The Denver Post Sunday Business | May 7 2023

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METRO STARTUP

Family of car buffs run EV business Father, sons focus on installing home charging stations for electric cars

By Judith Kohler jkohler@denverpost.com

“I’ve always liked internal combustion engines and I’ve always said there’s nothing like the sound of an American V8.”

The declaration by Ron Rooney is a bit unexpected coming from the CEO of a business that installs home charging stations for electric vehicles. But Rooney said his lifelong love of cars, like automobiles themselves, is evolving.

Rooney, who lives in Littleton, is on the waiting list for a Rivian SVU. And last year, he and two of his sons and fellow car en-

thusiasts started Peak EV Solutions, which installs home chargers. Rooney sees the business as a means to educate people about electric vehicles, what they need to keep them running and make sure they know all about the tax credits and rebates available from local governments and public utilities.

“That’s part of our mantra is to educate people as well,” Rooney said.

Building a startup company is a new venture for Rooney. He spent three decades in the corporate world, holding senior management positions and running businesses, including in the mortgage industry.

His sons, Joe and John, started a business called Elevation Proving Grounds, which helps electric

and autonomous vehicle companies recruit and hire employees.

Rooney’s sons then recruited him to help develop a new enterprise.

“We were kicking the idea around for several months. I wanted to retire and get out of the corporate rat race and do something else,” Rooney said.

Enthusiasm for cars runs deep in the family, so a new career revolving around vehicles was a good fit.

“We’ve always had that interest in the automotive industry and have been car buffs,” Rooney said. “We’ve had multiple cars, show cars. This was an opportunity for us to do something as a family.”

RJ SANGOSTI — THE DENVER POST The startup is also an opportunity for the family to be part Ron Rooney, owner of Peak EV Solutions, is pictured in his company’s ELECTRIC » PAGE 15 Ford Lighting EV truck on March 28.

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2023 TOP WORKPLACES

Save for retirement and down payment all at once?

By Lisa Rabasca Roepe The New York Times

Jade Akintola and Brandon Thomas Brown are balancing three competing financial priorities — preparing for the birth of their first child, saving up for a down payment on their first home and contributing to their retirement fund. Something, they decided, had to give, so in the short term, that thing was their retirement savings.

“At the moment, we are prioritizing investing and saving towards our property goal, and keeping cash on hand for our new family addition and time out of work,” while seeking the stability that owning can offer, Akintola said.

For the past six years, the couple, both self-employed, have been renting in Brooklyn, N.Y. Now they are looking to buy, possibly there or in Los Angeles. Despite their combined six-figure salary, Akintola said it would take three to four years to save for a down payment on a house at the price they expect to pay, around $850,000.

“We work in those cities a lot, have a good community of friends and colleagues there, and have established networks,” said Akintola, 33, who is the founder of WONU, a marketing agency that focuses on live events, and ITA, an outdoor goods brand. Brown, 35, is a portrait photographer.

The couple are also considering Atlanta, where their money would buy them more space, Akintola said.

The cost of owning has become so high in many areas of the country that it is especially hard for first-time homebuyers, who have no equity from another home to put toward a down payment — while simultaneously saving for retirement. Continually rising mortgage interest rates present another huge obstacle, said Danika Waddell, founder and president of Xena Financial Planning in Seattle.

Not being able to buy a home can affect Americans’ long-term retirement planning, financial experts say. Homeownership has long been a way to build longterm wealth and supplement

HELEN H. RICHARDSON — THE DENVER POST

Shafaye Tshimanga packages food for an event in the kitchen at Footers Catering on April 25 in Denver. Footers is one of the top workplaces in the state. Read about the top small workplaces on K2; the top midsize workplaces on K4; and the top large workplaces on K16. To see a full list of all 150 winners, go to denverpost.com.

“THEY STILL HAVE THE NEED”

Enrollment on upswing with trade programs

By Olivia Sanchez The Hechinger Report via The Associated Press NASHVILLE, TENN.>> It’s almost

4 p.m. at the Nashville branch of the Tennessee College of Applied Technology, and the students in the auto collision repair night class are just starting their school day.

One is sanding the seal off the bed of his 1989 Ford F-350. Another is patiently hammering out a banged-up fender. A third, Cheven Jones, is taking a break from working on his 2003 Lexus IS 300 to chat with some classmates.

While almost every sector of higher education has fewer students registering for classes, many trade programs are thriv-

ing. Jones and his classmates, seeking certificates and other short-term credentials — not associate degrees — are part of that upswing.

Trade programs are often more affordable than a traditional four-year degree, students note, and, for many, skilled trades offer a more obvious path to a job.

Mechanic and repair trade programs saw an enrollment increase of 11.5% from spring 2021 to 2022, according to the National Student Clearinghouse. In construction trades, enrollment grew 19.3%, and in culinary programs, it increased 12.7%. MeanJOHN AMIS — THE ASSOCIATED PRESS while, overall enrollment declined 7.8% at public two-year Welding instructor Garrett Marris shows student Mason Cantrel, colleges, and 3.4% at public right, how to use a torch during welding class at Tennessee College of Applied Technology Nashville on April 13 in Nashville, Tenn.

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SUNDAY, MAY 7, 2023

TOP WORKPLACES: BEST SMALL COMPANIES

Brighton Hospice set on hiring best workers

By Sara B. Hansen Special to The Denver Post

When Brighton HospiceColorado opened in June 2020, few wanted to work with the new service.

