Issuu

HELEN HALL Owner of Blender Bombs

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Help wanted brings higher wage demands

Banking on Carolinas Encore Bank expands into Charleston’s banking and financial market. Page 15

By Ross Norton

Role reversal

Bank tellers see shifts in roles, salaries with mobile banking. Page 13

As COO, Barbara Melvin oversees the port’s daily operations and major infrastructure projects, including the Hugh K. Leatherman Terminal and Charleston Harbor Deepening Project. (Photo/Walter Lagarenne)

Kitchen inspiration Charleston parents create a kids’ snack that gains national traction. Page 8

Saying goodbye

S.C. Manufacturing Extension Partnership President Chuck Spangler dies at 58. Page 11

INSIDE

Upfront................................. 2 SC Biz News Briefs................. 3 Small Business Spotlight........ 4 In Focus: Banking and Finance.......... 13 List: Banks.......................... 16 Bonus List: Financial Brokerage Firms................. 18 At Work............................... 19 Viewpoint............................23

SC Ports to make history as Melvin named future CEO By Teri Errico Griffis

tgriffis@scbiznews.com

fter 13 years, Jim Newsome will be stepping down as CEO and President of the S.C. Ports Authority, and COO Barbara Melvin, will step in to the role making history as not only the first female CEO of SCPA, but of a top 10 U.S. operating container port. The announcement came at the 2021

State of the Ports on Oct. 18 after the board unanimously approved the leadership change earlier in the day. Melvin, who has served with the port for 24 years, will transition as the sixth leader on July 1, following Newsome’s anticipated retirement in June 30. “Jim Newsome has truly made a significant and lasting impact on South Carolina’s economy and supply chain,” See PORTS, Page 6

rnorton@scbiznews.com

aybe the politicians can’t agree on what to do about increasing the federal minimum wage, but the market is making its own decisions. And the decision seems to be that wages must go up. The federal minimum has remained $7.25 since 2009 and it seems that’s not enough in 2021. Pressure to pay more, especially in the hospitality sector, was exacerbated by the pandemic, according to Furman University economics professor Kailash Khandke. “The minimum wage debate that started a little before the pandemic, was highlighted during the pandemic, when workers in the service sector, restaurants, etc., felt that they were working long hours with little to no benefits, said Khandke, the Frederick W. Symmes Professor of Economics at Furman. “At the same time research on the poverty line and poverty threshold resulted in government intervention and trial programs with things like Universal Basic Income. So we may be seeing wages begin to go up in some of these low earning positions.” A number of announcements have suggested a trend. Chipotle made national news in May when the company said it would raise its minimum wage companywide to an average of $15 in its American restaurants. Chipotle Mexican Grill Inc. has about 2,800 restaurants but some of them are abroad. In South Carolina, the largest retailer headquartered in the state announced plans to raise the minimum at Spinx convenience stores and car washes to $12 for fulltime staff. And here and there across the Upstate, temporary banners, hand-lettered posterboard and paid advertising have promised higher wages, especially at restaurants. See WAGES, Page 10

State of the Port

SCPA invests in infrastructure to address supply chain issues. Page 12

Upfront

BRIEFS | FACTS | STATEWIDE NEWS | BEST ADVICE

South Carolina’s economy dipped in sweetness

ven if you didn’t participate in the annual trick-or-treat tradition of handing out candy in your neighborhood last month, you were impacted by the production, distribution and consumption of candy and other sweets, data from the Nation Confectioners Association show. The trade association studies the economic impact of candy and chocolates across the U.S., and the ripple effect on the Palmetto State is not insignificant. For example, nearly 6,000 jobs are attributed to the sweets sector. That translates into wages, taxes and more than $180 million in economic output.

Sweet jobs in South Carolina

Comparing confections

The confectionary sector brings nearly 6,000 direct and indirect jobs to S.C.

Direct and indirect jobs supported by the confectionary sector across the Southeast.

Segment

Jobs

State

Jobs

Supplier

2,286

Florida

29,562

Indirect jobs

1,797

Georgia

23,730

Retail jobs

1,591

Tennessee

16,530

Wholesale

249

North Carolina

15,339

Manufacturing

Virginia

13,933

Source: National Confectioners Association

Alabama

9,402

Louisiana

8,153

Kentucky

7,039

South Carolina

5,965

Arkansas

4,141

Mississippi

4,348

ON THE

RECORD

Economic impact for Palmetto State

$180,400,000 Total economic output from confectionary sector in South Carolina.

$72,000,000 Annual wages in South Carolina from the sweets sector.

$69,700,000 Federal, state and local taxes collected from the confectionary sector in South Carolina.

5,965

Jobs attributable to the sector in South Carolina, including 1,882 direct jobs.

“It is truly a great sign of success to name a successor within your own team. Barbara Melvin will continue to build on our success, ensuring a very bright future for S.C. Ports and for South Carolina.” — Jim Newsome, CEO of S.C. Ports Authority, who announced he is planning to retire June 30, and COO Barbra Melvin will step into the role

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SC Biz News Briefs

Walmart pioneered its new Symbiotic-driven distribution system at several locations across the country. (Photo/Provided)

UPSTATE

GSA Business Report

Walmart’s largest distribution center planned for Spartanburg County The 720,000-square-foot Walmart distribution center bound for Lyman isn’t your mother’s transport hub. Robots and intelligent tech from AI company Symbiotic will sort, store, retrieve and pack grocery perishables, such as produce, eggs, dairy products, flowers and frozen goods, at twice the capacity of traditional grocery distribution centers, according to the company. Walmart’s high-tech grocery distribution center will include game-changing innovations that are radically disrupting the supply chain, getting products onto shelves for our customers even faster, while saving time for our associates,” David Guggina, senior vice president of automation and innovation at Walmart, said in a news release. “We’re proud to be opening Walmart’s largest automated grocery distribution center in Spartanburg County and look forward to bringing new STEM job opportunities to the region.” Despite the facility’s hefty reliance on automation, 400 new supply chain jobs will be created through the company’s $450 million investment. The Coordinating Council for Economic Development approved job development credits for the project. “Walmart’s decision to grow its South Carolina presence and build a new distribution center in Spartanburg County is a tremendous reason to celebrate,” Commerce Secretary Harry M. Lightsey III said in the release. “This announcement speaks volumes to our state’s logistics advantages, infrastructure and business-friendly environment.” The high-tech distribution center, scheduled to open in 2024, is part of a larger investment the retailer announced in July to double down on the use of automation technology in its supply chain within 25 regional distribution centers. The move followed the company’s 14.5% second quarter growth in sales over 2020’s second quarter and prompted plans to hire 20,000 associates in distribution and fulfillment centers across the country. E-commerce sales grew by 103% on a twoyear stack, the release said. “Along with strengthening Spartanburg’s robust logistics sector, this significant investment by Walmart continues a pattern of Spartanburg being increasingly connected to the larger, nationwide economy,” Spartanburg County Councilmember David Britt said in the release. “We’re excited to welcome yet another project with global connections to our county.” With publications in Charleston, Columbia and the Upstate, as well as a statewide magazine, SC Biz News covers the pulse of business across South Carolina. Above are excerpts from our other publications.

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Midway return

S.C. Stair Fair back in full swing for 152nd year. Page 2

Spirit of giving A readers’ guide to philanthrophy in the Midlands. Inside

Makers’ map See what’s happening at the S.C. Manufacturing Conference. Inside

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SC Biz News ranks the state’s most influential real estate professionals. Page 17

INSIDE

Learn about financial & exit strategies in Matt Pardieck’s upcoming book, released in Spring 2022.

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Upfront ................................ 2 SC Biz News Briefs ................ 3 In Focus: The Insurance Cluster ............................... 13 List: Employee Benefits Brokers .............................. 15 At Work ..............................29 Viewpoint ........................... 31

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CHANGING NEEDS Pandemic, vaccines driving insurance innovation

By Christina Lee Knauss

Contributing Writer

hen the federal government unveiled new COVID-19 vaccination mandates in September, leaders at Colonial Life went to work to find solutions for employers who might feel overwhelmed by the prospect of keeping track of who in their workforce has and hasn’t gotten the shots. The result is Vaccine Verifier, a digital platform that offers a way for employers to verify vaccination status and keep track of vaccine exemptions and the testing status of non-vaccinated employees. The program launches in November.

Coming up with Vaccine Verifier is just one of the ways the Columbia-based supplemental insurance company has been working to help both its employees and customers face ongoing challenges brought on by the pandemic, according to Tim Arnold, president of Colonial Life. Arnold said adapting to change and coming up with new products and solutions quickly has been as important in the insurance industry as it has been to the rest of the economy since the pandemic hit 19 months ago. He said Colonial Life, like others in the industry, has experienced economic challenges as well as technological ones. “Many of the challenges related to COVID-19 were common across industries,

and the insurance industry faced a special challenge because during the height of pandemic restrictions and infections, we faced declines in new sales and increases in claim costs,” Arnold said. “We maintain significant reserves to deal with unexpected events and can support policyholders during unexpected change.” Like many other employers, Colonial Life came up with technology solutions to allow employees to work remotely during the height of the pandemic. Now, as more people go back into workplaces nationwide, Arnold said digital solutions such as Vaccine Verifier offer a way for companies to both make

Visit: www.bigheartedbusinessowner.com

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Marsh sentenced

Former SCANA Corp. CEO to serve two years for role in V.C. Summer nuclear debacle. Page 7

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LOWCOUNTRY NEWSROOM Executive Editor - Andy Owens aowens@scbiznews.com • 843.849.3142 Editor, Custom Publishing Division Steve McDaniel

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Small Business Spotlight HELEN HALL, BLENDER BOMBS MY COMPANY:

smcdaniel@scbiznews.com • 843.849.3123 Staff Writer - Teri Errico Griffis

At Blender Bombs, we make a line of plantbased, nutrient-dense smoothie boosters and products. It all started with the original Blender Bomb: a ball made up of all-natural ingredients like nuts, seeds and dates that can be blended into a smoothie to make it a filling meal replacement or eaten plain as a snack. Since the company’s inception, we’ve grown to include seven flavors of Blender Bombs, two varieties of granola, Bomb Bars, Bomb Drizzle and a unique Bomb Butter.

