PBN November 27-December 3, 2020

PROVIDENCE BUSINESS NEWS

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NOVEMBER 27-DECEMBER 3, 2020

SOMETHING NEW

NONPROFIT IN ACTION

Blue Wave Poetics | 6

Expanding clothing collections | 5

YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 35, NO. 36 | $4

CORONAVIRUS CRISIS

More people resorting to raiding nest eggs

BY NANCY LAVIN | Lavin@PBN.com

JANET TANURY HAD BEEN dutifully putting away money for retirement for years and was even considering doubling her contribution.

Then, COVID-19 hit, shutting down Botticelli LLC, her North Providence plus-size clothing boutique, and costing what the longtime smallbusiness owner estimated to be $100,000 in revenue over the last nine months. Suddenly, growing her retirement nest egg no longer seemed like a luxury Tanury, 42, could afford as she struggled

FOCUS:

INVESTMENTS/ ESTATE & RETIREMENT PLANNING

SURVIVAL MODE TAKING NO CHANCES: Elizabeth “Libby” Sarro, right, administrator at Bethany Home of Rhode Island, helps office manager Linda Wilson, center, and David Bragga, director of therapy, don protective equipment at the entrance of the Providence nursing home.

PBN PHOTO/MICHAEL SALERNO

Nursing homes under growing pressure as COVID-19 cases climb again

SEE NEST EGG

PAGE 15

ONE LAST THING

BY ALEXA GAGOSZ | Gagosz@PBN.com

TONYA

Landry was able to keep COVID-19 out of her nursing home in the spring. She hasn’t been as lucky this fall.

Landry is the administrator of Bayberry Commons, a 110bed facility in Burrillville that recently had two residents and an employee test positive for COVID-19 despite stringent safety measures.

The nursing and rehabilitation center’s occupancy rate has already sunk to 70%, and because of the positive tests, some families are signaling they might pull their elderly family members out of Bayberry. Landry said she can’t blame them for feeling anxious, but it’s putting further pressure on a business that’s already been heavily burdened by the pandemic.

Landry said Bayberry is losing about $125,000 a month. Now Bayberry can’t admit new residents and patients because of the positive COVID-19 tests, and low Medicaid reimbursements are further constraining the nursing home’s

Mason J. Waring Prioritize collaboration | 23

SEE NURSING HOMES PAGE 11

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CONTENTS

PBN

COVER STORY SURVIVAL MODE Nursing homes under growing pressure as COVID-19 cases climb again........................................... 1

400 Westminster St. Providence, RI 02903

FOR STARTERS

Main Phone: 401-273-2201

Community Service: Blue Cross & Blue Shield of Rhode Island..........................3 5Q: Annette Tonti..................................................................4 Nonprofit in Action: Big Brothers Big Sisters of Rhode Island............................5 Spotlight: Phil’s Propane..................................................... 6 Something New: Blue Wave Poetics.................................. 6 Hot Topic: Some unswayed on pot proposal......................7 A Fresh Design: Dunkin’...................................................... 8 News Briefs.......................................................................... 9 What’s Happening...............................................................10

Subscription Services: 855-813-5805

President & Publisher: Roger C. Bergenheim 680-4848 | Publisher@PBN.com

ADVERTISING Advertising@PBN.com Fax: 401-274-0270

5Q | 4

IT’S PERSONAL

Director of Sales and Marketing: Annemarie Brisson, 680-4800 Marketing and Events Manager: Donna Rofino, 680-4832

People in the News............................................................. 18 Mackay’s Moral................................................................... 19 Guest Column: John Graham............................................ 20 Editorials and Opinion........................................................ 21 One Last Thing: Mason J. Waring..................................... 23

Marketing, Events & Social Media Coordinator: Tracy Hoyt, 680-4818 Senior Account Managers: Linda Foster, 680-4812 Jim Hanrahan, 680-4816

FOCUS: INVESTMENTS/ESTATE & RETIREMENT PLANNING

Advertising Coordinator: Joyce Rylander, 680-4810

More people resorting to raiding nest eggs

EDITORIAL

More and more people are dipping into their retirement savings to help keep their business afloat or make financial ends meet amid the COVID-19 pandemic........... 1

Editor@PBN.com Fax: 401-274-0670

A FRESH DESIGN | 8

Fear of heftier estate tax has wealthy worried

Editor: Michael Mello, 680-4820

High-income, high-net worth individuals and business owners are considering gifts of stock or other assets in 2020 to avoid potential higher taxes under the Biden administration......................................... 14

Managing Editor: William Hamilton, 680-4826 Web Editor: Chris Bergenheim, 680-4886

Lists

Copy Editor: Matt Bower, 680-4824

Wealth Managers................................................................. 16 Stock Brokerage Firms....................................................... 17

Special Projects Editor: James Bessette, 680-4838 (EDUCATION, NONPROFITS)

CORRECTION: In the Rhode Island Manufacturers list in the 2020 Stuff publication, the locations of Texcel Industries Inc. and The Brickle Group were misidentified. Texcel is in Cumberland and The Brickle Group is in Woonsocket.

Staff Writers: Alexa Gagosz, 680-4828

FOCUS: INVESTMENTS/ESTATE & RETIREMENT PLANNING | 14

(HEALTH CARE, HOSPITALITY/TOURISM, WORKFORCE)

Nancy Lavin, 680-4822 (ENERGY/ENVIRONMENT, ENTREPRENEURSHIP, FINANCIAL SERVICES)

Mary MacDonald, 680-4830 (GOVERNMENT, MANUFACTURING, REAL ESTATE/DEVELOPMENT)

Researcher: Cassius Shuman, 680-4884

THIS WEEK’S FEATURED COMPANIES Kingston Center for Rehabilitation and Health Care

11

BankNewport

Atria Harborhill

12 9

LeadingAgeRI

11

Bannister Center for Rehabilitation and Health Care

11

Marcum LLP

14

Nonviolence Institute

9

BeaconPoint Wealth Advisors

15

Oak Hill Center for Rehabilitation and Health Care

11

Bethany Home Foundation

11

Phil’s Propane

6

Bethany Home of Rhode Island

11

Project Goal

9

Big Brothers Big Sisters of Rhode Island

5

Rhode Island Community Food Bank

9

Blue Cross & Blue Shield of Rhode Island

3

Rhode Island Foundation

11

Blue Wave Poetics

6

Rhode Island Health Care Association

11

Rhode Island Hospitality Education Foundation

9

Rhode Island Manufacturers Association

7

Bayberry Commons

Blum, Shapiro & Co. Botticelli LLC Citrin Cooperman & Co. LLP CVS Health Corp.

1

14 1 14 9

R.I. Department of Health

11

R.I. Department of Labor and Training

18

Diamond Financial Services

15

R.I. Housing and Mortgage Finance Corp.

Fidelity Investments Inc.

15

Rockland Trust Co.

9

7

Strategic Retirement Partners

15

Greater Providence Chamber of Commerce

7

The Elisha Project

18

United Way of Rhode Island

11

12

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2 | NOVEMBER 27-DECEMBER 3, 2020 | PROVIDENCE BUSINESS NEWS | www.pbn.com

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©2020 Providence Business News Inc.

15

General Dynamics Electric Boat Hopkins Manor Ltd.

PRODUCTION

Providence Business News is published weekly

by Providence Business News, 400 Westminster Street, Providence, RI 02903 (USPS 002-254) (ISSN 0887-8226) Periodical postage paid at Providence, R.I. POSTMASTER: Please send address changes to 400 Westminster Street, Providence, RI 02903.

COMMUNITY SERVICE

FOR STARTERS

Volunteerism tinted in Blue HAPPY HOMEBUILDERS:

Blue Cross & Blue Shield of Rhode Island held its ninth annual statewide day of community service, Blue across Rhode Island, on Sept. 25. Following all COVID-19 safety precautions and social-distancing guidelines, Blue Cross employees partnered with 15 nonprofits that support the health and well-being of Rhode Islanders. Since the inaugural Blue across Rhode Island in 2012, employees have provided more than 27,000 volunteer hours and the company has donated $380,000 to nearly 60 agencies around the state, supporting the lives of more than 115,000 citizens. In the photo, Michele Lederberg, left, Blue Cross executive vice president and chief administrative officer, and Karen Johnson, a Habitat for Humanity of Greater Providence volunteer, serve alongside a team of Blue across Rhode Island volunteers helping with construction at a new house to make affordable housing a reality for a local family.

COURTESY BLUE CROSS & BLUE SHIELD OF RHODE ISLAND

Interested in having your business’s community-service project highlighted? Contact PBN Researcher Cassius Shuman at (401) 680-4884 or Shuman@PBN.com.

is part of your business.

www.pbn.com | PROVIDENCE BUSINESS NEWS | NOVEMBER 27-DECEMBER 3, 2020 | 3

FOR STARTERS

5Q: Annette Tonti Managing director, RIHub

BY NANCY LAVIN | Lavin@PBN.com

1

What is RIHub? RIHub is Rhode Island’s first “Innovation Campus.” Founded in 2019. … RIHub is a collaborative, inclusive, cross-sector partner for startups and investors in Rhode Island.

We help turn ideas into startups and startups into scalable growth companies. We are an engine of growth for Rhode Island by connecting entrepreneurs, inventors, investors and corporate leaders.

2

How is RIHub different than other startup-focused ­organizations?

RIHub is that “one-stop shop” for entrepreneurs building companies that can scale. RIHub is uniquely focused on enabling high-growth startups often associated with emerging technology and science. We make it a point to partner with all other organizations focused on innovation in our region to create a “network of solutions” necessary to help each entrepreneur with what they need most.

3

What is the biggest barrier facing entrepreneurs and startups in Rhode Island?

As someone who has started three high-tech companies here, I know that our region lacks a mature ecosystem of professional investors. Capital is the oxygen that gives massively scaling businesses their early lift. We have great companies being founded here, but they often leave because investors in New York or San Francisco lure them away. We need to fix this.

4

How has the pandemic impacted plans to attract major international companies to Rhode Island?

It feels strange to say that the pandemic is good for anything. However, it has driven us all online. Geography really doesn’t matter as much anymore, especially to entrepreneurs.

Our aim is to make Rhode Island a geographic headquarters for startups in and outside of the U.S. Rhode Island has a unique offering for those interested in an East Coast location: easy access to the big metros at a far lower cost of living. … Weirdly, the pandemic is making our location smart: Great schools, a less-expensive lifestyle, fantastic food and beautiful beaches are benefits for entrepreneurs here.

5

How does your experience as a CEO of multiple companies inform your new role with RIHub? This experience taught me a great deal about the issues of building and scaling business here. As for building RIHub, a startup CEO needs to be comfortable wearing many hats and an expert at deciding priorities. Building RIHub’s offering during this first year of operation has been very much like building a startup. n

Weirdly, the pandemic is making our location smart.