“Without an established brand, or current customers that could speak to the ‘Brighton difference,’ it took time to gain the trust of our community,” says David Moeai, Brighton Hospice-Colorado administrator.

So, Brighton HospiceColorado focused on hiring “the most compassionate and skilled people in the industry” and worked to recruit new clients.

“We remain grateful for those who continue to place their trust in us,” Moeai says. “Things are much different now, and we aim to keep it that way.”

B r i g h t o n Ho s p i c e Colorado nearly doubled its patient census while exceeding state and national averages for customer satisfaction in 2022, Moeai says.

This year it plans to continue growing in part by expanding into neighboring markets this summer.

“While growth and exceeding customers’ expectations are significant accomplishments, the care team we’ve assembled since opening our doors

NO. 1

Brighton HospiceColorado

Years ranked: 1 Founded: 2020 Headquarters: Sandy, Utah Employees: 672, 66 in Colorado Facts: Brighton Hospice strives to provide the highest quality of physical, emotional and spiritual care to patients and their families. in June of 2020, remains to this day our greatest achievement. None of what we currently enjoy is possible without them.”

Brighton Hospice sees a

continuing need for innovation.

“Much of the innovation we’re seeking to implement now is aimed towards ‘supporting our clinical team so they can concentrate on patient care,’ ” Moeai says.

Brighton’s model of lower caseloads gives employees more time to serve their patients. The company also is collaborating with its vendors to explore innovative

technological solutions to streamline processes like charting and ordering supplies.

“We’re big believers in ‘what got you here, won’t get you there.’ So many organizations, regardless of industry, have seen their products or service models become obsolete due to complacency, or because they lose a pulse on the evolving needs of the customers they serve,”

Moeai says. “Health care is no different. There will always be a need to innovate.”

Working in Colorado offers Brighton Hospice employees many benefits.

“I think one that we appreciate most is the ‘melting pot’ feel that we have here,” Moeai says. “Many from our team moved to the Denver area from out of state. Because of this, the diversity of thought, culture and background is significant.

“As we learn ABOUT each other, we also learn FROM each other. This is especially helpful when it comes to meeting the needs of a community that is equally diverse.”

HRMS builds success with 100% remote workforce

By Sara B. Hansen Special to The Denver Post

Since forming in 2003, HRMS Solutions has operated with a 100% remote workforce.

“We have never had a brick-and-mortar presence, and we see no reason or plans to change this business model and strategy going forward,” says Sandi Mundt, HRMS Solutions marketing vice president.

And it’s a model that works for the Boulderbased company that provides a suite of software applications to manage human resources and related processes.

“The future is very bright for HRMS,” Mundt says.

“We are experiencing record growth with a significant opportunity to expand our four lines of business.

We have seen 30% growth in sales bookings year-overyear and are forecasting similar growth for 2023.”

Being a virtual company with an entirely remote workforce, let the company continue to operate with few changes during the pandemic.

“The effects of the pandemic were more of a change for our clients,” Mundt says as they changed their business models and switched employees to a more distributed and remote environment.

The company had to forgo some in-person meetings with clients and switch to more virtual conferences and phone calls. And while some clients have returned to the office, Mundt anticipates it will never fully return to its previous levels.

COURTESY OF HRMS

HRMS staff volunteer for the Colorado Pet Pantry.

“Video conferencing has now become the primary method for interacting with customers and an expected way of doing business,” she says.

With the continuing focus on remote work, organizations and communities must meet the growing demand for faster internet service to power video transactions from work locations.

Employers also must find ways to address feelings of isolation and im-

prove the sense of connectivity to help hybrid and remote workers and enhance overall employee satisfaction and business success.

“Keeping pace with technology is challenging, but remaining technologically stagnant will certainly be detrimental to any business,” Mundt says.

While change can be scary, it’s also inevitable, she says.

“Resisting it may put your business at signifi-

cant risk. Organizations will need to continue to innovate in all areas of the business (i.e., process, service, communication, etc.), not just technology, to stay relevant and competitive.”

After 12 years in Washington, D.C., HRMS CEO Mike Maiorino relocated the company headquarters to Boulder.

Besides having some of the world’s most picturesque landscapes, Maiorino selected Colorado because it provided the business with

a centralized national location, lower state taxes and proximity to a world-class international airport.

Currently, 75% of the HRMS executive leadership team and 15% of its employees live in Colorado.

With its decentralized, remote workforce, HRMS can serve multiple time zones and reduce the potential impact of power outages or natural disasters that could interfere with its business and ability to serve clients.

NO. 2 HRMS Solutions

Years ranked: 1 Founded: 2003 Headquarters: Boulder Employees: 55 Facts: HRMS provides exceptional customer service to ensure successful project outcomes using a proven and collaborative implementation methodology, combined with the highest quality of service delivery.

Footers Catering credits employees’ strong work ethic NO. 3

By Sara B. Hansen Special to The Denver Post

The pandemic was a tough time for Footers Catering.

“It was devastating for our company since our whole business is based on in-person gatherings,” says company owners Anthony and April Lambatos, also known as Footers’ coach and head honcho of happiness.

But the company rebounded when the world started reopening, making 2022 a record year.

