Shenandoah Valley Business Journal - Nov. 29, 2016

A Byrd Newspapers Publication

Volume 17, No. 1, November 29, 2016

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Leaders In Valley Business Bring Innovative Ideas

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, November 29, 2016

Harrisonburg, Va.

Inside This Issue Focus Section: 10 Under 40 The Shenandoah Valley Business Journal is a monthly publication of Rockingham Publishing Company, Inc., 231 S. Liberty St., Harrisonburg, VA 22801.

Editorial Staff

■ Brent Arbogast......................................................Page 4 ■ Matthew Beahm...................................................Page 5 ■ Tim Brady...............................................................Page 6

■ Anne Whitney Flint................................................Page 8

■ Brent Holsinger....................................................Page 14 ■ Erin Overstreet.....................................................Page 15

Staff Writers: Vic Bradshaw, Tony Brown, Kelly Clark, Pete DeLea, Erin Flynn, Nolan Stout Contributing Photographers: Nikki Fox, Daniel Lin

Other Business News

HARRISONBURG — Ed Bartlett has joined the Janney Montgomery Scott office in Harrisonburg as its branch manager and first vice president of wealth management, according to a news release.

Bartlett most recently worked for Wells Fargo Advisors in Roanoke, where he managed more than $100 million in client assets.

Bartlett He’ll be tasked with growing the firm’s presence in Harrisonburg and expanding into the Roanoke market.

He earned a bachelor’s degree in political science from Miami University

By fax: 433-9112 By phone: 574-6267 (news) 574-6229 (ads)

■ Bill O’Brien Reappointed To VRA...................Page 10 ■ Local Ledger..................................................Page 12

On The Cover:

Columns ■ Financial Focus with Gannon Irons.................Page 6 ■ Investments by Matthew Frakes...................Page 13

Bartlett Joins Janney Montgomery

By email: svbjnews@dnronline.com

■ Matthew Frakes.....................................................Page 9

■ Mike Hendricksen.................................................Page 11

Managing Editor: Jerry Blair

By mail: Shenandoah Valley Business Journal P.O. Box 193 Harrisonburg, VA 22803

■ Jonathan Comer....................................................Page 7

■ Hans Harman.......................................................Page 10

Editor and General Manager: Peter S. Yates

Contact us

in Oxford, Ohio.

Janney Montgomery Scott is a full-service wealth management, financial services and investment banking company based in Philadelphia.

— Vic Bradshaw

Koogler A Private Wealth Adviser HARRISONBURG — Patricia Koogler has been designated as a private wealth adviser by Ameriprise Financial.

To be eligible for the status, advisers must have experience in providing comprehensive financial advice and planning for clients, complete special training and record excellent business results.

Only 12 percent of the company’s approximately 10,000 advisers receive the designation.

See MOVERS, Page 4

Blue Ridge Acquires River Bancorp HARRISONBURG — Blue Ridge Bankshares Inc. (OTC Pink: BRBS), headquartered in Luray, has completed its acquisition of River Bancorp Inc., according to an Oct. 20 news release.

The parent company of Blue Ridge Bank announced in March that it had agreed to buy the Martinsville banking company.

Seventy percent of River Bancorp shareholders received 0.8143 shares of Blue Ridge stock for each share of River Bancorp they owned, with the remaining 30 percent receiving $16.57 for each share.

Blue Ridge will operate River Community Bank branches separately until December, when their systems are merged and all branches will operate as Blue Ridge Bank.

— Vic Bradshaw

Chamber Taking ‘Fantastic 50’ Apps HARRISONBURG — The Virginia Cham-

Photos by Nikki Fox and Daniel Lin / DN-R

ber of Commerce is taking applications for its 22nd annual list of the state’s 50 fastest-growing companies, known as the “Fantastic 50.”

Privately held companies based in Virginia are eligible. The only eligible companies are those with annual sales of $200,000 to $200 million that have demonstrated revenue growth and positive net income in its most recent fiscal year compared to the previous fiscal year.

Companies must provide a four-year sales revenue history to be used by judges.

Public accounting and advisory firm Dixon Hughes Goodman verifies all entries.

A nomination form and more information about the Fantastic 50 program is available at vachamber.com/events/fan-50-nomination-form/. Applications must be received

by Jan. 8.

For more information, contact Melissa See SCENE, Page 9

Harrisonburg, Va.

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Throughout the fall, we asked community members to nominate up-and-coming business people. After whittling the list of about two dozen nominees down to 10 names, we present the winners. These talented and successful individuals represent a diverse selection of industries in the Valley. If you don’t see your nominee, please submit his or her name again next year.

Congratulations to the 2016 winners!

The 10 winners follow, listed in alphabetical order.

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A Diverse ‘Agripreneur’ Name: Brent Arbogast Age: 36

By VIC BRADSHAW Daily News-Record

HARRISONBURG — Brent Arbogast is a farmer and an agripreneur.

Arbogast, his father, Mark, and his brother, Brian, are the primary operators of Arbogast Farms LLC, a diverse, 420acre farm in Lacey Spring. Their farming interests include 300 cow-calf pairs raised for beef and five poultry houses in which more than 1 million broilers are raised annually for George’s Foods.

He also completed farrier school when he was 17, founded Brent Arbogast Horseshoeing, and used the money he earned to pay for two years at Virginia Tech to get an associate degree in agriculture technology. He still shoes for 60 clients within an hour’s drive.

