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Quarterly Economic Development Magazine | Fall 2019

Goodbye Wall Street

Companies that Ditched the COLD


Palm Beach!

Forbes Family Trust

Palm Beach County vs. the Northeast U.S.

4 Forbes Family Trust

Who’s Here – The List of Financial Firms


Group | JP Morgan | JVB Financial | Kayne Anderson

Intech | Intech Investment Management | Janus Capital

Halite Partners | Impala Asset Management | Incapital

Capital Management | Grey Value Management, LLC

Goldman Sachs Company | Govic Capital | Graham

Glenmede Trust | Global Trust Asset Management

Fortress Investment Group | GenSpring Family Offices


contents Palm Beach County Business Quarterly | Fall 2019


Companies that Ditched the High

Taxes and Cold Weather



Flagler Financial District




16 18 20


Forbes Family Office

County Corner

Local Leader Ben Boynton

BDB Red Carpet Services

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from the


If you are tired of the snow

, axed to the max or exhausted from two-hour commutes, then we welcome you to Palm Beach County, Florida. We offer a warm and inviting home for financial services firms from the frozen Northeast United States, and for companies in all industries seeking a supportive business environment. This issue of Palm Beach County Business focuses on the financial services sector, outlining the many reasons our community is welcoming a steady inflow of hedge funds, private equity firms, family offices, wealth management companies and other service providers. With the number of inquiries rising steadily – especially in the cold winter months – we have created a separate department at the Business Development Board that provides concierge services to financial executives and other professionals considering a move to our low-tax, highquality-of-life region. It’s not just financial firms that are choosing Palm Beach County. Altogether, 34 companies relocated to or expanded in Palm Beach County using the BDB's complimentary economic development services just this past year. As a result of our collaborative economic development efforts, 2,725 high-salary jobs were announced for Palm Beach County residents, along with a capital investment of more than $220 million. Thanks to all of our partners in economic development as we keep Palm Beach County moving forward!

Kelly Smallridge President and CEO

Palm Beach County, Florida is Home to 39 Cities and Towns, including: City of Atlantis City of Belle Glade City of Boca Raton City of Boynton Beach Town of Briny Breezes Town of Cloud Lake City of Delray Beach Town of Glen Ridge Village of Golf City of Greenacres Town of Gulf Stream Town of Haverhill Town of Highland Beach

Town of Hypoluxo Town of Juno Beach Town of Jupiter Town of Jupiter Inlet Colony Town of Lake Clarke Shores Town of Lake Park City of Lake Worth Beach Town of Lantana Town of Loxahatchee Groves Town of Manalapan Town of Mangonia Park Village of North Palm Beach Town of Ocean Ridge

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City of Pahokee Town of Palm Beach City of Palm Beach Gardens Town of Palm Beach Shores Village of Palm Springs City of Riviera Beach Village of Royal Palm Beach City of South Bay Town of South Palm Beach Village of Tequesta Village of Wellington City of Westlake City of West Palm Beach

Kelly Smallridge President & CEO 561.835.1008 Ext. 4121 Gary Hines Senior Vice President – Administration 561.835.1008 Ext. 4111 Lisa Anderson Vice President – Private Funding 561.835.1008 Ext. 4110 Kristen Boyd Vice President – Marketing & Media Relations 561.835.1008 Ext. 4106 Shereena Coleman Vice President - Business Facilitation & The Glades Region 561.835.1008 Ext. 4125 Tim Dougher Vice President – Business Recruitment, Retention and Expansion 561.835.1008 Ext. 4131 Sarah Marcadis Vice President - Member Events 561.835.1008 Ext. 4101 Robert P. Mino Vice President - Life Sciences 561.835.1008 Ext. 4109 Shawn Rowan Vice President – Business Recruitment, Retention and Expansion 561.835.1008 Ext. 4108, COVER PHOTO BY: Robert Woodham |


Passport Publications & Media Corporation 1555 Palm Beach Lakes Blvd., Suite 1550 West Palm Beach, FL 33401 561.472.8778 • Palm Beach County Business Quarterly is published by Passport Publications & Media Corporation, on behalf of the Business Development Board of Palm Beach County, Inc. All rights reserved. No part of this publication may be reproduced without the expressed written consent of the Business Development Board of Palm Beach County and the publisher. © 2019 Passport Publications & Media Corporation

OUR ECONOMIC DEVELOPMENT SERVICES OF YOUR RELOCATION OR EXPANSION Confidential and complimentary management Real estate availability Information regarding financial assistance and city, county and state incentive programs Demographics and labor market information Site tours conducted by our relocation and expansion staff Introductions to business networks

The Business Development Board, Palm Beach County’s Economic Development Resource The Business Development Board provides confidential, individualized services free of charge to companies considering Palm Beach County, Florida as the place to do business and to companies already located here that want to expand their presence. Palm Beach County Business is the Business Development Board’s official quarterly publication outlining Palm Beach County’s competitive business environment.

