Page 1



*As ranked lry Golf Digest in it's May, 2005 edition.

At The Club at Longvie-..•, Charlotte's addre;s of

members, the club is the ultimate way to indulge

distinction and home of the only Jack Nicklaus

in the pleasures ol our old-world style clubhouse,

Signature Course in the area , all amen ities are

complete with fine dining, spa, tennis courts,

completed, ope,ed, c d have

activity center and swimming pools.

been receiv:d br mem::>ers with

For other members, it's the way to play

rave revie¥'s and resourding s.~c­

the most stunning golf course in town.

cess. Now t~e CLb is ~eased to

To inquire about a Club at Longview

announce a limited nurmer of 100% refundable

membership, call our membership office at

non-residert member~hips. For some of our

704-443-2561 or visit

Initiation d~:posit fer non-resider! ;;olf membership; - $65,000 Initiation deposit for national memberships- $25,000. Initiation deposit for rcn-resident soda/ memberships- $15,000. Our ncn-resident memberships are 100% refundable and non-recallable.

Prices c:re subject w cl-l1nge 1.lidwur notice. N..onchly dues a;u/. use fees wi11 at>t>ly.






e cover st

Bojangles' Restaura ts Since its humble beginning as ~ Si"'§;E- stc·e h:re r (]-a-lottE, Bojanges'::~cle-r~rk dedication to fresh food and ~ier1clr ser.~:e nas ~~-reP-d c. opl fo l C't>ir§ ·"Or : re,._ fast, lunch and dinner. Growtr he..; :.:capLtz: lTii:T:.I:' :o c:v=r 350 .-the Southeast, Midwest and New-r(J"i<.. 0erl~W;t.l c. regior. ilnd irte-retioklll.· to :r:atior:; in China, Honduras and Jamai::a.

BestSweet This Mooresville company, owned by vet-


eran candy makers for over 75 years, has cooked up a successful line of products using not one lick of sugar BestSweet is


redefining what sugar-free means. Their latest product, XLR8, is a nutraceutical, targeting the craze for fitness supplements paired with energy ingredients.

6 L.;is!.a·i·. e end r,:..:gJ~< tory Hi~h.i §;:-. s t. r A:::3 El1l..:lloyErs


on top Slade built a name on a simple substance: graphite. What began on a long distance call early one morning in May 1988 is


workforce biz Cf..O::::C ~ ;.-_t.:n.or~A:: T~chno\.:::g; Tn:L:"tit ~

F2 -s Up =15 Etgim: ;

now a multi-national market leader with a


reputation as a hard-working problem-

ex.ecut:ive homes

solver with 13 U.S. and E.U. patents. Slade

L.:x..u;; Hocc; c:..o:•.-e $"SOC,•):))

is the worldwide company that has stayed

bi:z. resource guide


biz outloo






Salvin Dental Finding the right niche is essential, and this small business has certainly implanted itself nicely. Fully 90 percent of its sales come from dental implant instruments. Bob Salvin started out carrying disposable dentistry products in his car, and, over the last twenty-some years, has built a business that sells worldwide.

SREE Hotels "Sree" means respect in India. In Charlotte, thanks to the Patel family, it also means outstanding hospitality served up with class. To date, the Patel family has purchased or constructed roughly one hotel each year, for a total of 27 hotels, mostly in Charlotte with a few in South Carolina and Sacramento.


septem ber 2005

on die <over J..r~ Dn..~

Cl-cll-"'"lh' <t -.:t Ci'C E<'_f:ng.c; ~~l.:J i.. r~, r--~~-


-like, E c -.-turr..

(Front) Charlie Tew and Mike Griffin, Southern Pump & Tank ; (Back) Mike Monk and And rew Chamber>, Scott Insurance

"We want Scott Insurance to become more involved with our company to improve safety and lower costs." -Charlie Tew, President , Southern Pump & Tank

"Mike Monk, Andrew C hambers and Scott In urance are very proactive in offering new, strong ideas to Southern Pump & Tank on risk management issue . Their focus on improv ing afety, loss prevention and claim management will ac tuall y lower our dependency on insurance- those are the ideas we like



In just a short time, we've seen their creativity in olving afety and cost iss ues. In fact, they've already been instrumental in ge tting older claims resolved . Mike, A ndrew and cott made a real d ifference for us, and I believe they can help your company too. "


Find out how you can benefit from the knowledge and service Scott Insurance can provide. Ca ll Mike Monk or A ndrew C hambers today in Charlotte at (704) 556-1341.




[publisher's ost] Doing Business Relatively Well! In the midst of national economic activity that has brought the unemployment rate down to 5.0 percent and our federal deficit declining by nearly $100 billion dollars - despite the War in Iraq, rampant pork barrel spending by Congress, and oil prices exceeding $67 per barrel - it is interesting to note how our own state' s economic activity has kept pace. Despite the substantial downturn in the textile industry and our general manufacturing slump, North Carolina's economy continues to make notable progress. In 2004, according to the U.S. Bureau of Economic Analysis, strong U.S. real economic growth was widespread; real Gross State Product (GSP) grew in all 50 states. (GSP is considered the most comprehensive measure of overall economic activity in a state.) For North Carolina, GSP has steadily increased over the last five years, in 2004 growing by 4.0 percent. The financial services and information-communications-technology sectors were the largest contributors to this growth. Nationally, that GSP increase places North Carolina 29th on the list. The recently released Milken Institute's annual ranking of states using its Costof-Doing-Business Index provides another perspective on North Carolina's economic activity. The index takes into account each state's average annual wage per employee in all industries (weighted 50 percent), the annual state tax revenue as a share of personal income (weighted 20 percent), the cost of commercial and industrial electricity (weighted 15 percent), the cost of renting industrial space (weighted 10 percent), and the cost of renting office space (weighted 5 percent), and compares them to the national average . An index score of 100 means that the state's cost is equal to the U.S. average in that particular category. The 2005 data conclude that Hawaii, New York and Massachusetts are the most expensive states in the nation in which to conduct business. Hawaii has business costs that are 43 percent higher than the national average. New York is in second place with costs that are 30 percent higher, and third -place Massachusetts has costs that are 25 percent greater than the U.S. average. Rounding out the top five are California with costs that are 24 percent greater and Connecticut is fifth with costs that are 22 percent greater. At the bottom of the ran kings are South Dakota (50th) with costs that are 28 percent lower than the national average; North Dakota, 49th (23 percent lower); Iowa, 48th (19 percent lower); Montana, 47th (19 percent lower); and Idaho, 46th (16 percent lower). North Carolina ranks 30th in the nation with a cost-of-doing-business index of 91.6; Georgia ranks 31 with an index only slightly lower; South Carolina is listed 44th with an index of 84.2; and Virginia ranks 24th with an index of 94.7. In terms of the five factors contributing to the index, North Carolina's wage costs are rated at 33.18, below the national average of 37.154; the ta x burden on business is rated at 66.4, above the national average of 61.4; electricity costs are at 5.72, below the national average of 6.56; office space is at 17.6, below the national average of 19.0; and industrial space is at 3.7, below the national average of 4.8. More specific data can be

fo und at Busi ness costs in North Carolina are 8.4 percent lower than the national average. South Caro lin a business costs are 15.8 percent below the national average. North Carolina's Cost-of-Doing-Business Index itself is down from its ranking of 27th on the list last year. As our region continues to compete to attract new and expanding businesses, the continuing vitality of the North Carolina economy desp ite the substantial restructuring of its industry sectors, as well as the relatively favorably ranked costs of doing business here, augur well for continued growth. Factoring in the intangibles- housing, transportation, finance, education, health care, environment, location, and quality of life- this region stands out as an excellent place for attracting new and expanding businesses. i


septembe r 2005

cllaflotte z September 2005 Volume 6 • Issue 9 Publisher John Paul Galles

Associate Publisher/Editor Maryl A. Lane

Creative Director/ Asst. Editor Sean Farrow

Account Executives Gary Biernacki Michelle Killi Mimi Zelman

Contributing Editor Susanne Deitzel

Contributing Writers Scott Carlberg Ellison Clary Susanne Deitzel Heather Head Eloise D. Morano

Contributing Photographers Sean Farrow Wayne Morris Galles Communications Group, Inc. 560 I 77 Center Drive • Suite 250 Charlotte, NC 28217-0736 704-676-5850 Phone • 704-676-5853 Fax • Press releases and other news-related information, please fax to the attention of " Editor" or e-mail:

• Editorial or advertising inquiries, please call or fax at the numbers above or e-mail:

• Subscription inquiries or change of add ress, please call

or fax at the numbers above or visit our Web site: .


Copyright 2005 by Galles Communications Group, Inc.

All rights reserved. The information contained herein has been obtained from sources believed to be reliable . However, Galles Communications Group, Inc . makes no warranty to the accuracy or reliability of this information . Products named in these pages are trade names or trademarks of their respective companies. Views expressed herein are not necessarily those of

Greater Charlotte Biz

or Galles Communications Group, Inc. No part of this publication may be reproduced or transmitted in any form or by any means without written permission from the publisher. For reprints call 704-676-5850 xl02.

Greater Charlotte Biz (ISSN 1554-6551 ) is published monthly by Galles Communications Group. Inc., 5601 77 Center Dr., Ste. 250. Charlotte . NC 28217-0736. Telephone: 704-676-5850. Fax: 704-676-5853. Subscription rate is $24 for one year. Periodicals postage pending at Charlotte. N .C., and additional mailing offices. POSTMASTER: Send address changes to Greater Charlotte Biz, 5601 77 Center Dr., Ste. 250, Charlotte, NC 282 17-0736.

www .greate rc h arl otte biz. com





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Legislative and Regulatory Highlights for Area Employers

Rising Healthcare Costs Shift Burden to Employees More than three out of four employers say they may pass on more of their health care costs to workers as rising medical bills dig into company profits, according to a recent survey by PricewaterhouseCoopers. Respondents say health care costs rose an average of 12 percent per employee in the past year, and these costs are projected to rise ll percent in the next 12 months with no plan changes. About one-quarter of companies say the double-digit increases are affecting wage increases, and one-fifth anticipate a slowdown in new permanent hires. But while most employers sought to shift more health care costs to workers, only one-fifth think that solution would significantly reduce

health care costs. More than eight out of lO respondents say the biggest promise for curbing health care spending lies in providing financial incentives for healthier behavior. Michael Thompson, global human resource services principal at PricewaterhouseCoopers, says, 'The vast majority of employers agree that empowering their employees with information, education and pricing transparency can make a difference long term, and this is the foundation of health care consumerism." The findings are based on responses from 150 executives at large, U.S.-based multinational companies. (

Parental Involvement in Schools Now that schools will soon be back in session, employers should be familiar with North Carolina General Statute ยง95-28.3, commonly called Leave for Parental Involvement in Schools Law The law requires all North Carolina employers to grant up to four hours of unpaid leave per year to any employee who is a parent, guardian, or person standing in loco parentis of a school-aged child so that the employee can become involved in school activities. This has been interpreted to allow four hours per calendar year, rather than

school year. Also, it is four hours total, not four hours per child. For the purpose of this section, "schools" include public or private schools, preschools and child day care facilities. Leave under this section is subject to the following conditions: I) The leave must be scheduled for a time that is mutually agreeable to the employer and the employee. 2) The employer may require the employee to make a written request at least 48 hours before the leave begins. 3) The employer may require the employee

to furnish written verification from the childs school that the employee attended or was involved in school activities during the time of the leave. The statute prohibits discrimination against employees who request or take this type of leave. Employees claiming discrimination can bting a civil action against the employer seeking reinstatement and lost wages. Employers should be aware that they may require employees to use any available paid leave (e.g. vacation, PTO) concurrently with parental leave.