PBN PHOTO/PAMELA BHATIA

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SUMMIT & AWARDS DIVERSITY & INCLUSION JOIN PBN FOR OUR DIVERSITY& INCLUSION

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PANELISTS KEVIN NERNEY

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Director of RI Developmental Disabilities Council (RIDDC)

President & CEO, RI Foundation PARTNER SPONSORS

4 | NOVEMBER 27-DECEMBER 3, 2020 | PROVIDENCE BUSINESS NEWS | www.pbn.com

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NONPROFIT IN ACTION | FOR STARTERS Expanding clothing collections

BY CASSIUS SHUMAN | Research@PBN.com

BIG BROTHERS BIG SISTERS OF RHODE ISLAND is seeking to protect the environment while forging fruitful partnerships with the state’s municipalities and nonprofits to help those in need.

The nonprofit collects over 4 million pounds of used clothing and textiles annually in bins across the state, keeping it out of the state’s Central Landfill. Since the pandemic began, BBBSRI added 15 bin partners and has reached collection agreements with five municipalities: Richmond, Central Falls, Pawtucket, Providence and Cranston.

The donation center, which opened in 1997, operates a profit-sharing policy with 35 entities in the state, comprised of municipalities and nonprofit organizations. BBBSRI has directed 30% of the revenue derived from collection bins to its partners. In 2019, that share amounted to more than $100,000.

“We pride ourselves in keeping millions of pounds of goods from being sent to the landfill each year,” said Executive Director Katje Afonseca. “In addition to the positive effects on the environment, we make good, usable clothing and items available to the community at affordable prices through our partnership with Savers [Inc.] thrift stores. It’s important that we keep useable items out of the landfill in order to use those items to support our mentoring programs and several other charities in Rhode Island, as well as positively impact the environment.”

“The model of partnership between Savers and a nonprofit organization was not new,” she said. “Its purpose was to provide a steady stream of revenue for the nonprofit organization. Since then, it has grown steadily, and the current infrastructure is well-positioned for continued growth.

“We stand out because we are the only nonprofit in the state that collects in Rhode Island, partners with other organizations in Rhode Island, and serves children and [youths] in Rhode Island. When textiles are kept out of the landfill, towns and cities save money on their tipping fees, so it is a win-win.

Our partnerships thrive because of open communication, high-quality service and a shared interest in positive environmental, economic and social outcomes.

“We have a fleet of box trucks and offer free curbside pickup for residents and organizations across the state,” said Afonseca. “We offer profit-

TOPICS: • Defining & Leveraging Diversity, Inclusion & Belonging in the corporate work environment

• Effective workplace conversations on racism vs discrimination • The importance of community engagement in an overall D&I strategy • Supporting ‘equity’ in the workplace

• Opportunities for people with developmental disabilities in the RI workforce

• Rhode Island Foundation’s Equity Leadership Initiative

THEY’VE BIN BUSY: Katje Afonseca, right, executive director of Big Brothers Big Sisters of Rhode Island, and Lamel Moore, executive director of the East Side/Mt. Hope YMCA, stand next to one of the clothing collection bins that are appearing at more nonprofits.

COURTESY BIG BROTHERS BIG SISTERS OF RHODE ISLAND

sharing to our nonprofit partners for every pound of clothing collected from bins they host on their property. Organizations who are looking to raise money can ask their supporters to clean out their closets. They can contact us, and we will pay them for every pound of clothing collected. For-profit businesses can easily get rid of their surplus items by scheduling a pickup but are not eligible for

profit-sharing.”

BBBSRI collects donated clothing items in four ways: free home or business pickups, donation drop-off centers, community collection drives and clothing donation bins. The organization is seeking businesses, stores and hotels that have surplus fabric and clothing. The nonprofit can be contacted via its website, www.BigsRI.org, or at (401) 921-2434. n

CONGRATULATIONS TO THE WINNERS DIVERSITY CHAMPION

SOCIAL SERVICES AGENCY

STEPHANIE HUCKEL, Senior Global Program

Big Brothers Big Sisters of Rhode Island

Manager of Diversity and Inclusion, IGT

GOVERNMENT Office of Rehabilitation Services

HEALTH CARE Providence Community Health Centers

IT/TECHNOLOGY Cox Communications

NONPROFIT Women’s Fund of Rhode Island

EDUCATION Rhode Island for Community and Justice

ACCOUNTING Ernst & Young LLP

INSURANCE SERVICES Ernst & Young LLP

DIVERSITY TRAINING The Wilson Organization, LLC

TER N

REGIS

N.COM

T PB OW A

www.pbn.com | PROVIDENCE BUSINESS NEWS | NOVEMBER 27-DECEMBER 3, 2020 | 5

FOR STARTERS SOMETHING NEW

SPOTLIGHT

COMMUNITY COLLABORATION: Producer Connor Finelli, left, and hip-hop artist DaLaun Andrade, both recent high school graduates, opened Blue Wave Poetics, a recording studio for local independent artists, in June.

PBN PHOTO/MICHAEL SALERNO

Beats keep this duo on track

BY NANCY LAVIN | Lavin@PBN.com

A 2015 GYM CLASS at St. Raphael Academy first brought DaLaun Andrade and Connor Finelli together. But it was their shared passion for hip-hop that solidified a friendship and spawned a business venture.

After five years of creating beats, recording tracks, performing and even dropping an album – Andrade as the rapper and Finelli as producer – the pair recently opened a Pawtucket recording studio known as Blue Wave Poetics.

The idea for the studio came out of their experiences. After years of recording tracks in makeshift spaces – such as Andrade’s basement and the Providence College dorm room of a fellow artist – they paid to use another studio’s equipment and space. But through a technology glitch, they lost the hours of tape they recorded. So, they slowly accrued more equipment, and set out to create a space where other community artists could record, mix or master tracks at an affordable $20-per-hour rate.

Since opening on Main Street in June, they’ve booked over 50 clients representing music genres from gospel to rock and, of course, hip-hop. n

ONLINE ORDERS: Philip Viveiros, owner of Phil’s Propane in Tiverton, closed the company’s showroom and created an online-friendly ordering format prior to the coronavirus pandemic.

PBN PHOTO/KATE WHITNEY LUCEY

Fueled by family ethics Propane supplier is third-generation leader

BY NANCY LAVIN | Lavin@PBN.com

NOT ONLY DO THEY HAVE THE SAME NAME – the younger named after the older – but Philip Viveiros also took over the third-generation family propane business started by his grandfather in 1952. Conveniently, their shared first name meant that the company, Phil’s Propane, can refer to either one of them.

Assuming responsibility for his family company was never a question for the younger Viveiros.

As a child, he spent days riding in the company truck alongside his grandfather, delivering propane to customers.

After graduating from Roger Williams University with a degree in industrial engineering, he joined the U.S. Navy, but after six years as an aircraft structural mechanic, he felt the pull to come home to Tiverton.

He didn’t jump in as company president right away, though. He had to work for it: installing heaters, delivering gas, filling tanks at the shop – whatever needed doing, he did. When his dad retired and Viveiros took over the company in 1985, he continued to perform some manual labor, but also focused attention on growing and modernizing the company to keep up with changing times.

Chief among his initiatives was purchasing the specialty equipment and larger trucks that would enable the business to deliver and install large propane tanks, which could be used for home and commercial heating uses. The smaller tanks the company previously made its living on were better suited for cooking or hot-water heaters.

This investment paid off: Viveiros estimates the company sells up to 3.7 million gallons of propane a year, versus the 300,000 gallons his father sold when he took over. His company, which once had just a few employees, now has 30.

Increasing attention on environmental pollution has not hurt, either, since propane produces fewer emissions than oil and eliminates the need for underground storage tanks. What was once an obscure form of heating is now commonplace, and with a price point nearly equal to oil.

“It makes propane an easy choice, when you consider the cost and add in the clean environmental part of it,” Viveiros said.

Deemed an essential business, the company continued to sell, deliver and install propane and heating systems throughout the height of the pandemic. Viveiros had already invested considerable time and money into creating an online-friendly ordering format, having closed the showroom his father relied on years prior.

Still, the pandemic brought its own challenges. The company lost major commercial accounts as businesses closed. In some cases, those businesses had already purchased the propane from suppliers, forcing some quick negotiating on Viveiros’ part with suppliers to “keep ourselves out of trouble.”

As the autumn chill set in, demand for outdoor, patio-style heaters skyrocketed, but supply-chain shortages have made it difficult to keep up with the surge from restaurants looking to outfit their outdoor dining spaces.

Residential customers still comprise a majority of clients, with boilers and high-efficiency water heaters among the most popular products. n

OWNER: Philip Viveiros

LOCATION: 477 Crandall Road, Tiverton

YEAR ESTABLISHED: 1952

TYPE OF BUSINESS: Propane heating

EMPLOYEES: 30

ANNUAL SALES: $8 million (2019)

6 | NOVEMBER 27-DECEMBER 3, 2020 | PROVIDENCE BUSINESS NEWS | www.pbn.com

FOR STARTERS HOT TOPIC

Some unswayed on pot proposal

BY NANCY LAVIN | Lavin@PBN.com

LEGALIZED RECREATIONAL MARIJUANA seemed like a long shot when Gov. Gina M. Raimondo proposed it as a revenue generator 10 months ago, but a pandemic, new political leadership and increasing success of recreational marijuana in Massachusetts has shifted its chances of passage.

Opposition in some business circles remains because of concerns over workplace safety and enforcement, but those objections may not be enough to stop the changing tide of political sentiment.

At a Nov. 18 Senate Finance Committee hearing, legislators expressed interest in legalizing recreational marijuana, either sold from state-run and regulated shops Raimondo has proposed or a private model like the one used in Massachusetts.

The projected $50 million in profits expected once fully operational, 61% of which would go back to the state in a restricted account akin to how the state handles casino revenue, holds increased appeal amid the fiscal havoc caused by the coronavirus crisis.

Senate President Dominick J. Ruggerio has previously opposed the idea but in a statement to PBN, he said “legalization and regulation will capture lost revenue, create jobs, and

provide funding to rectify generational wrongs perpetuated by a policy of prohibition.”

State Rep. K. Joseph Shekarchi, who is due to become House speaker in January, also expressed openness to legalizing recreational marijuana.

The growing fiscal pressure to approve recreational marijuana has done little to sway David M. Chenevert, Rhode Island Manufacturers

Association executive director.

Chenevert reiterated the association’s concerns in a letter to the Senate Finance Committee ahead of its hearing. Workplace safety topped those concerns, particularly at factories with expensive pieces of equipment and a need for precision in making products critical to national defense.

“If you’re running machinery and equipment with $500,000 and you hit the wrong button, we could have a $40,000 repair cost on our hands,” Chenevert said. “That environment is not a place for drugs.”

General Dynamics Electric Boat, one of the state’s largest employers, also maintains its opposition.

“The impact that legalization will have on our hiring efforts is concern-

Many Chamber members ‘positively do not want to see it take effect.’

LAURIE WHITE, Greater Providence Chamber of Commerce president

ing and may restrict our ability to fill job openings,” spokeswoman Susan Adams said. “Many jobs at EB require a security clearance and the federal government will likely not grant this clearance to individuals that fail a marijuana drug test.”

The Greater Providence Chamber of Commerce has advocated for a policy that gives employers discretion to set their own human resources policies regardless of what the state approves, said President Laurie White.

