MARCH 15, 2013 VOLUME 9, ISSUE 6
A PA R T N E R I N P R O G R E S S
White, Greer and Maggard’s intentional philanthropy PAGE 7
HIGHER ED MATTERS
Focus: The New Office
Education reform program lands at UK
THE BUSINESS OF FAMILY-FRIENDLY
By Jane S. Shropshire
UK College of Agriculture’s Maine Chance Farm PAGE 12
COLUMNIST: HIGHER ED MATTERS
magine every student in this country prepared for life, prepared for citizenship, prepared for a career of success. … Imagining is not enough,” said Gene Wilhoit, at a press conference announcing the new N ational Center for Innovation in Education at University of Kentucky’s College of Education. Wilhoit, a for mer education commissioner in Kentucky and, more recently, director of the Council of Chief State School Of ficers in Washington, D.C., was instrumental in the development and adoption of the Common Core State Standards by 45 states. He will now head this national center , which opens with funding from the Bill & Melinda Gates Foundation and the W illiam and Flora Hewlett Foundation. The center will contribute to the national education refor m agenda with a focus on ensuring more states are adopting and implementing a standard definition of college and career readiness that embodies “deeper learning” outcomes, implementing meaningful measures of those outcomes and holding all levels of the system accountable for results. SEE HIGHER ED PAGE 9
Business is booming for Lexington’s startup community PHOTO FURNISHED
BY SUSAN BANIAK | BUSINESS LEXINGTON
ant to keep employees closely committed to your business? Invest in keeping their families closer . That’s the message resonating with companies in Lexington and beyond that want to recruit and retain top talent, particularly in today’s more competitive job markets. As companies seek to enhance the value of their human capital, many are finding what employees most need, beyond the standard security of a solid 401k and good health benefits, is an extra hand to help them juggle a multitude of family responsibilities, from childcare arrangements to elder care for aging parents to financial aid and admissions planning for college-bound dependents. SEE HUMAN RESOURCES PAGE 15
By Doug Martin CONTRIBUTING WRITER
exington is enjoying an upsur ge of entrepreneurial energy. In recent years, a great many public and private efforts have focused on ener gizing Lexington’s startup community. In January, the Lexington Venture Club (LVC) held its annual “Who Got the Money” celebration for local entrepreneurs at the Toasted Barrel in downtown Lexington. Warren N ash, director of UK’s Lexington Innovation & Commercialization Center , announced that during the past year , 87 of Lexington’s emerging tech companies received a total of $83.8 million in venture capital and startup funding. These businesses have a large effect on our local economy, employing more than 820 people with full-time salaries averaging about $70,000 per year. SEE VENTURE CAPITAL PAGE 19
POINTS OF INTEREST: KENTUCKY INNOVATION PAGE 3 • BRIEFS PAGE 4 • WHO’S WHO IN LEXINGTON PAGE 6 • BUSINESS BOOK REVIEW PAGE 8 FINANCIAL PLANNING IN 2013 PAGE 10 • “IT’S YOUR REALITY” PAGE 11 • WORKING FROM HOME PAGE 14 • MEANINGFUL WORK PAGE 16 BIZLISTS: VENTURE CLUB RECIPIENTS PAGE 20 • LANGUAGE B PAGE 21 • PARTING THOUGHTS PAGES 24-25 • LEADS PAGE 26
Margaux Farm’s Josh Stevens PAGE 13
The NAWBO and Local Food Initiatives PAGE 22
Paulie’s Toasted Barrel PAGE 23
We are hard at work to ensure your Summer fun!
THANK YOU! Downtown Lexington Corporation would like to thank the following companies for their continued support and stakeholder membership in DLC. These members make a significant investment in downtown and their commitment ensures that DLC is able to provide quality programming for everyone to enjoy.
S A V E
T H E
April 4 – TNL Begins!
Central Bank Thursday Night Live featuring Payback. Join us at the Fifth Third Bank Pavilion in Cheapside Park for weekly concerts.
• Bike Lexington Presented by Pedal Power. A day of biking fun including a 10-mile car-free bike ride
April 11 • Central Bank Thursday Night Live featuring Swing Street
April 18 • Central Bank Thursday Night Live featuring Those Crosstown Rivals
April 19 • Downtown Trash Bash. Come downtown and help us clean up our center city.
