case investigation, contact tracing, cluster suppression, masking, social distancing and promotion of sound hygiene,” Cuyahoga County health director Terry Allan said in the nomination.

From the very beginning, the team at CCBH provided context and guidance for the state health orders, played an integral role bringing together the region’s hospitals, set up new systems to identify infection clusters, and provided testing and tracing services, the nomination said.

A major thrust of CCBH efforts has been rooted in the idea of equity of access to critical health services for the most vulnerable and disadvantaged community mem-

“WE BELIEVE WE HAVE HELD OFF THE WORST RAVAGES OF THE PANDEMIC.” — Terry Allan, Cuyahoga County health director

bers, the nomination said. To help achieve this, CCBH members provided information, food, medication and translation services for those in quarantine and isolation.

Because of the actions led by the coalition brought together by CCBH, “We believe we have held off the worst ravages of the pan-

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FOCUS | NOTABLES IN HEALTH CARE ADMINISTRATION

ADMINISTRATION

JOAN SEIDEL

ROBYN STROSAKER, M.D.

Health commissioner, city of Kent Health Department

Chief operating officer, University Hospitals Cleveland Medical Center; physician, Division of General Pediatrics and Adolescent Medicine, UH Rainbow Babies & Children’s Hospital; associate professor of pediatrics , Case Western Reserve University School of Medicine

Joan Seidel followed up a successful career in nursing in 2015 by serving as a volunteer on the city of Kent Health Department board of directors. And in 2019, Seidel was asked to lead the health department as its commissioner, just before the COVID-19 pandemic arrived at Kent’s doorstep.

Since the coronavirus outbreak, Seidel has taken on many roles. She is either on a call answering questions from Gov. Mike DeWine, reviewing lab tests from sanitary sewers, hand delivering flyers, developing social media messaging, visiting Kent schools, volunteering at mass testing sites, inspecting facilities or just providing care to those in need, the nomination said.

“It is not unusual to have exceptional performers in specialty fields, but Joan's specialties seem to know no bounds. She is equal parts program manager, budget analyst, health administrator, nurse practitioner, researcher, facilitator, public information officer and all parts caregiver,” said Kent City manager Dave Ruller in the nomination.

Seidel also found time to secure public health grants and administer coronavirus relief funding.

Seidel’s administrative exper-

tise is coupled with an emotional understanding that had her sending personal notes to those sick or struggling, and gifts to help lift the spirits of staff members, the nomination said.

“Joan is always the last to accept recognition for her efforts and the first to express her gratitude to everyone else for their contribution,” Ruller said.

Kim Palmer

When UH officials learned they would soon receive vaccines, Dr. Robyn Strosaker and her team swiftly ensured they could intake, store and deliver the shots; register patients; provide confidential vaccination booths and observation teams; and respond to emergencies should someone have a negative reaction. Under Strosaker’s guidance, 12 administration sites were delivering doses five days after notifications.

orchestration (of our vaccination efforts) was the fact that COVID-19 vaccination prioritization, processes and policies are determined by the state, and timing of vaccine shipments fluctuate constantly.

“Not only did Dr. Strosaker manage coordination efforts of epic proportions, but she had to factor in an agile approach that would enable the team to pivot on a moment’s notice.”

Leslie Green

HIS FIRST

RESPONSE: SOMETHING NEEDED TO BE DONE.

20

years ago, a sudden death occurred on John Carroll’s campus.

Eric Beck, a freshman at the time, was sitting in a room nearby.

He didn’t know what was going on until the local Emergency Medical Services arrived.

Beck was a certified Paramedic himself, working part time while attending JCU. He realized that had first responders been there sooner, a life might have been saved.

“AFTER THAT NIGHT, I RECOGNIZED A REAL NEED IN OUR CAMPUS COMMUNITY.” He reached out to connections at local hospitals and fire departments, and he brought together the initial 50 student volunteers and faculty. Together, they created a student-led organization that could immediately respond to oncampus medical emergencies.

JCU EMS was born.

Today, the organization still serves the John Carroll community.

demic. Our county has always maintained sufficient hospital and ICU beds. We held infections to a level well below what might have been expected for a city and demographic of our size,” Allan said.

A month later, Strosaker had mobilized a large operational team, enabling UH to begin vaccinating all members of the community.

“Dr. Robyn Strosaker has demonstrated outstanding leadership in working across multiple departments within UH to stand up our vaccination efforts,” said Daniel Simon, UF chief clinical and scientific officer and president of UH Cleveland Medical Center, in the nomination.

“Complicating the process and logistical

The students work closely with local fire departments and each year, JCU EMS members graduate and do amazing work within healthcare.

Since 2002, there has been a student chief and a deputy chief at the helm of the JCU EMS, and it has provided leadership experience for hundreds of students over the past two decades. Today, these graduates are in service and leadership roles throughout the country.

“SIMILAR TO MY EXPERIENCE ESTABLISHING EMS AT JCU, MY ROLE AT UH IS TO ENSURE THAT WE CAN SUSTAIN OUR MISSION FOR THE COMMUNITY INTO THE FUTURE. MANY ASPECTS “ONE OF THE UNIQUE CHALLENGES OF A STUDENT- ARE SIMILAR: LEADING ONESELF WITH INTEGRITY; LED ORGANIZATION IS SERVICE TO OTHERS AND THAT THE LEADERSHIP CREATING AN INCLUSIVE TURNS OVER EVERY FOUR ENVIRONMENT.” YEARS. JOHN CARROLL IS WHERE I LEARNED HOW Leading with purpose, Eric TO BUILD SOMETHING Beck has made a difference THAT CAN ENDURE.” Now, Eric Beck works as the Chief Operating Officer for University Hospitals Health System and continues to volunteer as the Medical Director for JCU EMS.

in JCU, in Cleveland, and in countless lives.

Find Eric Beck’s story and others at jcu.edu/humanimpact

BRAVE YOUR QUEST

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FOCUS | NOTABLES IN HEALTH CARE

Congratulations...

From left: Chavin, Miller and Koval

TEAM: ADMINISTRATION

to all our UH caregivers who have been honored with the Crain’s 2021 Notables in Health Care recognition. Your dedication to our UH Mission – To Heal. To Teach. To Discover. – makes us #UHProud.

CLEVELAND CLINIC AND UNIVERSITY HOSPITALS TRANSPLANT CENTERS

• Sean C. Cannone, DO, CMD

• Sanford D. Markowitz, MD, PhD

Ken Chavin, M.D.; Charlie Miller, M.D.; Christine Koval, M.D.

• Amitabh Chak, MD

• Robert A. Salata, MD

• UH Transplant team, led by

• Robyn H. Strosaker, MD, FAAP

In many instances, the Cleveland Clinic and University Hospitals can be thought of as competitors. But that’s not the case when it comes to the organizations’ organ transplant teams, according to the nomination.

The two health systems and Lifebanc, the nonprofit organ and tissue recovery organization, all worked in tandem during the pandemic.

Team leads are Dr. Ken Chavin, James A. Schulak MD Endowed Director of the UH Transplant Institute, and division chief, Transplant and Hepatobiliary Surgery; Dr. Charlie Miller, enterprise director of transplantation at Cleveland Clinic and professor of surgery with Cleveland Clinic Lerner College of Medicine of Case Western Reserve University; Dr. Christine Koval, section head, transplant infectious diseases at Cleveland Clinic and associate professor of medicine with Cleveland Clinic Lerner College of Medicine of Case Western Reserve University.

Kenneth D. Chavin, MD, PhD

• Joseph E. Willis, MD

• UH Connor Integrative Health Network

team, led by Françoise Adan, MD

© 2021 University Hospitals COM 1508582

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CRAIN’S CLEVELAND

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4/29/21 3:11 PM

“Both transplant centers made their administration and resources available so that we could safely continue to offer the option of donation and provide the selfless gift of transplant to almost 600 individuals across the country,” the nomination stated.

Time is of the essence in this arena, and by March 2020, the centers figured out prompt ways to test and screen potential donors for COVID-19. Koval was on call aroundthe-clock for any questions Lifebanc officials had. Each system stayed in close contact to provide Lifebanc with necessary updates or make suggestions about best safety practices.

“It was remarkable to see our two largest health care systems come together and allocate resources all focusing on the greater good so that the many waiting for live saving transplants were given a second chance,” the nomination said.

Amy Morona

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From left, Sanford Markowitz, Amitabh Chak, Joseph Willis. | CONTRIBUTED

TEAM: RESEARCH AND INNOVATION

CASE WESTERN RESERVE UNIVERSITY SCHOOL OF MEDICINE Sanford Markowitz, M.D.; Amitabh Chak, M.D.; and Joseph Willis, M.D. Esophageal cancers, which are highly lethal and arise from a precursor lesion of Barrett’s esophagus (BE), have increased more than five-fold in recent years. However, finding BE in patients early could help physicians intervene in the progression of the cancers.

A CWRU team — Drs. Sanford Markowitz, Amitabh Chak and Joseph Willis — is behind a new easily performed, minimally invasive and accurate biomarker test that could change outcomes for patients around the world. The innovation is both a device and a DNA test — EsoCheck and EsoGuard — that identifies BE. “With the team’s new invention, patients can be reliably tested for BE without an invasive endoscopy,” said Stan Gerson, interim dean of the CWRU School of Medicine, in the nomination. “A clever pill-based balloon to retrieve a sample in a few minutes, coupled with advanced genetic analysis, introduces a new preventive diagnostic method to assist in assuring patients of their cancer risk and direct

them to appropriate early treatment.”

Markowitz, who leads the team, is Ingalls professor of cancer genetics and medicine at the School of Medicine and an oncologist at University Hospitals Seidman Cancer Center.

Chak is a professor of medicine at the CWRU, a gastroenterologist and the Brenda and Marshall Brown Master Clinician in Innovation and Discovery at the University Hospitals Cleveland Medical Center’s Digestive Health Institute. Willis is professor of pathology at the School of Medicine, a gastrointestinal pathologist and pathology vice-chair for Translational Research at University Hospitals’ Diagnostic Institute.

“The team’s openness to outside advice — from the National Cancer Institute to School of Medicine programs like Case-Coulter to their new commercial partners at LUCID — shows their dedication to solving the problems with the best advice, as quickly as possible,” Gerson said.

Leslie Green

12 | CRAIN’S CLEVELAND BUSINESS | MAY 17, 2021

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FOCUS | NOTABLES IN HEALTH CARE

From your exemplary work to your continuous dedication.

You reflect our world class care.

Top, from left: Adan, Block, Dusek and Kaiser.

Bottom, from left: Lapohn, Miller, Stuczynski and Vincent

Congratulations to all the Notable in Health Care honorees and thank you for your dedication to the health and well-being of our community, including:

TEAM: PATIENT CARE

UH CONNOR INTEGRATIVE HEALTH NETWORK It’s been a stressful time for patients and caregivers in the COVID era, but for University Hospitals, a team was in place to help.

The UH Connor Integrative Health Network team developed a program, dubbed UH4YOU, to provide compassionate support and practical solutions for hospital staff. Led by director Dr. Francoise Adan, UH’s chief whole health and well-being officer and the Christopher M. & Sara H. Connor Chair in Integrative Health, the team collaborated closely with several UH departments to react quickly to the crisis.

Other members of the team include Seneca Block, expressive therapy program manager; Jeffery Dusek, director of research; Christine Kaiser, clinical manager, acupuncture and quality; Vanessa Lapohn, operations manager; David W. Miller, medical director of pediatric integrative medicine; Joseph Stuczynski, administrative director; and David Vincent, medical director of chiropractic.

