Greater Charlotte Biz 2009.08

Cyclone Roofing

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Shutterfly

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Foreign Cars Italia

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Langtree at the Lake

august 2009

POWERING James L.Turner Group Executive President and COO U.S. Franchised Electric and Gas Duke Energy Corporation

Duke Leads Energy Transformation

CHANGE SERVICE REQUESTED 5601 77 Center Dr., Ste. 250, Charlotte, N.C. 28217

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in this issue

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cover story

Duke Energy Corporation – U.S. Franchised Electric and Gas Duke Energy has been the principal driver of economic development for the Charlotte region and much of the Carolinas since it was formed. Recently, it has been in the news for the rate increases it seeks. President and COO Jim Turner realizes that in a depressed economy it is a tough sell. Still, he makes the case without hesitation.

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Cyclone Roofing According to Randy Winecoff, the challenging part of the job is staying ahead of the curve, embracing new technologies and green trends. He uses initiative, innovation and forward thinking to promote a new way of roof maintenance and green building.

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Shutterfly Shutterfly’s secret to success is the right combination of customer centricity, innovation and superior quality; they understand how special their products are to their customers and the joy they bring into people’s lives daily.

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departments publisher’spost

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employersbiz

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bizxperts

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Legislative and Regulatory Highlights for Area Employers

Smart Salvos, Select Strategies and Succinct Solutions

biznetwork

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ontop

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bizbits

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Foreign Cars Italia From the beginning, Benny Yount enjoyed high performance sports imports. In the ’60s era of muscle cars, he bought a bright red 1960 MG. It was the first step on the journey that would lead to a career in the auto business.

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Langtree at the Lake After four years of planning, construction on the $900 million Langtree At The Lake development is set to begin this fall. Once completed, it will offer a unique “Live Work Play Village” just a short drive up Interstate 77 from Charlotte.

on the cover: James L. Turner, Group Executive; President and COO, U.S. Franchised Electric and Gas, Duke Energy Corporation, standing in the atrium of Duke’s present headquarters on Church Street with the new Duke Energy Center rising behind.

Photography by Wayne Morris

Cyclone Roofing

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Shutterfly

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Foreign Cars Italia

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Langtree at the Lake

august 2009

POWERING James L.Turner Group Executive President and COO U.S. Franchised Electric and Gas Duke Energy Corporation

Duke Leads Energy Transformation

YEARS

1999 -2009

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www.sangerheart.org

Carolinas Heart & Vascular Institute at Carolinas Medical Center, Charlotte Cardiology Associates and Sanger Clinic have provided leadership, innovation and compassionate care for over 50 years.

These respected groups are now Sanger Heart & Vascular Institute, the region’s undisputed leader in comprehensive cardiac care.

No matter where you live, work or play, you’ll find more specialists and specialties, more in-depth capabilities, more advanced technology, a long history of success, and heart-saving access through the only medical center air transport.

Our innovations and list of firsts include the region’s only heart transplant program, pediatric heart specialists, congenital surgery, clinical research, a cardiac teaching program, nationally-renowned specialists and much more.

After more heart procedures with greater success than anyone else, people know who to trust with their heart. And they know their heart’s in the right place.

p u r s u i n g a b a l a n c e o f b u s i n e s s a n d l i fe

august 2009

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[publisher’spost] 704-676-5850

Time to Get Back in the Game!

When will this economic downturn end? When will our economy recover? When will business activity pick up? When will our businesses start growing again? These are tough questions that require research and attention; unfortunately, not much is gleaned from the neighborly exchange of, “How’s business?”

We’ve been in a recession for 17 months now, since December of 2007, watching business activity measures steadily decline and unemployment figures steadily rise. In the financial markets, investors tend to adopt the herd mentality of bulls when the market is on an upward trend, and bears when the market is on a downward trend. Most businesses have taken a very cautious stance trying to survive the upheaval or are actually retrenching, a victim of market conditions.

There has been much speculation about when the economic indicators are going to turn around; however, the news has not been good until recent months. Two well-known and important economic organizations have released findings that suggest that the recession is ending or is heartily on its way!

Macroeconomic Advisers (MA) is a St. Louis-based consulting firm that compiles a monthly GDP (Gross Domestic Product) index for its clients, including portfolio managers, analysts, planners, treasurers, and economists at some of the world’s most prestigious government agencies and companies. In July, they reported that second quarter GDP was tracking at a negative 0.1 percent and that the third quarter was tracking at a positive 2.4 percent growth.

Another organization, the noted Economic Cycles Research Institute (ECRI), an independent institute dedicated to economic cycle research based in New York, suggests that three indicators demonstrate that the economy is about to recover. They call them the three Ps. The first P is for a pronounced rise in the leading indicators. The second P is that the pronounced rise persists over three months. And the third P is that the pronounced rise persists over three months and that it is pervasive, meaning that a majority of indicators are moving in the same direction.

According to ECRI, all three indicators are on the upswing and have been growing since February 2009. (Just so you know, the long leading indicator index does not include stocks or employment levels, but does include credit, housing, productivity and profits.) ECRI claims the recession is ending this summer and that it may already be over! Fortune magazine says about ECRI, “No one speaks with more authority on the economy’s turning points.”

There will admittedly be some skepticism and doubt about these projections. Unemployment will probably keep rising, yet at a slower rate, and it may even be a largely “jobless recovery,” as the economists term it. This recession is likely to be one of the longest and harshest in our history. Employment growth will come back very slowly and the recovery itself will take time.

This recessionary experience has focused us all on what is really important, both in our personal lives and in business; to be successful, we need to be more thoughtful and deliberate about our future. Hopefully, these past few months have given us a better sense of what is essential to run our businesses and some sense of how we might expand on our strengths. Innovation is a key factor. Now is the time.

Together we should seek mutually beneficial strategic alliances amplifying each others’ strengths, building an even stronger business community. It is time to take an affirmative step forward, to shake off that reactionary funk, and to get on with commerce and trade.

So, instead of waiting for the herd mentality to turn bullish, it is high time that you lead your business back to growth! Take the reins of your company and pick up the pace. You have been holding your fire or sitting on the sidelines for over 17 months. Your recovery will come faster if you lead the way instead of waiting for trends to carry you upward. You can make it happen. Liven up! It’s time to get back in the game! biz

Let me know what you think - jgalles@greatercharlottebiz.com

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August 2009 Volume 10 • Issue 8 Publisher John Paul Galles x102 jgalles@greatercharlottebiz.com

Associate Publisher/Editor Maryl A. Lane x104 mlane@greatercharlottebiz.com

Creative Director Trevor Adams x103 tadams@greatercharlottebiz.com

Editorial Assistant Christina Kapely x109

Account Executives sales@greatercharlottebiz.com Marsha Bradford Dave Cartwright Bradley Jackson Sandra Ledbetter

Contributing Writers Ellison Clary Casey Jacobus Christina Kapely Janet Kropinak

Contributing Photographers Wayne Morris Galles Communications Group, Inc. 5601 77 Center Drive • Suite 250 Charlotte, NC 28217-0737 704-676-5850 Phone • 704-676-5853 Fax www.greatercharlottebiz.com • Press releases and other news-related information: editor@greatercharlottebiz.com.

• Editorial: mlane@greatercharlottebiz.com.

• Advertising: jgalles@greatercharlottebiz.com.

• Subscription inquiries or change of address: subscriptions@greatercharlottebiz.com.

• Other inquiries: please call or fax at the numbers above or visit our Web site www.greatercharlottebiz.com. © Copyright 2009 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 x102.

Greater Charlotte Biz (ISSN 1554-6551) is published monthly by Galles Communications Group, Inc., 5601 77 Center Dr., Ste. 250, Charlotte, NC 28217-0737. Telephone: 704-676-5850. Fax: 704-676-5853. Subscription rate is $24 for one year. POSTMASTER: Send address changes to Greater Charlotte Biz, 5601 77 Center Dr., Ste. 250, Charlotte, NC 28217-0737.

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p u r s u i n g a b a l a n c e o f b u s i n e s s a n d l i fe

august 2009

5

[employersbiz]

Legislative and Regulatory Highlights for Area Employers

!"#$%&#'()*+,-#".+)/+0%)/.+# .1#"2345#".6*7%8* Governor Bev Perdue recently signed into law North Carolina Senate Bill 957 which gives involuntarily terminated employees of small businesses more time to elect North Carolina’s State Continuation COBRA coverage. It extends the enrollment period from 60 days to 120 days.

This law applies to employers with fewer than 20 employees and is effective immediately. The signing of this law will ultimately allow these employees to receive a 65 percent COBRA premium subsidy through the federal stimulus package.

The federal stimulus package contains two provisions that expand the benefits available to employees who

are involuntarily terminated between September 1, 2008 and December 31, 2009: ! The election period for eligible employees has been extended to enroll in federal COBRA. The signing of this law provides the same extension to employees of smaller businesses. ! A subsidy is provided for recipients who were laid-off that pays for 65 percent of the premium. The employer or the insurance provider fronts the 65 percent of the premium amount and then recoups it through payroll tax credit depending on the size of the employer. (http://www.ncdoi.com/media/news2/ year/2009/061809.asp)

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SOCIAL MEDIA ENGAGEMENT DEEPENS

TWITTER STRUGGLING WITH RETENTION RATE

87% more social media site users now than in 2003, with 883% more time being devoted to those sites. In February, social

More than

network usage exceeded Web-based e-mail usage for the first time. In the

There are

60% of Twitter registrants do not return to use Twitter

the month following sign-up, Nielsen online reported in April. However,

past year, time spent on social networking sites grew

this number is down

Source: Nielsen Online

70% in most of the previous 12 months.

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Legislative and Regulatory Highlights for Area Employers

[employersbiz]

“Survivor Syndrome” Ways to keep employees engaged and productive following a downsizing…

As the downturn is forcing more firms to reduce personnel, global companies need to have plans in place to “manage survivor syndrome” in order to prepare for the eventual upturn, according to a report issued by The Conference Board.

“Survivor syndrome” refers to a marked decrease in motivation, engagement and productivity of employees that remain at the company as a result of downsizing and work force reductions. It entails a series of complex psychological processes and subsequent behavioral responses.Those who actually carry out the downsizing are also “survivors.”

“Survivor syndrome” evolves over three critical phases: strategic decision-making, survivor perception and survivor reaction.

“The downsizing action itself pits a management team’s interests against employees’ interests—essentially promoting an ‘us against them’ atmosphere,” says Stephanie Creary, research associate in Human Capital at The Conference Board, and author of the report. “Survivors will perceive the layoffs as either fair or unfair based on the extent to which they believe the decision to layoff employees was either strategic or impulsive.”

Three variables related to the actions of the management team—communication, transparency and trust—may influence whether a layoff survivor will perceive the downsizing as strategic (fair) or impulsive (unfair) and whether survivor

syndrome will be perpetuated. Rumors and gossip often arise when communication, transparency and trust are inadequate.

Getting back to work. Unfortunately, downsizing often expands layoff survivors’ responsibilities and workloads and gives them the impression that they are expected to do more with less. So getting back to work becomes

a much more difficult task because perceptions of employer loyalty are shaken. For these reasons, job involvement tends to actually decrease over time following a downsizing, which supports the notion that waiting for time to ease the pain is simply not effective.

“Management needs to realize that successfully managing ‘survivor syndrome’ is not simply about making employees happy,” says Creary.

“It is about taking a strategic approach before, during, and after the downsizing so management teams will be able to extract greater employee motivation, engagement and productivity, and foster the performance of the business over the long term.”

To survive corporate downsizing, companies can leverage existing people strategies, including internal communications such as blogs, staff meetings, brown bag lunches, etc.

They can also provide learning opportunities such as additional training and staff development initiatives to facilitate job changes and career path transitions resulting from the downsizing.

Companies can involve downsizing agents in the decision-making process whenever possible, ensuring that they have the information needed to counsel survivors. They can also provide opportunities and resources for downsizing agents to debrief with other downsizing agents, and they can encourage them to participate in organization-wide stress management initiatives.

“Ultimately, the ability of a company to survive downsizing will depend not only on the processes that are used in execution, but also on the level of commitment that the management team has to reengaging employees at all levels,” concludes Creary.