Personality Test Ruled Impermissible by Seventh Circuit Rent-A-Center Inc.s use of the Minnesota Multiphasic Personality Inventory (MMPl) test, administered to candidates for promotion, has been held to violate the Americans with Disabilities Act (ADA) by the United States Court of Appeals for the Seventh Circuit (covering Illinois, Indiana and Wisconsin). Rent-A-Center was successful at the district court level, where the court found that the test was not considered an impermissible preemployment medical exam because it was frequently used by non-medical personnel to gauge personality traits. (Rent-A-Centers test was not administered or scored by a psychologist). Personality tests are permissible under the ADA, as long as the test is considered non-medical in nature. According to the Seventh Circuit, the MMPI could be used to diagnose certain psychiatric disorders. The Court stated that "[t]he mere fact that a psychologist did not interpret the MMPI is not, however, dispositive. The problem with the district courts analysis is that the practical effect of the use of the MMPI is similar no matter how the test is used or 6

september 2005

scored- that is, whether or not RAC [Rent-A-Center] used the test to weed out applicants with certain disorders, its use of the MMP!likely had the effect of excluding employees with disorders fmm promotions." The Equal Employment Opportunity Commission (EEOC) has stated that tests, which measure honesty, tastes and habits, are not medical exams subject to the ADA. However, tests which determine whether an individual may have anxiety, depression or other psychological disorders would be considered medical exams. Therefore, employers who intend to utilize "personality" examinations at the pre-employment stage should make sure that the exam is non-medical in nature. Tests which measure traits such as honesty, ability to get along with others, organizationaVtime management skills and other specific traits will most likely not run afoul of the ADA. If a test must be performed by a licensed psychologist and/or probes specific types of psychological illnesses, it looks more like a medical exam and may not be required at the pre-offer stage, although this fact alone will not be dispositive of the issue. (Management Assodation of fllinois)

www.greate rc h arl otte biz. com

2005 Wage & Salary Survey Employers need to pay competi tive wages to recruit and retain the best employees. One way to make sure your company stays current is to compare your wages versus other organizations through benchmark surveys. The Employers Association's 2005 Wage & Salary Survey is now complete. Over 260 companies participate in this annual sur-

vey, which is viewed as one of the best sources of local compensation data in the area. The full report includes data breakouts for com pany size, industry type and geographic area. The following chart is a sampling of jobs surveyed this year. [Th e

survey is f ree to participating members; nonparticipants may purchase a copy from The Employers Association.] WAGE JOBS

(reported on an hourly basis) Job Title

#of Companies

#of Employees


Weighmd Average


51 48 97

280 280 354

$10.89 $11.67 $13.53

$10.22 $11.08 $13.35

$10.22 $11.38 $13.04

Janitor Material Handler, Level I Shipping/Receiving Clerk


(reported on an annual basis) Job Title

#of Companies

Accountant, Level I Admin. AssistantiSecretary, Level I Human Resources Assistant, Level I Technical Support Technician Sales Assistant

#of Employees


Weighted Average


51 374 38 136 75

$38,308 $28,835 $30,592 $43,405 $34,070

$39,010 $28,728 $30,395 $44,213 $33,722

$38.000 $28,496 $30,108 $41 ,932 $35,100

35 69 24 4S 37

Source:The Employers Association 2005 Wage & Salary Survey

What the Heck is a "Zubulake," and Why Should You Care? "Zubulake! Spoliation! Zubulake! Spoliation' " he screams. You wake up and realize your company is being sued and you are in a courtroom . A little pudgy man is screaming, and stomping his foot. You look away and realize the judge is glaring at you and your lawyer. You lawyer, seeming a bit ill, turns to you to translate. "'Zubulake' Spoliation! ' is a battle-cry of a plaintiffs lawyer," she whispers. "It means that your company did not maintain the electronic data concerning this plaintiff's employment with your company." You still do not understand. She continues, "Do you not remember the EEOC charge and the letter from the plaintiffs attorney demanding that you preserve all relevant electronic data?" Vaguely you recall some of these things. "Remember the letter I also sent to you

greater charlotte biz

and the calls I made to you about a case called Zubulake and the preservation of electronic data?" Now she seems perturbed with you. You think back to telling your technology guru something about preserving electronic data. She shakes her head - one of those 'this hurts me more than it hurts you' looks. "The court has the option of giving a jury instruction adverse to you , which basically means the plaintiff wins and you lose and you lose big. A neutron bomb, if you will." The attorney for the other side continues huffing and puffing, and you think back to when your company decided to hire a technology Learn to update your computer network. This team made your computer systems run efficiently. E-mails, billing, databases, word processing worked seamlessly. Ahh , it was beautiful. The technology manager instituted a

30-:iay purge process for all e-mails. You did not really care when e-mails were purged , and your technology manager said that it oust be done. So you signed off on the policy. The manager said that ~uch a purge would prevent an overload on your server and maintain the efficiency of your entire network. "Ummm . Whatever. Sure," yo u replied. Well, any network has its periodic and ine\itable crashes, and yo urs was no exception. But overall, your system worked and put you ahead of your competition. With ccnfidence you ran your business. Then you recall getting that letter last September from the Equal Employmem Opportâ&#x20AC;˘Jnity Commission. That employee you fired , Schmidt, was claiming age discrimination. You also got a letter from his (contmued on page 50)

september 2005


Advertising & Media

jim Laseter, chief executive of Charlotte's second-largest advertising agency, Wray Ward Laseter lnc. , has retired after more than 25 years in the advenising industry Laseter has handed over his responsibilities to jennifer Appleby , the companys president and chief creative oiTicer, and Greg Campana, executive vice :xesident and director of client sen~ces. Moonlight Design Group Inc. has received :he Crystal Award of Excellence and the Award of Distinction in the 2005 Print :::ompetition of The Communicator Awards. Charlmte agency, BOLT, has been retained by Orange County Choppers to manage the OCC brand and prepare for upcoming licensing ventures. Business and Professional


, ......









It may surprise you to know that our color copier/printers are more affordable than most personal printers. Thats because the cartridges in those printers are costly to replace. And a color copier/printer isn't all you get from us. You get the seNices of specialists in our Color Division who can help you determine the equipment thats right for you. We have a Training Division. too. for your employees, and Application Specialists who can help you customize your new equipment to meet the needs of your workflow. All this and the added benefit of certified seNice technicians. So itS no wonder we're the largest independent office equipment dealer around, with great names like Canon, Sharp, and Konica Minolta. G .lve us a ca II an d start gerr·lng th e k'Jn d o f co 1or you've always dreamed of. at a price you can afford.




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Kennedy Covington , has been named among the top trademark firms in the United States by Intellectual Property Today magazine; Kennedy Covington is listed as the highest ranking Carolinas firm based on the number of federal trademark registrations issued in the U.S. in 2004. Womble Carlyle Sandridge & Rice, PLLC has announced that james E. Daniel has been elected a fellow of the American College of Employee Benefits Counsel. Alston & Bird LLP has added the following from Parker Poe Adams & Bernstein LLP as panners in its Charlotte office: Paul 5. Donohue to lead the leveraged capital team, John F. Baron as the lead tax panner, and james A.L. Daniel Jr. to join the leveraged capital team. Fred W Hartmnn has joined Mayer, Brown , Rowe & Maw LLP where he will focus on federal tax matters in the firm's Charlotte office. Elizabeth Eyer has joined Customer Service Solutions l11c. as business development director. Cam Marston, consultant, author and speaker, has been Cam Marston selected by General Electrics

www.greaterch arl otte b iz .co m

::oq:路orate oli:e to be the k~ynote speaker at 20 :Jf GEs Anrual Sales Fonuns in cities through:Jut the U.S. and Canada this year.

Construction & Design

im Merrimar>.

Jim Godfrey

Perkins+ Will , a Charlotte architecture and design finn, has promoted jim Men-iman and

Jim Godfre) to principals. Cathy Hedman has joined Lindsay Daniel Architecture Inc. as prc~ect designer assisting the firms residential design arLhitects. Cathy Hedma1 Rich Ruby has been named ~ice pres1c ent of operauons for the Charlctte office of Skanska USA Building Inc. Kevin Ammons has joined ColeJenest & Stone, P.A. as a P.ick Ruby site des1g~r II; Pat Washingto11 l-as joined as r:roject accountant l; and Gray ~nan) r. has joined as a design engmeer I.

EducatioruStafling Charlotte School of Law, pan of the -,filaw Corsonium of Independent Law 5ch.::ols, has: added rwo nev.: members to its J-oard of tru~LeEs: johnson & Wales President, Arthur]. Gcliagher, and tvcGuireWoocls HR Strat::gies Pe5ident,johnn} C. Taylor Jr. Ronala A. Veith has joined the Belk College of Business at The University of North Carolina c.t Charlotte as director of the MBA program. Ronald A.VeiCl The Belk College of Business at The University of '\lorth Carolina at Charlotte has appointed Alan T. Shao as associate dean for intematioral programs. The Alan T. Shao Business ADvisory Council of lhe Eelk Colqe of Business has elected a new chair, chief f:n.ancial a!Ticer of Duke Energy Cor,: oration David L. Hau.;er, and business c..'ld commu1ity leaders Ka~hy Anderson, )-

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Ao6pa.s cAaBa Ae)KHT, a xyAa.H 6e)KHT. Translation:

A good reputation will lie around, while a bad one will run around.

The Lesson?

When you make a misstep in international marketing, word travels fast. And your _competitors are just waiting to use those mistakes to their advanta~. Poorly transla~ed marketing materials are amateurish and insulting to your custolller or prospect. Since 1995, Choice Translating has helped clients choose exactly the right words to bring new ideas and products LO overseas markets. Use Choice Tnnslating on your next international marketing project...and mve the last word on your competition! Call us today at 704.717.0043. I

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lmersrare Tower 121 West Trade Srren, Suire 2650 Charlorre, NC 28202

Because meaning turns on a word september 2005


HEY, SALES MANAGER, ARE YOU AS AS YOU COULD BE?? Do you wish you could transform the same skills yo u mas tered in the field into learning how to ma nage sales people to do what you want them to do? Are you certain if your compensation and incentive plans are really driving the right behavior? Are you exhausted from trying to constan tly drive your sales people consistently and reach their quotas?



Are you tired of hiring the wrong people and disappointed when they don't work out? (Ever wonder how much they're even costing you??) Your sales people are too comfortable "cherry-picking" existing customers and don't open up as much new business as you would like?

Tim Flanagan, Suz anne Freeman and Manuel Zapata , as members of the council. Davidson College has promoted Mur Muchane as its new executive director of information technology services. The school has also announced that its recent fund dtive led by volMur Murchane unteer chair Ben Williams has broken previous annual giving records with $6.4 million in gifts. Thomas A. Martz, The University of North Carolina at Charlotte vice chancellor for development and university relations, has accepted the position of vice president for university advancement at The University of Alabama. Gaston College has become one of seven community colleges in the state LO receive a perfect score on the annual statewide review of the North Carolina Community College system. ]eni Haigler has joined Central Piedmont Community College as assistant to the president for community relations and public affairs. Engineering

Earth Tech Inc., a business unit of Tyco International Ltd., and a global provider of consulting, engineering and construction services, has named Thomas Harrelson vice president of business development for its transportation business in the southeastern United States. Financial & Insurance

At The Employers Association, our goal is to provide human reso urce and training services to build a better business climate. Our services include: • Management Training • Human Resource Classes • Outsourcing of Benefits

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s eptember 2005

Bloomberg Wealth Manager magazines annual ranking of the nations elite wealth managers has listed Novare Capital Management as the 31st fastest growing firm (by assets under management) out of 500 national firms. Kennit L. Murphy III has been appointed vice president of business development for U.S . Trust's Charlotte office. Retired accountant and forKermi t L. mer managing partner of Murphy Ill Arthur Andersen, j ohn Lewis has established the j ohn Lewis Endowed Scholarship Fund at Lhe Belk College of Business at The UniversiLy of North Carolina at

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Toqether) \!Je \!Jill Aclli.eve C:,rea.t Thi.nqs! iJ-a -]oLE::_( su ppon higher level accounting

Va.lue, Delivery, People, I nte.qrity .

:.__:.:leots· ::cJcation. has added three memt~-s

At Nou.vEDN Tecllnoloq:y Pa.rmers we obsessed with c.lient satisfaC-tion . Sinc.e ou.r inc.eprion in :2003, we have ac.c.omplished an u.nprec.edentecf 100'1" referenc.eable c.lient base . Ou.r passion for e>d'encfinq this ac.c.omplishment is the drivinq forc.e behind ou.r rapid o..nd su.c.c.essfu.l qrowth . 'We deliver u.nparo..lleled valu.e to ou.r c.lients with referenc.eability as ou.r key of su.c.c.ess.

to it.= 23m: Brian Yeager, Laura Stoner,

a ·l Ti!nJ-fJab. RkhcyC:: Brooks has joir.ed CK Capital & ' -_, a.sement, LLC , as a principal and viceF£5

cEn· o pital marketing division .

Fi.:-st : i.i ze s Bank has named Alan

i: :M.,.,in lO is board of directors in ·&:«En -,.J:5 County, has hired j ohn J:..Ottfan:J .;15 a com mercial banker and j oseph ~- i::hc;lsl. a:,. a finan cial se f\~Ces manager in C..oarlom a.:J.d t as promoted Tympra Tucker to a ::u sh~ ·- m ler in Charlotte. Phillip R. Timmerman, Bob Holmes , Ma ry Alice McEachern Long, and DaviJ.

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V Cove of Hinrichs Flanagan Finan cial, have David

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received the

C:iL.fed Soim Advisor (CSA) designation from the Society of Certified Senior Advisors.

David Caccamo has joined RSM McGiadrey, Inc. , a financial business se rvices :::a.·id ·:::acc:a- o


provider, as director of busi-

ci2vc: qne:n.