Thanks to the UH4YOU program, the team’s fellow employees were able to access a call center that provided sup-

port for stress-management issues, such as balancing work and home obligations and caring for family members who had COVID. This was on top of general human-resource matters.

The team also established the Connor Resilience Center, which provides free weekly self-care classes via Zoom to UH employees and the public. It even found a way to virtually deliver music therapy — a team specialty — to COVID patients who were isolated.

“The UH Connor Integrative Health Network team, led by Dr. Francoise Adan, serves as a shining example of ingenuity, collaboration and agility in adapting to the challenges of COVID-19 for our caregivers and community,” said Daniel I. Simon, M.D., UH chief clinical and scientific officer and president, UH Cleveland Medical Center, in the nomination. “The pandemic has certainly taken its toll on many. This team recognized the impact, proactively reaching out to colleagues across the system to focus on health care worker physical and emotional wellness.”

Dan Shingler

Lara Jehi, MD Chief Research Information Officer

Charles Miller, MD Christine Koval, MD Transplant Team

ClevelandClinic.org

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reen MAY 17, 2021 | CRAIN’S CLEVELAND BUSINESS | 13

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Q&A

Cleveland Mayor Frank Jackson: ‘There will always be a crisis’ On May 6, Cleveland Mayor Frank Jackson announced that he won’t seek re-election this year. At 74, Jackson is in the waning months of his fourth term, making him the city’s longest-serving mayor.

In the wake of his announcement, he talked to Crain’s about economic development, lakefront access and how the administration is looking at $511.7 million in federal recovery funds. The first of two equal pandemic relief payments is set to arrive soon. The second installment will come 12 months later, after Jackson has passed the baton to his successor. The following conversation has been edited for brevity and clarity. — Michelle Jarboe ` What are your priorities for the remainder of your term?

One of the reasons I delayed announcing is that I knew this question would come up. I’m still the mayor. I’m running the city.

So my priority is to make sure the city is running and the services are delivered.

Other than just running the city, we do have the ($512) million that was allocated to Cleveland, and we are currently in the process of looking at how we want to allocate that.

And then there are other things that will pop up that are unexpected, as they usually do.

The pandemic, we’re still moving through that. And we’re better positioned in terms of getting people vaccinated.

We’re opening up applications for issuing permits for outdoor events, parades and neighborhood festivals. We know that the Greater Cleveland Sports Commission and Destination Cleveland, as well as ourselves and others, will be looking at national and international events. So we’re doing all of those things at the same time. ` How much can you do this year to set a path for spending the federal coronavirus aid?

We can look at the cost we’ve incurred in regard to the pandemic. In terms of our budget, because of that, I can say that we will be stable. We’ll be able to balance the budget.

If this stuff goes through at the state level with regards to work-at-home and diverting income taxes and things like that — which is very problematic not only for government in terms of revenue stream but for business in terms of accountability — it’s very problematic.

If that goes through in the way it’s proposed, you’re adding tens of millions of dollars of lost revenues.

So that will have a significant impact on the amount of money that can be used for other things, because our primary thing will be to stabilize the government, to make sure that we don’t go bankrupt ourselves.

But once we do that, we fully recognize that this is one-time money. And even though we will be stable for a couple of years, after that couple of years this money will be gone. And if we don’t have a continuing revenue stream to replace that, then we’re going to be worse off than we were.

That’s why it’s important to get the

RTA

From Page 5

Duarte’s is only one voice, though, and Stocking wonders how much she will be able to affect the board’s dynamics and decision-making.

Robert L. Fischer, associate professor at Case Western Reserve University’s Jack, Joseph and Morton Mandel School of Applied Social Sciences, said he has seen a push for more diverse boards in recent years, but that

hospitality industry back in gear, get it back to being robust, and also to invest in what may be some of the new reality.

The economy is not going to be the same going out of this as it was going in.

Now the devil’s in the details. It’s not as much in the details as to lost revenues and costs. But on the economic incentives and the partnership with the private sector, and the private sector also taking risk to help rebuild our economy for the future. The details of that have to be worked out.

Mayor Frank Jackson recently announced that he won’t be running for a fifth term. | SCREENSHOT FROM CITY OF CLEVELAND YOUTUBE CHANNEL

` What is your assessment of where the mayor’s neighborhood transformation initiative, a public-private effort that started with investments in Glenville, stands? What more can you do with it?

It is the mayor’s neighborhood transformation initiative, but it’s my expectation it doesn’t end with the mayor.

We’re talking about institutionalizing economic development and investment strategies to create market in areas where there is no current market. And that shouldn’t end with me. If it ends with me, then it’s a failure.

It should be institutionalized. And based on the information that I’ve been receiving, we are seeing some movement in that direction. Of course, it is not enough to stand on its own now, but there is some movement in that direction.

And what we’re doing as we’re looking at neighborhood expenditure of the stimulus dollars is to connect dots there. It’s not just a standalone thing.

In a broader sense, how do we bring back the hospitality industry? How do we look at what is the new economy of the future and how that plays out?

Where does manufacturing sit in there?

Where does IT sit in there?

What is the relationship now that you have new leadership at Greater Cleveland Partnership? Is the relationship between them and Team NEO a better relationship? And JumpStart and all of that?

Because they have much more resources than we have, and they also have silos that they have to overcome.

Now that we have some new leadership around, that will be key and essential as to how we can create real public-private partnership and have both the public and the private sector share in risk not only to rebuild distressed neighborhoods but also to

continue to stabilize neighborhoods so that they don’t fall down. And then to allow for more prosperity in those neighborhoods that are doing well.

And then on top of that, how do we look at Cleveland and its assets — like an airport and a water system and a port authority — and leverage all of that with these business chambers and our financial institutions to come up with some global Cleveland region economic development strategy?

That’s in my head, and that’s what we’re trying to put together. When people mention these small things to me, I understand that they see it that way. But it’s really just one thing in the whole picture of things that we need to be successful.

Finally, none of that matters to me unless all can share in prosperity and quality of life. Because I have no energy to create success at the expense and the suffering, the continued suffering, of people. I have no enthusiasm there.

So key to all of this would have to be some change and some guarantee that equity, eliminating disparity and addressing racism, as institutional things, will have to be done.

there is no easy way to guarantee that new voices are heard.

“The value of community voice has certainly become more important over the last 20 years, I’d say,” Fisher said.

“But is it making a difference? I think it has, but it has also led to a lot of tokenism.” Fischer Still, he said, “There’s always this balance between skills and abilities that you need on a board, and perspectives that you want on a board,

(and) having an authentic connection to the people you serve,” he said.

The RTA has a reputation for engaging with advocacy groups such as Clevelanders for Public Transit. Lucas said he plans to meet with members monthly and to include public comment during virtual board meetings throughout the pandemic.

Leadership has to value a different perspective at the table and be pre-

` During the remainder of your tenure, what do you think might be possible in terms of trying to advance lakefront development?

One of the things that we’re looking at right now is a land bridge. How do we connect from the back of City Hall, from the Malls, to surface down there with the museums and everything, where all of the things that are the obstacles to access, like the railroads and the highway, can be encapsulated? So you can just walk across, right on green space. And to me, it doesn’t have to be something that you have to build on or be able to build on.

Once you have that, there is the part of the lakefront, particularly those docks behind Browns stadium and the area between the railroad tracks and the highway and the docks going from East 9th Street down to West 3rd, those kind of areas where you can build something.

There’s always been the question of Burke Lakefront Airport, as to whether or not 600 acres or so should be put in play. Right now, I don’t believe so. I know it’s not, because right now it’s part of our airport system. But, more importantly, the environmental concerns out there are such that I don’t know who could afford to address it in terms of being able to remediate it — and then on top of that, to be able to go down far enough to get to a solid something where you can actually build something of significance.

The cost of that is enormous.

When the demand for that property is such that developers are willing to pick up that cost or to get federal and state dollars to help do the remediation, then we can put it in play. Then we can put it in play. And then going from there toward 72nd Street, connecting with Gordon Park, all of that, I think, is in play.

The immediate thing to be done, however, is coming up with a strategy to deal with West 3rd to East 9th Street and to deal with this land bridge going across the railroad tracks and the highway. That’s the immediate thing. ` How much meaningful progress do you think you can make on the land bridge this year?

We are going to the (Transportation Review Advisory Council), I think, sometime in June, where they have the capital dollars coming from the state.

We’re willing to use some of our money to pay our share of a larger amount from the state to do the preliminaries. We’re actually taking some steps. Those initial pared for that voice “to shake things up a little,” Fisher said, with the hope that such change produces a better outcome.

Duarte’s appointment is timely, as Ohio legislators recently passed a $150 million transportation bill for 2022-23, and as a massive federal infrastructure proposal by the Biden administration looks to spend $85 billion over eight years to modernize public transit, including bus and rail service.

Last week, the RTA announced a

studies, if we can get that done before the end of the year, I believe — well, I know — the next mayor will inherit an opportunity to actually materialize. ` What do you hope your successor, whoever it is, picks up from you and carries on?

I can’t hamstring them like that. I really can’t. Like I said, there will be good things that they inherit.

I believe they’ll inherit a stable budget. If we’re able to work this thing through the TRAC, a lakefront plan.

They’ll inherit some initiatives out in the neighborhoods.

They’ll inherit, hopefully, a revitalized hospitality industry and some focus on investment strategies to grow our economy overall. Hopefully they’ll also inherit some basic understanding as to how to address inequities, disparity and racism.

And then there will be probably some things that will be undone, that they will consider, “Damn, I wish I did not have this.” But they’ll have to deal with it, just like I had to deal with it.

They can take all that and do their own thing with it. It will be a smorgasbord of things that they’ll have to address. But I will tell you this: On the horizon, there will always be a crisis. There will always be a challenge. And in the midst of the best-laid plans will come this crisis. And if they’re unable to deal with that, then it really won’t matter.

And I will guarantee you, it’s coming.

It always does. I would expect before the end of the year, we will probably face something else. It’s how you deal with it. It’s never the challenge that matters.

Challenges are irrelevant. What matters is how you deal with them.

Michelle Jarboe: michelle.jarboe@ crain.com, (216) 771-5437, @mjarboe system redesign that addresses some of the most pressing transit complaints. The redesigned system, which goes into effect June 13, provides more frequent bus services to highuse routes, reduces the need for transfers and adds more crosstown buses.

The RTA is prioritizing education, health care and job destinations with service every 15 minutes on weekdays.

Kim Palmer: kpalmer@crain.com, (216) 771-5384, @kimfouroffive

14 | CRAIN’S CLEVELAND BUSINESS | MAY 17, 2021

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THOUGHT LEADER FORUM

PERSONAL FINANCE PANDEMIC PLANNING: OPPORTUNITIES, MUST-HAVES AND MUST-DOS The COVID-19 pandemic revealed vulnerabilities in the retirement and financial planning of Americans. Millions of workers stopped contributing to their retirement plans or withdrew funds early to sustain their daily needs. Many other employers halted 401(k) contribution matches. But crisis begets change. The pandemic highlighted the need for proper planning, now and in the future.