tgriffis@scbiznews.com • 843.849.3144 Research Specialist - Paige Wills pwills@scbiznews.com • 843.849.3125 News Editor - Alexandria Ng ang@scbiznews.com • 843.849.3124 Digital Editor - Rob Lyle rlyle@scbiznews.com • 843.849.3119 MIDLANDS NEWSROOM

MY BUSINESS MODEL:

Editor - Melinda Waldrop

The business started as a grassroots initiative working with my personal training clients and growing by word of mouth. I grew Blender Bombs by launching an e-commerce site focused on direct-to-consumer sales nationwide. As the company grew, we picked up some small wholesale accounts, mostly regional. In the past year, we have landed in Whole Foods and Walmart stores across the country.

mwaldrop@scbiznews.com • 803.726.7542 UPSTATE NEWSROOM Editor - Ross Norton rnorton@scbiznews.com • 864.720.1222 Associate Editor, Custom Publishing Division

MY CUSTOMER:

Jim Tatum jtatum@scbiznews.com • 864.720.2269

Our customer is anyone who is looking to prioritize their health and overall wellness. This can look like a new mom, a busy college student or a marathon runner. Blender Bombs can save you time and money by taking the guesswork out of nutrition, and who doesn’t want that? We ship right to your door, all over the U.S.

Staff Writer - Molly Hulsey mhulsey@scbiznews.com • 864.720.1223 LOWCOUNTRY ACCOUNT EXECUTIVES Account Executive Amanda Alford aalford@bridgetowermedia.com • 843.849.3109

South Carolina’s Media Engine for Economic Growth

Group Publisher - Rick Jenkins rjenkins@scbiznews.com • 864.720.1224 Director of Advertising - Robert Reilly rreilly@scbiznews.com • 843.849.3107

Location:

Mount Pleasant

Year established:

Number of employees:

2017

Events Account Executive - Melissa Tomberg

Mission: Blender Bombs provides a convenient product with nutritional value and health benefits, made with plantbased ingredients.

mtomberg@scbiznews.com • 864.720.1220 Events Manager - Kim McManus kmcmanus@scbiznews.com • 843.849.3116

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Helping thousands of South Carolina job seekers learn new skills for in-demand jobs

google career certificates Google Career Certificates help job seekers get jobs in highgrowth fields like Data Analytics, IT Support, Project Management, and UX Design within 3-6 months. To help South Carolina job seekers, Google is partnering with local organizations to provide support and scholarships.

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PORTS, from Page 1

S.C. Ports Board Chairman Bill Stern said. “He led a major turnaround effort of S.C. Ports when he joined in 2009, assuring S.C. Ports continues to flourish as a top 10 U.S. container port. Under his great leadership, we have seen significant growth at the port and at port-dependent businesses around the state.” Newsome, who was recently inducted into the International Maritime Hall of Fame on Oct. 5, said it has been an honor to serve as the CEO of South Carolina’s major port, and he will continue to serve as an executive advisor following his retirement. “We have worked together to cultivate a highly competitive, world-class port that continues to grow above the market,” Newsome said. “This past year has been one of my proudest as we have achieved major successes, including Walmart investing in a near-port import distribution center, our handling of record-breaking volumes during a global pandemic, and the opening of Leatherman Terminal, the first container terminal to open in the U.S. since 2009.” During Newsome’s time with the SCPA, he has grown the port’s cargo base, led the doubling of cargo volumes over a decade and led key infrastructure projects, in particular the Charleston Harbor Deepening Project that will allow the SCPA to welcome some of the largest

Jim Newsome (left) celebrates the opening of the Hugh K. Leatherman Terminal with Hugh Leatherman, his wife Jean, and SCPA COO Barbara Melvin. (Photo/Kim McManus)

ships traveling the the east coast. Even with Newsome’s large shoes, Stern has no doubt that Melvin will continue to build upon the port’s success over the last decade. “It is not often that two impressive leaders work so well together over many years to achieve a shared vision,” he said in a statement. “Their great partnership and visionary leadership sets S.C. Ports up for continued success.” Throughout her tenure with the SCPA, Melvin has served in a number of roles since 1998, including as senior vice president of operations and termi-

nals in 2015 and COO in 2018. In her current role, Melvin oversees the port’s daily operations and major infrastructure projects. “I am grateful and I am ready,” Melvin said. “With the guidance of our Board, the skill and talent of our team, the solid experience within our maritime community, and the support of elected, business and community leaders, S.C. Ports will achieve enhanced growth benefitting the state, region and nation. To our customers, we thank you, and please know that with additional opportunity, we will earn prosperity together.”

With the opening of the Hugh K. Leatherman Terminal, the Charleston Harbor Deepening almost complete and the announcement her new role, Melvin has had a memorable 2021. In March, she was even named the Woman of the Year by the S.C. Manufacturers Alliance. As one of the only women serving as COO of a U.S. port, Melvin said at the time it was one of the most emotional awards of her career. The future CEO saw the recognition not only as an earned award, but as a calling to encourage more women into the fields of transportation, engineering and manufacturing. “I am looking forward to the day when there are not awards recognizing women in their field because it will no longer be notable, but rather there will be awards that recognize women purely for their work and contributions,” Melvin said. As the soon-to-be first CEO of a top 10 U.S. port, Melvin is already living up to her words. “I have always said it is great people who make a great port, and we are fortunate to have the best maritime community and team at S.C. Ports. It is truly a great sign of success to name a successor within your own team,” Newsome said. “Barbara Melvin will continue to build on our success, ensuring a very bright future for S.C. Ports and for South Carolina.” CRBJ

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A Revitalized Approach to Wealth Management Hollis M. Gunn | Senior Vice President and Trust Advisor, Regions Private Wealth Management Charleston and the Lowcountry are unlike anywhere else. We are distinctly different. We are distinctly local. The quality of life – incredible. The scenery – second to none. The opportunity to grow and succeed – unmatched. And it pays to have a source of financial advice and guidance to help you get where you’re going. So much is digital these days. But relationships still matter. Especially when it comes to managing your money. From building savings, to reaching a short-term financial goal, to planning for retirement, and more, the experience of a local team is essential to complementing the digital services offered by today’s banks. That’s our focus at Regions Bank. Indeed, we innovate through digital solutions. But we also take the time to truly listen to customers, no matter their need, and develop customized financial solutions to help them reach their goals. For example, Regions’ Private Wealth Management team in the Lowcountry is working with investment clients to help them digest the headlines – and plan accordingly. We lean on our experience – and the resources of Regions Bank as a whole – to provide clarity, context and guidance during times of uncertainty. Our consistent goal is to help clients succeed. That’s a relationship, and just one of the reasons Regions Bank is different.

Prime Time for Wealth Management

The demand for wealth management is on the rise. While challenges from the pandemic persist, the business outlook is strong, employment opportunities are plentiful in Charleston and beyond, and the housing market has been especially active. This is creating opportunities for some to add real estate investments to their financial plan. We have the insights to help clients determine if they should consider this and other non-traditional options for themselves. Others need greater certainty and want to de-risk their portfolios. We can help there, too. At the same time, we see a new trend of service developing toward younger clients who are thinking early about their financial futures. For example, there is the rise of new entrepreneurs, artists and social media influencers. They are building finances quickly and seeking advice to preserve and grow their wealth. No matter your position – as someone who’s still getting started, someone who’s nearing retirement, or someone who’s enjoying retirement and wants to provide for future generations – Regions has teams whose experience can make a difference.

Meeting the Demands of Today’s Complex Environment

When you are a wealth management client at Regions, you are benefiting not only from the experience of our local teams, but also the guidance of leading-edge financial professionals whose deep market knowledge helps guide the portfolios we create for clients across the Southeast and beyond. Likewise, when anyone visits one of our bank branches in the Lowcountry, or anywhere else in South Carolina, they have the chance to work with

bankers who are ready to provide more than transactional service. They excel at building customized roadmaps toward reaching the unique objectives customers have for their personal or business finances. And when you go to Regions.com, or use our highly rated mobile app, you have access to seamless services at your fingertips. In addition, our website hosts free and informative content for customers at all stages of their financial journey – from students to young professionals to wealth management clients who can benefit from our customized Wealth Insights magazine and podcasts. This all combines to deliver a more intuitive and beneficial customer experience – and more value from your bank.

A More Holistic View

It’s important to point out we don’t operate in silos. For example, wealth management is just one part of a client’s overall needs. Many are also business owners, consumer banking customers, and more. Some banks separate those relationships. Regions does not. We have an approach called ‘Regions360.’ Teams from across the bank – wealth management, consumer banking, commercial banking, and more – work as ‘One Team, One Regions’ to provide holistic advice and guidance. We see you not only through the lens of being a wealth management client, or a small-business owner, or a credit card holder. Rather, our focus is to view each client holistically – and collaborate with colleagues across the bank to meet your entire range of financial needs.

Charting a New Course

While we are still battling the uncertainty of the pandemic, there are many reasons to be optimistic for the future. But having the right team in place – a team that knows the needs of people and businesses across this incredible area – uniquely positions Regions to help you write a more prosperous chapter as we move forward. We know Charleston and the Lowcountry are poised to build on today’s economic opportunities. Regions Bank can help you build on them as well – through the power of relationships.