April 25 • Central Bank Thursday Night Live featuring McNeese
May 2 • Central Bank Thursday Night Live featuring Domino
May 9 • Central Bank Thursday Night Live featuring The Squirrels
May 11-12 • Mayfest Arts Fair Presented by PNC Bank. A Mother’s Day tradition in Gratz Park
May 16 • Central Bank Thursday Night Live featuring Girls Guns & Glory & Amy Black
For more information about DLC or downtown Lexington visit www.downtownlex.com.
D A T E
May 23 • Central Bank Thursday Night Live featuring The Johnson Brothers
May 30 • Central Bank Thursday Night Live featuring Scott Said & The Backroads
May 31 • Fountain Films on Friday Presented by Hilliard Lyons Also on the horizon and not to be missed…
June 1 – August 31 • DLC Artist’s Market
June 15 • Vintage Kentucky Wine & Beer Festival
July 2 • Great American Pie Contest and Ice Cream Social
July 3 • Patriotic Concert featuring the Lexington Philharmonic
July 4 • Lexington’s Fourth of July Festival and Fireworks Presented by RJ Corman
• Lexington Fest of Ales
• Fountain Films on Friday Presented by Hilliard Lyons. Pee Wee’s Big Adventure in Triangle Park
For more information please visit www.downtownlex.com or find us on Facebook and Twitter.
G AT T O N C O L L E G E O F B U S I N E S S & E C O N O M I C S
POINTSOFINTEREST Innovation: One giant step behind In terms of innovation and entrepreneurial energy, Kentuckyâ€™s economy continues to lag behind, according to some key indicators included in the 2013 Kentucky Annual Economic Report, produced by the Center for Business and Economic Research at the University of Kentuckyâ€™s Gatton College of Business and Economics. According to statistics included in the report, the stateâ€™s innovators have consistently been issued fewer patents, attracted less venture capital and garnered less Small Business Innovation Research (SBIR) funding than both competing states and the United States in general. For example, in 2011, Kentuckyâ€™s venture capital investments were $76 per $1 million of state gross domestic product. By comparison, Kentuckyâ€™s competitor states, including Alabama, Georgia, Illinois, Indiana, Mississippi, Missouri, North Carolina, Ohio, South Carolina, Tennessee, Virginia and West Virginia, received an average of almost ten times more, or $731 in venture capital per $1 million in state GDP. The national average, at $1,962 per $1 million of state GDP, was more than 25 times as much as the investment in Kentucky.
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Number of Patents
Kentucky, Competitor States, and the U.S., 1963-2011
(PER 1 MILLION POPULATION)
400 350 US 300
200 150 100 50
VISIT : g a t t o n . u k y . e d u / m b a
SOURCE: US PATENT AND TRADEMARK OFFICE AND U.S. CENSUS BUREAU
Venture Capital Investments
Kentucky, Competitor States, and the U.S., 1995-2011
(CURRENT DOLLARS, PER $1 MILLION/STATE GDP)
WOMEN WOM MEN LEADING LEAD DING KENTUCKY KENT UCK UCKY
$12,000 $10,000 US
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.BSSJPUU(SJGGJO(BUFt-FYJOHUPO ,FOUVDLZ .BSSJPUU (SJGGJO (BUF t -FYJOHUPO ,FOUVDLZ , $4,000 $1,962
SOURCE: PRICEWATERHOUSECOOPER AND BUREAU OF ECONOMIC ANALYSIS
Average Annual Small Business Innovation Research
Funding, Kentucky, Competitor States, and the U.S.