The Chamber has not taken a position on Raimondo’s proposal, but many members “positively do not want to see it take effect,” said White.

The governor’s proposal includes provisions that “would give employers the authority to prohibit workplace use and to enforce consequences – including termination – for employees in violation of company policy,” said Raimondo spokeswoman Audrey Lucas.

But that was not enough for Chenevert, who noted that routine drug testing can be costly and is further complicated by the length of time marijuana stays in the body. Asked if he was worried RIMA’s concerns would be ignored, Chenvert said, “As long as we’re at the table, we can’t ask for more.” n

Rhode Islanders Helping Rhode Island Get Back to Business Andrea has formed strong, professional relationships with our agency partners, helping to achieve the best results for our mutual customers.

Visit beaconmutual.com for more information.

ANDREA DUFAULT Senior Underwriter At Beacon for 15 years A RI Resident for 39 years

www.pbn.com | PROVIDENCE BUSINESS NEWS | NOVEMBER 27-DECEMBER 3, 2020 | 7

FOR STARTERS | A FRESH DESIGN Dunkin’ 1678 Post Road, Warwick Building owner: Joe F. Batista (Dunkin’ franchisee)

SWEET COATING: The refurbished front façade is part of the rebranding of Dunkin’ Donuts to Dunkin’.

Tenant name: A&A Donuts Inc.

Architect:

Aharonian & Associates Inc.

Developer/ General contractor: Eddie Ribeiro Corp.

Cost: NA Use: The Dunkin’ store at 1678 Post Road in Warwick is one of several Dunkin’ restaurants to feature the brand’s “nextgeneration” store design.

Stores with this design began appearing in the market in late 2018. The 2,349-squarefoot store in Warwick features Dunkin’s new branding on the exterior, a modern-looking building, an open-interior design, a more efficient drivethru system and upgraded tap systems for beverages such as iced coffee, iced tea and cold brew. The interior ceiling has been updated and the walls have been painted. The renovation lasted from March 15 to April 7.

BEFORE

WHERE ARE WE? The dining room may look different, but signage makes sure customers are clear what their location is.

LIGHT AND AIRY: The interior has been spruced up with new furniture that has a contemporary feel.

There’s also fresh paint on the walls and a revamped ceiling.

BEFORE PHOTOS COURTESY OF DUNKIN’

COORDINATED LOOK: The exterior of the new drive-thru window matches the new center column on the front façade of the building.

8 | NOVEMBER 27-DECEMBER 3, 2020 | PROVIDENCE BUSINESS NEWS | www.pbn.com

NEWS BRIEFS | FOR STARTERS Hunger insecurity reaches record levels in Rhode Island PROVIDENCE – About 1 in 4 households in Rhode Island lack adequate food, while underlying medical conditions that increase the risk of severe illness from COVID-19 are prevalent among food-insecure Rhode Islanders.

Those two are among the major findings in the Rhode Island Community Food Bank’s 2020 Status Report on Hunger in Rhode Island, released Nov. 23.

According to the report, researchers found that 25.2% of households worried about having adequate food. That percentage is not only close to triple the 9.1% share of households from 2017-19, which had been declining over the last decade since the Great Recession, but it is also the highest level of food insecurity recorded in Rhode Island in 20 years, the report states.

The report also notes that Black and Latino Rhode Islanders have been the hardest-hit with food insecurity. Thirty-six percent of Black households and 40% of Latino households are considered food insecure, the report states. n

Montgomery named president of CVS Pharmacy/Retail

BankNewport expands BNWise financial education program

WOONSOCKET – CVS Health Corp. has named Neela Montgomery executive vice president and president of CVS Pharmacy/Retail, effective Nov. 30, the company announced Nov. 23.

Montgomery succeeds Kevin P. Hourican, who is now the CEO and president of Sysco Corp.

Montgomery previously served as CEO of Crate & Barrel and is currently a board partner at venture capital firm Greycroft.

“Neela is a seasoned retail industry leader with extensive digital and e-commerce experience,” said Karen S. Lynch, who will become CEO and president of CVS Health in February 2021. “She brings deep consumer insights that will allow us to better anticipate consumers’ changing needs and deliver even more value to our customers in local, personalized ways.”

In her new role, Montgomery will oversee CVS Health’s 10,000 pharmacies across the United States. n

NEWPORT – BankNewport has moved its BNWise financial education program to a virtual platform due to the COVID-19 pandemic, the bank announced Nov. 23.

The program caters to middle and high school education programs, community organizations and interested consumers looking to improve their financial knowledge.

The bank has compiled a series of curated playlists on its website with lessons and links to resources on a variety of topics, including savings, budgeting, mortgages, retirement and home­ownership.

Through BNWise, the bank conducted 40 workshops with community groups and nonprofits across Rhode Island in 2019, including Project Goal, the Nonviolence Institute and the Rhode Island Hospitality Education Foundation, the release stated.

“As a community bank, sharing financial expertise and empowering people of all ages to be confident in their financial choices is integral to our mission,” said Meredith Cote, community relations coordinator of BankNewport, in a statement. n

Reed announces $1.8M in housing vouchers for R.I. PROVIDENCE – U.S. Sen. Jack Reed, D-R.I., has announced $1.8 million in federal rental assistance for Rhode Island through the Housing Choice Voucher program.

The voucher program, administered by the U.S. Department of Housing and Urban Development in partnership with public housing agencies, provides rental assistance to very low-income seniors, families, and individuals with disabilities.

HCV voucher holders are required to pay 30% of their income toward rent, with the voucher helping to make up the difference, according to a news release.

The $1.8 million will be dispersed among the following recipients: approximately $1.4 million to the R.I. Housing and Mortgage Finance Corp.; $242,339 to Pawtucket; $149,440 to Cumberland; $58,409 to Tiverton; and $14,664 to North Providence.

“Too many Rhode Islanders have lost their jobs or had their hours cut due to COVID-19,” Reed said in a statement. “This federal rental assistance will help prevent evictions and provide housing stability for folks who’ve been hit hardest.” n

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9 indicted in scheme to steal equipment, vehicles PROVIDENCE (AP) – Nine people have been indicted for their alleged roles in a theft ring that stole about $700,000 worth of vehicles from dealers in four New England states, federal prosecutors said Nov. 23.

The group stole three Bobcat excavators, 10 personal watercraft, four boats, eight all-terrain vehicles and 10 trailers valued at nearly $700,000 between November 2019 and July 2020, from businesses in South Kingstown and Tiverton, as well as locations in Massachusetts, Connecticut and New Hampshire, prosecutors said.

The stolen equipment was then stored in various places in Rhode Island, and in some cases hauled to Florida where it was sold, authorities said.

The thefts were made at the direction of the alleged ringleader, Jose A. Montes, also known as Jose Rivera, of Cranston.

The suspects face charges including interstate transportation of stolen property, receipt of stolen goods and conspiracy to commit interstate transportation of stolen property. n

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FOR STARTERS | WHAT’S HAPPENING Basse, RISBDC marketing counselor, will explain how to develop a unique organic LinkedIn strategy that will aid professionals with their employment consulting pursuits.

THURSDAY, DEC. 3, 11 A.M. TO NOON. Free Online webinar.

INFO AND REGISTRATION: rb.gy/ps8o9j

SHE’S CONNECTED: Nicole Scaramuzzi Courtemanche is hosting a Tech Collective webinar on Dec. 8 to explain how to optimize telecommunications infrastructure.

COURTESY NICOLE SCARAMUZZI COURTEMANCHE

EDITOR’S CHOICE:

Learn how to optimize a telecommunications system TECH COLLECTIVE is hosting a webinar to explain how to optimize a company’s telecommunications infrastructure with certified structured cabling in a post-pandemic world. The webinar features Nicole Scaramuzzi Courtemanche of Connectivity Point, a certified ScrumMaster, who will provide participants with information and resources, including basic knowledge of the standard guidelines to follow regarding the design and installation of structured cabling to optimize low-voltage systems and define target audiences. Vertikal6 is partnering with Tech Collective for the event.

TUESDAY, DEC. 8, 10:10-10:40 A.M. Free Online webinar.

TECHRICH is hosting a webinar for small-business owners to connect with professionals in the defense sector to share their company’s capability statement while providing a two-minute verbal presentation. Leigh Christian, TechRich project manager at The Catalyst, will assist participants in pitching their capabilities statement, while connecting them with industry leads. Members of the defense industry attending will be Jacobs, Raytheon Co., Boeing, Lockheed Martin, Aerojet/Rocketdyne, L-3 Communications, Northrop Grumman, Parsons, Booz Allen Hamilton, Alion, SAIC and Teledyne Brown.

TUESDAY, DEC. 1, 9:30 A.M. TO 3:30 P.M. Free Online webinar.

INFO AND REGISTRATION: rb.gy/nql2co

Info session on Restore RI THE GREATER NEWPORT Chamber of Commerce is hosting a webinar on the funding opportunities for small businesses, the application process and

THE RHODE ISLAND PROCUREMENT Technical Assistance Center is hosting a webinar to explain the cybersecurity requirements that are mandated for companies operating in the defense industry. Participants will also become acquainted with the 17 basic protections for federal contract information required by Federal Acquisition Regulation clause 52.204-2, and will learn the advanced protections for controlled unclassified information required by Defense Federal Acquisition Regulation Supplement clause 252.204-7012. Also to be discussed are the key critical decisions required of an organization to properly implement a compliant cybersecurity program. Attendees will gain insight into what the Cybersecurity Maturity Model Certification is and how it differs from current compliance requirements.

THURSDAY, DEC. 3, 1-2:30 P.M. Free Online webinar.

INFO AND REGISTRATION: rb.gy/pj1dyi

Connecting with defense sector

Cybersecurity mandates

INFO AND REGISTRATION: rb.gy/jighcj

eligibility guidelines. The webinar features Paul Harden, Newport area regional director for the Rhode Island Small Business Development Center, and Erin Donovan-Boyle, Greater Newport Chamber of Commerce executive director. The virtual forum will be hosted on Zoom.

THURSDAY, DEC. 3, 9:30-10:30 A.M. Free Online webinar.

INFO AND REGISTRATION: rb.gy/zu74to

Get the most out of LinkedIn THE RHODE ISLAND SMALL Business Center at the University of Rhode Island will be hosting a webinar to explain methods of using LinkedIn for employment professionals. The webinar is a marketing-based training session aimed at providing tools, tips and guidance for maximizing participants’ use of the platform. Amanda

Interested in having your business-related event included in What’s Happening? Contact PBN Researcher Cassius Shuman at (401) 680-4884 or Shuman@PBN.com.

Marketing with what’s available THE CENTER FOR WOMEN & Enterprise is hosting a webinar to provide information about marketing a business with available resources. During this webinar, participants will take stock of businesses resources, understand their budget and how marketing goals fit into it, review how much time can reasonably be devoted to marketing, and determine what marketing expertise they possess.

TUESDAY, DEC. 8, NOON TO 1:30 P.M. Free Online webinar.