“Our success came from doubling down on creating a great work environment and putting our team first,” the Lambatoses say.

“We have an incredibly talented team that takes a lot of pride in their work, and they have a tremendous amount of trust, love and respect for one another.”

Established in 1981 by Jimmy Lambatos, son Anthony and his wife April took over in 2010. As one of Denver’s top catering companies, Footers caters to more than 600 events annually, serving more than 75,000 guests.

The company moved into Social Capitol, its new building and event center in 2021 and continues to refine the space to meet the needs of its team and guests who attend events.

“We anticipate another record year in 2023 and

Footers Catering

Years ranked: 4, 2 consecutive Founded: 1981 Headquarters: Arvada Employees: 50 Facts: Footers Catering is a second-generation familyowned business that caters to more than 600 fullservice events and feeds more than 75,000 guests each year. For more than 38 years, Footers has prepared all its menus on-site to provide the highest quality possible.

COURTESY OF ALEX MEDVICK PHOTOGRAPHY

Chef Mason Grismore attends a Footers Catering Event. are focusing on how we can continue to create clarity around our roles, revise our benefits and implement additional leadership development programs for our team,” the Lambatoses say.

The couple anticipates the workplace of tomorrow will continue to put a signif-

icant emphasis on employee well-being.

“Additional resources for team members around their mental and physical health will become commonplace,” they say.

The couple also anticipates companies wanting to keep their top talent must

prioritize professional development.

“Employees want to see this, not only in their job or position but also programs that help them develop as a whole person.”

Innovation also will continue to be a priority.

“At Footers, the middle

part of our mission statement is ‘Make It Better Every Day;’ that’s our mantra for continuous improvement. Innovation isn’t necessarily about a lightningin-a-bottle moment but what we can create with multiple small incremental steps over time. We’ve

been in business for over 40 years, and without innovation, we wouldn’t be where we are today.”

The company’s future looks bright, and Footers plans to explore new ventures that provide opportunities for team members to grow.

“As opposed to just getting bigger as a company, we want to look for meaningful growth that aligns with what we do and excites our team,” the couple says.

Working in Colorado helps create a happy work environment.

“Colorado is great because it is a place where people want to be,” the Lambatoses say. “That automatically creates an environment where people are generally happy and loving life.”

SUNDAY, MAY 7, 2023

DENVERPOST.COM

| BUSINESS | 3

Canvas is proud to be named a Top Workplace in 2023.

We’re committed to the work we do every day — helping our members build financial health — but we’re just as dedicated to the team that makes it happen. It’s about more than checking accounts, credit cards, and auto loans. It’s about extending a helping hand to the places we call home. It’s about dedicating time to our wellness, whether we’re surrounded by friends or by nature.

It’s about our people.

CANVAS.ORG

Follow us

Insured by NCUA

/canvasfamily . 800.437.7328

It’s about more than banking.

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SUNDAY, MAY 7, 2023

TOP WORKPLACES: BEST MIDSIZE COMPANIES

Madison and Co. anticipates ongoing success NO. 1

By Sara B. Hansen Special to The Denver Post

As Madison & Co. celebrates its 15th anniversary, the company looks forward to continued growth and success.

“We feel we have the best staff and group of agents we have EVER had,” says Todd Narlinger, Madison & Co. Properties founder.

“Our goal for the next year is to not only survive the current economic struggles (i.e., interest rates have affected us quite a bit in real estate), but to come out even stronger to excel for the next 15 years.”

Most of Madison & Co.’s staff work in the office with accommodations to work from home as needed.

“I believe the plans for the future are ‘what works best for each employee’ while trying to ensure the ‘connection’ maintains with the whole team. I feel in office full time should not be the No. 1 requirement, it should be what is best for the individual while still ensuring the company is in good condition to maintain, improve and grow,” he says.

Before the pandemic, the staff worked in the office. During the pandemic, everyone worked remotely.

“But a year and a half ago while concerns still existed, we tried to get folks in as much as possible and worked with a hybrid model,” Narlinger says.

Madison & Co. Properties

Years ranked: 10 Founded: 2008 Headquarters: Greenwood Village Employees: 202 Locations: 5 Facts: Madison & Co. focuses on providing broker support and a collaborative team environment with an extensive mentoring program.

DANIEL BRENNER — SPECIAL TO THE DENVER POST FILE

Broker owner and CEO Todd Narlinger, center, speaks to Luke Raye, left, and Matt Harper, right, during a happy hour Feb. 12, 2019, at Madison & Co. in Denver.

“Fast forward to today, and our staff WANTS to come in, they want interaction. It’s all about creating the right culture of events, lunches, breaks at work, and trusting everyone to get their work done while maintaining a ‘great place’ to work.”

And Madison & Co.

succeeds in creating that great place to work. The company returns this year to the top spot on the list of Top Workplace’s midsize businesses.

The company ranked second last year after spending two years ranking third for midsize businesses.

Madison & Co. was the top-ranked midsize business in 2018 and 2019.

Looking ahead, Narlinger anticipates continued evolution in the real estate business.

First, he expects Realtors to continue expanding their use of ChatGPT to help write property de-

scriptions.

Second, he anticipates creat in g c onsolidat ed workplaces using a hybrid model where staff can come in or work remotely.

The company has six offices but may reduce that number to give employees more opportunities to work from home and check

in via Zoom.