Introductions to workforce training programs Expedited permitting assistance Introductions to city, county and state elected officials Tours of public and private schools

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Goodbye Wall Street . . . .

“With today’s technology, firms don’t need to be located on Wall Street anymore.” — Kelly Smallridge, President and CEO of the Business Development Board

A growing number of financial service firms

and funds are leaving the cold and dreary Northeast U.S. for the warm and sunny skies of Palm Beach County, Florida. With its low tax rates, convenient air connections and excellent education, it’s not surprising that some of the biggest names in the nation’s financial sector are moving here. In the past few years, dozens of financial firms have relocated from New York, Massachusetts and Connecticut, including leaders like Paul Tudor Jones, MSD Capital, and Wexford Capital. Most are from high50 Worst Commutes tax states that were impacted by the 2017 tax reform act, which put a in America by Business Insider $10,000 cap on state and local tax deductions for high-income professionals. 100 Most Stressful According to FOX Business, someone earning $650,000 in ordinary Cities in America income could save $69,719 per year by moving from New York to by Inc. magazine and Zippia Florida, based on data provided by the Tax, Trusts & Estates Department of Cole Schotz. America’s 25 Least Affordable Because of a surge in corporate relocation interest, the Business Housing Markets Development Board has created a full-time department dedicated to by 24/7 Wall Street this sector. Financial professionals can receive confidential, one-on-one Average Snowfall services when considering a relocation to one of the nation’s wealthiest Per Year counties. “With today’s technology, firms don’t need to be located on Wall Street anymore,” said Kelly Smallridge, President and CEO of the Business Development Board. “Instead of a long commute home through the snow, executives can spend their evening on the golf course, boating with clients or enjoying time with their families.”

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The Northeast U.S.

Palm Beach County, Florida

Greater New York, Greater Boston, and Greater New Haven made the list.

None of our 39 cities made the list.

New York City, NY #6 Stamford, CT #37 Boston, MA #65

None of our 39 cities made the list.

In NY, Bronx, Nassau, Richmond, and Kings counties made the list.

Palm Beach County did not make the list.

New York gets 25 inches on average



Hello Palm Beach!

Financial Firms Prefer Palm Beach County to the Northeast U.S.

Florida Rankings n #4 for private equity firms n #4 largest financial services industry in the nation n 4th best tax climate in the nation n 380,000 professionals work in Florida’s finance and insurance industries n Florida’s universities are among the nation’s top producers of industry talent n Florida produces nearly 38,000 degrees for financial services per year

A Look at the Numbers When it comes to comparing Palm Beach County, Florida with the Northeast U.S., the facts and figures speak for themselves. n Palm Beach County boasts more than 40 billionaire households and more than 70,000 millionaire households. n Bloomberg ranked Palm Beach #4 on the list for richest zip codes in the country. n Florida was the No. 1 recipient of the wealth exodus from 18 individual states — with New York, Illinois and New Jersey combining to contribute about $8 billion to Florida’s income base, according to Bloomberg. n Florida received more movers than any other state last year, including 63,772 people from New York, according to data from the U.S. Census Bureau. n Forbes named Palm Beach County a “Top 50 Metro Area for Business and Careers” in 2019 n Area Development ranked Palm Beach County one of the “Top 100 Leading Locations in America”