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(SBIR FUNDING $/$1 MILLION GDP)
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$160 KY $140
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From From m Vision to Reality Rea ality
Join us for our 13th AnnualSPACE Womenâ€™s Business & Leadership Conference EXHIBIT SP EXHIBIT PA PA ACE CE / SPONSORSHIPS AVAILABLE A AV V VA AILA AILABLE LABLE Wednesday, MayInformation 9 at Marriott Griffin Gate & Registration: www.womenleadingky.com
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$20 $0 2000-02
SOURCE: NATIONAL SCIENCE BOARD, SCIENCE OF ENGINEERING INDICATORS, 212
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A state-by-state legal strategy combine online Law firm looks to in 50 states presence with counsel By Erik A. Carlson
said Jamie that fits big firms,” t’s not a model Lexington-based founder of the firm’s Hargrove, a LLP, concerning Hargrove Madden biggest in the nation by the plan to become in each of the 50 states. law firms as establishing offices happened with “Historically what’sdon’t tend to be a 50-state they centers,” they get bigger, be in money tend to only They practice. 2011, Hargrove he said. February of law, Established in approach to different a Madden is takingdocument “do it yourself” concept evolving the legal PAGE 9
2012 Leading Women in y Central Kentuck
UPS, which liberally sprinkles the word “logistics” throughout its print, broadcast and online advertising, is bullish on expanding the supply chain further across Kentucky, the nation and the world. “Globally, markets are really expanding, and U.S. companies are taking advantage of great opportunities. We’ve just scraped the surface, because emerging markets continue to open up. We can grow big time,” said Zachary Scott, president of the Ohio Valley District for UPS. His territory includes Kentucky and several nearby states. “Big companies like IBM already know what’s going on because they’re multinational and get it,” Scott continued. “But small and medium-sized companies need to grab these opportunities. UPS supplies much of what I call ‘backroom’ opportunities through logistics.” Scott’s comments came during an interview at the third annual Supply Chain Forum, recently held at Fasig Tipton in Lexington and sponsored by the University of Kentucky’s Gatton College of Business and Economics. Of course, an international shipping company like UPS, with a major hub in Louisville, would benefit from more global trade. “The world has seven billion people with 300 million-plus in the United States, so the market opportunity is huge,” Scott again emphasized. “UPS has about 35 percent of companies shipping internationally. However, many are only shipping to one or two companies.”
Ronald Davis and Crystal Wilkerson, owners of The Wild Fig PHOTO BY EMILY MOSELEY
ING LOCAL MARKET
rs bookshop owne on the rise, local d word With eReadership for the printe share a passion TING WRITER Today
USA | CONTRIBU BY ERIK RUST Nook. In December,roughly 20 for Barnes & Noble Kindle, and the doubled in a year, accounting have iPad, the Amazon The Atlantic placed t’s the era of the indicating that “e-book” sales home, the April edition of of e-readers. it per capita sales And, to bring offered statistics cities ranked by Rohin Dhar, “the book market. percent of the and sold,” wrote of a list of American South.” at the very top are actually bought the Midwest and circuit is Lexington, Kentuckythe data about where Kindles beaten by mid-sized cities in into s used bookstore thing.” are soundly “When you dig continue, Lexington’ the “tactile tan’ cities in America marketplace shifts are just not ready to give up most ‘cosmopoli cal, cultural and who the city. shoppers around for But as technologi eight shops a variety of options Erik Rust visited thriving and offers Contributing writer
ES ON PAGE 16 SEE BOOKSTOR
ng Big Ass Fans movi l market into residentia with a “whoosh”
APR By Mary Hemlepp, MARKETING It may COLUMNIST: LOCAL art with a purpose. hink of it as ceiling ing as a fresco in Rome, not be as awe-inspir Haiku residential fan is new but Big Ass Fans’ blades and a high-tech With only three like the poetic form eye-catching. says that, simple, motor, the company it is deceptively to get fan is named, nt for which the and developme lot of research yet required a right. it just PAGE 13
UE 10 UME 8, ISS 012 • VOL M AY 1 1 , 2
OWL celebrates 50 years of providing employment opportunities
Maui Crane fashion takes center stage as downtown entertainment PAGE 26
BORN &READ chevy chaser Southsider BusinessLexington
434 Old Vine Street Lexington, KY 40507 859.266.6537 www.smileypete.com
Scott said the Internet has “brought the whole world to a smaller place.” Countries like China and South Korea are developing a middle class as people are able to buy consumer products from the United States and other countries. “Kentucky exports have grown 28 percent in the last five years, even during the down time. I just saw our exports were up nine percent, just in January. Two strong areas are automotive and aerospace parts,” Scott said. Kentucky wants to remain competitive in supply chain management, said Jake Barr, retired after 33 years at Procter & Gamble, and who now is a principal at BlueWorld Supply Chain Consulting. “Like most states, Kentucky firms are grappling with how to re-engineer themselves to deal with a couple of issues. One is an immense lack of talent with the skill set to drive this change,” said Barr. Barr believes that when the price of petrochemicals peaked about a year ago, it forced companies to focus more on their business models and how to remain profitable. It drove a lot of investment and reengineering, including facility layouts,
Business Lexington • March 15, 2013
where and how operations were being carried out and what processes could dismantled, improved and put back together. “Some companies in the state I am consulting with are going to a different operating model, like from a single manufacturing facility to multiple locations and distribution outlets,” said Barr. Barr said the state has done great work in recruiting new firms, emphasizing that Kentucky is the nucleus for 35 percent of the U.S. population. - BY DAN DICKSON
Pest survey underway You may soon start noticing objects attached to or hanging from trees this spring, and chances are they were put there by personnel from the Kentucky Office of the State Entomologist, which is housed in the University of Kentucky College of Agriculture. The 2013 Cooperative Agricultural Pest Survey is designed to detect — and in some cases, eliminate — exotic pests before they become a problem. “We see these surveys as an integral part of preventing the spread of non-native pests that can cause economic damage to our state,” said Carl Harper, senior nursery inspector. Commodity-specific insect surveys will be conducted in western and eastern Kentucky, thanks to a grant from the U.S. Department of Agriculture. These surveys target corn, soybean and small-grains fields. Inspectors will monitor for a variety of pest insects that haven’t been found in the state before. In a similar survey, inspectors will monitor the presence of insect pests at state parks.
