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By RAYMUND FLANDEZ

Modality Inc.'s big break came calling via mobile phone. Right after Apple Inc. announced in March that it would allow software developers to build applications for its new iPhone 3G, Modality, of Durham, N.C., got busy. And on July 11, when Apple launched the phone and the Apple App Store to hawk those applications, Modality's product -- digital medical terminology flashcards -- was among the available downloads. One taker was Jeff Midgley, a physician assistant at the Yale New Haven Hospital in New Haven, Conn. He says he wanted something in his pocket that he could show to patients when they ask him about a simple sprain or fracture. Rather than showing them an X-ray, he can just call up the cards on his iPhone and zoom in on the bone in the correct anatomical position. "It's a little expensive," says Mr. Midgley, referring to the $39.99 he paid to download the application, called Netter's Anatomy. "But I'm going to give it a shot, instead of lugging 1,200 flash cards around."

What's Working So Far Modality Inc.

Modality's digital medical-terminology flashcards for the Apple iPhone 3G.

Apple says about 25,000 software developers have tried their hands at creating applications that can be downloaded onto both the iPhone and iPod -- all trying to jump on the bandwagon of the tech gadget

of the moment. It's too soon to gauge whether any of these applications will prove successful. On the one hand, the Apple App Store, which can be accessed through iTunes, provides a

http://online.wsj.com/article/SB121789232442511743.html[2/8/2012 10:13:52 PM]


Ringing Up Business With iPhone Applications - WSJ.com

captive consumer group -- many of whom already are inclined to purchase an Appleapproved application. But software developers don't have a say in where their applications are displayed in the App Store. So products can easily get lost in the myriad of other applications if they don't offer features and functions that catch consumers' attention. So far, applications that are showing promise are those that provide mobile consumers with entertainment, useful searches and handy tools like a tip calculator. Among the top paid applications: a measurement conversion tool, a Texas Hold'em card game, and a sound recorder for memos, discussions and interviews. The top free ones include games like Sudoku. Apple says there have been 25 million downloads of applications from the App Store so far. "It's "a powerful business model," says Allen Kupetz, executive in residence at the Crummer Graduate School of Business at Rollins College in Winter Park, Fla. "Very low cost of doing business, and very high margins. That's kind of the sweet spot for any business." A software-development kit is available free from Apple's Web site. There also is a $99 version, which includes technical support from Apple. Greg Joswiak, vice president of world-wide iPod and iPhone product marketing at Apple, says developers are responsible for quality assurance but Apple does review the application before putting it on the App Store. "We don't want any misbehaving applications," he says, such as ones containing viruses or pornography. There are about 900 applications available on the App Store, according to Apple, with 20% of them free. Among the paid applications, about 90% go for less than $10. Software developers receive 70% of the cost of every paid download. Apple keeps the rest.

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Wide Reach Modality, a 12-employee company, has been turning print titles into digital reference guides since 2006, selling the programs on its own site, Raybook.com. Titles include CliffsNotes, Betty Crocker cookbooks, Brain Quest and Mr. Boston: Official Bartender's and Party Guide. Modality declined to give sales figures for its digital guides. But the company is now betting it will get a big boost in sales from the Apple App Store. "We were clearly interested in extending our business model to this device and were excited about the opportunities for further interactivity," says S. Mark Williams, Modality's chief executive. He says he has yet to receive any download and sales numbers from Apple. The Netter's Anatomy reference cards are based on the Atlas of Human Anatomy, which is published by Elsevier, a publisher of science and health information, owned by Anglo-Dutch publisher Reed Elsevier PLC.

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Sebastian Vos, vice president of e-Education Health Science for Elsevier, says mobile learning is a growing trend, especially for medical students and professionals who want a handy reference right on the spot. And he adds that Modality has the expertise to adjust the publisher's popular brands into one that technologically savvy students and professionals could embrace. "I think we're reaching customers that we would never have had access to," he says.

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When the iPhone opportunity popped up, Mr. Vos adds, he quickly saw the potential of such a device, which could offer a much more interactive functionality than the clickwheel versions of the iPod, where many of Elsevier's contents had previously resided.

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Modality says its revenue-sharing agreements with publishers are developed specifically

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While the Apple App Store could expand Modality's reach, the software firm will have to work hard to differentiate itself from the multitude of applications vying for consumers' attention. The $39.99 price could also turn off some potential buyers. But Mr. Williams isn't worried. The initial response has been strong, he says, adding that customers recognize the value of such premium educational and professional content.

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DeansTalk - business management education: Ethics should not be a Fad in MBAs By Craig McAllaster, Dean, Rollins MBA DeansTalk - business management education

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Ethics should not be a Fad in MBAs By Craig McAllaster, Dean, Rollins MBA

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This was kindly sent into BizDeansTalk by Craig McAllaster, Dean, Rollins MBA. In 1982, I published an article in a journal on the perceived value of mergers. My opinion was that few mergers and acquisitions actually provide value. Often times, the cultures are too different to fully integrate or the merger was made for the wrong reasons.

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In his book, “Naked Economics,” Charles Wheelan describes what some of those reasons might be. Wheelan notes that the actions of the CEOs who run our corporations are not always in the best interests of shareholders or even employees. Wheelan says: “They may steal from the cash register figuratively by showering themselves with private jets and country club memberships. Or they may make strategic decisions from which they benefit but shareholders do not.” Wheelan notes that two thirds of all corporate mergers do not “add value to the merged firms” and one-third are “worse off.”

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decisions made by senior executives to advance their own aspirations and, often times, wallets. I’m talking about those mortgage-backed securities that turned a quick profit for many on Wall Street and which have played a major role in this bitter recession.