INFO AND REGISTRATION: rb.gy/sxdaba

Social media made simple THE CENTER FOR WOMEN & Enterprise is hosting a webinar to explain the easiest way to use social media for promotional purposes. The workshop is meant for people who are seeking an overview of how to navigate social media platforms and the tools that are available to help them succeed.

During the webinar, participants will

10 | NOVEMBER 27-DECEMBER 3, 2020 | PROVIDENCE BUSINESS NEWS | www.pbn.com

learn the basics of using social media, such as Facebook, LinkedIn, Twitter, and Instagram, to promote a business; ways to decrease time spent on social media with automation; how to integrate social media into your marketing strategy to bring in additional revenue; and how to use social media to target an audience with effective marketing messages.

WEDNESDAY, DEC. 9, 10 A.M. TO NOON. Free Online webinar.

INFO AND REGISTRATION: rb.gy/4q8fwe

Israeli innovator shares his story THE RHODE ISLAND ISRAEL Collaborative is hosting a webinar that will feature leading entrepreneur and innovator Udi Mokady, co-founder, chairman and CEO of CyberArk. Mokady co-founded CyberArk in 1999 and has served as chief strategist and visionary, overseeing global expansion, management, execution and corporate development. Mokady will be interviewed by James Ludes. The program will be hosted in collaboration with Venture Cafe District Hall Providence.

THURSDAY, DEC. 10, 1-2 P.M. Free Online webinar.

INFO AND REGISTRATION: rb.gy/epogeu

Training on how to pivot THE ADVANCING WORKPLACE EXCELLENCE organization is hosting a web training series focused on aiding businesses with assessing, tweaking and pivoting their operations. This training program is designed to take a small cohort of business owners and their key managers through a 12-module course to help them navigate the COVID-19 pandemic. The modules are designed to be engaging, timely and responsive to the business environment. Participants will gain practical skills on how to shift thinking, evolve competencies, accelerate digitalized approaches and foster new skill sets, while proactively responding to the pace of change and uncertainty.

TUESDAY, DEC. 15, TO THURSDAY, APRIL 1. Free Online webinar.

INFO AND REGISTRATION: rb.gy/9qnvcc

UPCOMING PBN EVENT: The 2020 Diversity & Inclusion Summit and Awards Program will be held virtually at 9 a.m. on Dec. 10.

For more information, visit PBN.com. For sponsorship opportunities, contact Advertising@PBN.com.

CORONAVIRUS CRISIS

NURSING HOMES CONTINUED FROM PAGE 1

budget. “I don’t know what I’m going to do to fix this or come out from under this,” Landry said recently.

From the beginning of the pandemic in March, nursing homes across the country have been an epicenter of the crisis. Once the highly contagious virus finds its way into a facility, it can spread quickly, preying upon frail, aging residents.

Nearly 900 nursing home residents have died of COVID-19 in the last eight months – about 67% of the 1,325 COVID-19-related deaths reported in Rhode Island as of Nov. 24, according to the R.I. Department of Health.

And nursing homes themselves are suffering, too. Industry leaders in the state say many of the homes are now in financial trouble for a number of reasons, including the additional costs of fighting the pandemic and a lack of new residents, particularly short-term patients whose care often has a higher insurance reimbursement rate. Rhode Island’s nursing homes typically have a 90% occupancy rate, but the average has dropped to 73% as of September.

Now cases of COVID-19 are soaring again, ratcheting up the pressures on the state’s 84 nursing homes.

One facility has already succumbed. Hallworth House, a 57-bed nonprofit nursing home on Providence’s East Side, closed in late August. The facility had been losing money in recent years, but the pandemic was too much, causing a drop in patients in its rehabilitation unit, a crucial revenue g ­ enerator.

Others might not be far behind, according to some in the industry.

A survey in August by the American Health Care Association indicated that 72% of nursing homes would not be able to sustain operations at the current pace for another year, while 40% said they would last less than six months.

Scott Fraser, president of the Rhode Island Health Care Association, said none of the 64 nursing homes his organization represents has indicated they’re in imminent danger of closing, but that could change depending on how the pandemic progresses and whether help arrives from the state and federal governments.

“The next six to 12 months is going to be critical for several of these facilities,” Fraser said.

‘EXHAUSTED’ There’s no doubt that nursing homes are better prepared for COVID-19 than they were in March when the virus spread with surprising speed.

Since then, facilities have instituted steps such as lockdowns, limited visitation and more testing of residents and staff.

For example, Bayberry Commons now requires patients to test negative for COVID-19 twice before transferring from a hospital. Even then, a new patient must spend two weeks in Bayberry’s quarantine unit.

Treatment of the elderly infected with CO-

ON DUTY: Dawn Auclair, a certified nursing assistant at Hopkins Manor in North Providence, says her family asks her not to go work because of the dangers surrounding COVID-19, but she’s passionate about her job and the residents who live there.

PBN PHOTO/MICHAEL SALERNO

VID-19 has also improved. Department of Health data shows 75% of patients who contracted the virus in long-term-care facilities have recovered.

Still, some problems have lingered since spring, including a shortage of personal protective equipment and staff members. At some facilities, anger about working conditions and low pay has boiled over.

Unionized workers at the 161-bed Bannister Center for Rehabilitation and Health Care in Providence went on a three-day strike last month, demanding safe staffing and better wages and benefits. Parent company Centers Health Care LLC, of New York, was forced to hire temporary workers. A spokesman for Centers Health Care, which also owns Oak Hill Center for Rehabilitation and Health Care in Pawtucket and Kingston Center for Rehabilitation and Health Care in South Kingstown, declined to comment.

At Bethany Home of Rhode Island, a 33-bed nonprofit facility in Providence, the staff has shrunk from 80 in February to 57 now, according to Administrator Elizabeth “Libby” Sarro. Some left because they feared getting infected; others found collecting unemployment benefits more lucrative.

Even with fewer workers, the Bethany Home has kept the virus somewhat in check, reporting 15 to 19 COVID-19 cases since March and five to nine deaths. (State health officials do not report exact data on positive cases or deaths.)

Sarro said Bethany Home relies heavily on donations from families, disbursements from the Bethany Home Foundation, and grants. In fact, the

‘I don’t know what I’m going to do to fix this or come out from under this.’

TONYA LANDRY, Bayberry Commons administrator

home recently received a $21,000 grant from the COVID-19 Response Fund created by the United Way of Rhode Island and the Rhode Island Foundation. Where did that money go? Sarro said she gave her remaining staff a $2-an-hour raise.

“They’re exhausted, and they deserved it,” she said.

SHAKEOUT COMING? With nursing homes in the spotlight, industry leaders have renewed calls for the state to boost funding for Medicaid, the state and federal insurance program for the poor and disabled that covers about 65% of Rhode Island nursing home residents.

Fraser said state officials have failed in recent years to follow the Medicaid Inflation Index, instead approving reimbursement increases lower than the 3% inflation index average. Gov. Gina M. Raimondo’s proposed state budget for fiscal year 2021 would set the rate increase at 1%.

“Homes were barely getting by on a shoestring prior to the pandemic because of all of the years of Medicaid cuts,” he said.

The lower reimbursement rates are adding to the financial pressures, according to nursing home administrators. Sarro said the Medicaid reimbursements aren’t enough to cover the cost of care, so the Bethany Home can only take up to six Medicaid patients at a time. She said the home loses $240-$250 each day for each Medicaid patient.

Without a boost in Medicaid funding, Fraser has said, nursing homes will struggle to address issues such as higher wages for workers.

Raimondo’s office did not immediately respond to messages seeking comment.

James Nyberg, director of LeadingAgeRI, which represents 14 nonprofit facilities that offer care for older people, said these facilities also desperately need an infusion of aid from the federal government. Industry leaders are urging Congress to pass a relief package that focuses on nursing home residents and staff.

If aid doesn’t come, Nyberg believes some nursCONTINUES ON PAGE 12

www.pbn.com | PROVIDENCE BUSINESS NEWS | NOVEMBER 27-DECEMBER 3, 2020 | 11

CORONAVIRUS CRISIS CONTINUED FROM PAGE 11

the workforce and become close with residents,” Nyberg said.

Indeed, Dawn Auclair said her family begs every day for her not to go to her job as a certified nursing assistant at Hopkins Manor Ltd. in North Providence.

Auclair still goes, as she has for the 21 years she’s worked at the 200bed Hopkins Manor. But now she arrives hoping the elderly residents she cares for are still there. In the pandemic, that often hasn’t been the case.

Some have died from COVID-19; others have been hospitalized for

ing homes may not survive. “It’ll be very ­difficult,” he said. “There will be some sort of shakeout.”

At the same time, Nyberg is concerned about the effects the pandemic is having on developing a future workforce, particularly as many nursing home administrators are approaching retirement age. Attracting younger workers is difficult with a pandemic raging because of the perceived dangers and staffing shortages.

“It’s not seen as a desirable place to work, until they become part of

MISSING HIM: Suzanne Champagne displays a photo of herself with her father, Herve Champagne Jr., and her sister, Mary Champagne.

Her father moved into an assistedliving facility in July, and she hasn’t been able to visit him.

PBN PHOTO/ ELIZABETH GRAHAM

treatment when their conditions have deteriorated. “You can see it in their eyes,” Auclair said. “They know they aren’t coming back.”

Hopkins Manor has had 105 to 108 COVID-19 cases and 20 to 24 deaths related to the virus since March, according to state data.

“It’s traumatizing,” Auclair said.

VULNERABLE

This fall the entire Bryant University community shared a common goal: keep everyone healthy and finish the semester together. Today that goal has been reached.

This is thanks to the dedication and commitment of Bryant faculty, students and staff.

Bryant University is among the first colleges and universities to attain this milestone. Bryant was also one of the first colleges and universities to announce its commitment to a residential experience for the fall 2020 semester, and in mid-August was one of the first to welcome students back to campus.

We took this leadership role because we believe in the transformative learning and personal growth made possible by Bryant’s uniquely integrated academic and student life experience.

On behalf of the Bryant University Board of Trustees, Bryant University National Alumni Council and Bryant University Parents Council, we congratulate Bryant President Ross Gittell, Ph.D., and the entire Bryant community on this achievement.

Chair of the Bryant University Board of Trustees David M. Beirne ‘85, General Partner and Co-Founder, X10 Capital, LLC

60,000+ surveillance tests Full population testing weekly.

0.12% overall positivity

.

President of the Bryant University National Alumni Council and Bryant Trustee Rita Williams-Bogar ‘76, Founder, Personal Development Solutions, LLC

ON CAMPUS CLASSES

.

ENGAGING STUDENT LIFE

40% in person

3,400 students

55 in person/online hybrid

120 active clubs + organizations

<5% remote

Div I Athletics

%

Co-chairs of the Bryant University Parents Council Carl Bennett P ‘21, President and Chief Financial Officer at Cougar Capital, LLC, and Carolyn Bennett P ‘21

www.bryant.edu 12 | NOVEMBER 27-DECEMBER 3, 2020 | PROVIDENCE BUSINESS NEWS | www.pbn.com

TOP ROI among the top 2% in the country: 99% employed $60,000 median salary

Infection-control procedures also threaten to have long-term effects on placements at congregate care ­facilities.