Palm Beach County: Not Your Grandma’s Hangout Spot Anymore With coffee shops, co-working spaces, creative art galleries and easy access to professional sports, Palm Beach County offers one of Florida’s most appealing urban lifestyles. You can still enjoy the traditional attractions like golf, boating, and equestrian activities, but there are far more live-work-play options than ever before. For instance, Palm Beach County is home to the U.S. Open Polo Championship, Honda Classic, Boca Bowl and Spring Training for the Miami Marlins, St. Louis Cardinals, Houston Astros and Washington Nationals. You can also hop on the train in downtown West Palm Beach and go to a Miami Heat or Miami Dolphins game in just one hour. Palm Beach County is also known as the equestrian capital of the world, hosting the Winter Equestrian Festival and attracting billionaires from across the country. It’s also home to the Palm Beach International Boat Show, which features more than $1.2 billion worth of yachts and accessories, including super yachts nearly 300 feet in length. There are more than 400 cultural venues, 170+ golf courses, 47 miles of beaches, and 125 waterways in Palm Beach County. Residents can access the beach almost anywhere along “A1A” from Boca Raton to Jupiter, enjoy more than 8,000 acres of parks, canoe or kayak on the scenic Loxahatchee River or explore Florida’s Everglades. Every weekend, there’s an outdoor festival, concert or performance, and some of the biggest names in entertainment perform at the Kravis Center for the Performing Arts in West Palm Beach. You can probably find whatever you enjoy in life in Palm Beach County – except shoveling snow!

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BEACHballers Who’s Here? Hedge Funds, Private Equity and Financial Services Firms

Palm Beach County is home to a long list of hedge funds, private equity, wealth management and financial service firms, including the following: n Abbot Downing n Addison Capital Partners n Affiliated Managers Group n AM Global Core Fund n BlackRock n Blue Sea Capital n Blue Water Worldwide n III Capital Management n Cambridge Capital n Capital Asset Management Group n Chilton Trust Company n Comvest Partners n Convergence Investment Partners n Cresset Wealth Partners n Cypress Trust Company n Directional Research & Trading, Inc. n DRB Capital n DRI Fund n DSM Capital Partners n Ellevest n Evercore Wealth Management n Family Office Networks n Forbes Family Trust n Fortress Investment Group n GenSpring Family Offices n Glenmede Trust n Global Trust Asset Management n Goldman Sachs Company n Govic Capital n Graham Capital Management n Grey Value Management, LLC n Halite Partners n Hamilton Capital n HedgeCo Securities n Hunter Global Investors

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n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n

Impala Asset Management Incapital Intech Intech Investment Management Janus Capital Group JP Morgan JVB Financial Kayne Anderson Lawless Edwards and Warren Lee Munder Investments Lighthouse Partners Looking Glass Investments Matrix Private Capital Group Merrill Lynch Wealth Management Mesirow Financial Morgan Stanley MSD Capital Omega Advisors Oppenheimer & Company Otter Creek Management Palisade Capital Management Palm Beach Capital Priderock Capital Partners RAM Investment Group Red Oak Capital Partners SkyBridge Capital State Trust Sterling Organization Sun Capital Partners, Inc. The Legend Group Theorem Fund Services Third Friday Total Return Fund Tudor Investment Corporation UBS Financial Services Voloridge Investment Management Wexford Capital

it’s all about




Sterling Organization’s New Headquarters

are Saying

“People ask me why we moved down here, and I say weather, lifestyle, and taxes.” — Albert Rabil II, Kayne Anderson Real Estate “Palm Beach County has always attracted highly successful executives, who provide a large pool of strong operating talent largely unavailable in big cities.” — Michael Falk, Chairman and Managing Partner, Comvest Partners

“The living expenses here, along with the cost of doing business, is so much less than in the Northeast.” — Steven Grey, CEO and Chief Investment Officer, Grey Value Management, LLC You can actually be more successful as a business and spend more time with your family. I think that’s a pretty unique combination. — Adam L. Munder, Principal, Sterling Organization

fact 32 of the country’s richest people live in the town of Palm Beach, according to Forbes, totaling net worths of more than $240 billion.

Along with a central location in the Flagler Financial District, Sterling Organization is enjoying all the advantages of a “cool” workplace in downtown West Palm Beach. A vertically integrated private equity real estate firm that focuses on investing in retail real estate assets, Sterling Organization has been growing in the Florida sunshine. Noting the advantages of being located in Palm Beach County, Florida, Adam L. Munder, principal at Sterling Organization, said, “You can actually be more successful as a business and spend more time with your family. I think that’s a pretty unique combination.” GliddenSpina + Partners revitalized the firm’s building at 302 Datura Street, while attracting a next-generation workforce. The new 45,000-square-foot state-of-the-art corporate office includes a rooftop deck that overlooks the Flagler Financial District. “The firm’s leaders had a vision of buying a building downtown for their corporate headquarters,” said Keith Spina, CEO, GliddenSpina + Partners. “They love the energy of downtown West Palm Beach and recognized it would give them an advantage in retaining, as well as recruiting, new team members.”