Idea Festival holds first event in Lexington since 2004 What began three years ago under the TED brand (Technology, Entertainment and Design) as TEDxLex has morphed into a new event, marrying the rapid-fire, thought-provoking talks of TED with the programming of Idea Festival (IF). Last held in Lexington in 2004, the biennial IF conference became an annual affair in 2006, when it was relocated to Louisville. Since the move, viewed by many as a significant loss to Lexington, TEDxLex founder Kent Lewis and IF founders at the Kentucky Science and Technology Center (KSTC) came together to form Creative Disruption, IF Lexington. “TED, they’ve got to keep a pretty strong control on their brand, and now they have 700 events worldwide. It’s gotten to the point that there’s (on average) two a day,” said Kent Lewis, a salesman for HP and
founder of IF Lexington. Lewis wanted to develop a concept that was more local for Lexington, either by partnering with an established initiative or creating a new one. Lewis approached KSTC about four months ago, and the ball began to roll. Antony Miers, the director of education services for KSTC, said with outcroppings of the Idea Festival starting to grow, they wanted to have one back in Lexington, KSTC’s home. On March 7 and 8, Creative Disruption, IF Lexington was held at Fayette County’s agroscience high school, Locust Trace. The first day was aimed at students, as 10 speakers from high schools in four counties spoke on topics ranging from interspecies heart transplants to reducing the use of plastics through a program to install waterbottle fillers in high-school drinking fountains. “I want something that is going to be sustainable, that is here. We have Idea Festival in our backyard,” Lewis said. Two of the student speakers were voted by the nearly 300 in attendance from Fayette, Franklin, Scott and Woodford counties to participate the next day in the adult session. “It shows a need and a desire by kids in high school today to experience this type of event, and to share what they’re doing,” Miers said. “If you give them enough room and challenge them enough, they’re really going to do just about anything.” Lewis’s partner in the project, Brad Clark, a gifted coordinator in Woodford County, said it was important to make this event open to students and accessible. “This event was born out of trying to (combine) service, leadership, creativity and performing arts,” Clark said. “We made it free; that way, it’s accessible. We let a lot of people fall through the cracks, and this sort of catches people and gives them a way of interacting with each other that they wouldn’t get school-to-school.“ Lewis said he plans to keep the TEDxLex brand alive through quarterly “salon” sessions starting at some point in the next six months. Info on the event is available at www.iflexington.com. BY ERIK A. CARLSON
Bourbon Trail makes National Geographic listing Kentucky’s Bourbon Trail among Bluegrass distilleries has made National Geographic magazine’s Top 10 list for “Best Spring Trips of 2013.” The list highlights the magazine’s selections of the world’s most appealing places. The lineup of suggested spring tours places the Kentucky Bourbon Trail and the Bourbon Trail Craft Tour between a tulip festival in The Netherlands and a bird-watching excursion in Romania. Other U.S. destinations include West Virginia, noted for its trail system, and New Jersey’s Cape May Historic District.