FINANCIAL SUPPORT

Below are some pandemic planning opportunities, must-haves and must-dos:

BY THE NUMBERS

FIND STABILITY

According to data from the U.S. Bureau of Labor Statistics: 67% percent of private industry workers had access to employer-provided retirement plans during the beginning of the pandemic 52% had access only to defined contribution retirement plans 12% had access to both defined benefit and defined contribution retirement plans 3% had access only to defined benefit retirement plans

Stabilizing one’s financial situation can improve their mental well-being and financial health. Financial planning experts suggest three ways to help maintain financial stability in the case of another unexpected situation, such as a pandemic: • Build an emergency fund equivalent to three to six months’ worth of expenses.

• Evaluate and re-negotiate recurring expenses, such as internet services or utility expenses.

Ongoing volatility in the financial markets foretells of the likelihood that retirement plan participants’ needs will continue to change. Employers will face challenges in ensuring retirement planning feels accessible and relevant to all employees. To that extent, employers should consider offering access to emergency savings accounts funded through payroll deductions and incentivize employees by offering a certain amount of employer contributions to these accounts, according to the Society for Human Resource Management.

PLAN FOR THE FUTURE Unexpected emergencies cannot be controlled and are to be anticipated. Taking control of your financial future will help you negotiate turbulent situations that inevitably will arise. A CPA can customize a tax-efficient financial plan that helps each individual address their unique retirement and savings needs, as well as investment growth targets, according to the American Institute of CPAs’ National CPA Financial Literacy Commission.

A NEED FOR CHANGE Young adults are three times more likely to experience financial stress compared with older adults. About 75% of Americans ages 18 to 34 say they have been somewhat stressed about their financial situation since the onset of the pandemic, compared with 27% of Americans ages 65 and older, according to the American Institute of CPAs.

SOURCES: AMERICAN INSTITUTE OF CPAS, BANKRATE, SOCIETY OF HUMAN RESOURCE MANAGEMENT, U.S. BUREAU OF LABOR STATISTICS.

Compiled by Kathy Ames Carr, Crain’s Content Studio-Cleveland

Pandemic put spotlight on some important financial lessons JASMINA TADIC Senior Financial Advisor NCA Financial Planners jtadic@ncafinancial.com 440-473-1115, ext. 229 Tadic received her bachelor’s degree in marketing and business logistics from John Carroll University, and in 2001, she joined NCA. Tadic, who has obtained her Certified Divorce Financial Analyst designation, aims to build and maintain strong client relationships, working to assist clients in making financial decisions that best meet their needs.

D

ealing with the pandemic was emotional in so many ways and taught us so much about ourselves and each other -- from learning what things are most important in our lives to how little it turns out we know about our friends and family as we “all get through this together.”

others who chose to work an extra year because, “What else are they going to do with their time?”

Never before COVID have we all been in the same boat with so many different ways of safely getting back to shore, including how we manage our finances.

The savers found themselves confidently retiring early. While others learned the impact of working another year. Every extra year of work is like two years with financial planning; it’s one more year you are saving instead of tapping into investments, and one less year of funding retirement from those investments!

LIFESTYLE I had clients who wanted to retire due to fear of being exposed to the virus. And

If you found yourself with extra money before payday during the pandemic, increase your savings now before you fall

back into your pre-COVID spending routine.

The more you can save, the better options you will have in case of future challenging times.

LANDSCAPE Tax rates currently are at historic lows and there most likely will be an increase due to debt incurred during the pandemic.

Current rates are expected to go up when they expire in 2025 per the Tax Cuts and Jobs Act, if not sooner. Saving on taxes now may mean paying more later in retirement if you only save in a tax-deductible IRA or 401(k). You should consider making contributions to a Roth 401(k), a post-tax 401(k) or Roth IRA, if available.

In these vehicles, you won’t get a tax deduction now but you also won’t have to pay taxes on distributions in retirement.

And because you are not getting a tax deduction for adding to these types of accounts, you also can withdraw your contributions before turning 59½ without penalty.

yourself in a higher tax bracket than you are now.

LEGACY Retirement plans dictate who inherits our assets when we die. And in most states, you can add a beneficiary to most of your other assets. Those often overlooked are savings and checking accounts, safety deposit boxes, vehicles and even your home.

This is even more important for unmarried people, as spouses are typically the default beneficiary. And setting up a financial and health care power of attorney before a crisis makes an already tough situation a little more manageable.

NCA Financial Planners 6095 Parkland Blvd., Suite 210 Mayfield Heights, OH 44124, (440) 473-1115 (440) 473-0186 FAX www.ncafinancial.com. Securities offered through Royal Alliance Associates, Inc. (RAA), Member FINRA/SIPC. RAA is separately owned and other entities and/or marketing names, products or services referenced here are independent of RAA. RAA does not provide tax or legal advice. Investment advisory services offered through NCA Financial Planners.

A combination of assets in both taxable and nontaxable accounts can provide you with liquidity in case of emergency, and control taxes in retirement when you may find

This advertising-supported section/feature is produced by Crain’s Content Studio-Cleveland, the marketing storytelling arm of Crain’s Cleveland Business. The Crain’s Cleveland Business newsroom is not involved in creating Crain’s Content Studio content.

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SPONSORED CONTENT

May 17, 2021 S2

SPONSORED CONTENT

THOUGHT LEADER FORUM

PERSONAL FINANCE ROTH IRAS AND MAXIMIZING YOUR WEALTH Today’s historically low tax rates afford investors an ideal time to contribute to a Roth IRA. In this retirement vehicle, an individual pays taxes on the money going into the account. This year, the total contribution allowed is $6,000 (or $7,000 for individuals ages 50 and older). All future withdrawals are tax free. Assuming tax rates rise above current levels, making an investment now into a Roth IRA makes financial sense.

Here are some considerations on the value of the Roth IRA.

ROTH IRA VERSUS TRADITIONAL IRA There are several differences between a Roth IRA and a traditional IRA, namely whether it makes more financial sense to enjoy tax-free withdrawals in the future or take advantage of tax benefits today. A Roth IRA enables you to make after-tax contributions, while the traditional IRA enables you to make pre-tax contributions. Contributions grow tax-free in the Roth, while they are tax-deferred in the traditional IRA. With the Roth, contributions are not deductible, so you don’t report the contributions on your tax return, while the traditional IRA provides immediate tax benefits. The Roth is ideal for those who expect to be in a higher tax bracket when they begin taking withdrawals, and the traditional IRA is ideal for those who expect to be in a lower tax bracket upon making withdrawals.

SPREAD THE WEALTH A Roth IRA can be a gift that keeps giving. AARP suggests that parents or grandparents encourage their children or grandchildren to set up a Roth IRA (a minor needs a custodian). Annual contributions give younger generations a major head start toward financial security in the future, as the value will have decades to grow tax-free. Plus, the Roth provides a stash of money that can be accessed for major purchases or in emergency situations, without penalties or taxes on withdrawals.

SOURCES: AARP, AMERICAN BANKERS ASSOCIATION, IRS, INVESTOPEDIA

RETIREMENT ACCOUNTS

BY POPULARITY A 2020 survey conducted

by Statista, a global provider of market and consumer data, revealed the underutilization of the Roth as a retirement savings tool in the U.S. The most popular retirement savings account is a regular savings account (55%), followed closely by the 401(k) (54%). Among the 2,000 Americans surveyed, 20% reported the traditional IRA as the most popular account for retirement savings, followed by the Roth IRA at 19%.

CONSIDERATIONS The American Bankers Association suggests the following three considerations in using an IRA: • IRAs must be open or funded by the tax-filing deadline to receive tax deductions (this year, the tax-filing deadline was extended to today, May 17).

• Individuals who have reached age 50 by the end of the year will be able to make additional catchup contributions of $1,000 per year.

Catch-up contributions enable people ages 50 and older to save more in their 401(k)s and individual retirement accounts (IRAs) than the annual contribution limits set by the IRS. • If you receive a federal tax return refund, deposit at least part of the money into your IRA.

Compiled by Kathy Ames Carr, Crain’s Content Studio-Cleveland

Worried about taxes? Look at all avenues, including Roth JORDAN RODRIGUEZ Financial advisor Wernick Spear Wealth Managers j.rodriguez@wswealthmanagers.com

Rodriguez has worked with Wernick Spear Wealth Managers in various capacities since 2013 before joining full time in 2017. Before his tenure with Wernick Spear, Rodriguez worked as a financial representative with Northwestern Mutual in Madison, Wis. After earning his life, health and disability insurance licenses, he went on to receive his series 66 and 7 licenses before becoming a Certified Financial Planner certificant.

There is no shortage of financial headlines coming out of the pandemic, from cuttingedge financial assets like cryptocurrencies to the omnipresent interest rate discussion.

It does not require many degrees of separation to tie any of these topics back to the theme of government spending. COVID rescue bills and infrastructure spending has expanded the Federal Reserve’s balance sheet and our country’s debt to immense levels with no end in sight.

The national debt, coupled with low tax rates (historically speaking), has created a

instead of waiting for them to go up?”

The obvious answer to that question is contributing to a Roth IRA. A wonderful savings tool that is often a solution for young investors, Roth IRAs allow you to pay taxes on your contributions, let the assets grow inside of the account tax free, and give you the benefit of withdrawing those funds tax free — so long as certain conditions are met.

The main barrier standing between higher earners and Roth IRA contributions is the income limit the IRS sets precluding those making over a certain dollar amount from contributing to this type of account.

paradigm shift in how we view taxes as a piece of broader financial planning.

Until now, the topic had largely been relegated to the backburner.

For high-net-worth clients in their peak earning years, our objective generally has been to reduce their current taxable income by deferring as much as possible into taxdeferred accounts.

For investors who are not able to directly contribute to Roth IRAs, there are options that allow you to contribute to Roth accounts indirectly or mimic the tax treatment of a Roth account.

This priority has changed over the past year due to language from the current administration relating to tax increases.

Regardless of who is in Washington, it is not a stretch to imagine a long-term trend of income tax increases and the question becomes: “How can I pay my taxes now

One of the simplest but most often overlooked methods is to see if your employer offers Roth 401(k) contributions.

Similarly, some employers offer after-tax traditional 401(k) contributions that can be rolled into Roth IRAs depending on your retirement plan conditions.

The next options are Roth IRA conversions, or their cousin — the Backdoor Roth contribution. The premise here is paying taxes on traditional IRA assets in a way that will not greatly exacerbate your current tax liability but will leave you with a “bucket” of Roth IRA money.

The final possibility can potentially pack the most punch: Insurance products. By utilizing certain types of variable and cash value life insurance products with loan provisions, high-net-worth individuals can create a pool of funds that grow tax free and provide a form of tax-free withdrawals.

None of these strategies are blanket recommendations that everyone should be implementing. Like most financial planning tools, the entire picture must be looked at before a brush stroke is made.

However, if the concerns of higher taxes resonate with you, these questions should at least be asked.

This advertising-supported section/feature is produced by Crain’s Content Studio-Cleveland, the marketing storytelling arm of Crain’s Cleveland Business. The Crain’s Cleveland Business newsroom is not involved in creating Crain’s Content Studio content.