(CCH Online: Stephanie J. Creary and Lara Rosner, Mission Accomplished? What Every Leader Should Know About Survivor Syndrome) employersbiz continued on page 36

"

Minimum Wage Increase Effective July 24, 2009, the federal minimum wage for covered non-exempt employees rose from $6.55 to $7.25 per hour. This is the final phased increase from the Fair Minimum Wage Act of 2007, which amended the Fair Labor Standards Act (FLSA). A separate provision of the bill brings about phased increases to the

minimum wage in American Samoa and the Commonwealth of the Northern Mariana Islands, with the goal of bringing the minimum wage in those locations up to the general federal minimum wage over a number of years. Many states also have minimum wage laws. Covered employers must comply with both. (TEA)

p u r s u i n g a b a l a n c e o f b u s i n e s s a n d l i fe

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[bizXperts]

Smart Salvos, Select Strategies and Succinct Solutions

"#$!%&'#

online strategy for the coming economic recovery, part 2 !

Despite growing signs of economic improvement, many businesses appear slow to leverage the emerging set of powerful yet inexpensive online sales, marketing and operational communication tools that would help cut costs and gain greater market share during the critical remaining months of 2009.

In a recent report, Interactive Marketing Channels to Watch in 2009, issued last March by Forester Research, only 20 percent of surveyed businesses expect to utilize new social media tools such as podcasts, blogs, or post content on community-based portals such as Facebook.com, Twitter.com and other outlets this year. Corporate use of Web video and mobile marketing also seems likely to remain flat in the short term.

With new tools in hand and recovery in sight, will your business choose to remain on the sidelines or will you strengthen and position your organization for new, long-term success? Think “Opportunity.”

Build deeper, more interactive relationships with customers and prospects…It has never been easier (and more crucial) to establish an active and ongoing dialogue with those who may require your services. Consider hosting an online discussion forum, inviting individuals to discuss common issues and explore new business solutions in a friendly, support-group environment. Offer unique access to your own expertise, by inviting prospective customers to submit their requests for advice, as a way to build trust and plant seeds for future sales opportunities. Present a “tip of the day” via

Twitter.com, helping existing customers learn how to get more from the services they have already purchased. Host online “brain storm” sessions with inexpensive applications such as GoToMeeting.com or WedEx.com.

Reach new prospective customers by sharing and repurposing existing sales and marketing content…

Spread your product information to a broader audience by Kip Cozart utilizing several online distribution channels at once. Post corporate video presentations and television commercial content on YourTube. com. Create your own “Fan Page” and upload images to a photo gallery on Facebook.com, demonstrating your product in action. Share links to interesting and useful third party articles and helpful “do-it-yourself” white papers.

Empower customers to do more themselves, more quickly, online…

Speed and convenience will play ever increasing roles for the leaders of the post recovery economy. Update your existing e-commerce storefront, allowing customers a greater ability to convert on-demand orders into immediate sales. Expand online “self-help” resources, by adding searchable online document libraries and indexing public content within the search engines.

Kip Cozart is CEO of CC Communications, a Web design, programming and Internet media company. Contact him at 704-543-1171. For more ways to get ready for the new recovery, visit www.cccommunications.com/bizXperts.

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(#)*+

Smart Salvos, Select Strategies and Succinct Solutions

[bizXperts]

now is the time for tax-efficient wealth transfers !

It probably seems counter-intuitive during recessionary times to consider transferring wealth and business interests. But, depressed asset values and business valuations, and historically low interest rates offer unique wealth transfer planning opportunities to leverage assets and minimize gift, estate and income taxes.

Depressed asset values and business valuations, and historically low interest rates offer unique wealth transfer planning opportunities to leverage assets and minimize gift, estate and income taxes.

Wealth transfer planning often revolves around asset transfers that minimize gift and estate taxes. Taxable gifts in excess of the $1,000,000 federal gift exemption and the $13,000 annual exclusion trigger federal gift tax liability. Taxable estates in excess of the $3,500,000 applicable federal estate exclusion in 2009 ($1,000,000 in 2011) may trigger significant federal estate tax liability. Top marginal federal rates for gift and estate taxes are 45 percent for 2009 and 55 percent for 2011.

Certain wealth transfer strategies minimize gift and estate taxes during economic times when asset values and interest rates are low. The right transfer techniques during recessionary times may allow (i) more assets to be transferred for each $1 of the transferor’s gift exemption and (ii) greater estate tax savings because more appreciation is outside of the transferor’s estate. Let’s take a look at a few techniques: Grantor Retained Annuity Trusts (GRATs) are irrevocable trusts where the transferor (i) gifts income-producing assets (such as nonvoting stock of a closely held business) to a trust, (ii) retains income in the form of annuity payments, and (iii) shifts transferred assets, including income and appreciation, to the trust beneficiaries (which may be the business owner’s children). GRATs are statutorily permitted by the IRS for gifting remainder interest to trust beneficiaries with minimal gift tax. The gift is calculated based on published federal rates known as the applicable federal rates (AFR) at the inception of the GRAT. An ideal time to establish a GRAT is when AFRs and asset values are low, because if the transferred assets appreciate at a rate greater than the AFR, the excess appreciation passes transfer tax-free to the GRAT beneficiaries. Low interest rates and depressed asset values make GRATs very attractive strategies for transferring wealth.

For example, a 10-year $2,000,000 GRAT established in July 2009 versus July 2006 results in a $160,000 smaller taxable gift based on the current lower AFR. The taxable gift would be further reduced $115,000

p u r s u i n g a b a l a n c e o f b u s i n e s s a n d l i fe

if asset values at the inception of the GRAT were depressed by 30 percent. The low AFR and asset values result in smaller taxable gifts that (i) use $275,000 less gift exemption or (ii) save about $125,000 in federal gift tax liability.

Intentionally Defective Grantor Trusts (IDGTs) are irrevocable trusts where the transferor (i) gifts and Danica Little sells assets to a trust, (ii) receives installment payments from the trust, and (iii) shifts transferred assets, including income and appreciation, to the trust beneficiaries. IDGTs are also permitted by the IRS provided that the IDGT is properly funded (typically a 10 percent gift of cash is recommended) so that the IDGT can meet its installment payments. Similar to GRATs, if IDGT assets appreciate at a rate greater than the AFR at the inception of the IDGT, the excess appreciation passes transfer tax-free to the IDGT beneficiaries. Economic times with low AFRs and depressed asset values make IDGTs attractive wealth transfer strategies that may significantly reduce the transferor’s gift and estate taxes.

Charitable Lead Annuity Trusts (CLATs) are irrevocable trusts similar to GRATs except that a charity, not the transferor, receives the annuity payments during the term of the trust. Like GRATs and IDGTs, upon termination of the CLAT, the trust assets transfer to the non-charitable CLAT beneficiaries and asset appreciation in excess of the AFR at the inception of the CLAT passes transfer tax-free to the non-charitable CLAT beneficiaries.

Qualified Personal Residence Trusts (QPRTs) are irrevocable trusts where the transferor (i) gifts her personal residence to a trust, (ii) retains an interest in the personal residence for the specified trust term, and (iii) shifts ownership and appreciation of the personal residence to the QPRT beneficiaries at the end of the term, provided that the transferor survives the trust term. QPRTs leverage gift tax valuation discounts for the (i) transferor’s retained interest in the personal residence for the trust term and (ii) possibility that the transferor may not survive the trust term. With depressed real estate values and low AFRs, QPRTs can be tax-efficient strategies to minimize gift and estate taxes on real property.

Although it may be counter-intuitive to transfer wealth during tough economic times, depressed asset values and business valuations, and historically low interest rates make the present an opportune time for wealth transfer planning, especially with regard to closely-held business stock. An experienced estate and tax attorney can advise you regarding specific wealth transfer strategies and estate planning opportunities that minimize gift, estate and income taxes.

Danica L. Little, J.D., C.P.A., C.M.A., C.F.M., is an attorney with Wishart, Norris, Henninger & Pittman, P.A., a law firm with offices in Charlotte and Burlington serving institutions, professionals, businesses and business owners.

Contact her at 704-363-0010 or visit www.wnhplaw.com.

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[bizXperts]

Smart Salvos, Select Strategies and Succinct Solutions

,--./0'&0)!

spreading your wealth? !

Some will argue that wealth is simply a state of mind. Unfortunately, the Internal Revenue Code and the tax statutes of many states consider wealth to be more than merely a perception. Under their provisions, wealth is considered readily quantifiable and subject to taxation under certain conditions.

In particular, the Internal Revenue Code includes provisions related to estate, generation-skipping and gift taxes that, in essence, extract a toll on gratuitous transfers of wealth. The scope of this article, however, will be exclusively focused on federal gift taxes.

Because a limited number of individuals are inclined to give away substantial amounts of wealth during their lifetime, few are subject to gift tax. Nevertheless, individuals who intend to make gifts of substantial amounts of their wealth should be familiar with (i) when gift taxes are assessed, (ii) how they are determined, (iii) who is responsible for paying them, and (iv) what can be done to avoid them.

As a point of clarification, a tax on gifts is separate and distinct from a tax which is based upon earnings and income. Income taxes require consideration of equal value to be voluntarily exchanged between the parties of a taxable transaction. On the other hand, gift taxes may apply if property is conveyed by a donor, to a donee, for no value or for value which is less than the value of the property conveyed. In essence the transfer must be wholly or in part gratuitous or free to the recipient.

Consequently, if your affluent uncle spontaneously gives you $100,000 as an expression of his affection the day your first child is born or you graduate from college, the gift will usually be subject to gift tax. It would not, however, be considered taxable income to you.

Federal gift taxes are determined using rules that permit a portion of the gift that would otherwise be taxable to be excluded from taxation.

One of the permitted exclusions is for annual gifts individuals make that do not currently exceed $13,000 per recipient. (This amount is periodically increased in increments of $1,000 based upon inflation.)

This annual exclusion is allowed only when a gift of a “present interest” is made. Consequently, many times a gift made to a trust may not qualify for the annual exclusion unless certain requirements are met.

A significant exclusion is provided for gifts made between spouses.

It is known as the marital deduction and its provisions permit a spouse to make a gift to his or her spouse and to have the entire value of the gift excluded from gift tax almost without limitation. These rules apply, however, only if both spouses are citizens of the United States.

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Otherwise, limitations are imposed on the amount of wealth that can be transferred between spouses.

Gifts paid directly for medical or education expenses are also excluded from taxation.

The gift tax provisions of the Internal Revenue Code also include a credit that all individuals can use to offset federal taxes they may owe on gifts made John Blair during their lifetime. This credit in many instances is expressed in terms of the value it would exclude from taxation.

Individuals who intend to make gifts of substantial amounts of their wealth should be familiar with (i) when gift taxes are assessed, (ii) how they are determined, (iii) who is responsible for paying them, and (iv) what can be done to avoid them.

Currently, the gift tax exclusion is $1,000,000 (and is not indexed for inflation). Generally this means anyone can make lifetime gifts totaling this amount of value—after reduction for the annual gift tax exclusion—and pay no federal tax on the gifts.

Gift taxes are primarily the responsibility of the donor; however, in the event the donor fails to pay any gift tax liability when due, the donee becomes personally liable for the gift tax.

Calculating the tax applicable to gifts made during a year is based, in part, on a whether a donor has made any gifts in prior years that were not covered by a provision that excludes it from taxation. As a donor’s aggregate lifetime taxable gifts increase, the rate used to calculate the gift tax increase from 18 percent to 45 percent. For current year gifts the rate starts where the progressive rate schedule stopped for gifts made in prior periods, if any.

More specifically, the gift tax payable for current year gifts is the excess of the gift tax payable on the total of all taxable gifts made by the donor during the current year plus all taxable gifts made by the donor in prior periods, over the gift tax payable on taxable gifts in all previous periods.

So, the more you give, the more gift tax you owe, which is probably not the perception of spreading your wealth!

Co-written by John D. Blair Sr., a managing partner, and Roberta S. Cianfrone, tax manager at Blair, Bohlé & Whitsitt, PLLC., a CPA firm that provides accounting, assurance, tax compliance and planning services in addition strategic planning and tax minimization strategies to privately held businesses. Contact them at 704-941-9800 or visit www.bbwpllc.com.

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Smart Salvos, Select Strategies and Succinct Solutions

12#-/'&3#!4.*-5

[bizXperts]

some business insights from those at the top… !

Leaders, Learning and No Rules Leaders can never let their minds shut down. When you are preoccupied with the business challenges of any given moment, whether working on a business deal, meeting with staff, talking to a friend, processing the latest economic news—give learning your full attention, and keep on learning.