Government/Non-Profit The Mecklenburg Count"; Bar has aj:pointed judge

Shirley L. Fulton as its new president. L..dge S1 r

The Public Library of


L Fultal

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§'-:=ater charlotte biz

september 2005


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Health Care MedCath Corp. has named Charles Slaton chief executive officer; Slaton, who is currently president a:1.d chief operating officer, will succeedjohn Casey; Casey, who has been CEO of the firm , wl1 remain chairman.


Bumes Group , a manufacturer of decorative picture fraoes , has received Orion Energy

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WAKEFOREST MBA Associate Professor of Marketing

System's Environmental Stewardship Award for an energy-efficient turnkey lighting project :.n their distribution facility located in Statesville,

N.C. Commercial Flooring Solutions, headquartered in Charlotte, :las received the ann ual Business Excellence Award from MilliCare fo r displaying the networks greatest success in several areas.

Real Estate Commercial/Residential Prudential Carolinas Realty has welcomed four new agents: jessi:a Childers

April Adcocl1 and j essica Childers have joined the University office in Charlotte, and

Brenda Peterson Brenda Peterse n

Me issa Stone

and Melissa

Stone have joined the company$ Lake Normar, offiCe. Amity Development &: Realty Services, LLC has joined Weichen Real Estate Affi.liates, Inc. tJ become WEICHERT, REALTORS - Amity

Kenneth R. Smith III has joined NAI Southern Real Estate as an office broker. Orleans Homebuilders has named Lake Shore's jami Prince as Community Sales Manager of the Month for june, the third time that Prince has captured top honors in the last six months. Lincoln Harris, a corporate real estate firm, has been named Business Recycler of the Nationally and internationally ranked MBA program.


september 2005

Year by Mecklenburg County

Craig Martin has been promoted to sales

www.greaterch arl otteb i z . co r1

mc.nager for Crescent Resources/South Charlotte.

Your Authentic Style Of Speaking

Retail/Sports/Entertainment The Carolinas Concert Association has appointed Chase Law as its new executive director.

Trad Baker has joined Finks jewelers, Inc. to become manager of their newest and 15th store location at Northlake Mall; she moves from her curTraci Baker

rem position at the South Park

mal l location.

Carol P. Chavis has joined Hendrick Lexus of Charlotte as business development and comm ~_;.n ity

relations director.

Technology NouvEON Technology Partners, headquartered in Charl oue, N.C., has announced a new location on Fairview Road , as well has several new hires: Ashley Smith and David King as man-

Kal Kardous President, Ch.rloue Copy Data

Vicky Mitchener PresidenL , D1ckens Miichener

M1ke Whi tehead President, Whitehead Associates

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agement consultams; Jonathan Kessler as a business development representative; and Ctystal

Withers and Howard Gentle as senior consultants. SD

Global, a broadband

satellite prO\ider, has appointed

Patricia Taylor as director of Patricia Taylor


national accounts.

Tourism & Travel Lee Ann Harper has been appointed the ne\1. VISitor services manager at Dan iel Stowe Bota ni cal Ga rden . According to the North Carolina Department of Commerce's county-by-county

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tourism economic impact estimates, visitor spending 111 Cabarrus County rose to $201.27 million in 2004- up 5.49 percent over visitor expenditures in 2003. Mann Travel & C ruises has announced the additiOn of Leslie Chambers to its corporate staff.


To be considered for ~nc/usion, please send yot..r news releases and announcements 111 the body of an e-mail (only color photos attached) to or fax them to 704-6 7 6-5853, or post them to our business address - at least 30 days pnor to our publication date. greater charlotte biz

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CPCC's Automotive Technology Training Revs Up Its Engines

thinking skills, problem solving skills, and mathematical skills. Automotive technicians with these mandatory skills are in high demand, with the industry seeking over 100,000 workers for such jobs nationwide. Despite this pressing need, however, worker skills and knowledge levels must meet the complex needs of todays automotives. CPCC's goal is to design programs to meet those needs through the new facility on the Levine Campus, and its already successful automotive program scheduled to be combined from the Central Campus to the

orth Campus.

The 34,000-square-footjoe Hendrick Center for Automotive Technology will serve more than 2 ,500 students each year. The Center will offer contract training and corporate and continuing education classes for technicians seeking updated technical ski lls. In addition , individuals interested in becoming techn icians will receive training through the Centers high school experience program and the college level curriculum program. The site will serve as home to a Regional General Motors Training Center for technicians employed at General Motors dealerships in North and South Carolina,

hat does an aut::Jmctive corporation do when it nee::ls technicians for its 50-plus dealersh ips nationwide? If you're Rick Her drick, you partner with th e one of tJ.e nation 's leading community co l eges and its custom program offerings to build a brand new :enter specifically devoted to traini::lg automotive technicians (an::l pctential employees).


The :ncre1sing need for state-of-the-.m

and a first class educational opportunity fcr

Virginia and Tennessee. Annually, the


Training enter is ex'Pected to serve mo re than 500 technicians. In addition, Toyota will have a satellite traini ng location at the Hend rick Center, serving technicians from the mid-Atlantic region. In excess of 100 Toyota techn icians will pass through the Centers doors to receive 90 training days per year. In addition to contract training, CPCC

automoLve t:aining is being addressed I1 a

individuals in this region interested in the

collabon tive partnership between Central

automotive career path. American dealers sell about 17 mJlion

will offer continuing education training in

new cars each year and there is a growing

both dea lership technicians and independent

Piedmou Ccmmunity College (CPCC) :md the Hendrie!< Automotiâ&#x20AC;˘;e Group. In M<Jy

orth Carolina Automotive Inspection fo r

2005 . lOCk Eendrick, chairman of Hendrick

need for technicians to repair and service

Automo ive Group and ow:ter of Hendrick

those vehicles. As technology advances and is

shops. CPCC anticipates more than 900 automotive inspectors will be trained

MotorSIXJrtS, announced a 5ift of $1 mil ion

integrated further into critical compon entE of passenge r cars, more technical and advanczd

will also be forklift operator training, small

to CPC to create the j oe Hendrick Cener

through this program in the first year. There

for Autc¡:notive Technology. which will )e

training will be required . Todays technicia..IS

engines training, Independent Auto Dealers

h::>Used ::m tl-_e CPCC Levine Campus ir Matt!-_ev.s. The :Jew Center slated to open in

not only need a working knowledge :>f

Certification training, motorcycle safety train-

mechanical components, but also electrical

ing, and a variety of customized training

2006, wJl be an advanced :raining facil ty

and computer systems that require higher

courses for the automotive field anticipated


sep e-n b er 2005

www .grea t e rc harl o tt eb i z. co m

to serve more than 800 students annually BMW, GM, CJ:-.rysler and Toyota associat:! degree courses in electrical systems, brakes, air conditioning, and fuels will be taught at the Levine campus. Electrical and fuel labs, equipped with more than $100,000 worth of state-of-the-an computer simulated modules, will allow CPCC to proviC:e technicians Wlth the most up-to-date diagnostic training available in the industry Although all dealersh:ps and independent shops will utilize CPCC fer training, t:le college has specifically partnered with BMW, Toyota, Chrysler and GM to offer two-year degree programs that combine CPCC and manufacturer training. Th:!se dealerships offer students an opportc.nity to receive cooperative training on their sites, which is an integral part of the degree program. As an addition to the :Jllege's program, the joe Hendrick Center for Automotive Technology WJll provide training for the three CPCC Transport System Technologies programs: Auto body Repair Technology, Automotive Systems Tecl:-.nologies, and Heavy Equipment and Trnsport Tedu"lology. Many local supporters back these thre~ programs including the Hendrick Automotive

great er charlotte biz

Group, Hendrick Motorsports, and various regional dealerships. CPCC has successfully offered these programs for several years; however, the new technology center at the Levine Campus will allow for an even greater training experience for future workers. In May of this year, Rick Hendrick and CPCC held a groundbreaking event to announce the new Automotive Technology Center. Dignitaries such as North Carolina Governor Mike Easley, Charlotte Mayor Pat McCrory, and Matthews Mayor Lee Myers attended the celebration. The Center will appropriately be named after the late j oe Hendrick, Rick Hendrick's father, who was an instrumental catalyst for the growth of racing in America and abroad as well as a team partner in Hendrick Motorsports. In a statement at the ground breaking ceremony, Rick Hendrick said, "ln preparing people for fulfilling careers in an industry that was central in his life, the joe Hendrick Center for Automotive Technology is truly a fitting way to continue my dad's legacy CPCC has long been a provider of outstanding, cost-effective automotive training in our community, and l'm proud to have his name associated with such a wonderful institution." The gift will provide the college with a much needed upscale automotive training center for this region. "This generous gift will assure that citizens of our area have access to the finest possible training in the field of automotive technology for years to come," according to Dr. Tony Zeiss, president of CPCC "We are thrilled by Mr. Hendrick's support of the college and humbled by his intent to honor his father at our institution." What makes this program unique for the students is the hands-on training that they will receive through dealer and retail sponsorships to complement their classroom experience. As important as a degree is, in a competitive job market, the students with the most and best experience will have a greater opportunity for employment. Simply put, the more experience a student has when beginning a new job, the less training they will

~quire and

the mo:.: efficient they will be. In if a studen has worked f:Jr a corr_"Jmy Jrior to gradw;.·ion, then the eoployo:r :1:::s fitst-1:-_and know:edge of how the student -Mil p~ronn as an employee. This gives the CPCC ~udent a clear ad\·antage over :I.RJLicants, with an :• Jtstc.nd:ng opportunity aV3ila-Jle through the College's "Earn and Learn · program. At CPCC, studenGlearn all the necessa-y ~-lulls ·owork in the wtomotive technolog; l:iek. 'Mth hands-on curriculum, state-ofthe-ar: eq·Jipment an.::! tools, and "Earn ar.d Learn· vc·rk experierce, not to mention a brand re'W learning facility, s:udents can ex?ec tJ .3faduate wi:h marketable skills ir the a\Icmotive professior.. Thanks to the ~;::dership and vision of CPCC and the ge:l-Eroc.s ;up:?Ort of the Hendrick family, c:u:crr:otive technology training in this re5i-c·r. i3 reV\ing up its engines. b i .:~cchti:Jn,

Wttorce Biz is interded to highlight workfcxce hln1.1g and development prograrr.s and hlti:JtNES ce ire-e:J by commun1ty colle~s within the Char!Jtte ref/cr. Commw':y colleges are .nvited to submit suostanm--e ortEnt IG:CS to




Chef E>e: tr.-e Officer Jonathan Zulman Executi 路e: 'ice President ::~stSwEet Inc.

www .greaterchar ottebi;;

A Moores~·ille cempc..n)·, ·::> vn-ed br vet:'""an ·: andy ma -:ers for ever 75 years, has cooked up as ccessful line cf product~. us irg ot erE I c< :f suga ~- n ma1y wars, you might say BestSweet has redef ned ''~'~ at it Tea.n.; te ra-<e .sc•-ne h"-g 'sw=et.' "-,\e 3i-.;>-y dou

::::>"""lfl~te wit}, : !si-T~:

.a_.= :isd·r:rrg--:: v.i::: -ex; >J:c-~l::-d sugar-

.::ai.L::::ll:.Ic:m hJ:O ~ugr·:hEap,' ~)-5 ~1J-~ rd .z-_ ha:J., l-1bi g~nr=.tion Jh-ne~ ol

b:Ed pr=-:: J :J:.; -

g-a.:-_dfat.J:.e- OLgimly ·o·:r.::kd _- c wrrp;r: _r: ::cou:...1 A~a Th= 2:J •nn.', bl,?; une f'ren.::ls :fN ~.son '1.:r :!eL, ,- j§lnall_ cal d Llci ~ eDdy cc m-::cn-:- B_a::::•n 3"1££.5.1- hJd \..l:all= :::d p 3E -::et:::cr - ~- he 8.6-' l .:::ani~ Ta-ketin lh;;: .;:u, ,J. ~ - ::lefo•r:: :Z.tlroa:- TIBd ::: _ h ~ dc ::;s '- 1 tc 52.. _ ;n _ •;;·~ 2s -::o:ono: a1 :>-..:ra l co · , .- J.i.:b-j::n of c•> 21: :he .c r.p<n~ -\C-ao::E curpJs ir ti0JES\.1.1.\.e. \vn 1 •ha CT' .Jicb;ti:::r_ ZJ.l.IT aJ C•:::-::mi:tei (1e"CC0.1 pac y Lo J. c- -e::u)l] ' -:ve dcr 't corrp ~ :

A Ca "ldyla..-1 th:at3 SLgc.l"-wee

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I;:-; ~ee Pc.:iE:n =<irhc.-_ Tr'=e- says, n : :c ::-I"..P:,r:" fu::;: brcn::hd :Jlll to th~ TJn :ed :)-;a· e; : 1~,;:. , th=;- sa L..::d in .... t ' :~=ey a::u1 :U _c. I";' p-oC-Jc ~c. ~)m~ ihiq; ::a b:l t:J.~ V-~: 1::_ p:--:: for ;..-, hi ~ ' refcrriq; lc• Ju: pqx:a::- - \' =.· 11-Etirr_e. "BlL oU.?,I-3S<'d ad G J.::L S1 es - :1.\'C :"£crease::_ =t:::.cclifr."he c. ±i!' .:sp:cia.Jy ~\I.e-·~ ~ 1-w-..- ~ ~ ~-icc -.e :a~-= o- ~Jgar-f~e<: s-...ce ..: . \\';: a~ a th·lex..i-:gc __;e u our .J~ _J.:y ·o d -, u : - - e L:!L..s p.• rt -_crec.o~?ft.- __,

in~;ly to

low-carb and sugar-free, but people jug won't ea_it if it doesn't taste good. That kir d of prcc:Wct is difficult to produce, and we do it well. " Fortuitously, several Zulman family candy process~s l:aJe turned out to be excellent redpes for sugar-free manufacturing. An ~xampl ~ is the company:S relatively new brc.nd called Baskin-Robbins Smooth and Cr=amy Candies, many of which are rn de with milk or cream to get genuine ice ::ratm or sherbet flavors. "Milk-based produc s are very difficult to produce with ow oCcrching. \1y father pioneered a way to do .lk'l," s<.ys Zulman. )o-

sep tember 2005


Among he many !'ugar-f-ee product.; 'llade n their IOG.OOJ-scp..are- -ooc na1.ti<.::cJi-.s facility, B=:stS.....eet pr:cJCesc 60 percent of all th ~ J=rvc.te lc.bel ou5h d-:>p!' ~ c i1 the ....5.