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Companies that DITCHED the

Cold Weather! It’s not just financial service firms that are flocking to Palm Beach County. In the past few years, dozens of other

1Alphazyme (Boston to Jupiter)

Co-founded in 2018 by Christopher Benoit, Alphazyme specializes in the manufacture of custom enzymes used to write genetic code. Prior to starting Alphazyme, Benoit was located in Boston, where he co-founded Enzymatics and Launchworks Manufacturing Lab. Benoit originally planned to open Alphazyme in Massachusetts, until the Business Development Board introduced Jupiter’s life science ecosystem to the entrepreneur, including the Town of Jupiter’s life sciences-friendly leadership. Keys to his decision were the region’s bioscience environment, low taxes, and quality of life. “Jupiter is a magical place, and we are excited to build a great bioscience company here in town,” Benoit said. “The support of the Business Development Board and Town of Jupiter made it an easy decision to invest resources here.”

companies in life sciences, technology, manufacturing, business services and other sectors have left the cold, high-taxed Northern climate behind. Here are four examples.


Beacon Center for Life Science and Research (New York to Jupiter)

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Beacon Center for Life Science and Research, a focused earlystage life sciences firm, chose Jupiter to build a state-of-the-art life sciences accelerator and biologics synthesis facility. This new headquarters will be a 150,000-square-foot building, creating more than 137 new jobs with a capital investment of approximately $80 million. Beacon originally planned to house the project in New York City, but changed that decision after the Business Development Board showcased Palm Beach County’s competitive business climate and offered complimentary services. “We aim to support investments in research and development in highly profitable and liquid socially conscious investment opportunities,” said Nancy Torres Kaufman, executive chairwoman.

3 Fluorotek

(Canada to Riviera Beach) Founded in 2013 by Jeffrey Breitkreutz and David Helbig, Fluorotek started out selling Canadian-manufactured oilfield products throughout North America. To diversify their business, the co-founders transformed their passion for health and fitness into manufacturing custom products for the fitness industry. Within three years, Fluorotek USA Inc. became one of the leading providers of Elite Bumper Plates in the world. The equipment is used by teams and universities such as The Boston Red Sox, The University of Miami, Florida State, Duke, Kentucky Basketball,

Aerojet Rocketdyne

A Look at Palm Beach County’s Top Industries: n

Cleveland Cavaliers, Texas State, the 75th US Ranger Regiment, US Special Forces, Seattle Seahawks, and countless others. Since moving to Riviera Beach, the company has steadily expanded, and has reached 100 employees at its new 24,000-square-foot facility. “The relationships developed within the Business Development Board,


the City of Riviera Beach, and Florida Power & Light have enabled us to move forward at an incredible speed,” said Helbig.



4 BlinkBio

(New York to Jupiter) Three years ago, BlinkBio Inc., a privately held biotechnology company, left Long Island behind and moved to Jupiter where it entered into a Use Agreement with The Scripps Research Institute (TSRI) to pursue novel therapies for cancer and other diseases. “The Scripps team laid out a compelling case for their strong Institutional commitment to supporting an emerging biotech cluster,” said Colin Goddard, chairman and CEO. “We were also impressed with the regional commitment to the industry, the favorable tax environment in the state and the appropriately modest but practically targeted incentives – all of which paved the way for our relocation decision.”



AVIATION / AEROSPACE / ENGINEERING: Over 17,000 employees in more than 1,350 companies with an average wage of $94,082. Big names include Aerojet Rocketdyne, Belcan Engineering, Pratt & Whitney, and Rockwell Collins. CORPORATE HEADQUARTERS: More than 70 companies are headquartered here including ADT, Cancer Treatment Centers of America, Shoes for Crews, Office Depot, NextEra Energy, TBC Corp., USPA Global Licensing, Yachtico, etc. DISTRIBUTION/LOGISTICS: Home to distribution centers that occupy over 4.2 million sq. ft. in Palm Beach County. Well-known ones include Nestle Water, Cheney Brothers, FedEx, Tropical Shipping, Woodfield Distribution Center and Walgreens. MANUFACTURING: Over 20,900 jobs with average earnings of $76,179. Big names include KRS Global Biotechnology, Locus Traxx, Solartech Universal, Aerospace Technologies Group, and Tellus Products. INFOTECH: More than 18,533 IT employees with an average wage of $71,768. Major companies here include 3Cinteractive, Crossmatch,, LexisNexis Risk Solutions, Modernizing Medicine, SBA Communications, and Touchsuite. LIFE SCIENCES: Home to more than 711 companies, including the world’s top two recently ranked research institutes, Max Planck and Scripps Research.