Since the fourth quarter of 2008, we have learned that the “rules” of “doing business” and existing marketplace dynamics have markedly changed. Finance, banking, credit have had all their “rules” change with a continuing impact on all our businesses. Many leaders have come to understand the most traditional “rules” are now gone and that they must think in the “no rules” mode to insure that their businesses survive and thrive. Less than 12 months ago, no one you knew would have stated out loud that two of the three U.S. auto makers would be government owned/ bankrupt. With “no rules,” one must continually learn and explore how to achieve success.~Jeff R., Charlotte, N.C. Clearly Communicate with Your Clients It is not enough to sell clients on the benefits of doing business with you—you must also collect your money. We rarely explain their required performance and expectations!

Make it clear to your clients after the account is sold that each

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of us has a responsibility to pay for the services on time (and any other requirements you may have)!

Communicate the rules upfront with your clients to guarantee a great relationship. If the client doesn’t completely understand and agree with the responsibilities of each party at the beginning of your relationship, then it will be very difficult to overcome Jeff Raynor later. You get what you tolerate—communicate— make it clear up front!~Richard G., Newton, N.J. Manage Distractions When focus is critical, interruptions break your concentration and cause you to lose momentum. Maintaining productivity in our office was a huge challenge, so to solve the problem we implemented “roundups”— short 15-minute meetings held twice per day allowing employees to share saved up issues or requests. The time in between these meetings is the “quiet zone” where, short of an emergency, much more work gets done.

This has greatly improved the office dynamics.~Jay C., Richmond, Va. Jeff Raynor, Certified TAB Facilitator® and Strategic Business Leadership™ Coach, heads TAB Carolinas™, part of The Alternative Board®—a global, small business CEO-peer group and executive coaching firm. Contact him at 704554-6200 or visit www.TABCarolinas.com.

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C.R. “Randy” Winecoff President Cyclone Roofing, LLC

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by janet kropinak

[bizprofile]

USNWC solar panels

All Under One Roof

]

Cyclone Roofing Has It Covered

# The U.S. National Whitewater Center is the first facility in the Charlotte region to generate a portion of its operating power with a Flexlight Thin Film roof system installed by Cyclone Roofing. The Flexlight Thin Film system, manufactured by UniSolar, uses low-light technology to produce more electricity per watt than other systems currently on the market. The 5,000 watt photovoltaic system will generate a cost savings for the Whitewater Center and is expected to become an important educational tool for the community. The system has a state-of-the-art monitoring system that feeds into a touch screen monitor in the USNWC conference center lobby.

M Live feed to » www.usnwcsolar.com

The control panel allows real-time solar monitoring of energy levels and savings from inside the lobby of the Whitewater Center and on the Web site.

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other Nature, in her good moods, can impose serious wear and tear on even the most well-built structures.

In her bad moods, her attacks can be severe and their impact on homes and buildings very damaging. While some destruction from disasters may be unavoidable, sometimes the simplest of measures, such as proper roof installation and maintenance, can save more costly repairs down the road.

Increasingly, we are coming to appreciate that Mother Nature bestows benefits as well, namely energy, and if we are smart enough to harness that energy, we can sustain our operations less expensively while making a positive environmental impact.

One Charlotte company, Cyclone Roofing, knows the importance of good building structure but also appreciates sustainability and environmental concerns at the same time. In that sense, they have it “covered.” With the resources and technologies of the Tecta America national team behind them, Cyclone Roofing is using initiative, innovation and forward thinking to offer new options for green building and roof maintenance.

Strong Foundation Randy Winecoff says his career as a roofer happened “by default.”

He had followed in his father’s footsteps in the trucking industry, but when he found himself out of work in 1975, he took a temporary job as a laborer on a metal roofing crew with Ray Roofing.

“I was surprised by how well the job fit me,” he remembers. The “temporary” position lasted 18 years; he quickly moved up the ranks from laborer to lead man, to foreman, to superintendent, to project manager, and finally, to senior project manager. "

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Cyclone Roofing’s Federal Reserve Bank green roof project involved the installation of membrane on multiple levels of different elevations and size, combined with almost 1,000 tons of expanded slate growing medium, and finished off with some 50,000 sedum plugs. forecast data that customers need When he left Ray Roofing in Green Roof to avoid potential problems. The 1989, it was to launch his own Construction Vegetation reports allow customers to manage business, Aim Erectors. But after Growing Medium their roof assets and plan ahead. just a few short years, the tough Filter Fleece Drainage Board They include a detailed plan of market forced him to close down.

Protection Sheet what to repair now, how to manage After a short stint with another the roof asset in the future, and what area company, Winecoff finally the costs will be in order to budget landed at Cyclone Roofing as for future repairs. operations manager over the metal Rootbar Capsheet Winecoff affirms that the roofing and canopy divisions.

Primer Dispersion Layer downturn in the economy has Within two years he was named Concrete Deck Insulation caused an increase in repairs and vice president of operations and in Vapor Control Layer maintenance projects.

2004, he assumed his current role “People are hesitant to make as president. the investment in a new roof right now,” he comBecause of the new opportunities that Tecta Cyclone Roofing’s innovative approach and ments. “So we are working with customers to America brought to Cyclone Roofing, sales high operating standards were among the attracsustain their current roof with low-cost mainteincreased by nearly 30 percent in the four years tions that drew Winecoff to the company in the nance and servicing. Our job isn’t simply to sell a since the acquisition. first place. roof; we are looking for the best solutions for our “The goal of Tecta America is to provide the “Cyclone has an excellent staff and they customers, which often times isn’t a new roof but most comprehensive roofing program in the counreally hang their hat on quality and safety,” says simply repairs to their existing system.” try to meet and exceed our customers’ needs,” Winecoff. “And these are traditions I’ve been Repair services on roofs usually involve restoboasts Winecoff. “We’re very proud to be aligned proud to carry on.” ration, which is a cost-effective way to get the roof with them.”

Founded in 1964 by Wayne Cook, Cyclone back to a manageable condition.

Further benefits come from the employeeRoofing has had a long-standing history with the “Many roof systems do not need to be focused nature of Tecta America’s corporate offices. region and has established itself as a leader in the replaced, but can be restored,” Winecoff explains.

“Corporate knows that it is the people out in community. In 2000, Cyclone Roofing was bought “With many options available, we can provide the field who are making the company successful

by General Roofing, and opened a second location services that will not only rejuvenate the roof sysand corporate treats them accordingly,” Winecoff in Beckley, W.V. Of the decision to expand, Winetem, but also provide, in some cases, additional notes. This philosophy is shared by Cyclone coff says it was a strategic decision to move into an warranty coverage.”

Roofing, which, Winecoff says, operates like a “untapped market.”

Cyclone Roofing advocates preventive maintefamily business.

The move also positioned Cyclone Roofing nance to customers as well, to save them money. to cover its territory, which includes North and Winecoff explains that age and exposure to the Full-service Provider South Carolina, West Virginia, Kentucky, Tenneselements invariably lead to roof deterioration and Cyclone Roofing uses a variety of time-tested see, Georgia and Florida. eventually roof failure. Implementing a preventive roofing systems and products that are tough Then, in 2005, Cyclone Roofing allied itself maintenance program to diagnose roof problems enough to hold up to the abuse found in any enviwith Tecta America, one of the nation’s leading before they become major ones is critical to ronment, as well as those that require meticulous roofing contractors. “Becoming a Tecta America extending roof life. attention to achieve the desired aesthetic appeal. company has had a massive impact on our busi“Roof maintenance is one of the most overInitially, Cyclone Roofing provided services ness,” Winecoff says. “The most notable being looked areas in the upkeep of a building,” he adds. to both the residential and commercial industry; the availability of state-of-the-art technology.

“And neglecting a roof can seriously compromise today, it focuses mainly on the commercial secWe’ve really been able to excel as a company as a the longevity of any system.” tor. Its employees are experienced in all facets of result of the partnership.”

Another impact of the downturn in the the business including built-up roofing, modified In addition to technology, Tecta America economy has been an increase in the number bitumen, single ply roofs, tapered insulation sysalso provides a large amount of shared of contractors bidding on projects. “We used to tems, metal roofs, sheet metal, cool roof coatings, resources. With nearly 50 locations across the see eight to 10 companies at an open bid, but tile, and slate roofing. country and over 3,000 roofing professionals, now we are competing with 20 or 30,” WineMost service and repair projects begin with Tecta America has harnessed the strengths and coff comments. “Many of the bids are now roof inspection using TectaTracker, an online proresources of the nation’s strongest roofing concoming from residential contractors where gram that provides the roof condition reports and tractors under its own “roof.”

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there simply isn’t any work right now.”

“This is a tough economy to work in, but we are hopeful that by the end of the year people will be ready to think about future projects again,” he says optimistically.

Green Roofing It was about three years ago when Cyclone Roofing got serious about green roofing and sustainable business practices.

“We knew that if we wanted to continue to be a leader in the community, we had to step up and be proactive in our approach to what we were doing and learn how to integrate green practices into our business model,” says Winecoff.

“Fortunately,” Winecoff says, “people here in Charlotte are hungry for this kind of innovation and that makes the sale a lot easier for us.”

Cyclone Roofing was awarded the first green roof contract by the city of Charlotte. The project was to replace the 8,000-square-foot roof of Discovery Place in Center City. In addition to being green, the new roof was also to be used as a research project by the city to determine which vegetation was best suited for installation in future projects.

The project was underway during Charlotte’s big drought, which enabled Cyclone Roofing in planning for even the A green roof is a roof of a building that is partially or completely covered with vegetation and soil, or a growing medium, planted over a waterproofing membrane.

Green roofs serve several purposes for a building, such as absorbing and filtering rainwater, providing insulation, creating a habitat for wildlife, and helping to lower urban air temperatures. The term “green roof” is also used to indicate roofs that use some form of "green" technology, such as solar panels or a photovoltaic module. Notable green roof installations run the gamut from traditional flat roof like City Hall in Chicago, to those integrated architecturally like Green Roof Art School in Singapore, to Southern California Edison’s rooftop solar installation of 33,700 thin-film solar panels on a warehouse roof.

most severe conditions and choosing the best vegetation for varying weather conditions.

The green roof consisted of six specific areas of approximately 1,200 square feet of vegetation over a Siplast membrane, which incorporates a vector leak mapping system. The vector mapping system is used to track any possible leakage problems.

After successful completion of the Discovery Place project, and a wealth of knowledge attained through the experience, Cyclone Roofing was ready to undertake their next big green project, the roof of the Federal Reserve Bank.

“The most challenging part of our job is staying ahead of the curve, but if you don’t embrace these new technologies and green trends, you are going to get left behind.”

Randy Winecoff President

The $1.87 million renovation was the first of its kind in Charlotte, since vegetation was planted on 48,000 square feet of the new roof. The cost of the project was over $300,000 more than traditional methods but it is projected to last 40 years longer, twice as long as other roofing systems.

Cyclone Roofing now has a two-year maintenance contract with the Bank, which involves weeding and watering the rooftop garden to help ensure plant vitality. Vegetation choices and climate will impact the maintenance level for a green roof; Winecoff notes choices were made to create a low-maintenance system for the Bank.

In addition to durability and life expectancy, green roofs are an attractive and energy-saving alternative to traditional rooftops. But while green roofs can cut energy costs, Winecoff says an additional benefit is reducing and cleaning stormwater runoff.

“New technology is making green designs an accessible alternative for many businesses,” Winecoff notes. “But there is still a lot of educating that needs to be done in the industry and in our own community.”

To do their part in the education process, and to further their commitment to both the environment and the community, Cyclone Roofing donated a solar rooftop system to the U.S. National Whitewater Center in April.

The solar rooftop provides some of the energy needed for its operations plus it serves as a learning tool for visitors at the Center.

For educational purposes, a monitoring system was installed that allows visitors to learn and observe the environmental impact that the system is having.

“My vision for this gift was to create a place where the public could learn firsthand about the technologies and benefits of solar energy and its environmental impact,” Winecoff says.

Unlike traditional solar systems which

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typically use large panels, thin films were used at the U.S. Whitewater Center. In contrast to PV panels, which only produce energy while the sun is at its peak, the thinner films are able to produce energy all day.

“Our hope is that this project helps the community learn about solar energy—how it works, and how it can be integrated into their lives,” Winecoff explains.

Winecoff suspects that sustainable energy will play a big role in the future of Cyclone Roofing.

