Shenandoah Valley Business Journal

A Byrd Newspapers Publication

Volume 18, No. 4, February 28, 2017

Valley Growing Skilled Employees

Spotlight

on:

rce Workfo nt me Develop Page 8

Ways your Organization can EHQHÀW IURP WKH -08 0%$

Inquire Today!

JMU.EDU/MBA or mba@jmu.edu

Take advantage of our on-site information session by hosting a lunch & learn presentation. Invite us on-site to share more about the JMU MBA during the lunch hour, and we’ll bring the lunch!

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 28, 2017

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

■ MTC Programs Help Fill In-Demand Jobs..............Page 8

Other Business News ■ F&M Bank Sets Another Record In 2016...........Page 5

Editorial Staff

■ Virginia Job Board Gets Fresh New Look..........Page 11

Editor and General Manager: Peter S. Yates Managing Editor: Jerry Blair

By mail: Shenandoah Valley Business Journal P.O. Box 193 Harrisonburg, VA 22803 By email: svbjnews@dnronline.com By fax: 433-9112 By phone: 574-6267 (news) 574-6229 (ads)

Columns

Staff Writers: Vic Bradshaw

■ Mortgages by Ron Ross.................................Page 3

On The Cover:

■ Financial Focus with Kathy Armentrout.........Page 7

Holly Marcus / Special to the DN-R Massanutten Technical Center instructor Jeff Miller explains a layout design to Manuel Trinidad of Harrisonburg in the adult welding class offered at the school.

Contributing Photographers: Holly Marcus, Nikki Fox

HARRISONBURG — Dwight Buracker, who works out of the Harrisonburg office of PBMares, has been named a partner with the accounting firm.

A certified public accountant, Buracker has worked in public accounting for 15 years, according to a news release. He specializes in assurance services for state and local authorities, boards and commissions as well as middle-market businesses.

Buracker Buracker, who doubled majored in business as well as accounting and finance at Ferrum College, is a certified valuation analyst, providing business valuation and consulting services.

Contact us

■ Local Ledger..................................................Page 13 ■ BRC Eyes Expansion.......................................Page 14

Buracker A Partner At PBMares

Harrisonburg, Va.

PBMares serves domestic and international clients from offices in the mid-Atlantic region.

— Vic Bradshaw

Rudolph Makes Partner With Engineering Firm HARRISONBURG — Troy Rudolph, a structural engineer with Engineering Solutions’ office in Harrisonburg, has been promoted to partner with the Charlottesville-based firm, according to a news reRudolph lease.

A Shenandoah Valley resident, Rudolph See MOVERS, Page 3

Silver Lake B&B Honored For Marketing Program HARRISONBURG — Ryan Wolz, owner of the Silver Lake Bed and Breakfast in Dayton, was chosen as a runner-up for bedandbreakfast.com’s 2016 Marketer of the Year award.

Wolz was honored for his efforts to draw parents of James Madison University students to his inn, according to a news release. To do that, he hosted a two-day open house, used targeted Facebook advertising, gave out fliers and advertised the property locally.

He also lowered weekday rates to match area hotels, which helped him capture more last-minute and business travelers.

Through those efforts, Silver Lake’s weekend bookings were strong and it ran a 74 percent occupancy rate in its

first year.

The judging panel critiqued the effort for business results, clarity of marketing objectives and target audiences, creativity, and use of multiple channels.

As a runner-up, Wolz receives award plaques and a $100 Amazon gift card.

Tammy Green Holloway of Bay Haven Inn in Cape Charles won the award. Sandy Wieber of Bayfront Marin House in St. Augustine, Fla., also was recognized as a runner-up.

Based in Austin, Texas, bedandbreakfast.com is the world’s largest B&B travel site. This is the third year they’ve presented the Marketer of the Year award, which recognizes owner who develop and implement successful marketing programs.

— Vic Bradshaw

See SCENE, Page 3

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 28, 2017

3

Understanding Mortgage Rates

“W

hat are mortgage rates going to do?” is one of the most frequently asked questions in my business.

We all wish we had better answers, despite the frequent commentary and predictions from all kinds of experts. You can only truly answer the question one of three ways: they’re going up, they’re going down, or they’re going to remain relatively the same.

You have a 33 percent chance of getting it right however you answer, not bad odds, huh?

To understand what moves mortgage rates, you need a basic understanding of what’s going on with the bond market. Most people are familiar with the law of supply and demand that tell us that whenever you have an increasing demand for something the price goes up and when something is out of favor and being sold, the price goes down.

Think of it in terms of James Madison University sports. Now that the football program is the FCS National Champion, ticket sales for next year will probably rise, while men’s basketball tickets are unfortunately always available — for now anyway.

Back to bonds. The yield for a bond (the amount of return to an investor) and the price always move in opposite directions.

When the price of a bond is increasing, the yield of the bond goes down. When bond prices decrease, the yield goes up.

Mortgage Backed Securities are bonds sold to investors all over the world and considered to be a relatively safe investment vehicle. The direction in which mortgage rates move is a reflection of the current price and yield of an MBS. When the price of an MBS is on the rise because of greater demand, the yield is going down and mortgage rates go with it. When the price of an MBS goes down because people are putting their money into more attractive investments such as stocks or higher-yield bonds, the yield for an MBS starts to increase taking mortgage rates with them.

In short, when people are buying Mortgage Backed Securities, rates get better and when they’re selling, rates get worse.

There is a wide variety of factors that influence investors: economic data (GDP, employment numbers, inflations indicators, etc.); government policies; world events; and a myriad of other things. The most recent rise in rates is a great example of how the current political climate can change the markets in a significant way.

Enter Donald Trump. Maybe even more unpredicted than the Trump victory is the way the markets have reacted to it.

For weeks after the election, the Dow soared roughly 1,500 points, so of course the MBS’s sold off. From Nov. 8 through the beginning of January, interest rates on a 30year fixed mortgage went from roughly 3.5-

Mortgages Ron Ross

3.625 percent to 4.125-4.375 percent depending on the day, but why?