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At the AACSB International Conference & Annual Meeting in Orlando this year, I moderated a panel called “Are Business Schools Responsible for the Current Economic Crisis?” In it, we discussed whether the current meltdown in the markets, the credit crisis, bonuses for executives in companies going out of business and/or receiving government bailouts are signs that business schools are not doing enough to instill ethics and values. Specifically, as business school deans, we need to examine what role our institutions have played in shaping the attitudes that influenced this crisis and possibly revisit what it means to be a successful graduate. We need to reexamine how we teach ethics, culture and value to our students. And we need to make sure that ethics and culture are instilled in our students not just during down times, but all of the time. We also need to help our students understand that the value of an MBA is not just a function of cost and ROI, but it’s also based on the ability to act ethically and with the best interest of organizations, shareholders and employees. As the timetable for an economic recovery remains unclear, one thing is certain: far greater accountability will be required of our leaders. I can’t think of anything that would be more detrimental to the reputation of a company than a senior executive who puts his/her interests before those of customers or shareholders. As we move forward in this economy, on thing that is certain: the MBA must also advance with ethics as a strong and driving force.

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Why have the financial markets gone crazy? What to do? - Orlando Sentinel

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Home → Collections → Recession

Why have the financial markets gone crazy? What to do?

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October 27, 2008 | By Jerry W. Jackson, Mark Chediak and Jason Garcia, Sentinel Staff Writers

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Hold your breath. The market's wild ride is expected to continue this week. Q:What's going on? A: Friday, the stock market was rocked again by rising fears that recession will span the globe. "It's hitting Main Street as well as Wall Street. Confidence is eroding; consumers are scared," said Chris Toadvine, a certified financial planner in Orlando and president of the Financial Planning Association of Central Florida. Ads By Google NEWS FROM AROUND THE WEB

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The wild swings likely will continue as long as "deleveraging" continues, he said. That's a painful, downward spiral in prices, caused when borrowers are forced to sell assets in a declining market to raise cash to repay debts.

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A: "Yes," says Bill Seyfried, a professor of economics in Rollins College's MBA program. Seyfried noted that most of the measures used in officially declaring a recession, such as unemployment, are pointing to a contracting economy, which is what a recession is. The main debate now, Seyfried said, is when the recession began. He thinks it started as early as December of last year. Q.: Are we heading into Great Depression territory? A: Not likely, Toadvine said. "I don't think we're in for a 10-year storm. This is a significant event we're living through, of historic proportions. But structurally, we have a lot of advantages," he said, including the Federal Deposit Insurance Corp. to protect bank deposits, and the Federal Reserve banking system, which is boosting the money supply, reducing interest rates and trying to ease the credit crunch. Q: Why isn't the federal bailout helping?

http://articles.orlandosentinel.com/2008-10-27/news/qna27_1_seyfried-recession-worst-case-scenario[2/8/2012 10:29:32 PM]


Why have the financial markets gone crazy? What to do? - Orlando Sentinel

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A: For starters, the plan is still in its infancy. The federal government hasn't yet begun buying distressed assets tied to mortgages, a major component of the rescue plan. "Most of that $700 billion has not been put in use yet," Seyfried said. And secondly, the plan wasn't intended to stimulate the economy. It was meant to prevent a catastrophic meltdown. "It was designed to avoid a worst-case scenario," Seyfried said. "And it looks like we have avoided the worst-case scenario: that it may be a horrible recession, as opposed to worse." Q: How long before we see a turnaround in the economy? A: It's impossible to know for sure. But Seyfried says he thinks the economy may start to turn around next summer. Just don't expect a full turnaround right away. "I wouldn't be surprised if we bottom out come summertime. But the recovery could be pretty slow still," Seyfried said. "So 2009 as a whole may not feel too good." Q: Is there anything good coming out of this mess? A: Yes, gas prices and heating-oil prices are falling. The cost of other goods is falling because of weaker demand. Home prices finally are tumbling -- down 9 percent from a year ago as of September -and that is spurring existing-home sales, which climbed 5.5 percent last month. Planners also say the shock of this downturn could have long-term benefits if consumers begin to save and invest more. Q: My 401(k) is down 30 percent in the past several months. What should I do? A: Don't panic, says Cary Carbonaro, a certified financial planner based in Clermont. And don't stop your contributions. If you're young, Carbonaro suggests buying stocks because prices are attractive now and the market eventually will recover. If you are nearing retirement and have a lot of money in stocks, assess how long you can wait out the storm because selling at the bottom is not ideal, Carbonaro said. Ads By Google

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Otherwise, consider moving into safer investments such as bonds. And always consult an investment professional before making any big moves. Q: Why do stock-market downturns usually happen in September or October? A: Partly, it's the result of selling by portfolio managers as they take profits near the end of the year, particularly to make annual distributions to mutual-fund shareholders, said Sylvia Presley, a certified financial planner with S. C. Presley & Co. in Longwood. And then the sell-off tends to feed on itself as investors wary about the potential for an "October crash" bail out and add to the decline. "Fear makes it more severe," she said. Q: What can I do to weather the financial storm? A: Don't spend more than you make, suggests Carbonaro. Pay off credit-card debt. Focus on your productivity at work. And finally, "don't look at the daily moves of the stock market," Carbonaro says. Ads By Google

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Crummer Graduate School of Business Domestic Consulting Project Program Partners with HCCMO Rollins MBA Students Work with Hispanic Businesses to Identify Key Opportunities in the U.S. and Mexico. ORLANDO, Fla., March 10, 2008 – The Rollins MBA at the Crummer Graduate School of Business and the Hispanic Chamber of Commerce of Metro Orlando are pleased to announce they are working together on a Domestic Consulting Project Program to provide management consulting and advice to Hispanic-owned businesses, including Closed Caption Latina (CCL) and NR Electronics. For CCL, students are conducting research on the viewing habits of Hispanic audiences in five U.S. cities and are advising company officials on how to market CCL’s translation services. For NR Electronics, student consultants are developing an entry plan for the Mexican electronics recycling and electronic components distribution markets. Both companies are winners of the prestigious 2008 Don Quixote Awards, presented annually by the Hispanic Chamber of Commerce and the Hispanic Business Initiative Fund in recognition of the most successful Hispanic entrepreneurs and leaders in Central Florida. “We are delighted to be working with the Hispanic Chamber of Commerce of Metro Orlando and believe the partnership will offer many opportunities for our students to address business challenges that are both local and global in nature,” said Dr. Robert Prescott, visiting associate professor of management for the Rollins MBA and director of the program. “The unique product offerings of both CCL and NR Electronics provide our students with exciting projects that will allow them to engage in real-world business activity while earning their MBAs.” Each year, students participate in the Domestic Consulting Project Program, which has become a cornerstone of the Crummer Business School’s commitment to experiential learning and an integral part of the curriculum. Through the Program, companies, organizations and entrepreneurs identify a project they would like to see addressed and a team of students carries out the project over a specific semester. Rollins MBA students participating in the Domestic Consulting Project Program will

http://www.hispanicchamber.net/new/press.php?command=display&id=247[2/4/2012 10:38:53 AM]