He and his brother also operate Pre-

cision Fence, launched in 2007 after a few neighbors asked them to build fences. They have two employees and cover Rockingham, Augusta and Shenandoah counties and parts of West Virginia.

Arbogast, 36, said his entrepreneurial spirit kicked in as he faced a life of weather dependency, major capital investments and slim profit margins.

“I was concerned about how I’d make a living on the farm,” the 1998 Broadway High School graduate said. “That’s where the farrier business came into play, and I started buying my own cattle.”

He and his wife, Margaret, have a herd of 150 beef cattle, a flock of 140 sheep, and own or lease 900 more acres for pasture and crops.

The Virginia Farm Bureau honored the couple with its 2014 Young Farmers Achievement Award. They’re industry leaders, serving on the state commit-

tee for the Farm Bureau Young Farmers and Ranchers. Brent also is on the boards of the Rockingham County Farm Bureau and Broadway-Timberville Young Farmers.

The Arbogasts live in Lacey Spring with daughters Taylor, 8, and Gracyn, 7, and son Easton, 5.

Despite the risks, Arbogast said farming is the life he enjoys, and playing a role in feeding the world is worthwhile.

“The biggest thing,” he said, “is that there’s something different going on every day. And I’m pretty much my own boss, but sometimes that’s a curse.

“I’m constantly having to remind myself that I’ve got a pretty important job, but it kind of goes unnoticed, or so it feels like.”

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Harrisonburg, Waynesboro Koogler Offices Movers

FROM PAGE 2

Koogler Financial Group has offices in Harrisonburg and Waynesboro.

— Vic Bradshaw

Comer ‘Rising Star” Among State Community Bankers HARRISONBURG — Jonathan Comer, Blue Ridge Bank’s market president in Harrisonburg, has been selected to receive the first Rising Star Award presented by the Virginia Association of Community Banks, according to a news release.

The award, presented at the organization’s annual convention held Oct. 2-4 in Leesburg, recComer ognizes young banking leaders for their community involvement, volunteerism, leadership within their company, and

contributions to innovative initiatives.

He led Blue Ridge’s early efforts in Harrisonburg and helped establish new partnerships.

Comer is a member of the Page County Planning Commission and the Luray-Page County Chamber of Commerce board of directors and has participated in fundraisers for children’s organizations, youth sports groups and community first responders.

— Vic Bradshaw

Dynamic Promotes Shank To VP HARRISONBURG — Dynamic Aviation has promoted Joel Shank to vice president of human resources.

Shank has moved up the corporate ladder since joining the Bridgewater company as a human resources associate in 2006, according to a news release. Most recently, he’s worked as Dynamic Aviation’s director of human resources.

As vice president, the graduate of See MOVERS, Page 14

Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

Harrisonburg, Va.

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Beahm Finds Niche In Banking Name: Matthew Beahm Age: 37

By VIC BRADSHAW Daily News-Record

HARRISONBURG — It took a couple of tries, but Matthew Beahm finally found his niche.

The city native graduated from Harrisonburg High School in 1997 and headed to James Madison University. He majored in kinesiology — the study of body movement — and minored in business, graduating in 2002.

Beahm worked in sales for nTelos for a bit less than a year, then tried his hand at selling medical supplies for a Charlottesville company but said he “hated it.” The woman he was dating at the time knew a manager at First Citizens Bank, which needed a sales person, and he got an interview.

“I didn’t know anything about banking. I knew what a debit card was and what a checking account was,” he recalled. “I said, ‘I don’t know anything about banking, but if you teach me the products, I know I can sell ice to Eskimos.’”

That was 13 years ago, and Beahm has moved up in the banking world. He was promoted into management positions with First Citizens before joining Timberville-based Farmers & Merchants Bank in June 2014, where he’s a commercial relationship manager and assistant vice president.

In his job, the 37-year-old said he works with clients ranging from business owners looking to improve their cash flow or solve a financial problem to people looking to build a home.

“Helping people is the big thing,”

Beahm said of why he likes his job.

“It makes you feel good about what you do.”

When not at his Penn Laird home with his wife, Victoria, and 2-year-old daughter Harper, Beahm often helps local nonprofits. He’s on the board of directors for the Rockingham County Fair Association and Generations Crossing, a day care center for children and adults.

He’s also active in the Harrisonburg-Rockingham Chamber of Commerce’s Building Optimal Leaders

by Design program. He also helped organize volunteers for the first food truck festival fundraiser held by the Open Doors homeless shelter program. That event raised $30,000, twice its goal.

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Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

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SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

A Calling To Brew Name: Tim Brady Age: 36

By NOLAN STOUT Daily News-Record

HARRISONBURG — Tim Brady knew what he wanted to do when he went to James Madison University.

Despite graduating in 2002 with a degree in political science, he wanted to brew craft beer.

“I was intrigued by the fact that there was something different,” he said, “something that didn’t exist in the grocery stores and most people hadn’t heard of.”

Brady, 36, opened Pale Fire Brewing Co. in the Ice House at 217 S. Liberty St. in downtown Harrisonburg in 2014 with Jamie Long.

Before opening Pale Fire, Brady was the assistant brewer at Cally’s Restaurant and Brewing Co., a Court Square business that closed in 2011.

He left Cally’s in 2008 and became a sales representative for Specialty Beverage of Virginia, a Rockville-based distributor of craft beers.