THE GRAMMAR GOURMET
A R T M AT T E R S T O U S A L L
Pronouncing Pronunciation BY NEIL CHETHIK
“Misspell” is one of our language’s most frequently misspelled words, so it seems appropriate that “pronunciation” would be one of our most frequently mispronounced. People stumble because when the word goes from its verb form (pronounce) to its noun form (pronunciation), it randomly loses an o in the second syllable. Pronunciation may be unique in its oshedding, but it has plenty of company among mispronounced English words. For example, one could easily mispronounce multiple words in this sentence: The barbed wire fence hung across Antarctica. Barbed wire too often comes out as “bob wire”; across often turns into “acrossed”; and Antarctica too often loses its first c when it’s spoken aloud. It’s supposed to be pronounced as it’s written: AntARC-tica.
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And what about this sentence? Use only potable water to make espresso. Too many people mispronounce potable, employing a short o in the first syllable. Potable actually rhymes with notable. The word espresso, meanwhile, should be pronounced exactly as it appears, not with an x as the second letter. And consider these words, in which a “th” sound often appears or disappears without reason. Clothes: Most people say “cloze,” but there’s a soft and subtle “th” sound near the end; don’t miss it. Height: Some people add an h at the end and pronounce it “heighth,” as if it were similar to width and breadth; in fact, height ends the same way as weight — with a stolid t. What hard-to-pronounce words give you fits? Neil Chethik, aka the Grammar Gourmet, is executive director at the Carnegie Center for Literacy and Learning (www.carnegieliteracy.org) and author of FatherLoss and VoiceMale. The Carnegie Center offers writing classes and seminars for businesses and individuals. Contact Neil at email@example.com or (859) 254-4175.
Other sites making the list are in South Africa, Argentina, Portugal, India and New Zealand.
Business Lexington • March 15, 2013
BusinessLexington TOM MARTIN Editor in Chief firstname.lastname@example.org
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EMPLOYMENT AND AWARDS IN OUR COMMUNITY
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New Hires & Promotions
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BB&T Corporation has announced that Heath Campbell has been named regional president of its Lexington-based Kentucky Central Region. Campbell, who previously served as city executive in Prince George County, Md., replaced Lee Hess, who retired earlier this month after a 41-year career in banking.
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AMR Management Services has promoted Will Engle, CMP, to the position of director of conferences and events. Chad Grant, currently serving as senior policy analyst at AMR for the National Association of State Chief Information Officers (NASCIO), recently accepted the position of program manager for the Kentucky Association of Nurse Anesthetists. Lauren Mangnall was promoted to program manager for the National Christmas Tree Association (NCTA) and Christmas Spirit Foundation (CSF). Liz Fossett, who had been a research assistant for NASCIO, has been promoted to the role of project coordinator for the National Association Government Defined Contribution Administrators (NAGDCA), and Samantha Wenger has been promoted to research coordinator for the NASCIO team. Lindsay Marshall joined the AMR staff as director of member services. Meredith Ward was recently hired to serve as NASCIO’s senior policy analyst. Natasha Stamper has joined AMR as conference and events manager, and William Long has joined AMR as an accountant. The International SPA Association (ISPA) has named DeLaine Bender, CAE, as vice president of operations and Jonathan Sexton as vice president of marketing and sales. Crystal
Ducker, formerly ISPA’s vice president of membership and marketing has been named ISPA’s vice president of research and communications.
Board Announcements The Lexington-Fayette Urban County Airport board has announced the appointment of Nancy Wiser as chair for 2013. Larry Deener has been appointed by the airport board as vice chair and treasurer, and Doris Benson has been reappointed as secretary. The following new members have joined the 2013 board of directors of Hospice of the Bluegrass: Joan Palmore Key, Southcreek Properties; Katie LaMonica, Darley; and Nana Mensah, Xports, Inc. The Public Relations Society of America – Thoroughbred Chapter has named the following members to its 2013 board of directors: Brant Welch (Fifth Third Bank) as president; David Kitchen (United Way of the Bluegrass) as past president; Heather Baber (KCTCS) as secretary; Elise Menold (Lexington Podiatry) as treasurer. Cliff Feltham (Kentucky Utilities), Tom Harris (University of Kentucky), Tim Hill (Hill Communications), Sue Patrick (Kentucky Council on Postsecondary Education) and Katelyn Rademacher (Preston-Osborne) serve as directors at large.