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CRAIN'S LIST | NONPROFITS Ranked by 2020 expenses

RANK

ORGANIZATION

EXPENSES (MILLIONS) 2020/ 2019

REVENUE (MILLIONS) 2020/ 2019

% INCOME FROM PRIVATE SUPPORT

% EXPENSES USED FOR PROGRAMMING 2020

2020 NET ASSETS OR FUND BALANCES (MILLIONS)

PURPOSE OF ORGANIZATION

TOP LOCAL EXECUTIVE

1

CHRISTIAN HEALTHCARE MINISTRIES INC. 127 Hazelwood Ave., Barberton 44203 800-791-6225/chministries.org

$636.6 $530.4

$633.4 $510.0

100%

98%

$129.7

To glorify God by sharing each others' medical bills

J. Craig Brown II president, CEO

2

CATHOLIC CHARITIES, DIOCESE OF CLEVELAND 7911 Detroit Ave., Cleveland 44102 216-334-2900/ccdocle.org

$106.9 $106.9

$126.2 —

21%

77%

$77.9

To respond to the health and human service needs and social concerns for the people of the Diocese of Cleveland

Patrick Gareau president, CEO

3

GREATER CLEVELAND FOOD BANK 15500 S. Waterloo Road, Cleveland 44110 216-738-2265/greaterclevelandfoodbank.org

$93.6 $91.6

$110.7 —

50.7%

93.9%

$37.6

To ensure that everyone in our communities has the nutritious food they need every day

Kristin Warzocha president, CEO

4

MENORAH PARK 1 27100 Cedar Road, Beachwood 44122 216-831-6500/menorahpark.org

$85.3 $82.6

$81.5 $81.4

99.8%

78.5%

$13.8

To provide health care on a residential and community service basis

James Newbrough president, CEO

5

SIGNATURE HEALTH INC. 7232 Justin Way, Mentor 44060 440-578-8200/shinc.org

$80.5 $74.9

$90.3 $78.6

90%

100%

$23.0

To end health disparities in our community

Jonathan Lee CEO

6

OHIOGUIDESTONE 434 Eastland Road, Berea 44017 440-234-2006/ohioguidestone.org

$77.9 $74.9

$76.6 $75.7

96%

84%

$29.2

To provide behavioral health services to help individuals achieve lifelong success

Richard R. Frank president, CEO

7

WESTERN RESERVE AREA AGENCY ON AGING 1700 E. 13th St., Suite 114, Cleveland 44114 216-621-0303/areaagingsolutions.org

$76.0 $68.7

$76.8 $69.1

26%

92%

$6.6

To provide choices for people to live independently

E. Douglas Beach CEO

8

THE CLEVELAND MUSEUM OF ART 11150 East Blvd., Cleveland 44106 216-421-7350/clevelandart.org

$70.0 $71.9

$75.0 $64.2

52.5%

80%

$1,008.0

To preserve and present art for “the benefit of all the people forever."

William M. Griswold director, CEO

9

HOSPICE OF THE WESTERN RESERVE INC. 17876 St. Clair Ave., Cleveland 44110 800-707-8922/hospicewr.org

$69.7 $90.7

$72.3 $91.8

3.5%

73.7%

$116.1

To provide hospice, palliative care, caregiver support and bereavement services

William E. Finn president, CEO

10

VOLUNTEERS OF AMERICA OHIO & INDIANA 775 E. 152nd St., Cleveland 44110 216-541-9000/voaohin.org

$64.7 $62.0

$64.8 $62.8

39%

86%

$50.5

To help people rebuild their lives and reach their full potential

John von Arx III president, CEO

11

PLAYHOUSE SQUARE FOUNDATION 1501 Euclid Ave., Suite 200, Cleveland 44115 216-771-4444/playhousesquare.org

$61.3 $81.9

$62.9 $95.4

96%

89%

$185.0

To operate the performing arts center and help restore and develop the Playhouse Square district

Gina Vernaci president, CEO

12

COLEMAN PROFESSIONAL SERVICES 5982 Rhodes Road, Kent 44240 330-673-1347/colemanservices.org

$60.0 $58.0

$60.0 $57.9

2.5%

88.7%

$18.0

Behavioral health, crisis, addiction recovery, employment and residential services across Ohio

Nelson W. Burns president, CEO

13

ORIANA HOUSE INC. P.O. Box 1501, Akron 44309 330-535-8116/orianahouse.org

$54.6 $59.0

$55.6 —

0%

89%

$1.0

Community corrections, substance abuse and mental health treatment, reentry services

James J. Lawrence president, CEO

14

THE CENTERS FOR FAMILIES AND CHILDREN & CIRCLE HEALTH SERVICES 4500 Euclid Ave., Cleveland 44103 216-432-7200/thecentersohio.org

$52.9 $58.3

$56.2 $55.4

5%

91%

$47.3

To provide life-changing and innovative health, work and family services

Eric L. Morse president, CEO

15

THE MUSICAL ARTS ASSOCIATION (THE CLEVELAND ORCHESTRA) 11001 Euclid Ave., Cleveland 44106 216-231-7300/clevelandorchestra.com

$52.3 $58.0

$54.2 $56.8

96%

81%

$195.7

To inspire and enrich lives through extraordinary musical experiences

André Gremillet president, CEO

16

JUDSON SERVICES INC. 2181 Ambleside Drive, Cleveland 44106 216-791-2004/judsonsmartliving.org

$50.0 $48.3

$49.1 $47.4

94%

86%

$11.2

A not-for-profit senior living organization serving northern Ohio

Kendra J. Urdzik president, CEO

17

HATTIE LARLHAM 9772 Diagonal Road, Mantua 44255 800-233-8611/hattielarlham.org

$49.5 2 $49.8

$57.9 $51.4

98%

91%

$46.8

To provide care for children and adults with developmental disabilities in Northeast and Central Ohio

Stephen Colecchi CEO

18

LIFEBANC 4775 Richmond Road, Warrensville Heights 44128 216-752-5433/lifebanc.org

$46.7 $40.2

$50.8 $42.8

0.7%

0.9%

$35.2

To save lives through organ, eye and tissue donation

Gordon Bowen CEO

19

CHN HOUSING PARTNERS 2999 Payne Ave., Suite 306, Cleveland 44114 216-574-7100/chnhousingparters.org

$45.7 $35.0

$49.0 —

34.4%

96%

$27.0

To leverage affordable housing to change lives and improve communities

Kevin J. Nowak executive director

20

THE VILLAGE NETWORK 2000 Noble Drive, Wooster 44691 800-638-3232/thevillagenetwork.org

$45.7 $42.6

$49.2 $44.3

34.2%

84.7%

$25.9

To work in partnerships empowering youth and families to build brighter futures

Richard Graziano president, CEO

21

POSITIVE EDUCATION PROGRAM 3100 Euclid Ave., Cleveland 44115 216-361-4400/pepcleve.org

$40.9 $40.1

$41.8 $42.2

21%

88%

$35.2

To help troubled and troubling children learn and grow

Habeebah R. Grimes CEO

22

EMERALD DEVELOPMENT & ECONOMIC NETWORK (EDEN) INC. 7812 Madison Ave., Cleveland 44102 216-961-9690/edencle.org

$36.4 $32.7

$37.6 $34.2

16.2%

97%

$27.2

To provide housing solutions to people facing the challenges of housing insecurities and homelessness

Elaine Gimmel executive director

23

STEP FORWARD 3 1801 Superior Ave., Suite 400, Cleveland 44114 216-696-9077/stepforwardtoday.org

$35.1 $32.7

$34.8 $32.1

2%

89%

$4.5

To help low-income children and families in Cuyahoga County

Jacklyn A. Chisholm president, CEO

24

MONTEFIORE 1 One David Myers Parkway, Beachwood 44122 216-360-9080/montefiorecare.org

$34.2 $32.9

$33.1 $31.5

99.3%

90.2%

$6.4

To provide health care and wellness services to aging seniors

James Newbrough president, CEO

25

GOODWILL INDUSTRIES OF GREATER CLEVELAND AND EAST CENTRAL OHIO INC. 408 9th St. S.W., Canton 44707 800-942-3577/goodwillgoodskills.org

$34.1 $34.9

$43.1 4 $35.2

94%

92%

$22.8 4

Vocational and educational training

Anne Richards president, CEO

Research by Darleen White and Chuck Soder (researcher@crainscleveland.com) | This list includes 501(c)3 nonprofits. Colleges, foundations and hospitals were excluded. Information is supplied by the organizations. NOTES: 1. Menorah Park acquired Montefiore on July 1, 2020, but their finances are reported separately. 2. Estimate from the organization. 3. Formerly Council for Economic Opportunities in Greater Cleveland. 4. Includes $10 million grant received in December 2020.

Get 78 nonprofits and +420 executives in Excel format. Become a Data Member: CrainsCleveland.com/data 18 | CRAIN’S CLEVELAND BUSINESS | MAY 17, 2021

P018_CL_20210517.indd 18

5/13/2021 3:53:06 PM

MANUFACTURING

Tough road to acceptance CoolCure innovation is having trouble getting traction in the concrete market

BY BRUCE MEYER RUBBER & PLASTICS NEWS

Silicone industry veteran Dave Brassard is finding that building a better mousetrap isn’t always enough. You also need someone to take a chance on the new technology to show that it does what it claims and can make a big difference in a particular industry.

That is what the founder of Cuyahoga Falls-based Silicone Solutions Inc. has run up against with a product called CoolCure, which he developed to improve mass pour concrete. Several years back, he used his background as a chemist specializing in silicone to develop the twopart admixture to achieve what had been thought unfeasible in the concrete industry — produce a concrete that stays much cooler than traditional Portland cement but also yields a much stronger product.

Brassard had tested CoolCure on several occasions and even convinced two insiders in the concrete industry that the technology performed as advertised and was worthy of being considered for use in a business sector that was notoriously slow to change — particularly when it involved projects such as bridge supports, embankments, dams and foundries, where the cost of liability

for failure can run quite high.

In the ensuing years, however, Brassard has run into a brick wall of sorts, coming close on occasion but not being able to find that right partner, project or a large corporation with the means to move the CoolCure technology forward.

He was granted a U.S. patent on the CoolCure technology in 2019 and conducted more testing.

“We had it tested at three different locations on three different pours,” Brassard told Rubber & Plastics News, a sister publication of Crain’s Cleveland Business. “All was consistent each time. In the silicone world, something has to happen three times in a row to be real, as things can surprise you.”

The concrete created using CoolCure also was sent out for petrography testing. He said those showed more calcium silicate hydroxide bonds than typical cement, meaning that the resulting product would be stronger.

His hopes of getting tested on a big project like a dam or bridge never got much beyond talk. The major stumbling block was that once a change in a product is made, it requires new specifications and approvals from each state, and each has its own regulations.

That’s something Brassard wasn’t in a position to make happen.

“A big corporation, to them, that’s

nothing,” Brassard said. “They have reps all over that do that. That’s why I wanted a big company to let them utilize their contacts, and grease the skids, so to speak. Myself alone, I’m just a small entity. It’s like a David and Goliath type of thing, and Goliath is really big, and I’m really small.”

In the chemical industry, there also can be a bit of the “not invented here,” syndrome, he said, where companies are more likely to embrace new ideas only when they are the ones that developed them.

“I’m prepared to hand it to a big corporation and let them run with it,” he said. “Then they can call it theirs.

They can name it after themselves. I just want to see it implemented because of how rare it is to make a major change in technology. And in this case, you have the ability to lower pollution significantly.”

He said he’d like to recover the money and time that went into development, but at this point that’s not his main intent. He wants to see it utilized.

Missed opportunities

By Brassard’s analysis of a study conducted a few years ago by Stanford University on the concrete industry, billions of dollars are spent cooling the concrete for mass pour applications. That is money Brassard

said CoolCure could save concrete companies because the technology keeps the cement at a temperature level where it wouldn’t need to be cooled.