Hispanic Chamber of Commerce of Metro Orlando serving the Central Florida business community.

work with different Hispanic Chamber of Commerce members every year to provide management consulting as a result of this innovative partnership. “We are excited to work once again with the Rollins MBA to provide these consulting opportunities for Chamber members,” said Ramon Ojeda, president of the awardwinning Hispanic Chamber of Commerce. “The research that Rollins MBA students are conducting and their recommendations for expanding member businesses are valuable tools for growth as all of Central Florida’s businesses weather this difficult recession.” To learn more about the Rollins MBA at the Crummer Graduate School of Business, please visit www.crummer.rollins.edu. About the Rollins College Crummer Graduate School of Business The Rollins MBA at the Rollins College Crummer Graduate School of Business, located in Winter Park, Florida, is consistently ranked a top MBA program by Forbes Magazine and BusinessWeek, and a top-25 school for entrepreneurial studies from Entrepreneur Magazine and the Princeton Review. It is among a select group of business schools in the nation that have been accredited at the graduate level and is distinguished by its faculty and the academic and business successes of its graduates. About Rollins College Founded in 1885, Rollins College is Florida's oldest recognized college, and is consistently ranked by U.S. News & World Report as one of “America's best colleges.” The College of Arts & Sciences offers full-time undergraduate programs in the liberal arts. The Hamilton Holt School serves the Central Florida community by offering exceptional undergraduate and graduate degree programs during evenings and weekends to students diverse in age, experience and professional development. The Crummer Graduate School of Business is consistently ranked by Forbes magazine among the best business schools for return on investment, and Forbes recently ranked the MBA program No. 1 overall in Florida. For more information about Rollins, visit our Web site at www.rollins.edu. About the Orlando Metro Hispanic Chamber of Commerce The Hispanic Chamber of Commerce of Metro Orlando is a nonprofit organization whose mission is to provide leadership and support the economic development of the Hispanic business community of Metro Orlando. For more information about the Hispanic Chamber of Commerce, please visit www.HispanicChamber.net or call 407428-5870 Contact: Lisa Junkerman. PH: (407) 646-2456. eMail: ljunkerman@rollins.edu Date Submitted: 10/03/2009 Previous Page

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MBA enrollment spikes as economic woes mount - Orlando Business Journal

From the Orlando Business Journal: http://www.bizjournals.com/orlando/stories/2008/12/01/story6.html

MBA enrollment spikes as economic woes mount

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Premium content from Orlando Business Journal by Melanie Stawicki Azam Date: Monday, December 1, 2008, 12:00am EST Related: Education

Melanie Stawicki Azam

The continuing economic turmoil and growing number of layoffs throughout Central Florida are producing an unexpected boon for local business schools: a spike in MBA enrollment. Business school officials said some MBA applicants are coming back to school to retool their job options, while others want to advance their careers by beefing up their credentials.

“Traditionally, when the economy slows, enrollment in programs designed for working adults increases,” said Karen Buchan, Webster University’s community relations coordinator. In fact, Webster University’s Orlando campuses, which offer 10 graduate degrees plus the MBA, have experienced an increase in enrollment in each of their five terms in 2008, said Buchan. Webster University MBA enrollment totals were 1,012 in 2007 and increased to 1,223 in 2008. They are projected to go up again in 2009 to 1,400. Most are midcareer students, age 25 to 45, and most are employed, Buchan said. Financial aid requests also have increased as many employer tuition policies have been discontinued or cut back, she said. The same enrollment trend is being seen at the University of Central Florida’s College of Business Administration, said UCF spokeswoman Christine Dellert, with spring 2009 applications for the MBA programs 46 percent higher than in spring 2008. Dellert said it’s hard to project total MBA application numbers for 2009, since the full-time and one part-time program are only fall-admit programs and applications for the other two part-time programs are still ongoing. However, in fall 2008, total MBA enrollment in either a one-year full-time or part-time evening and weekend program was 532 students, she said. Fall 2007 MBA enrollment was 516 students. Meanwhile, at Rollins College’s Crummer Graduate School of Business in Winter Park, MBA applicants in its fulltime program are increasing, said marketing director Lisa Junkerman. Rollins had 542 students in its MBA programs in 2008, she said, up from 523 in 2007. That number is expected to be higher in 2009, since the school added an additional January start date for its full-time Early Advantage MBA program, geared to recent college grads or career changers. But local business schools aren’t the only ones experiencing a surge in applications. The same upswing is evident nationwide, said Sam Silverstein, spokesman for the Graduate Management Admission Council, a Virginia-based nonprofit which owns the Graduate Management Admission Test (GMAT) students take in order to get into graduate business schools. “The GMAT is experiencing a high level of test-takers at the moment,” he said. And 77 percent of full-time MBA programs at business schools worldwide who were surveyed reported an increase in application levels in 2008, said an August 2008 GMAC report. About 247,000 GMATs were taken worldwide between July 2007 and June 2008. GMAT test levels last shot up in 2002, also a time of economic slowdown.

http://www.bizjournals.com/orlando/stories/2008/12/01/story6.html?s=print[2/4/2012 11:20:15 AM]

Rollins professor Mark Johnston speaks to an evening MBA class.


Local nonprofits angling for federal stimulus money - Orlando Business Journal

From the Orlando Business Journal: http://www.bizjournals.com/orlando/stories/2009/04/06/story17.html

Local nonprofits angling for federal stimulus money

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Premium content from Orlando Business Journal by Melanie Stawicki Azam Date: Monday, April 6, 2009, 12:00am EDT Related: Agriculture , Banking & Financial Services, Residential Real Estate

Melanie Stawicki Azam

Businesses and state governments aren’t the only ones eager for federal stimulus dollars — local nonprofits also want a share of the funds. Take, for instance, Harbor House of Central Florida and Jewish Family Services of Greater Orlando. They’re collaborating on a proposal for a three-year $500,000 grant involving federal stimulus dollars through the U.S. Department of Justice’s Office on Violence Against Women.