TO SUBMIT YOUR WHO’S WHO NEWS EMAIL A PRESS RELEASE AND PHOTO TO INFO@BIZLEX.COM Kudos Cardinal Hill Rehabilitation Hospital has been awarded a three-year accreditation by the Commission on Accreditation of Rehabilitation Facilities (CARF) for its amputee, spinal cord, brain injury, stroke and comprehensive inpatient
BANK ORDERED ABSOLUTE AUCTION THURSDAY, MARCH 7th - 12:30 P.M. 23 HOUSE RENTAL PORTFOLIO (Selling each individually)
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programs for both children and adults. This is the seventh consecutive three-year accreditation CARF has awarded to Cardinal Hill.
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F O R A D V E R T I S I N G I N F O C A L L 8 5 9 . 2 6 6 . 6 5 3 7 O R V I S I T W W W. B I Z L E X . C O M
Business Lexington • March 15, 2013
The business karma of intentional philanthropy
Dr. James “Greg” White is seeing a nice return on investment from his orthodontics practice’s philanthropic ventures PHOTO BY EMILY MOSELEY
By Kathie Stamps
charitable contributions since 1991, but it was in 2005 that adding a philanthropic r. James “Greg” White is an orthocomponent to the business was “very intendontist, entrepreneur, restaurateur tional,” according to White. and philanthropist. Over the past six “We realized the more we became inyears, the practice of White, Greer and Mag- volved with people, the more people begard has donated $1.3 million to specific came involved with us,” he said. projects, with $700,000 of it going to school The majority of the practice’s marketing systems in central Kentucky and a half-mil- budget is earmarked for the or ganizations lion to other organizations. moms are passionate about, including “These are the things we’re involved schools, extracurricular activities and in,” White said. “Some involve our patients churches. Aside from the company’s nameand some don’t, but all of it involves comsakes, almost all other staf f members are munity.” women, and most of them are mothers. The orthodontics practice has made “I see what moms do,” White said. “It
is an unbelievably dif ficult schedule to manage.” Rather than purchase an ad in a program or on a website, White finds it far more beneficial to sit down and have a meeting with the president of a local sports league, a school principal or the head of a PTA. “It’s a one-on-one process,” he said. “I want to see that need face to face.” The practice has purchased uniforms for soccer teams, smartboards for classrooms, basketball goals for an elementary school and customized take-home folders for 50 local schools. For the July Fourth weekend
Business Lexington • March 15, 2013
in 2011, White’s Beaumont office hosted an outdoor party with hot-air balloon rides and face painting for anyone who showed up. About 2,500 people did. “There are so many distractions for kids now that move them away from activity,” White said. “Just play.” Many families have children attending different schools and participating in various activities, so chances are good that those parents will see several examples of White, Greer and Maggard sponsorships. White hears comments from his young patients’ parents almost daily, in the for m of “we’re here because of this.” The practice has six offices in Lexington (Beaumont and Hambur g), Danville, Georgetown, Nicholasville and Richmond. With the blessing and support of partners Dr. Jim Greer and Dr. Michael “Brent” Maggard, White handles the practice’s charitable disbursements. Each of the partners has four children, and all are in agreement of supporting organizations that benefit moms and kids. It is marketing coordinator Alyssa Vance’s full-time job to field 15 to 25 requests per day. “I feel like Santa Claus,” she said. A combination of Santa and elf, that is, with lots of spreadsheets and cell phone reminders to help her keep track of everything. And yes, sometimes the answer to a request is no. “They know what I’m going to say yes to or not,” White said of the in-house marketing department. “There are tons of organizations we would love to be involved with, but they are not really within the scope of who we are as a practice.” When too many people are involved with decision-making, it’s too easy for time and money to be wasted. White receives a lot of ideas, then takes it to committee and makes a decision. “The most ef fective committees are made up of an odd number of people, less than three,” he said. Among other entrepreneurial ventures over the past 17 years, White is also the owner of four Fazoli’s restaurants and several of his own concept — Harvey’s Grill & Bar, Hayden’s Grill & Bar and Freakin’ Unbelievable Burgers — located in Michigan. “Some people have a calling,” White said. It is his opinion that people who open restaurants aren’t called but lured. “Like a fish biting bait,” he said. Fun and positive attitudes are rampant throughout the orthodontics practice, and employee retention is good. The doctors honor staff members with a David Y uman bracelet at the 10-year anniversary mark. Out of a staf f of 75, 20 have received that particular piece of jewelry. Forty employees have been with the practice more than five years. For new hires, White conducts the final interview and lays out his three steps to success: believing that the work you do is important, being mature by putting other people’s needs ahead of your own, and having a passion to leave any organization you enter better because you were there. “It’s not about punching keystrokes or sterilizing instruments,” he tells new employees. “You have the opportunity to have a positive impact on every person you meet. Your primary job is to make everyone feel special. What you do technically is aside from that.” By practicing what he preaches and focusing on doing things for other people, White has seen a pretty nice retur n on investment for the practice’s philanthropy. “Once we started giving, it was amazing how much we started receiving,” he said. Learn more about White, Greer and Maggard Orthodontics at www.wgmortho.com.