“I wasn’t making beer anymore, but I was selling it,” said Brady, an Arlington native.

He said the skills he gained as a sales representative helped him at Pale Fire.

“You can make all the beer in the world, but if you can’t sell it, you don’t have a business,” he said. “You have a hobby.”

Brady’s business was the second production brewery to open in the city and came on the heels of a 2012 Virginia law allowing tasting rooms to operate without offering food, a requirement for most establishments selling alcohol in the commonwealth.

Since then, craft breweries have exploded across the state. In addition to Pale Fire, Harrisonburg has Brothers

Brewing Co., Three Notch’d Brewing Co. and Wolfe Street Brewing.

Pale Fire beers are now sold statewide in more than 400 retail stores and restaurants in Virginia and Washington, D.C., through kegs, bottles and cans.

Brady also started Rocktown Beer & Music Festival before Pale Fire opened with Aaron Ludwig, who owns Jack Brown’s Beer & Burger Joint, and the Harrisonburg Downtown Renaissance to bring together music and craft beer twice a year at the Turner Pavilion.

Brady said his success doesn’t come as a surprise.

“I knew that there was a lot of interest in craft beer and people here were very educated about it,” he said. “I didn’t really have any concerns about getting people here.”

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Contact Nolan Stout at 574-6278 or nstout@dnronline.com

Time For A Year-End Investment Review

Financial Focus Gannon Irons

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ith the holiday season upon us, you may well be busier than usual. However, by spending a few minutes reviewing your investment scenario of this past year, you can see where you’ve been, where you might be going, and what you need to do to keep moving forward toward your long-term financial goals.

So, as you look back at 2016, pay close attention to these elements of your investment picture: ■ Performance — Reviewing your investment performance over time is important in helping you determine if you’re on track to achieve your financial goals.

So, in evaluating how your investments

did in 2016, ask yourself some key questions: How did your investments do relative to their performance in past years? If there was a big difference, what might have accounted for it? Were your returns relevant to your long-term goals?

In other words, if you have already established a return rate you’ll need to reach your goals — and you should indeed set such a rate — were your actual returns “on track” to help you make progress toward your objectives? And, just as importantly, were your return expectations realistic, based on your investment See FOCUS, Page 7

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Tuesday, November 29, 2016

Community Ties Bring Reward Name: Jonathan Comer Age: 31

By VIC BRADSHAW Daily News-Record

HARRISONBURG — Jonathan Comer isn’t just a young business leader to watch at Blue Ridge Bank or in the Harrisonburg-Rockingham County area. Within community banking circles, he’s deemed a rising star.

In October, Comer, president of Blue Ridge Bank’s Harrisonburg market, received the first Rising Star Award presented by the Virginia Association of Community Banks.

The honor recognizes young banking leaders for their company leadership, community involvement, volunteerism and contributions to innovative initiatives.

The 31-year-old attributes his banking success to his community ties and background. He knows key

players in the business community because he was raised in Shenandoah. In his youth, he worked in Comer’s Hardware, his father Garland’s store.

“From working in my family’s business, I know what business people want and what a businessperson needs,” said Comer, who is single. “My clients appreciate that I can see things from their side of the aisle as opposed to just the bank’s.”

After graduating from Page County High School in 2003, Comer earned a bachelor’s degree in finance from Virginia Tech. He’s enrolled in James Madison University’s masters of business administration program and expects to graduate this spring.

He joined Page Valley Bank, now Blue Ridge, as a management trainee after finishing college and

worked different jobs in multiple branches before becoming a commercial lender. He was promoted to market president in December and is in charge of business development, in both the deposit and loan segments, for four of Blue Ridge’s five branches.

A member of the Page County Planning Commission and Luray-Page County Chamber of Commerce board of directors, Comer said he likes helping local businesses succeed.

“The primary part of my job is dealing with business customers, loans and deposit accounts,” he said. “The main thing I do is help them be successful, whether they’re buying equipment or buying a building. You could say I help them like my family was helped.”

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Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

Investment Mix Can Change Over Time Focus

FROM PAGE 6

mix and the market environment?

■ Investment mix – If you are a diligent investor following a well-designed strategy, you probably started out in 2016 with an investment mix that reflects your risk tolerance, time horizon and shortand long-term goals. But over time, your investment mix can change, even without your having done so on purpose.

If you owned a certain percentage of an asset, such as growth stocks, and those stocks appreciated in price substantially, they could take up a larger percentage of your portfolio than you had intended, thereby exposing you to a higher risk level than that with which you are comfortable.

So now that the year is coming to a close, examine your investment mix to see if it needs “rebalancing.”

■ Contribution levels – Are you taking full advantage of your 401(k) or other employer-sponsored retirement plan? Specifically, if you got a raise this past year, did you boost your contributions to your plan?

The more you invest now, and throughout your working life, the less likely it will be that you have to play “catch up” in the

years immediately preceding your retirement.

■ Mistakes – We all make mistakes in every walk of life, including the way we invest. In looking back over 2016, can you spot some investment mistakes you might have made?

Did you temporarily “bail out” on investing immediately after the “Brexit” vote, only to find, a few weeks later, that the markets had soared to record highs?

Did you act on impulse and buy a so-called “hot” stock that turned out to be inappropriate for your needs and risk level?

While mistakes like these might be costly in the short term, they can ultimately prove invaluable — if you learn from them.