When Suzanne Champagne’s 86-year-old father fell multiple times while living alone – the last time in July required hospitalization – the decision was made to move him to Atria Harborhill, an assisted-living home in East Greenwich. Champagne’s home has too many stairs for him to live there.

But the experience hasn’t been what Champagne had hoped it would be. Efforts to keep COVID-19 out have left her father isolated. She can’t enter the building; he eats meals in his room; and social time is sparsely attended and spread out.

“He feels like he’s in jail,” Champagne said. “I talk to my dad every day over the phone and hope to hear that pep in his voice. It’s just not there anymore.”

Meanwhile, Raimondo’s administration is using $25 million of the state’s federal stimulus funds to support nursing facilities, but also to “reorient the delivery of care” and create more home-based care options for families.

Industry leaders say expanding home care may delay nursing home placements, but there will always be a need for these facilities.

“Our residents have multiple health issues – more than 50% are suffering from dementia,” Fraser said. “In a nursing home, you get 24-hour care. Many of these family members cannot provide that for their loved ones.”

At Bayberry Commons, Landry is holding out hope that the state’s assistance will go further – in the form of more Medicaid funding – particularly if “reorienting” care means more costs for nursing facilities. Bayberry has already lost $600,000 in the first nine months of the year.

“Nursing homes might not survive COVID-19,” Landry said. n

Connecting workers to new skills This health and humanitarian crisis has had a disproportionate impact on employment for people of color. Here in Rhode Island, there is an urgent need for skill building — including re-skilling and up-skilling — to create a clear pathway to jobs that can deliver upward mobility and economic stability.

To drive progress, Bank of America is investing $1 billion over four years to advance racial equality and economic opportunity, building on work we’ve had underway for many years.

We’re helping to connect people to the skills, resources and experience needed to succeed by building partnerships with nonprofits and local government, and through our own recruiting and hiring. This includes partnerships with Community Colleges that serve predominately Black and Hispanic/Latino students, and public Historically Black Colleges and Universities and Hispanic Serving Institutions.

In Rhode Island, we remain committed to supporting organizations that help people in our community get the skills they need.

Bill Hatfield Rhode Island Market President

Strengthening pathways Here in Rhode Island, we’re partnering with local organizations to create pathways to better jobs, including: Skills for Rhode Island’s Future Dorcas International Institute of Rhode Island Year Up Rhode Island

To learn more, please visit bankofamerica.com/community

Bank of America, N.A. Member FDIC. Equal Credit Opportunity Lender. © 2020 Bank of America Corporation. All rights reserved.

www.pbn.com | PROVIDENCE BUSINESS NEWS | NOVEMBER 27-DECEMBER 3, 2020 | 13

FOCUS | INVESTMENTS/ESTATE & RETIREMENT PLANNING

Fear of heftier estate tax has wealthy worried

BY MARY MACDONALD | MacDonald@PBN.com

THE

potential of higher taxes on gifts and estates after Democrat Joe Biden enters the White House in January is giving a lot of Rhode Island business owners reason for pause.

Should they move now to try to minimize any tax? Should they start to make those gifts of stock or other assets in 2020, under the tax reform set by the Trump administration?

Accountants who work with highincome, high-net worth individuals and business owners say it’s a good idea to start those conversations. But because there is so much uncertainty about the makeup of the incoming Congress, there is no fixed solution.

As a candidate, President-elect Joe Biden said he wanted to lower the gift and estate tax exemption, as well as increase the tax rate to 2009 levels, according to the Tax Foundation. For the tax rate, that equates to an increase from the existing 40% to a top rate of 45%, according to Thomas Lisi, the office managing partner at Marcum LLP in Providence.

In addition, of significance is the potential for the lowering of the amount exempted from taxes, from $11.58 million to $3.5 million per per-

son, where it stood before Republican President Donald Trump took office.

How many more Rhode Islanders would have assets in that lowered range? Brad McGuire, a tax partner at Blum, Shapiro & Co. in Cranston, said it could easily “triple the number, at least, who are subject to that.”

In addition, statements made by the Biden campaign indicate he may favor the elimination of the step-up in basis at death, which allows heirs to avoid paying tax on the appreciation of an estate or assets they inherit.

That too can be significant for assets, such as stocks and property, that have gained value over many years. Under the current tax policy, heirs only pay income tax if they sell the asset, for the amount it appreciated after the person’s death.

Combined, the prospect of both changing has inspired a flurry of inquiries from clients, according to many accountants.

“We’ve been talking with our clients, prior to the election and after the election,” said Lisi. Now everyone is paying attention to the runoff election for two Senate seats in Georgia, which will determine the balance of power

PLANNING AHEAD: Brad McGuire, a tax partner at Blum, Shapiro & Co. in Cranston, and other accountants have been spending a lot of time talking with clients about possible changes to the estate and gift taxes under the Biden administration.

PBN PHOTO/MICHAEL SALERNO

‘We’ve been talking with our clients, prior to the election and after the election.’

THOMAS LISI, Marcum LLP Providence office managing partner 14 | NOVEMBER 27-DECEMBER 3, 2020 | PROVIDENCE BUSINESS NEWS | www.pbn.com

in Washington, D.C., for the next two years.

Tax policy requires congressional approval, not just the demands of a particular president. “There are very few things in tax law that you can do through executive order,” said McGuire.

Nevertheless, some clients want to move now, before any changes are made and possibly imposed retroactively.

Lisi said he has one client who is determined to make a gift transaction final before year’s end to avoid additional taxation.

“You can try to utilize that $11 million exemption, to be safe, prior to the end of the year,” Lisi said. “I have someone now who is very anxious to try to accomplish something between now and Dec. 31.”

While no one knows what is going to happen in January, most clients of Peter Brown, the Citrin Cooperman & Co. LLP Providence office managing partner, are taking action in 2020.

“The majority are doing something now. I don’t think there’s a client that’s not looking at this,” Brown said.

Much of the Biden proposals lack specifics because they haven’t been subject to legislative analysis or scrutiny. But what accountants have determined is they fall into three areas, said McGuire.

The area with the greatest impact is the step-up to fair market value for estate assets. For example, under current law, if someone paid $20,000 for Apple Inc. stock 20 years ago and it has now appreciated to $1 million, upon the owner’s death the asset will “step up” to that value. The heirs will not pay tax on the appreciation if it is sold.

The removal of that provision would mean the heirs could be subject to tax on $980,000 in capital gains.

McGuire said he advises people to have conversations with their tax accountants or lawyers about the possible ramifications.

“These things typically take some time, consideration and thought,” he said.

The potential for an increased tax obligation for gifts is likewise profound if the exemption is lowered per-person from $11.58 million to $3.5 million.

“When you’re looking at a familyowned business, maybe you think Junior is not ready to take over the reins,” McGuire said. “But the difference in tax on that $8 million drop in exemption, and when you multiply that by two for a husband and wife, you’re talking some significant dollars. There are reasons to begin to think: Do I put shares in a trust? Do I go ahead and give them to Junior?”

The conversations should take place in the context of what makes good business sense, he said, not just what is advantageous from a tax perspective.

“Have intelligent, informed conversations with your tax attorneys and your lawyers and see if there are things out there that you probably should have been thinking about anyway,” McGuire said.n

INVESTMENTS/ESTATE & RETIREMENT PLANNING | FOCUS NEST EGG CONTINUED FROM PAGE 1

to keep her business afloat through months of closure and lack of eligibility for federal relief programs.

Tanury has stopped contributing to her 401(k), and as the state approaches another potential lockdown, is considering taking advantage of the Coronavirus Aid, Relief, and Economic Security Act provisions that allow people to tap into their retirement accounts through withdrawals or loans without the usual 20% tax penalty.

As of Oct. 31, 1.3 million people have taken a CARES Act distribution from their employer-based retirement accounts with Fidelity Investments Inc., roughly 5.2% of those enrolled in eligible plans, according to Fidelity research. Another 81,000 have taken loans.

While a majority of participants have still left their retirement accounts untouched, a possible nationwide lockdown amid a second surge in cases could mean bad news even for those who have not yet tapped into their retirement savings, said Jeanne Thompson, senior vice president of workplace consulting for Fidelity.

In the most recent month of data, from Sept. 30 to Oct. 31, Fidelity research shows an uptick in the amount of money participants were taking out. Average withdrawals increased from $9,000 to $10,000, with the median rising from $2,400 to $3,000.

Those taking out money are by no means depleting their accounts – the average withdrawal represents roughly 10% of most clients’ total savings. However, this data also fails to capture the reality for some of the hardest-hit people and industries:

‘You have three choices: die before you retire, be poor, or save.’

JAMES W. DIAMOND, Diamond Financial Services owner

small-business owners and workers in retail and hospitality.

Many wealth-management companies’ employer clients represent “knowledge-based industries” that have been able to keep workers employed remotely despite shutdowns and restrictions, said James W. Diamond, owner of Diamond Financial Services in Warwick.

Hotel and restaurant workers may not even have jobs that offer retirement plans, given the part-time nature and high turnover that often characterizes those industries, added Sean McGarry, vice president and retirement plan manager for Rockland Trust Co. “The piggy bank really isn’t there for people in those businesses, who are just taking the brunt of this in a lot of cases,” McGarry said.

Perhaps those most at risk are the small-business owners such as Tanury, who would sooner drain their retirement accounts than close the companies into which they’ve poured their lives.

“I kid and tell people I will be working until noon on the day of my funeral,” Tanury said.

Carrie McPherson, financial adviser with BeaconPoint Wealth Advisors, which serves as Tanury’s 401(k) adviser, has encouraged her clients to take a loan over a distribution if they need to access retirement savings. Ideally, though, she and other financial planners are advising clients from leaving their 401(k)s untouched, if possible.

Diamond put it more bluntly.

“Pandemic or not, you have three choices: die before you retire, be poor, or save,” he said.

Fidelity’s research suggests most people are still opting for the third choice. Across 401(k), 403(b) and Roth individual retirement accounts, employers and employees are contributing to their defined-contribution plans at the same rate quarter over quarter.

That employers have largely held matches steady, and in some cases amped up offerings such as education and alternate, emergency fund options amid the pandemic, is a bright spot in these challenging times, said James L. Worrell, northeast managing director for Strategic Retirement Partners.

Another high note? The market’s quick recovery after the precipitous drop in the early days of the pandemic, which means average balances are increasing, even if contribution rates are the same.

“This is really driving home the point [that] Main Street does not CONTINUES ON PAGE 17

Our Estate Planning Group Karen G. DelPonte* | Lynn E. Riley*† | Briget L. Mullaney* Nancy Fisher Chudacoff * | Meaghan E. Kelly *+ *Also Admitted in MA, †Also Admitted in FL, +Also Admitted in NY

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www.pbn.com | PROVIDENCE BUSINESS NEWS | NOVEMBER 27-DECEMBER 3, 2020 | 15

FOCUS | WEALTH MANAGERS (ranked by total assets for local accounts under local management) FOCUS | WEALTH MANAGERS (ranked by total assets for local accounts under local management) 2020 rank

1

2019: 1

2

2019: NL

3 2019: 2 4

2019: 3

5 2019: NL 6

Services offered

Additional offices

No. of local employees Year founded

Financial solutions for individuals and business owners

NA

98 1914

Company | Website Principal(s)

Address Phone

Assets under management 1 No. of accounts

Merrill Lynch Wealth Management | ml.com Gary Hernandez, market executive

1 Citizens Plaza Providence, R.I. 02903 (401) 863-8600

$8.6 bil.