If approved, Jewish Family Services would use the grant to expand its family stabilization program — which was created four years ago and helps about 100 struggling families annually with budgeting, counseling and more — to specifically aid domestic violence survivors. Karen Broussard, Jewish Family Services’ director of program development, said the new program would start June 1 and complement Harbor House’s supportive housing program, funded by the U.S. Department of Housing & Urban Development, that provides up to one year of rent assistance for domestic violence victims in Seminole, Osceola and Orange counties. Harbor House and Jewish Family Services aren’t alone in their quest for such funding. Margaret Linnane, executive director of Rollins College’s Crummer Graduate School of Business Philanthropy and Nonprofit Leadership Center, said many nonprofits are struggling, so they also want to apply for federal stimulus grants. The issue: Due to the recession, community demand for nonprofit services is growing at the same time the organizations are getting fewer donations. A Nonprofit Finance Fund survey, released March 26, showed only 12 percent of the nonprofits surveyed expect to operate above break-even this year, and just 16 percent anticipate being able to cover their operating expenses in both 2009 and 2010. The survey, which included 986 nonprofit leaders in markets nationwide, also found 93 percent of lifeline organizations that provide essential services expect an increase in demand in 2009. Harbor House CEO Carol Wick said that’s exactly what her agency is experiencing. The 88-bed emergency shelter for domestic violence survivors and their children has seen a 50 percent increase in requests for services in the last six months. Harbor House provided 31,000 shelter nights in 2008. Nonprofits wanting to garner some of the stimulus funding should be aware the federal program requires nonprofits to create or retain jobs and promote economic growth. ”And it’s a one-time pot of money, so you have to be able to show sustainability,” said Wick.

For more information:

• Federal Web site about the American Recovery and Reinvestment Act, www.recovery.gov • Florida Office of Economic Recovery, www.flarecovery.com • Federal Web site on how to find and apply for federal government grants, www.grants.gov

http://www.bizjournals.com/orlando/stories/2009/04/06/story17.html?s=print[2/9/2012 10:24:21 PM]

Jerrey Weiss unpacks donated groceries in the pantry at Jewish Family Services.


Nonprofits Work Double Time In Tough Economy - Consumer News Story - WESH Orlando

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WINTER PARK, Fla. -- The economy is taking a toll on nonprofit organizations. The struggling economy was the topic of an open forum at the Crummer Graduate School of Business Wednesday at Rollins College. The head of the school's nonprofit leadership center said the need for basic human services is unprecedented.

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In the reality of economic crisis, can we still piece together the American Dream? - Sun Sentinel

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February 22, 2009 | By Kate Santich ORLANDO SENTINEL

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The life of 44-year-old Arcadio Espinosa once looked like a prototype for the American dream.

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Two decades ago, he left Mexico and headed north. He worked a series of minimum-wage jobs, hopscotching around the country, until settling in Apopka. Eventually, he married, started a family and launched his own landscape-maintenance business, catering to Central Florida's sprawling suburbs.

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Success was sweet. He bought his family a modest home on a half-acre of land. He took his kids to the movies or out to eat whenever he felt like it. He had plenty of money to cover his bills.

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"I spent without thinking that one day we would struggle," Espinosa said. "So now that we're struggling, my children are pushing me to buy them things and take them places, and I can't. Right now we have to sacrifice."

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"I know there is a light at the end of the tunnel," he said. "I just don't know how long the tunnel is. I have to try to hang on." As Florida endures historic job losses, one of the worst foreclosure rates in the nation and the longest recession in a quarter century, countless others wonder what will become of their dreams.

http://articles.sun-sentinel.com/2009-02-22/features/0902190320_1_american-dream-handyman-job-arcadio-espinosa[2/4/2012 10:33:42 AM]


In the reality of economic crisis, can we still piece together the American Dream? - Sun Sentinel American Dream

Will they manage to hang onto their homes - or buy one down the road? Will they ever be able to retire? Will their hard work earn them a slice of the good life? Fear and hope make strange bedfellows. Sometimes, the worse things are, the greater the need to believe they will get better. Pollsters and sociologists agree the deepening recession has taken a toll on the American psyche, but they point to evidence that "the dream is very much alive," as political pollster and author John Zogby said recently. His firm, Zogby International, conducted a post-election survey on the attitudes of nearly 25,000 American voters. Overall, 67 percent of respondents said the American dream is attainable for them and their families, 14 percent said they weren't sure, and fewer than one in five said it no longer exists. "Most Americans have simply adjusted their expectations," he said. In other words, the dream may be limping, but it still has a steady pulse. Consider Valerie Baker, a 28-year-old graphic designer who lives in Altamonte Springs with her husband and 18-month-old son. Life was good until about a year ago, when the couple moved from Atlanta - where both she and her husband had decent-paying jobs - to be closer to family. Soon after their move, her husband, Anthony, 29, found out the job he'd been promised was already filled. Ads By Google

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He found another position as a collections agent - but had to take a 50 percent pay cut. Soon the Bakers were using their credit cards to cover ordinary living expenses. They even went hungry on occasion to make sure they could buy food for their baby. Debt swallowed them so quickly, Valerie said, the couple felt their only way out was to declare bankruptcy. "At first I felt like I had failed," she said. "I had worked so hard and lost so much. And our dream of buying a house where we could raise our son - that has faded, at least for now." But the Bakers kept looking for help, and through a program at Jewish Family Services in Winter Park, they found it. They cut back. They sorted through their priorities and created budgets. Anthony hopes to start school in August to become a respiratory therapist, which will give him a better paycheck. "I'm still striving to make things better," Valerie said, "but right now I am content. This experience has only made me a better person." According to Zogby, 27 percent of Americans work at a job that pays less than their previous one, a percentage that has inched upward over the past two decades with corporate downsizing and outsourcing. "These are the folks who have had lemons thrown at them and decided to make lemonade," he said. At Rollins College Crummer Graduate School of Business, for instance, enrollment is up, albeit modestly. There are 22 students more than last year's 507. The total includes corporate workers who have decided to beef up academic credentials and learn new skills, said Rollins spokeswoman Lisa Junkerman. "We find that times like these are a good opportunity to retool," she said. Similarly, applications for Small Business Administration loans are on the rise, though the credit crunch has made approval considerably harder to get. "There are a lot of people who have bought into the American dream," said Lynne Singletary, a vice president at Fifth Third Bank in Orlando. "Even people who have been laid off, while they do feel betrayal - they've given their blood, sweat and tears, and now they're out of job - they still believe they can do it themselves. They want to go out and make it on their own." Ads By Google