Why M·:ore svillei Zu hr=s father~ a pCJneer ~n othEr ways. He: ::Jnld see·-- :mge :::omin5, and decidec = fte~ 10 yen in )J~w Jeroey, th<t: 3. move a•.ny from the: ' -: _orth~as: Corridor might bE :he best s• ~tf6J~ Tn a wl-_irlwin:l helicop~c::- tr p, he ~J='?ed m Mooresvile c•n the wa; :J T~nnesse~ .:.1.d "V~o so impre~sd by the fr2 nclines.; pe:ople, the tenir and the. :-ke that ;-_c: :odd, ' We're r.ot goh:"; on to Q- ;~.ttnoog3. ·


"No: that we wE= :·1erE.c any great incemiwc: tc come h-e by the city or tl:e state,' ~~s Zulrrum. ' EJt rry Dad had g1e1 . vision. I-~ felt it "JI'CS 3 J-.ealthy envi.ronrre u. that WCl. :1. J=rovide • go:·od . ~teady labor f.rce and a gr:::at bcatior L1. which to attract oc ~ l­ lem mrr.1.ge11ent. ·' Thoc ~,as 18 yrc.1:0 ;~gc . Tocay, BestSv-6e1. commrr.:l.s ~ 00 , 00 _ 31=JUarE feet o: manLflcturing ~pace and ::-~: SJTil:! :tmount of warehCl..>ing. The ~ are stiL 20 acres avc.i·able br =::"?msion ::n the p-operty, and Zulmm:keb con::.d ~.l tha . ·.viii happerL ''Ne believe that .Nithin t:"t: nexr fi\·e years, v.e will trip-e the size ol ::ur buoiness,'' he sJ;o. Three p pe.ines af :~rod ucts

It w<:Ell't always :o clear what the 18

va.Jld h·)~C, a.J.d the : egr...:-in£~ :r: t.(.:cresv.ll:: ocun:l ::-uo-:Je. 'Ve :-..:;d a ccugh :I.IOJ= coo ~~r IE:re ~t, SJ.?S Ri.:: -:nd ~u:kc presi±nt cf tt_e cco::Jp.n;. Tlu: =·-·:nJ:'3.:"' mrle: rrivale la:d co:. S:"'~ :irops, -:ll·::-. t:--=y still d1J ~ou1.ds 3'illtl ·Ju: it h:ts ::!:•_ on~: k:::. Toda:, ::-_e: ~nuf~c1n: cO -;::~cen· cf 311 th.= prbct:> lal:el ccug~-- cL-cp; S)ld L'l ·1-..:o l_S _ ~sear- t 1.e 3tc·-e b-m · LKt :::on·a:.."l tne oa_--e in§R:I.i.ents but u e l:o:"o ~ ;p:::ni-.E. t-an th.= mer£ f.=mous nat crui -::r2r_ds.. F:e3!L ~s b . . . J thei- piV3te labd ecpJ ·:i:e::G dic·:rl;' R-o:n B:>ot.:"Ne ~ t's n·Jt io""E-~ di-;,isi01., ~ :o::.tHeat:-: ''for :>xaJLple:. ' '..e ~:::.ctlyr~ch Eils' coogh crops ir~ed:..::lt3 3Ld fL::v:::· to m=:ke th~ Eqt:ate pro=uc .' ~yo Tucker. Bes:Hec.ltl- p-::JdlD:s 1:a1. .~E f~CJL c.J=r; rr. ~eft ch::.._,;_ gl.Jccsarrne-c-,ondroirn ral:a; c.:-•:l tin SJ:t c hc.¥.-~ ·o ~a...b-vi.tanin sc:·t chEws, .:itlo: · 02~1.g: = , v:t£.tllL1.. C lczeng~s. and c.olJ5b. -:b::p.:; Be::::~n s~ ti-e idea !:: to p·Jdx~ a1. ~=..c..: t n.o.::rir:.or:.c.: a:xl flavo- :nct:i :Co the IT...XE c:.·""Jenoi\e -Jnncls, in:epcnL"::t J:tj; co.....:llt c":-.x k :bat :B::;tfualt io ;:·::o:.u::ins tl:-e o -:act :ll.t:f_ o- oc:trl.eJLs. L1d : .:c rq:xmy tas:e:-: ic -~.k:lore3\.iJ ~ :nak~ su: tl-.e 'lavors are :d:r.ti::a:.

But forget any notion of a room full of lab coated "tasters" with no other duties. "All of our quality assurance and marketing people have got to be excellent tasters," Tucker says with a smile. "You would be surprised at how sophisticated they have become, and how sensitive they are to tiny taste di.fferences." Besides private label product manufacturing, BestSweet does increasing amounts of contract manufacturing, which involves making a large companys brands for them. This is necessarily a bit secretive, but is a large portion of their business. "I can tell you that we do some big names,'' says Zulman. "But due to confidentiality, I can't divulge the names,'' he adds. Finally, there are BestSweet's own sugarfree brands, comprising 30 percent of total sales. These have Zulman and Tucker smiling like kids at Halloween, because both men feel these are the ingredients of a very sweet future. The Baskin-Robbins hard candy is an example, produced as BestSweets own brand under licensing agreements with BaskinRobbins. "You know, we really pioneered the sugar-free market. Years ago, we petitioned the FDA to get GRAS status, which is an acronym meaning 'Generally Regarded As Safe', for many of the raw materials in sugarfree candy. In addition, we have a patent on soft chew products, which go into our chewable antacids and our BestHealth Calcium supplements,'' says Tucker. "And also a nutraceutical product that we're very excited about. " Fitness drink without the bottle

GRAS status is crucial for being able to manufacture nutraceuticals, or nutritional supplements made with botanical blends that target fitness or anti-aging. To illustrate, Tucker explains that aspirin and antacids are classified over-the-counter, or OTC drugs; supplements like Vitamin Care classified as food supplements. Now, BestSweet is poised to take a bite out of the nutraceutical market in a whole new way, and it is one we will be able to witness firsthand in the Charlotte area over the next month or so. The company is about to officially introduce what it calls its most exciting product ever: a soft chew targeting the booming fitness drink market, where the

www.greate rc h arl otte biz. com

craving is for fitness supplements paired with energy ingredients. "The energy drink market didn 't exist eigh t years ago.

ow everyone, particularly

yo ung people, want these cocktai ls of supplements," says Tucker. "It's on e o f the fastest growi ng markets there is. We've figured out a way to provide a fitness drink without the boule. We're introducing a soft chew called XLRS Energy Chews- just one stick is equal to two cans o f Red Bull ," he grins, referring to those small cans that pack a stimulant punch. "But you can control your dosage smce of course you don't have to 'drink' the whole thing." XLRS co mes in NASCA R-inspired packagmg and through special licensing, featu res Dale Earnhardt Jr. 's face and signature. About the size of pac kage of gum, the product will be available in sto res at the begin ni ng of this month at a suggested retail price of $1.99. Zulman says, "This marries nutraceuticals with one of the fastest growing markets and

ASCAR. We've been very lucky to get

BestSweet Inc. 288 Mazeppa Rd. Mooresville, N.C . 2811 S Phone: 704-664-4300 Principals: Richard Zulman, CEO; Richard Tucker, President; Jonathan Zul man, Executive Vice President

For 70 years, BestSweet has been intrcducing mary new products to the marketplace, like their recent XLRB Energy Soft Chews that pack the puoch o( an energy drink withoJt. the can. Cale Earnhardt Jr. , who tra n sce nd ~ NAS1:::AR

what suga r-free means. l ie inencs to be a

and matches the energy drink derrJgr<. phic.

bider in mu:-aceuticals as w£11

Wit 1 his fast-paced lifestyle, he pe-son fies

"\Ve have a pipeline of pr•Jcu: ts right

v. k t the XLRS Energy Chew brand is ;all

now _hat will doLble our conr::tct brands


md cour own brands. I can tell you this

They seem to be enthusiastic H Dal ~

rr.ucb: it wi ll involve three of the top phar-

E:lm hardt Inc., where the Vice Pre,ident of

n:acrutical companies in the w:)r.d,'' he says

L1ccnsi ngj oe Hedrick says, "Th is i> thE per-

wi th

fect opportunity for DEI and Dale =:ar..bardt Jr.

w extend our b rand

into new p-odxt cat-


sparkle in his eye.

Very few, if any, of our prodJCl5 have .competillon :rom the interna market.

Founded: 1976 (in the U.S.); o riginal parent company Beacon Sweets, fo unded in South Africa in 1930

ego-ies. We're excited to part ne r with an

We don 't make 'me too' products. And we

esta.:Jlished organization like Best o:veet t:lat

don't compete at J disadvantag:: <.s we would

has been introducing new product3 to he

do wth 5ugar candy"

Employees: 300

maiketplace for the last 70 years. "

Gross Sales: O ver $70 mi llion for 2005 Plant: 40-acre cam pus in Mooresville, N .C. includes I00,000-square-foot factory and I00,000-square-foot warehouse Business: BestSweet is the leading U.S. private label cough drop manufacturer, producing a wide range of branded and private label products, including BaskinRobbins Smooth and Creamy Hard Candies, BestHealth Calcium Soft Chews, and Lites Sugar Free Hard Candies. BestSweet products are distributed across the U.S. and internationally to Canada, Japan, the Caribbean, the Middle East, and Indonesia. www.b

·we gave these chews to Dale's pit crew,

d irec ion away from the trad· ioml sweets

and they came back a week later asking ·or bad been part of his fanil> business for

more," observes Tucker. The ingreC.iems

decades, he says he pictured a :lire:tion that

mcLtde caffeine, guarana, and gins::ng fe r a

woul:l be increasingly hard for ot h ~ rs to Jmi-

bJt"St of energy, and other nutraceuica s like

Gte ..'\nd it looks to be workn.s. ::.estS,veet's

tauri ne and Vitamin B6. The compmy plans

gross sales

a bi s k1 cko ff Oct. 14th at Lowes Motor

p _dway

ar~ at a 24 perc en : hcrrase o·;er hst ~ar. Zul'llan can really ~e vision

payirg otT. "We have a gcod now o[ new products

XLRB int o t he fu tu re

<.nd c. great deal of diversity·. _ .1re very cap-

Zul man is pleased with the dmctio• hts

il.ll intensive, very sop htsticae:l, a:-td \'e--y

corrpany has taken , refusing to "ui<e c:n th ~

c.utomated. You will see us tripe our siz~.

btg suys" of sugar candy, an d co n ~ nt :1 ting

cou~ on creating tasty sugar-free projucts.

L-:mg go ne are the days of sacchari1.e a1d its arte--taste. He feels Best weet is re efiring

greater charlotte biz

When Richard Zulman st~e-ed company

on tt."

o:veet, indeed.