We’re just about ready to turn the page on the 2016 calendar. So, as you review your investment decisions for the past year, try to determine what worked, what didn’t — and what you can do to improve your results in 2017.

This article was written by Edward Jones for use by Kathy Armentrout, a financial adviser with Edward Jones at 560 Neff Ave., Suite 100, Harrisonburg; 540-574-1013

CONGRATULATIONS MATTHEW FRAKES!

Your family and friends congratulate you on being selected as a Shenandoah Valley Business Journal 2016 “10 under 40” recipient.

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Harrisonburg, Va.

For Flint, It’s All About The Numbers Name: Anne Whitney Flint Age: 31

By KELLY CLARK Daily News-Record

HARRISONBURG — Anne Whitney Flint already had a good rapport with Bridgewater Retirement Community when she received an offer to become its controller two years ago.

“They were always my favorite clients [at PBMares], and I had been working with them so long,” she said.

Flint started her current position in July 2014 and is responsible for running the retirement home’s business office. Before that, she’d spent most of her professional career — seven years — as an auditor for PBMares in Harrisonburg.

“I collect payments from residents, pay our bills and bill the in-

surance companies,” she said.

Flint graduated from Broadway High School in 2002 and earned a bachelor’s degree in accounting from Virginia Tech in 2006 and a master’s degree in accounting from James Madison University in 2007.

She said her decision to go into finance was a practical one.

“All the business majors had to learn accounting,” she said. “I thought it would be a good fit because I had to learn it anyway, and I thought it would make me more marketable.”

Flint, 31, said her job consists mostly of numbers and organization.

“You’re pulled in so many different directions, so you need to keep a list of what’s going on and what you need to catch up on,” she said. “You also need a working knowledge of accounting.”

Outside the office, Flint is a past president of the Harrisonburg Women’s Service League, a graduate of Leadership Harrisonburg-Rockingham and a member of the Association of Young Professionals and IMPACT Harrisonburg, a branch of The Community Foundation of Harrisonburg and Rockingham County.

Flint also serves on the finance committee of Timberville Church of the Brethren, which she attends.

“Being involved in the community is very important to me,” she said.

Though her job is busy and complicated, Flint wouldn’t have it any other way.

“I always want to challenge myself,” she said. “I wouldn’t be happy with a job that was easy.”

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Contact Kelly Clark at 574-6290 or kclark@dnronline.com

City AI Company On Hot Watch List Scene

FROM PAGE 2

Watson at melissa.watson@dhgllp.com or 804-474-1309.

— Vic Bradshaw

Axon AI On Cybersecurity Hot List HARRISONBURG — Axon AI, a city company focused on the use of artificial intelligence for cybersecurity, recently was selected as one of 500 hot cybersecurity companies to watch.

The global list is compiled quarterly by Cybersecurity Ventures, an industry research and market analysis firm headquartered in Menlo Park, Calif.

Axon AI was ranked No. 438 on the third-quarter list. Fourth-quarter rankings have not been released.

The company’s AXON Ghost Sentinel division has created technology using swarm intelligence and other techniques to protect computers, cars, phones and other devices. AXON announced in June 2015 that it was investing $1.5 million in a local expansion that would create 29 jobs and received $75,000 grants from the city and state to support the project.

The third-quarter 2016 Cybersecurity 500 list included 40 Virginia companies, only three of which were outside Northern Virginia.

— Vic Bradshaw

Cadence Releases Earnings Report STAUNTON — Cadence Inc., a supplier of products and services to the health care industry and industrial companies worldwide, announced unaudited results for the first nine months of 2016 that include a 7 percent increase in revenue from continuing operations to $64.6 million compared to 2015.

According to a company press release, earnings per share from continuing operations increased 12 percent over prior year to $3.51 per share. Earnings before interest, taxes, depreciation and amortization from continuing operations was up 6 percent at $13.7 million.

As previously announced, the company completed planned changes to its manufacturing footprint in October that included the move of the Sturgeon Bay, Wis., operations into a new 63,000-sqaure-foot production facility, the sale of its Dominican Republic See SCENE, Page 9

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Frakes Stays Focused Name: Matthew Frakes Age: 35

By VIC BRADSHAW Daily News-Record

HARRISONBURG — Matthew Frakes has spent most of his career focused on other people’s money.

His first full-time job was with the accounting firm Ernst & Young, where he did audit work for NASA, Marriott International and other clients. After two years, though, he realized public accounting wasn’t for him and opted to follow in his father Robert’s footsteps.

Fast forward about a decade and father and son are working as partners at The Frakes Group at Morgan Stanley. He works with companies on their 401(k) plans and people seeking financial planning advice.

“I love the relationships we develop with our clients,” said Frakes, 35, a

chartered retirement plans specialist and financial adviser. “I feel like with our clients down here, we’re part of their family and they’re part of ours.”

The “down here” reference is opposed to the D.C. area. Frakes got his financial advising feet wet in very deep waters, working on a 16-person team at a Morgan Stanley office that served some high-profile clients, including retired NBA superstar and Charlotte Hornets principal owner Michael Jordan and golf pro Rickie Fowler. Three years ago, he was named a Rising Star within the company.

As his father’s local practice grew, he began asking Matthew about coming home to Harrisonburg. Born and raised in the city, Frakes eventually returned in what he termed “a quality-of-life move.”