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Lack of healthy snacks turns into healthy family business By Teri Errico Griffis tgriffis@scbiznews.com

hen Ian and Jessica Saultz relocated back to the U.S. from Germany a few years ago – with two toddlers in tow — they were beyond disappointed with the snack options available for children. Stateside noshes were crumbly and messy and full of sugar. They paled in comparison to the refined, healthy treats their family was accustomed to overseas. Jessica talk to her children’s pediatrician about this concern as well as the moms on the playground, asking anyone she could find what snacks they recommended. “But no one really gave me an answer,” she said. A problem-solver by nature, Jessica’s first response was to order snacks from Germany. Born and raised there, Jessica spent her years prior to motherhood as a bio process engineer, but grew up with a backyard full of fresh fruits and vegetables. She had no exceptional kitchen skills, but thought if other people could make healthy, messfree snacks, maybe she could, too. “I started in the kitchen, working on a ton of recipes,” she said. “We decided to have our starting flavors be strawberry, blueberry and mango. Those are a good base, what most kids would like. We worked on hundreds and hundreds of recipes until we finally figured out the ones that work.” Jessica’s idea was to see what happens; however, Ian, her husband, who she met and married in the U.S., is a software engineer with business experience and pushed her to see that maybe her recipes could turn into something more than a family snack. What soon evolved was Dino Bars, a brand of the Functional Food Co. The organic, all-natural and allergen-free fruit bars are a hit with toddlers for their yummy taste — and with parents for their mess-free packaging. Each bar comes wrapped in edible paper.

Dino Bars offer parents easy solutions for mess-free, organic treats. (Photos/Provided)

Since the couple officially launched their business in May 2020, they have sold more than 500,000 bars nationwide, grown to 10 employees and have outgrown two facilities on James Island. Other than posting about their product on Instagram, the business-to-client growth is all from word of mouth. “We’d like to do more, but we also can’t just because we’re keeping up with how quickly we’re growing really just through word of mouth,” Ian said. “We have to manage all these other aspects that doing aggressive marketing is honestly a little scary at this point.” Jessica still can’t help but laugh at how surreal the success is. The business was only supposed to be a flexible side job until her children went back to school. “If I go back into my field, I’m going to have to work full-time, and I didn’t feel comfortable doing that with two young kids,” she said. “I think that’s when my mind started switching over to maybe this could be a business because then I can control my hours, and I don’t have to work for somebody else, and I can figure out kids and work.” In less than two years, Dino Bars is already turning a profit, and to keep up with demand, earnings need to be re-invested in the company to facilitate growth, Ian said. He wishes he could dedicate

Ian and Jessica Saultz were inspired by their children, Liam and June, to come up with healthy snack alternatives. Their product is now sold nationwide online.

more time to Dino Bars and go full-time with Jessica, but investment means that he needs to straddle both his full-time software job and his small, family-owned business for the foreseeable future. For his part in the company, Ian handles the business and regulatory side of Dino Bars, including food production and understanding the highly regulated, and rather intimidating, food industry. He admits he’s the type that enjoys sitting around reading laws and regulations for fun. “Ian is much more the person in the relationship that’s business thinking,” Jessica said. “I’m more the person who’s going to stand in the kitchen and see what comes out of it.” Jessica might play down her role, but her prior experience in the pharmaceutical industry is relevant. She had a heavy hand in quality assurance and the production process, which led to rigorous quality assurance and guidelines for Dino Bars. It was with her knowledge that she pushed for an external facility for food production so that the bars could be made in a completely allergen-free facility.

Gaining followers

Amy Palanjian, whose Yummy Toddler Food account has more than 350,000 followers on Instagram, was one of the first supporters and affiliates of Dino Bars.

The mom of three — as well as editor and recipe developer for magazines, books and websites — is proactive about helping families come up with fun foods that are healthy and straightforward. “It’s always been really hard to find a snack bar for a 1-year-old that is easy to chew, doesn’t fall apart and is made with not a ton of ingredients,” she said. When Dino Bars hit the market, Palanjian was excited. Unlike crumbly NutriGrain type bars that she felt only tasted sweet, Dino Bars flavors were simple, tasted like fruit, and the bars were easy for her young ones to eat. The snack became an easy solution for parents, and Palanjian spread word across her social media platforms. While the social media mom does a lot of sponsored work, Palanjian said she typically works through her manager and PR firm, and rarely has direct access to clients. But she enjoys connecting with Ian and Jessica, as both parents and small business owners of a product she genuinely supports. Dino Bars may have huge followers, but the Saultz pride themselves on the smallness of their business. In the beginning, it was just Ian and Jessica for the first four months or so, which helped them figure out what worked and how best they worked. Up next for the parents and co-founders is securing a much larger facility in the Charleston area, and aggressively pursuing regional and national chains to get Dino Bars into grocery stores. The current business model only accounts for sales on the company’s website and Amazon. The company has grown faster than Jessica and Ian expected to, far beyond the days when it was just the two of them working together those first few months. “With every person that then comes, they bring some ideas and it has been working out very well, being very open,” Jessica said. “We’re all on the same level. Let’s talk about it and see how we can all improve the company and make things even better.” CRBJ

Reach Teri Errico Griffis at 843-849-3144.

DWG Consulting Engineers sells company to employees By Andy Owens

aowens@scbiznews.com

WG Consulting Engineers in Mount Pleasant has been sold to the employees of the company, the business said in a news release. DWG co-founders Michael Weeks and Phillip Dalpiaz actually talked to several prospective buyers before thinking of the employees. They bought the Mount Pleasant operation from its former parent company in

Savannah in 2008, the same year of the Great Recession. From there, DWG survived the recession and eventually doubled in size. This year, the company was honored as one of the high-growth companies in South Carolina as a Roaring 20s winner. Weeks and Dalpiaz said they came close to signing a deal with one prospective buyer. “There we were, all dressed up and at the altar,” said Weeks, DWG’s president, in a statement. “We’d done so much work in getting ready for the sale that we didn’t

want to waste what we had done. However, we determined it was not in the best interest of our employees.” Instead the co-founders worked through implementing an Employee Stock Ownership Plan. “We were told early and often that we were too small to do this,” said Dalpiaz, managing principal for DWG. “As we kept moving forward and asking the right people the right questions, we learned that it might be tough but doable.” The company said that after three

years of working out the details, they told employees they were now employee-owners. Several compliance initiatives had to be put into place to make that happen, DWG said, including appointing an independent director to the board. Weeks and Dalpiaz said part of the employee-owner model puts the ownership of the organization with the people who are operating the company and doing the work. The co-founders said they would remain active in DWG Engineering as long as needed. CRBJ

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November 1 - 14, 2021

WAGES, from Page 1

(Photo/file)

Clemson University economist Bruce Yandle, dean emeritus, former executive director of the Federal Trade Commission and senior economist on Gerald Ford and Jimmy Carter’s Council of Wage Price Stability, said restaurant workers — the accommodations and food sector — is one of three areas where he expects to see growth, along with health care and finance. “The latest job openings data, which is for July, showed 10.2 million jobs nationwide waiting to be filled,” Yandle said in September. “That is the highest number ever recorded by the BLS. In January 2021, the number was 7.5 million. In August, nationwide, there were 8.4 million unemployed. The ratio of openings to lookers, which is now greater than one, has been rising. This says the time is ripe for wage increases.” In August, average hourly earnings for U.S. wage earners rose 4.2% on a yearover-year basis, Yandle said. “All-items inflation rose 5.2%. Inflation pressures also suggest it is time for wage increases,” Yandle said. “The largest growth in job openings is occurring in health care, finance, and accommodations and food. We should look for early and larger wage increases in these three sectors.” Jeff Yankow of Furman said any increases in wages now may be absorbed by corresponding increases in the cost of living.

“So wages have been going up considerably for low-wage earners in nominal terms all summer. However, it is not clear whether real wages are increasing all that much given inflationary pressures in the cost of consumer goods,” Yankow, the David C. Garrett Jr. Professor of Economics, said in an email. Wages went up each month of the summer for production and nonsupervisory employees, he said. “However, when you adjust the wages into real terms by the Consumer Price Index increases over the same period, you get monthly increases in real hourly wages of only minus-0.6% in June, 0% in July, and 0.3% in August, and monthly increases in real weekly earnings of minus-1.2% in June, 0.3% in July, and

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0.2% in August,” Yankow said. “So the picture is a little more mixed here.” The Spinx Co. president said the retailer is responding to challenges by promising candidates better wages and a better work environment. “We’re proud and excited to announce this commitment to enhancing our hourly rates for our valued frontline teammates,” Stan Storti said in a news release. “Being an employer of choice has been a significant goal for us at Spinx over the last five years, which means a lot more than pay.” Storti said the company has adopted a formal program to make Spinx a fulfilling place to work. With 82 convenience retail stores and 45 carwashes throughout South Carolina, Spinx’s competition is not just other convenience stores. To keep

its 1,500-person workforce at full staff the company competes with every business that pulls talent from the labor pool. “We spend a great deal of time and effort ensuring that we at Spinx have a unique and generous reward system,” Storti said in the release, which called the current environment a hiring crisis. “Pay rates are reviewed every six months, and lately every other month, to ensure that our rates are competitive with similar employers, not just gas/c-store operators. This year, we’ve seen starting rates begin to trend higher around June as businesses struggled to find people.” Restaurant industry expert Zac Painter said rising wages may affect the kind of employees restaurants hire. “The turnover at restaurants has already been incredibly high, but you’ve always been able to find people,” said Painter, principal at Candor, a Greenville based restaurant consulting group. “So anytime that unemployment is low, restaurants are always struggling from a labor market perspective. But as the minimum wage increases, restaurants are going to — and you’re already seeing this — they’re going to think a little more carefully about, ‘Am I going to hire a bunch of teenagers that are all going to work 15 or 20 hours a week? Or now that I have to pay a higher hourly wage, am I going to invest in more of a full-time person?’” CRBJ

Reach Ross Norton at 864-720-1222.