BUSINESS BOOK REVIEWS
Find success without sacrificing personal satisfaction
arilyn Tam is among the most singularly accomplished leaders in American business today. Her distinguished profile lists executive roles at international companies, including CEO of Aveda Corp., president of Reebok Apparel and Retail Group, and vice president of Nike. Her accomplishments have gained her a reputation as a keen busiPAUL ness strategist and an SANDERS effective leader. She also has had BUSINESS BOOK success as an entreREVIEWS preneur, founding a corporate training and consulting company, a web portal company, a health and wellness company and a software company. The way T am has achieved such remarkable success is as interesting as her roster of accomplishments. She has a reputation for building success by doing business fairly and ethically and for always giving back. According to Brand Channel, she is one of the four most prominent names in brand ethics globally. She co-founded and serves as executive director of the Us Foundation that facilitates global action plans to address social, economic and environmental issues. She also serves as a director on the national board of SCORE, a partner of the U.S. Small
Business Administration. There’s more: Tam has worked tirelessly on behalf of human rights and has an extensive list of philanthropic achievements. She was award the Reebok Human Rights Award for her humanitarian work. Also presented with the Artemis Award by the Greek government for her business and humanitarian work, she was further honored with her likeness appearing on a Greek postage stamp. Certainly part of her giving back extends to readers. She has written two previous books, How to Use What Y ou’ve Got to Get What You Want, and Living the Life of Your Dreams. The latter was an eBook of the Year in 2011. This month, her newest book, The Happiness Choice: The 5 Decisions That Will Take You From Where You Are To Wher e You Want To Be, is being released. In this new book, Tam shares insights not about her rise as an international business success, but how she did so without sacrificing per sonal health and happiness. Tam overcame obstacles early in life on her journey to discover happiness and balance. She did not grow up happy. Born the second daughter in a traditional Chinese family, she was unwanted and neglected. Her mother left her at the hospital and had to be called and ordered to pick her up. Growing up, she was mistreated both physically and mentally. Tam came to believe that she had a choice. She could live the life she dreamed of living. She could choose happiness. And as she rose to inter national fame, she continued to choose happiness and de-
termined that she would not only succeed at business but at happiness. The Happiness Choice argues that despite your upbringing or your current circumstances, you can choose it as well. “People want contentment, love and happiness derived from meaningful work. They want nourishing personal relationships, a healthy mind and body, a spiritual core, and a reason for living,” says Tam. “But with only 24 hours in a day and all of the competing demands of moder n life, the question is — how? Is it even possible?” Tam gently guides readers in defining and prioritizing their roles so they can accomplish goals and still feel balanced. She is well aware of the difficulties in such a task. While the United States ranks No. 1 in the world for productivity, it takes 11th place for happiness. As shown by the rankings of many other countries, the dif ference between these two numbers does not correlate into a positive workforce. Tam relies not only on statistical analysis on happiness but also calls on a cadre of experts whom she has had the good fortune to know during her own journey. Among the prominent figures are psychologists, business experts and self-help authors. In sharing the stage with these individuals, Tam shows a broader, more inclusive, picture of the search for balance in contemporary work life. The book often focuses on women, though not to the exclusion of men. Women, Tam acknowledges, are culturally trained to do it all — although this is often true of business leaders of both genders. This translates
into an inability to ask for help on what they consider to be their job. By acknowledging the imbalance in our lives, we can find balance, Tam suggests. Prioritizing roles focuses expectations less on how much is done and more on what is done. Tam’s accomplishments and remarkable achievements may have brought her recognition and acclaim. Happiness, she claims, came to her by overcoming daunting odds in making the choice to claim it as her own. It’s a choice anyone can make.