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Flagler Financial District Where the City Meets the Beach Private equity, hedge funds, family offices and wealth management

primary east coast highway. Commuter rail service to

providers are flocking to the Flagler Financial District in downtown West Palm Beach.

Miami and Fort Lauderdale is fast and easy via Virgin Trains

It’s an ideal urban setting for financial professionals who would rather spend their time with family and friends than being stuck in traffic. “You can walk to an outdoor cafe, take a client to a fine restaurant for lunch and enjoy the scenic waterfront,” said Christopher Roog, director of economic development, City of West Palm Beach. “There are plenty of nearby residences, and it’s easy to walk, bicycle or even ride your skateboard to work. More than 230 financial firms now have offices in the Flagler Financial District,

USA’s (formerly Brightline) downtown station and Tri-Rail’s service to the west. “You can walk to the station and be in Fort Lauderdale in 30 minutes, or Miami in 60 minutes.” Roog said. As one of America’s few urban sectors specifically dedicated to the distinct needs of business and finance, the Flagler Financial District has more than 2.5 million square feet of office space in the half-mile district, with

which runs along the Intracoastal Waterway, just across the bridge to Royal Palm

additional projects in the construction pipeline. The City

Avenue in the Town of Palm Beach. “Firms are centrally situated to serve the area’s

of West Palm Beach provides expedited permitting

wealth markets, including the Palm Beach communities, Wellington and Jupiter,”

services and potential incentives for firms relocating or

said Roog. The Flagler Financial District is also an easy drive to other popular cities

expanding here.

in the county such as Boca Raton, Palm Beach Gardens, and Delray Beach. The district is just a few minutes away from Palm Beach International Airport (PBI), which has convenient flights to the Northeast U.S., and Interstate 95, the state’s

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Looking ahead, the city is investing more than $80 million in infrastructure improvements to the downtown area to increase its appeal.

Photo by: Christopher Fay

Flagler Financial District: n 230 financial firms n 2.5 million s.f. of office space n More than $80 million being invested in infrastructure

Regional Connectivity Palm Beach + Fort Lauderdale + Miami-Dade counties n n n n

Three high-speed rail Virgin Trains USA stations in downtown Miami, Fort Lauderdale, and West Palm Beach. 18 Tri-Rail commuter train stations throughout the region Three international airports 2,000 daily direct flights

n n n n

6.5 million potential consumers A labor force of 3.1 million people 365,000 higher education students 809,000 k-12 students

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Forbes Family Trust

Opens Palm Beach Office

Forbes Family Trust, a global multi-family office specializing in alternative investments, asset allocation, portfolio construction and financial planning, has opened a new office on Royal Palm Way in Palm Beach. The firm is based in New York and Philadelphia. “We see Palm Beach as an attractive market for the growth of our business,” said Keith Bloomfield, founding partner and CEO. “We are now able to better serve our client families who have relocated to Florida or have become Palm Beach residents.” The firm’s office space is adjacent to its strategic partner, Wealth Partners Capital Group, a financial services holding company, which is a minority owner in Forbes Family Trust. Forbes Family Trust was founded to serve the investment and wealth planning needs of ultra-high net worth families. The firm and its affiliates manage approximately $6.5 billion in assets. Colin Hickey, who grew up in northern Palm Beach County and is now partner and director of the client investment advisory, said Palm Beach was a natural choice for the firm’s third office. “Palm Beach County is even more attractive today than it was in the past,” said Hickey. “There have been improvements to private and public school education in addition to a supportive local business climate and the region’s economic growth. Palm Beach County has always been attractive for tax benefits, climate, and lifestyle but when you combine these factors with a very healthy business environment it becomes one of the most attractive places to live year round.” Hickey also serves on several local boards, including The Benjamin School’s Alumni Association, and serves as a board director for MacArthur Beach State Park, and is a member of the Board of Trustees for MacArthur Park’s Education Endowment.