The simplest explanation is that investors sensed much more opportunity for a Trump-influenced economy than a Clinton-fueled one. Because of this, stocks were largely favored — especially financial stocks — and so the bond market suffered with a sell-off, increasing the yields on MBS, and raising mortgage interest rates.

The “what are rates going to do” question isn’t a simple one. It does, however, seem that economic data going forward will continue to be positive and that the economy continues to stay on track. How the Trump policies play out in the coming months and how the rest of the world reacts will play a huge roll in the direction of our markets.

There will always be the occasional

downward movement due to an unpredicted Brexit, collapse of a foreign economy, or economic indicators that report less healthy than expected.

If Trump’s policies are effective and the economy continues strengthening as even the Federal Reserve is predicting, rates will likely continue their gradual rise but most likely not with the same fervor as the several weeks postelection.

But any of this can change from day to day in this crazy world! To quote Market Alert founder and chief analyst Larry Baer: “The market is always right. You and I are some of the time.”

Ron Ross is a mortgage adviser at VBS Mortgage, 2040 Deyerle Ave., Suite 207, Harrisonburg; 540-208-1850.

Engineering Solutions Opened In 2004 Organizations Can Apply For Crop Grants Movers

FROM PAGE 2

has been with the engineering firm since 2001, serving as its director of structural engineering in Harrisonburg.

After graduating from Tennessee Technological University, Rudolph coowned a construction company in the Smoky Mountains before joining Engineering Solutions.

Opened in 2004, the company specializes in structural and industrial engineering.

— Vic Bradshaw

McClung Recognizes Employee Of The Quarter WAYNESBORO — Mandy Troxell,

account manager, was recently chosen employee of the quarter at McClung Cos. Established in 1992, the award is based on recommendations from fellow workers and recognizes McClung Troxell employees who display extraordinary dedication to their jobs.

Troxell, who has worked one year at McClung, lives in Staunton.

McClung, based in Waynesboro, provides graphic communication services in Virginia.

— Staff Reports See MOVERS, Page 4

Scene

FROM PAGE 2

Specialty Crop Federal Grant Applications Accepted Up To $60K HARRISONBURG — Organizations can apply for up to $60,000 in federal grant funding for projects aimed at enhancing the competitiveness of specialty crops in Virginia, according to a news release.

The Virginia Department of Agriculture and Consumer Services expects to administer nearly $390,000 in Specialty Crop Block Grants funded by the U.S. Department of Agriculture’s Agricultural Marketing Service. Applications are due by March 13 for grants that will be issued Oct. 1 and last two years.

Grant applications must support

crops not typically covered by traditional crop insurance, such as fruits, vegetables, tree nuts, dried fruits and nursery crops.

Projects to support standard commodities, such as corn, wheat and soybeans, are not eligible for funding.

Processed foods are eligible if their development makes a specialty crop more competitive.

Agricultural associations, industry and producer groups, educational institutions, nonprofits and community-based organizations are eligible to apply for the grants. Individual producers are not.

Proposals must specify how the money will be used to make a crop more competitive, such as via research, food safety or promotion and marketing.

See SCENE, Page 4

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 28, 2017

Harrisonburg, Va.

Firm Affiliated With Weichert Realtors Interest Income Up $4.9M This Year Movers

FROM PAGE 3

Seemiller Joins Beahm Team

Hostetter Makes Mutual Of Omaha’s President’s Club

HARRISONBURG — Jason Seemiller has joined the Nancy Beahm Real Estate sales team.

A Mount Jackson resident, Seemiller earned a bachelor’s degree in kinesiology at James Madison University. He has more than 10 years of sales experience.

Nancy Beahm Real Estate, which Seemiller helps people buy and sell homes in Rockingham and Augusta counties and Harrisonburg, Staunton and Waynesboro, is based in Harrisonburg.

The firm is affiliated with Weichert Realtors.

HARRISONBURG — Andrew Hostetter Jr. of Weyers Cave has been named to the Mutual of Omaha 2016 President’s Club.

Hostetter is a sales representative who works out of Mutual of Omaha’s Harrisonburg office, according to a news release.

An employee since 1996, he is Hostetter affiliated with the Mid-Atlantic Division Office in Roanoke.

The President’s Club is reserved for Mutual of Omaha’s top producers. It was the 21st time he’s received Honor Club recognition, which the President’s Club is part of.

— Vic Bradshaw

See MOVERS, Page 6

H T B — TECH NITE 17 CALL FOR NOMINATIONS I S

T ,

E

Once a year the Shenandoah Valley Technology Council recognizes the successes of technology ďŹ rms, organizations, and programs in the Valley and the innovators, entrepreneurs and educators behind those successes. Self-nominations and nominations of others in one of eight categories will be accepted until March 18th. All forms, descriptions, and guidelines are posted online at www.svtc-va.org—click on Tech Nite. Winners will be announced and awards presented at Tech Nite 17 on May 3, 2017 (reservations will open in April).

N

: JMU College of Integrated Science & Engineering

INNOVATION IN DEVELOPMENT

JMU College of Business

Wharton Aldhizer & Weaver PLC

INNOVATION IN K-12 EDUCATION Cadence

INNOVATION IN HIGHER EDUCATION

FROM PAGE 3

For more information or to apply, visit vdacs.virginia.gov/sales-specialty-crop-competitive-grant-program.shtml. — Vic Bradshaw

Shady Brook Farms Products Cited For Antibiotic Reduction HARRISONBURG — Cargill Inc.’s Shady Brook Farms product line is the first turkey brand to meet Certified Responsible Antibiotic Use standards.

According to a news release, the designation completes a multiyear effort to create a supply chain that complies with CRAU standards and meets the School Food Focus program’s K-12 meal eligibility requirements across the country.

The steps were taken out of public concern about potential antibiotic-resistant bacteria from share-class antibiotic overuse in food animals and humans.

Cargill also has worked with the U.S. Department of Agriculture to create a Process Verified Program for Shady Brook Farms products that features food safety and animal welfare components by the 700 independent family farmers who raise the company’s turkeys.