Since then, he’s become engaged

to Rebecca Haushalter, served on the Harrisonburg-Massanutten Rotary Club’s board, become involved with Rockingham Union Masonic Lodge No. 27, and nearly completed the Harrisonburg-Rockingham Chamber of Commerce Building Optimal Leaders by Design program.

Frakes attended Penn State University on a tennis scholarship, earning a finance degree in 2003. He obtained his master’s in accounting from William & Mary in 2004.

The former Penn State tennis team captain thinks lessons learned on the court have helped him succeed in a competitive profession.

“Athletics, I think,” Frakes said, “are such good preparation for building a career.”

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Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

Funds For Organic Food Research

and Agriculture has $17.6 million available for research and outreach to support organic agriculture.

The money, available through the Organic Agriculture Research and Extension Initiative, will fund high-priority research, education and extension project that help producers and processors involved in organic farming to grow and market high-quality products.

Biological, physical and social science research, including economics, are priority areas.

HARRISONBURG — The U.S. Department of Agriculture’s National Institute of Food

See SCENE, Page 15

Mass. Facility Closed Scene

FROM PAGE 8

operation and the closure of its Plymouth, Mass., facility.

Cadence employs more than 475 people worldwide with headquarters in Staunton.

— Staff Reports

Tuesday, November 29, 2016

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Tuesday, November 29, 2016

Harrisonburg, Va.

Earthworks Shows How To Grow Name: Hans Harman Age: 36

By VIC BRADSHAW Daily News-Record

HARRISONBURG — As the construction industry rebounds from the recession, Hans Harman is playing a role in a good amount of the earth movement in the region.

Harman, 36, bought the assets of Quality Excavating in 2011. The company had seven employees and was doing about $1.3 million a year in business.

Under its new name, Momentum Earthworks, the commercial grading and excavation company has 50 employees and is taking in $8 million a year just five years later.

“It’s just been hard work,” Harman, president of the Rockingham County company, said of its growth.

“A lot of people think there’s some

magic pill, but really you just work harder than the other guy.”

Born and raised in Harrisonburg, he graduated from Eastern Mennonite High School in 1998 and earned a bachelor’s degree in business administration from Eastern Mennonite University in 2002.

Harman initially headed west, working in real estate development and running a Quiznos sub shop franchise in Wyoming for six years before returning to Harrisonburg. Once home, he continued real estate development as a principal in Velocity Property Group and managed projects for his father Carl’s company, Harman Construction.

Momentum works within about a one-hour radius of Harrisonburg, he said, and has done business for a number of high-profile clients — Harrisonburg, Rockingham County,

Sentara RMH Medical Center, James Madison University, the University of Virginia and the Smithsonian Conservation Biology Institute in Front Royal.

Momentum built that clientele by making itself known.

Harman is vice president of the local chapter of the Association of General Contractors and holds board posts with the Shenandoah Valley Builders Association and Harrisonburg Downtown Renaissance.

“We’ve just had a very active business-development presence,” he said. “And it’s assembling and building a team capable of performing as we’ve grown.”

He and his wife, Sarah, live in McGaheysville with their children Nina, 10, Grady, 7, and Pace, 5.

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O’Brien Can’t Stop Working

By VIC BRADSHAW Daily News-Record

HARRISONBURG — Bill O’Brien retired as Rockingham County’s administrator nearly 13 years ago. But he just can’t stop his work to help local governments get the money they need for big projects.

O’Brien, 73, was reappointed earlier this year by Gov. Terry McAuliffe as chairman of the Virginia Resources Authority’s board of directors. The organization helps local governments and authorities across O’Brien Virginia borrow money at low interest rates to finance projects ranging from water-plant upgrades to road improvements to broadband installation.

Appointed to the panel by Gov. See O’BRIEN, Page 11

The Virginia Resources Authority can provide funding for projects that fall into 18 categories: ■ Public safety ■ Transportation ■ Wastewater ■ Flood prevention and dam safety ■ Solid waste ■ Water ■ Federal facility development ■ Brownfield remediation and redevelopment ■ Airports ■ Land conservation and preservation ■ Broadband ■ Parks and recreation ■ Local government buildings ■ Energy ■ Site acquisition and development for economic and community development ■ Administrative and operations systems ■ Oyster restoration ■ Defective drywall correction and restoration Source: virginiaresources.org

Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

Congratulations Jonathan Comer!

We are proud to have you as part of our team.

Charlottesville | Harrisonburg | Luray | Shenandoah | McGaheysville

www.mybrb.com •

540-432-7970

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Looking Into Realty’s Future Name: Mike Hendricksen Age: 36

By TONY BROWN Daily News-Record

HARRISONBURG — Matchbox Realty Chief Operating Officer and Chief Idea Guy Mike Hendricksen not only runs the dayto-day operations of the hipster downtown commercial real estate company — he also runs the tomorrow-to-tomorrow dreams.

“I deal with a little bit of everything we’re getting into,” Hendricksen said in a glass-enclosed conference room of the sleek, post-modernist Matchbox offices, a former North Liberty Street car dealership. “And a little of what we’re not getting into.”

Yet. In fact, if it weren’t for Hendricksen, 36, there might not even be a Matchbox Realty.

“I was working for Coldwell Banker Commercial Funkhouser Realtors when Barry Kelley bought out his partner, Joe Funkhouser,” in 2010, Hendricksen said.

Rather than letting the company keep another blah name, Kelley & Associates, “I saw an opportunity for rebranding. I had an

idea that the business should change a little bit. Barry came on board for me to have a little bit more authority to dream and implement some of those ideas,” he said.