Keith Bloomfield

Colin Hickey

Palm Beach County has always been attractive for tax benefits, climate, and lifestyle but when you combine these factors with a very healthy business environment it becomes one of the most attractive places to live year round. —Colin Hickey

Photo Robert Sadler Clark

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Tax Advisors & Accountants

Global Sophistication, Personal Service

FLSV is a premier and forward-thinking tax advisory and accounting firm of over ninety professionals with a strong connection to the financial services industry and its leaders.

Private client services •

Income tax planning & tax compliance

FLSV believes in investing in its people and is proud of the firm's professional diversity. From CPAs with tax and accounting backgrounds, JDs with advisory and consulting backgrounds, and MBAs with business and management backgrounds, many of our senior professionals have grown with FLSV over the firm's twenty-five year history. FLSV has the technical, personal, and global institutional knowledge necessary to offer the highest quality of client service. We understand the importance of building a longstanding and valued relationship with our clients and are committed to upholding the values on which the firm was founded.

Estate, gift & trust planning

Unique lifestyle investments

Residency planning

Family office services Business entity services

Private equity investment partnerships and hedge funds

Real estate

Entrepreneurial businesses

Florida: 777 S. Flagler Drive, Suite 225 East, West Palm Beach, FL 33401 Office: 561-567-7900 New York: 1475 Franklin Avenue, Garden City, NY 11530 Office: 516-874-8800

NEWS A Q&A with Local Talent

Laura Clark, Shareholder, Tax CPA Firm of Caler, Donten, Levine, Cohen, Porter & Veil, P.A. (CDL) How many employees and office locations do you have in Palm Beach County? 110 employees and one office located at 505 S. Flagler Drive, Suite 900, West Palm Beach, FL. Why Palm Beach County? It’s a great place to live and work. Our office is located on Flagler Drive with great views of the Intracoastal and Palm Beach. We are in walking distance to CityPlace, the Kravis Center and Clematis Street. The recent opening of Virgin Trains has also allowed people from all over the county to quickly travel to Fort Lauderdale and Miami for business or pleasure. With the new tax law limiting state and local deductions, Florida has become increasingly attractive, as we have no state income tax. Since 2018, the firm has experienced an influx of new clients looking to establish residency in our state. What is the talent pool like for your company being located here? I was born and raised in Palm Beach County, and returned here to start my career after graduating from the University of Florida. I have been with CDL since 2010 and became a Laura Clark shareholder in 2018. One of my top priorities is to develop the next generation of professionals within our firm.

I am proud to work at CDL – a firm that was started here in my hometown and has grown organically to our current size. We recruit primarily from the local universities to attract the next generation of CPAs, and we have had many success stories drawing from the local talent pool. We are proud of our firm’s talented professionals – something that we believe has helped to make CDL one of this year’s “best” and “fastest growing” CPA firms in the nation by INSIDE Public Accounting. PBCB

Cresset Surpasses $5 Billion in Assets

Under Management in Less Than Two Years Private equity entrepreneurs Eric Becker and Avy Stein founded Cresset Wealth Advisors two years ago and have now surpassed $5 billion in assets under management. The Business Development Board assisted them with opening an office in downtown West Palm Beach last year. “Soon after opening our Chicago office, we opened an office in the Flagler Financial District. We now have a permanent office that accommodates 30 people,” they said. PBCB

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n n n n

Palm Beach was ranked the #1 place to relocate by Move Buddha The Palm Beaches were spotlighted as a great place for families by Forbes Palm Beach International Airport was ranked among the top three domestic airports in the world by Travel + Leisure FAU was ranked by U.S. News & World Report as a Top Public School U.S. News ranked Palm Beach Atlantic University among the best in nation U.S. News ranked Lynn University Among “Best Colleges” for 2020 The School District of Palm Beach County is the #1 large urban district of excellence in the State of Florida


Local University Launches Florida’s First MS Degree in Artificial Intelligence

NEWS Economy Goals:

Business is Booming in Palm Beach County In the last year, 34 companies have decided to relocate to or expand in Palm Beach County, which is comprised of 39 cities and towns from Boca Raton up to the north in Jupiter. All 34 companies have one thing in common: they’ve relocated or expanded using the BDB’s economic development services. Whether it’s expedited permitting, making the appropriate local connections, finding commercial or industrial real estate, or applying for city, county and state incentives, the BDB is positioned to ensure that Palm Beach County puts forward the most competitive information to win the deal. PBCB Year-To-Date Numbers: n 2,725 high-salary jobs n $220 million in capital Investment n Over 1 million sq. ft. of space occupied