“But we’d still have allstaff get-togethers to keep that face-to-face bond and creativity, for example sprinkling in happy hours, axe throwing or other bonding events, and lunches in the office just to have strategy and growth meetings,” Narlinger says.

Narlinger believes basing his company in Colorado is good for business and his company.

“As a Denver native, what is there not to LOVE about Denver,” he says.

Colorado offers great weather, a blend of arts and music with sports teams, and outdoor advent u re s l i ke h i k i n g and sk iing, Narlinger says.

“There’s also a very entrepreneurial spirit in Colorado that helps us stay cutting edge for creative and outside the box thinking.”

West + Main uses tech to keep employees happy NO. 2

By Sara B. Hansen Special to The Denver Post

West + Main Homes cofounders Stacie Staub and Madeline Linder believe flexibility is the key to the boutique real estate firm’s success.

“Our vision of storefront, boutique-style locations with fluid and open floor plans and no dedicated desks allows every member of the company to use the spaces in the way that best suits their needs,” says Staub, who’s also the company’s CEO. The company — which serves residential and commercial agents and their clients in Colorado, Oklahoma, Oregon, Minnesota and North Carolina — ranked No. 452 on Inc. the magazine’s top 500 list in 2022.

In Colorado, West + Main has earned a spot on The Denver Post’s Top Workplaces list since the company opened in 2017. This year, it’s the second-place midsize business. In 2022 and 2021, the company earned the No. 3 ranking.

The company continues to grow and recently added new storefronts in Breckenridge and Oklahoma City’s

West + Main Homes

Years ranked: 5 Founded: 2017 Headquarters: Lakewood Employees: 413 Locations: 8 in Colorado Facts: West + Main is an independently-owned and operated boutique real estate company specializing in residential properties in Downtown Denver and the Front Range communities.

HYOUNG CHANG — THE DENVER POST

From left, Erin Hoyt, CEO Stacie Staub, Madeline Linder, Charlotte Price, Natalie Schneider, front, and Rachel Olree are checking the coming magazine designs at West + Main Homes office in Lakewood.

Paseo Arts District. The company’s also looking for opportunities to expand in other states.

“There are so many

ways to run a real estate brokerage, countless business models and offerings,” Staub says.

“At West + Main, we have

a staff mantra: ‘Our agents are our clients.’ We work hard to make sure to give our Realtors what they need to best serve their clients

and have a lot of fun along the way.”

West + Main continues prioritizing life-work balance for its staff and li-

censed Realtors.

The company uses platforms like Slack, Trello and Brandfolder to communicate and maintains a commitment to its company culture with frequent opportunities to learn and collaborate, Staub says.

The company’s always looking for new opportunities to innovate.

“The real estate industry is a very unique space, where technology will continue to improve the way that we market properties and facilitate transactions, but I firmly believe that nothing will ever be able to replace the vital role of people throughout the process,” Staub says.

New American Funding honored for employee satisfaction NO. 3

By Sara B. Hansen Special to The Denver Post

Na t i on a l m or t g a g e lender New A merican Funding wins kudos both nationally and in Colorado for employee satisfaction.

New American Funding was recently named for the second year as one of the Fortune 100 Best Companies to Work For. The company was also honored on The Denver Post’s Top Workplaces list, moving from No. 5 in 2022 to No. 3 in 2023.

Earning recognition from Fortune shows how employees feel about working for New American Funding.

According to the ranking, more than 92% of employees say the company is a great workplace, compared to 57% of employees at most U.S. companies.

“When we began New A mer ican Funding in 2003, one of our founding principles was to ensure that our team al-

New American Funding

Years ranked: 2 Founded: 2003 Headquarters: Tustin, Calif.

Employees: 4,500, with 160 in Colorado Facts: As the largest Latina-owned mortgage company in the U.S., New American Funding helps tens of thousands of individuals and families buy a home or refinance their mortgage every year.

COURTESY OF NEW AMERICAN FUNDING

Members of the New American Funding team attend a company event. ways felt at home and that they were part of a family when they were at work,” Patty Arvielo, New American Funding CEO and co-founder said in a news release announcing the Fortune recognition.

“We’ve grown substantially over the last 20 years, but we’ve always maintained our commitment to our employees’ wellbeing,” she said.

“We’ve built our company on compassion, car-

ing, support and trust.

That’s why it’s truly special to receive awards like this one, because it shows that our team believes in our mission just as much as we do.”

New American Funding

offers a blended approach to staffing, with some employees working full-time in the office.

Others work remotely, a nd a la rge popu lation participates in a hybrid model, says Renae

Souza, the company’s senior vice president of people and culture.

The company continues to innovate to provide new products to exceed customer needs and embrace new technology to help employees excel.

“We strive to lead innovation in our industry so that we can provide exceptional customer service and workplace experiences,” Souza says.

SUNDAY, MAY 7, 2023

DENVERPOST.COM

| BUSINESS | 5 K

Time to Shine Top Workplaces 2023 Presented by

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SUNDAY, MAY 7, 2023

MONEY

Forgot to file 2019 taxes? You still can if you want to claim a refund

By Ann Carrns The New York Times

Tax day for 2022 has passed. But another deadline looms for people who may be sitting on refunds because they have yet to file 2019 tax returns that were due in the early days of the pandemic.