Eb1se D. /vloraro JS a Charlotte-lx:Eej 'reelance wnter

september 2005


'Jade built a name on a simple substance: graphite, or more specifically, ··nexiblc expanded graphite." What began on a long dtstancc call at that early mornmg hour 111 May 1988 is now a mulu-nauonal market leader with a reputauon as a hard-working problemsolver with 13 U.S. and EU patents. Slade b the worldwide company that has stayed home. All of its manufacturing is local. All of Hs matenals are created internally- no fabncauon Is purchased as an outsourced supplr And that is where "local" stops because Slade puts Moorewille on the map for firms a~ dl\·erse as Michelin Rubber in France, Formosa Plastics 111 China, and Intcrnauonal Paper here 111 the U. -. It's an irony "\Ve're more re ognizcd halfwa)· around the world than we arc 30 miles from home," says Ward Crosier



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\\'hat Slade does wtth graphne IS the ke\ to the firms success. For )'Cars chemisb knn' that graphite has unique qualiues, among them. • Reducing resistance between movmg surface · • Confonning to une,·en surfaces • Tolerating high heat • Bcmg corrosiOn-resistant These are ideal qualiues for a matenalw lx u ed as "packing" to seal the stems of ,·al\-e, the shafts of pumps. and the Oanges ol111du, trial piping connections Packmg Is hcncfici::d m sealing molecules of OUlds and gase~ I rom escapmg IIllO the atmosphere. known a, "lugill\'E' emiSSIOns." Unfonunatclv. Oexiblc graphite has no mherent strength Alone. It IS not a strong sealing mateiial so these benefits were never truly captured in manufactunng operalions. That was the essence of Bobs red-eyed breakthrough m developmg a graphite yarn that mamtains the best characteristics of Oexible graphite but vastly increases its strength The key was to improve its "tensile strength." so the !lexible graphite wouldn't easily break when braided. Bob had found a way to take a 99.26 percent pure Oe:-..ible graphite and extrude It around several thousand tin> strands of htgh tensile carbon filaments. The result: the best charactcristtcs of graphite and the strength of carbon fiber. The yam 1s then square-braided mto a rope-like substance (for packmg) or woven (for gasket sheet) to form a chemtcal and heat resistant matenal that can

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vastly improve th~ environmental performance of manufactuing facilities Hard science !-ad provided one breakthrough for Slade the courts provided another. Historica.Jy, packing and gaskets often contained a~bestos. "Industry litigation forced people to look for new alte::-natives," says Ward Crosier "Graphite had ·Jeen O'Jerlooked as an alternative sealir:g agent. With asbestos use bein§ reduced, a competitive niche was waiting to be tapped." The U.S. Geological Survey estimates that more than 29 million pound~ of asbestos were used in product manufacnringjust ir_ the U.S. a~ recently as 2001. ! ob Crosier developed rhe product to fill the '!sbestos-to-graphite void in sealing and pac.<ing. Industry need "or a non-asbestos seali::1g agent was just the first chapter in Slades evolution as a smart nvironmental story AlsJ important was creating the right product ::tt the right time, esp ~cially for the Carolinas. A 2004 North ·=arolina Department of Natural Resources Report pointed out the need for businessts and industry to take ::tdvantage of oppcrtunities to improve water use efficiency, ther~ by reducing water costs and allowing companies stay more competitive in the world ewnomy Slades products hit that conservation target. "Because flexib·e graphite conducts heat well and reduces rr:sistance between moving surfaces, it reduce5 frictional heat, so less water is needed to cool or ' flu~h' rctating equipment," expla:ns Greg Raty, Slade vice ?resident.

Tum1 -g WJte•· 1mo Do!la1·s 0-e way manufacturing operations save money is by conserving materials used hthe production process. Water is a rescLrce commonly c~sed as a cooling agent. n some operations, a lot of water is used. so saving water can lead to significant c<Jst-savings.

• The uerage pump in a paper mill may have a run ra:e of five gallons per mime (gpm). • Scm ~ water usually escapes from the procLction system. That water must be repl30ed so the mach ,nery can be propedy cooled • lncrE2Sed friction in a system can incre:Ee the temperature of pieces of macl-hery. • The "Dtter that equipment runs, the more ..vater may be needed to cool it. • Graprite can reduce friction (reduce heat) and more effectively seal (reduce escaFhg water) than other substances, wl-ic• can reduce the amount of water need;j in a facility. • Flusi-.-"Vater is estimated to cost 1/2 cent ::er gallon to filter, treat, inject and reco•H. Slade sealing p-oducts minimize -1nd often completely eliminate flush...,.,ater on rotating shafts. For a pumF .Jtilizing 5 gpm flush-water, that is a $1 ::,JOO annual savings. • A mdium sized chemical, power or paper 01anufacturing facility can have as many ;;.s 1,000 rotating shafts. Most use wate~ as a coolant.

Preventi~ "The

Great Escape" Fugitive emissions contr:bute to environmental pcblems. "Particb of chemicals can

escape from valves, pumps and piping connections," says Ward Crosier. "Slade packing has in many cases reduced emissions by as much as 95 percent. That means fewer cherricals that escape into the air- less pollution or less wastewater to recapture or replace to cool plant machinery." Slade packing has achieved better than the EPA standards in emission tests performed by companies such as Exxon, DuPont and Shell Oi l. Oil and chemical operations aren't the only plants Slade serves. The pulp and paper industry, as well as power generation plantsfossil fuel and nuclear- are major end-users of Slades sealing products. One mid-Atlantic power facility that switched to Slade product3 realized several operational improvements: the rate of seal replacements decreased, seal replacement costs decreased, and valve stems, shafts and sleeves showed less wear. The reliability benefits were even more impressive considering that the plant would suffer $1 2,000 per minute in lost revenues per generating unit if not producing power. "The environmental benefits of our materials make us especially proud," says Bob Crosier. "We started out with the intent of making a high-quality packing material. Nov. we are recognized for how effectively our products reduce fugitive emissions and aid in water conservation." 'Theres been increasing discussion in recent years about 'corporate social responsibility,"' says Ward Crosier. "Being part of an operation that can reduce air pollution make~ everyone in the Slade family feel environ- ~

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mentally involved, proud that we can improve the quality of life where our products are used." The Road to Singapore

Corporate citizenship at Slade has yet <.nother angle. The breakthrough made in the !.Aooresville garage now has an economic development impact for the region. Slades product exports -all produced locally- were bO percent of sales in 2004. Those exports represent money coming into the U.S. , more particularly, money coming to the Piedmont. Slade is a successful exporter because of i~ alanced approach to markets outside the 'J .S. According to Greg Sizemore, director of he Charlotte Export Assistance Center, "Therf: Jre five Ps to successful exporting: product, "Jlace (distribution), promotion, price and "Jeople. Slade excels at each of these, particuarly 'people.' Slade finds the right people to 1elp them increase sales in the global market. They get face-to-face with potential distribu_ors, tell the Slade story, and prove their value proposition." Local government initiatives are a guiding force in Slades exporting success. Raty uses the Charlotte Export Assistance Center to e;uide global market selection. The Center in Charlotte works wuh its global network of offices to set up meetings between Slade and

Slade, Inc.


735 South Broad St. Mooresville, N.C. 281 I5 Phone: 704-664-4222

Principals: Robert (Bob) Crosier, Founder and Applications Engineer; Ward A. Crosier, President; Greg Raty,Vice President Founded: 1988 Employees: 25 Products: 18 Business: Manufactures a patented line of graphite-based packings and gaskets for pumps and valves; the packings can significantly reduce emission from manufacturing operations and often require less maintenance than traditional packing materials. Patent: Graphite yarn that provides superior heat resistance, flexibility, sealing capabilities and strength to packings and gaskets.


september 2005

prospective non-U.S. distributors. Before Raty and his colleagues even board a plane, most of the leg work to select prospective distributors in those markets has been handled by the U.S. Commercial Service. Slade arrives in their target market knowing that meetings are arranged and potential distributors are pre-qualified. 'We can get down to business," says Raty. Along with making the right contacts, it is also critical to understand how the potential customers in new markets think. This was a key lesson for Slade: Don't be wed to preconceptions about a market; adapt quickly to information to tap a new market. Bob Crosier points out market difference: "We thought the demand for a high-performing product with extraordinary environmental qualities would only have a market in the U.S. The opposite has been true. We find that firms in other countries will look at a change in manufacturing as a way to proactively protect the environment. Its seen as a deliberate choice, an option. We encounter some U.S. companies that are more engrossed in adhering to an environmental regulation as their priority" Home Grown Business

When Ward was awakened so early in the morning in 1988, he didn't realize that it was a brand new day in more ways than one. It was the begtnning of a Nonh Carolina company that would grow to have sales in 45 countnes. lie remembers thinking to himself, "Its kmd of late in his career for my dad to change horses and stan a brand ne\\ compan) Hes 55 lin 1988) and it typically takes year-, to build a successful business.路路 But stan it, Bob did, usmg a coupk of \\ards hydraulic customers as early Slade guinea pigs. \\ard came on full-t ime \'lith Slade in 1992, hecommg president in I99i. Raty joined the firm m I997, using his extensi\'e commumc,nwns background to lb clop foreign markets. Slade has thnce l'Utgrown their l'fhce a:1d manufacturing f<Kihtics and l'ncc agam, the} arc lookmg lor more space Present!), we arc utilizmg about 12.000 square feet of ofhce and manufactunng space,'' says Ward Crosier. '路We plan to be in a new faci li t)~ tripling that space, by the end of the year." They need the space since all operations

are in-house. "We control all the quality ourselves, from making the yam to braiding the packing and weaving the gasket sheet," says Raty. "Our reputation is built on our quality " Lessons Learned

After introducing 18 successful products, entering 12 new countries in the past two years, and having had seven consecutive years of financial growth, what obstacles were the toughest to overcome? First, an internal issue. Says Bob Crosier, "Establishing stability within the company in the early years was a challenge. We had to simultaneously mesh the development of our product and its marketing, two very different business needs.'' Second, an external issue. Says Ward Crosier, "We recognized there is a critical focus and analysis required to successfully enter foreign markets. While we have certain common benefits we can tout in our product, each market has to be viewed as a unique situation. We have to listen and learn everywhere we go to reach our target client in a meaningful way" What key challenges are ahead? Balancing a full plate of opportunities. According to Raty, "Continuing our move into new markets while supporting our established distribution network \viii take careful coordination smce we personally \'isit all our distributors and conunue to tram them ourselves. At the same lime we will develop new prod ucts and conunuc to answer requests for seahng solutions we routmely receive fro m th roughout the world . These arc continual challenges, hut ones that we enjoy and help us de\'elop." "Its a big world," says Ward Crosier "Slade intends to boost efltc1cncy and impro\'e cm路tronmcntal performance for manufacturer~ across the globe, mcluding fimls in the P1edmont. rhat sentiment is echoed b) Raty "\\e arc better known on the Champs D'Elysees than in uptll\\ n Charlotte, yet we have been a p,m of the manufacturing communny here for more than ten )Cars. \\e ma) tr,l\el around the \\ Prld but \\ e come home to the Carolinas \\"e \\ant to sene compam~s here \\1th uur high quaht) products th.u currcnth sene Cllinpam<'!- o\'er~cas. Its a team ellort \\'c need to ~uppon each other to mamtam the ccononuc de\'elopment of our regwn." biz Scott Carlberg IS a Charlotte-based freelance wnter.

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Corning from a long line of country folk, I can tell you two things: our men knew how to work long hours, and the women prided t hemselves on their homemade biscuits. So, you can imagine my grandmother's chagrin once she and grandpa moved to Charlotte in the late 1970s and he discovered ... Bojangles'! Though they hardly ever went out to eat, grandfather would frequently t ake a side route during his 'errands' to sit down fo r some biscuits with gravy, grits, and sausage. I'll never forget how great it was to sit wit h him while enjoying Bojangles' warm southern smells and country surroundings. With grandpa it was always, "Let's go to Bo's." september 2005


foods; and to present it in a fun , festi ve

quick-service fri ed chicken competitors,

Bojangles' continues to prosper since jack

restaurant design with fast and fri endly

but also many roadside mom and pop

Fulk and Richard Thomas founded it in

service . They developed a menu wit h tl- ~

stores as well.