As the economy shifts, one thing will remain the same: Palm Beach County will stay ahead of the game in technology and innovation. Artificial Intelligence (AI) is transforming every industry in the U.S. from finance to medicine. To address this high demand, Florida Atlantic University recently launched Florida’s first Master of Science with Major in AI (MSAI) right here in Palm Beach County. This degree will develop a workforce ready for positions that require AI skills, especially in the fast-growing fin-tech sector. PBCB

Palm Beach County Stands Out in Connecticut Publications

According to Greenwich magazine, Palm Beach has been coined the “New Greenwich” and was ranked the #4 richest zip code in America, ahead of multiple zip codes throughout Connecticut. In Stamford magazine, an article states that West Palm Beach’s Virgin Trains USA (formerly Brightline), “puts Metro-North to shame.” The luxury high-speed rail system with stations in the hearts of downtown West Palm Beach, downtown Fort Lauderdale, and downtown Miami has a new service planned to reach Orlando in a commute of just a couple of hours. PBCB

The Companies: n Algafeed n Amazon n Beacon Center for Life Science and Research n Beacon of Hope CRO n Buyers Edge Platform n Capzer Pharmaceuticals n Caraustar n Convergence Investment Partners n CSL Plasma (Two Expansions) n Cyient Defense Systems n Cytonics n Digital Resource n Detraxi n Eastern Metal Supply n Expansion Therapeutics n Fetch My Vet n Flexshopper n Fluorotek USA n Gift of Life n Gulfstream Product Support Corporation n Hull & Co., Inc. n Johnson Development Associates n Levatas n ORBCOMM n PGA of Americas n Secret Sequence n Strides Pharma n Sun Supply n Sunshine Biofuels n TechGarage n Universal Forest Products n UPS n 20Lighter

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COUNTYCORNER Economic Develpoment In Palm Beach County: The “Best of Everything” For Businesses and Residents By Sherry Howard, Deputy Director Palm Beach County Department of Housing and Economic Sustainability

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Robert Sadler Clark


rom our award winning parks and airports to our beaches and cultural venues, it is easy to see why Palm Beach County has the “Best of Everything”. The Palm Beach County Board of County Commissioners promote economic development in the county with significant investments to preserve our natural resources, ensure a safe and secure community through public safety and infrastructure improvements, supply public transportation, and support quality housing for every sector of the community. Board-approved strategies from direct services to public-private partnerships create a business friendly environment. This economic development focus provides countless reasons for companies of all shapes and sizes – from startups to Fortune 500 firms – to want to do business in Palm Beach County. For example, the Palm Beach County Department of Housing and Economic Sustainability works in partnership with the Business Development Board to create jobs through the relocation or expansion of corporate headquarters in the county. For other businesses, the County’s Office of Equal Business Opportunity supports small as well as minority- and Sherry Howard women-owned businesses by promoting participation in the County’s procurement process. As the County’s total annual operating budget is $5.2 billion, there is a lot of opportunity for such businesses to provide goods and services. The Board of County Commissioners has also made a significant investment in life sciences through the recruitment of the Scripps Research Institute and Max Planck Society to Palm Beach County. In a testament to the connection between higher learning, high tech, and science, the County

partners with the Florida Atlantic Research Development Authority and the FAU Tech Runway, which provide a high tech incubator and access to venture capital investors. Businesses also recognize their employees need affordable housing. To that end, the Palm Beach County Board of County Commissioners created and approved the Workforce Housing Program to address the housing needs of current and future members of the county’s workforce. The Workforce Housing Program, a partnership between Palm Beach County and residential housing developers, provides qualifying Palm Beach County residents the opportunity to purchase homes at below market prices. Within unincorporated Palm Beach County, new developments of more than 10 housing units are required to dedicate a percentage of the units to the Workforce Housing Program. As you can see, the Board of County Commissioners prioritizes a broad range of economic development strategies that give the County’s businesses and residents the “Best of Everything”. To learn more about the Department of Housing & Economic Sustainability or any of the County’s business and economic development programs, please contact me at 561.233.3600 or PBCB