If they don’t file by the final cutoff of July 17, the U.S. Treasury keeps the money.

Almost 1.5 million people have unclaimed federal refunds for tax year 2019, when the typical refund amount was nearly $900, the IRS said in April.

While a deadline in July may sound like plenty of time, it can take a while to gather documents from previous tax years.

“We want taxpayers to claim these refunds,” IRS Commissioner Daniel Werfel said in a statement, “but time is running out.”

Taxpayers generally have three years from tax day to file and claim their refunds.

(There’s no penalty for failing to file if you’re getting money back.)

Returns for tax year 2019 were due in 2020, early in the pandemic. Many people faced “extremely unusual situations” and may have overlooked their tax returns or forgotten that they were owed refunds, Werfel said.

The original tax filing date in 2020 was delayed until July 15 that year because of the pandemic, so the usual three-year window was extended again to July 17, 2023.

Some of the unclaimed refunds may be for people, such as college students or part-time workers, who didn’t earn enough to meet the filing threshold. (The threshold in 2019 was $12,200 for single filers and $24,400 for couples filing jointly, with higher thresholds for people 65

Proud to be named one of TILL LAUER — THE NEW YORK TIMES

The forms for 2019 tax returns were originally due in the early days of the pandemic. The IRS estimates that 1.5 million people are owed money, but they must file by July 17. and older.)

“People should absolutely file for their tax refund and not leave the money on the table,” even if they aren’t required to file a return, said Lisa Greene-Lewis, a certified public accountant and spokesperson for TurboTax. Refunds may also be owed to many low- and moderate-income workers who were eligible for the earned-income tax credit.

The credit, worth as much as $6,557 for 2019, is “refundable,” which means you can still get a refund even if you don’t owe any tax.

The earned-income tax credit is based on income and family size. In 2019, for instance, an individual with income up to $50,162 and three or more children was potentially eligible for the credit. An individual with income up to $15,570 and no children may also be eligible.

Although you can still file your 2019 return, you shouldn’t expect to get your refund swiftly. That’s because 2019 returns must

be filed on paper, which take longer for the IRS to process.

“Notably, paper-filed returns may take significant time for processing and issuing a refund,” said Eric Bronnenkant, head of tax at digital adviser Betterment.

Eric Smith, an IRS spokesperson, said the agency accepts electronically filed returns for the current season and two years prior.

For this year, that means you can electronically file returns for tax years 2022, 2021 and 2020.

Returns for 2019, however, “must be filed on paper, whether self-prepared or submitted with the assistance of a paid preparer,” he said.

You can do your 2019 return using commercial doit-yourself tax software, but you’ll have to print it out and mail it to the IRS. (IRS Free File, the program that gives filers access to free tax software based on their income, can be used only for currentyear returns, Smith said.)

COLORADO’S TOP WORKPLACES

Thank You

to our employees who have made us a top workplace for 50 years.

As a local, family-owned company, we are especially thankful to our community for supporting us through the years. When you choose Applewood, you’re investing in our employees and their families, and in turn, our community.

Know that you can rely on our team of licensed professionals to take care of any home comfort issues you may have, as we’ve been doing for 50 years.

Visit ApplewoodFixIt.com/employment/ to learn how you can join one of the best teams in Denver!

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WE'RE HONORED TO BE A 2023 TOP WORKPLACE IN COLORADO. From the beginning, we believed in cultivating a supportive working environment with opportunities for meaningful career advancement. This belief helped us build 35 branches across the state and create a place for professionals to grow their careers and feel empowered in every pursuit.

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Trade FROM PAGE 1

four-year institutions.

In Tennessee, the state’s overall community college enrollment took a hit during the pandemic, despite a 2015 state program that made community college tuition free. But at the Tennessee College of Applied Technology, a network of 24 colleges that offers training for 70 occupations, many trade programs have continued to grow. At TCAT Nashville, several programs have waiting lists, and the college has added night classes to meet demand, said Nathan Garrett, president of the college.

TCAT focuses on training students for jobs that are in demand in the region, which appeals to many students in normal times, but Garrett said the pandemic may have underscored the need for workforce relevance.

“When we look at ‘essential workers,’ a lot of those trades never saw a slowdown,” he said. “They still hired. They still have the need.” Automotive trades are always in demand, he added.

Even so, Jones’ pursuit of a degree at TCAT Nashville would perhaps be a surprise to his high school self.

“I didn’t necessarily know what I wanted to do,” said Jones, now 26. “My biggest fear was to go to college, put in all that time and effort and then not use my degree.”

So, at 18, Jones went to work in warehouses, spending long days loading and unloading heav y boxes from tractor-trailers. But after a few years, he realized he needed a job that would make him happier, cause fewer injuries and pay him more. Trade school for a career fixing cars seemed like the best route.