“The most challenging part of our job is staying ahead of the curve, but if you don’t embrace these new technologies and green trends, you are going to get left behind,” Winecoff notes.

In terms of other goals for the future, Winecoff says he’d like to reach $20 million in revenues in the next couple years. Considering they already topped off last year at $14 million, they are well on their way.

“Moving forward, our plan is to continue to establish ourselves as leaders in the industry,” he adds. “And we’ll do this by continuing to focus on quality, safety and innovation.” biz Janet Kropinak is a Charlotte-based freelance writer.

Cyclone Roofing, A Tecta America Company, LLC 13615 E. Independence Blvd.

Indian Trail, N.C. 28079 Phone: 704-882-1200 Principal: C.R “Randy” Winecoff, President Locations: Beckley, W.V., in addition to Charlotte Service Territory: North and South Carolina,West Virginia, Kentucky,Tennessee, Georgia and Florida Employees: 82 Founded: 1964 Revenues: $14 million (2008) Business: Commercial roofing company experienced in working with building owners, property managers and facility engineers, providing professional roof repairs and reroofing services.

Affiliations: Association of General Contractors, Carolina Association of General Contractors, Charlotte Better Business Bureau, National Roofing Contractors Association, Sheet Metal & Air Conditioning Contractors National Association.

Manufacturer Alliances: Firestone, GAF, Johns Manville, Genflex, Sarnafil, Stevens, GP, Henry, Honeywell,Allied Signal, Karnak, Trumbell, Soprema, Steelox, American Metal Systems, DMI Metal Systems. www.cyclone-roofing.com

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(l to r) Dwayne A. Black Senior Vice President of Operations Jason Solomonson National Sales Manager Eric Kok Vice President of Manufacturing Shutterfly, Inc.

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by christina kapely

[bizprofile]

Tell Your

Story A

Shutterfly Helps You Share Your Life

couple of years ago, Dwayne Black, senior vice president of operations for Shutterfly and father of two, sat down to create a Shutterfly photo book for his youngest daughter’s high school graduation. His first attempt at it, Black began placing his images on the screen. With a few clicks and a number of captions, he arranged his selection of photos filled with memories of over eighteen years well spent with his daughter.

At that time, Black had been working at Shutterfly only a few months and, although he was familiar Shutterfly’s flagship product—its award-winning photo book line, he had only heard anecdotal stories of its impact. It wasn’t until the moment he handed the photo book to his daughter, and watched her face as she flipped through pages, that he appreciated the true impact of his job.

“That’s when I realized that what we are doing at Shutterfly is something very special,” says Black.

Clicks to bricks In 1999, the dot-com boom was well underway with companies moving “from bricks to clicks,” closing up their physical plants for online presence exclusively.

Internet companies were popping up almost daily and the idea of building capital from little more than an Internet connection was gaining momentum.

That’s when Shutterfly, started in California, made its entrance into the market. People were buying digital cameras for the first time and Shutterfly gave them the option of uploading their digital photos online and receiving film quality prints in the mail—a novel idea at the time.

While other dot-com companies came and went, Shutterfly embraced quality personal photo printing and began to expand. By 2001, Shutterfly had enabled editing and special effects features for online photos and also provided customers with personal publishing products. Among the products were greeting cards, which was an industry first,

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and photo books, both of which are still top sellers today.

Shutterfly also garnered some attention for its high quality products along the way. It was named the Best PhotoPrinting Service by PC Magazine in 2004 and 2005, and was named one of the fastest growing companies in America by Inc. 500 for growing 626.8 percent over a three-year span.

Just recently, it was named the Best Photo Website by Cookie Magazine and Overall Winner for Best Photo Book Website

by Good Housekeeping magazine.

With its record of success, Shutterfly went public and conducted an initial public offering of stock in September of 2006, just months before opening its Charlotte manufacturing facility. With headquarters in Redwood City, California, it already had a strong presence in the west. But with a growing number of customers, a second manufacturing facility was needed. But why Charlotte?

According to Black, Charlotte was selected for east coast operations because of affordable land and resource prices, "

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proximity to east coast customers for fast delivery, and for one other unique attribute: Shutterfly maintains at least two copies of every photo uploaded onto its system, plus it guarantees that no photos will be voluntarily deleted.

So, needless to say, the location for the second manufacturing facility needed to have the capabilities to handle a high amount of bandwidth. Banking and financial centers also require strong Internet data pipelines, so Charlotte proved to be the perfect location for Shutterfly’s second facility.

A part of the family “My grandfather used to tell me that you have to treat people like you would want to be treated,” says Black. As an executive at Shutterfly, Black applies this golden rule to his life daily not only because he believes in it, but because it aligns with the mission of Shutterfly.

Success during the dot-com boom was extremely difficult for many companies, result-

“When you read what people write—about how much your products and services mean to them—it makes your job all worthwhile…This is one of the first times in my career that I feel that I am doing something to really help people.”

Dwayne A. Black Senior Vice President of Operations

Today, a large percentage of all of the total photo orders nationwide for prints, photo books, calendars and enlargements are produced in the state-of-the-art Shutterfly offices on Shopton Road, right here in Charlotte. Ironically, the company’s online success has spurred its need for more manufacturing facilities, truly symbolizing a “clicks to bricks” phenomenon.

Shutterfly Fun Facts • Over 2.3 billion images have been uploaded to Shutterfly • Shutterfly customers placed more than 7.1 million orders in 2007 • There were approximately 19,300 orders placed every day in 2007 • Shutterfly customers have posted over 12,000 photo books to Shutterfly • The most popular upload and share day for Shutterfly customers is November 1 (the day after Halloween) • Shutterfly offers free online photo storage, and has never deleted a photo

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ing in the dot-com bust for most. For Shutterfly though, two key factors led to its success—a commitment to quality, and a commitment to its people, both its customers and its employees.

Black brought more than 20 years of operations and logistics expertise to Shutterfly, having opened or restructured twelve manufacturing and distribution facilities domestically and internationally. During that time, Black witnessed too many employees who did not enjoy their careers and decided that, in order to avoid feeling the same way, he needed to make a change. The solution was Shutterfly.

Black revels in conversations he’s had and comments he’s received from customers of Shutterfly.

“When you read what people write—about how much your products and services mean to them—it makes your job all worthwhile…

This is one of the first times in my career

that I feel that I am doing something to really help people,” he says.

He is convinced that Shutterfly thrives because of its people. At Shutterfly, everyone at the company truly understands that success is achieved through its employees; it is within the culture of Shutterfly to make all employees feel like they are part of the family and valued. The result is a band of employees who have mutual respect for each other regardless of their position within the company.

Equally important to the company is its commitment to its customers. Black nods, “We honestly eat, sleep and breathe our commitment to customers.”

Part of that commitment is evidenced in the fact that Shutterfly does not charge for many of the services that it provides—the storage of photos, a personalized, secure photo Web site, photo and video sharing options and photo editing tools. And Shutterfly doesn’t charge its customers for membership.

The catch? Well, there isn’t one. More than just an Internet-based social expression company, the employees and customers of Shutterfly view its services not as a commodity, but as a lifestyle.

In some sense, Shutterfly is an insurance policy. In the event of a fire or natural disaster, most people say the first thing that they would grab would be their photographs. Now, families do not need to worry quite so much about their paper memories since Shutterfly will store multiple copies of their images and projects for safekeeping.

It is with services like this that Shutterfly builds its business. Unlike most companies, Shutterfly not only wants to enhance the bottom line, it also wants to be a part of the family and a service that is a part of customers’ lives.

Keeping it in the family With each photo it prints, Shutterfly delivers a quality product to its customers. They don’t

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operate through gimmicks or special deals; customer satisfaction is earned through the company’s focus on value, safety and quality. According to Black, Shutterfly is the only company in the photo publishing industry that manufactures personal publishing items—such as photo prints, cards and photo books—in-house. Shutterfly strongly believes that the best way to really control quality and costs is to manufacture internally with strict quality measures.

The manufacturing and printing process is automated for the most part by state-of-the-art equipment. Employees then follow up, ensuring top notch quality at a consistent 99.96 percent level. At every step of the manufacturing process, each item is checked electronically and then reviewed by an employee to ensure consistency and quality. If there are any imperfections, the product gets scrapped and reprinted.

Black often jokes that quality is important to employees at Shutterfly not only because of their commitment to customer satisfaction, but also because of the notion that not many other products in this world are scrutinized and picked apart quite like photographs. All joking aside, it is this strong dedication to quality that really sets Shutterfly apart from it competition with a high customer retention rate.

In fact, Shutterfly has grown every single quarter for the past 33 quarters, notwithstanding the the recent economic malaise. Just last year Shutterfly pulled in $215 million in revenue. To talk hard numbers, it has already sent out a million and half orders this year.

Even more remarkable is that over half of Shutterfly’s business will not even begin until the fourth quarter, and a large percentage of that will come within the three-week period following Thanksgiving. During this peak time, the Charlotte facility will run more than a million prints per day.

Even with its success, Shutterfly believes that it is important to constantly innovate and improve the "

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overall customer experience. Unlike other companies who pull back and wait out their peak times, Shutterfly is focused on delighting and retaining customers now so they will profit from their loyalty once the economy improves.

As a company, Shutterfly is constantly realigning business goals with current resources. For example, even though most of Shutterflyâ&#x20AC;&#x2122;s business takes place in the fourth quarter, it maintains a majority of its resources and employees throughout the entire year. Instead of

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Shutterfly believes that people have an intrinsic desire for social expression, as they wish to capture and share their experiences and pass them on to future generations. Since the beginning of humankind, people have shared detailed stories of their lives through visual expression. Today, with the evolution of digital cameras and technology, millions of people around the world are capturing their memories and communicating in deeper, more meaningful ways.

lay-offs or furloughs other companies might choose to employ, Shutterfly embraces the opportunity to expand its consumer base and initiate commercial business, raising the baseline of productivity and realigning its offerings in light of the resources it has available year-round.

â&#x20AC;&#x153;We honestly eat, sleep and breathe our commitment to customers.â&#x20AC;?

Dwayne A. Black Senior Vice President of Operations

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On the consumer side, research shows that only 14 percent of the 74.5 million households that have digital cameras currently use a printing service. With such a large potential market, Shutterfly is reaching out to current and potential customers through online marketing and social media. Additionally, it continues to expand its offerings with services like video sharing and products like its new stationery collection.

On the commercial side, Shutterfly is combining its on-demand printing expertise with its state-of-the-art equipment to offer a number of commercial products. Instead of just bulk printing though, Shutterflyâ&#x20AC;&#x2122;s real commercial niche is printing personalized marketing material for pure one-to-one digital print marketing. The goal is to create personalized marketing materials that will touch the endrecipient more intimately and provide greater results for marketers.

Every company has its secret to success. For Shutterfly, that secret is the right combination of customer centricity, innovation and superior quality. The people at Shutterfly understand how special their products are to their customers, and the amount of joy that they are able

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to bring into thousands of people’s lives daily, which is why no corners are cut and quality products are delivered time and time again.

Now, ten years later, this combination has made Shutterfly a solid and successful leader in the photo publishing industry. biz Christina Kapely is a Charlotte-based freelance writer.

Product images provided by www.shutterfly.com.

Shutterfly, Inc. Charlotte Location 3915 Shopton Road Charlotte, N.C. 28217-3010 Phone: 704-588-9989 Principals: Jeffrey Housenbold, Chief Executive Officer; Dwayne A. Black, Senior Vice President, Operations; Eric Kok,Vice President, Manufacturing Headquarters: Redwood City, Cal. NASDAQ: SFLY Employees: 500 total; 130 full-time in Charlotte Customers: Approximately 2.4 million globally Net Revenues: $186.7 million (2007), representing a year-over-year growth rate of 51% Established: 1999; 626.8% growth in three years; no. 170 on Inc. 500 list of America’s fastest growing private companies (2005) Awards: Good Housekeeping’s Best Photo Book Website (2009); Cookie Magazine’s Best Photo Website (2009); Money Magazine’s Photo Books with the best in themes, layout and print quality (2006); PC Magazine Editor’s Choice for Best Photo-Printing Service (2005); PC Magazine Editor’s Choice for Best PhotoPrinting Service (2004) Business: Internet-based social expression and personal publishing service enabling consumers to share, print and preserve their memories by leveraging the company’s technology-based platform and manufacturing processes. www.shutterfly.com

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Photo:Wayne Morris

James L.Turner Group Executive President and COO U.S. Franchised Electric and Gas Duke Energy Corporation

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by ellison clary

POWERING

UP

Duke Leads Energy Transformation “Everything we do as a company is trying to find the right place in that balance so we are honoring our customers’ need for reliable and affordable power, but also minimizing our environmental footprint.”