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http://articles.sun-sentinel.com/2009-02-22/features/0902190320_1_american-dream-handyman-job-arcadio-espinosa[2/4/2012 10:33:42 AM]


Experts: Good Time To Refinance Homes - Project Economy News Story - WESH Orlando

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Experts: Good Time To Refinance Homes Local Experts Discuss Issue POSTED: 9:15 pm EST December 17, 2008 UPDATED: 9:26 pm EST December 17, 2008

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ORLANDO, Fla. -- In the financial crisis, a desperate move by the Federal Reserve might help homeowners on their mortgage bills. The central bank has reduced the federal funds rate to a range of 0 percent to .25 percent. That's the lowest level on record. It may inspire people to refinance their mortgage loans. Some local financial experts had tips on whether the time is right.

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Cynthia Armound said she's planning to refinance her Orange County home. "Seeing all the federal reserves and all the rates, they're going even lower than what I currently have," Armound said. "I figure it wouldn't hurt to look into it and see if I can get an even better rate than what I currently have."

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Armound's loan is at 6.5 percent interest. She said she's hoping to get 4.5 percent through Home Mortgage Foundation. With the federal government's decision to slash rates, analysts discussed whether it's a good time to refinance. "Yes, it is an excellent time to refinance, even if you've purchased a home or refinanced as little as two or three years ago, because now the rates are so much lower," said Eddie Williams of Home Mortgage Foundation. Experts said they expect mortgage rates to fall 5 percent or lower. "If you can get the credit, I think it's a wonderful time to think about refinancing," said Dr. Clay Singleton, of the Crummer Graduate School of Business. "In fact, I think that's what the Federal Reserve has in mind -they want us to refinance." Singleton said not all banks are willing to lend money, so some people might have to shop around. Home Mortgage Foundation said that, while commercial banks may not be lending as readily, there are national wholesale mortgage lenders. "Concentrate on refinancing to lower your monthly payments, not as much to get cash out, because the lenders are going to scrutinize that a little more," Williams said. "But if you concentrate on lowering your monthly payment perhaps refinancing out of a bad loan, then I think you'll have

http://www.wesh.com/money/18303698/detail.html[2/9/2012 10:04:15 AM]

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Experts: Good Time To Refinance Homes - Project Economy News Story - WESH Orlando

pretty good success." Copyright 2008 by WESH.COM. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Rollins MBA program ranked 24th in nation - Orlando Business Journal

From the Orlando Business Journal: http://www.bizjournals.com/orlando/stories/2008/09/08/daily38.html

Rollins MBA program ranked 24th in nation Orlando Business Journal Date: Thursday, September 11, 2008, 10:18am EDT Related: Energy

In a survey of more than 2,300 schools conducted by Entrepreneur magazine and The Princeton Review, the Rollins master of business administration program was ranked 24th in the graduate category. The Rollins MBA was evaluated based on criteria including academics and requirements, students and faculty and outside-the-classroom experiences. The Rollins MBA at the Rollins College Crummer Graduate School of Business in Winter Park is consistently ranked a top MBA program by Forbes Magazine and Business Week. Forbes recently ranked Rollins' MBA program the best in Florida.

http://www.bizjournals.com/orlando/stories/2008/09/08/daily38.html?s=print[2/8/2012 10:37:38 PM]

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Rollins MBA Ranked #24 in Nation

Monday, September 15, 2008 HOME

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ARTICLES Businessforce Gives Endorsement Nods To Altman, Arrington And Hawkins Access Your FREE U.S. Chamber Membership Business@Breakfast Salutes Patriot Day 2008! Calling Community Volunteers! Cast Your Vote at the Akerman Senterfitt Regional HobNob "Politics in the Park" Chamber Leaders Enter Hall of Fame Chamber Perk of the Month Crofton and Crotty Plant Seeds of Service Don't Miss the Orlando Magic Community "Tip- off" Luncheon Entrepreneurs in a Tough Economy Florida Bankers Association Recognizes Van Bogan Florida Space and Technology Forum Floridians Receiving Disaster Unemployment Assistance Free Classes for Business Owners/Employers Leading the Fight Against Cancer Learn Secrets of Electronic Marketing at the Central Florida Small Business Summit Let Us Vote Celebrates Judicial Ruling Mayor Richard Crotty Chairing 2008- 09 United Way Campaign Rollins MBA Ranked #24 in Nation September at So Social!

VOLUME 7 ISSUE 35

Rollins MBA Ranked #24 in Nation Entrepreneur Magazine announced that the Crummer Graduate School of Business has been named as the 24th best graduate entrepreneurship program in the nation! The program was chosen based on survey data from more than 2,300 undergraduate and graduate schools questioned about their offerings in entrepreneurship. The ranking is prepared annually in partnership with The Princeton Review and is considered the most important and prestigious listing of its kind. This is the first time that the Crummer Graduate School at Rollins College has made it into the top 25. “The academic performance of our students is exceeded only by their performances in the real business world—where it really counts,” said Craig McAllaster, dean of the Crummer Graduate School of Business. “Rollins MBA students learn to apply business thinking skills that translate in action and result in business success.” The Center for Entrepreneurship at the Crummer Graduate School, one of the first such Centers in the country, is among the many reasons for the Rollins MBA’s status in the rankings. The Center offers students many real-world activities in which to engage so that they can better understand starting a business and seeing it through to profitability. For example, through the Entrepreneurship Center, students have worked closely with a team of leading regional entrepreneurs (dubbed the “E-Team”) to establish a plan for regional entrepreneurial growth in the seven-county Central Florida region. Extensive student research efforts helped shape the plan, established by the E-Team and the Central Florida Partnership, to create The Best Regional Entrepreneurship System in the Americas. “While I’m obviously very proud of this accomplishment, this sort of accolade could not have occurred without the help and support of our Board members,” said Tom Kruczek, Executive Director of the Center for Entrepreneurship at Rollins College. “I am certain that the work that

http://enewsbuilder.net/orcc/e_article001202883.cfm?x=b11,0,w[2/4/2012 11:27:14 AM]