Robert Nivyayo’s priorities became clear a bit earlier in his education, when he realized he didn’t like high school. He spent most

JOHN AMIS — THE ASSOCIATED PRESS

“Finally, I feel like I’m going to accomplish something in life,” said Abbey Carlson, 24, who is studying welding at the Tennessee College of Applied Technology Nashville. of his free time watching Laura Monks, president YouTube videos about fix- of the Shelbyville branch of ing up cars before he was TCAT, said one of the reaeven licensed to drive. sons TCAT appeals to stuTraining in auto collision dents is the school’s “corepair made sense for him, op” program, which gives he said, because he could students who are nearing earn a credential while do- graduation the chance to ing what he enjoyed, and work in their desired field without spending much a few days a week while also time in the traditional getting credit toward their classroom. Now 19, Nivyayo diploma. looks forward to the anticBrayden Johnson, 20, ipated payoff when he gets who is in his fifth trimester a job in an auto shop. He studying industrial maincan expect to make roughly tenance automation, has $40,000 to $60,000 a year, had the chance to work as depending on the shop, his an electrical maintenance instructor said. technician in a local factory “Every new day, I just that makes tubes for toothget more motivated,” Nivy- paste. He’s working the ayo said. night shift, which comes Just a few doors down, with a slight pay bump, Abbey Carlson is in the and is earning about $26 welding studio, wearing per hour. jeans with holes burnt He said he hopes to stay through them and a cap to in the job after he finishes protect her hair. She’s the at TCAT this spring. only woman in the nightAt trade schools like time welding class.

TCAT Nashville, students Carlson, now 24, had ini- are drawn to the handstially intended to attend a on design of the courses, four-year college, but her Garrett said. “You need plans were derailed by an to get your hands on the addiction to alcohol. After equipment,” he said of the dedicating herself to recov- school’s philosophy. “You ery, she decided to pursue a need to start building stuff, career in the trades. breaking stuff and then After researching her op- learn how to fix that stuff.” tions, she concluded weldThe opportunity to get ing would be the safest path real work experience in to take as a young woman TCAT’s co-op is an extra while also offering her the perk. The employer reports highest eventual earning back to the student’s inpotential. So far, she’s en- structor so they know where joying her time at TCAT the student is excelling and Nashville. where they are struggling, “Finally, I feel like I’m so they can work on those going to accomplish some- weaknesses in class, Garthing in life,” Carlson said. rett said.

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Retire FROM PAGE 1

retirement income. Once owners retire, they often sell their homes or tap their equity to help fund their retirement and health care expenses.

“There may not be that much difference in one’s ability to save during working years, but the effect of having home equity to draw on in retirement, coupled with hopefully having paid off your mortgage by the time you retire, could make a significant difference in later years,” Waddell said.

People who can’t afford to buy a home and build equity in their house will be much more dependent on their savings in retirement, said Kristy Jiayi Xu, founder and CEO of Global Wealth Harbor, an investment adviser in Walnut Creek, Calif.

“They may need a more careful budget plan, a more conservative retirement plan, and possibly delay their retirement as well,” she said.

Mortgages as a kind of savings While many consumers think of home equity in terms of borrowing money, few consider the long-term financial power of that equity. Once a mortgage is paid off, that dwelling becomes an asset. “ T he real power of homeownership is that it’s a form of forced savings,” said Jordan Nietzel, founder of Trek Wealth Planning in Columbia, Mo. “After 30 years, if you have a 30-year mortgage and you own the house free and clear, you now have a $100,000-plus asset you own completely,” he said.

Homeownership’s tax benefits could also help offset future retirement costs.

For instance, home sellers may qualify for a tax exclusion for up to $250,000 in capital gains on real estate, or up to $500,000 for

spouses filing a joint return, provided the property is their main residence and they lived in it at least two years.

If a couple bought a property for $1 million and later sold it for $1.5 million, for example, they could put the $500,000 difference (minus fees or other costs) toward retirement, Xu said.

“There aren’t a lot of assets that people hold that can give you that type of tax benefit when you sell it,” she said.

Although homeownership can help cover some retirement costs, financial planners say saving to buy a home can hurt the longterm value of a first-time buyer’s retirement fund.

Clients who are saving for a down payment are either not contributing to their 401(k) plan, if one is available, or contributing the bare minimum to get an employer match, Waddell said.

Scaling back on retirement savings will hobble your retirement account’s value, especially if you stop or reduce your contributions for several years.

“The long-term value of missing these contributions adds up very quickly and will hurt their account values come retirement time,” said Colin Moynahan, a financial adviser with Twenty Fifty Capital Financial Advisors in Charleston, S.C. Moynahan estimates that if a 35-year-old who stays invested until age 65 misses three years of $6,500 in annual contributions to a Roth individual retirement account, he or she will lose out on $140,000. That calculation assumes a 7% interest rate. For individuals in their mid-20s staying invested until age 65, missing three years would cost $270,000, he said.

Although Akintola made the maximum contributions last year to her Solo 401(k) (a savings vehicle for business owners), she and Brown said they would assess whether they could make a contribution at the

SUNDAY, MAY 7, 2023

end of this year.

If clients have a goal to buy their first house within five years, Nietzel said, it’s acceptable to cut back on retirement savings. If they have a 401(k) with an employer match, however, he recommends that they contribute enough to get it.

Concerns for renters Ariel and Nick Brengle have been renting a townhouse in northern Virginia for the past nine years.

But when Ariel Brengle switched jobs last year and her salary jumped more than 50%, the couple thought: It’s time to buy a house.

“I met with a Realtor to find out what houses we could afford, how to budget and how we could save,” said Ariel Brengle, 32, a strategy and communications consultant for U.S. Customs and Border Control. She was disappointed to learn that it would take six to seven years of saving $800 a month to have enough money for a 10% down payment.