D

James Turner Group Executive; President and COO U.S. Franchised Electric and Gas

[bizprofile]

!"#$%%&'"($)%*+,"!-*.%"/.0'"12'+3, Duke Energy owes its name and origin to James Buchanan (Buck) Duke, the hugely successful founder of The American Tobacco Company and an economic visionary.

At the turn of the 20th century, this region languished in the rural, post-Civil War economic doldrums, but Duke saw the potential value of bringing electricity to the North Carolina textile mills by harnessing the power of the Catawba River.

Duke was a doer. He leveraged the assets from his tobacco trust to build the Catawba Hydro Station which, in 1904, began producing electricity to its sole customer, the Victoria Cotton Mills. That small station, with its rope-driven generation, began the realization of a vision of interconnected power plants, located along the 220 miles of the Catawba/Wateree river system.

Once Duke brought electricity to the Piedmont, that brought other industries as well—in that way beginning an industrial revolution in the area with Duke power as its indispensable base.

Duke began supplying residential electricity as well, even taking a leading role in the appliance revolution in the Piedmont, introducing electric irons, water heaters, and other inventions to the largely rural, conservative homeowners.

Together with the universal shift to electric lighting, the growth in appliance use eventually made residential service one of Duke’s three main sources of revenue, the others being industrial and commercial.

Duke also knew the importance of transportation, and he built an electric railroad, the Piedmont and Northern, which ran from Anderson, S.C. to Gastonia, N.C., carrying freight and passengers, and bearing the proud logo of “A Mill to the Mile.”

In large part due to Duke’s ventures, the confluence of the region’s abundant, inexpensive electricity, access to raw materials, and people hungry for work in the mills made possible the textile industry shift from New England to the Carolinas, setting up the region’s prosperity.

Through the subsequent years, Duke Energy has continued to grow, providing a steadying force during the region’s transition from a textile base.

Today it balances providing reliable and affordable power for the region with sensitivity to its environmental footprint. It continues the tradition of expansive vision, executive leadership, customer focus and public/private partnerships to promote prosperity in the Charlotte region.

uke Energy, headquartered here in Charlotte, has been the principal driver of economic development for the Charlotte region and much of the Carolinas, promoting the resources available within and beyond. Like the power it wields, the megalith corporation is so pervasive in the generation of economic activity, so woven in the fabric of business activity, that it operates largely unacknowledged.

Today, Duke Energy is more often defined by headlines of residential sales impact on the consumers’ pocketbook rather than the company’s rich history of support and vision for the area.

No one is more aware of this than Jim Turner, the man at the helm of Duke Energy’s electric and gas operations and located right here in Charlotte.

“Sticker Shock” Recently, Duke Energy has been in the news for the rate increases it seeks in North Carolina and South Carolina. Rate increases are usually met with initial adversity, much less in troubled economic times. "

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As the president and chief operating officer of Duke Energy’s U.S. Franchised Electric and Gas operations, Jim Turner realizes that the 12.6 percent hike sought of the N.C. Utilities Commission is a tough sell. Still, he makes the case without hesitation.

Duke Energy’s North Carolina average retail rates are already 31 percent below the current national average and 24 percent below the average for the Southeast. And, although it comes in a deep recession, the hike is the first the utility has sought since 1991, another tough economic time.

“You’re never popular when you ask for a rate increase, even when times are good,” observes Turner.He points out that in 2008, the 2006 Duke Energy-Cinergy merger resulted in a rate cut of about 7 percent to North Carolina customers, a fact not so long remembered by the same customers.

Since April 2007, Turner has presided over the company’s franchised electric and gas business, having overall profit and loss responsibility for the firm’s largest segment. He is responsible for Duke’s regulatory strategy and execution at the state and federal levels, and oversees the power delivery, gas distribution, customer service, fuel and portfolio optimization, wholesale business, new generation and environmental health and safety.

He doesn’t hesitate to describe his biggest challenge. “The hardest task we have is producing power that is affordable, reliable and clean,” he says.

“Everything we do as a company is trying to find the right place in that balance so we are honoring our customers’ need for reliable and affordable power, but also minimizing our environmental footprint.

“We froze salaries this year for all management employees,” he continues. “We’re working really hard to hold down operating costs.”

Then he gets to the big driver, the company’s prodigious investment in new capital projects, among them environmental controls. For example, the Allen coal-fired plant on Lake Wylie still emits its trademark plume, but these days it billows only from a stack that vents scrubbed gasses.

“So it’s really almost just water vapor coming out of there now,” Turner points up.

“All that costs money,” he adds. “It cost $450 million or so for that scrubber at Plant Allen.” Duke Energy has also installed scrubbers at the Marshall Steam Station and Belews Creek coal-fired units.

“We’ve invested a lot of capital, and we need to begin recovering the cost of those investments,” Turner says.

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He’s worked with utility commissions the better part of two decades and has found those who serve on the panels to be conscientious. Though appointees, their caliber has risen as political leaders “recognize the complex, challenging issues those folks are asked to weigh in on,” he says.

The balancing act is a struggle, as is forecasting changes in living habits that might make big changes in how the company operates. Duke is conscientious about experimenting with and investing in new technologies to keep abreast of such consumer developments, to be responsive to environmental concerns, and to continue to provide reliable and affordable power to an increasing demand for it.

The Power of Vision Turner describes Jim Rogers, Duke Energy chairman, president and chief executive, as able to see the future “better than anybody in our business.”

Turner, now 50, has known Rogers since 1991 when he was consumer advocate for the state of Indiana and Rogers was chief executive of PSI Energy in the Hoosier state.

That company became part of Cinergy,

based in Cincinnati, and Turner joined Rogers’ management team there in 1995.

After the 2005 merger of Cinergy and Duke Energy, Turner says, “we both converged on Charlotte at the same time.”

Turner didn’t know Bill Lee, the legendary Duke leader, but likens Rogers to him.

Until shortly before his death in 1996, Lee led what became Duke Energy and was influential in building Charlotte’s center city.

He also was a national defender of nuclear power. After the Three Mile Island nuclear accident, Lee created the Institute of Nuclear

Edwardsport Integrated Gasification Combined Cycle Plant Under Construction in Indiana

Mountain Island Hydro Station on Mountain Island Lake

Happy Jack Wind Farm in Laramie County, Wyoming

Electrical Substation

“We’re shutting down older, less-efficient plants. We’re building newer, more efficient plants, like Cliffside. We’re looking to develop the Lee nuclear plant. We are constantly on the lookout for new technologies and applications.”

James Turner Group Executive; President and COO U.S. Franchised Electric and Gas

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Jocassee Hydro Station North of Clemson, South Carolina

Construction of Cliffside Power Plant

Solar Panels of McAlpine Project in South Charlotte

McGuire Nuclear Station on Lake Norman

Power Operators (INPO), which remains prominent today.

“I see Jim Rogers pushing clean coal and carbon regulations, and working for nuclear power in sort of the same way Bill Lee used to push,” Turner says. Indeed, Rogers this year has been no stranger to the national stage, appearing on television programs as varied as “60 Minutes” on CBS and “The Colbert Report” on the Comedy Channel.

Turner pretty much serves as the local face of Duke Energy, in conjunction with two important co-workers also active in Charlotte affairs—Brett Carter, president of Duke Energy Carolinas, and Ellen Ruff, president of Duke Nuclear Development.

Recently, he has been busy as chair of Charlotte Center City Partners, and helping with Charlotte Chamber and United Way of Central Carolinas projects.

Michael Smith, president and chief executive of Charlotte Center City Partners, praises Turner’s leadership.

“Jim Turner is an outstanding chairman for Charlotte Center City Partners,” Smith says. “He is a thoughtful community leader and also one of the most creative thinkers and problem solvers in our region.”

Turner says simply, “I want to do as much as I can to help the city.”

It was in that same spirit that Duke Energy recently stepped up to take over as principal tenant of the Wachovia Corporate Center after Wells Fargo acquired previous owner Wachovia.

Actually, it was also a homecoming of sorts for Duke Energy. Previous CEO Bill Lee had assembled the property on South Tryon Street where Wachovia, and now Wells, are building the tower and the adjacent cultural campus with the intention of building a new headquarters many years ago, but the plan was abandoned when Duke hit hard times in the 1990s and sold the land to Wachovia.

Duke Energy will be occupying a total of 500,000 square feet on the top floors of the new tower. Although Duke currently has 1.3 million square feet of space leased or owned uptown for 3,000 employees, all employees will end up in the new headquarters or in the current headquarters at 526 S. Church Street.

Turner, along with many others, will move into the renamed Duke Energy Center next year.

A New Energy Hub Chamber president Bob Morgan calls Turner an “engaged civic leader,” adding that Turner is “helping lead the effort to grow and brand Charlotte into a new energy hub for the United States. He’s quickly following the tradition of other Charlotte business leaders,”

p u r s u i n g a b a l a n c e o f b u s i n e s s a n d l i fe

Morgan continues, and he also names Lee as well as Hugh McColl Jr. and Mac Everett.

On recruitment, Turner says energyrelated firms are prominent among prospects Duke lures this way. The Shaw Group has beefed up its center city presence, Toshiba and Siemens Energy are growing their operations in southwest Charlotte, and Areva is flexing muscle near University City.

A Duke team cooperates with the Charlotte Regional Partnership, the Chamber and UNC Charlotte to build on that foundation.

Their efforts are particularly important, Turner points out, because energy jobs tend to be high paying.

What entices prospects? Turner lists a relatively low tax rate, a skilled work force, and the desirable climate before hitting on a favorite—economical electricity rates.

When asked about Duke’s future directions for the region, Turner lists two major efficiency initiatives—what the company calls modernization of its “fleet,” all generation sources, and “grid,” the delivery system.

“We’re shutting down older, less-efficient plants,” Turner says. “We’re building newer, more efficient plants, like Cliffside. We’re looking to develop the Lee nuclear plant. We are constantly on the lookout for new technologies and applications.”

Now under construction, Cliffside is an 825-megawatt coal-generating facility in Cleveland County, N.C. Lee is the William States Lee III Nuclear Station contemplated for Cherokee County, S.C. Just announced is a Duke effort for permission to construct a nuclear plant in southern Ohio. Areva would be a major partner.

Turner says plants such as these will lead to “a fundamentally different, cleaner, more efficient way of producing electricity.”

For its grid—the transmission and distribution lines and interaction with customers—Duke wants to learn much more about consumption.

“We’ll have two-way communication between our customers and us,” Turner says.

“Over time, perhaps, we’ll even have devices in the home where we can help you control your energy usage, help ensure that you’re consuming it in the most efficient way, when prices are lower. You can program your dishwasher to run at night when the cost of electricity is much lower.”

Admitting that his industry acts slowly, Turner estimates innovations such as these will come along in about a decade.

Another possibility is mass production of pluggable electric hybrid vehicles. "

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that impact are probably a good idea.”

Other than cleaner coal units and a new nuclear station, Duke is looking to make some plants capable of burning natural gas. It also envisions large numbers of solar panels on rooftops and a growing reliance on wind generating projects like those it’s developing in the west.

Another way Duke could look different in a decade is with its own growth in an industry many judge ripe for consolidation.

Turner points to Duke’s five-state service area of the Carolinas, Indiana, Ohio and Kentucky and describes the company as “well-positioned to take advantage of a consolidating industry. I think we might be bigger some day.”

But now is not the time for consolidation, he cautions, citing the still-fragile economy.

His biggest challenge, he says, is helping the company strike that desired balance by producing power that’s affordable, reliable and clean. “It’s a constant struggle,” Turner says, “but we’re up to the challenge of striking that balance.” biz Ellison Clary is a Charlotte-based freelance writer.

“We’ll have two-way communication between our customers and us. Over time, perhaps, we’ll even have devices in the home where we can help you control your energy usage, help ensure that you’re consuming it in the most efficient way, when prices are lower. You can program your dishwasher to run at night when the cost of electricity is much lower.”

James Turner Group Executive; President and COO U.S. Franchised Electric and Gas

Turner thinks there might be infrastructure at customers’ homes and businesses where the batteries could be recharged.