Cargill’s turkey operations are based in Wichita, Kan. — Vic Bradshaw

Center for Innovative Technology

INNOVATION IN COMMUNITY IMPACT INNOVATION IN EMERGING BUSINESS

Scene

INNOVATION IN UTILIZATION Shentel

DR. NOFTSINGER LEADERSHIP Serco, Inc.

PEOPLE’S CHOICE

T S

Blue Ridge Community College • Cadence, Inc • Center for Innovative Technology • City of Harrisonburg • Daily News-Record • JMU College of Business • JMU College of Integrated Science and Engineering • Rockingham Group • Serco, Inc. • Shentel • Wharton Aldhizer & Weaver

NOMINATIONS ACCEPTED ONLINE FEB. 13 - MARCH 18 www.svtc-va.org | 540.568.7882

HRAR Installs 2017 Of ficers, Honors Members For 2016 HARRISONBURG — Members of the Harrisonburg-Rockingham Association of Realtors recently installed their officers for 2017 and handed out awards for 2016.

Bernard Hamann of Rocktown Realty is the new president, Renee Good Whitmore of Old Dominion Realty is vice president and Jeremy Litwiller of Kline May Realty will serve as treasure/secretary. Brant Suter of Kline May Realty is the president-elect, while Pete Laver of Funkhouser Real Estate Group is the immediate past president.

Filling out the organization’s board of directors are Kline May’s Debbie Knupp, Funkhouser’s Ryan Roberts, Old Dominion’s Micah Branson, and Jason Mitchell of Massanutten Realty.

Laver was recognized as HRAR’s Realtor of Year for his fundraising efforts and winning Dancing with the Stars of the ’Burg; Whitmore received the Good Neighbor Award for her participation in multiple community organizations; Funkhouser’s Brad Cohen was chosen as Rookie of the Year; and Courtney Teague State Farm Insurance was selected as affiliate of the year. — Vic Bradshaw

Summit Financial Posts 2016 Gains HARRISONBURG — Summit Community Bank parent company Summit Financial Group (NASDAQ: SMMF) netted $17.3 million, or $1.61 per diluted share, in 2016, an increase over its 2015 performance of $16.1 million, or $1.50 per diluted share, according to earnings released in late January.

The financial performance was solid in light of the fact that Summit, headquartered in Moorefield, W.Va., acquired Monterey-based Highland County Bankshares and subsidiary First & Citizens Bank in October. The company incurred $933,000 in merger-related expenses during the year.

The company’s interest income for the year increased $4.9 million to $57 million during the year. The 9.4 percent increase boosted net interest income after provisions for loan losses 8.4 percent to $48.5 million.

Summit also lowered its write-downs of foreclosed properties to $668,000 in 2016 from $2.42 million the previous year.

For the fourth quarter — the only period incorporating the HCB purchase — Summit earned $4.71 million, or $0.44 per diluted share, compared to $4.15 million, or $0.39 per diluted share, during the same period in 2015. The company spent $588,000 on the merger during the quarter.

Summit operates 18 bank branches Virginia and West Virginia, including offices in Harrisonburg on South Main Street and Neff Avenue, and an insurance business. — Vic Bradshaw See SCENE, Page 6

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Tuesday, February 28, 2017

5

F&M Bank Sets Another Record In 2016

By VIC BRADSHAW Daily News-Record

HARRISONBURG — Another year, another record.

F&M Bank Corp. (OTCQX: FMBM), the parent company of Farmers & Merchants Bank, set an earnings record for a third consecutive year in 2016, according to financial results released Jan. 24. The company posted net income of $9.6 million last year, up from $8.4 million in 2015.

What’s driving the Timberville-based company to such heights? Neil Hayslett, its executive vice president and chief administrative officer, said vehicle loans continue to grow and Augusta County customers continue to embrace Farmers & Merchants.

“A lot of it would be that the dealer finance division continues to grow, and our push into Augusta County,” Hayslett said.

“This year, Augusta County accounted for 63 percent of our loan growth.”

After focusing its business efforts on Rockingham, Shenandoah and Page coun-

ties, Farmers & Merchants increased its from 2015, when earnings were $2.40 per footprint within Augusta with branches in share.

Deposits held by Farmers & MerCraigsville and Staunton opening in 2015 and the vehicle finance office in Fishers- chants rose $42.4 million to $537.1 million, which Hayslett attributed to ville, which opened in 2012. A Grotits increased presence with the toes branch — in Rockingham, opening of new branches. but just over the county line “Anecdotally, a number — opened last year, and a [W]e’ve reached of people in public have Fishersville branch should market recognition and commented about the go online in March. branches we’re buildF&M’s loans held name awareness that ing,” he said. “I think for investment grew by wasn’t there five to as they’ve opened, $47.6 million to $591.6 10 years ago. we’ve reached market million in 2016. About recognition and name $30 million of that Neil Hayslett, awareness that wasn’t amount was done in officF&M Bank there five to 10 years ago. es in or south of Grottoes.

Market saturation, I think, “Without those newer maris helping with the deposit kets,” Hayslett said, “we wouldn’t growth.” have had $47 million in loan growth, The year-end results were buoyed by a and loan growth is what fuels the earnings.” solid fourth quarter.

Name Recognition Up Net income for the period that ended The $9.6 million in net income amounts Dec. 31 was $2.5 million, or 74 cents a to $2.77 per common share. That was up share, up from $2.2 million, or 62 cents a

“

share, a year earlier.

F&M’s board of directors has declared a fourth-quarter dividend of 22 cents a share. That increased the total dividend payout to 80 cents a share for the year, up from 73 cents a share in 2015.

Hayslett said he’s expecting 2017 to be another good year for F&M. The company will add expenses with the opening of bank branches in Fishersville and off Stone Spring Road in Rockingham County, and it should get deposit and loan growth from those offices to fuel lending.

“We have good activity in all our markets,” he said. “I’m just excited with the growth we’ve had recently and feel like it’s going to continue.”

F&M operates 12 branches in four counties in the Shenandoah Valley, vehicle loan offices in Penn Laird and Fishersville, and wholly owned subsidiary VBS Mortgage in Harrisonburg.