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SCMEP president dies after bout with COVID-19 By Ross Norton

rnorton@scbiznews.com

huck Spangler, CEO and president of the South Carolina Manufacturing Extension Partnership, succumbed to complications of COVID-19 on Friday at a North Carolina hospital. Carl Maynard Spangler III, a North Carolina native and resident of Greer, was 58 years old. In his role at the helm of SCMEP, Spangler was a workhorse on what elected officials and economic developers call Team South Carolina — those public and private players who advance business in the state. On that team, Spangler’s organization had a far-reaching impact fueled by its leader’s enthusiasm for the mission: “Helping South Carolina companies grow.” And Palmetto State companies did grow. An independent analysis put SCMEP’s economic impact on the state at $3 billion in 2020, according to the organization’s website. That included $2.5 billion in retained sales, $165 million in cost savings, $250 million in new investments and $90 million in new sales. SCMEP served 400 manufacturers, creating 641 jobs and retaining 6,458. Beyond the numbers, according to some of the people who worked with him, Spangler was a big man with a servant’s heart and a deft touch, a leader who motivated his staff to serve a cause, to get results and to leave clients better off. “Physically he was a brawny kind of guy, but it didn’t take you long to figure out that he had this hulking status, but that belied a very quiet, humble manner in which he carried himself and how he dealt with people,” said Susie Shannon, president and CEO of the S.C. Council on Competitiveness. “You know, some people talk — a lot — about how they care for business or industry, for companies, for people, but you really learn more about people in seeing what they actually do, and it was clear that Chuck cared about South Carolina companies, South Carolina companies, South Carolina companies. I mean his whole mission and his life’s work was around making companies more successful.” Danny Johnson Jr., who rotated off chairmanship of the SCMEP board of directors at about the same time Spangler contracted the coronavirus, said his friend’s death is “a tremendous loss for this state.” “This is one that has weighed heavily on me because the thing about him that made him so different is that he treated

Don't just GO online, GROW online

SCMEP’s Chuck Spangler speaks during the S.C. Manufacturing Conference and Expo. (Photo/File)

everyone the same,” said Johnson, vice president of North Industrial Machine, headquartered in Hartsville. “It didn’t matter if he was dealing with BMW or if he was dealing with a little ol’ manufacturer with one or two employees. He wanted to help the big ones and the small ones. As long as you were in industry, he was there to advocate for you.” Aside from his enthusiasm, Johnson said Spangler was simply very good at his work. “He understood the way state government worked and federal government. He really knew how to navigate that stuff,” Johnson said. “I’ve never seen anybody that could navigate the system the way he could to really use the system in a way that benefitted so many people. He was a rare talent.” Spangler, an alumnus of N.C. State University, said in his biography on the SCMEP website: “I believe that when your eyes and ears are open, you can learn something new every day.” In his career, Spangler assisted and trained thousands of manufacturers around the country, helping improve their operations and financial performance, the website says. In addition to his bachelor’s degree in textile management, Spangler was a Galliard Family Business adviser with a level one certification from the Galliard Family Business Advisor Institute. He had a Lean Manufacturing certification from the National Institute of Standards and Technology and a Theory of Constraints certification from the Moraine Group. Survivors include his mother, three sons and his wife of 37 years, Sabrina Gibson Spangler. CRBJ

Reach Ross Norton at 864-720-1222.

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November 1 - 14, 2021

Infrastructure investments fortify SCPA’s capacity By Alexandria Ng

ang@scbiznews.com

he S.C. Ports Authority has been building momentum, investing in capacity, its cargo base and its efficiency over the last several years. Though these developments in infrastructure came as part of the port’s overall plan for growth, this evolution has prepared the ports for today’s distribution and logistics climate following an unanticipated pandemic, said President and CEO Jim Newsome. Today, the global supply chain is entering peak season and also scrambling to meet demands brought on by pressures from the pandemic. However, the SCPA is leaning on what it has accomplished already, paired with continuing to expand strategic investments to be able to take on even more, Newsome said in his 13th State of the Port address last month. “We have worked together to cultivate a highly competitive, world-class port that continues to grow above the market,” Newsome said. “This past year has been one of my proudest as we have achieved major successes, including Walmart investing in a near-port import distribution center, our handling of record-breaking volumes during a global pandemic, and the opening of Leatherman Terminal, the first container terminal to open in the U.S. since 2009.”

S.C. Ports Authority plans to continue to invest in infrastructure, including upgrading Wando Welch Terminal to bring its annual throughput capacity to 2.4 million twenty-foot equivalent containers. (Photo/SCPA English Purcell)

Capacity expansions

Fiscal year 2021 and the first quarter of fiscal year 2022 saw records numbers for containers handled, especially as a shift in consumer spending during the pandemic brought an increase of retail imports coming into the country. The $1 billion Phase One of Hugh K. Leatherman Terminal, opened in March, marked the first container terminal to open in the U.S. in more than a decade, as well as the only new container terminal capacity planned in the country until 2030. The terminal added 700,000 TEUs – an industry measure equivalent to 20-foot units – of capacity to Charleston’s port. “Capacity is the new port currency, and S.C. Ports has the right capacity at the right time to meet retailers’ needs to keep freight moving,” Newsome said. “We have invested more than $2 billion in recent years to enhance existing infrastructure and open a new container terminal.” Following a complaint filed early this year with the National Labor Relations Board alleging unfair labor practices, the Leatherman Terminal wasn’t able to take on the capacity expected. Bringing this terminal to full operation within the next few years is among the port’s top priorities, Newsome said. Once the Leatherman Terminal is fully built through three phases of construc-

A tugboat guides the Yorktown Express, the first ship to dock at the Hugh K. Leatherman Terminal. (Photo/ Kim McManus)

tion, in addition to upgrades to Wando Welch Terminal, the container terminals will each be able to handle 2.4 million TEUs of annual throughput capacity. The Lowcountry also saw growth in the Charleston Harbor Deepening Project, which is set to achieve a 52-foot depth in 2022, making the harbor the deepest on the East Coast. Inland Port Greer is also on track to enhance cargo capacity and rail infrastructure in the Upstate. Despite these successes, the industry

can and must continue to do better, Newsome said. “There’s not enough supply chain to support record buyers,” Newsome said. “And I don’t forecast that it will balance back out anytime soon either.”

The work continues

The U.S. import volume currently sits at about 2.5 million TEUs, with the nation consuming a record amount of goods. However, only about 2 million TEUs worth of capacity is available nationwide

to support all of the goods coming in and out, Newsome said. Specific initiatives must be finalized to meet demand, Newsome said. These plans include a launch of SCPA’s own chassis pool in 2022, as well as an increased number of retail-focused transload facilities and distribution centers in the foreseeable future. “Companies with global supply chains want to be located near well-run ports,” Newsome said. “Port growth creates jobs and investments throughout the state.” S.C. Ports generates a $63.4 billion annual economic impact and creates one in 10 jobs in the state. Plans to develop a rail-served intermodal yard and an inner-harbor barge operation are also in works to alleviate cargo-moving processes and to reduce pressure on trucking capacity. Of the $550 million needed for the two projects, $200 million was included in the 2021-2022 fiscal year budget by the S.C. Legislature and Gov. Henry McMaster. Even with all these plans in place to update port functions in the upcoming years, work must start now to keep up with the increased demand of the U.S. import supply chain, Newsome said. “S.C. Ports must continue to deliver vital port infrastructure to meet the needs of customers and ensure a fluid supply chain,” Newsome said. “Strategic investments in port infrastructure are crucial to remain competitive as a port and as a state.” CRBJ

In Focus

BANKING AND FINANCE LISTS: Banks, Page 16 | Financial Brokerage Firms, Page 18

The South Carolina Federal Credit Union on North Charleston’s McMillan Avenue is one of 75 financial institutions and ATMs in the state. (Photo/Teri Errico Griffis)

Banking in SC Banking and financial institutions provide access to capital and support for families and businesses across the Palmetto State. The Federal Deposit Insurance Corp. provides statistical data for banks across the U.S.

Roles for front-line tellers shift inside banking sector By Jenny Peterson

Contributing Writer

ith the acceleration of mobile banking and industry automation, the future of the once ever-present bank teller is uncertain. Even with South Carolina bucking national trends and opening the highest number of new bank branches in the country between 2020 and 2021, the Bureau of Labor Statistics reports a grim outlook: a projected 17% decline in bank teller jobs from 2020 to 2030. Are physical banks and the 432,500 current tellers employed nationwide possibly going away? The short answer is not yet. However, the industry is experiencing a shift in pay, hours and roles for in-person banking services and professionals. Larger financial conglomerates appear to be responding to a changing industry by hiring more part-time tellers. LinkedIn job postings for Wells Fargo’s South Carolina branches are advertising almost all part-time teller jobs — called “20hour tellers.” On the paycheck side, the position of teller, which doesn’t require previous experience in the industry, has seen a 4.6% increase in median salary since 2020. Bank of America, the nation’s second-largest bank, announced in October that all employees, including tellers, will get a pay increase to $21 per hour. That rate will rise to $25 per hour by 2025. In some financial institutions, tellers also are taking on additional roles in changing times. “Tellers often help members with issues like online and mobile banking,” said Kevin Kosco, senior vice-president

of sales and service at South Carolina Federal Credit Union. “Some tellers began supporting the contact center during COVID by answering phone calls from their financial center location.” Historically, entry-level bank teller jobs are a jumping off point and introduction to a career in financial services industry. Bank leaders say the teller position still remains a solid job for someone looking to start a financial services career, and interest in the position has remained steady. “A lot of candidates are looking for stability, the importance of which was highlighted by the pandemic, and worklife balance, which the financial services industry can provide,” said Jordan Bradford, talent acquisition manager at South Carolina Federal Credit Union. The makeup in demographics in South Carolina could be the saving grace for the state’s 6,070 bank tellers. Rural communities and older populations visit banks more frequently, according to a 2019 household banking study by the Federal Deposit Insurance Corp. Nearly nine in 10 rural households visited a branch in 2019, and about four in 10 rural households visited a bank branch 10 or more times, according to the study. Older households and households with volatile income levels were more likely to visit a branch — and to visit 10 or more times per year. As South Carolina has pushed against nationwide trends by opening seven new branches this year, according to S&P Global Market Intelligence data, hyper-local community banks in South Carolina continue to place a high priority on bank tellers.