NA

Edward Jones | edwardjones.com John E. Leary, principal, financial adviser and region leader

469 Angell St. Providence, R.I. 02906 (401) 751-4599

$3.7 bil.

11,600

Full Service Financial Services

35

78 1922

Washington Trust Wealth Management | washtrustwealth.com Kathleen A. Ryan, executive vice president and chief wealth officer

23 Broad St. Westerly, R.I. 02891 (800) 582-1076

$3 bil.

2,950

Financial, retirement and tax planning; investment management

NA

98 1902

$2.3 bil.

6,400

Asset management, college savings, estate planning and trust services, retirement planning

South Kingstown

28 1832

$2 bil.

NA

Financial Advisory, Brokerage, Retirement Planning Wells Fargo Advisors is a trade name used

by Wells Fargo Clearing Services, LLC, Member SIPC

NA

35 1985

18 1993

18 1975

Janney Montgomery Scott LLC | janneyprovidence.com Steven Pitassi, senior vice president and branch office manager

1 Turks Head Place Providence, R.I. 02903 (401) 274-8600

Wells Fargo Advisors | wellsfargoadvisors.com Charles Scharf, CEO and president; Christopher Yalanis, managing director and Newport branch manager

100 Westminster St., and 7 Brown & Howard Wharf Providence and Newport, R.I. 02903 and 02840 (401) 459-6800 and (401) 848-9949

2019: 5

Parsons Capital Management Inc. | parsonscapital.com Peter Hunt, president

10 Weybosset St. Providence, R.I. 02903 (401) 521-2440

$1.5 bil.

1,596

Investment management and financial planning.

7 2019: 6

Professional Planning Group | ppgadvisors.com Malcolm A. Makin, founder, CEO and president

9 Granite St. Westerly, R.I. 02891 (401) 596-2800

$1.3 bil.

1,694

Charitable giving, estate planning, investment management

NA

8 2019: 8

Rockland Trust Co. | rocklandtrust.com David B. Smith, managing director and chief investment officer

10 Memorial Blvd.

Providence, R.I. 02903 (401) 273-4093

$1 bil.

1,245

Full range of financial planning and investmentmanagement services

8 additional locations

2019: 9

Endurance Wealth Management | endurancewealth.com J. Costello, president

101 Dyer St. Providence, R.I. 02903 (401) 854-0993

$900 mil.

NA

Investment management, wealth management

NA

10 2009

10 2019: 10

Corrigan Financial Inc. | corriganfinancialinc.com Daniel Corrigan, president

747 Aquidneck Ave. Middletown, R.I. 02871 (401) 849-9313

$864 mil.

1,100

Investment management, personal financial planning, tax preparation

NA

28 1989

11 2019: 11

Capital Wealth Management | capitalwealthllc.com Lee A. Duckworth, CEO and president

1300 Division Road West Warwick, R.I. 02893 (401) 885-1060

$675 mil.

460

401(k) and retirement plan fiduciary consulting, wealth management

NA

16 1989

2019: 13

12

Van Liew Trust Co. | vanliewtrust.com Alfred Van Liew, founder

1 Regency Plaza Providence, R.I. 02903 (401) 272-2510

$570 mil.

575

Asset management, estate planning and trust services

Newport

13 1984

13 2019: NL

F.L. Putnam Investment Management Co. | flputnam.com Thomas Fay, regional president, Providence

10 Weybosset St. Providence, R.I. 02903 (401) 861-0424

$421 mil.

578

Investment management, financial, estate and legacy planning

Wellesley, Mass., Portland, ME, Wolfeboro, NH

8 1983

2019: 16

Blue Fin Capital | bluefincapital.com Richard Carolan; Mars J. Bishop, principals

91 Main St. Warren, R.I. 02885 (401) 831-1000

$332 mil.

400

Wealth management

NA

4 1996

15 2019: NL

SK Wealth Management LLC | skwealth.com Jason Archambault, CEO

50 Holden St. Providence, R.I. 02908 (401) 331-1575

$323 mil.

282

Fee-only financial planning and investment management

NA

8 1998

Newport

194 1975

14

17 1907

2019: NL

KLR Wealth Management LLC 2 | klrwealth.com Peri Ann Aptaker, managing director

951 North Main St. Providence, R.I. 02904 (401) 274-2001

$269.3 mil.

172

17 2019: NL

LEVATUS | levatuswealth.com Susan Dahl, CEO

33 Wilcox St. Bristol, R.I. 02809 (617) 505-4710

$60 mil.

65

Investment management, signature LEVATUS services, wealth counsel

Boston, Mass.

5 2017

18 2019: NL

Spinnaker Asset Management | spinnakerassetmgt.com Ronald Kent

400 Commonwealth Ave. Warwick, R.I. 02886 (401) 884-3210

$9 mil.

114

Financial planning, investment management, portfolio construction

NA

3 2008

16 | NOVEMBER 27-DECEMBER 3, 2020 | PROVIDENCE | www.pbn.com 1 Financial figures for assets under management are based on accounts thatBUSINESS are located inNEWS Rhode Island and/or Bristol County, Mass.

2 Also known as KLR.

$27.5 billion

NEED A COPY? To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

UPCOMING LISTS Mortgage Bankers and Brokers (Dec. 4); Urgent Care Centers (Dec. 11) WANT TO JOIN? For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 680-4884 or write to Shuman@PBN.com.

NL = Not listed last year.

FOOTNOTES j Financial figures for assets under management are based on accounts that are located in Rhode Island and/or Bristol County, Mass.  Also known as KLR.

Holistic wealth management, personal CFO services; risk management; sophisticated insurance solutions

16

Total assets under local management:

LIST RESEARCHED BY Cassius Shuman

Hobe Sound, Florida Denver, Colorado

9

CLOSER LOOK

INVESTMENTS/ESTATE & RETIREMENT PLANNING | FOCUS CONTINUED FROM PAGE 15

equal Wall Street,” Worrell said, “The economy is in shambles, but the stock market is doing well.”

That’s especially good news for those who have taken a distribution or loan from their defined-contribution plans, McGarry said, noting that the strong stock market performance means the “wind’s on their back” when it comes to making up that loss.

The coronavirus crisis still holds potentially disastrous long-term effects for both individual retirement plans and the larger economy. People who take out money now may have to work longer, or spend less in retirement, McGarry said.

Overwhelmed by the day-to-day stress of keeping her business alive, Tanury has not yet begun to strategize about how she can make up the loss to her own retirement nest egg.

“As a small-business person, I have to compartmentalize,” she said.

“I just can’t think about that yet.”

She added, “When this ends, we’re not going to walk away full of money.

It’s going to take a long time to recover.” n MONEY CONCERNS: When Janet Tanury was forced to temporarily close her clothing boutique in the spring because of the COVID-19 pandemic, she stopped making contributions to her retirement account.

PBN PHOTO/RUPERT WHITELEY

FOCUS | |STOCK STOCKBROKERAGE BROKERAGEFIRMS FIRMS(ranked(ranked by number local brokers) FOCUS by number of localofbrokers) CLOSER LOOK

Local stock brokerage | Website Manager

Address Phone

No. of local brokers

No. of local employees

Full service or discount

Year founded

Fidelity Investments Inc. | fidelity.com Abigail Johnson, chairman and CEO

900 Salem St. Smithfield, R.I. 02917 (401) 292-5000

1,107

3,100

Full service

1946

2

Total number of local stock brokers:

Merrill Lynch Wealth Management | ml.com Gary Hernandez, market executive

1 Citizens Plaza Providence, R.I. 02903 (401) 863-8600

65

98

Full service

1914

1,290

3

Edward Jones | edwardjones.com John E. Leary, principal, financial adviser and region leader

469 Angell St. Providence, R.I. 02906 (401) 751-4599

38

78

Full service

1922

Wells Fargo Advisors | wellsfargoadvisors.com Charles Scharf, CEO and president; Christopher Yalanis, managing director and Newport branch manager

100 Westminster St., and 7 Brown & Howard Wharf Providence and Newport, R.I. 02903 and 02840 (401) 459-6800 and (401) 848-9949

25

35

Full service financial advisory firm

1985

2019: 4

Janney Montgomery Scott LLC | janneyprovidence.com Steven Pitassi, senior vice president and branch office manager

1 Turks Head Place Providence, R.I. 02903 (401) 274-8600

20

28

Full service

1832

6 2019: 6

Barrett & Co. | barrettandcompany.com Wilson Saville, president

42 Weybosset St. Providence, R.I. 02903 (401) 351-1000

13

13

Wealth management and full service brokerage

1928

2019: 5

Brown Lisle Cummings Inc. | brownlc.com David A. Izzi, president

1 Turks Head Place, Suite 800 Providence, R.I. 02903 (401) 421-8900

9

16

Full service

1912

8 2019: 6

Oppenheimer & Co. | opco.com Stephen Connaughton, branch manager and executive director of investments

1 Financial Plaza, Suite 2110 Providence, R.I. 02903 (401) 331-1932

8

13

Full service

1881

TD Ameritrade | tdameritrade.com Bryan Pitney

1 Turks Head Place, Suite 100 Providence, R.I. 02903 (401) 450-3501

5

5

Discount

1975

2020 rank

1 2019: 1 2019: 2

2019: NL

4 2019: 3 5

7

9

2019: 8

LIST RESEARCHED BY Cassius Shuman NEED A COPY? To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

UPCOMING LISTS Mortgage Bankers and Brokers (Dec. 4); Urgent Care Centers (Dec. 11) WANT TO JOIN? For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 680-4884 or write to Shuman@PBN.com.

www.pbn.com | PROVIDENCE BUSINESS NEWS | NOVEMBER 27-DECEMBER 3, 2020 | 17

IT’S PERSONAL Tobon honored for leadership STATE REP. CARLOS TOBON, deputy majority leader in the General Assembly, was recognized with a National Leadership Award by the Council of State Governments. The CSG 20 Under 40 Leadership Award recognizes the outstanding work of 20 up-and-coming elected and appointed officials nationwide who exemplify strong leadership skills while demonstrating a commitment to serving the public. Recipients demonstrate ability to advance the common good, provided exceptional leadership to a state project, committee, chamber, commission or special group. They must serve as a champion of change and seek to enhance the lives of all constituents within policy areas. Tobon, of Pawtucket, serves as a 3rd class petty officer in the U.S. Coast Guard’s Reserve District 1 in Boston. He was the late U.S. Sen. John Chafee’s Senate page in Washington, D.C., in 1999 and ran unsuccessfully three times before winning his seat in November 2014.