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

Union Innovation Challenge: Sports and Fitness

Union is thrilled to sponsor the Innovation Challenge on April 6, 2017. VT student team finalists will pitch their best innovations in sports and fitness and compete for prize money.

Local expertise.

Fast decisions.

B A N K AT U N I O N .CO M 5 4 0 . 56 8 . 20 8 0

Act fast! To attend or register your student team, go to www.apexcie.vt.edu/unionchallenge

Experience better banking at Union Bank & Trust.

Big banks give you off-the-shelf financial solutions. Union gives you a team of experts who take time to listen to your unique needs. From mortgages to commercial lending to wealth management, we’re here to help your business and money grow. And because we’re a community bank, we can make quick decisions based on local knowledge.

When you’re ready to bank better, bank at Union.

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Tuesday, February 28, 2017

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Larew To Head DCCU Branch Operations Business Development Efforts Awarded Movers

FROM PAGE 4

Mutual of Omaha is a full-service insurance and financial services provider.

— Vic Bradshaw

DCCU Fills Leadership Positions WAYNESBORO — DuPont Community Credit Union recently announced the promotion of Jacob Larew as vice president of retail services, and the addition of both Gordon Delaney as vice president of real estate lending and Shawn Kaup as vice president of Larew marketing.

According to a company press release, Larew will lead DCCU’s branch operations and retail support teams. He previously served

as a regional manager where he was responsible for five branch offices in Augusta, Rockingham and Shenandoah counties.

He also served as the branch manager in Verona and at the Reservoir Street office in Harrisonburg, and was the assistant branch manager at DCCU’s Lucy Lane, Waynesboro, and Stuarts Draft locaDelaney tions.

Delaney will lead mortgage strategy and initiatives, according to the release. He previously served as first vice president for SunTrust Bank in Richmond, responsible for developing mortgage and lending programs and processes.

Kaup will be in charge of DCCU’s marketing and community relations See MOVERS, Page 7

Scene

FROM PAGE 4

First National Corp. Ups Dividend

Life Care Center Of New Market’s Development Efforts Honored

HARRISONBURG — First National Corp. (OTC: FXNC) announced in February that its board of directors has declared a fourth-quarter dividend of 3.5 cents a share.

The dividend is payable on March 17 to shareholders of record as of March 3.

The amount represents a 17 percent increase over the 3-cent dividend the banking company paid for the third quarter.

First National, the parent company of First Bank, is based in Strasburg. It operates 14 offices in the Shenandoah Valley and Central Virginia, including two branches in Woodstock and one each in Elkton, Mount Jackson and Strasburg; a loan production office in Harrisonburg; First Bank Wealth Management; and First Bank Financial Services, which provides title insurance and investment services.

HARRISONBURG — Life Care Center of New Market recently was honored by its parent company for its business development efforts.

The short-term rehabilitation, postoperative recovery and long-term care center received the 2016 Business Development Award of Excellence for Life Care Centers of America. Life Care Center of New Market won for the Bluegrass Region, one of five regions in the company’s Eastern Division.

The New Market center was nominated for improvements to its discharge planning process made in 2016. Health care levels transitions have improved with more departments involved in the discharge process, allowing the center to serve more patients requiring therapy after illness or surgery.

Life Care Centers of the Americas,

— Vic Bradshaw

See SCENE, Page 7

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 28, 2017

7

Possibilities To Use Your Tax Refund Wisely

I

t’s tax time again —which for many Americans means that a tax refund is on its way. If you’re going to get a refund this year, how can you use the money to your best advantage?

Of course, it’s always tempting to spend the check from Uncle Sam on something fun. But a tax refund could be sizable — the average amount in 2016 was $2,857, according to the IRS — so putting this money to work could help boost your progress toward your financial goals.

Here are some possibilities for using your refund: ■ Help fund your IRA. If you were to receive a tax refund of $2,857, you’d have slightly more than half of the $5,500 annual IRA contribution limit for 2017, although, if you are 50 or older, you can contribute an extra $1,000.

Consequently, you may find it much easier to fully fund your IRA for the year — and you should do exactly that, because an IRA is a great retirement savings vehicle. If you have a traditional IRA, your contributions may be fully or partially deductible, depending on your income, while your earnings can grow tax

deferred. (Taxes are due upon withdrawal, and withdrawals prior to age 59½ may be subject to a 10 percent IRS penalty.)

With a Roth IRA, your contributions are not deductible, but your earnings are distributed tax-free, provided you don’t start taking withdrawals until you’re 59½ and you’ve had your account at least five years.

■ Help diversify your portfolio. If a market downturn hits one asset class, and that’s where you keep most of your money, you could take a big hit. Owning an array of investments — such as stocks, bonds, certificates of deposit, and so on — can help prepare your portfolio to weather the effects of market volatility, By adding new investments, or increasing your holdings of existing investments, you may be able to further diversify your portfolio — and you can use your refund for this purpose. (Keep in mind, though, that diversification, by itself, can’t guarantee profits or protect against loss.)

■ Contribute to a 529 plan. If you have children or grandchildren whom you’d like to help send to college, consider using

Kaup Was AAA Marketing VP In Penn.

Movers

FROM PAGE 6

teams, the release states. Previously, he served as the vice president of marketing and public relations at AAA Central Pennsylvania, where he managed marketing, membership development and financial services.

DuPont Community Kaup Credit Union, founded in 1959, is headquartered in Waynesboro and has 12 locations in the central Shenandoah Valley, including three Harrisonburg branches. DCCU has more than 83,000 members and $1.1 billion in assets, according to the firm.

— Staff Reports

Immerge Taps Employee Of Year HARRISONBURG — According to a recent announcement, Courtney Rogers has been named employee of the year by Immerge

Technologies, the web development division of Waynesboro-based McClung Cos. The award is based on recommendations from fellow workers and recognizes Immerge employees who display extraordinary dedication to their customers. Rogers, a web accounts manager, has worked two years at ImRogers merge and lives in Quicksburg.

Immerge Technologies, located at 139 N. Liberty St., Harrisonburg, is a full-service web design and software development agency founded in 2004 and has been a part of McClung since 2010. McClung has provided graphic communication services in Virginia for more than 70 years.