Kelley, Hendricksen’s boss, is a big fan, calling him “instrumental” in some of the company’s signature projects, including the Ice House, Hess Building, Wine Brothers Building, Urban Exchange, Bruce Street, The Livery and Charleston Townes.

As for the COO role, Hendricksen oversees the heads of the company’s five divisions, which means he oversees all 21 of Matchbox’s employees, except for himself and Kelley.

The Lynchburg native came to Harrisonburg in 1999 to attend James Madison University and play in the No. 1 spot on the men’s varsity tennis team. He left for a oneyear master’s program in real estate at the University of Florida.

His fiancée, now wife, Kathryn, was accepted at JMU for graduate school, so Hendricksen got a job at Coldwell Funkhouser.

Kathryn decided against graduate school, but they came on up anyway.

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VRA Expands Project Funding Scope O’Brien

FROM PAGE 10

Gerald Baliles in 1987, just three years after it was created, the Port Republic resident was named chairman of the 11-member body by Gov. Mark Warner in 2002.

He said he remains active with the authority because it does so much good.

“The authority so directly helps many localities across the commonwealth in getting needed projects accomplished that they otherwise couldn’t do perhaps,” O’Brien said, “or would end up spending a lot more money in annual debt service, i.e. higher interest rates, than we can provide.

“It has saved millions and millions of dollars to localities across the commonwealth. Those are dollars that didn’t have to be pulled out of taxpayers’ wallets and pocketbooks.”

“Twelve years and three kids later [Caroline, 9, Meredith, 7, and Linley, 4, with another on the way], we’re still here,” Hendricksen said. “Harrisonburg has been great; it’s got Matchbox to where we are today.”

But where the company is today is not enough for Mr. Tomorrow.

“I’m thinking maybe we could expand geographically, beyond Harrisonburg and Rockingham” County, he said. “We see opportunities where maybe other people don’t. It seems to have worked so far.”

Now, Mike Hendricksen wants to see how far Matchbox can work it.

No Defaults The VRA was created to help fund water and wastewater projects. However, administrations and legislatures have expanded its scope over the years, and it now can assist in financial arrangements for 18 different types of projects.

In 32 years it’s supported more than 1,000 projects worth more than $7 billion, O’Brien said. It’s never had a default.

The authority has two ways it can help, he said. It can lend federal and state money held in a handful of revolving funds that support specific types of projects, such as clean water or airport improvements, or it can pool multiple projects and put them out on the bond market to attract private-sector investors.

The latter method, O’Brien said, See O’BRIEN, Page 12

Contact Tony Brown at 574-6286 or vbradshaw@dnronline.com

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SHENANDOAH VALLEY BUSINESS JOURNAL

VRA Projects At 2.6 Percent Interest O’Brien

FROM PAGE 11

benefits entities with good credit ratings because bond-preparation costs are spread across the entire pool.

Entities with a low or no rating are helped because VRA bonds are backed

by Virginia’s AAA rating and the state’s moral obligation to see that they’re repaid.

The result? The projects in the VRA’s fall pool, O’Brien said, were financed at a 2.6 percent interest rate.

“We’re the conduit for these localities to get to the market,” he said.

Staff members do most of the due diligence to make sure an entity can repay the bonds it’s seeking, he said, but authority members sign off on loans from revolving funds and bond-pool participants. At times, they suggest financial changes an entity should make before seeking bonds, and staffers have recommended that some applicants might be best served by borrowing from a local bank.

O’Brien said one ratings agency analyst told him he points to the VRA as the best infrastructure bond bank in the country.

Among the major projects it’s backed statewide are myriad efforts aimed at protecting the Chesapeake Bay. Locally, the Harrisonburg Rockingham Regional Sewer Authority funded a major upgrade and expansion through the VRA, and Broadway used authority money to support its purchase and operations of the former SIL Clean Water LLC facility east of Timberville.

O’Brien said Monday he might not seek another term when his appointment ends on June 30, 2020, but he’s been glad to be part of an organization that’s helped get needed projects done and created jobs at the same time.

“We’ve had a significant statewide economic development impact,” he said. “The money we lend to localities creates jobs, whether it’s for building a library or municipal building, a courthouse, or a water or sewer plant.

That all translates into money going into local economy.”

Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

Harrisonburg, Va.

Local Ledger Central Valley Area Home Sales Median Price Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Oct 2016

Oct 2015

Pct. Change

$145,500 $214,250 $195,000 $155,450 $210,000 $149,900 $161,750

$167,000 $191,000 $157,500 $150,000 $209,900 $140,500 $172,500

-12.87% 12.17% 23.81% 3.63% 0.05% 6.69% -6.23%

Days On Market Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Oct 2016

Oct 2015

Pct. Change

42 77 94 176 55 69 60

66 63 109 195 47 71 58

-36.36% 22.22% -13.76% -9.74% 17.02% -2.82% 3.45%

Units Sold Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Oct 2016

Oct 2015

Pct. Change

30 64 44 20 62 22 18

35 70 62 11 71 25 33

-14.29% -8.57% -29.03% 81.82% -12.68% -12% -45.45%

Unemployment Sept 2016

Aug 2016

Sept 2015

4.8% 3.5% 3.6% 4.5% 3.9% 4.1% 4.1%

5.2% 3.6% 3.6% 4.5% 3.6% 3.9% 4.1%

4.7% 3.8% 3.9% 5.4% 3.9% 3.9% 4.4%

Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Source: Virginia Employment Commission