What was your reaction to being selected as a recipient of the CSG’s National Leadership Award?

The Council of State Governments is a big deal. With the countless talented and exceptional public servants across the country, I was humbled and surprised to be part of this notable cohort.

How important is leadership to you, and what makes you a good leader?

In my teenage years I was part of a youth group that lobbied the city [of Pawtucket] and state. Our advocacy brought about fundamental changes and was made part of the evidence that we presented to elected officials that led to a lawsuit against the tobacco industry. As a senate page in our nation’s capital I worked and witnessed President Bill Clinton’s impeachment trial and 100 of the most prominent political figures working to move our country forward and how their decisions trickled into our communities. As I got older, I felt more could be done in education, the economy and environment. Refusing to sit on the sidelines and waiting to see what others would come up with or had planned, I decided to step into the arena.

How has the coronavirus impacted your life personally and ­professionally?

It allowed me to spend time with my wife, Alejandra, and our

BUSINESS

son, Esteban, and we have a baby, Amber, due in December. I spoke with legislators from around the country and discussed the challenges and approaches to the pandemic. And I worked with the [R.I.] Department of Labor and Training’s Matt Weldon to help individuals with their unemployment benefits, and helped my friend and mentor, George Ortiz, with my favorite nonprofit The Elisha Project in [East Providence], which focuses on bringing diverse communities together through service, sharing, teaching and learning.

What do you hope to accomplish as a representative in Rhode Island?

I am a big believer in small businesses and the important role they play in our communities and economy. In the past, I introduced concepts to encourage investment in our local economies. The phenomenon of giant online stores had taken a huge toll on the local business community and the pandemic accelerated it.

There is a unique opportunity to expand our defense industry.

While we have a thriving industry supporting underwater warfare that gives us strength and keeps us safe, our tranquility will be predicated on our ability shift from the threat of a physical attack to cyberattacks and cyber warfare. This will create hundreds if not thousands of jobs, lessen or stop the brain drain and have a predictable industry that will grow and not go overseas. n

On November 18, we celebrated the winners of PBN’s Business Excellence Awards. Congratulations to all.

EXCELLENCE AWARDS

20

Thank you to our partner sponsors

CELEBRATING

YEARS CORPORATE CITIZENSHIP: Kim A. Keck, CEO and president, Blue Cross & Blue Shield of Rhode Island EXCELLENCE AT A LARGE COMPANY: BankNewport Mary E. Leach Executive Vice President, Director of Consumer Relationships, BankNewport

EXCELLENCE AT A SOCIAL SERVICE AGENCY: Rhode Island Free Clinic Marie Ghazel, CEO of Rhode Island Free Clinic EXCELLENCE AT A SMALL COMPANY: Envision Technology Advisors LLC

18 | NOVEMBER 27-DECEMBER 3, 2020 | PROVIDENCE BUSINESS NEWS | www.pbn.com

EXCELLENCE AT A MIDSIZE COMPANY: United Way of Rhode Island From left: Cristina Amedeo, Angela Bannerman Ankoma, Lynn Corwin, Cortney Nicolato

IT’S PERSONAL MACKAY’S MORAL | HARVEY MACKAY

How to deal with hate LIKE AN OLD BARN, many of us have been around a long time. We’ve withstood a lot of life’s storms, bad weather and hard times, but we’re still standing, even though we find ourselves leaning to one side occasionally.

The danger comes when we lean toward anger, bitterness, hatred, cursing and other negative or harmful things. We need to prop up ourselves against these leanings so we will stand straight and tall again.

This little analogy is particularly appropriate for our times, as we see so much hatred and anger all around us. Those emotions cause so many problems not only in society, but also personally. Hate blocks clarity, clouding our judgment and causing us to be more impulsive and aggressive. Anger can lead to unacceptable actions that we immediately regret.

Rather than enabling us to see possible solutions, we become so entrenched in our own position that we become irrational.

Experts say chronic hatred and extreme anger can add to our stress and take a toll on our physical and mental health. Apply that to a business, and

the results are financially devastating. The cycle is deadly.

Psychologists say that carrying hostility around can kill us. Wishing evil on someone does more damage to us than to the objects of our anger and hatred.

Hate has a way of bringing out the worst in people. Used as a means to cover up feelings of fear or pain, hatred can quickly become all-consuming.

Most of us have experienced feelings of hatred at one time or another.

If you have wronged someone, you should make amends or at least apologize.

Hate prevents you from seeing things that may be beneficial in solving problems. But attacking someone just because of who they are is destructive at every level. Learn to let hatred go, and instead look for positive points instead.

On the reverse side, you will encounter people who dislike you for

petty reasons or out of jealousy. But don’t let that unjustified hostility get to you.

WikiHow offers up some great suggestions on dealing with haters.

Ignore them. Bullies try to provoke a reaction, so don’t respond. Don’t engage them in any way. If the hater physically or verbally assaults you, get another person or someone in authority involved. Try not to provoke bullies.

Project confidence. Self-confidence is your best defense against a hater because they start to realize they can’t get to you. Stay positive.

Avoid them. Don’t hide, just stay away from situations where you might interact with haters. If you must confront haters directly, explain respectfully where you’re coming from.

Prove them wrong. The best way to quiet a hater is to show them up. If they say you can’t do something, do it well. Let their hate fuel your ambi-

We need to prop up ourselves against these leanings.

tion.

Nip it in the bud. When you see a situation escalating, remind the other person that you are willing to work together but only in a respectful atmosphere. Let them know you have no intention of tolerating anything less.

An old Cherokee told his grandson a legend about a battle that goes on inside people. He said, “My son, the battle is between two wolves inside us all. One is evil and filled with anger, envy and hate. The other is good.

It is joy, peace, love, hope, humility, kindness, generosity, truth, compassion and faith.”

The grandson thought about this for a minute and then asked his grandfather: “Which wolf wins?”

The old Cherokee simply replied, “The one I feed.”

Mackay’s Moral: Don’t let hate seal your fate. n Harvey Mackay is the author of the New York Times bestseller “Swim With the Sharks Without Being Eaten Alive!” He can be reached through his website, www.harveymackay.com.

An announcement in PBN PEOPLE ON THE MOVE gets your name in front of the influential business leaders who you want to do business with.

Announce promotions, new hires, board appointments and award recipients to the RI business community.

This PBN weekly feature is seen by over 25,000 print readers, 7,000 e-newsletter subscribers and 64,000 monthly PBN.com visitors.

Announcements appear in the weekly paper, in one Daily Edition e-newsletter and on PBN.com.

WHERE EVERYONE WILL KNOW YOUR NAME

Submit yours at pbn.com/people-on-the-move/ www.pbn.com | PROVIDENCE BUSINESS NEWS | NOVEMBER 27-DECEMBER 3, 2020 | 19

IT’S PERSONAL GUEST COLUMN | JOHN GRAHAM

Unnecessary troubles MOST OF US ARE talented at excusing personal habits as trivial idiosyncrasies or minor infractions. Yet, they can come together to form a clear picture of who we are in the eyes of others.

Here are some habits that we can easily overlook or ignore. They can cause us unnecessary trouble, both personally and professionally: Winging it. What is it? It’s assuming we’re so smart or experienced that we don’t need to prepare for a presentation. We run out of time and decide to “wing it.” Before long, it’s a habit.

By then, we’ve convinced ourselves that we’re getting by with it. Don’t kid yourself. Everyone knows – customers, prospects, co-workers and the boss.

Thinking we’re indispensable.

“Which of us can resist the temptation of being thought indispensable,” wrote Margaret Atwood. When leaving to take a new job, some want to think they’re leaving a hole that can’t be filled. But, as Dene Ward notes in Medium’s The Ascent, “The reality is that every organization can survive a departure, unless you are a sole proprietor!” It’s much better to leave a legacy of quality performance and training a capable replacement.

Missing deadlines. No matter the task or assignment or how much pressure is put on some people, they’re still late, even though they may be bright, capable workers. Missing deadlines can be a form of job protest.

A better way is to establish credibility by being on time and then speaking up.

Saying yes but no intention of doing it. It’s a good way to get off the hook for the moment, but it comes back to bite us. It doesn’t solve a problem; it only delays facing it, creating doubt and undermining personal trust.

Even though it may be stressful, many people repeat it throughout their work lives.

Not taking time to communicate effectively. A Fast Company article states, “Communication was the most commonly required skill in job opportunities posted to the platform in July and August” of 2020. This is no surprise, since tens of millions are working remotely due to the pandem-

ic. In spite of the available technology – virtual meetings, texting, email and the phone – we have become “silos of one.” The article points out that four of the top 20 most popular LinkedIn Learning courses deal directly with communication skills training.

Not being aware of what’s going on around us. A study cited in a Forbes article said 68% of those surveyed who had been fired from a job had not seen it coming. How does it happen?

We all see what we want to see and filter out anything that doesn’t fit the picture of ourselves. An employer tells of a 20-year key worker who cried when told the company was closing, even though the information she worked with every day contained obvious clues.

Not having a plan. With so many ways to vote in the recent election, urging everyone to vote wasn’t enough, particularly during the pandemic. To make sure our vote would be counted, we were urged to

Quality output doesn’t occur with the … initial draft.

have a plan. That was good advice. As a famous author reminds us, “A goal without a plan is just a wish.”

Ignoring details. With student debt weighing down the future of millions of Gen-Zs and millennials, many claim they didn’t understand what they were getting into. Some say they signed contracts without reviewing them. Now their lives are on hold. If we assume everyone is honest, we can find ourselves in trouble.

Leaving it until the last minute.

Some claim procrastinating makes them more creative. They may be on to something, since the subconscious mind has more time to do its work.

Perhaps, but it’s also true that quality output doesn’t occur with the first pass or initial draft. It requires extra time. The last minute leaves no room for something going wrong.

There is a long list of other habits that can cause unnecessary trouble.

If you take the time to make up your own personal list, you may avoid bothersome problems and move forward faster. n John Graham of GrahamComm is a marketing and sales-strategy consultant and business writer. Contact him at jgraham@grahamcomm.com.

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To participate in this year’s edition, contact your Account Manager or Advertising@PBN.com | 401-680-4800 MATERIAL DEADLINE: December 11, 2020 20 | NOVEMBER 27-DECEMBER 3, 2020 | PROVIDENCE BUSINESS NEWS | www.pbn.com

PUBLICATION DATE: December 18, 2020

OPINION EDITORIALS

R.I. nursing homes need help in daily fight for survival

CHALLENGED: Nursing homes across the state are losing money amid the pandemic, as they fight to prevent the spread of COVID-19. Pictured, from left, are Bethany Home of Rhode Island employees David Briggs, director of therapy; Linda Wilson, office manager; and Elizabeth Sarro, administrator.

PBN FILE PHOTO/ MICHAEL SALERNO

COVID-19’s economic effects will last well beyond the widespread availability of vaccines for many Rhode Island businesses, with nursing homes at the top of that list.

Their daily fight for survival is a stark reminder of the health and economic crises still playing out across the state and nation.