Financial Focus Kathy Armentrout your tax refund to help fund a 529 plan.

Your 529 plan contributions may be deductible from your state taxes, and your earnings are distributed tax-free, provided they are used for qualified higher education expenses. (However, withdrawals not used for higher education expenses may be subject to both income tax and a 10 percent penalty.)

■ Pay off some debts. You can help improve your financial picture by reducing your debt load — but it may make sense to prioritize these debts.

For example, rather than make an extra mortgage payment, you might want to first tackle those debts or loans that carry

a high interest rate and that don’t allow you to deduct interest payments.

After all, your monthly mortgage payment will remain the same even if you make an extra payment, but if you can get rid of some smaller debts, you will free up some cash that you could use to invest for your future.

Think carefully about how to use your tax refund. It represents an opportunity that you won’t want to waste.

This article was written by Edward Jones for use

by Kathy Armentrout, an Edward Jones financial adviser at 560 Neff. Ave., Suite 100, Harrisonburg; 540-574-1013.

Operates, Manages Over 200 Centers Scene

FROM PAGE 6

Cadence Reports 2016 Revenue

based in Cleveland, Tenn., operates or manages more than 200 nursing, postacute and Alzheimer’s centers in 28 states.

Its New Market center is at 315 E. Lee Highway.

STAUNTON — Cadence Inc. announced unaudited results for 2016, including a 6 percent increase in revenue from continuing operations to $86.4 million compared to 2015.

According to a company press release,

— Vic Bradshaw

See SCENE, Page 10

— Staff Reports See MOVERS, Page 10

PORCHES, ARBORS & PERGOLAS, HANDICAP RAMPS

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 28, 2017

Harrisonburg, Va.

MTC Programs Help Fill In-Demand Jobs Teaching Skills Needed For Valley’s Growing Workforce

By VIC BRADSHAW Daily News-Record

HARRISONBURG — When Tamra Falls decided to get serious and become a licensed practical nurse, school was more than a decade in her rear-view mirror and she was unsure she’d fit into a classroom setting.

She found a place she felt at home at Massanutten Technical Center.

By day, the school on Pleasant Valley Road teaches Harrisonburg and Rockingham County high-schoolers the skills they need to go out and fill some of the jobs that are in demand. At night, it does the same for adults who come from a wide area to enhance their resume while also offering some classes for the community, such as woodworking.

Falls, 32, was an uncertified medical assistant at Harrisonburg OBGYN when

she started looking at continuing education options. She considered Blue Ridge Community College’s registered nursing program, but the prerequisites required to get a degree stretched out the time she’d be in school and added cost.

MTC was the right fit.

“I was really scared to go back to school because I’d been out so long,” said Falls, a Harrisonburg High School graduate who lives in the city with her husband and daughter. “But I knew that I cared about nursing after being at Harrisonburg [OBGYN} for so long.

“The teachers [at MTC] are very supportive, but at the same time they showed us tough love, I guess. You have to learn to be out in the real world, and they don’t sugarcoat it for you.”

That’s what Sandy Rinker likes to hear. As supervisor of Massanutten Tech’s adult programs, she wants instructors to challenge students so they receive the training they need to help area businesses thrive.

“Many companies will take them as

Your Success is Our Focus.

Brown Edwards, recently recognized as one of the top 105 CPA firms in the nation, has more than 300 associates who are committed to providing clients with professional, personalized services and guidance in their financial and business needs.

Holly Marcus / Special to the DN-R

Instructor Jeff Miller explains the layout design of work material with Manuel Trinidad of Harrisonburg in the adult welding class offered at Massanutten Technical Center. green individuals, meaning they really don’t have [the necessary skills],” she said. “But they hire them on in an entry-level position and put them in an apprenticeship-type program, which means they’re learning with a guy on the job.

“Then [the new employee] comes here and takes related instruction in that field and learns both on the job and here and ultimately becomes more of a standalone individual who doesn’t need [help from] anybody.”

Apprenticeships Abound

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540-434-6736 www.BEcpas.com ◆

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Apprenticeship programs, Rinker said, are popular among students and employers because they pair on-the-job training with classroom instruction or shop practice.

Some students wind up acquiring the specific skills they need at their job and don’t complete an entire program, she said. Others go the distance and earn a industry credential, which signifies that they have proven themselves to have the knowledge base and skills to competently perform a skill.

The classes, Rinker said, run the gamut.

Trade programs include plumbing; heating, ventilation and air conditioning; welding; electrical; metal working;

auto body; auto mechanic; and diesel mechanic. Computer and network repair are among the information technology offerings, while LPN, certified nursing assistant and dental assistant programs are available in the medical field.

To complete most programs would cost anywhere from $5,500 to $7,800, Rinker said, but some are far less expensive. The CNA program lasts just six weeks and costs $910; the dental-assistant program takes nine months and costs $2,122.

Emphasis on apprenticeship opportunities increased in September 2015, when the Shenandoah Valley Workforce Development Board received a $4 million grant from the U.S. Department of Labor to support local employers’ registered apprenticeship programs. Under the grant, employers can be reimbursed up to half the cost of apprenticeship instruction.

Debby Hopkins, project director for the development board, said 61 people taking advantage of the grant program have selected MTC for the instruction portion of their apprenticeship. The school also educates people in Valley Workforce training programs who have See MTC, Page 9

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 28, 2017

9

Students Choose Between 17 Options MTC

FROM PAGE 8

been laid off and are being retrained for new positions, with students choosing from among 17 options.

MTC isn’t passive when it comes to apprenticeships.

Hopkins said Rinker often visits local employers and encourages them to start apprentice programs, often customizing curriculum to meet their needs.

“They really have been fantastic,” she said of MTC. Maintenance and construction programs, she said, are popular because those jobs are in high demand, as are the medical offerings.

“CNA is still very popular,” Hopkins said, “with the explosion in medical careers.”

Translatable Skills Anthony Slater, president of A-Able Plumbing, is a believer in apprenticeships and Massanutten Tech’s programs.

Since 2008, he’s had seven employees get training at MTC while working as an ap-

prentice for him.