1977. The vision of these men was three-

chains legendary fresh buttermilk biscui:s_

fold: to develop a quick-service restaurant

unique Southern side dishes like Dirty J<ic

Since its humble beginning as a single store here in Charlotte,' trade-

featuring a distinctive, spicy flavor pro file;

and Cajun Pintos, and a recipe for fri ed

mark dedication to fresh food and friendly

to offer wholesome, made-from-scratch

chicken that has come to rival not onl y

service has sealed its reputation for

This is but one example of why

Southern cooking and Southern charm, and garnered a legion of fans a:1.d a loyal fo llowing for breakfast, lunch wd dinner. Growth has catapulted nationally to over 350 locations in the Southeast, Midwest and New York/Pennsylvania region, and internationally to locations in China, Honduras and jamaica . In addition to its 35 new locations opened in 2004, the company anticipates a total of 40 to 50 more by yea r-end. Charlotte's little chicken franchise has truly spread its wings. The chicken and the egg

Bojangles' has had its share of ups and downs, just like any other food chain, concomitant with its frequently changing ownership. After experiencing a solid star: that carried the chain through the mid 1980s, it suffered a fate commcn to quick service restaurants: ove rex pans ~ on, asset drain by venture capitalists, and discontented franchisees. Bojangles' recipe for success ap peared to be going stale. En ter j oe Drury, a seasoned restaurateur who began his career at the age of 14 sweeping the fl oors in an Akron, Ohio, fast food restaurant. His passion for the business and seasoned work ethic helped him rise quickly through the ranks; Drury was supervising eight restaurants by the time he was 20 years old. From there, Drury joind Wendy's International as a manager-trainee under the tutelage of CEO and mentor jim Near, and moved to vice president of the company after decades of learning the business inside and out. Today, Drury is one of the central cogs credited with facilitating Wendys remarkable turnaround in the late 1980s. Drury left Wendys International in 1991


september 2005

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to become CEO of the Carolina Restaurant Group, which purchased a number of Wendy's franchises in the throes of bankruptcy. By implementing a powerful formula of hiring, training, refurbishing, remodeling, and marketing, Drury and his partners purchased the group and led the franchises to 172 percent growth in eight years. Recalls Drury, "What we saw in the late 1980s and 1990s was that the fast food industry simply forgot what had made it a success. By creating a climate of incredibly low expectations regard to quality, cleanliness and friendly service, while at the same time growing too rapidly, it basically brought about its own problems." While spearheading the rehabilitation of the stores he purchased, Drury says he was always eyeing the Bojangles' concept. "What really called out to me was Bojangles' distinctive food and presentation. You should be able to take down all the signage from a location, de-identify it entirely, and still be able to recognize it. The founders, Jack and Richard knew this and were well ahead of their time when )--

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they created B e~ :m .5les'." lr. the early "990s when Drury became a Wendy·s Frand!isee in Charl otte, he felt

and the chain's fift:. owner. Boja::1gles' and Wendy's complemented one mother in i"lenu offerings and daypart busn ess. Dru ~y says, "Dave Thomas was one of my bggest fans when l became

brought in Tom Lewison <pr==i.C.ent m d COO , combining ve terars a1d new- blood alike, his imme dia : ~ goal was t c create a

CEO of =·ojang:~ s · early in 200 l. " To this day =rury credits his mentors,

beyond immediate profit~. to Jne thc.t would see the bran::! well into the future. Explains Drurj, "The ind-:~s try had been drained by investors intc ested ~n ~king a

tr.e late Jim Ne ~ ~ an C. Dave Thomas at 'Ne::1dy's ior the :Jpportunity to grow, for important lessc::J.s on how to run the business, and for h<Ping the faith to take risks. CJm:nents Dru:y, "'Wendy's is still a family to me. If it wero't for those guys seeing something spec:3l ~n what was once just a rcu gh-necked k d , and the faith of my original ? artner=, Cammie and Dee-Dee Harris, Keith anj Len y Stoneman , and D3rrell and AnC.:ea Ferguson , l wouldn't be where I am t:>day '

Cooking up go ::>d management Commandin:; his experience rebuilding bottomec-out e:oteries, j oe Drury was given the o pp o~ nity to jump on board the Bojangles' b::ndwagon in 2001 as CEO


quick buck, l:ut the :ood serv ce industry t: not constructed tlli.t way To survive in the long haul, you muot be comnitted to devoting all the resource:: pc·s.;ible to your produ ct, your team building, m d yo·.:.r pre::entation . What we saw ~ re s:ores suffering from outda:ed q u:pment, poorlooking decor and uniforns. run -down facades, no promo:icn ard an extremely dispirited mo:-ale." He continues, "O·Jr psn wa~ to stop planmng new l oca~~ o ns and su n clean ing up our own bac~yard . " T1e ::1e:w team updated operation.;, 3nd :·ocJ::ed on training and employee ~ncenti..Jes.. Says Drury, '·We needed great operatcrs, a:1d an envi-

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ronment where our employees could feel

red and yellow Bojangles' signage, and the

secure and appreciated, as well as being

inside of the office is a combination of

given growth potential. l don't care if you

offices, conference rooms, and an on-site

are 14 or 45; everyone needs these things

restauralll training area. At this facility,

to perform and to feel good about what

franchisees undergo carefully formulated

they are doing. "

and formalized classes in surrounds the

Drury recalls a memory from his Wendy's lnternational days, "People always

same as their locations. ln addition to a carefully guarded regi-

noticed that Dave Thomas would walk

men of 'training up' its employees,

right by all the 'suits' at Wendy's. His first

Bojangles' also empowers its managers with

conversation would always be with those

the voice and responsibility of making their

employees at the serving line. He knew that

own decisions.

that was the backbone of the whole operaLion Training is very much Bojangles' spinal

"We had to overcome the perception that a corporate office was liule more than a vulture looking for licensing fees. We care

cord. Drury says, 'The biggest and best

about our franchisees' success, and they

investment we have made is in our fran-

know they have an advocate within these

chisee training. " The corporate

walls. Our people work their heart out on

headquarters in south Charloue clearly her-

the line, and they know we support their

alds this mission; its facade carries the bold

initiative. I am proud that they also know )>-


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that there


sorr.eou behind :h:s de3.( wrt•

has beer. there as ar


and a ·ran-

chtsee, and :an see ssue3 fwm their point of view," he srr:iles. Feeding a IIUngry market

Whik ti-e r:utrit onal demands ar ,j thetics of tk food

~ rvi ce

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evolved :::olliiderably, Bopngles' for success ha3 : hangec little &ljangles' raditional menu o[ers a vacety .hat plea:>::s it5 customers. w;hJe abo inrrocbcing son.e newer items: for the calorie/Larbohydr:ueAll ow us to offer yo u a lo ng- term stra tegic approach to employee benefits manage ment. With m o re th an 80 years of HR/Be nefits experien ce, we are a strategic p artn ership workin g togeth er to provide val uable service to answer your benefits needs.

consciot.:s 5tl. Explains Drury, "We have i.ntrodoce.d wraps, grilled fillets and saLes :n m.1...1y locations, ard ·Ne are consta1tly con5icering ways to -:Jrovide the tastest produ:t in the healthie: t oamer. At the same n-ne,


are dedicateJ to prcviding the essen::E of



who we 3re. Fried c1icken is a tasty treat; nobody su~es :s eating it e\ ery day : l : he week. We aP- t=roud of -what has sati>illed sc many custooers ovu

th ~

::le:ades , a:-d we

simply v.ill w.ot apobgize for who we 1re."

For more info: 704-522-8011 I

At the salle nme, DrJry says his r:;::am is -working to' updatt: the interiors and )>-

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Bojangles' ~ --Restaurants, Inc. 9432 Southern Pine Blvd. Charlotte, N.C. 28273


Phone: 1-888-300-4265 Principal: Joe Drury, Chairman and CEO Founded: 1977; first store in Charlotte; originally owned by Jack Fulk (prior Hardee's franchisee) and Richard Thomas (prior Kentucky Fried Chicken and Wendy's franchisee); first franc hised in 19778 Locations: Over 350 (approximate 30/70 mix of 124 corporate- to 229 franchise-operated locations); 81 locations in Charlotte (53 corporate, 28 franchised); operating in IS states and three countries Employees: I 08 corporate administrative employees; 3,792 corporate restaurant employees; 5,500-6,000 franchise employees Revenues: Company revenues will exceed $480 million this year and 35 pecent accounts for breakfast Name: Adapted from the title of the 1960s song "Mr. Bojangles" popularized by the Nitty Gritty Dirt Band Business: Fast food outlet serving breakfast items including fresh biscuits, sausage and chicken, and lunch and dinner staples with flavorful fried chicken and Southern sides.


september 2005

With 35 new locations in 2004 and 40 to 50 more in 2005 ... the time is ripe for growing the reach of Bojangles' fresh fix1n's. exteriors of its restaurants. "Given today's environment, we want to remove the neon lights and hard seating that gives people the feeling they are being rushed. And the outsides of the stores are being built with tasteful aesthetics, like nice brick and well-placed windows that mesh well with the communities that surround them. The intent is to create a warm, comfortable appearance." Despite the popularity and continuing growth of the restaurant chain, Drury refuses to sacrifice quality. "We are very careful in our expansion. We spread out, rather than hop around, and we make sure that every new location has the components in place to be successful, especially in terms of operators. We plan smart growth. But there is no doubt in my mind that Bojangles' has got legs; it will travel. " Apparently the time is ripe for growing the reach of Bojangles' fresh fixin's. By identi fying key positions in places like Myrtle B~ach, Atlanta and Florida, as well as areas along the 1-77 corridor, the company is preparing to attract a lot of attention. "By identifying places where we are visible, and providing a very satisfying

experience, we are not only creating a new generation of loyal customers, but also the potential for interested operators." The company offers several store options for potential franchisees including an in-line design , a co-branded option for the convenience store industry, and the impressive free-standing model. No matter what the location , Drury also insists that the company give back to the communities that support Bojangles' with their patronage. Comments Drury, "You can't just put up a sign and ask people to spend their money You need to be involved in the community. Take care of the sports teams, feed the PTA , give away cups to non-profit groups. " He adds, "You don't do it for the PR, and you certainly don't ask for press. You do it because it's the right thing to do. " Drury obviously has all the ingredients right. His full size average unit sales are $1.5 million and rising, and he says, some of the chain's oldest. franchises are the ones planning for the most growth. "That, Drury says, has got to be the biggest compliment I think we, as a company, can get. " biz

Susanne Oeitzel is a Charlotte-based freelance writer.

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septembe r 2005


p路aur:d (I to r): Bab Salvin Founder and CEO

William S.mmons President n Dental Specialties, Inc.

in the right

1 inding the right niche is essential for any small business, and Salvin Dental Specialties, Inc. has certainly implanted itself nicely. Fully 90 percent its sales come from dental implant instruments. Chief executive Bob Salvin discovered the dental inplant industry in 1983, a couple of years after he started carrying disposable products in his car and selling them door-to-door to general dentists across North Carolina. Over the last r.,-entysome years, he has built a business that sells ircplant instruments worldwide. Salvin's company carries more than 900 different 路mplements, and designs about 70 percent of them. Long ago , he moved his operation from a room over his southeast Charlotte

greater charlotte biz

garage to 7,000 square feet ::>ff Wendover Road. He incorporated i:J. 1993. Salvin recalls the first dental products trade show he attended. The lines of booths converged in the distance like railroad tracks: "I thought, 'How am I ever going to compete with these guys" " But his father, a professor at UNC Greensboro, gave him good advice: "Never give up," he told his soc. "There's always a way to do something. You just have to be persistent." >--

september 2005


So Salvin's top priority became converting his business from selling one-on-one to one-on-many. For help he consulted with Dan Sullivan of Toronto, creator of the Strategic Coach Program. Sullivan 'ldvised Salvin to focus on his unique ability to work with people, to develop a -trong team through careful hiring, and to steer away from commodity trade by Jranding his products. Salvin diligently developed customer relationships and nurtured them with high-quality service. And he concentrated 路J n offering value. That approach successfully executed has resulted in the current :onstruction of a 5,000-square-foot ~xpansion to his building on Latrobe Drive and plans to increase his work for:e from 27 to 35. "Our products are very well priced," Salvin maintains, emphasizing the importance of that to the oral surgeons, periodontists, prosthodontists and general dentists who buy specialized tools sized to fit in a person's mouth. The implant dentistry doctors who are his customers perform highly elective


september 2005

medical procedures according to Salvin. Typically, dental insurance pays $1,000 to $2,000 for such work, but restoring an entire mouth with implants could cost anywhere from $5,000 to $25,000. Their customers spend elective dollars to look and feel better. "Each of these implant doctors is a business person," Salvin explains. "When they come to us, they are spending their own money. They're conscious of value and appreciate great service. Our phones are answered by live human beings on the second ring and they are people who can tell you, 'Doctor, I can do that for you.' If they can't, they're 30 seconds away from connecting the doctor to one of our sales specialists, and that person has taken most of the dental implant continuing education courses the doctor has taken." Often, doctors shop from Salvin's 129page product catalogue. Calling it distinctive is strong understatement. This year's cover features a full-colo r mockup of a cereal box with some of the Salvin tools and machines overflowing a grocery can. Prominent on the box is the com-

3450 Latrobe Drive Charlotte, N.C. 2821 I Phone: 704-442-5400; 800-535-6566 Toll free Principals: Robert (Bob) H. Salvin, Founder and CEO;William Simmons, President Founded: 1981 ; incorporated 1993 Employees: 27, planned expansion to 35 Slogan: Everything For Your Implant Practice But The Implants Business: Provider of dental implant instruments and equipment worldwide.

pany's slogan that has become as top-ofmind in the dental implant trade as Swoosh is in athletics.