The average cost of the size home they’re looking for — two or three bedrooms and two bathrooms with a basement — is between $650,000 and $890,000 in their area, Ariel Brengle said. For now, buying is out of reach, said Nick Brengle, 35, a freelance cinematographer.

Ariel Brengle said she and her husband were saving only about $100 a month for a down payment because they wanted to continue contributing to her 401(k).

“I would be really uncomfortable not saving for my retirement,” she said.

Niv Persaud, managing director at Transition Planning + Guidance in Atlanta, suggested that renters estimate how much they would be spending on property taxes, insurance, lawn care services and furnishings if they were owners, and contribute that amount monthly to a retirement investment account.

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CHINA

For wealthy, it’s time to splurge again biggest division Luxury brands see company’s — were up 18%, driven in large part by the rebound sales soar after in China. lockdown ends Last week, LVMH shares

By Elizabeth Paton and Keith Bradsher The New York Times

This time last year, Shanghai — China’s capital of fashion and luxury — was in the throes of a ruthlessly enforced COVID lockdown. The city’s glittering high-end malls and avenues lined with flagship stores stood practically empty.

Today it is a different story. Huge crowds on a recent weekend flocked to top retail destinations on or near Nanjing Road, the hub of glamour in China ever since the country’s first large department stores began to open there in 1917.

“I splurge more extravagantly,” Sunny Zhang, 24, said as she waited in line to enter the Chanel store at Plaza 66 mall, where the corridors are lined with shops selling some of the world’s most expensive apparel. Zhang, who works for a consulting firm, used to buy six handbags a year.

Now she purchases up to five handbags a month.

“I change my handbag every day,” Zhang added.

“I felt that everything was meaningless during the Shanghai lockdown, so we should enjoy the present moment in time.”

Many Western fashion and luxury brands have been reaping the benefits of this renewed consumer mindset. Last month, LVMH — the world’s largest luxury goods group by sales, and the owner of brands like Louis Vuitton, Tiffany & Co. and Dior — posted a 17% increase in first-quarter revenue from a year earlier. Fashion and leather goods — the French

soared to a record high, making it the first European company to surpass $500 billion in market value. Its French rival Hermes said sales in Asia (excluding Japan) were up 23% in the first quarter, “driven by a very good Chinese New Year.”

And Brunello Cucinelli, purveyor of $4,000 blazers and the “quiet luxury” trend, posted a 56% surge in first-quarter sales.

Luca Lisandroni, the Italian brand’s co-CEO, called 2023 “a golden year” for the China market.

Luxur y spending in China is bouncing back even faster than the country’s overall economy. Retail sales of jewelry, gold and silver soared 37.4% in March from a year earlier, more than three times as fast as the rebound in overall retail sales, according to China’s National Bureau of Statistics. It was by far the biggest March on record for jewelry sales in China; indeed, March was the industry’s second-highest sales month ever outside the giftgiving season before Chinese New Year.

“We expect China to be the luxury industry’s key growth engine this year, especially given a slight deceleration in other core markets like the U.S. and Korea,” Edouard Aubin, an equity analyst at Morgan Stanley, said on a call last week.

He added that big brands “at the top of the pricing pyramid” with status symbol value like Chanel, Hermes and Louis Vuitton were outperforming rivals.

Those include Gucci and Burberry, both brands that have recently had a change

QILAI SHEN — THE NEW YORK TIMES

A Gucci store on Nanjing Road, one of the main shopping areas in Shanghai on April 23.

The end of pandemic-era restrictions has unleashed a luxury spending rebound in China. of designer at their helm.

“Much of the initial spend driving the rebound is, for now, less to do with the middle class of China and more to do with rich people spending more,” Aubin said, noting that he expected a resurgence in middle-class spending to kick in later this year.

This desire for big-name luxury in China isn’t new.

For more than a decade, the country, with 1.4 billion consumers, powered the Western luxury market, contributing as much as one-third of market revenue. Two-thirds of that spending took place outside mainland China, as Chinese tourists flocked to Hong Kong, Tokyo, Paris and elsewhere to avoid their country’s steep import tariffs and consumption taxes.

But then came 2020, the worst year on record for the industry, as China closed its borders in response to the pandemic. Now, after three years of relying largely on online purchases, many

shoppers in China exult in being able to touch fabrics, try on handbags and sunglasses and simply share companionship with others.

In the Zhang Yuan neighborhood, where heavily restored buildings have polished wood frames and elegant stone columns, a crowd gathered and waited outside the Dior store to watch for celebrities. The onlookers did not have to wait long: Annie Yi, the famous Taiwanese singer, walked out of the store accompanied by a young woman who carried a white Dior bag big enough to hold a flat-panel television.

Zoe Zhou, who was at the Dior store looking for a handbag owned by a member of the K-pop band Blackpink, said she had seen a frenzy to buy luxury goods in her home city, Nanjing, with people lining up outside stores at downtown malls.

“Now that restrictions have been lifted, there are a lot of people buying hand-

bags,” said Zhou, who was disappointed that the bag she wanted was sold out.

“You can also go abroad.

The price difference between domestic and foreign countries is quite large.”

Many luxury brands have raised prices in recent months, notably in China.

But traveling outside China remains far more difficult than it was before the pandemic.

Airfares are higher, with a significantly reduced overseas flight schedule. As part of a national security campaign, the Chinese government has made it harder to obtain or renew passports.