Two South Carolina banking institutions said they haven’t fundamentally reduced the number of bank tellers despite a rise in mobile banking. Fleetwood Hassell, president and CEO of The Bank of South Carolina, said the bank’s business model is based on personal, one-on-one interaction with customers. “We don’t have the volume of retail banking with people lined up behind ropes,” he said. “I’m looking in the lobby now, and aside from our employees, there’s one person in the lobby (but) we look at technology as something to enhance our service, not replace service. Even our switchboard operator is a live person. When you call the bank, a person answers.” Bank of South Carolina will open a new James Island location, replacing a former Wells Fargo branch on Maybank Highway, and will hire a teller, two personal bakers and a branch manager. Hassell added that The Bank of South Carolina has steadily increased its pay for tellers to remain competitive. “Tellers were usually the lowest paid, and that’s not the case anymore, and I’m happy to see that as an industry, we recognize their talent and pay them accordingly,” he said. Still, Hassell acknowledges that bank lobbies today are stark in comparison to 10 years ago. Fred Green, president and CEO of the South Carolina Bankers Association said tellers are on the front lines of banking relationships with customers. “It’s still a ‘people’ industry,” Green said. “So, the answer to the longer-term question, ‘Will there always be a need for folks from a teller perspective?’ I say, ‘Absolutely.’” CRBJ

Metro Area

Banks operating

Charleston

Greenville-Anderson

Columbia

Myrtle Beach

Metro Area

Deposits

Columbia

$26.7 billion

Greenville-Anderson

$23.5 billion

Charleston

$20.4 billion

Myrtle Beach

$12.2 billion

Charleston-North Charleston market share Banks

% market

Wells Fargo

21.5%

Bank of America

16.6%

South State Bank

13.2%

Truist Bank

9.3%

First-Citizens Bank

6.5%

Banks

Deposits

Wells Fargo

$4,374,270,000

Bank of America

$3,369,686,000

South State Bank

$2,689,447,000

Truist Bank

$1,894,884,000

First-Citizens Bank

$1,325,347,000

Source: Federal Deposit Insurance Corp.

NEXT ISSUE’S FOCUS:

Defense and Homeland Security

www.charlestonbusiness.com

IN FOCUS: BANKING AND FINANCE

November 1 - 14, 2021

New bank enters SC with expansion into Charleston By Alexandria Ng

ang@scbiznews.com

o need for a final applause because it’s just the beginning for Encore Bank. The Little Rock, Arkansas-based bank is expanding into North Carolina and South Carolina with locations in Charleston and Charlotte. The two Carolina branches are part of a larger plan for strategic growth, as announced in a news release. “This is an opportunistic and strategic move for Encore,” said Phillip Jett, vice chairman and chief banking officer. “Less than three years ago, we started with seven employees in one office in Arkansas, and we are now one of the fastest growing banks in the country.” Founded as The Capital Bank in 1997, Encore Bank rebranded in 2019 with the transition of new leadership under Chairman and CEO Chris Roberts. Including its newest locations in Charleston and Charlotte, Encore Bank will be operating in 16 markets across seven states. Its team of about 200 associates is growing as well, with the selection of three new leaders to nurture growth within the new expansions.

Fallon Meyer will lead the Charleston market as senior vice president and market president. She has more than 11 years of experience in banking, previously serving as vice president and commercial relationship manager for Wells Fargo in Charleston since 2013. “I look forward to building out a team in the coming months, and I cannot wait to do my part to tell the Encore story,” Meyer said in a statement. “I couldn’t be more impressed with Encore’s vision and people. I am honored Meyer to join them in building a different kind of bank.” According to Barry Jackson, senior vice president and chief marketing officer, Meyer will start out working remotely as she leads the search for suitable space to open the new location. A timeline has not been set, he said. When fully staffed, the Charleston location will employ about eight to 12 people. Lindsay Whiteside and Kelly Stace have been hired as relationship manager and commercial loan assistant, respectively. Ben Freeman also has been selected

Encore Bank, based in Arkansas, is opening a new location in Charleston – its first in the state. (Photo/ Provided)

to serve as senior vice president in addition to market president for the Charlotte market, and Michael Sharpton will serve as the executive vice president and regional president for the Carolinas. With plans to open multiple new locations, Encore Bank is also considering the

Piedmont Triad, Greenville, Asheville, Columbia, Raleigh and Wilmington for future expansion. As of September, Encore Bank had $1.3 billion in total assets. CRBJ

Reach Alexandria Ng at 843-849-3124.

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November 1 - 14, 2021

IN FOCUS: BANKING AND FINANCE

www.charlestonbusiness.com 15

CDFI funding program targets minority-owned and rural businesses By Melinda Waldrop

mwaldrop@scbiznews.com

ammie Hoy Hawkins has already begun making phone calls. Hawkins is CEO of CommunityWorks, a Greenville-based Community Development Financial Institution. Her organization is one of three to receive a total of nearly $3 million in grants from Wells Fargo’s Open for Business program, a $420 million national small business recovery effort. Launched using the interest earned by Wells Fargo from Paycheck Protection Program loans, the program aims to help diverse and minority-owned businesses recover from the COVID-19 pandemic. CommunityWorks, along with the South Carolina Community Loan Fund, each received $1 million, while the CLIMB Fund, a Charleston-based business development organization, will receive $750,000. “You could not imagine the phone calls that we were able to make,” Hawkins said during a Sept. 29 announcement of the funding at Piecewise Coffee Co. in Cayce. “So far, 29 businesses have already benefited from the Open for Business fund, in particular areas like Hartsville, Greenwood, Clemson, Florence, Myrtle Beach and other areas.” Hawkins said the Open for Business funds have helped CommunityWorks reach small, mainly rural businesses that did not receive Paycheck Protection Program loans from the U.S. Small Business Administration. “A lot of folks were shut out of that relief effort,” said Hawkins, who said her organization made $9 million in loans to more than 600 small business across South Carolina. “What was missing was access to capital and relief to our rural communities. Many of our rural communities who had USDA loans or other types of loans did not have access to that SBA relief. There was a huge gap in the market, a huge gap for South Carolina businesses that were struggling and needed resources to thrive. Open for Business allowed us to support rural businesses.” Evette, an entrepreneur and the founder of Travelers Rest-based benefits services firm Quality Business Solutions, said investment in small business such as the Open for Business funds and the Opportunity Zone program created by Sen. Tim Scott is crucial to help underserved, rural communities access capital and continue to recover from the pandemic. “Those small businesses change lives, change families, and change communities,” Evette said. “It’s those people coming together and changing their trajectory. We want to make sure that we capitalize. Not only do we now have $3 million to offer to diverse and minority-owned businesses, it comes on the heels of Tim Scott’s Oppor-

Greenville’s CommunityWorks is one of three Community Developmental Financial Institutions to receive part of a $3 million grant from Wells Fargo’s Open for Business program. (Photo/Molly Hulsey)

tunity Zone funds. So we’re really looking to help our rural communities and change what they look like, because we realize bringing business to our rural areas is what changes those communities.” Justin Hawkins, regional bank president for Wells Fargo, launched a small business of his own a few years ago in Greer and now knows firsthand the struggles faced and sacrifices made by small business owners. “Your job ranges from being CEO to janitor on a daily basis,” he said. “It’s a tough job, but we know that small businesses are the heartbeat of our communities across the United States. They really pump life into our neighborhoods, making them vibrant places to live, to work, to raise families, and they are key to millions of jobs. … More needed to be done to reach diverse small business owners, especially those that were really hit hard by the pandemic.” Lindsey Scoma, who owns Piecewise with her husband Stan, received a $118,000 small business loan from the S.C. Community Loan Fund, which has offices in Columbia, Charleston and Spartanburg, to open the cozy State Street coffee shop in Cayce’s River Arts District in 2019. “We couldn’t thank them enough for their investment,” Scoma said. “It’s difficult in the beginning. It’s like I used to serve in a restaurant, and everyone wants you to have experience, but no one wants to be the one to give you the experience. We were super thankful that they met us where we were at and saw a lot of potential in us.”

The funding announcement took place in a new, airy event space adjacent to the coffee shop slated to open soon. Scoma said she has been in talks with the building owners about expanding for a while, “but for a couple of years, we were like, no more liability for us, especially because the pandemic happened,” she said. But with ongoing safety protocols necessitating more space as part of a business pivot that also included opening a catering arm, “we took the leap of faith and here we are, opening in the next week or so.” Other small business owners and CDFI funding recipients in attendance Sept. 29 included Fernando Soto, owner of Charleston-based New Digital Press, and Danny Young, owner of Extreme Cheer and Tumble in Florence. “We started as a small business back in 2020 right at the beginning of the pandemic, and like many small businesses, we were very nervous about what our future was going to be like,” Soto said. “Finding funding for these types of ventures can be pretty difficult, but we’ve been blessed with a very strong community that has supported us along the way for the last year and a half.” Soto credited the CLIMB Fund, formerly Charleston LDC, with helping his company through those turbulent times. “Over the last 20 months that the pandemic has been impacting our community, Latino business have been some of the most resilient across the entire country,” he said. “We’re very excited that Wells Fargo is investing in businesses like ours, to make sure that our underserved community is also thriving in this environment.”

Facebook’s September Global State of Small Business Report, with responses from 35,189 business leaders across 30 countries and territories, found that minority-led small businesses were more likely to report closures related to the pandemic at 20% to 14%, as well as more likely (44% to 29%) to report a drop in sales and reduced employment (32% to 20%) than other businesses. Hispanic-led small businesses had the U.S.’s highest closure rate at 24%, while Black-led businesses reported a 22% closure rate. Amber Murray owns Fuel Flo, a subscription fueling service that provides fuel to customers at their homes or businesses. Serving Orangeburg, Berkeley, Charleston and Dorchester counties, the business received a $145,000 small business loan from the S.C. Community Loan Fund. “The struggles of finding funding for this business, especially during the pandemic – it was extremely hard,” said Murray, who moved back to her native St. George from Georgia to launch her business. “But they believed in me. I can’t thank them enough for that.” Cindi Rourk, CEO of the CLIMB Fund, said CDFI funding fills a critical niche in South Carolina’s small business community. “Our state will never live up to its full potential unless every one of its citizens has a realistic shot for success,” she said. “The opportunities we are creating today are small, but very important steps toward making that dream a reality.” CRBJ

Reach Melinda Waldrop at 803-726-7542.