Labor Force Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Sept 2016

Aug 2016

Sept 2015

23,660 39,641 21,088 11,502 35,805 11,629 9,708

23,029 38,630 21,325 11,507 35,799 11,611 9,708

23,774 39,912 21,249 11,710 36,482 11,854 9,947

Source: Virginia Employment Commission

Building Permits* Sept 2016

Sources: Funkhouser Real Estate Group; Real Estate Business Intelligence

Retail Sales (in millions) Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Sept 2016

$110.2 $59.9 $39.3 $17.8 $49.0 $34.6 $45.4

Source: Weldon Cooper Center for Economic and Policy Studies

Harrisonburg Rockingham Page Augusta

Sept 2015

Permits Issued

Estimated Cost

Permits Issued

Estimated Cost

5 18 9 16

$796,930 $3.21M $914,000 $3.05M

8 25 3 21

$1.22M $4.71M $356,389 $4.93M

Source: censtats.census.gov/bldg/bldgprmt.shtml *Permits are for residential construction only, single- and multifamily buildings, as recorded by the U.S. Census Bureau.

Classified Ads Get Results — Call 574-6210

Harrisonburg, Va.

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Tuesday, November 29, 2016

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Long-Term Care: What’s Covered, What’s Not ong-term care costs have soared in recent years and are expected to rise even higher. The average annual cost of a private room nursing home stay is hovering around $105,645, and in 30 years that number is expected to reach $352,672.1 Medicare will only cover a fraction of such costs, and then only under certain conditions. Long-term care insurance will cover most, but not all expenses, depending on the amount and nature of the costs and terms of the policy.

Keeping these numbers in mind, whether you are caring for an aging family member or are looking into a long-term care policy of your own, you may want to consider including care-related expenses as a line item within your wealth plan sooner rather than later.

In general, Medicare does not pay for most long-term care services, although it does cover certain costs over limited periods if you meet certain conditions.

Those conditions are that you have had a recent prior hospital stay of at least three days, that you are admitted to a Medicare-certified nursing facility within 30 days of your prior hospital stay, and that you need

L

skilled care, such as nursing services or physical therapy.

These are distinguished from custodial services, such as feeding, bathing or supervision, which Medicare will not pay for.

If you meet all these conditions, Medicare will pay some of your costs up to 100 days.

Medicare will pay 100 percent of costs over the first 20 days, and will reimburse the difference over the daily limit of $157.50 (rate for 2015) from days 21 through 100. You would then be responsible for all costs after day 100.

In addition to nursing facility services, Medicare will pay for some services on a limited basis if your doctor says they are medically necessary. These include skilled nursing care, physical therapy, medical supplies and certain social services.

Medicare also covers hospice care, in your home, a nursing home, or in a hospice care facility, if you have a terminal illness and are not expected to live more than six months.

Most long-term care policies today are comprehensive, meaning they cover home health care, adult day care, assisted living and nursing home care. Other services offered by some policies include hospice care, respite care, care after a hospital stay or

Investments Matthew R. Frakes caregiver training for family members.

However, not all long-term care insurance policies cover all services or even pay out the same rate for similar services. Some policies may exclude or limit coverage for pre-existing conditions, mental health or nervous disorders or care by a family member.

They may also exclude coverage for certain conditions resulting from alcoholism and drug addiction.

That’s why it pays to weigh out your options and make sure you fully understand what’s covered under a given long-term care policy, when benefits are paid, as well as period of coverage.

Or, you might instead consider a hybrid life insurance policy that combines life and

limited long-term care coverage, or a life insurance policy with accelerated death benefits, which allows you to take an advance on your death benefit under certain circumstances.

Regardless of how you plan to address long-term care costs, remember to work with a professional, who can make sure you ask the right questions before making any decision.

Article written by Wealth Management Systems Inc. and MSSB, courtesy of Matthew R. Frakes, Harrisonburg financial adviser. Contact Frakes at 540-438-7909, or online http://www. morganstanleyfa.com/thefrakesgroup.

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Tuesday, November 29, 2016

Harrisonburg, Va.

Helping Meet Students’ Needs Name: Brent Holsinger Age: 36

By ERIN FLYNN Daily News-Record

HARRISONBURG — Struggling students may have a hard time with certain subjects, but through his position as president of On the Road Collaborative, Brent Holsinger is hoping to help them move past those barriers.

On the Road Collaborative is the second after-school program Holsinger has helped found in two years.

“For me, it’s about making sure kids have an equal opportunity and they have the sort of learning opportunities to set them on the ... path of achieving long-term goals,” he said.

Holsinger, 36, graduated from Harrisonburg High School in 1999 before attending the University of Richmond, where he received a bachelor’s in business administration in 2003.

After graduation, Holsinger spent 11 months working in Boston with

City Year, an AmeriCorps nonprofit that offers educational programs and intervention for high-needs public schools. He followed this with six years at Citizens Schools, a similar organization for low-income students.

“That really changed my life,” he said. “I went from a business administrative background to a social justice work.”

Holsinger and his wife, Laura Toni-Holsinger moved to Harrisonburg in fall 2010.

Four months later, he founded Beyond the Bell, a grant-funded, after-school program held at Smithland Elementary, and Skyline and Thomas Harrison Middle schools.