'Everything For The Implant Practice But The Implants' "Everything for your implant practice but the implants," is the mantra that dentists around the globe associate with Salvin -and Salvin says that it's literally true. For proof, he points to color photos of tools ranging from reciprocating bone saws to specialty drills and even containers of freeze-dried bone tissue. Salvin can easily change the catalogue cover and contents each year because he produces it in-house, for better control and logical presentation. " o one knows the products as well as we do, " he says. "We're out in the field talking to the doctors. " Personal contact by Salvin, company president William Simmons and sales manager Greg Slayton and his staff includes attendance at 200 or so "hands on" surgical courses and trade shows annually. And it leads to custom-designed instruments. Often a professional buttonholes Salvin or one of his lieutenants and describes a tool he'd like to see created. Then the Salvin brain trust fashions a prototype from pliable materials and sends it to the doctor, who twists the model to his own liking and returns it Salvin. "Sometimes it'll go through five or six iterations before it's right," Salvin says. alvin commissions production of such

www.greate rch arl otte biz. com

(Pictued I to r) Bo;, Sll\in k>under':EO. ar:l hs carek.lfot Slayor, and :>resice-I Wilia.ll

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appr:!: 8rion . We came u:;:: "'Vlth pu~ "Jis:.Jeh <:!"in homemace b<Jgs ar.d : , ·~­ ng tl--e:JL .

year'· catalo~u- a f 30 d !"- or:h .'.:ne:-ica't most promiLenl C.Er:a. _"lrpJant J= rOffSti.:n.als, pictured \\itl.1. their =r:li.:E fo:- : he com"Jany. ln. returr "::n 1he:r tu3.::es5 ar c their g~owin.~ semi T ::ct.:>, ::1.:::e d.:: c:c rt and Jther Salvin CLS.OTcr.: re1p n a:ld.:d rewocd- all :he p ot.lchio ::1.:ts tt. ~ Gr ""'ears ago, wh.::t.l d·dn_t have ln) Sa l·~.i n to gre~ter




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"Daniel, Ratliff & Company has been more than an ac:ountant to us, they have been a true business partner in helping us get the right informa:ion to our business."

Cc.-ouwer oJRtd flockS f.'estt'Utfll't. l!fith lormiom •n !'rJt•idence Rd. II' ClwMte ar.d 'lt B:rkdit!e i'i//,,ginHIIIII<"I:wille.

30· S. McDowel StreEt SUite 502 Cmlotte, NC 28204 704.371.5000

1:1 Kilson Dr. Ste. 205 Moores·Jille, NC 28117 704.663.0193

it all Adds up. 40

september 2005


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closely to the board 's advice. "Bob thinks things out very well," says Greer, who's been a friend for 15 yea rs. "He takes input from others on how to accomplish what he wants to do. He's got a plan that he carries through , and he asks his advisors for he Ip along the way" Salvin keeps the company debt load light. "We've been able to grow using internal cash," he says, "and we have a great relationship with the Scottish Bank in Charlotte." A native Charlottean, Salvin finished at East Mecklenburg High School, then earned a textile degree at North Carolina State University He was a textile executive until he started his own company. Salvin hopes to retire in 2010 , at age 60. But already, he's helping others learn how to run the company He does so by periodically leaving the reins in the hands of his employees while he travels . Salvin and wife Susan, retired director of Hemby Children's Hospital at Presbyterian Hospital , have sailed the Amazon River and camped in Tanzania's Serengeti ational Park. "l like being outside," Salvin jokes. "Outside the French restaurant, outside the Italian restaurant, outside the good steak house." He and Susan are becoming involved in more civic activities. Both recently joined the board for the Blue Ridge Parkway Foundation. "We're encouraging the young people who work for us to get involved in things we're involved in," he says. When not traveling, Salvin estimates he works 50 hours a week . But each yea r, he takes 12 weeks off. When he's away for more than a week, he might call the office only once and trusts his team to check and res pond to his e-mail or voice messages. "lf yo u can't take three weeks in a row and have people run yo ur company," Salvin says, "it doesn't do yo u any good to have a succession plan." He smiles and adds, "When I return, I get fewer of my responsibilities back." Matter-of-factly, he quips, "If l wanted to, I could retire tomorrow, but right now, l'm having too much fun .'' biz Ellison Clary ts a Charlotte-based (r"eelance wnter.

greater charlotte biz

Rav: lil-.e:J the ma~ore::::t c.s::<:ct cf th.e hotEl c路wner-

The Pa:el fan ly D Jrcha.;ing an-:: :oiJs:.-uaing 11:::ar y one hot=l e2ch ye;:.r, cre::lits ne comp~'s gre:c: s..a::co:;:;:; ""'th their 27 hote ~ to d1:: r A; ian lndim cLiture ol h:>spitcl ty.

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fo- the Pad

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-om St-:·necrest ShopJin;?; Cuter on

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of one r:cr ~·ear-.


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-c:-5 n.r ~g:ng the ?roperties

family wi:J- Lap ta~ tc ex.J:Ill.d . Imme::.i:ate..y ti-e Patds tu ~ n o d _heir o:::-Es

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Th: collp:my':- revenues near y

•:ina" Pael, Ravi's nephew and x::liOJ

wen. r::-ofer, "0\.e ve:re carpe: noallcr, 7.·e

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or constr.Jco:c 10cg:Wy cne hote:l

for a to3 of 27 hote6, n::!Stly i::1. Charlot:<.

·-ice pre:; de:1t of operaions a 1d sclc3, says ·-e t-<pe::s Lie .:ompany"s ~evenue 1::> coL:::le ; : a:;il:, 1:1. the nex: five years. Tl ::l r-zH ~ ric:h right now." he expla.IE. -v:o: 1-..a., t tc take adva:1tage o 0 the

rate in .he firs: ;~ cr. turning~ d<cce::~ · profit

\vith a fe:'V in :;cuth Carcolila an.:

•:]:: Jr:trr:".itics. '

werE. vnll?aru ~ - owe dic.l :.:t> o - 1lt:.r.s.o our::el~s."


;eptert.e- 2005



a farrily a•d as a farriy

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"'""'.. gre"-tercharlo-.te= ::.carr

Ravi and Vinay credit the company's and family's success to several factors , but most of all to the Asian Indian culture of hospitality. "We take care of guests," Ravi states simply. "Every Asian has that feeling, that gene. Anybody that comes, you go out of your way to treat them better in your house." He points out that 35 percent of all hotels in the country are owned by Asian Indians. But he also cites hard work, community activism, political involvement, and ownership format as elements of success for SREE Hotels . Every hotel owned by SREE Hotels is a franchise and as such is owner-managed. 'There is a big difference between manager and owner," says Ravi. "Manager interest is in that hotel only, while owner interest is in how government affects your business, and marketing, and how to grow business." Because all SREE Hotels are owner-managed , Ravi believes they receive a level of service and care and leadership that most hotels can't compete with. Part of that care includes political involvement. "Government affects your business at the local, state and federal levels," points out Ravi. "I never really liked politics before, but in the past eight or nine years we've begun lobbying certain issues that affect the business. " At the local level, SREE Hotels has supported past hotel taxes and also the two percent hotel tax to improve various amenities in the city. Football stadiums, a good convention center, and the NASCAR museum, in particular, says Ravi, have a positive impact on their bottom line, bringing overnight guests to the city in large numbers. At the state and federal levels, the issues

SREE Hotels continues to imp rove its offer i1gs an:l to target a higher end market by moving intc fra nchi ses such as Marriott, Hilton, and Hampton.

Everything is a joint venture, and the rewards are joint rewards, including benefits to the entire Patel family." "Not every family member is accessible to do everything," he says, mentioning th t his own son has no interest in pursuing th family business. "But what we do is help each one in their different business, help them start, give any financial backing they need. " And for those who continue in the business, such as his daughter Nisha, who is a corporate director of marketing and sales for the company, nephew Vinay, who is in charge of operations and sales for the company, and his partner's nephew, Parag, who handles all the accounting for the business, SREE Hotels provides the backing, environment, training, and support to become the next generation of hospitality leaders- a Lransition that is nearly complete.

reluctant to lend money, insurers were hesitant to issue policies, franchisors resisted signing contracts. Ungrounded, perhaps, but real discriminatio:1 that made doing busines3 in the U.S. a:1 upiill battle. To ombat it, Ravi and partners, along with other Asian Indians in the business, founded the Asian America Hotel Owners Associa:ion (AAHOA), which has since become a national po路.verhouse for information and political action. The association gathered data about Asian Indian hotel owners regarding their reliability in making loan and insurance payments, their customa satisfaction ratings, and several other rreasures of bu~iness success. The results? On every objective measure, Asian Indian owners came in above average in the United States. In the years since the AAHOA was

become broader, spanning everything from immigration and visa regulations, to OSHA and ADA policies. Of course , success like the Patels have seen doesn't happen without a heavy dose of old-fashioned hard work. "I worked 16 hours a day, seven days a week," Ravi laments of his early days: "I didn't get a chance to see my children young. One was four years old, one was only one year old. It was hard. "

3uccess story for the Patel famil y, but that :ioesn't mean it has come without challenges. One of the largest difficulties the family faced early on was discrimination.

founded, discrimination has never gone away entirely, but thanks to AAHOA's education campaigns, the climate has improve( and cor.tinues to become more friendly. The aftermath of the 9-11 anacks proved another challenge to the entire hotel incustr{, as tourism and business travel plumrreted. Fortunately for the Patel family, SREE Hotels owned several hotels in the Washington , D.C. , and Norfolk, Va., areas, wrere business boomed so well that it offset the :iownturn in other markets. The company has since sold some of those

But, Ravi is also quick to point out, 'There is a reward that keeps call ing.

Says Ravi, Asian Indians experienced discrimination on every level- banks were

properties for a signif cant profit, and turned _he money into new business in

greater charlotte biz

But Ravi has no intention of retiring entirely: "I don't think I'm ready to retire! This is what I've been doing for the last 25plus years. I like the challenge - it keeps the brain working." Overcoming hurdles SREE Hotels has proven an unmitigated

september 2005

> 45

Too Busy To Die? Run ning a business leaves little time for any thing else. But serious proble m s w ill o ccur if y ou don 't stop to think a bout w h at w ill ha ppe n to y our business a nd assets w h en y ou die.

The Result: F ailure t o p r otect t he financial future of y our family and employ ees.

other ma rkets. An ongoing challenge faced by the entire hotel industry is the environ ment created by opportunistic harassment based on otherwise we ll-meant gove rnm ent regulati ons. Ravi offers the example of certain au o rn eys who make a career of filin g ADA and OSHA suits based on petty infracti ons. Recentl y, his company was fined $250 under OS HA regulations that require labeling of wo rkplace chemicals. In this case, the infracti on am ounted to a b oule of liquid paper used behind the reception desk, lac king the requisite warning labels. More ex pensive but equally nit-picky suits are common . Lifts for looks Throughout the years, SREE Hotels has continued to improve its o fferings and to target a hi gher end market. While m ovi ng into franchises such as Hilton , Marri oll and Hampton , SREE Hotels has been movi ng )>-

SREE Hotels, L.L.C. John Lynch, John Dameron, Jody Rhyne

The professionals at Hinrichs F lanagan Financial can assist y ou with risk management to help protect and control the value of y our business and y our future.

With the right strategy, you can accomplish just about anything. Call u s about our free w or kshop on how t o prot ect y our business.

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Hinrichs F lanagan Financial Visit www. Hi n ri c hs fl a nagan. com Hin rich s Fl a nagan Finan c ia l pec ia li zes in comprehen sive pl a nn ing for ri sk ma nage me n t, asse t allocation, estate a nalys is, cas h flo w a nd wealth acc umul a tion . Celebra ting '"7 Decades of Stre ngth"' T he Foundatio n of You r Fi na ncial Future 1935-2005 A Mass!\ \ u!Unl General Agency Ma&SI:tchuscns Murual Ltfc Insu rance Compan.Y (MassMu!Ual) and ,,(lil ialcs Sp ringfteld, J\\A 0 1111 069760-000


s eptember 2005

Cotswold Centre, Ste. JOO 3 19 South Sharon Amity Rd. Charlotte, N.C. 28211


R 0





Phone: 704-364-6008 Principals: Ravi C. Patel, President and CEO ;Yi nay Patel, Senior Vice President of Operations and Sales Founded: 1980 Employees: Approximately 540 Headquarters: Charlotte, N.C. Locations: No rth Carolina, South Carolina,Virginia, Maryland, and District of Columbia Hotels: 27; family of franchises includes Marriott International, Inc. (Courtyard, Fairfield lnn,TownePiace Suites, SpringHill Suites, and Residence Inn), Choice Hotels International (Comfort Inn, Comfort Suites, Sleep Inn & Econo Lodge), Six Continents Hotels (Holiday Inn), and Hilton Hotels Corporation (Hilton Garden In ns and Hampton Inn) Annual Revenue: $50 mi llio n+ Business: Owns, constructs, renovates, and manages hospitality venues, especially hotels.