As domestic destinations like the duty-free tropical island of Hainan continue to gain popularity, and retail hot spots like Chengdu and Hangzhou continue to emerge, the pivot by Chinese shoppers to buying more domestically is expected to continue. Social media posts about stock shortages and long lines have also become common.

“The domestic recovery may be well underway, but international travel is still far from pre-COVID levels, nor do we think Chinese tourists will be returning at the volumes they once did to Europe anytime soon,” said Thomas Chauvet, head of luxury goods research at Citi. Short-haul destinations like Hong Kong, Macao and possibly Japan, given the weak Japanese yen, may see the return of Chinese spending sooner, he added.

Not everyone has been coming out on top. Muted quarterly results last week from Kering, the home of Gucci and Balenciaga, reminded investors that a rising tide in China won’t necessarily lift all brands. The Paris-based group’s revenue grew 1% in the first three months of 2023, hampered by a slowdown in its U.S. and wholesale business, the dwindling popularity of Gucci and continuing fallout from a controversial advertising campaign published

by Balenciaga at the end of last year.

According to Antoine Belge, an analyst at BNP Paribas Exane, “Strong brands with serious brand desirability are getting stronger.”

“Being bigger helps,” he added.

The same goes for luxury markets. Claudia D’Arpizio, a senior partner at the consultancy Bain, estimated that the population of middle- and high-income consumers in mainland China will double to 500 million by 2030. By then, she predicted, the country will account for around 40% of global luxury purchases. “ W hile A frican and Southeast Asian countries might be emerging luxury markets,” D’Arpizio said, “the sheer size of the China luxury market makes it unique and of great strategic importance.”

Jefferson Center committed to helping community members ‘be your best you’ Center employees are deeply connected in their community, and are involved in more than 120 community boards, work groups, task forces, and committees addressing mental health challenges.

The Jefferson Center is committed to serving its community and providing personalized care for almost 30,000 Coloradans each year, through a continuum of counseling, medication, substance use treatment; housing; wellness programs; prevention services and more.

In times of tragedy, such as a school or workplace incident, natural disaster, or other crisis, Jefferson Center staff responds with immediate support, education and ongoing resources.

They partner with Colorado Crisis Services to provide 24/7 crisis services, walk-in crisis centers; mobile teams; and other resources for those struggling with mental health issues. Substance use patients can access the Jefferson Center’s 24/7 withdrawal management detox program for safety and connection to ongoing support services.

Their 700 dedicated employees work to provide the necessary resources to manage difficult times.

“The work that our team does every day truly makes a positive impact in the lives of others. When treated with dignity and respect, and offered the right treatment, services, and supports, people struggling with mental health conditions, addictions, or those struggling with homelessness have the opportunity to thrive,” said Dr. Kiara Kuenzler, President and CEO Jefferson Center also works with other organizations and programs to meet its clients’ basic needs. “We know that without a safe place to live, food, and other necessities, it’s really difficult to focus on mental health or substance use needs.”

“We’re at the table where these conversations happen and see ourselves as not only a provider of services, but a partner in finding solutions to address the complex needs of our communities and the people we serve,” said Kuenzler.

Meeting pandemic challenges When the pandemic hit, Jefferson Center staff quickly converted to providing telehealth services.

The center quickly learned that telehealth offered a way to stay engaged with clients and provided opportunities to reconnect with people who had stopped care due to transportation or childcare issues. Today, Jefferson Center sees about 30 percent of its clients virtually, in addition to clients having the option for in-person services.

The pandemic and the isolation it caused created new mental health challenges and exacerbated existing ones, Kuenzler said.

“The folks we’re seeing have more acute, complex needs. For some, their needs were unmet during the pandemic. Others face new challenges, and the care or resources they need is different, more intensive,” she said.

“We are constantly evolving to be responsive to these changing needs.

It makes a difference.”

Protecting those who provide care The Jefferson Center knows it’s crucial to protect the mental health of its employees.

“The people on our team are here because they are passionate about our mission, and they invest in their work through their time, energy and heart. This work is both challenging and incredibly meaningful, and

we must take care of our team who care so much for others” Kuenzler said. That’s why it gives every employee a paid hour per week to use how they choose.

Using a hybrid work schedule, when possible, also helps ease employee stress, as do regular self-care classes like yoga and wellness classes on topics ranging from nutrition to quitting smoking to improving sleep.

An employee lead initiative offers employee self-care stations in their offices, that provide opportunities to create moments of Zen, from stretching bands and aroma therapy hand lotion to mini-sand gardens and adult coloring books.

Retaining and recruiting employees Like other healthcare employers, particularly in the aftermath of the pandemic, the Jefferson Center sometimes struggles with turnover and the need to recruit new employees. They have a deep commitment to creating an engaging, supportive and flexible workplace culture that has kept turnover well below the average rates in the healthcare field.

That’s why the Jefferson Center, which has been named a Denver Post Top Workplace for 11 years, works to set itself apart from its competition by providing hiring bonuses, relocation allowances, and bonuses for employees who successfully refer a new hire.

It also welcomes back “boomerang” employees who return to Jefferson Center after moving or taking time off to work for another employer.

“The fact that they come back is significant,” Kuenzler says. “It shows the impact of working in a culture where we really care and put people first.”