Rollins MBA Ranked #24 in Nation Space Coast EDC Grant Boosts International Profile The Florida Chamber Annual Meeting and Future of Florida Forum

ARCHIVE Issue 340

we’re doing with the Central Florida Partnership to advance entrepreneurship was very important to this selection. I feel very fortunate to have community leaders, like the Partnership’s President and CEO, Jacob Stuart, on my Board and am deeply appreciative of all that he and his organization do for us and for our region.”

September 8, 2008 Vol. 7 Issue 34

The entire news release is included below:

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Rollins MBA Ranked #24 in Nation for Entrepreneurship by Major Publications The Princeton Review and Entrepreneur Magazine Recognize the School’s Efforts in Entrepreneurship Orlando, Fla. Sept. 10, 2008 – From over 2,300 schools surveyed by Entrepreneur magazine and The Princeton Review, the Rollins MBA was distinguished as having one of the top 50 entrepreneurship programs. The Rollins MBA ranked #24 in the graduate category of the survey. The Rollins MBA was evaluated based on key criteria in the areas of academics and requirements, students and faculty, and outside-the-classroom experiences. Rollins MBA students learn from an outstanding faculty that brings years of academic and real-business-world experience to the classroom. Students receive practical, hands-on business experiences, such as those received through the school’s Center for Entrepreneurship, which directs a number of partnership efforts between the school and regional entrepreneurs. “The academic performance of our students is exceeded only by their performances in the real business world—where it really counts,” said Craig McAllaster, dean of the Crummer Graduate School of Business. “Rollins MBA students learn to apply business thinking skills that translate in action and result in business success. This ranking proves that Rollins MBA alumni are among the nation’s most capable entrepreneurs—and we are honored to place so highly in The Princeton Review/Entrepreneur ranking system.” The Center for Entrepreneurship at the Crummer Graduate School, one of the first such Centers in the country, is among the many reasons for the Rollins MBA’s status in the rankings. The Center offers students many real-world activities in which to engage so that they can better understand starting a business and seeing it through to profitability. For example, through the Entrepreneurship Center students have worked closely with a team of leading regional entrepreneurs (dubbed the “E-Team”) to establish a plan for regional entrepreneurial growth in the seven-county Central Florida region. Extensive student research efforts helped shape the plan, established by the E-Team and the Central

http://enewsbuilder.net/orcc/e_article001202883.cfm?x=b11,0,w[2/4/2012 11:27:14 AM]


Rollins MBA Ranked #24 in Nation

Florida Partnership, to create The Best Regional Entrepreneurship System in the Americas. Thanks in large part to the students’ efforts, the regional system is now on the fast track to success, with participating organizations and individuals agreeing on interim goals that will be guided by the conclusions of the student-led research. “Through our Center, students learn the nitty-gritty of what it takes to succeed as an entrepreneur,” said Tom Kruczek, the executive director of the Entrepreneurship Center and a leader of the ETeam. “Rollins MBA students are as consistently hungry as any of the business leaders I’ve met in my years in business, and I’m pleased this ranking validates the great work we do through our Center and the fantastic students I have the privilege of teaching—and learning from—on a day-to-day basis.” About the Rollins College Crummer Graduate School of Business The Rollins MBA at the Rollins College Crummer Graduate School of Business, located in Winter Park, Florida, is consistently ranked a top MBA program by Forbes Magazine and BusinessWeek. It is among a select group of elite business schools in the nation that have been accredited at the graduate level and is distinguished by its faculty and the academic and business successes of its graduates. Rollins College Founded in 1885, Rollins College is Florida's oldest recognized college, and is consistently ranked by U.S. News & World Report as one of "America's best colleges." The College of Arts & Sciences offers full-time undergraduate programs in the liberal arts. The Hamilton Holt School serves the Central Florida community by offering exceptional undergraduate and graduate degree programs during evenings and weekends to students diverse in age, experience and professional development. The Crummer Graduate School of Business is consistently ranked by Forbes magazine among the best business schools for return on investment, and Forbes recently ranked the MBA program No. 1 overall in Florida. For more information about Rollins, visit our Web site at www.rollins.edu. For additional information, contact: Lisa Junkerman, 407.646.2456, ljunkerman@rollins.edu. Central Florida Partnership - Ideas to Results Improving Central Florida’s economic vitality and quality of life by focusing on transportation, public policy advocacy, regional leadership, entrepreneurial growth and regional planning. Orlando Regional Chamber of Commerce Shaping our community’s future by focusing on what matters to the millions of people who call Central Florida home. Your business. Your

http://enewsbuilder.net/orcc/e_article001202883.cfm?x=b11,0,w[2/4/2012 11:27:14 AM]


Business students get hands-on experience - Orlando Sentinel

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Business students get hands-on experience March 31, 2008 | By Sara K. Clarke, Sentinel Staff Writer

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Heather Fuller was a little nervous about hurling herself out of a plane in flight, but at least she had some faith in the people and the products that were to guide her safely to the ground. After all, she had toured the parachute company's facilities, heard about its approach to quality control, even discussed its business needs with company representatives. FOR THE RECORD - **********CORRECTION OR CLARIFICATION PUBLISHED APRIL 19, 2008*********** An article on Page 14 of the March 31 CFB section about college programs that provide student assistance to local businesses misstated the timing of a brand-feasibility study conducted by Rollins College students for the Grand Bohemian hotel in downtown Orlando. The study was done after the hotel dropped the Westin brand and was operating independently. ***************************************************************************

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Fuller wasn't being unusually cautious about her first sky dive. As part of her graduate studies at Stetson University in DeLand, Fuller is working on a real-world marketing project with Complete Parachute Solutions Inc. The parachute jump -- planned for this past weekend -- is just one way she and the other students in her class are developing a working relationship with the DeLand company. "It brings it more to a personal level," said Fuller, director of pharmacy at Central Florida Regional Hospital, who is working on a master's degree in business administration. "I may not have been as in tune as I am now to the different products. Now, I will be using those products."