As a chemist and a silicone veteran, he looks to design a process that is the most efficient, given the chemicals being utilized, that will result in a stronger material where less Portland cement is needed per project.

He added that the vast majority of cement-mixing facilities can process his material with existing equipment.

The Silicone Solutions founder said he was working with one multinational chemical company that had field-tested the material and was happy with the results. The two sides had a confidentiality agreement, but the interest didn’t last long. Brassard said he theorized that CoolCure would have cannibalized the sales the chemical company had in traditional admixtures for cement.

He also said he worked with a Mexican concrete producer and there was a good deal of interest, but then the COVID-19 pandemic hit. He hasn’t been able to get any more information since.

Brassard even tried to contact the Gates Foundation, which works on reducing pollution to aid the environment, but received no response.

“In the interim, I’ve probably had

David Brassard, founder of Silicone Solutions, says that while his CoolCure mixture performed well in tests, he hasn’t had success in getting it accepted in the marketplace. | CONTRIBUTED PHOTO

20 small players who wanted to take it and run, but they didn’t have the deep pockets to protect it, or the ability to handle it properly,” he said.

“They wanted it just for them. That didn’t strike me as a way to address it.

I feel it should be launched on a larger scale with a large firm that can protect the technology.”

Brassard is someone who likes to invent new technologies — “cool stuff,” as he calls it.

“I have a good 20 technologies sitting on the shelf. Many of them are very good, very useful,” Brassard said, “but this concrete stuff is most beneficial to the environment, to humanity. So that’s why I want to see it implemented.”

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MAY 17, 2021 | CRAIN’S CLEVELAND BUSINESS | 19

P019_CL_20210517.indd 19

5/13/2021 12:55:27 PM

AKRON

Restaurant and retail market starts to perk up

Operators finally are starting to sign leases again after a year of pandemic pain

BY DAN SHINGLER

fact, he’s now becoming discerning about which tenants he signs up.

“We’ve got about 50% (leased), and that’s excluding a letter of intent we’re negotiating now and several others we’re talking to. ... We could be north of 75% (occupancy), not opened but with signed agreements, in a couple of weeks,” Mouron said.

“Now, we’re just trying to be selective about who we get in there.”

Greater Akron’s market for retail space is heating up.

No one is saying it’s back to full-on normal, but brokers, developers and operators are finally reporting signs of life in the sector of the economy that was among the worst hit by the pandemic.

“I have five or six things that are in the middle of negotiating a lease right now,” said Nichole Booker, associate adviser for SVN | Summit Commercial Real Estate Group in Fairlawn.

Booker said she has been busy in a few hot spots, which include Howe Avenue and downtown Akron. Howe Avenue is seeing activity because of the conversion of Chapel Hill Mall into a business and industrial park, she said, while downtown is attracting interest because of its new residents and recently increased foot traffic.

Bowery District While all neighborhoods are important, one area being watched closely is the Bowery District on Main Street.

Throughout 2020, the project’s leader, Welty Building Co. CEO Don Taylor, had been reporting that while the Bowery’s 92 apartments were leasing quickly, not a single bar, restaurant or other retailer had taken any of the project’s roughly 40,000 square feet of retail space.

Now, Taylor says he’s confident he’ll soon be reporting several new tenants, including a major bar and restaurant for his largest single retail spot.

“It’s an important restaurant in the city,” said Taylor, who declined to name his prospective new tenant before a lease is signed.

Taylor said the restaurant is well known to Akronites and is looking at leasing 8,600 square feet in the Bowery complex. It would occupy 5,600 square feet on the building’s ground level and another 3,000 square feet on the mezzanine level as a two-tiered restaurant and bar, Taylor said.

“That’s the largest tenant space all together like that in the entire project,” Taylor said. “A unique thing about the Bowery project is that we have a lot of spaces, but there’s not a lot of space. … There are a lot of 3,000 (square-foot) and 1,500-square-foot spaces.”

Blu Zone The area roughly between East Market and Mill streets just north of Main Street is also seeing renewed activity, said developer Tony Troppe, who has several developments in the area that he’s dubbed the Blu Zone.

The new star of the show in that part of town is El Patron, an upscale Mexican restaurant and tequilaria that opened April 26. Currently one of the few full-service restaurants downtown open for lunch, the place has already been a hit, said Troppe and El Patron founder Luis Escudero Muniz.

“We didn’t want to advertise or do anything. We were still going through

Cuyahoga Falls

Luis Escudero Muniz recently opened his El Patron restaurant in downtown Akron in part because he felt people were ready to return to dining out. | DAN SHINGLER

It’s not just Akron that’s beginning to see some light at the end of the retail tunnel.

Cuyahoga Falls, which was in the midst of a revival of its Front Street business district when the pandemic struck, also appears to be getting back on track.

“I probably get a handful a week of people looking for space,” said Kaylee Piper, executive director of the Downtown Cuyahoga Falls Partnership. “We have some inquiries in the final stages of contracts now — two restaurants that are looking to either franchise or move to downtown.”

She declined to name them until leases are signed and openings are announced.

Farmer’s Rail, a popular butcher shop in Bath, is set to open a location on Front Street in May or June, Piper said.

The Workz, an arcade featuring duckpin bowling and virtual reality games, opened in the former Falls Theater building Feb. 1.

“We’re doing well,” Piper said.

Challenges remain

Nichole Booker of SVN | Commercial Real Estate Group says a growing number of retailers are looking for space, which is keeping her busy. | CONTRIBUTED PHOTO

Akron’s Bowery District is on the cusp of leasing out its largest single retail space to a new downtown restaurant. | JOSH TROCHE

training with staff,” Muniz said. “But from the moment we opened ... we’ve been busy.”

Muniz said he had wanted to open the restaurant for a couple of years. First, he couldn’t find the right space at the right price. Then COVID hit, and he decided to wait it out. But now he thinks he has opened at the right time.

“We’re at a point where I think people are ready to move forward and get out there. Then there are the infrastructure improvements in Akron (on Main Street) that really helped me to make my decision,” Muniz said.

Additionally, Troppe said Totally Baked Pizza is about to move into new space and open up on High Street next to the High St. Hop House brewery. The pizza spot should be open in June.

Troppe said he’s even working on plans for a “retail incubator” on High Street to provide help to arts-oriented businesses and performers with features such as gallery space and professional help with marketing and other challenges.

He’s also moving forward with plans to close Maiden Lane to traf-

fic this summer, converting it into a covered, pedestrian-only entertainment district. Maiden Lane runs north from East Market Street between High and Main streets.

“Our plan is to enclose a portion of Maiden Lane so we can get three seasons of use out of it,” Troppe said. “We’re looking to do that sometime in June. We’re going through the planning process right now and having trusses for a canopy fabricated.”

Now is the time to get positioned for the opening up that he thinks is about to come, Troppe said.

“We’re responding to the positive energy. People want to get out.

They want to catch up with people, figure out how to carry on and do cool things,” he said. “We’re responding to a pent-up demand as people say, ‘We’re vaxxed, and we’re ready to start living again.’ ” Troppe’s BLU-tique Hotel, which he opened on New Year’s Eve 2020, just before the pandemic hit, remains closed. That will reopen as soon as street construction now taking place in front of it finishes up, he said.

“We have to get Main Street reopen first. … But we definitely want

to be open for the (Pro Football) Hall of Fame events, and we definitely want to be open for the (Akron) Marathon,” he said.

The Standard Things are also picking up at The Standard, which is the new name for the 240-unit apartment complex that was formerly named for its address, 22 Exchange.

Alabama-based Capstone Real Estate Investments is converting the building from student housing to market-rate housing, rebranding it and beginning to fill the ground floor with new establishments, said Capstone executive vice president Christopher Mouron.

The building’s 22,000 square feet of retail space is about 50% leased now, Mouron said, and houses a Jimmy John’s sandwich shop, Insomnia Cookies and a new Walgreens. It’s also about to be the site of a new Muggswigz coffeehouse.

The Standard has several other prospects in the pipeline, too, which Mouron attributed to both increasing confidence on the part of retail establishments and to some hard work by Booker, his leasing agent. In

While there is a newfound sense of optimism, it’s still not easy for restaurants and other retailers, or their landlords, Welty’s Taylor said.

Operators are having trouble getting all of their employees back to work as uncertainty about business and generous unemployment benefits have made many people reluctant to come back, Taylor said.

At the same time, he said, owners are still worried about when downtown offices and venues, like Lock 3, will be full again.

“It’s hard for them to commit to a specific lease term when they don’t know what the population of the business community is going to be and how many of those people will be going out to eat,” Taylor said.

He’s trying to come up with creative ways to encourage the retail operators he wants, including considering short-term leases or lease payments that are capped based on a percentage of a business’ gross revenues.

“We want them to be successful, and hopefully they want us to be successful,” Taylor said. “You don’t want a landlord that’s broke, and we don’t want a tenant that’s broke.”

Overall, though, he said he’s more optimistic than he has been since COVID struck.

“It is feeling way more normal now than it has in a long, long time,” he said. “I won’t say it’s back to normal, but there are certainly spurts of time when it feels like it’s getting back to normal.”

Dan Shingler: dshingler@crain.com, (216) 771-5290, @DanShingler

20 | CRAIN’S CLEVELAND BUSINESS | MAY 17, 2021

P020_CL_20210517.indd 20

5/13/2021 12:48:28 PM

STEEL

From Page 1

Some suppliers, he said, who previously would hold pricing for 90 days now will do so only for a week.

The situation has also changed the chief challenge for construction contractors.

“Pre-pandemic, there was a lot of conversation about a shortage of labor,” Jones said. “You don’t hear that anymore.”

The shortage of computer chips that has had automakers shutting down factories also is hitting construction. It has, for example, slowed delivery of parts for automated heating and cooling systems. Finding something as simple as a main water valve for a new office building can become a challenge.

And for bar joists, the welded steel strips with a zigzag pattern that are common in commercial roofs, just getting them in is tough.

David Craun, president of the Cleveland Chapter of the American Institute of Architects and a principal at Bialosky Cleveland, said the firm is looking for alternatives to bar joists such as using more structural steel.

Jeffrey Gliebe, CEO of Krill Construction Co. of Cleveland, said bar joists usually come in within 12 weeks, but it’s now getting delivery times six months away.

“If (the supplier) tells you it’s six months,” Gliebe said, “who’s to say it will come in then? No one will hold a

TALENT

From Page 1

Underscoring these challenges is data from the Bureau of Labor Statistics, which shows that the unemployment rate in the finance and insurance fields as of April was just 2% (compared with 3.8% in April 2020).

Smaller and midsize firms seem to be feeling the struggles with bringing in people the most.

“We have work to do, we just don’t have the people to do it,” said Christy Woskobojnik, a tax manager in Beachwood with one of the market’s smaller outfits, Dyke Yaxley, which also handles business development and human resources. “Growth is something that we are very excited about. But from an internal operations perspective, I’m scared to death about it because we have got to find the right people. We should’ve been looking to hire last year before COVID took over.”

Economic uncertainties brought on by the pandemic stalled work in many fields for a pocket of time, especially in March and April of last year. As a result, several large companies in the accounting space temporarily trimmed employee pay — including BDO USA and CliftonLarsonAllen — or laid off staff.

BDO’s total CPAs in Northeast Ohio dropped 26% in 2020 from the prior year, according to Crain’s research, though that firm has been shrinking in this market since establishing here via its acquisition of SS&G in 2014. (BDO reported 153 total employees in this market last fall, while SS&G had 375 employees at the time that deal was announced.)