“By going to MTC, they’re able to get a little more in-depth training, more oneon-one with students,” said Slater, whose Rockingham County company employs 16 people to serve an area stretching from Winchester south to Lexington and from Charlottesville west into West Virginia.

The program is particularly good for learning plumbing code because their mentors might not have time to fully explain the guidelines, said Slater. It also helps with troubleshooting and alternative-method scenarios.

“When you’re employed and on the job, you don’t always have time to sit down and go through it,” Slater said. “At MTC, they’re able to break out with scenario questions: If this happens, this is what you might want to try.”

Lukas Karalevicz, 22, didn’t have to be convinced that Massanutten Tech instructors knew how to train people when he got into a machinist apprenticeship.

He’d already learned welding there, studying for two years before graduating

Robbie Smith of Harrisonburg cuts through a piece of metal with a torch in the adult welding class at Massanutten Technical Center, Holly Marcus / Special to the DN-R

from Broadway High School.

Karalevicz began working at Bryan Tool and Machining Inc. outside Broadway as a senior and is still with the company. In fact, it paid his way to MTC so he could enhance his skills, and he completed his program and earned a journeyman’s credential as a machinist in December.

What he learned in class has translated well into the workplace.

“It helped me at my job, made my job easier with the knowledge I gained,” said Karalevicz, whose classes included blueprint and schematics reading, metalworking, and computer numeric control machine operation. “The stuff I did in class is the same stuff I do at work.”

Falls, who graduated from her program See MTC, Page 12

10

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Tuesday, February 28, 2017

Harrisonburg, Va.

Bowles McClung Employee Of The Year

Supplies Worldwide Companies Services

Movers

Wagner Joins DCCU Mortgages

Scene

WAYNESBORO — Kevin Bowles, graphic designer, was recently named McClung Cos. employee of the year.

The honor, established in 1995 as the Edmond McCutcheon Award, is presented annually based on recommendations from fellow workers, according to a company press Bowles release.

Bowles has worked nine years at McClung and lives in Waynesboro.

McClung, based in Waynesboro, provides graphic communication services in Virginia.

WAYNESBORO — Jupie Wagner recently joined the mortgage team at DuPont Community Credit Union, according to a recent press release.

Wagner holds the position of mortgage adviser, serving Staunton and the Augusta County area. She primarily works from DCCU’s newly opened Downtown Staunton Member Wagner Center.

Prior to joining DCCU, Wagner worked as a real estate agent and spent 12 years in the health care service industry.

DuPont, founded in 1959 and headquartered in Waynesboro, has 12 central Shenandoah Valley locations —

— Staff Reports

See MOVERS, Page 15

earnings per share from continuing operations decreased 7 percent over the prior year to $4.36 per share.

The Staunton-based company, which supplies products and services to medical device, life science, automotive and industrial companies worldwide, said its earnings before interest, taxes, depreciation and amortization from continuing operations last year was down 1 percent at $17.7 million.

As previously announced on Oct. 5, Cadence finalized planned changes to its manufacturing footprint.

This effort included the move of its Sturgeon Bay, Wis., operations into a new 63,000-square-foot production facility, the sale of its Dominican Republic operation and the closure of its Plymouth, Mass., facility, according to the company.

As a result, Cadence’s financial results include a discontinued operations section. Net income from discontinued

FROM PAGE 7

McClung Taps Employee Of Year

FROM PAGE 7

operations for 2016 showed a negative $3.9 million balance, that included onetime charges related to divesting these operations, the company said.

Total net income from continuing and discontinued operations was down 44 percent to $3.4 million compared to 2015.

Also, the company’s board of directors approved a special dividend of $2 per share payable to shareholders of record Jan. 23 on or before Feb. 28.

In addition to its Staunton and Wisconsin facilities the company has locations in Cranston, R.I., and Pittsburgh, employing more than 475 people total.

— Staff Reports

Brown, Edwards & Co. Acquires Roanoke Practice ROANOKE — The accounting firm of Brown Edwards recently announced it See SCENE, Page 15

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Virginia’s Online Job Board Gets A Fresh Look Includes New Tools, Features To Help Potential Employees

By VIC BRADSHAW Daily News-Record

HARRISONBURG — Virginia’s free online job board has been revamped to make it more likely that job seekers will find employment and businesses will acquire the help they need.

Updates to the Virginia Workforce Connection, accessible at www.vawc.virginia.gov, include new features to help potential employees find and apply for jobs in their communities and tools to help them identify careers aligned with their interests and skills, according to a news release from Gov. Terry McAuliffe’s office.

“Virginia’s diverse and talented workforce is one of the Commonwealth’s greatest assets,” Secretary of Commerce and Trade Todd Haymore said in the release. “Our competitiveness relies, in part, on our ability to connect job-ready

candidates to career opportunities.”

The website now allows job seekers to search for positions using a ZIP code radius search. For example, a recent search of available jobs within 10 miles of the 22801 ZIP code returned 535 public- and private-sector jobs listings in Harrisonburg, Bridgewater, Dayton, Mount Crawford, McGaheysville, Hinton and Weyers Cave.

George Anas, Rockingham County’s economic development director, said he thinks the changes can help close the disconnect that sometimes occurs between job seekers and employers needing help.

“I don’t know that it will solve the problem, but it’s moving a step in the right direction,” he said. “There are a lot of resources out there for both employees and employers, and in too many instances there are too many places to find information and it’s too difficult to find a place where they’re aggregated.

“I think the idea that we’re able to now bring this under one umbrella can go a long way to help us solve some of the issues surrounding unemployment.”

Matching Skills With Jobs The ZIP code search function isn’t the only addition to the Virginia Workforce Connection.

For job seekers, the site has tools to help them find the career for which they’re best suited and create a “Virtual Recruiter” that alerts them to job postings aligned with their profile.

It also can provide registered users information on relevant workforce training opportunities, including an online learning platform.

Anas said the fact that more than 500 jobs are open within 10 miles of Harrisonburg at a time when the metropolitan area has a 3.6 percent unemployment rate illustrates the need for high school students and job seekers to be sure their skills align with the types of jobs available locally.