December 19, 2009

Across the region, colleges and universities offer experiential learning programs that also serve as a resource for local businesses. For the students, the programs provide hands-on experiences that can help them land full-time jobs. For the businesses, they provide temporary, well-trained assistants to help

http://articles.orlandosentinel.com/2008-03-31/business/cover31_1_parachute-jump-business-administration-real-world[2/7/2012 3:07:06 PM]


Business students get hands-on experience - Orlando Sentinel

Find More Stories About Real World College Of Business

with business plans, patent reviews, marketing studies or other projects. "I tell the class: at this point in time, they're consultants to these businesses," said Becky Oliphant, a Stetson marketing professor who encourages hands-on learning. "We do it gratis. A lot of the businesses here in DeLand aren't real, real big." For many small businesses, these low-cost services -- many are actually free -- are the only assistance that fits their tight budgets. "If you're a small-business owner, typically you're resource-constrained," said Cameron Ford, director of the University of Central Florida's Center for Entrepreneurship & Innovation, which is part of the College of Business Administration. "It's truly a win-win partnership proposition." Real-world application About 10 to 15 times a year, the Crummer Graduate School of Business at Rollins College in Winter Park offers its MBA students the opportunity to work on a team project, assisting a small, mid-sized or sometimes a very large company in the region. "We've been inviting the real world into our classroom for years at Crummer," said Robert Prescott, an associate professor of management and the school's director of domestic consulting projects. "The typical Crummer student will graduate having done two or three of these projects -- some even international." Students, for example, did a brand-feasibility study for Richard Kessler's Grand Bohemian before the downtown Orlando hotel dropped the Westin flag to become an independent property. They also helped Pinnacle Awards & Promotions in Winter Park create a plan for reaching out to niche markets, Prescott said, and studied ways to enhance customer service for Hilton Grand Vacations Co., Hilton's Orlandobased time-share operation. The benefit of the program to businesses is that they "get current business knowledge, applied to their real projects," Prescott said. Ads By Google

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Side-by-side experience At UCF, officials are using the Internet hoping to leverage the university's biggest resource -- a student body numbering about 48,000 -- with local businesses. In conjunction with the university's experiential learning department, the Center for Entrepreneurship & Innovation recently launched a Web portal that allows small businesses to hire "enterprising interns" from the school. The university doesn't have the staff to find small-business owners in need of help, but it hopes the portal will draw them to the school. "We're hoping to make it much easier for small businesses to connect with interns here at UCF," said Ford, who was involved in developing the project. Those small businesses provide particularly fertile ground for students, who "get to work literally side-byside with the CEO of the company" and "see the best and worst of everything," Ford said. Nonprofits benefit While many student programs focus on helping for-profit businesses, nonprofit organizations can also receive student assistance. Organizations such as Seniors First, Jewish Family Services and the Adult Literacy League have already drawn on the insight of MBA students through Rollins' Philanthropy and Nonprofit Leadership Center, started about two years ago. The program provides much-needed business professionals to sit on the boards of local nonprofits. The graduate students get to meet and work alongside other volunteer directors from the business community, and the nonprofits get an infusion of new blood. "The benefit for them is they get the younger voice, the younger perspective," said Margaret Linnane, who before joining the Rollins' staff spent nearly two decades in the nonprofit sector with Second Harvest Food Bank of Central Florida.

http://articles.orlandosentinel.com/2008-03-31/business/cover31_1_parachute-jump-business-administration-real-world[2/7/2012 3:07:06 PM]


Grit shines on grinding day http://articles.orlandosentinel.com/2004-08-17/features/0408170083_1_restoring-power-progress-energythompson 8/17/2004 By David Damron - Orlando Sentinel Published 08-17-04 Winter Springs – Rick Thompson is known as a "troubleman" – one of the guys Progress Energy Florida turns to when things go wrong. But on Monday, amid what was shaping up to be his third straight 16-hour shift since Charley hit, Thompson wasn’t feeling much of a savior. With the fate of more than 2,600 powerless residents in his crew’s hands, Thompson was so close to restoring electricity for a string of Tuscawilla area residents that he could almost hear air conditioners kicking back on.

In Winter Springs, Fla., Rick Thompson of Progress Energy works to restore power for David and Linda Hess (background) on Monday.

His team of about two dozen out-of-state linemen and tree cutters had been at it since before dawn, battling falling tree limbs, Florida heat, hip-deep swamps and an explosive spark shower. They hoped to restore power to hot but mostly patient Winter Springs neighborhoods.

Turning down offers for dinner, tips and other friendly bribes, Thompson promised only that his team was close to getting the job done. But a late-afternoon attempt to deliver thousands from the sweltering heat wasn’t to be. Perhaps it was too much for the power arteries to bear all at once, or a stray limb went unnoticed on a line. "It’s so disappointing," Thompson said after a short surge of power quickly blinked out. "But I’ll keep going at it until we get it." He did – restoring power to hundreds during the evening, and likely adding up to 2,000 more by 10 p.m. Thompson has been restoring power since he was 15, working under his father and grandfather. Last year, he fixed more power outages than anyone else at Progress Energy, his boss bragged. "I just love the work," said Thompson, 57. "I dread the day I have to retire." This he utters on a day most would ponder quitting. Before he left the shop to start his day Monday, a coworker wanted to know whether he would be near a relative with no power, just to check it out. Then he had to corral a huge crew of strangers from as far away as Texas and Tennessee into one unit. First, they must make sure the lines they are working on are dead. A mistake could seriously injure a lineman. Early on, bad information – and a failure by a lineman to "buzz" a hot line before grounding it – unleashed a blast of sparks. It was scary, but no one was hurt. Crews kill tension while awaiting clearance to work a power line by sharing gallows tales of close calls. One lineman showed his fire-scarred ear that had to be surgically reattached. "I’ve got that on my mind all day too," Thompson said, between radio calls to ensure that lines are safe to work on.