IN FOCUS: BANKING AND FINANCE

www.charlestonbusiness.com

November 1 - 14, 2021

Banks

Ranked by Market Share Company

Top Local Official(s) / Year Founded

Phone / Website / Email

Market Share

Market Deposits ($000)

Market Offices

Wells Fargo Bank N.A. 177 Meeting St. Charleston, SC 29401

Charles W. Scharf 1852

843-727-2969 www.wellsfargo.com

21.49%

$4,374,270

Bank of America N.A. 75 Port City Landing Mount Pleasant, SC 29464

Mark Munn 1904

843-459-4778 www.bankofamerica.com

16.55%

$3,369,686

South State Bank 2440 Mall Drive North Charleston, SC 29406

Jack Goettee, Bill Medich 1934

843-529-5592 www.southstatebank.com rachel.ham@southstatebank.com

13.21%

$2,689,447

Truist Bank 174 Meeting St. Charleston, SC 29401

Kelly S. King 1872

843-720-5168 www.truist.com

9.31%

$1,894,884

First-Citizens Bank & Trust Co. 152 E. Bay St. Charleston, SC 29401

Reeves Skeen 1898

843-577-8534 www.firstcitizens.com

6.51%

$1,325,347

Pinnacle Bank 530 Johnnie Dodds Blvd. Charleston, SC 29464

Mary Garcia, Rick Callicutt 2000

843-884-0504 www.pnfp.com joe.bass@pnfp.com

4.57%

$931,013

Synovus 158 Meeting St. Charleston, SC 29401

Reid Boehm, C.W. "Chuck" W. Garnett 1905

843-724-7023 www.synovus.com info@synovus.com

4.54%

$923,423

United Bank 288 Meeting St. Charleston, SC 29401

J. Huggins, Ryan Benton 1839

843-973-6929 www.bankwithunited.com customerservice@bankwithunited.com

3.13%

$637,937

TD Bank N.A. 40 Calhoun St., Suite 100 Charleston, SC 29401

Greg Braca 1852

843-727-8400 www.tdbank.com

2.63%

$534,355

Southern First Bank 480 East Bay St., Suite F Charleston, SC 29403

R. Arthur Seaver 2000

843-725-5099 www.southernfirst.com contactus@southernfirst.com

2.58%

$525,105

The Bank of South Carolina 256 Meeting St. Charleston, SC 29401

Lawson Johnson 1986

843-724-1500 www.banksc.com

2.53%

$514,024

Servis First Bank 701 East Bay St. Charleston, SC 29403

Thomas G. Trouche 2015

866-317-0810 www.servisfirstbank.com

1.46%

$296,936

Beacon Community Bank 578 E. Bay St. Charleston, SC 29403

Brooks Melton 2018

873-990-5510 www.beacon.bank

1.31%

$266,511

United Community Bank 875 Lowcountry Blvd. Mount Pleasant, SC 29464

Lynn Harton , Rich Bradshaw, Dixon Woodward 1950

843-388-8433 www.ucbi.com

1.21%

$245,577

First Capital Bank 304 Meeting St. Charleston, SC 29401

Tradd Rodenberg, Harvey L. Glick, Joseph Kassim 1999

843-990-7770 www.bankwithfirstcapital.com customerservice@fcbcarolinas.com

1.14%

$232,255

Regions Bank 170 Meeting St. Charleston, SC 29401

Brian Ball 1928

843-937-8979 www.regions.com

1.07%

$217,660

Farmers & Merchants Bank of South Carolina 221 E. Main St. Moncks Corner, SC 29461

Charles W. Singletary, Jr. 1912

843-761-8888 www.fmbsc.com info@fmbsc.com

0.89%

$180,548

PNC Bank N.A. 100 Calhoun St. Charleston, SC 29401

William S. Demchak 1845

843-958-3706 pnc.com karen.feagins@pnc.com

0.82%

$166,578

First National Bank of South Carolina 415 N. Main St. Summerville, SC 29483

Todd G. Buddin 1905

843-873-3310 www.fnbsc.com

0.8%

$162,011

Ameris Bank 349 W. Coleman Blvd. Mount Pleasant, SC 29464

H. Richard Sturm 2007

843-821-5075 www.amerisbank.com charles.hudgens@amerisbank.com

0.74%

$151,607

First Horizon Bank 651 Johnnie Dodds Blvd. Mount Pleasant, SC 29464

D. Bryan Jordan 1864

843-971-6977 www.firsthorizon.com

0.7%

$142,083

First Reliance Bank 800 S. Shelmore Blvd. Mount Pleasant, SC 29464

Frank Bullard 1999

843-789-1000 www.firstreliance.com prhoads@firstreliance.com

0.52%

$105,562

Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although every effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com.

Source: Federal Deposit Insurance Corp. deposit market share report as of June 30, 2021 (latest available at time of publication) Researched by Paige Wills

IN FOCUS: BANKING AND FINANCE

November 1 - 14, 2021

www.charlestonbusiness.com 17

Banks

Ranked by Market Share

•

Company

Top Local Official(s) / Year Founded

Phone / Website / Email

Market Share

Market Deposits ($000)

Market Offices

South Atlantic Bank 930 Johnnie Dodds Blvd. Mount Pleasant, SC 29464

Kenneth Pickens 2007

843-972-4300 www.southatlantic.bank info@southatlantic.bank

0.33%

$67,628

FineMark National Bank & Trust 865 Island Park Drive Charleston, SC 29492

Michael Drohan 2016

843-998-6402 www.finemarkbank.com

0.3%

$62,028

Enterprise Bank of South Carolina 102 Main St. Ridgeville, SC 29472

Jared Polk 1920

843-871-0225 www.ebanksc.com

0.28%

$56,574

First National Bank of Pennsylvania 151 Meeting St. Charleston, SC 29401

Vincent J. Delie, Jr. 1864

843-666-0022 www.fnb-online.com reel@fnb-corp.com

0.28%

$57,273

JPMorgan Chase 170 Meeting St. Charleston, SC 29401

Elizabeth Russell, John Kopanski, Alfonso Hernandez 2000

800-935-9935 www.chase.com

0.28%

$55,994

First Palmetto Bank 5 Sumar St. Charleston, SC 29407

David Ryan 1904

843-852-2665 www.firstpalmetto.com support@firstpalmetto.com

0.22%

$44,154

Bank of the Lowcountry 6225 Savannah Highway Ravenel, SC 29470

Joseph Kassim 1989

843-889-6953 www.banklowcountry.com ibanking@banklowcountry.com

0.19%

$38,706

Grandsouth Bank 219 E. Bay St. Charleston, SC 29401

Mason Y. Garrett 1998

843-990-7900 www.grandsouth.com

0.18%

$37,632

The Citizens Bank 5730 W. Memorial Blvd. St. George, SC 29477

H. Blake Gibbons 1943

843-563-6141 www.thecitizensbank.cc info@thecitizensbank.cc

0.13%

$26,282

Anderson Brothers Bank 2139 N. Main St., Suite F Summerville, SC 29486

David E. Anderson 1933

843-879-3389 www.abbank.com abb-marketing@abbank.com

0.06%

$11,371

Woodforest National Bank 4920 Centre Pointe Drive North Charleston, SC 29418

James Dreibelbis 1980

843-554-9275 www.woodforest.com info@woodforest.com

0.05%

$10,194

Wilmington Trust N.A. 1 4000 Faber Place Drive Charleston, SC 29405

Diane McNeal 2011

800-982-4620 www.wilmingtontrust.com

Source: Federal Deposit Insurance Corp. deposit market share report as of June 30, 2021 (latest available at time of publication) Researched by Paige Wills

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November 1 - 14, 2021

Financial Brokerage Firms Ranked by No. of Licensed Brokers in the Charleston Area Company

Phone / Website / Email

Top Local Official(s) / Year Founded

Cornerstone Wealth Advisory Group 8550 Dorchester Road North Charleston, SC 29420

843-376-3350 www.cswta.com administration@cswta.com

David Armbruster, Michael L. Haskett, Scott Grow 2007

100 100

Annuities/life insurance, asset management, financial management, financial planning, money management, retirement planning

Merrill Lynch Wealth Managment 75 Port City Landing, Suite 500 Mount Pleasant, SC 29464

843-800-6808 www.ml.com laura_h_clark@ml.com

Laura H Clark 1914

75 75

Accounts, annuities/life insurance, asset management, commodities, financial management, financial planning, government bonds, local research, money funds, money management, municipal bonds, mutual funds, options, real estate syndication, retirement planning, tax shelters, trust services, underwriting

Wells Fargo Advisors LLC Wealth Brokerage Services 177 Meeting St., Fourth Floor Charleston, SC 29401

843-724-4011 www.wellsfargoadvisors.com david.jensen@wellsfargo.com

David C. Jensen 1852

32 35

Accounts, annuities/life insurance, asset management, financial management, financial planning, government bonds, money funds, money management, municipal bonds, mutual funds, options, retirement planning, trust services

Robert W. Baird & Co. Inc. 25 Calhoun St., Suite 200 Charleston, SC 29401

843-579-5000 www.bairdoffices.com/charleston jmcauley@rwbaird.com

Jody McAuley 1919

14 15

UBS Financial Services Inc. 941 Houston Northcutt Blvd. Mount Pleasant, SC 29464

843-856-6616 www.ubs.com karl.riner@ubs.com

Karl I. Riner 1866

14 16

Oak Capital Management LLC 501 Wando Park Blvd., Suite 140 Mount Pleasant, SC 29464