Some firms went the other way, providing raises and promotions to retain employees in anticipation of an eventual rebound in work.

In cases where cost-trimming efforts were taken, such actions largely have been reversed as work picked up going from the second half of 2020 into 2021.

What stands to have a more indeli-

Pandemic price hikes in building components slam contractors Steel and lumber prices have hit record highs. The much-watched lumber and plywood category has seen a substantial jump, nearly 80%, since the pandemic began. Steel products, which factor into many building components, also saw a hefty gain.

On the other hand, bid prices for projects changed little, squeezing builder margins.

Percent change in producer price index compared to February 2020 Lumber and plywood Steel mill products Diesel fuel Copper and brass mill shapes Plastic construction products Inputs to industry Bid price (new nonresidential construction) 79.3%

80

67.0%

60

45.0% 42.4%

40 20

15.2% 13.2% 2.8%

0 -20 -40 -60

March April 2020 2020

May 2020

June 2020

July 2020

Aug. Sept.

2020 2020

Oct. 2020

Nov. Dec. 2020 2020

Jan. Feb. March April 2021 2021 2021 2021

SOURCE: U.S. BUREAU OF LABOR STATISTICS AND THE ASSOCIATED GENERAL CONTRACTORS OF AMERICA

price for lumber for you today. It means we have to look at methods that were traditionally more costly such as structural steel or precast concrete. It may cost a couple percent more, but we can build the job.

Nothing is off the table today.”

Causes of the construction materials crunch may include plant closings due to the pandemic, but they extend beyond that.

Kenneth Simonson, chief economist of AGC, said the anomalous part of the situation is the sheer breadth

of price hikes and delivery problems. ‘It’s horrible out there’ “I’ve talked to many contractors in the business for 40 years and they’ve What’s missing — and what may be never seen it like this,” Simonson the saving grace in the situation — is said, as it is typically one material or there is no discussion at this point of a another going up at any given time, structural change in the building matenot multiple materials at once.

C Rrials A I Nbusiness ’ S C L E Vso E Lthat A N Dthings B U Smay I N E Ssettle S | Factors, he said, include the impact down. of wildfires and hurricanes on the “There’s no sign yet of a wage-price building market, the freeze that crip- spiral,” Simonson said, but the risk pled Texas and other areas where for construction contractors is very building material factories are located, real. “I have to say I am surprised that and the surge in demand from home I am not yet hearing about contracbuilders due to low interest rates. tors running into insolvency and be-

ble impact on this industry and its labor force is a shift to remote work.

— especially for young people out of school just getting established in their professions.

This is something many firm worry about, said Rick Fedorovich, CEO of Bober Markey Fedorovich. But companies that don’t try to figure out how to make remote work weave into their businesses will do so to their possible detriment.

“If we look into the future,” he said, “I think anybody would have to have rocks in their head to not say the virtual working environment is not going to be a more robust part of an organization’s culture going forward.”

Firms like Bober and Cohen & Co. are committing to professional development to try to address this.

“I think you can definitely find experts in different places, but don’t fool yourself into thinking you can hire someone remote and connect them to the VPN and then they bleed the company colors,” said Randy Myeroff, CEO of Cohen, which has grown into the second-largest accounting firm in Northeast Ohio. “Not to say they can’t do good work. But getting someone passionate about the company vision will be harder.”

On the upside, this shift presents an opportunity for firms to recruit outside their footprints as market boundaries become less relevant to employees who could telecommute from anywhere.

Fedorovich, a board member for the Ohio Society of CPAs, said there are firms in Northeast Ohio that have had workers in this market poached from companies in California — that person gets to stay in Cleveland and draw a West Coast salary. Such offers may be tough to compete with if an employee is drawn to salary alone.

A search on ZipRecruiter for “remote CPA” jobs turns up nearly 105,000 results, with an average salary in the field of nearly $99,000.

In many ways, the shift to remote work underscores the challenges the accounting field has been facing for many years.

The total number of CPAs in the

Going virtual As younger people entered the financial services workforce in past years, many firms began to evolve from the stodgier policies of a previous generation. Blue jean Fridays morphed into casual Monday through Friday. Flexible work arrangements became a perk to entice employees.

Then came the COVID-19 pandemic, which threw a wrench in the gears of the established office culture as remote work became necessary in an age of social distancing. Since spring 2020, working from home in sweatpants has largely shifted from subversive to common.

Referring to this transition to virtual work, Allan Koltin, CEO of Koltin Consulting Group, which specializes in the accounting industry, said “when COVID hit, for more conservative thinkers like accounting and law firms, what would’ve taken five to 10 years” to move toward “took about five to 10 weeks” to be fully embraced industry-wide.

The future model, Koltin and many firm leaders say, likely is a hybrid of in-office and remote work.

Ernst & Young, Northeast Ohio’s largest accounting firm, is operating this way, said Cleveland office managing partner Monte Repasky. EY has more than 1,600 employees in this market and grew its bench of CPAs by 10% last year to 385 as of the fall.

“The key to making the future of work possible is flexibility,” Repasky said. “Leaders who are willing to consider alternative operating models that better fit the strengths of their teams may find that it attracts and retains valuable talent that can take their business to new heights.”

These virtual working arrangements are a massive change for the industry.

A downside is the pressure this will put on company culture, Koltin said. The fear is without whole teams in the office, innovation, collaboration and development of people could all suffer

country has declined about 20% since the 1990s, according to the Accounting Institute for Success. Meanwhile, students who are drawn to finance disciplines are being snapped up by other industries, said Beth Ehrbar, associate director of career services for Baldwin Wallace University. These factors combined mean the accounting field has a shallower pool of people to recruit and more competition to deal with.

So while getting talent in the short term means adapting to the virtual work environment, there’s a sense of

ing on the wrong side of a bed on building costs.”

Price and availability of materials used in both residential and nonresidential projects are particularly challenging. Not only lumber but drywall, plastic components and insulation are problematic. And low interest rates will only go so far in giving contractors pricing shelter, especially in homebuilding, but that extreme has not been encountered yet, according to multiple accounts.

Andrew Brickman, the founder of Brickhaus Partners of Warrensville Heights, put the problem in a nutshell.

“It’s horrible out there,” Brickman said. He argues that relaxing tariffs on imports will provide prompt relief.

“In Cleveland,” he added, “we don’t have the cushion of higher prices that builders have in other markets. You can’t just ask the buyer to absorb price increases, although a lot of us have that in our contracts.”

Jones pointed out that the market may also work it out. He noted that the pause in demand during the early phase of the pandemic last year means some subcontractors may sharpen bids to get work this year.

By the end of the year, it may shake increase inGoverSout E P Tto E MaBsingle-digit E R 3 - 9 , 2 018 | PA E 29 all construction costs, but that pales compared with record-high prices for high-demand products such as lumber.

Stan Bullard: sbullard@crain.com, (216) 771-5228, @CrainRltywriter urgency that more work needs done to draw a younger generation to the finance and accounting fields.

“It’s a tremendous opportunity, and we have just done a horrible job of marketing it,” Fedorovich said of the accounting industry. “At the firm and OSCPA level, we have a lot of work to do to educate people much younger and earlier in the pipeline about the benefits of our profession.”

Jeremy Nobile: jnobile@crain.com, (216) 771-5362, @JeremyNobile

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P021_CL_20210517.indd 21

5/14/2021 1:22:25 PM

ENERGY

Watchdog groups question whether Icahn controls FirstEnergy Public Citizen and the Citizens Utility Board of Ohio seek ruling from federal regulators

BY DAN SHINGLER

investor “will not exercise substantial influence or control over FirstEnergy,” A fairly obscure regulatory filing by according to a company news release.

FirstEnergy Corp. has become a point The agreement also prevents Icahn of contention with two consumer from forming his own executive board groups arguing that the company is committee and requires him to vote under the undisclosed influence and his shares in favor of directors nominated by the company’s board, accordcontrol of activist investor Carl Icahn.

The national nonprofit Public Citi- ing to FirstEnergy’s security filings.

The agreement also requires zen and the Citizens Utility Board of Ohio (CUBO) want the Federal Energy FirstEnergy to not adopt a rights plan, Regulatory Commission to either rule or poison pill, that would increase the that Icahn is an affiliate of the compa- cost of its shares for a potential acquirny, or to block two of his employees er, so long as Icahn’s stake in the comfrom getting voting rights on FirstEner- pany remains below 10%, according to Securities and Exchange Commission gy’s board, where they sit as directors.

“We’re saying if Carl Icahn wants to filings. Icahn currently owns about 3% get involved with FirstEnergy, then he of FirstEnergy’s stock, according to the has to do it by the book. He has to do it company’s SEC filings.

In its filing with FERC, FirstEnergy by becoming a legal affiliate and triggering all the protections that come asks regulators to allow it to grant votwith that,” said Tyson Slocum, director ing rights to Teno and Lynn, but not to rule on whether Icahn or his compaof Public Citizen’s Energy Program.

Public Citizen and CUBO are react- nies have control over FirstEnergy.

“Given the uncertainty in Commising to a filing FirstEnergy made with FERC on April 13 in which it asked fed- sion (FERC) precedent as to whether eral regulators to approve of the com- these circumstances constitute ‘control’ … the Applicants respectfully “WE’RE SAYING IF CARL ICAHN WANTS TO request out of an abundance of cauGET INVOLVED WITH FIRSTENERGY, tion that the ComTHEN HE HAS TO DO IT BY THE BOOK.” mission assume, — Tyson Slocum, director, Public Citizen’s Energy Program without deciding, that it has jurisdiction and authorize pany giving two of Icahn’s employees, the Proposed Transaction,” FirstEnerAndrew Teno and Jesse Lynn, voting gy’s filing with FERC states. The transaction in question is the extension of rights on its board.

FirstEnergy agreed to appoint the voting rights to Teno and Lynn. That’s two directors in March, but without where Public Citizen and CUBO have a voting rights being granted to them un- problem, said Slocum and CUBO exectil and unless federal regulators ap- utive director Tom Bullock.

The groups contend that Icahn is alproved of them getting those rights.

Their appointment was part of an ready exercising control over FirstEneragreement with Icahn under which the gy by installing his board members.

Public Citizen and the Citizens Utility Board of Ohio want federal regulators to either declare activist investor Carl Icahn is an affiliate of FirstEnergy or to deny his employees voting rights on the company’s board. | BLOOMBERG

“They implicitly acknowledge in their (FERC) application that there’s a potential issue here,” Slocum said.

“They’re saying, ‘Let these members have voting rights without deciding if there’s control.’ … They’re smart attorneys, and they know this sure looks like an instance when Icahn should be considered an affiliate, but they’re dancing around it. Now they can push back hard against us or they can accommodate us.”

Public Citizen and CUBO want FERC to either disallow the two from getting voting rights, or to declare Icahn and his company to be affiliates of FirstEnergy.

The latter decision would potentially prevent Icahn from investing heavily in other utilities, but more importantly would prevent other companies in which the billionaire has a stake from doing business with FirstEnergy as unaffiliated parties, Slocum said.

Such a practice, known as cross-subsidization, could result in FirstEnergy, and by association its ratepayers, paying too much for products and services

PEOPLE ON THE MOVE

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Prior to joining Sill as a Forensic Accountant, Zack Murray, CPA was a Senior Audit Assistant at Deloitte where he provided accounting services across a spectrum of industries. He has also had multiple industry accounting internships that provided him experience in both public and industry accounting positions. Zack is a graduate of the University of Akron with a Bachelor of Science degree in Accounting and is a Certified Public Accountant.