Their job, to care for many of the state’s most vulnerable residents, is beyond challenging during a pandemic. In Rhode Island, about 900, or 67%, of the state’s 1,325 COVID19-related deaths have been nursing home residents.

But it would be wrong to blame the industry as a whole for failing to stop a deadly virus in its midst before even the nation’s top health experts fully understood how it spread.

The question now for many local nursing homes is, will they be around long enough to win back the public’s trust once the pandemic subsides?

As this week’s cover story reports, one Rhode Island-based facility closed in August and countless others are losing money. Without an infusion of government funding, others are likely to close, says LeadingAgeRI Director James Nyberg.

The funding crisis is a combination of a declining number of residents since the pandemic started and Medicaid reimbursement rates that have not kept pace with inflation in recent years. The latter is one of many funding issues related to COVID-19 that state leaders need to address.

The independence and around-the-clock care offered by nursing homes will always be needed. But will there be enough still operating after the pandemic to adequately provide it? n

Marijuana debate needs full airing Last December, Statehouse Democratic leaders came out against an anticipated proposal from Gov. Gina M. Raimondo to legalize recreational marijuana use for adults. They’d hoped to keep the Democratic governor from including it in her fiscal 2021 budget plan.

Though the effort failed, their opposition, with help from the pandemic, did keep her proposal from getting a full airing in the General Assembly.

But expect that to change next year. While the pros and cons of marijuana legalization have not changed, the state’s fiscal condition has clearly worsened.

So much so, in fact, that some of those same legislative leaders believe it may be time to take advantage of the tens of millions in additional state revenue that could come with legalization.

But businesses that have long opposed such a move due to concerns about workplace safety and enforcement costs also need to be heard.

And the debate needs to be public, whether legislative leaders are now ready to support legalization or not. n

POLL CENTRAL EXECUTIVE POLL

PBN.COM POLL

Are there things your company is thankful for this year?

Is the state providing enough financial support for restaurants and bars now subject to early curfews recently announced by Gov. Gina M. Raimondo? NOV. 13-19

Showing thanks Yes: 100%

What acts of giving has your company performed? (Select any that apply) We made a financial/charitable donation: 100%

No: 0%

What is your business thankful for?

(Select any that apply)

Our employees volunteered for a cause/nonprofit: 43%

The health of our workforce and operation: 71%

We donated goods, supplies and/or services: 14%

Sustainability amid the pandemic: 36%

We have not been philanthropic: 13%

New customers and/or clients: 28% Innovation and transformation: 18% Prosperity, opportunity and growth: 15%

12% I don’t know

12%

No, the grants are much too small to make up for the lost business

75%

We hosted a charitable event/fundraiser: 0%

Does your company thank staff by issuing rewards or bonuses?

Yes: 86% Under consideration: 14%

The Providence Business News Executive Poll is a weekly survey of 70 business leaders throughout the state, representing small and large companies in a variety of industries.

Yes, the new grants announced will at least help tide them over

No: 0%

Is it time for Rhode Island to legalize adult recreational marijuana use?

THIS WEEK’S POLL:

• Yes, Rhode Island really needs the additional revenue that would generate • Yes, states across the country are doing so • No, many business groups remain opposed due to workplace safety concerns • No, the long-term health risks still need more study • I don’t know To vote, go to PBN.com and follow the link on the home page

www.pbn.com | PROVIDENCE BUSINESS NEWS | NOVEMBER 27-DECEMBER 3, 2020 | 21

OPINION OPINION

‘Public health councils’ empower workers ANDREW MOSS GUEST COLUMN

In this bleak season of COVID-19, the protections we have are all the familiar ones: masks, social distancing and the avoidance of large indoor gatherings.

But now another protection has appeared, rooted in a fundamental value: the value of empowering workers.

This winter, worker committees, the first in the nation, will come on line in Los Angeles County, which contains 10 million people, 88 incorporated cities and 244,000 businesses. Operating in four sectors (food manufacturing, apparel manufacturing, warehousing and storage, and restaurants), the committees – known as “public health councils” – will be empowered to report coronavirus-related problems and violations to the county’s Department of Public Health.

These violations can result in fines and license revocations for businesses.

The mandate to create these councils was a result of several acknowledgments: that workplace transmission was significant in the spread of COVID-19; that a disproportionate number of low-wage workers were being exposed at their worksites; and that the Los Angeles Department of Public Health, overstretched for a region of this size, could not adequately monitor the problem.

At one workplace, a frozen-food processing plant in Vernon, Calif., workers reported to their union, the United Food

and Commercial Workers Union Local 770, a host of violations, including a lack of plexiglass dividers on the production line, a failure in the early days of the pandemic to provide masks, and a failure to enforce social distancing. From April through August, 26 workers came down with COVID-19; one died. The company, Overhill Farms, along with its temporary employment agency, was hit with the largest fines for coronavirus violations yet meted out by California’s Division of Occupational Safety and Health.

As a result, the workers, backed by their union, formed a safety committee with the company’s management that began meeting in July. The committee has been authorized to halt production if a serious problem is noticed, and it has been cited as a model for the public health councils that will soon be set up countywide.

The mandate to create the public health councils was authorized by a recent vote of the Los Angeles County Board of Supervisors, and, as councils begin to be formed at worksites, workers will be trained by certified organizations – labor unions or nonprofit organizations – about health orders and reporting processes. Worker participation on the public health councils is expected to be voluntary, and employers are encouraged to allow workers to meet at their worksites and on company time.

It has been cited as a model … that will soon be set up countywide.

Needless to say, the mandate to create the public health councils did not come about without a struggle. Many business leaders complained about what they saw as unnecessary bureaucracy, and the Los Angeles Area Chamber of Commerce flatly opposed the creation of the councils. Another business organization, the Los Angeles County Business Federation, claimed that the county should have deferred establishing the councils, saying that by its vote it has “chosen to apply a fundamentally flawed process to target business owners with increased county scrutiny and frequently changing regulations at the most challenging time.” In response, both labor leaders and public health officials have pointed to the councils as an essential, costeffective way of controlling COVID-19.

But perhaps the most telling criticism was expressed in an interview by Sarah Wiltfong, the policy manager of the Business Federation, who said that the Supervisors’ motion to approve the councils would result in a “de facto unionization of businesses.”

Wiltfong raised a fundamental question of value and power. In a pandemic that has already taken a quarter of a million lives, what does it mean for workers to take on voice, to assume power, over the very conditions affecting their lives and the lives of those dear to them? If unionization is the means to such an end, then COVID-19 may well be pointing to the broader struggles for economic justice that lie just ahead. n Andrew Moss is an emeritus professor of English and nonviolence studies at the California State Polytechnic University.

Why are for-profit colleges thriving now?

MOLLY OTT GUEST COLUMN

When COVID-19 hit the U.S., many experts warned that America’s colleges and universities could be devastated. Some of them predicted enrollment declines of up to 20%.

So far, those initial forecasts were worse than what has actually taken place. One month into the fall semester of the 20202021 academic year, overall enrollment was only 3% lower than at the same time a year earlier. Enrollment declined at community colleges by 9.4%.

One kind of school, however, is faring better: for-profit colleges. Their average enrollment is up by 3%.

This growth is even more surprising given that enrollment at for-profit schools had fallen by an average of 10.5% annually between 2015 and 2019.

Several factors are at play.

For-profit colleges and universities tend to be experienced with remote learning, they have more flexibility to deploy financial resources and they have enjoyed favorable policies under the Trump administration.

The increase in for-profit enrollment may be short-lived. Graduates of for-profit colleges are defaulting on their tuition loans at higher rates, and President-elect Joe Biden has vowed to stop schools from “profiteering off of students.”

More than 1,000 U.S. colleges and universities started the fall 2020 semester with some form of in-person instruction. But the face-to-face learning environment has been

transformed by COVID-19.

What you may think of as the “traditional” college experience is largely not happening this year.

Rather than paying full price for restricted conditions, some students chose not to attend traditional colleges.

Some opted for a “gap year.” Others sought fully online programs that were more established than the options hastily implemented in the spring. For-profit universities are recognized brands in distance education. That likely attracted some students seeking safe, reliable learning options.

Many traditional universities incurred considerable costs to resume teaching and research safely on campus in the fall.

For-profits have considerably more online programs than their nonprofit counterparts. They did not need to spend nearly as much to operate safely.

For-profits are also generally more financially nimble. They often maintain considerable cash reserves with minimal limitations on spending. They subsequently expended more on marketing efforts.

And for-profit institutions expanded financial aid. This gave students even more of an incentive to enroll.

Over the past decade, shifting federal policy has had a major impact on for-profits’ ability to attract students. During the 2008 recession, the sector experienced huge enrollment increases.

22 | NOVEMBER 27-DECEMBER 3, 2020 | PROVIDENCE BUSINESS NEWS | www.pbn.com

But some for-profits used deceptive tactics and persuaded students to assume large tuition loans that would allegedly pay off with lucrative jobs. Their promises misled thousands of graduates who defaulted.

In response, the Obama administration implemented the “gainful employment” rule.

Schools were required to demonstrate that their graduates were employed and include employment figures in ads. The regulation reduced for-profit enrollments.

The Trump administration officially repealed the rule in 2019. In 2021, however, the federal approach will surely shift back under President-elect Joe Biden.

Biden’s higher education platform would restore the gainful employment rule. And he supports authorizing two years of free community college for all Americans. He also calls for free tuition at public universities for families who earn less than $125,000 per year.

If the Biden administration ensures that the cost of attending nonprofit colleges and universities – including those with established online degree programs – is substantively reduced, persuading students to enroll in for-profit alternatives will be very ­difficult. n Molly Ott is an associate professor of higher and postsecondary education at Arizona State University. Distributed by The Associated Press.

ONE LAST THING I

am fortunate to be part of an amazing team navigating this pandemic. Here are some tips from our COVID-19 experience:

n Define your mission: As our firm entered lockdown in March, we resolved to continue to “serve our clients and take care of each other.”

This simple statement unifies our team and directs our daily work during challenging times. n Document processes and procedures:

Create and document processes for each department to maintain efficient operations and meet business goals. Well-defined, documented roles and workflows will provide continuity when team member availability fluctuates. n Prioritize collaboration: Many of us are

accustomed to the exchange of ideas fostered by working in a shared, physical space.

Consider holding regular virtual meetings to touch base with your team, understand how work is being completed and provide consistent support.

Mason J. Waring Chisholm Chisholm & Kilpatrick Ltd. partner Mason J. Waring joined Providence-based law firm Chisholm Chisholm & Kilpatrick Ltd. in 2008. His practice focuses on long-term disability, health and life insurance litigation.

n Assess your security: Ensure that you have a written information security plan and technology in place to protect your computer systems and electronic data. In the months spent restructuring your business for remote work, you may have created cybersecurity gaps that need to be closed. n Pay attention to the human factor:

Remember, your clients are struggling too.

Take an extra moment when communicating with them. As winter approaches, consider reallocating resources to support remote employees professionally and personally.

Ensure that employees have the equipment they need to be comfortable and productive.

Consider hosting virtual group fitness classes and virtual game events. n

Prioritize collaboration

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