Nuclear Power An Alternative Even a decade out, however, he doubts the Lee nuclear plant will be complete. Both permitting and construction are lengthy processes. No nuclear unit has been approved since the Three Mile Island accident of 1979, but Duke anticipates it will be among the first utilities to get a green light from the U.S. Nuclear Regulatory Commission.

Opponents remain strong and Turner acknowledges there is no American solution to storage of spent nuclear fuel. But he thinks that will come and pushes for a step further—fuel reprocessing.

“There is a risk,” he acknowledges, “but the French get 70 percent to 80 percent of

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their electricity from nuclear energy, and they’re reprocessing all the time. If the French can figure it out, I sure think we ought to be able to figure that out.”

Using more nuclear is part of a Duke strategy to reduce reliance on coal, Turner says, but adds that fossil fuel will not be eliminated from the generation mix any time soon.

A heavier reliance on nuclear can help Duke reduce its carbon dioxide footprint.

“The way we think about that in the Carolinas is shutting down our older, more carbon-intensive coal plants,” he says. “For the older plants, it takes more coal to produce the same amount of electricity as, say, the new Cliffside unit.”

On the global warming debate, Turner shuns extreme arguments. “I think we’re probably having some kind of an impact,” he says, “and measured, reasonable steps to end

Duke Energy Corporation 526 South Church Street Charlotte, N.C. 28202-1802 Phone: 704-594-6200 Principals: James E. Rogers, Chairman, President, Chief Executive, Duke Energy Corporation; James L.Turner, Group Executive, President and Chief Operating Officer, U.S. Franchised Electric and Gas NYSE: DUK; a Fortune 500 company Operating Revenues: $13.2 billion (2008) Assets: $53.1 billion (2008) Employees: 18,250 (2008) Incorporated: 1905 as The Southern Power Company Service Area: North Carolina, South Carolina, Ohio, Indiana and Kentucky; serves approximately 4 million customers with electricity and 500,000 with natural gas in the U.S. Business: Third-largest electric power holding company in the United States based on kilowatt-hour sales. Commercial power and international business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States. www.duke-energy.com

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Benny L.Yount President and CEO Foreign Cars Italia, Inc. Paramount Automotive Group

B

Benny Yount has always enjoyed sports cars.

Although he grew up in the 1960s when hot-rodders were driving souped up “muscle cars” equipped with large powerful V8 engines, Yount preferred the small high-performance imports. When he was fifteen and about to get his driver’s license, he traded his moped plus $75 for a bright red 1960 MG. It was the first step on the journey that would lead Yount to a career in the auto business and ownership of the only exotic cars dealership in Charlotte.

“My life is a dream come true,” says Yount. “I have truly lived the American Dream. I am so thankful for the opportunities afforded me.”

Yount, a Hickory-native, grew up understanding the work

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ethic. He worked at various odd jobs from the time he was nine years old. One summer, while he was still in high school, he took a job at Paramount Motor Sales, picking up and delivering cars and working in the detail department. Years later, he would purchase the business. In the meantime, he worked for the city of Hickory as a trainee in the engineering and surveying department and played around with used cars in his spare time.

Revving Up In 1975, when Yount was twenty-two, he had saved $1,000.

He rented a gravel-topped car lot in downtown Hickory for $50 a month and opened for business. His inventory consisted of four cars that he had purchased for $600.

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by casey jacobus

[bizprofile]

DRIVEN BY THE GOLDEN RULE Paramount’s Foreign Cars Italia is a showpiece for success ASTON MARTIN /////////////////////////

“We already have a commitment to doing everything in an excellent way. We take pride in trying to do everything 100 percent right.”

Benny Yount President and CEO

The first Saturday he sold all four cars and made $600 in profit. Since he took in two cars on trade, he still had available inventory and, for the next five years, he continued to buy and sell on his own.

“It was just me,” Yount recalls. “I bought the cars, cleaned them, did any necessary mechanical work, sold them, did all the paper work, and tried to balance the check book.”

Although the country was in the midst of a recession in 1975, with unemployment rates reaching a high of 9 percent in May of that year, Yount learned that he could sell cars in the worst of economies, if “the price was right.” He also

p u r s u i n g a b a l a n c e o f b u s i n e s s a n d l i fe

gained first-hand experience he could count on in the ensuing years.

Yount soon grew tired of traveling to Baltimore in search of appropriate used cars to sell. He was envious of the new car dealers who had cars delivered to their door. He didn’t want to leave Hickory, so he began looking for a new car franchise to buy.

The only one he could find was Peugeot/Renault, which, as it turned out, was as eager to sign him as he was to acquire them.

“You have to be careful,” laughs Yount, “Sometimes you get what you wish for.” Yount was left empty-handed when the French company pulled out of its U.S. markets a few years later. "

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In 1980, Yount saw an opportunity at Chrysler, which had hired Lee Iacocca in an attempt to ward off bankruptcy. Yount invested everything he had in a Chrysler/Plymouth dealership. It was a big gamble, but it turned out well. Despite another recession in 1980-82, Chrysler had success with the small, efficient front-wheel-drive K-Cars and even more success with the minivans, Dodge Caravan and Plymouth Voyager, which drove the traditional station wagon out of the market.

By 1989, Yount was able to purchase Paramount Motor Sales where he had worked as a teenager, and form Paramount Automotive Group.

“It was a good name, so we kept it,” Yount explains. “Paramount stands for excellence, supreme, something outstanding. And it’s not tied to any one person or place, so it would continue to be meaningful as we expanded.”

And expand it did. During the next decade, Yount opened and sold a number of dealerships throughout the Hickory, Valdese and Morganton areas. He sold Fords, Volvos, Volkswagens, Cadillacs, Porsches, Lincoln Mercurys, Hondas, Pontiacs, Oldsmobiles, Hyundais and Isuzus.

In 1993, he acquired Foreign Cars Italia in Greensboro and Hickory’s Kia franchise in 1996.

Today he owns two additional Kia dealerships in Asheville, plus a Hyundai and Mazda dealership in Hickory, a Ford and Hyundai franchise in Valdese, as well as the Foreign Cars Italia dealerships in Greensboro and Charlotte.

Checking the Engine It soon became apparent to Yount that Paramount had expanded to the point of becoming too difficult to manage. In the best interest of all of his operations, he needed to reduce the strain of handling 16 franchises on himself and on his staff. From experience, he had found the middle market the most demanding of his personnel, so in late 2005 he accepted an offer to sell Paramount’s Cadillac, Volvo, Volkswagen,

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Foreign Cars Italia ////////////////// Lincoln/Mercury and Porsche franchises. This successfully reduced the operations to levels that would allow for better management of the remaining dealerships and allow him to spend more time outside the automobile industry.

In June of 2005, he opened an extension of his Foreign Cars Italia business in Charlotte. For the first time, Charlotte buyers on East Independence Boulevard’s auto row could see and drive Maserati, Ferrari and Aston Martin vehicles known in the industry as “ultra-luxury cars,” with sticker prices ranging from the low $100,000s to $200,000-plus.

“Charlotte is an important market,” says Yount.

“While we were doing a good job of serving customers out of our dealership in Greensboro, we needed a presence in the Charlotte market.”

According to Yount, the biggest problem with the exotic car market is getting the new car product. Manufacturers ship a very limited allotment to dealers. Ferrari, for instance, typically has a threeto four-year waiting list.

So, in the spring of 2009, Yount upgraded Foreign Cars Italia in Charlotte from a satellite of the Greensboro business to a dealership, and moved it to its present location just off I-77 at Tyvola Road.

The new facility, with close to 10,000 square feet and two showrooms, has an elegant atmosphere that caters to the customer shopping for a luxury car. The flooring was imported from Italy and the artwork on the walls could hang in a gallery. The new facility also has a complete service center, so cars do not have to be taken to

Greensboro when they need servicing.

With unique cars like a Lamborghini on display, a lot of people come in just to look at the posh cars and take pictures. Or perhaps, to buy an accessory like a T-shirt or a hat, even if they can’t afford the price tag of a new car.

“The traffic has increased dramatically since we moved,” Yount says, pleased. “Parents even bring in their children to show them these exotic cars.”

With Foreign Cars Italia in Charlotte and the Kia dealership in Hickory, Yount is focused on the two broad spectrums of the market: the exclusive, higher priced vehicles, and the economically affordable. Yount believes that this is a strategy avoids the middle market squeeze of economic downturns and will pay off when the economy improves.

Of the current economic malaise, says Yount, “Every segment has been affected in this downturn.

Being diverse, we have usually had something that was doing okay. We’ve been able to stay within our corporate structure size. I feel confident that as things become available, we’ll be able to take advantage of the opportunities.”

Closing the Deal Yount measures his success in the automotive industry against two standards: first, you must be profitable, and second, you must have great customer and employee satisfaction. He believes he has achieved both.

Never driven by a desire to just make money,

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Aston Martin has introduced a new DBS Coupe with a price tag of $275,000, as well as a DBS convertible. Yount says a four door sedan with a price of about $200,000 is less than a year away from market. Maserati introduced its 4-passenger GranTurismo in 2008 to rave reviews. And, Ferrari’s newest vehicle, a hardtop convertible is getting a lot of attention. Yount is particularly encouraged that the new Charlotte dealership has received additional allocation from the manufacturers.

Yount has been sustained by a strong religious faith. He says the Paramount philosophy is based on “GR 101” or the Golden Rule: Always treat other people as you would want to be treated and always endeavor to do what is right and fair.

“If this makes us money, good; if not, that’s okay, too,” says Yount. “Making money has never been my primary motivation. I want to do a good job and excel in every area. There are a lot of things more important in life and business than money.”

Yount has recently been influenced by a book called “The Richest Man Who Ever Lived: King Solomon’s Secrets to Success, Wealth, and Happiness,” in which author Steven K. Scott reveals King Solomon’s strategies for achieving a life of financial success and personal fulfillment.

Published in 2006, the premise of the book is that everything you need for success and happiness in your life is contained in the Bible’s Book of Proverbs, said to be written by King Solomon, builder of the first temple in Jerusalem and widely respected for his wisdom. Solomon was also quite wealthy and powerful.

trying to do everything 100 percent right.”

Paramount Auto Group has won numerous awards for customer satisfaction. In addition to being graded every month by the new car manufacturers, Paramount maintains its own Business Development Center. Every customer, whether a buyer or one in need of service, is surveyed on their experience.

“This helps us keep our attention on the satisfaction of the customer,” explains Yount.

Yount believes the Charlotte market has dipped to its lowest point and will soon be on the upswing.

As one of the few exotic car dealerships in North or South Carolina, Yount says Foreign Cars Italia is well positioned to benefit from that upswing.

“Our biggest problem right now is the availability of credit for customers,” Yount says. “The banks have tightened lending practices and a lot of people come in wanting to buy and are unable to finance or get terms that fit their budget. But we’re starting to see that turn around a bit.”

To date, most of the sales in Charlotte have been pre-owned cars. Making use of the Internet to

newest vehicle, a hardtop convertible is getting a lot of attention. Yount is particularly encouraged that the new Charlotte dealership has received additional allocation from the manufacturers.

“For the past four or five years, we’ve had a two- to three-year waiting list,” he says. “It’s frustrating not to be able to get people cars when they want them.” However, given the past year, product is more available.

Paramount Automotive Group has been very successful and it appears destined for more success in the future. Yount, who started out with $1,000, has truly lived the American Dream, but he says he could never have achieved any success alone.

“I have a great family, great friends and the best employees,” Yount says. And, he believes in giving back to the community which has supported him. Whether it is doing a benefit for the Humane Society, the Ronald McDonald House, contributing to the Salvation Army, working with the Make-a-Wish Foundation, serving on the National Trustee Board of The Fellowship of Christian Athletes, or giving away a car to a deserving senior at Catawba Valley High School, he is always looking for ways to live up to the Golden Rule in his life and business.

He says softly, “Always treat others as you would want to be treated.” biz Casey Jacobus is a Charlotte-based freelance writer.

Photos courtesy of press.porsche.com, mediamaserati.com and astonmartinmarketing.com.

Foreign Cars Italia, Inc.

“This is the most important book I’ve ever read, other than the Bible,” asserts Yount. “I’ve given it to my managers and referred to it in meetings.

Scott identifies communication as the number one problem in business and life and stresses the importance of being a good listener.”