About 1,000 city student participated in Beyond the Bell between 2011 and 2014, when it ended.

“The last of those grants ended and because those programs didn’t exist [before the grant], there wasn’t any sort of way to keep them going,” he said.

Last fall, Holsinger and four other people involved in Beyond the Bell started On the Road Collaborative.

The program, held at Skyline Middle School, offers academic support and exposes its 110 participants to careers they may not have considered before.

“Students have an opportunity to learn everything from being an architect to being a chef,” he said.

On the Road Collaborative has grown from the 80 children it served last school year, and Holsinger plans to expand the program even more in the future.

“We’re looking to create an entire road all the way through high school graduation for kids,” he said. “We know their needs don’t stop when they get to high school; they just evolve a little bit.”

As president, Holsinger focuses on the nonprofit’s development while also leading fundraising efforts.

“It’s been a neat shift for me to focus on strategic direction,” he said.

“I’ve enjoyed that, and it’s been a re-

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Perdue Human Resources Gets New Chief Movers

FROM PAGE 4

Eastern Mennonite University will lead the human resources department and various administration functions, including security, information technology, training and development, and exec-

utive support.

Dynamic Aviation provides contract aviation services for clients around the globe.

— Vic Bradshaw

ally neat opportunity to serve, especially in Harrisonburg where I grew up.”

Contact Erin Flynn at 574-6293 or eflynn@dnronline.com

Maria Alonso Tapped To Be Perdue’s HR Manager HARRISONBURG — Perdue Foods has promoted Maria Alonso to human resources manager of its Bridgewater foods operation.

Alonso has worked for the company since 2010, according to a news release. She was an associate human resources representative in Bridgewater prior to her promotion.

She is a student at Eastern Mennonite University and is pursuing a bachelor’s degree in management and organizational development. Alonso expects to graduate in May. Based in Salisbury, Md., Perdue is a family owned food and agriculture company.

— Vic Bradshaw

“SELLING THE MOUNTAIN... AND THE VALLEY”

(540) 289-6335 (800) 931-0400 www.MassanuttenRealty.com View over 2000 Properties Nick Whitelock, Realtor PORCHES, ARBORS & PERGOLAS, HANDICAP RAMPS

540-383-9601

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Harrisonburg, Va.

Broadcast For The Digital Age Name: Erin Overstreet Age: 34

By PETE DeLEA Daily News-Record

HARRISONBURG — Erin Overstreet’s face might not be a familiar one on WHSV-TV3, but that doesn’t mean she’s not hard at work.

Overstreet, 34, the television station’s director of digital media, leads a team working to converge the Harrisonburg-based media outlet’s broadcast product, website and social media.

“I love being a part of the broadcasting industry,” she said. “It’s changing rapidly, and a lot of it is going digital.”

As part of her efforts, Overstreet created the WHSV.com quality control team to constantly improve the online product.

The Harrisonburg resident graduated from James Madison University in 2005 with a degree in English.

After graduating, she worked as a financial adviser for three years before moving to WHSV as an account executive.

In 2013, Overstreet — seeing the need for a stronger digital presence in both the news and sales departments — approached the station’s general manager, Tracey Jones, about creating a new position.

Jones jumped at the idea.

“I have a really good boss who is open to hearing about things that could be done better,” Overstreet said.

She went straight to work.

“It’s really fun to watch that integration happen,” she said.

When she’s not working, Overstreet is often volunteering.

She became a mentor with Big Brothers Big Sisters of Harrisonburg-Rockingham County in 2008.

She’s been a “big sister” to 16-year-old Grace since then.

“She’s just an amazing person,” Overstreet said. “It’s been so incredible to watch her grow up.”

Three months ago, she joined the organization’s board of directors. She also volunteers with the United Way and Meals on Wheels.

“I believe it’s all of our duty to give back,” she said.

“At the end of the day, I love my career, but WHSV gives us an outlet to help our community. I love being a part of that.”

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Contact Pete DeLea at 574-6267 or pdelea@dnronline.com

Private Researchers Eligible To Apply Scene

FROM PAGE 9

Research universities, federal agencies, national laboratories, state agricultural experimental stations, research foundation and private researchers are eligible to apply. Applications are due by Jan. 19.

— Vic Bradshaw

Union Bankshares Boosts Income HARRISONBURG — Union Bankshares Corp. (NASDAQ: UBSH), the parent company of Union Bank & Trust, reported $20.4 million in net income for the third quarter, a 12 percent increase over its performance in the period a year earlier.

Per-share earnings for the period were 47 cents, up from 40 cents in the third quarter of 2015, according to the report released Oct. 20.

The $2.2 million net income increase primarily was attributable to a $3.6 million increase in net interest income. Net income attributable to its community banking operations was up $1.46 million, or 8 percent, while mortgage income grew to $785 million from $59 million.

Through nine months, Union has netted $57.7 million, or $1.29 per share. That’s up from $49.3 million, or $1.09 per share, it

earned in the first three quarters of 2015.

The company announced Thursday that its quarterly dividend would be 20 cents per share, up a penny from the previous quarter than the prior year. The dividend will be paid on Nov. 28 to shareholders of record as of Nov. 14.

The Richmond-based banking company has 115 branches in Virginia, including two in Harrisonburg and one in Grottoes.

— Vic Bradshaw

Star Heating & Cooling Inc. Independent TRANE Comfort Specialist Sales & Service

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Harrisonburg, Va.