843-849-7878 www.oakcapitalmgt.com troy.barrentine@oakcapitalmgt.com

Troy Barrentine 1859

13 32

Accounts, annuities/life insurance, asset management, commodities, financial management, financial planning, government bonds, money funds, money management, municipal bonds, mutual funds, options, retirement planning, tax shelters, trust services

First Command Financial Services 7301 Rivers Ave., Suite 230 North Charleston, SC 29406

843-824-6629 www.district.firstcommand.com/north-charleston cbstill@firstcommand.com

Bernie Still, Dave Thompson 1958

10 17

Accounts, annuities/life insurance, asset management, financial management, financial planning, money management, mutual funds, retirement planning

SouthState Investment Services 2440 Mall Drive Charleston, SC 29406

843-529-5924 www.southstatebank.com

Timothy B. Sease 1995

8 16

Accounts, annuities/life insurance, asset management, financial management, financial planning, government bonds, money funds, money management, municipal bonds, mutual funds, retirement planning

Harbor Financial Group 51 State St. Charleston, SC 29401

843-720-8868 www.harborfinancialgroupsc.com info@harborfinancialgroupsc.com

Cam Werntz, Clay Hershey, Rob Williams 2006

6 10

Asset management, financial planning, retirement planning

Sequence Financial Specialists LLC 781 Meeting St., Suite B Charleston, SC 29403

843-860-6031 www.sequencefinancialspecialists.com gking@sequenceholdings.com

Mike Xenick, Gene King, Michael Grady 2006

6 6

Real estate syndication, tax shelters, underwriting

360 Financial Partners 1081 Johnnie Dodds Blvd., Suite 100 Mount Pleasant, SC 29464

843-216-1077 www.360fp.com partners@360fp.com

Randall D. Teegardin, Dustin J. Hughes 2006

3 4

Accounts, annuities/life insurance, asset management, financial management, financial planning, government bonds, local research, money funds, money management, municipal bonds, mutual funds, options, retirement planning, trust services

Avantax Wealth Managment 217 Lucas St., Suite A Mount Pleasant, SC 29464

843-884-7447 www.avantax.com/wealth-management angela@rckfin@outlook.com

Richard C. Kasprak 1973

3 3

Financial planning

Coleman Dunleavy McKenzie Wealth Management Group of Wells Fargo Advisors 200 Meeting St., Suite 302 Charleston, SC 29401

843-805-6456 www.wellsfargoadvisors.com/Coleman-Dunleavy-McKenzie anne.shore@wellsfargoadvisors.com

Dennis Coleman, Thomas Dunleavy, R. Scott McKenzie 2006

3 6

Annuities/life insurance, asset management, financial management, financial planning, money funds, money management, retirement planning, trust services

Stifel 174 Meeting St., Suite 400 Charleston, SC 29401

843-414-6760 www.stifel.com

Barre M. Butler 1890

3 6

Asset Integration Consultants Inc. 121 S. Cedar St. Summerville, SC 29483

843-821-3009 www.assetintegration.com info@assetintegration.com

Sean M. Bennett 1995

2 4

Beyond Wealth LLC 212 Lakeview Drive Summerville, SC 29485

843-209-3721 kevin@beyondwealthllc.com

Michael Kevin Alford 2010

2 2

Accounts, asset management, financial planning, municipal bonds, mutual funds, retirement planning

Compass Investment Advisors LLC 105 S. Cedar St., Suite D Summerville, SC 29483

843-376-3544 www.myinvestingadvisor.com info@myinvestingadvisor.com

Bryan Mise, Edward Carlton 2015

2 4

Accounts, annuities/life insurance, asset management, financial management, financial planning, money management, mutual funds, retirement planning

Active Lifestyle Financial Planning 413 Planters Trace Charleston, SC 29412

843-225-2058 www.activelifestylefinancialplanning.com jason@activelifestylefinancialplanning.com

Jason Harvey 2012

1 1

Asset management, financial management, financial planning, government bonds, mutual funds, retirement planning

Cabot Lodge Securities 4449 Hope Plantation Drive Johns Island, SC 29455

843-577-7834 www.cabotlodgesecurities.com thomas.williams@clsecurities.com

Thomas Yancey Williams 1994

1 1

Accounts, asset management, financial management, financial planning, government bonds, money funds, money management, municipal bonds, mutual funds, retirement planning, trust services, underwriting

Cummings Wealth Management Group 1275 Ben Sawyer Blvd. Mount Pleasant, SC 29464

843-884-9898 www.cummingswealth.com mary@cummingswealth.com

Bobby Cummings 1990

1 7

Accounts, annuities/life insurance, asset management, financial management, financial planning, government bonds, money funds, money management

The Davies Agency 700 Lawton Harbor Drive Charleston, SC 29412

843-936-1170 www.davieslifeinsuranceandannuities.com courtneysfglife@gmail.com

Courtney S. Davies, Courtney S. Davies 2018

1 1

Annuities/life insurance, financial management, retirement planning, tax shelters, underwriting

Hines Wealth Management LLC 125 Wappoo Creek Drive, Building E, Suite 101A Charleston, SC 29412

888-674-6777 www.hineswealthmanagement.com info@hineswealth.com

Eugene H. Hines 2011

1 3

Accounts, annuities/life insurance, asset management, financial planning, government bonds, money funds, money management, municipal bonds, mutual funds, options, retirement planning, tax shelters, trust services

Weatherford Financial Group 100 S. Main St., Suite N Summerville, SC 29483

843-821-8216 www.weatherfordfinancialgroup.com larry@weatherfordfinancialgroup.com

Larry P. Weatherford 1979

1 2

Annuities/life insurance, asset management, financial management, financial planning, money funds, money management, municipal bonds, mutual funds, retirement planning

Brokers / Employees

Products / Services

Researched by Paige Wills

At Work

BUSINESS DIGEST | PEOPLE IN THE NEWS | HOT PROPERTIES

People in the News

Business Digest

Davidson Hospitality Group appointed new management company for Mills House Hotel Davidson Hospitality Group has been appointed by RLJ Lodging Trust to manage The Mills House Hotel under Pivot, its lifestyle operating vertical. Built in 1853, the property, otherwise known as The Pink Hotel, includes 216 rooms and suites, 10,000 square feet of flexible meeting space and the Barbadoes Room restaurant, which serves a spin on Southern cuisine. Pivot also operates Hotel Bella Grace and The Ryder Hotel in Charleston.

Fetter Health Care Network expands school-based health care services

Fetter Health Care Network has expanded its partnership with Charleston County School District to provide school-based health care services to families in five local schools. For four years, Fetter has served students and staff in several CCSD schools, and its program will now provide health care services to the families of these students using mobile medical and dental units.

Cushman & Wakefield acquires SC operations of Morton G. Thalhimer Inc.

Cushman & Wakefield has acquired the South Carolina operations of its longtime alliance member Morton G. Thalhimer Inc., including three offices located in Charleston, Greenville and Columbia. Brett Gray, managing principal based in the firm’s Charlotte office, will oversee South Carolina operations.

Lowcountry Food Bank Foundation established to support organization

The Lowcountry Food Bank has established the Lowcountry Food Bank Foundation and the Patricia S. Walker Endowment to provide a permanent, sustainable source of income to supplement annual dollars raised. The endowment is named in honor of Pat Walker, who retired as president and CEO of Lowcoun-

try Food Bank in January. The creation of the new 501c3 foundation was unanimously approved by the Lowcountry Food Bank Board of Directors in fall 2020.

in fall 2020. Palmetto Digestive Health Specialists and Endoscopy Center now has office locations in Mount Pleasant, West Ashley, Summerville and Moncks Corner.

Tri-County libraries and Trident United Way partner on literacy

Early-childhood innovation grant to help local First Steps organizations

Trident United Way, Berkeley County Library System, Charleston County Public Library and Dorchester County Library are partnering to promote reading to children from birth to age 5 and to improve regional literacy gaps. The 1000 Books Before Kindergarten program aims to impact Tri-County children’s literacy skills beginning from birth through the years they walk into kindergarten. Kick-off celebrations were held at four libraries in the Tri-County to mark the initiative.

Palmetto Digestive Health Specialists and Endoscopy Center to open site

Construction has been completed for the Palmetto Digestive Health Specialists and Endoscopy Center in Mount Pleasant’s Carolina Park. The new location includes a gastroenterology clinic and endoscopy center for diagnostic testing, treatment and preventative care for diseases of the digestive system. Trident Construction began building the facility, which was designed by Coast Architects,

Berkeley County First Steps, Charleston County First Steps and Dorchester County First Steps have received a $198,000 grant from S.C. First Steps to support the agencies’ Tri-County Play Collaborative initiative over a period of two years. Tri-County Play Collaborative brings together Tri-County First Steps with the Children’s Museum of the Lowcountry, local libraries and cultural institutions to offer primary caregivers free or low-cost access to museums, theaters, aquarium, historical sites and nature centers.

Diesel Barbershop opens in Nexton Square in Summerville

The Berkeley Chamber of Commerce celebrated the grand opening and ribbon cutting ceremony for Diesel Barbershop on Oct. 18. Located at 504 Nexton Square Drive, Summerville, this barbershop marks Diesel Barbershop’s 29th location in the U.S. The new location is owned and operated by Bo Maness.

BANKING ServisFirst Bank, a subsidiary of ServisFirst Bancshares, has hired six bankers to its Charleston and Summerville branches. In the Charleston branch, Marie Hartwell will serve as branch manager, Sara Overman will serve as head teller, Matthew Edwards and Angela Jackson will serve as tellers, and Madison Hughes will serve as a credit analyst. In Summerville, Terri Becker will work as a teller. S.C. Federal Credit Union has added Joe Daning to its board of directors and Robert Bendetti to its supervisory committee. Daning will help establish, review and approve credit union policies and provide strategic guidance and governance oversight. He has been a member of S.C. Federal for more than 40 years and has served as a volunteer adviser and supervisory committee member since 2004. Bendetti was appointed to the supervisory committee after serving as a volunteer adviser for S.C. Federal since 2014. He will help determine that the credit union’s financial condition is accurately presented in financial statements and that the organization’s management practices are adequate to safeguard members’ assets.