“This should enhance the idea that for some people, instead of going to a four-year school, you go to Blue Ridge Community College or Massanutten Technical School, get a credential, and start work with one of our local employers, making a lot of money,” he said. “And if you stay long enough, they’re

going to pay for you to go to school and get your degree and make more money on top of it.”

For Virginia businesses, the website now “offers a fully customizable recruiting experience and the ability to build robust job postings and customer-tailored job applications,” according to the release. Apprenticeships, internships and on-the-job training opportunities can be promoted via the site, too.

The Virginia Workforce Connection contains more than 150,000 active job listings and more than 70,000 active candidate resumes.

Site Selection magazine recently ranked Virginia second in the Atlantic region for it’s workforce development efforts, and McAuliffe said the Virginia Workforce Connection changes exemplify those activities.

“This is one way,” he said in the release, “we’re using technology to help close the skills gap in the Commonwealth and furthering our efforts to build a new Virginia economy.”

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

12

Tuesday, February 28, 2017

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Instructors Have Experience In Fields They Teach, Provide Practical Lessons MTC

FROM PAGE 9

in June and got a double-digit raise after becoming licensed in August, had similar thoughts about her classroom training translating well into the real world. She said her instructors had experience in the fields they taught, which helped them provide practical lessons to their students.

Falls encouraged anyone contemplating a return to school to go forward. “If I can do it, they can do it,� she offered. “I was out of school so long, I had a husband and a daughter, and I was working part time while I went to school. “They’ll get great support there, and it’s worth it.�

LEFT: Mike Wilson of Mount Solon learns the shielded metal arc welding process in the adult welding class at Massanutten Technical Center. BELOW: Instructor Jef f Miller shows an example of what the students are working on in the class.

Training The Workforce At this time, Rinker said, Massanutten Tech has about 200 students registered as apprentices, with probably 100 active. Students often take time away from school as life situations demand; some don’t complete their programs.

Photos by Holly Marcus / Special to the DN-R

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Each year, she said, 15 to 20 people graduate from apprenticeship programs and earn professional credentials.

Rinker said that last year she heard about a local HVAC company that was operating its own apprenticeship program. She got in touch with the company, and now MTC is helping them train technicians. “Our mission,� she said, “is to pro-

vide a skilled workforce for our local employers.�

For its adult offerings, MTC doesn’t just teach Harrisonburg and Rockingham County residents. Rinker said about 20 percent of its students are from other localities, most often Page, Shenandoah and Augusta counties and nearby parts See MTC, Page 13

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, February 28, 2017

13

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

Holly Marcus / Special to the DN-R

Robbie Smith of Harrisonburg uses a torch to cut metal in the adult welding class at Massanutten Technical Center.

‘High-Level Skills’ MTC

FROM PAGE 12

of West Virginia.

Including students preparing for their GED diploma, MTC serves between 1,000 and 1,500 people each year.

Rinker knows what she does is important, but she expresses frustration that the skilled professions Massanutten Tech supports often are viewed as lower-level jobs by some.

Skilled tradesmen and nurses have to know a lot and can make very good money.

“I believe that people have a misconception sometimes that in order to be successful, you must complete a college degree,” she said. “Even though I have completed a college degree, I know that personally I can’t survive without a plumber and an electrician when I need them in my home.

“I think people need to understand that there’s a lot of high-level skills that individuals need to know and understand and comprehend to be able to work on all of these machines. These are very, very well-paid jobs, and I feel like sometimes they’re not given the recognition they deserve.”

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

Jan 2017

Jan 2016

Pct. Change

$173,750 $192,250 $147,000 $95,000 $165,000 $169,000 $159,400

$168,000 $214,000 $160,000 $142,400 $196,500 $135,000 $129,450

3.42% -10.28% -8.13% -33.29% -16.03% 25.19% 23.14%

Days On Market Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Jan 2017

Jan 2016

Pct. Change

51 48 133 50 33 84 60

88 76 147 238 71 63 42

-42.05% -36.84% -9.52% -78.99% -53.52% 33.33% 42.86%

Units Sold Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Jan 2017

Jan 2016

Pct. Change

28 37 31 5 45 17 20

27 40 29 10 40 24 14

3.70% -7.50% 6.95% -50.00% 12.50% -29.17% 42.86%

Sources: Funkhouser Real Estate Group; Real Estate Business Intelligence

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

Nov. 2016

$111.2 $59.7 $37.4 $15.5 $45.9 $33.2 $47.8

Source: Weldon Cooper Center for Economic and Policy Studies

Unemployment Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Dec 2016

Dec 2015

Nov 2016

4.2% 3.2% 3.5% 7.3% 3.7% 3.9% 4.3%

4.6% 3.5% 3.7% 7.7% 3.6% 4.0% 4.2%

4.4% 3.4% 3.6% 5.3% 3.8% 4.0% 4.3%

Source: Virginia Employment Commission

Labor Force Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Dec 2016

Dec 2015

Nov 2016

23,932 39,858 21,018 11,609 35,955 11,762 9,858

23,871 39,369 20,669 11,370 36,141 11,925 9,997

23,729 39,253 20,797 11,361 35,616 11,710 9,812

Source: Virginia Employment Commission

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Bridgewater Retirement Community Eyes Expansion Will Soon Begin Multiyear, Multiphase Renovation

By VIC BRADSHAW Daily News-Record

BRIDGEWATER — Bridgewater Retirement Community is about to begin a multiyear, multiphase expansion and renovation effort that will result in 30 more independent-living residences, seven more memory-support units, a new restaurant, a new park and a completely renovated community center.

Rodney Alderfer, the retirement community’s president, said that the projects reflect BRC’s efforts to create a more engaged community.

“We’re big on resident engagement,” he said. “The purpose behind our reinvention of our nursing [program] was to get folks more engaged in life, and we’ve learned a lot from that. So, we’re pushing that engagement into assisted living, into independent living, trying

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to create opportunities for folks to engage with each other.”

Construction, Alderfer said, should begin within a week or so on the nearly 2-acre park, called The Oasis. The area should be ready for use this summer.