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and create higher rates for electricity, Slocum and Bullock claim.

“Icahn is a very sophisticated financial investor whose holding company structure operates a very wide array of different businesses, from financial to oil and other things,” Slocum said. “If he’s not a legal affiliate, he’s free to have his other companies interact with FirstEnergy with no federal oversight. If he’s an affiliate, then there are limits on their ability to interact.”

Through Lynn, who is general counsel for Icahn Enterprises, Icahn and his representatives declined to be interviewed on the matter.

FirstEnergy also declined an interview request but in a May 12 filing with FERC asked the commission to deny Public Citizen and CUBO’s request for a hearing on the matter.

The company said the request was inappropriate and “makes erroneous and irrelevant arguments regarding the commission’s jurisdiction and the need for a hearing on the proposed transaction’s effect on state regulation”

— something else that Public Citizen and CUBO raise as a potential concern.

FirstEnergy, which operates in seven states, told the commission that state regulators have not “intervened or raised concerns about the proposed transaction’s effect on regulation.”

With regard to Icahn’s alleged control of the company, FirstEnergy told the commission that his investment group “already holds, and will continue to hold, less than 10% of the outstanding voting securities of FirstEnergy.” The company reiterated it is not asking the commission to determine whether Icahn’s stake, with the added voting rights, would constitute control.

The company told FERC it was seeking authorization to grant the board votes out of “an abundance of caution” and acceding to the commission’s jurisdiction based on long-standing practices.

Asking the commission “to make a broader jurisdictional determination” is not appropriate for the protest filing, the company argued in its filing.

The two watchdog groups say they’ll continue to monitor and pursue the matter with FERC. “If Icahn walks away instead of becoming an affiliate, that’s a huge factor for us,” Slocum said, adding that it would essentially be proof that the activist investor simply seeks to not be regulated.

CUBO’s Bullock agreed and insisted that the two entities are only fulfilling their role as corporate watchdogs on an issue normally invisible to the general public.

“We’re just watchdogging important decisions at the board governance level that would be opaque to the regular citizen and consumer,” Bullock said. “Utilities are uniquely important to consumers, and hopefully, FERC makes a good ruling and it’s the first of many.”

Dan Shingler: dshingler@crain.com, (216) 771-5290, @DanShingler

THE WEEK CHANGE IN DIRECTION: The federal program giving unemployed workers extra compensation during the pandemic will be discontinued for Ohioans months before it is set to expire, Gov. Mike DeWine said. The DeWine administration said on Thursday, May 13, that it “will inform the U.S. Department of Labor that Ohio intends to stop participation” in DeWine the Federal Pandemic Unemployment Compensation program on June 26. The pandemic unemployment assistance program, set to expire in September, provides an extra $300 a week in addition to state benefits. That number is down from $600 at the beginning of the pandemic. “When this program was put in place, it was a lifeline for many Americans at a time when the only weapon we had in fighting the virus was to slow its spread through social distancing, masking and sanitization,” DeWine said. But now, the governor said, employers are having trouble finding workers, and while the economy is recovering, the extra payments are “slowing that recovery down.”

FLURRY OF ACTIVITY: It was a busy week for DeWine, who also announced he would lift all health orders in the state on June 2. And in an effort to boost vaccination rates in the state, he announced that $1 million would be awarded each to five vaccinated adult Ohioans beginning May 26, and full college scholarships would be randomly selected for five vaccinated Ohioans between the ages of 12 and 17.

DEALING IN CASH: Coatings producer Ferro Corp. of Mayfield Heights agreed to be acquired by mineral and chemicals company Prince International Corp. in a $2.1 billion, all-cash transaction that ultimately will take the company private. Ferro said on May 11 that the purchase price represents 12.4 times adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and includes the assumption of debt. Prince, part of private equity firm American Securities, said that when the deal is complete, Ferro will be combined with another Northeast Ohio company, Chromaflo Technologies.

Chromaflo also is part of the American Securities portfolio. Ferro has about 3,700 employees worldwide.

It reported 2020 sales of $959 million.

22 | CRAIN’S CLEVELAND BUSINESS | MAY 17, 2021

P022_CL_20210517.indd 22

5/14/2021 1:23:14 PM

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BUSINESS STRATEGIES TODAY

Total Money Management from the professionals at First National Bank

IN THIS ISSUE:

Building Momentum Through Resilience

THE FIRST NATIONAL BANK DIFFERENCE First National Bank, the largest subsidiary

Vincent J. Delie, Jr.

Chairman, President and CEO F.N.B. Corporation First National Bank

of F.N.B. Corporation (NYSE: FNB), is a growing financial services organization with a longstanding tradition of helping our customers and communities thrive. Throughout more than 150 years of service, we have remained dedicated to providing total money management

For consumers and businesses, the COVID-19 crisis has radically changed our world view.

As we move forward in a business landscape that has been forever altered by the pandemic, companies are evaluating and, in some cases, reinventing their business models to escalate their recovery, protect themselves from

solutions for our consumer, small business and commercial clients. We have a core business concentration on middle and upper-middle market companies and serve their needs as a value-added partner.

and embracing change.

MORE INSIGHT FROM FNB

In this edition of Business Strategies Today, our experts provide insight on how

You can always look to FNB for expertise on the

future uncertainty and capitalize on opportunities to grow and thrive. Many businesses are achieving success by applying lessons learned during the crisis

companies can strengthen their performance by leveraging digital technology and focusing on risk mitigation, as well as on the considerations facing businesses that are able to seize opportunity and grow through a merger or an acquisition. Finally, we place a focus on employees and methods to structure insurance and benefits programs to protect, attract and retain your greatest asset.

Looking ahead, it is important to have trusted and strategic partners by your side as you continue to deploy your go-forward strategy. From the beginning of the pandemic, our dedicated employees have gone above and beyond to connect our clients to the innovative tools, consultation and funding they needed to navigate a very challenging environment. Our experienced bankers are ready to put our digital expertise and comprehensive products and

topics and trends that have the greatest impact on you and your business. In Business Strategies Today, experts from across our Company have covered a wide range of subjects, such as making the most of the economic environment, staying the course to innovation and planning for the future of your business. Just a few of the topics we’ve covered recently include:

check International Expansion check Interest Rate Management

services to work so that our clients can stay on track to achieve their goals in

check Payments Solutions

a changing business landscape. The value our innovative tools added during

check Wealth Management

2020 is evident in the 21 percent increase we saw in the number of mobile banking users over the 2019 average.

check Succession Planning

Because every client and business have unique circumstances, we encourage

check Cybersecurity

you to learn more about this issue’s topics and other insights in the Knowledge Center on fnb-online.com. We also invite you to explore and shop for our products and services using our virtual Solutions Center, accessible at www.fnb-online.com/solutions-center, and to use our convenient online appointment scheduling feature to talk with a specialist in your area of interest. We are here to support you and your business as you continue to build momentum and achieve growth and success.

check Mergers and Acquisitions (M&A) check And more To learn more about topics that may benefit your business, call us at 1-866-362-4603 or visit

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04

INNOVATION TO PROTECT AND POWER BUSINESSES

leveraging technology & digital banking

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BUILDING RESILIENCE AND MITIGATING RISK

lessons learned during the pandemic

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MOVING FORWARD

pursuing m&a in a changing environment

10

EMPLOYEE FOCUS

protect, attract and retain your greatest asset

INNOVATION TO PROTECT AND POWER BUSINESSES

The COVID-19 pandemic has led consumers and businesses to rely much more heavily on digital products and services, prompting companies to pivot toward faster technology adoption. An innovative, customer-centric approach to business will continue to be a determinant for growth and success as consumers place even more emphasis on trust, security and convenience.

M

obile platforms continue to be the fastest growing banking interfaces.

Across the industry, online and mobile banking usage and payments increased in 2020 and continue to grow significantly. At FNB, the value

our digital services provided our customers during the pandemic was evident in a significant uptick in utilization of our digital channels, with highlights including approximately 6.1 million combined monthly online and mobile banking logins and a nearly 20 percent increase in the number of mobile deposits.

Digital banking provides small businesses with secure access to their accounts and offers convenient features, including the ability to log in to accounts to review up-to-date activity and approve transactions; turn a debit card on and off to maximize security; and make transfers between accounts held at other banks. These innovative features save business owners time and provide important insights quickly and securely, enabling better customer service.

04

FNB-ONLINE.COM

DIGITAL PAYMENTS CAN OPTIMIZE DAY-TO-DAY OPERATIONS. Online and mobile payments such as bank transfers, online bill pay and digital wallets can simplify accounting processes and improve cash flow and disbursements. Digital payments make it easier for clients to pay and shorten the time it takes for businesses to receive funds by eliminating the time-consuming step of submitting scheduled payment requests.

Additional benefits OF digital payments include:

Increased payment security.

Risk mitigation.

Cost savings and convenience.

Electronic transactions may have less

Small businesses can be particularly

According to industry estimates, electronic

risk than checks because banks can run

vulnerable to fraud because it can be

bill pay can reduce processing costs up to 60

authentication procedures to approve

challenging to ensure all the proper controls

percent and is almost twice as fast as checks.

or deny transactions almost instantly.

are in place. For example, accounts with high

With online bill pay, you can also ensure that

Contactless, cashless transactions are

transaction volumes, such as those used for

most payments will not be delayed by the

not only more secure, but they also have

payroll or operating purposes, may be at

mail, meeting or travel schedules.

become the preferred public health and

greater risk and are more difficult to monitor

safety option during the pandemic and add

manually. Ask your banker about automated

convenience that will remain long after the

account reconcilement tools to prevent or

health crisis is over.

mitigate fraud.

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consumers and some small business owners. Zelle® is a

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digital payments with others who are also on the Zelle Network using an email address or cell phone number.

At FNB, person-to-person payments processed over Zelle in 2020 increased by more than 98 percent over the 2019 average. Zelle is available for customers who use FNB’s consumer-facing online and mobile banking platforms.

To learn more about which payment solutions are best for your business, contact FNB’s small business banking experts at 1-866-362-4603.

BUSINESS STRATEGIES TODAY

•

SPRING 2021

05

BUILDING

RESILIENCE AND

MITIGATING RISK One thing is for certain: The COVID-19 pandemic has prompted us all to think, act and prepare differently.

The crisis has affected nearly everything — including how we work, bank and do business.

COVID-19 has also reinforced that, in order to thrive, businesses must quickly innovate and adapt. A nimble approach helps companies of all sizes mitigate risks and build financial resilience. During times of change, organizations can stabilize operations, optimize cash flow and position their business for future success. In turn, these organizations will be in a better position to accelerate growth and build momentum as circumstances normalize.

Managing through adversity requires a fundamentally different type of thinking — one that embraces complexity, uncertainty and long-term perspective. The pandemic has reinforced that it is essential for the relationship to be a true partnership with a bank that understands your business and is prepared to work with you to navigate both challenges and opportunities. FNB’s Relationship Managers are available to address all your questions and support your efforts to build a stronger and more financially resilient business.”

bryant mitchell • chief wholesale banking officer

06

FNB-ONLINE.COM

WHAT TRENDS SHOULD BUSINESSES EXPECT COMING OUT OF THE PANDEMIC? Anticipate a shift in consumer behavior.

The pandemic accelerated consumer use of e-commerce and other digital services. But how much of this change is permanent? While most customers will likely keep their new digital habits, some may revert to their former ways.