BUSINESS SERVICES Docugraphics has hired Robert Bowden and Jerry Eastburn to its Charleston team. Bowden is a office technology sales professional and has held senior sales roles for Eastburn Ricoh and A&E Digital printing. Eastburn was previously at a Charlotte-based office technology dealer working closely with Canon. Both Bowden and Eastburn have technology sales responsibility that includes parts of Charleston, Dorchester and Berkeley counties.

CONSTRUCTION The Cornerstone Co. has promoted Tyler Bowers to director of operations. Bowers is a civil engineering graduate of Clemson University and has worked as a senior project manager for

Bowers

See PEOPLE, Page 20

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November 1 - 14, 2021

People in the News PEOPLE, from Page 19

the company for more than four years. He has more than 25 years of experience in the construction industry.

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For advertising information, call Robert Reilly at 843.849.3107

Cullum Constructors Inc. has promoted Kevin Blystone to plumbing foreman. Blystone joined the Navy upon graduating high school, where he trained and performed as an operations specialist for eight years. He began learning the plumbing trade working for a commercial mechanical contractor, where he transitioned from helper to superintendent. He started with Cullum in July 2020, having more than 20 years of experience in the industry. Precision Walls Inc. has promoted Mark Hardee from general manager to vice president of its Charleston branch. Hardee graduated from East Carolina University’s Hardee construction management program in 2006 and joined Precision Walls as a field worker in 2007. He moved onto office roles as a project manager, team leader and sales manager in Raleigh. He became general manager of the Charleston branch in 2018. Port City Concrete Inc. has hired Todd Thompson as general manager. Thompson is responsible for overseeing all plant operations, team member training, Thompson maintenance needs and operation budgets. He has more than 25 years of experience in the ready-mix industry, beginning as a plant operator, and for the past nine years, serving as an operations manager overseeing seven plants. The National Association of Women in Construction, Palmetto Chapter has announced its 2021-2022 board of directors. Amanda Redick of HDR Inc. will serve as president with Sandra Marlowe of Cumming Construction Management as vice president. Antonia Gonzalez-Pereira of S&ME will serve as treasurer, Megan Satterfield of ECS Inc. will serve as recording secretary and Avonlea Denney of McWaters will serve as corresponding secretary. Sharon Benzenberg of Knights Cos., Joanie Allen of New South Construction Supply and Caroline Whigham of Terracon will serve as directors. Their term will span from Oct. 1 to Sept. 30, 2022.

EDUCATION Trident Academy has appointed three

new department directors for the new school year. Amanda Brodbeck, the new director of advancement, previously served in the same role for the past three years at The Cooper School. Erik Kreutner, director of admissions, served in a variety of roles over the course of 30 years at Mason Preparatory School, including eight years as head of school. Jennifer Mayser, Trident’s new business manager, spent the past nine years with the Medical University of South Carolina as business manager for the Biomedical Informatics Center and as the grants administrator for the biochemistry department.

ENGINEERING Naval Information Warfare Center Atlantic has selected Justin Fanelli as its new technical director and senior scientific technical manager for program Fanelli executive office, digital and enterprise services. Fanelli will provide technical leadership for the transformation of enterprise information technology infrastructure within the Department of the Navy. He has worked at NIWC Atlantic since February 2019 and has been a member of the Naval Information Warfare Systems Command team for more than 14 years. Hussey Gay Bell has hired Nicholas Lujan as a civil engineer. Lujan earned a bachelor’s in civil engineering at Clemson University. He has industry experience Lujan drawing mechanical, civil and electrical plans, as well as drainage modeling and permitting. He will be responsible for designing and producing construction documents for residential, commercial and industrial land development projects. Thomas & Hutton’s Mattson Carl Wiksell is now a licensed professional engineer in the state of South Carolina. Wiksell passed the professional engineer civil Wiksell exam in 2018 and has now completed the experience requirements. He joined the company’s civil department as a designer in July 2019. He holds a Bachelor of Science in civil engineering from Clemson University.

November 1 - 14, 2021

www.charlestonbusiness.com 21

2021 | SOUTH CAROLINA

MANUFACTURING CONFERENCE AND EXPO PRESENTED BY:

SAVE THE DATE: NOV. 10 - NOV. 12

GREENVILLE CONVENTION CENTER | GREENVILLE, SC

To view the agenda and to register, visit www.scmanufacturingconference.com

Join Manufacturing suppliers and innovators across all industry verticals at South Carolina’s most significant manufacturing event of the year. The 2021 conference will include:

• An exhibit hall the equivalent of three football fields • Leadership Training (SHRM/HRCI credits earned) • Implementing Industry 4.0 Technology • Driving Change: The Future of Electric Vehicles in South Carolina • 2022 Economic Outlook: Auto, Aerospace, Biotech • Women in Manufacturing: Leaders and Influencers • SCMEP Manufacturing Excellence Awards • The South Carolina Manufacturing Extension Partnership (SCMEP) will conduct training courses

PRESENTING SPONSORS:

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For questions about exhibiting or sponsorship opportunities, please contact Melissa Tomberg at (864) 720-1220 or mtomberg@scbiznews.com Visit scmanufacturingconference.com for the latest updates.

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Viewpoint

VIEWS, PERSPECTIVES AND READERS’ LETTERS

Deliver value to industry through technology transfer

uite brilliantly, South Carolina leveraged the textile industry success and an experienced manufacturing workforce to transition to high-tech advanced manufacturing. Home to over 6,500 manufacturing companies employing over 250,000 people, manufacturers must innovate, CATHERINE adopt new techHAYES nology, retool, and retrain their workforce to remain competitive in the global economy. From engineers to CEOs, we hear the urgency to “race to innovate to stay competitive.” From benchmarking in SCRA’s Corporate Innovation Forum, we see similar innovation challenges resurface across industry verticals – despite differences in volumes, product mix, and supply chains - and innovation best practices can be shared.

nal experts from the start more quickly drive successful technology adoption across their value chain. Through these partnerships, smaller tech firms validate their solutions before scaling and larger companies gain quick access to technical expertise, mitigate the risk, and realize the ROI.

Pilot project at SC manufacturer

Roadmap for Industry 4.0

A critical innovation challenge manufacturers face today is how to define the strategic vision and roadmap for digital transformation or Industry 4.0, whether improving operations at the plant level or transforming business across the enterprise. Do you take a top-down, vision-oriented approach, or a bottom-up, lean, and value stream approach? Best practices from industry partners suggest you should incorporate views from both perspectives and align your leadership and your practitioners to maximize return on investment. Industry 4.0 isn’t an event; it’s a commitment to a journey of technology assessments, trials, adoption, and integration. Leadership must understand the opportunities and threats of this journey and commit the capital, training, and operational resources to assure successful technology transfer.

Technology choices

After defining an Industry 4.0 roadmap, it’s not the “cool factor” that should drive technology choices. Shiny new tech may dazzle some in the press, but manufacturers need to pilot and scale technologies that drive improved performance, reduce costs, and deliver value to their customers. Key personnel considerations dictate the approach you use to pilot, deploy, integrate and maintain new technology. Do you have the technical resources in-house, and will you provide

(Photo/File)

the technical training required to achieve value from this digital transformation? Do you develop and implement these new technologies with your own resources, do you acquire them, or do you partner with external vendors? Depending on their strategy, many companies choose to partner with smaller technology firms, often startups, to contain costs and to reduce time to value.

Tech transfer model

SCRA’s SC Industry Solutions developed a model to facilitate technology transfer from smaller tech firms to larger companies, which lowers the cost and risk of development and facilitates technology adoption and integration from pilot to scale. After engaging industry leaders to understand their technical needs, we scout the entrepreneurial community

to identify technology-based solutions, facilitate the match from technology company to corporate partner, assist to define a realistic scope and scalable pilot, provide funding with a corporate partner match, and monitor the project milestones to achieve defined deliverables. Through technology transfer, SCRA supports manufacturers’ success by facilitating access to emerging technologies, academic discoveries, and entrepreneurial products and services. I heard a startling statistic last year: Only half of all corporate pilots ever scale. We’ve learned from deploying our tech transfer model that tactical pilots drive more cost-effective solutions than complex plant-wide deployments. The companies that engage cross-functional teams to design and implement a scalable pilot project and partner with exter-

Recently, a large, industrial manufacturer approached us looking for a scalable, artificial intelligence solution to predictive maintenance on multiple machines at multiple plants. Through the SCRA model and associated Demonstration Grant, we supported the partnership with a small tech firm that leverages its expertise in manufacturing processes to apply predictive maintenance and predictive quality models. Although the manufacturer could have developed these skills and tools in-house, the support of external experts with machine learning knowledge and pre-developed templates expedited the learning curve, exposed the integration challenges, and reduced the time to value. Bridging the corporate and entrepreneurial cultures can be tricky. Software engineers and data scientists have unique skill sets that don’t always align with manufacturing objectives. Startups must learn manufacturing lingo, set realistic expectations of what their technology does and does not accomplish, and understand the integration requirements to achieve smooth technology transfer and adoption. Beyond proving the technology works, both companies must consider operational costs, maintenance requirements, technical training, and workforce acceptance to assure successful adoption. By structuring realistic pilot projects to facilitate tech transfer, both the small tech company and the larger corporate partner learn the process to introduce, implement, and deploy the new technology, thereby avoiding costly mistakes and mitigating the risk of failed adoption. CRBJ

Catherine Hayes is industry manager for the S.C. Research Authority.

We want to hear from you Write: Andy Owens, Executive Editor Charleston Regional Business Journal 3265 North Carolina Avenue, Suite 101 North Charleston, SC 29405 Email: aowens@scbiznews.com

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