Partly as a result of his reading, Yount has adopted, what he calls the “3 Cs”—communication, consistency, and commitment—as the foundation for running Paramount Automotive Group.

“If we can communicate effectively, it’s good for building consistency in policies and practices,” he says. “We already have a commitment to doing everything in an excellent way. We take pride in

find the car they want, buyers come from all across the country. A CEO in Chicago recently purchased a Bentley, numerous buyers come from California, and Florida is one of the company’s biggest markets. Yount, however, anticipates the current ratio of 70 percent used cars to 30 percent new ones will change as the economy picks up and the manufactures introduce new models.

Aston Martin has introduced a new DBS Coupe with a price tag of $275,000, as well as a DBS convertible. Yount says a four door sedan with a price of about $200,000 is less than a year away from market. Maserati introduced its 4-passenger GranTurismo in 2008 to rave reviews. And, Ferrari’s

p u r s u i n g a b a l a n c e o f b u s i n e s s a n d l i fe

Paramount Automotive Group 416 Tyvola Road Charlotte, N.C. 28217 Phone: 704 535-7100 Principal: Benny Yount, President and CEO Locations: Additional dealership in Greensboro Employees: 180 Business: Selling new and pre-owned automobiles, including super luxury Maseratis, Aston Martins, and Ferraris; part of the Paramount Automotive Group including Kia, Hyundai and Mazda in Hickory, Ford and Hyundai in Valdese, and two Kia dealerships in Asheville. www.foreigncarsitalia.com

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langtree at the lake

august 2009

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by casey jacobus

[bizprofile]

living large

A

at Lake Norman # LANGTREE AT THE LAKE, A LIVE WORK PLAY VILLAGE

After four years of planning, construction on the $900 million Langtree At The Lake development is set to begin this fall. Once completed, it will offer a unique resort community just a short drive up Interstate 77 from Charlotte. Its luxurious residential, upscale retail, and fine dining opportunities, as well as its hotel, office and recreational elements will give many more people a place to play, work or stay at Lake Norman.

“Lake Norman has become almost inaccessible to the community,” says developer Rick Howard of The Langtree Group. “Two hundred thousand people who live within ten miles of the lake do not have access to it. We plan to open four miles of shoreline to the public.”

Howard, whose family built a home on the Langtree peninsula in the early 1960s, watched the lake water flood the barren land in his front yard as Duke Power created the 50-square-mile lake as part of its construction of Cowan’s Ford Dam. He grew up understanding the community around him and the heritage of the nearby small towns of Mooresville, Mount Mourne and Davidson.

He watched as the development of multimilliondollar single-family homes began to dominate the Lake Norman shoreline. He observed the impact on the area when Lowe’s Home Improvement Corporation opened its headquarters in Mount Mourne near the planned Langtree Road connection to Interstate 77. And, after 30 years of doing business in the area, he knew it still lacked many amenities like fine dining restaurants, a convention center, and luxury apartments. “There wasn’t even a hotel where

p u r s u i n g a b a l a n c e o f b u s i n e s s a n d l i fe

guests could look out over and enjoy the lake,” he says, shaking his head.

Gradually Howard developed a vision of a “community within a community” that would bring new business opportunities, jobs and residential amenities to the area.

“I wanted to create something to improve the quality of life; something that would provide amenities, not just to those who live here, but as a destination for others to come here,” says Howard.

Eventually, the concept for Langtree At The Lake began to take shape. Howard envisioned a community that would mix luxurious rental units with lakefront condominiums, upscale retail with class A office space, a hotel and conference center with a lakefront boardwalk.

He started putting together a team of like-minded and experienced developers and to acquire the necessary property. He began to recruit the type of businesses he wanted to see in the development, and held meetings with Duke Power representatives, elected officials, and members of the community to hear their concerns.

“We listened and made a lot of changes,” says Howard.

“We were constantly asking, ‘Is this the right thing for the community? Does this make sense?’”

Gradually, Howard acquired land around the new Interstate 77 interchange at Exit 32 south of Lowe’s headquarters. By talking with each of about 30 landowners, one at a time, Howard bought over 300 acres. Langtree At The Lake now covers all four quadrants of Exit 32, sitting between Lowes and Ingersoll-Rand corporate campuses. "

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33

“I did it the old fashioned way,” says Howard. “I acquired the land one person, one family at a time. And I actually paid for the land; I didn’t just option it.”

Howard also began to put together his team of developers. In addition to his son Brad, his partners include Wayne Turner and David Parker.

Brad is chief operating officer of the Langtree Group. He is a UNC Charlotte graduate with a degree in marketing and also has his real estate broker’s license. He served for eight years as COO for Carolina Component Concepts, a manufacturer of photo frame components, puzzles, games, and POP packaging.

Turner, treasurer, is a Mooresville-area CPA of thirty-five years and co-owner of the largest recreational vehicle park on Lake Norman. He provides financial, accounting and tax advice to the companies related to the Langtree project.

Parker, secretary and general counsel, is an attorney in Iredell County specializing in land development, business transactions, litigation, and related matters. He spearheads the transactional, regulatory and corporate governance aspects of the Langtree project.

David Jacobs, a principal of Atrium Development with twenty-five years of experience in all phases of real estate development, met Howard four years ago. He says, “It was love at first sight. I appreciated what Rick was trying to do. He was building a new community and, at the same time, maintaining respect for the heritage of the existing community.”

Jacobs is now chairman of the board at the Langtree Group. He is responsible for project marketing and leasing, as well as coordinating the development team and focusing on the financing structure.

Live, Work, Play Village Howard and his team are building what they call “a village lifestyle center.” In addition

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august 2009

“Almost every type of business has approached us. Some fit, some don’t. We don’t want the same things that are available at every other Interstate 77 exit.

We are a unique destination.

We want restaurants and retail that people will drive here for.”

Rick Howard President and CEO

to luxurious for-sale and for-lease multifamily residences, upscale retail and class A office space, a hotel, and a conference center, Langtree At The Lake will have almost every amenity you can imagine including a yacht club, pools, health clubs, and a planned par 3 golf course. It will feature more than five miles of walking trails, including a 4-mile boardwalk along Lake Norman and 2.5 miles around an 8-acre manmade lake with a faux bridge and a 24-foot waterfall.

As Howard says, “These amenities will make Langtree At The Lake a premier ‘live, work, play village’. This is not a big box community. We’re building something unique, which has never been done in this area before.”

A recent feasibility study by Real Property Research Group, a Maryland-based firm, confirms Howard’s belief that he has the opportunity to build something very special. Senior Analyst Jerry Levin and Managing Principal Robert Lagerfeld summarized their findings, saying: “We believe that Langtree At the Lake represents a unique opportunity to develop a luxury mixed use community quite unlike anything that the Charlotte area has experienced in the past.”

The study cites four key factors that support that conclusion: an unparallel location

between the western shore of Lake Norman and Interstate 77; easy access to large and growing employment centers both in Mooresville and nearby Kannapolis, as well as a direct route to downtown Charlotte; an established, affluent population located around Lake Norman; and an experienced and sophisticated development team.

Plans for Langtree At The Lake call for 650 for-sale and for-lease luxury residential units, 600,000 square feet of commercial space, and 220,000 square feet of retail space. When the project is completed, it will provide 20 percent of the total property tax for the town of Mooresville, even thought it contains less that 2 percent of the land mass. It could also double the income the town receives from the hotel occupancy tax. As a bonus, the development is expected to create more than 1,000 new jobs.

Howard has carefully recruited the mix in the commercial portion of the project. He has plans for a Ruth’s Chris Steakhouse, very similar to the Ruth’s Chris Steakhouse in Myrtle Beach that he owns. There will also be a 14,000-square-foot 4-star Gateway Child Development Center, thanks to Jacobs who developed the Columbiabased Gateway business.

“Almost every type of business has approached us,” says Howard. “Some fit, some don’t. We don’t want the same things that are available at every other Interstate 77 exit. We are a unique destination. We want restaurants and retail that people will drive here for.”

He found the anchor for the commercial portion of the project when John Q. Hammonds Hotels & Resorts signed on to build a 12-story Embassy Suites Hotel with 300plus rooms and 80,000 square feet of meeting space in an adjacent convention center.

The project, expected to cost $75 to $85 million, will be similar to the Embassy Suites Charlotte-Concord Golf Resort & Spa plus

w w w. g re a t e rc h a r l o t t e b i z . c o m

(l to r) Richard W. Howard President and CEO Brad Howard Chief Operating Officer The Langtree Group, LLC

convention center. Construction is expected to begin early next year, with completion expected in 2011.

Moving Heaven and Earth The state of the economy has put the Langtree At The Lake project behind schedule by about one and half years. The credit crunch has been the biggest obstacle in getting the first phase of the project started.

“The banks are closed,” says Howard. “You can’t build, if you can’t get capital.”

With bankers reluctant to finance new commercial development, Langtree At The Lake is seeking $15 million in revenue bonds issued by the town of Mooresville for roads, sewer, and water improvements.

Last August, the North Carolina General Assembly authorized financing public infrastructure with bonds secured by assessments on the land. In March the Mooresville town commissioners approved Langtree’s request to form a Special Assessment Improvement District. Although this kind of bond financing is new to North Carolina, it has been used in over 40 states in the country for many years.

The delay in construction has also led to some changes to the Langtree project itself.

The developers spent time focusing on the market and, as a result, changed the overall mix of the project, reducing the number of condominiums and increasing the number of luxury apartments. They also reduced the size of many of the residential units by 15 to 20 percent to make it easier for buyers to get financing.

After talking with town planners, the developers also reduced the size of the development overall, lowering the number of residents in some of the condo buildings from as many as 90 residents to between 24 and 50.

The first building set for construction this fall is a 24-unit condo building called The Residence at Langtree, with an average unit

“Our strength is that we’re in the right location. We’ve gone to every degree to avoid making mistakes. We have an opportunity to build something special. In the future, people will know someone planned this; it didn’t just happen.”

Rick Howard President and CEO

price of $450,000, down from $650,000 in earlier plans. Construction of a second 24-unit condo building will begin shortly after the first. Choate Construction Company, based in Atlanta, is the contractor.

In addition to Choate, Howard has assembled a group of project experts who are contributing their experience and knowledge to the development. Cole Jenest & Stone, a civil engineering and site design firm, will cover the land planning, civil engineering, and urban design. Brian Jenest is the partner at the firm with primary responsibility for the Langtree At The Lake project. Marc Warren, a partner in JHS Architecture, is the primary architect for the residential design. Parsons Brinckerhoff, PB, will do the traffic engineering. Charlie Willis, principal of Willis Engineers, brings his 30 years experience with wastewater and water engineering in the Lake Norman and Charlotte markets to the project.

Cushman & Wakefield’s Charlotte affiliate, Commercial Carolina, brings an advanced team to the table for marketing the retail opportunities, and NAI Global, with its network of 5,000 professionals and 325 offices in 55 countries, will help manage the commercial space.

The delay in getting construction underway

p u r s u i n g a b a l a n c e o f b u s i n e s s a n d l i fe

has had at least one fortuitous consequence for the project. During the last year another 206 acres of property has become available and the Langtree Group was able to bring it in as part of the project.

The developers have also taken steps to lessen the environmental impact on Lake Norman, moving buildings 100 feet back from the water, more than twice the required distance, and opting to put boats in a dry storage facility, rather than keeping them in the water.

“Our strength is that we’re in the right location,” says Howard. “We’ve gone to every degree to avoid making mistakes. We have an opportunity to build something special.

In the future, people will know someone planned this; it didn’t just happen.” biz Casey Jacobus is a Charlotte-based freelance writer.

Lifestyle photos courtesy of ©2009 Cotton Ketchie/ Landmark Galleries and The Langtree Group.

Langtree At The Lake The Langtree Group, LLC 108 Gateway Blvd., Ste. 102 Mooresville, N.C. 28117 Phone: 866-505-0132 Principals: David Jacobs, Chairman of the Board; Rick Howard, President and CEO; Wayne Turner, Treasurer; David Parker, Secretary and General Counsel; Brad Howard, COO Founded: 2007 Business: Luxury mixed-use community combining residential, commercial and retail in the Lake Norman area; adjacent to Lake Norman shoreline, easy access to I-77, close to Charlotte central business district, nearby major corporate campuses. www.LangtreeAtTheLake.com

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[employersbiz]

Legislative and Regulatory Highlights for Area Employers

TOP 10 TIPS

for keeping staff happy and business booming in a recession

!