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LogoSTUFF™ Just Got a Whole Lot Easier. 3REE Hotels has shifted their focus "rom trteirfocme.r tu~et rotels ro Jperating and man<l5irg Jpscale, mid-market, and full servic~ ho~s. sum as tteir rec: tly p.~dased H !ton, currmq Jndergoing a massive renovation and mat:.over :J.way froo the budge~ motds that ior:r_ei

<..ri -ul ~e hc•:eE ,' elaborates Vinay

-heir stan. Althou3h the exact mar:<ct 7aries from one hotel to th~ next, ~KEE -1otels cater p:irr_arily to business t~avelm,

" t~-:c.t w ll p•c-vid~ fai-Eturns on investm=n s br J.r invest()('~ through ethical bu:;.neos I_X.lctices.."''

-raining and conveuions, wedding"' and :uxury-seeking vacationers.

l...Jl:::erl.r r_g the ccn:mitment to in•;e,tors -e elabc:ra _~o, is a commitmert

As such, SREE Hotds a::quisiticns ger-

• Great Service Quick Turnaround Available Call for Quote

Professional and affordable marketing services • Logos • Newsletters • Presentation Materials

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.Jots more. just ask!

Uptown Independence Center 101 N Tryon Street Charlotte, NC 28246 p 704 370 2440 f 704 370 2928

South End Atherton Lofts 2108 South Blvd., #107 Charlotte, NC 28203 p 704 333 2200 f 704 332 0100 Marketing Small Business America'M


september 2005

.:rally rece~ve a mc.keover up front. The --'lilton Charlotte Execu:ive Park or: -=-yvch ~oad, for instance, directly off I-77, nas -Jeen under renovacor_since its puxhas~ :ast year. Every room in the hotel is recei·.ring ;o ·acelift, frcm tired and dated cc.rpe:s anc oasic-level arr_enit:es, to granite counterraps, Asian-inOuenced ~1ardwood b::uittre. carefully ciosen a:t.vJrk, c.nd stylish ::at?ets and draperie5. Large porLons of the main floor ae cu::-ently partitioned off, under constc:::icL. •)nee renovations are complete, gu~ts vr]l be greeted intJ a gracious foyer by a large , colorfully translucent water feature:, x : -_ ud -.rhich wi] be housed the restauram, a cnierence worn, and l::ancuet and ballroom o.reas, all carefully appointed. The company's sxcess is backed and underscored by its newly redeLned mis9.·x ' tatement. "We are gcing to operate . develop , and :nanage U? 5cale, mid-mart. Et,


s. cl!l='loycrs nd the communi~: r as bee! ~ry goJd to us and o:..: f3rr:_ilit~ 'vVe -~rr t:::J be a civic partrer ~ c-w-lctt:e

o: :te ::it?, LCt J a hLsines5 partner. " B..:t

J~e ccrnmitm::-:r

to service and q ~3..1 ~-is '":::rven dl ::...1c way down throLgb 1tE l:n~ lcvEl.o=-as5oca es," says Ravi. Ttat rn=ms tb1 _[e c:n-;:c.r;:ys lea::lership is ccn:; ar:tl,r E':<::-<:ing W"O)G to improve cond_ti T lS rc..- Jl d its em: lc•yees throug~ 1::: b:ng efbJ.S , ?rr:pl:. ~e suveys, i:lcen.i·..e pmg-3115, ad c. p•JlLJ' of p:omoting interru.:fiy -=-~e

fu:Je lod.s h~ht for SREE Hot:eh. " -:b i3 Tl ne m:wcasain. looking for .o :·xr: urriri ~s not on_; _n Charlotte and _[_;: Ca:•J.t:us, b1 :~a_ix.~.ry as welL Ravi crn~::udc3 , " A ' M celcbut ~ our 25 years in b-_;, l b Jk :'o~v~ ril. into the future iO se:: ..... her pr•JirLses it has to offer and hoi..' ,;,·c. ctr_.::oLtiu .:.e o 1 ~ ~. occess as a family ;cd <. c•JD:Hny." biz "EcJd-- r -lee<: ~~ a 07-~rc-.:E-based fl=e/ance wris.NW\o./. §'r eaterc 13. r

Iotte biz. co-

bizresource guide Tcke a<Nontoge of these products end servrces from Cllcrlocce's leadrng busmess-to-buswe's suppliers. A len Tate Realtors


Ballantyne Center for Dentistry B air, Bohle & Whitsitt B·eakfast Club America BJilder Services, Inc. BJsiness Success Institute C1arlotte Copy Data C1oice Translating C ickCom College Foundation of NC C"CC Corp Training D3niel Ratliff DJnn Marketing Emoloyers Association Emoloyers Association-Benefits E:ervio GJtham Images H~nricks Corporate Training H nrichs Flanagan Financial lrrteract LardAmerica Lorgview, The Club at Ma:Thrift Office Furniture N: Military Business Center NJuvEON Technology Partners Party Reflections P' eiffer University Presbyterian Healthcare PR Store Scholz & Associates Scott Insurance S•:ott Jaguar S1ield Engineering S gnature Health care Tat1well Printing TimeWarner Business u~cc Belk College Velizon Wireless Amphitheatre Wa : hovia Bank-Wealth Wa : hovia Bank-Retail wa~e Forest Babcock

pg . 32 pg . 31 pg . 41 pg . 29 pg . 29 pg . 30 pg . 9 pg. 8 pg . 9 pg . 30 pg . 51 BC pg . 40 pg . 10 pg . 10 pg . 32 pg . 35 pg . 31 pg. 40 pg . 12, 46 pg . 13 pg . 11 IFC, pg .1 pg . 23 pg . 22 pg . 11 pg . 49 pg . 34 pg. 47 pg . 48 pg . 13 pg . 3 pg. 35 pg . 22 pg . 38 pg . 49 pg . 33 IBC pg . 28 pg . 5 pg . 25 pg . 12

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s eptember 2005


Legislative and Regulatory Highlights for Are:J E-n ployers

(continued from page 7, W hat the Heck is a "Zu bulake," and W hy Should y,m Care J) obligations of a party to maintain electronic data relevant to a lawsuit. "Spoliation" is the failure to preserve evidence. The case is a warning to employers named in a lawsuits to coordinate with those who maintain their electronic data. The court in Zubulake held that failure to preserve electronic evidence would be subject to a harsh penalty - the court could give an instruction that jurors are to assume the company destroyed evidence that was damaging to its case. Oh and by the way, the jury recently awarded Mr. Zubulake $29.3 million. In order to avoid some of the pitfalls of Zubulake, here are some suggestions: • Discuss with your IT management the best means of maintaining electronic lawyer here demanding the preservatic·n of all electronic data involving Schmidt. You forwarded the information to ym:r human resources executive. That's her

fired properly and in acco~:1mce wi:h a..: applicable laws. A month later, Schmidt'> · avvyer requested all electronic dau, in::uc ng :::-

::lepartment, not yours. You have to ru::t the business. A month passed, and the EEOC iss·.1ed J ne of those "Right to Sue" letters. (That meant you won, right?) Another month passed, and Schmidt sued. You finally referred the case to your attorneys. Then your attorney called, asking how yo ur electronic information was stored anc telling you that it must be preserved . Yeah, yeah , yeah. Your attorney also forwarded a letter to you stating the same thing. You sent the letter to your human resources executive, who, frankly, had more impJrtant things on her plate. She finall y touched base with the technology manager who reminded her of the 30-day purge

mails relating to Schmidt. caring ba::k t:: September two years ago. 'r.our tech:lClc·gy manager told the attorney t±ut :his is impossible, since all e-mc.ils #ere prge::i on a 30-day basis. So, here it is january, ar..rl. yn:. tEve electronic data going back :mly one mo1th - to last December. What's :.1-_e -Jig deaF

:?Olicy. Eventually, your human resources executive mailed a letter to your attorney ·with a copy of the 30-day policy. You then received several calls from your attorney (probably needed some billable time that month!). You really didn't have time for her and you never heard of this "Zubu ~ake' fella. You weren't worried because you knew that Schmidt had no case. He wc.s


september 2005

You're not worried because )'0\.I pdcy for purging e-mails has been c:£arl? staed since last September. Maybe the la\J)'er forgot. Shes only been told t~ pcli.::y twic:::maybe the third time will te a charm w"ith a memory like hers, maybe it's r i~e to ~t a new lawyer. Well, no , yo u can't very we[ tirE her today, not while you're sitti1g in th::: courtroom. You again point out, ~ ry 5lcwly md patiently, your company pdi::y of prgi:1g e-mails once a month . She ~rve.; yo_ t:1c.:. look again and says, "You s:-toukl h.we returned my calls. Your pcLcy i3 net go11g to mean very much today.'' This scenario illustrates an emeq;ing issue facing companies ar.d he rres::rv~ tion of electronic data . Zl.:.b·Jlak::: v. UBS Warburg is a federal case dealing wi :h the

data as soon as your company becomes aware of a charge or lawsuit. • Emphasize to your IT management the legal importance of maintaining such information. • Develop a means to word-search electronic data for information that may be relevant to your case. • Create a strategy for getting copies of your electronic data to your counsel for purposes of litigation. This is by no means an exhaustive list of precautions to take in a Zubulake world; however, it is a start and will help alleviate many of the problems a company may face in modern litigation. Reprinted by Permission Michael Spencer; Cons tangy, Brooks, & Smith, UC; biz

The Employers Association is a nonprofit Charlotte organization providing comprehensive human resources and training services. Founded in 1958, the Association maintains a broadbased membership of over 700 companies (rom all industries in the greater Charlotte reg1on. The above excerpts were taken from The Management Report, the Association's monthly newsletter. For more information, please call Laura Hampton at 704-522-80 II or visit the Web site at

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Another Quarter Point Rate Hike, Ho-Hum Commentary provided by Mark P. Vitner, Vice President, Senior Economist, Wachovia Corporation The Fed raised the federal funds rate another quarter percentage point, bringing it back up to 3.50 percent. The Fed's statement acknowledged the

energy prices, appears to have strengthened

Taken together, the Feels statement on infla-

since last winter, and labor market condi-

tion is a bit convoluted. ls inflation low or is

tions continue to improve gradually" The

it elevated?

Fed seems to be genuinely surprised by the

The Fed's dilemma is understandable

recent strengthening in overall economic conditions and also noted recent good news on core inflation. They gave no hint

economys resiliency and that likely means

because the data are clearly giving off mixed

they are set to push interest rates up highe r

signals. The core personal consumption

than previously thought. We now think the

deflator has been unchanged during each of

whatsoever that they are nearing the end of their tightening process.

ending point for this tightening cycle will be

the past two months, but revisions to previ-

around 4.50 percent, which we expect the

ously published data show that the

Fed to get to by early next year. The risks to

year-to-year change in the core PCE deflator

Aggregate Spending Appears To Have Strengthened With the Fed doing precisely what nearly everyone expected them to do - raising short-term interest rates by a quarter percentage point - the financial markets are zeroing

this forecast are clearly on the upside.

has actually been nearly half a point greater than previously reported. So core inflation

recent run of stronger economic reports, not-

"Core Inflation Has Been Relatively Low In Recent Months ... " The next major change in the policy statement was the inclusion of the above statement on core inflation. The remainder of the inflation remarks were a repeat of what was said in the june 30 FOMC policy statement, noting that "... long-term inflation expectations remain well contained, but

ing that "aggregate spending, despite high

pressures on inflati on have stayed elevated."

in on the Feds policy statement to discern any changes from previous meetings. There were a few. The first and most obvious change is that the Fed has acknowledged the

does seem to be cooling off a bit but it is doing so from a more elevated level. The Fed's forecast for the core PCE deflator ranges from

H percent to 2i

percent, with the cen-

tral tendency at between

H percent and 2

percent. The upper end of the range widens a bit in 2006 to 2! percent but the central tendency remains the same. We take all of this to mean that the Fed's target for the core PCE deflator is around 2 percent, which is close to where we are now at 1.9 percent.

Core Personal Consumption Price Deflator 5%























3 Month Annual

Rate: jun @ I 4% -


september 2005

Year/Year. Jun@ 19%

So What's The Problem? While the Fed is comfortable with the core PCE deflator rising at 2 percent, they are clearly uncomfortable with the elevated pressures on inflation, including higher energy and commodity prices in general, tightening labor markets, and rising unit labor cost. As long as pressures on in fl ation "stay elevated," the Fed will likely continue to lean into the wind, and nudge interest rates higher. We expect quarter point hikes at each of the three remaining FOMC meetings this year, bringing the year-end federal funds rate to 4.25 percent. i~

Mark P Vitner JOined Wachovia Corporation (formerly First Union) 1n 1993 and IS responsible for tracking U.S. and reg~onal econom1c trends. He also writes the monthly economc newsletter. Regional Economic Review and the Weekly Commentary on Money, Credit and Exchange Rates. Mr Vitner's work has been {eatured in The New York Times, The Wall Street Joumal, BusinessWeek, and many other publications.

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Greater Charlotte Biz 2005.09  
Greater Charlotte Biz 2005.09  

Greater Charlotte Biz