The big work, however, starts in the fall when two Virginia Avenue homes BRC owns will be leveled to make way for The Grove, a 34-unit, 84,000-squarefoot independent-living building. The units should be ready for occupancy by spring 2019.

A 12-unit memory-support addition also is planned for the assisted-living building, but affiliated renovations will result in the loss of five existing units.

Some small buildings will be demolished to tie into expansion to create room for a new restaurant that’s part of the campus dining program.

Finally, Alderfer said a complete renovation of the Houff Community Center, located on the first floor of Maple Terrace, is planned to open up the area and provide more room for the wellness center and other amenities.

The changes were identified through a master-planning process, he said.

When the projects are completed, BRC likely will have added 10 to 12 employees to its payroll.

Dif ferent Of fering The Grove will offer contemporary independent-living space and more than double the community’s offerings of that product. Bridgewater Retirement Community has 28 independent-living units at Maple Terrace, four of which will be lost to renovation work.

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Bridgewater Retirement Community’s President Rodney Alderfer shows the construction of one of two new buildings at the facility in May 2014. BRC has plans for anew phase of expansion that will result in 30 more independent-living residences, seven more memory-support units and newer amenities.

Alderfer said the units should range between 1,000 and 1,500 square feet, larger than Maple Terrace’s 900- to 1,300-squarefoot units. The floor plans will be open to meet contemporary standards.

Residents will have a garage, too, as the first floor is largely devoted to parking. The two buildings that comprise The Grove each will be three stories tall.

Monthly fees for the units are expected to range between $2,000 and $2,400, Alderfer said.

Current BRC residents were given the first opportunity to reserve space in The Grove, he said. The communi-

ty has worked through its waiting list, too, and is about to open reservations to the public.

In addition, the community’s assisted-living building will be extended northward and partially renovated.

The changes will result in 12 additional memory-support units to go along with the 16 in place, five of which will be eliminated by renovation.

“That’s been a fantastic program for us,” Alderfer said of BRC’s memory-support efforts.

About 19,000 square feet will be See EXPANSION, Page 15

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Dixie Gas Makes Craig Safety Manager Movers

FROM PAGE 10

including three Harrisonburg — and more than 83,000 members with $1.1 billion in assets.

Clore Joins Staf f At City Speech And Language Center

VERONA — Dixie Gas and Oil Corp. recently announced that Steven Craig has been named as the company’s safety and regulatory compliance manager.

Craig attended James Madison University and Blue Ridge Community College, earning an associate degree in business management, according to a company press release.

Craig Before joining Dixie, he held various positions with Food Lion for nearly 22 years, including roles as a store manager and as a regional merchandising and training specialist covering central Virginia, the Shenandoah Valley and parts of West Virginia.

Craig is a Shenandoah Valley native and grew up on Windy Cove Farm in Middlebrook.

Dixie, based in Verona, provides propane and petroleum products in western and central Virginia,

HARRISONBURG — The Speech and Language Center recently announced that Logan Clore has joined its staff.

According to an announcement from the Harrisonburg practice, Clore is a full-time pediatric physical therapist.

She holds a Bachelor of Science in health sciences from James Madison University, along with a Clore doctor of physical therapy degree from the University of St. Augustine for Health Sciences in St. Augustine, Fla. She has experience working in outpatient pediatrics, hippotherapy, early intervention, and school settings, the company said.

The Speech and Language Center, 1591 Port Republic Road, was founded in 2007 and provides integrated, collaborative therapy including speech, occupational and physical therapy, as well as counseling and other services to clients throughout the Shenandoah Valley, including Rockingham, Page, Shenandoah, Warren and Augusta, Staunton counties

— Staff Reports

— Staff Reports

— Staff Reports

Dixie Gas’ Craig Safety Manager

Most Clients Will Be Transferred Scene

FROM PAGE 10

acquired the Roanoke practice of Dixon Hughes Goodman on Feb. 1.

DHG partners and employees in Roanoke will become part of the Brown Edwards team and substantially all of DHG’s clients will be transferred to Brown Edwards with the exception of several industry clients that will

continue to be serviced by DHG, according to a press release from Brown Edwards.

Brown Edwards provides accounting services to a diverse clientele base throughout Virginia, West Virginia and Tennessee, including a location in Harrisonburg.

— Staff Reports

Daily News-Record Classified Ads Get Results — Call 574-6210

Nikki Fox / DN-R

Worker on two Bridgewater Retirement Community’s buildings for residents that updated assistedliving space was done in 2014. BRC is about to begin a multiyear, multiphase expansion and renovation effort that includes adding a 34-unit, 84,000-square-foot independent-living building.

Plans For Pavilion, Walking Trails, Other Outdoor Features For Residents Expansion

FROM PAGE 14

added to the existing building, and the interior of the assisted-living space will be reconfigured and updated.

Alderfer said a capital campaign is planned to cover part of the memory-support expansion costs.

New Amenities Before any of that work starts, The Oasis will be in use. Plans call for open space on the campus to be improved with a pavilion, walking trails, a fire pit, grill and other features for residents to enjoy.

Alderfer said he envisions concerts, picnics, cornhole and croquet games and family gatherings being held in the area.

“We just want a place to create community,” he said. “I just think there’s a lot of value to outdoor space and outdoor activities, because our folks love that.

“There’s a lot of value in a community park for us, where we can all come together.”

The park will be accessible to nurs-

ing, assisted-living and independent-living residents.

Harman Construction has been contracted to create the park, which is expected to cost $350,000.

As part of the campus changes, a new casual-dining restaurant will be built on the southeast side of Maple Terrace.

Part of its footprint will be inside Maple Terrace, and part of it will be new construction.

The eatery will have outdoor dining space, Alderfer said.

That restaurant will allow the cafe in Maple Terrace to be repurposed as part of the renovations to the Houff Community Center, which opened in 1999.

Four independent-living apartments also will be eliminated to provide more community space.

Alderfer said The Grove, the memory-support renovations and expansion, the restaurant project and the community center renovations will be bid in a single package. He has no estimates for that work at this time.

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

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Harrisonburg, Va.