Before the recession and looming threat of job loss became a factor in the life of the American employee, many people were already spending more time at work than at home. Today that pattern has become cemented in the American workplace.

In the midst of a struggling economy, for employers, keeping your staff happy is not only an investment in your relationship, it is an investment in your business. You cannot expect more from your workers, knowing that they are grateful to

Cont. from page 7

have a job and won’t complain. Retaining talented staff takes work. A happy employee is a productive employee. They are the only way to keep your business alive, or even growing, in this economy.

Here are a few tips in that regard: $1. Enable employees to balance work and personal life. Allow flexible starting and finishing times. $2. Consider telecommuting when personal issues arise. As long as their work is getting done, trust them, don’t micromanage. $3. Allow for casual attire when clients are not on site, particularly in the summer when it can be uncomfortable to wear formal business attire. $4. Make the workplace a pleasant place to work with music, water coolers, coffee/tea facilities, and complimentary snacks from time to time. $5. Involve staff, whenever possible, in decisions that affect their jobs and the overall direction of the business or department. Keep them in the loop. $6. Reward hard work, even small goals: there’s no point in waiting until the year-end bonus, it won’t keep anyone going for an entire year.

People need short term rewards.

$7. Offer to help your staff when they feel overwhelmed. If you cannot help, just acknowledging their workload can go a long way. $8. When you give constructive criticism, ask for it in return. $9. Schedule weekly meetings that are held consistently in person. Allow for open dialogue and privacy to allow the employee to speak openly. $10. Have offsite events to allow for team building and to show appreciation.

(CCHOnline; Jeff Kroll, Law of Offices of Jeffrey Kroll) The Employers Association provides comprehensive human resources and training services to a membership of over 865 companies in the greater Charlotte region.

For more information, please call Laura Hampton at 704-522-8011 or visit www.employersassoc.com.

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[biznetwork] Thank you to our advertisers who make this publication and its distribution to over 100,000 readers possible!

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[ontop]

SPECIALISTS IN VOICE NETWORKS FOR 30 YEARS.

Advertising & Media The Marketing Consortium has received a gold and a silver award from the Healthcare Advertising Awards and two gold awards from the Aster Awards.

Moonlight Creative has received a Superior communication award from the National Association of County Information Officers; the company has also won a 2009 Gold Aster Award in the direct mail series category.

L.A. Management has been awarded their seventh Telly Award.

Presbyterian Healthcare, Novant Health and ABZ Design Group have been nationally recognized for advertising and marketing excellence in the 26th Annual Healthcare Advertising Awards, receiving the prestigious Best of Show award along with 16 other awards.

Jim Cannata of Phase 3 Media has been promoted to vice president/general manager of the Charlotte office.

Business & Professional Hissho Sushi CEO Philip Maung has received the prestigious Ernst & Young Entrepreneur of the

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Year regional award.

Barbara Jones, co-owner of Allegra Print & Imaging, has received the National Association of Women Business Owners’ 2009 Rising Star Award.

Barbara Jones

Gaston County Economic Development Commission’s Executive Director Donny Hicks has been honored as the North Carolina Economic Developers Association’s (NCEDA)

Donny Hicks

2009 Economic Developer of the Year Award.

Chambers USA’s America’s Leading Lawyers for Business 2009 has named Van Hoy, Reutlinger, Adams & Dunn as one of North Carolina’s leading law firms in the area of labor and employment law.

Fisher & Phillips LLP’s Mason Alexander has been featured in Chambers USA: America’s Leading Lawyers for Business 2009.

The 2009 Chambers USA ranking of attorneys and law firms has included two attorneys from Smith Moore Leatherwood LLP’s Charlotte office.

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[ontop] Poyner Spruill LLP has ranked in Tier 3 in both the Environment and Labor & Employment areas by Chambers USA. The North Carolina Association of Defense Attorneys has elected David N. Allen as president.

Anne Boyd Moore has been David N. Allen

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promoted to president and CEO

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The Charlotte Chapter of the Entrepreneursâ&#x20AC;&#x2122; Organization (EO Anne Boyd Moore

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Gillmore of Boatsman Gillmore PLLC and Paul Hecimovich of Carolina Energy as members.

Record Storage Systems has appointed Stephen Lane as account manager.

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Sheetz, Inc. has been named

one of the Best Employers in North Carolina by the North Carolina Chamber, NC Magazine, the North Carolina Society for Human Resource Management.

Construction & Design Clancy & Theys Construction Company has appointed Mark G. Jones as the new business development director for the firmâ&#x20AC;&#x2122;s Mark Jones

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American Eastern Builders, Inc. has named Jade Eastridge as vice president of operations.

Clark Nexsen has hired Wayne C. Morrison as electrical engineer and Sara E. Abrams as an

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[ontop] Henry “Hank” James Jr. has been appointed associate vice chancellor for risk management, safety, and security at UNC Charlotte.

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Pfeiffer University’s Dr. Jewell Mayberry has been selected to participate in the 2009 J. William Fulbright-Hays Seminar Abroad Program administered by the International Education Programs Service and the U.S. Department of State. Michael Poll has been named vice president for enrollment management and marketing. Dr. Tracy Espy has been named editor of the new publication Partnerships: A Journal of Service-Learning and Civic Engagement.

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Engineering Optima Engineering, P.A. has been recognized by Real Estate & Construction Review with a Green Building of America Award for its environmentally sensitive office space.

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the Mooresville office as municipal services group leader.

Finance & Insurance Allen Tate Insurance Services has been named Agency of the Year by the Independent Insurance Agents of Charlotte Mecklenburg.

Allstate Insurance Company has recognized Charlotte area Allstate exclusive agency owners Jason Efland, Peter Frank, John Manalis, Jose Valbuena and Duke Vogel with the Regional Champions award. Personal financial representa-

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tives David Miller and Kelly Plott have also been awarded Regional Champions awards.

Aquesta Bank has hired Kent Couch as the special asset and real estate supervisor.

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Government & Nonprofit Hood Hargett Breakfast Club has added four new members—NASCAR Hall of Fame, ACC Football Championship Charlotte, Charlotte Regional Visitors Authority (CRVA), and Pinehurst Resort.

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The Ronald McDonald House (RMH) of Charlotte has hired Ariadne G. Harris as the charity’s new community outreach director.

Stefanie Schulman has been elected president of the Charlotte

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[ontop] Chapter of the Institute of Management Accountants.

Spencer Lueders, founder and president of 24 Hours of Booty, Inc, has been selected to represent the organization at the premiere Spencer Lueders

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Summit in Dublin, Ireland.

Health Care Levine Children’s Hospital has been ranked 14th in the nation for kidney treatment based on the U.S. News Media Group’s 2009 edition of America’s Best Children’s Hospitals.

John M. Kunysz has joined the team at Southeast Anesthesiology Consultants, PA as chief operating officer for its Quantum Clinical John M. Kunysz

Navigation System subsidiary.

Carolinas Natural Health Center has added Dr. Kivette Parkes, N.D. to the naturopathic and holistic health care practice.

Real Estate Commercial/Residential Prudential Carolinas Realty has added Lisa Rhead as its new director of relocation and business development.

Retail & Sports & Entertainment Bojangles’ Restaurants Inc. has named John Jordan as senior vice president of finance/chief financial officer.

Technology The Entrex Private Company Index (PCI) has recognized business and technology consulting

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firm NouvEON for significant revenue growth during the first quarter of 2009; NouvEON has also placed third on the PCI’s top ten list for Q1 high-growth companies.

Mariner, a business intelligence company, has hired Gary Miller, Ludwig Armbruster and Matt Campbell as consultants.

Morgan Gerek has joined The Comdyn Group as office manager. biz To be considered for inclusion, please send your news releases and announcements in the body of an e-mail (only photos attached) to editor@greatercharlottebiz. com, or fax them to 704-676-5853, or post them to our business address—at least 30 days prior to our publication date.

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august 2009

[bizbits] Typical Company Founders Married with Children and WellEducated; Strive to Rise Above Lower-, Middle-Class Heritage lthough entrepreneurs provide the majority of jobs in the United States, little is known about what makes them tick. The Anatomy of an Entrepreneur, a newly released study from the Kauffman Foundation, fills in some gaps.

The findings: Most founders came from middle-class or upper-lower-class backgrounds, are well-educated and married with children.

The survey found that more than 90 percent of the entrepreneurs came from middle-class or u p p e r- l o w e rclass backgrounds and were well-educated: 95.1 percent of those surveyed had earned bachelorâ&#x20AC;&#x2122;s degrees, and 47 percent had more advanced degrees. Those from lower-upperclass backgrounds, however, were more likely to have been extremely interested in starting a business than the average entrepreneur surveyed (25 percent vs. 18.5 percent).

Seventy-five percent of the respondents ranked their academic performance among the top 30 percent of their high school classes, and 52 percent said they ranked among the top 10 percent. In college, 67 percent of the founders ranked among the top 30 percent of their undergraduate classes, and 37 percent ranked their performance among the top 10 percent.

More than half of the company founders surveyed (52 percent) had at least some interest in entrepreneurship while in college. Of those who described themselves as â&#x20AC;&#x153;extremely interestedâ&#x20AC;? during college, 47 percent went on to found more than two companies.

Founders tended to be middle-agedâ&#x20AC;&#x201D;40 years old on averageâ&#x20AC;&#x201D;when they started their first companies. Nearly 70 percent were married when they became entrepreneurs, and nearly 60 percent had at least one child, challenging the stereotype of the entrepreneurial workaholic with no time for a family. (www.kauffman.org/typical-company-foundersare-married-with-children-and-well-educatedstrive-to-rise-above-their-lower-middle-classheritage.aspx)

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ccording to a study just released by the Kauffman Foundation, challenging economic times can serve as the rebirth of entrepreneurial capitalism, leading to the creation of much-needed new jobs.

The study found that more than half of the companies on the 2009 Fortune 500 list were launched during a recession or bear market, along with nearly half of the firms on the 2008 Inc. list of America’s fastestgrowing companies.

The report also suggests a broader economic trend, with job creation from startup companies proving to be less volatile and sensitive to downturns when compared to the overall economy.

“You can see the story of the American economy in these numbers,” says Carl Schramm, president and CEO of the Kauffman Foundation. “History has demonstrated this time and again: new firms create new jobs and fuel our economy. Policies that support entrepreneurship support recovery.”

The study points out that while recessions often create widespread economic grief, they also can encourage potential entrepreneurs, acting as an extra spur to founding a new company, if the founders perceive their prospective competition might be weakened. Rising unemployment can benefit new enterprises: entrepreneurs may view unemployment as an opportunity to start a company, and seize the advantage provided by the ability to tap into a larger pool of potential employees.

“While startups may not begin with the intention of reaching the Fortune 500 list, they’re hard at work under the radar,” says Dane Stangler, senior analyst at the Kauffman Foundation and author of the study. “These companies may remain invisible to most of us, or they may one day grow into household names. Either way, they’re steadily recreating our economy—generating jobs and innovations.” (www.kauffman.org/newsroom/the-economic-futurejust-happened.aspx)

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2009-2010 Become an Exclusive Member of The Hood Hargett Breakfast Club Current Members: #%1stAmericard

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Recent Speakers: ~Ari Fleischer ~Mike Tirico ~Stuart Varney ~Jim Nantz ~Soledad O’ Brien ~General Hugh Shelton

The Hood Hargett Breakfast Club is a ‘category exclusive’ business development organization that develops and hosts some 36 events throughout the year for its members and guests. The goal of these events: to provide success-minded business owners with first-class venues to entertain clients and prospects.

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RELEVANT SUBJECTS The highlight of the breakfast is an ‘educate and inform’ message from our keynote speakers addressing issues that members and guests can use to improve their companies’ performance. Our members invite clients, key employees and prospects to attend and participate with them.

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REMARKABLE MEMBERS The key to any organization’s success is the quality of its members. We’re proud to represent the best and brightest of the local business community: men and women who have built their own companies to become leaders within their respective industries.

The Hood Hargett Breakfast Club brings in business owners and decision-makers; that’s really important. If we are going to be telling our story, we want the right person to be hearing our story. ~Angela Broome First Citizens Bank

We joined Hood Hargett Breakfast Club for the value that it gives us in reaching decision makers. In today’s sales world, it’s not just who you know, it’s how well you know them. ~Marty Conte Diamond Springs Water

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