Elevating Commercial Real Estate

561.681.0221 222 Lakeview Ave, PH 5 | West Palm Beach, FL 33401 1926 10th Ave N Suite 304 Lake Worth FL 33461

Local Leaders Help Shape Palm Beach County’s

Future Featuring: Ben Boynton

Ben Boynton has deep roots in Palm Beach County, and deep commitment to its future. “We are diversifying our region’s economy, attracting dozens of financial services firms from the Northeast, as well as leading companies in many other industries,” said Boynton, who recently completed two years as chair of the Business Development Board. “Kelly Smallridge and her team at the BDB run an extremely efficient organization that has brought thousands of jobs and hundreds of millions in capital investments to Palm Beach County.” Ben is related to Major Nathan Smith individuals of all ages. “When I proposed to my wife on the Boynton, who founded Boynton Beach in Fourth of July, 27 years ago, I told her that I wanted to live in the late 1890s. Boynton is a sixth-generation Wellington and raise our family here,” he said. Now, they have Floridian whose great-grandparents moved two children, William and Catherine. “Now that William is to western Palm Beach County in the 1920s. studying aerospace/engineering at Georgia Tech, I hope he will “Growing up I worked on our family farm in be able to return to Palm Beach County to start his career the Glades, growing sugarcane and rice,” because of the many engineering companies we have in our he said. “One day, my father asked me to community,” he said. work in the office because the bookkeeper In the past 10 years, Boynton has seen strong growth in was on vacation. That piqued my interest the region’s health care, manufacturing, life sciences, in finance.” technology, aviation/aerospace and financial services sectors. By the time Boynton was a junior in “One of the reasons behind our county’s success is BDB’s high school, he was working with his success in changing the perception of our educational system,” grandfather’s investment portfolio, and this Ben Boynton and Kelly Smallridge he said. “Our public and private schools, as well as our colleges prompted him to start studying for his series 7 securities and universities, are focused on educational excellence and pay close attention license. He worked for Merrill Lynch for several years while to building the right skills for our future workforce. With the formation of the in college and then opened an Edward Jones office. Then, Academic Leaders Council, the BDB has helped bring our institutions together in 1997, he and his wife Joanna opened their Raymond and then pair them with industry leaders to help develop curriculum so that the James Financial Services, Inc. branch in Wellington. Both students are able to graduate and go straight into the workforce.” are CERTIFIED FINANCIAL PLANNER™ professionals, and Looking ahead, Boynton expects more financial services firms to choose registered principals, and branch managers with the firm. Palm Beach County for their offices. “Because of the great talent pool, our firm Along with helping their clients make financial plans has hired dozens of interns over the past decade,” he said. “With no state for the future, Boynton wants to be sure Palm Beach income tax or estate taxes, this is the right place for high-income professionals. County continues to have a strong economy that attracts And if you need to see snow, you can always fly to a ski resort for a vacation and young professionals and provides a warm home to return to your warm and sunny home.”

18 | pbc business fall 2019

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The Business Development Board of Palm Beach County offers red carpet services, including: n

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Site inventory and escorted tours of available class A office space with ocean views, personally conducted by our relocation and expansion staff. Private tours of public and private K-20 schools with principals, headmasters and university presidents. Tours of family-friendly neighborhoods. Information on grants, assistance, and financial incentives available through the State of Florida, Palm Beach County, and our 39 municipalities. Assistance in finding quality workforce. Review of available housing and cost-of-living data.


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Introductions to elected officials and local business leaders including city and county commissioners, city mayors, county mayor, and delegates from Governor Ron DeSantis’ office. Demographics and labor market information. Introductions to professional service providers, such as banks, law firms, employment agencies, and accounting firms. Technical presentations tailored to company's specific location requirements. Private introductions to philanthropic organizations, and art and cultural societies, based on your interests.

Are you ready to relocate to or expand in Palm Beach County? Visit, email, or call us at 561.835.1008. 20 | pbc business fall 2019

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The City of West Palm Beach is a regional center of commerce where people of vision bring their dreams, build new enterprises, and achieve success. Its government, business community and citizenry unite to create a positive, progressive environment that is supportive and cooperative. Combined with its outstanding lifestyle and easy workability, this is Florida’s best metropolitan location where professional and personal lives flourish and dreams still come true. Lower Your Taxes. Not Your Standards.

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Palm Beach County BUSINESS | Fall 2019  

Palm Beach County BUSINESS | Fall 2019