Regardless, retail, e-commerce, commercial real estate, banking and many other industries must continue to consider both their brick-and-mortar and digital presence and prepare for continued disruption.

Technology will continue to take center stage.

For many industries, remote work will continue in varying capacities. Larger manufacturers that lost critical production time when workers couldn’t be on site may invest more heavily in robotics and automation, while more in-person call

Consider these seven steps to build greater financial resiliencE: Assess risks and find advantages in adversity.

Do not only mitigate risk or damage or restore what was; rather, aim to embrace change and adversities, adjust to new realities and look for growth opportunities.

Protect yourself from fraud.

With increased reliance on digital technology, cyber crime threats continue to rise. Cybersecurity is a vital component of a modern business model, and it is important to partner with experts who can provide sophisticated measures to prevent and manage risk. Learn more about FNB’s fraud mitigation products, including cyber liability insurance to defend against losses if a breach does occur, in the “Manage Risk” and “Combat Fraud” sections in the Business Knowledge Center on fnb-online.com.

centers could shift to remote operations.

Minimize uncertainty where you can.

The focus on liquidity is changing.

eventually increase. Consider implementing an interest rate

The historically low rates experienced in 2020 should

While some companies have a renewed focus on ensuring

hedging strategy to lock in a fixed rate for your financing —

that they have liquidity to address challenges and ongoing

enabling you to take advantage of favorable rates while adding

uncertainty, other companies may have excess cash on hand

certainty to your long-term expense.

and are ready to consider other options, including M&A. Learn more about what to expect on page 8.

Take steps to prevent supply chain disruption.

Why is resilience so important?

Greater control and flexibility with your supply chain will ease

Resilience defines a company’s ability to absorb stress, recover and thrive in changing circumstances. It is especially important now because the business environment today is more dynamic and unpredictable due to outside stressors — from the pandemic and accelerated technological changes, to the global economy and broader social issues. In the short run, a crisis requires a tactical response, but longterm, companies have a unique opportunity to accelerate transformational change by revisiting their business models to build greater resilience.

Contact FNB to discuss how we can leverage our expertise to build a stronger foundation to achieve your future goals.

domestic and global economic challenges. Diversify your supply chain sources and manage your inventory, logistics and transportation so you have a steady flow of materials, regardless of geographic restrictions or shutdowns. Adjust your product mix to meet demand and optimize production with people and technologies to adapt to any necessary changes.

Grow and diversify your customer base.

Customer differentiation can mitigate risks and provide greater flexibility and additional financial stability. Diversification also fosters innovation, which could lead to new products or services and additional revenue streams.

Build or strengthen your digital platform.

Provide a digital experience that allows customers to conveniently shop or purchase products and services without having to go to a physical location, store or supplier.

Value diversity.

Resilience depends on being able to generate alternative ways of reacting to situations, which in turn depends on the ability to see and respond with fresh eyes and diverse perspectives.

BUSINESS STRATEGIES TODAY

•

SPRING 2021

07

M&A

IN A CHANGI NG ENVIRONME NT Now could be an opportune time to seize a competitive advantage and pursue M&A, especially for those whose operations were not as seriously impacted by COVID-19 or were able to adapt more quickly.

08

FNB-ONLINE.COM

Whether companies are looking to buy or sell, valuations will be pivotal. Interest rates are still low, and there is excess capital and debt in the market. When valuations rebound to what is expected, some business owners will sell to gain liquidity. Due to these factors and the promise of more widespread COVID-19 vaccinations, M&A is expected to increase significantly in the second half of this year.

THERE ARE ESSENTIAL STEPS ALL COMPANIES SHOULD TAKE WHEN CONDUCTING M&A. Flexibility to Pursue Growth Hone your strategy.

The first step in any deal starts with a clear understanding of your company’s strategic intent and how a merger or acquisition fits into that corporate direction. Are you filling gaps that were exposed during the crisis, or growing in an area aligned with changing circumstances? Is it more cost-effective to evolve through a deal than to do so organically?

Companies may find themselves in growth mode but may not fit a traditional lending profile. They may have concerns about the impact of a deal to their liquidity, or their performance may not align with their bank’s capital requirements.

For those companies, there are flexible financing options available.

Engage your stakeholders early and consider outside expertise.

Mezzanine financing “sits” between debt and

Ensure your management team has a highly skilled set of advisors to

both. For companies that have exceeded (or want

guide them through the deal. Lawyers, bankers, communications firms,

to preserve) senior debt borrowing capacity, need

government relations specialists, HR consultants and others are critical

capital to grow and do not want to raise outside

to the process.

equity, mezzanine financing can be an ideal

equity on the balance sheet and has features of

solution. Benefits of mezzanine financing include:

Anticipate evolving regulations.

caret-right

operations since collateral is not required

The regulatory steps associated with M&A vary from jurisdiction to jurisdiction, and these regulations are tightening, especially globally

caret-right

chains and governments look for new revenue streams to counter or prevent future similar losses from the pandemic.

Ability to reduce or pay off debt to cover cash flow requirements

around privacy and security. Organizations need to keep an eye on these changes, particularly as businesses look to diversify their supply

Flexibility to use capital to expand company

caret-right

Higher rates of return on investments

caret-right

Increased stock value

Asset-based lending (ABL) is a form of financing

Create, build or maintain a strong culture.

Evaluate the leaders at an acquisition target; find the exceptional talent and try to retain them. After the deal, take steps to ensure the positive aspects of both cultures remain.

primarily collateralized by accounts receivable and inventory but may also include equipment and/or other property, with less covenants and greater flexibility than is typically available in a commercial structure. ABL can expand borrowing capacity for an asset-rich business with cash flow

Be flexible, open-minded and patient as the business climate continues to change.

Think about your needs and how to tailor a deal to fit them. Understand that challenges related to the pandemic may lengthen the M&A process.

There will be less desire to travel and more initial meetings will be held virtually. While it will require an adjustment, it should not inhibit companies from starting the conversation.

limitations, empower growth or free up liquidity to accommodate working capital needs.

Learn more about the range of financing options available in the “Expand your Business” section of the Business Knowledge Center on fnb-online.com.

FNB’s Relationship Managers are well positioned to work with you to determine whether mezzanine financing, ABL or another tailored financing

FNB’s commercial banking teams support clients as they consider or prepare for M&A. Call us at 1-866-362-4603 today to get started.

package is the right choice for your situation.

BUSINESS STRATEGIES TODAY

•

SPRING 2021

09

EMPLOYEE Structuring benefits programs to protect, attract and retain your greatest asset Benefits have always been a crucial part of an employee’s compensation plan, and the pandemic has certainly highlighted their importance. As we acclimate to an everchanging business environment, it will be essential to build an employee benefits program that is forward-thinking and focused on talent retention and recruitment. The challenge remains that benefits are generally among companies’ largest expenses.

C

ompanies can provide an attractive benefits program that is also cost-effective by moving away from the traditional “cost containment” model to

a more innovative, risk management-centric approach.

The former model may be ineffective in controlling costs and have dissatisfying “one size fits all” characteristics for employees. A focus on risk management that educates employees about costs can accomplish both.

10

EMPLOYEE

RESILIENCE MAKES GOOD BUSINESS SENSE.

A resilient workplace culture often results in lower health care costs, higher productivity,

Cost Containment Model Plan Construction & Employee Involvement

caret-right

Costs passed on to employees

caret-right

educed benefits to offset R increases, i.e., higher deductibles

caret-right

No employee involvement

lower absenteeism and decreased turnover.

As companies look to revise benefits plans post-pandemic, there are additional factors

Choice & Flexibility

Risk Management Model

caret-right

liminates unnecessary E costs and risks

caret-right

Encourages employee input

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Almost none

to consider in order to attract and retain

ophisticated design allows S for diverse needs and greater flexibility through choice

top talent.

Strive to offer comprehensive, high-quality medical coverage.

Deliver a benefits experience that includes telehealth options, preventive care and prescription plans and other virtual wellness offerings.

pharmacies will apply a manufacturer coupon. This “adds” savings for the employee in the form of reduced out-ofpocket expense, while still reducing costs for your organization.

Offer employees Health Savings Accounts (HSAs).

An HSA is a practical way to put money aside tax-free for qualified medical expenses, while at the same time serving as an investment vehicle for the future.

Champion emotional well-being by supporting work-life balance.

Engage employees when developing your employee benefits and wellness program.

The past year has put a spotlight on the

The wellness return on investment (ROI)

Many employees are looking for guidance

can be challenging since employee

on how to manage their money, prepare

preferences vary greatly. One solution

for retirement, save for college and more.

is to create a Health Risk Management

Consider Workplace Banking programs

Committee (HRMC) made up of non-C-suite

that offer employees consultative

leaders across the company that meets

services and specialized products.

regularly to help develop an engaging

FNB offers a variety of financial education

employee benefits strategy. First National

tools, products and services. Learn

Insurance Agency, LLC, the insurance arm of

more on our Knowledge Center on

FNB, helps companies review the data and

fnb-online.com and on the virtual

shares financials to support their ROI.

Solutions Center.

importance of emotional health and flexibility to accommodate uncertainty.

Encourage employees to set personal boundaries to prevent burnout in a world with 24/7 access. Offer employees policies to manage their unique personal needs, as well as resources to reduce stress and support well-being.

Focus on adding benefits vs. subtracting. reducing costly prescription drug costs

Consider online employee benefits enrollment.

for both the company and the employee.

Many companies have evolved to an online

When plan members fill their prescriptions

platform that is easy to administer and

at preferred retail pharmacy chains, these

navigate and provides more choices.

An example of an “added” plan benefit is

Foster financial stability and wellness.

Customized Insurance Plans to Meet your Organization’s Needs Our experts will keep you up-to-date with evolving health care industry trends to protect your employees, reduce risks and stabilize your costs. Our recommendations are based on finding the best fit with your organization’s benefit objectives and may include competitive coverage options for: Employee Health Insurance, Employee Life and Disability Insurance, Employee-Sponsored Retirement Plans and HSAs. Learn how FNB can tailor an employee benefits program that is ideal for your organization by contacting 1-866-362-4603.

BUSINESS STRATEGIES TODAY

•

SPRING 2021

11

BANK FOR YOUR BUCK. We’re committed to helping the business community do more. It starts with more advanced banking solutions to help launch new products, expand operations and enter new markets.

We also offer more options for financing, from loans and lines of credit to asset-based, commercial real estate and SBA loans as well as equipment financing and leasing. We offer more treasury management solutions to give you greater control over receivables and payments. We even offer more sophisticated capital markets solutions, including interest rate

Jeffrey S. Bechtel

risk management, foreign exchange, trade finance, syndications and global trade solutions.

REGIONAL PRESIDENT

Plus, we always deliver more personal assistance and more local expertise, making it easier for

CLEVEL AND

more businesses to achieve more of their goals. To learn — and get — more, visit fnb-online.com.

NEARLY 340 BRANCHES President’s “E” Award for Export Service

NEARLY

800 ATMS MORE THAN

COV I D S TA N D O U T

2.7 million customers

Data as of March 31, 2021.

APPROX. 4200 EMPLOYEES

MORE THAN

65 Greenwich Associates

Excellence and Best Brand Awards in the last decade

MORE THAN

$37 billion

in assets

MORE THAN

$29 billioN

in DEPOSITS

Top 50 Largest U.S. Bank Holding Companies FNB10-256CLEV NMLS #766529