He also deals one on one with people such as Linda Hess, an asthma sufferer who was sure she couldn’t make it another day without electricity, especially when neighbors nearby had it. Hess flagged down Thompson and begged him to take a look: "I was determined," she said. Thompson found the problem fixed it and restored power for her and a few others before rushing back to broader problems. "I can’t help it," Thompson said. "I get too softhearted sometimes." ### Top of page


The Faces of Frances Utility lineman spends grueling hours restoring power after back-to-back storms By Harriet Daniels Ocala Star Banner Published September 19, 2004 Progress Energy lineman Michael Haworth was among those who worked to restore power in areas of southwest Florida devastated by Hurricane Charley. He also has worked on recovery efforts following hurricanes and ice storms in North Carolina and Virginia. But nothing is as tough as seeing the devastation left behind from Hurricane Frances in the community he calls home. As part of local recovery efforts he helped coordinate out-of-state utility crews in Reddick area and north to Micanopy, which was hit hard, and suffered a lot of damage to old oak trees. “They were all laying down with our lines and transformers under them,” Haworth said. The linemen reported to work at 5 a.m. to begin a typical 17-hour shift. “It was hard leaving my wife and kids at home without power and coming to work for so many hours,” he said. We understood what it was like being without power too.” The backbreaking job of returning the maze of electrical wires to the intricate network of poles is much like conducting an orchestra. The entire team, including tree trimmers, groundsmen, linemen and dispatchers, must work in harmony to keep everyone safe as the line is made “hot.” “You have to just take one thing at a time,” he said.


The Apopka Chief August 20, 2004 APOPKAN IS ONE OF THOUSANDS WORKING TO GET POWER BACK ON Apopka resident Randy Goff is one of 6,000 workers helping to get electrical power back for residents and businesses across Florida following the damage caused by Hurricane Charley, a category four storm that plowed through Florida on Friday, August 13. Goff, an equipment operator, has worked for Progress Energy in Apopka and Altamonte Springs for 25 years. His duties include setting poles and hanging transformers. He is currently responsible for managing the tree trimming crews in the power restoration effort. The tree trimming crews are contractors who remove branches and trees from the power lines, and who cut trees and branches that may pose a hazard to the lines before repairing the damage to them. During the storm, he said, many power lines were knocked down, and mostly fallen trees and branches broke some poles. Trees, he said, are 80 to 90 percent of the problem, which is why it’s necessary for the tree trimming crews to remove the ones that are too close to the lines. To restore power, the Progress Energy workers first restore power to the feeder lines, which carry electricity from the various substations to commercial and residential properties, and then branch off into branch lines which power individual businesses and homes. The substations receive power from the transmission lines, which carry electricity from the power plants. Once the feeder lines are “hot,” or powered up, Goff said, the workers can begin fitting in new branch lines. “If we do that, we get people on quicker,” he said about powering the feeder lines first. “We can then go back to the branch lines. When there is a hurricane, we try to get as many people back on as possible. We’re trying to get power back to everyone we can, as quickly as we can - the biggest bang for the buck in the shortest amount of time.” That is why one house or one street in a subdivision may remain without power while the rest of the subdivision has power, he said. “It can be a number of issues,” he said. “Their line may be somewhere else, so we may bypass them to help more people, especially if there is a big problem with one line. If it will tie up the crew for half a day, we’d rather the crew be tied up helping 2,000 people rather than eight. We’re doing the best we can and we’re working “round the clock.” Goff and his crew start their day at 5 a.m. and work in all conditions and in everchanging locations until 10 p.m., he said, when they are sent home to get some rest. They have been working steadily since the hurricane.


“They let us go home to be with our families during the storm, but as soon as it went through, we were out here, and we’ve been here since,” Goff said. They will keep working their current schedule, he said, until the Apopka operations center area is completely restored. They will then move on to help where they can in other areas in Central Florida, until power is fully restored. “It is a lot of hard, hot work,” Goff said. “It’s not easy working in the heat. The crews aren’t used to the heat so we stress to them to keep water in their bodies.” “People have to realize how hard these guys are working to get them power. But lots of people are encouraging. They are happy to see the crews. Very few are upset, or complaining.” Goff and his crew first restored essential services, such as hospitals, sewer stations, fire stations, police stations and water plants before starting restoration for residential and commercial customers. Goff said he has done restoration after many storms, including Hurricane Andrew and Hurricane Hugo, in the Carolinas, as well as ice storms and thunderstorms. “It’s all the same,” he said, about working various storms. “We’re just trying to get power back quickly and to make sure everyone is safe.” However, he said that Hurricane Charley is the worst storm he has seen in Central Florida since he has worked for Progress Energy. “We’ve never had this much damage in Apopka even though Apopka is not that bad. The closer to the south you are the worse it is.” As of Thursday, August 19, all of the city of Apopka, should have been fully restored according to Progress Energy officials, unless there is another problem such as a broken or torn meter base or weather head in the customer’s home. If that is the case, Goff said, an electrician needs to repair it before a wire can be reattached. In the Apopka operations center area, there were 3,973 customers without power as of mid-day on Thursday, August 19. Born on a Navy base in Norfolk,Va., Goff was raised in Apopka when his parents, native Apopkans, moved back when he was 12. He attended Apopka schools and played football for the Apopka High School Blue Darters before graduating in 1977. He worked for various electrical companies until Progress Energy hired him in 1979. His wife, Ginger Christmas Goff, is a native Apopkan who works for DeRoose Plants of Apopka.


His daughter Kristen Goff is a senior at Apopka High School, and his son, Ryan Goff, is a sophomore at Jacksonville State University in Alabama, where he is also a student coach. When he was a student at AHS, he played football on the team that won the Class 6A state championships in 2001. Randy Goff’s father, the late Glenn Goff, helped start the Pop Warner football program in Apopka. He also played football when he attended AHS, as did Randy Goff’s uncles when they were students there. “I am very blessed to be a part of the Apopka community,” he said. “It’s a nice community with nice schools. It still seems like a small hometown, but it’s growing. It keeps us working.”


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