The Happiness Choice
The 5 Decisions That Will Take You From Where You Are To Where You Want To Be BY MARILYN TAM WILEY, JOHN & SONS; FEBRUARY, 2013
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Business Lexington • March 15, 2013
Higher ed CONTINUED FROM PAGE 1
Ten states commit
Wilhoit was in San Diego last month, meeting with representatives from the 10 states involved with the center . These states, California, Illinois, Kentucky, Maine, New Hampshire, New York, Ohio, Oregon, West Virginia and Wisconsin, have about 20 million students combined and are highly interested in moving ahead aggressively. To participate, each state had to commit its full system to refor m and pursuit of these initiatives: • Engaging business and higher education in serious conversation about the goals of public education, and aligning education expectations to emer ging needs of business; • Using technology more directly in the learning process;
• Examining how roles of teachers and students will change as they explore customization of education, of fering multiple pathways; • Committing not only to literacy and mathematical capability, but also to development of students’ ability to work in teams/groups and dependability, thus focusing on knowledge expectations as well as skills and dispositions needed for success in the workplace. Many innovative networks are beginning across the nation, although they are primarily small in scale and focused on local schools. The new center will examine the big picture. It will bring local
innovations together on a lar ger scale than each network can individually, engaging state policymakers, school district teachers and administrators.
learning in dif ferent ways and providing what teachers need in their own knowledge development and in their classrooms.
Change is here
Eight districts in Kentucky have stepped forward to lead the way in implementing reforms; they’re asked to reflect on what might inhibit teachers from making productive change. For example, if textbooks are selected centrally, should local sites have more influence and autonomy? Should school sites have authority to manage the lear ning process, rather than following what central administration may mandate? Further, the education community needs business partnerships, if productive change is to result. “The business community is so critical to what we are trying to do,” W ilhoit explained. “People respect business. If they [business] can speak up and address where the gaps are and what we need to refor m, and if they can look for ways to engage, we need the creativity coming out of business and the innovation occurring there.” “Education … has served us so well over many years, but it was created in different times and for different outcomes,” Wilhoit said of the need for education reforms. Kentucky has been recognized in recent years for great progress on the education front. And now, as W ilhoit said in the opening press conference, “Kentucky can be the lighthouse … for the other states.”
Business today, W ilhoit said, is vastly different than business 15 years ago, yet teachers are not always aware of these changes. Input from the business community is crucial in deter mining what’s important in education today and could lead to new career and technical education options. Cross-fertilization at the university level and in the community will be a powerful part of how the center learns and guides alignment of expectations. There ought to be multiple choices to meet different students’ lear ning styles, Wilhoit believes. He imagines down the road that a school might team with a private enterprise to create an academic program that speaks to students’ interests. This would challenge traditional thinking about who can be a teacher and what kinds of experiences may lead to academic credit. “We ought to do everything in our power to keep all of our students in school and graduating,” said Wilhoit. “What’s at stake is our societal future. We can’t afford to have disenfranchised individuals out there without jobs, without support; we can’t as a society assume the costs to support that long-ter m.” He continued, “Our teachers want to do the right thing. They get excited and are challenged by the fact that they can see a child learn and begin to see the world differently than they did before they entered the classroom.” However , teachers may need to learn new approaches: instead of imparting knowledge to students nonstop, education refor m means supporting
Reform: not just for teachers
Jane S. Shropshire guides students and families through the college search process and is Business Lexington’s Higher Ed. Matters columnist. Contact her at Jshrop@att.net.
Delivering cardiac options no one else can. That’s why we’re here. Only UK HealthCare offers the most comprehensive heart care in the region. By uniting national-caliber clinical care with the latest in cardiovascular research, we’re able to deliver more advanced treatment options. More appropriate care. And more hope. From MRI stress tests, minimally invasive procedures and lifesaving devices to total artiﬁcial hearts and transplants, we’re bringing the full spectrum of heart and vascular care to the people who need it the most. That’s why we’re here.
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Business Lexington • March 15, 2013
Financial planning in 2013: What you should know
By Seth Salomon
annual contribution for 2013 will move to $5,500, with an extra $1,000 still available as s 2012 wound to a close, the ongoing a catch-up for those 50 or older. fiscal negotiations in Washington, as The ability to contribute to IRAs will well as the ef fect on taxation, were phase out at $95,000-$115,000 in annual inwell publicized. Lost in this conversation come for married couples with workplace were updates to several vehicles many inretirement plans and $178,000-$188,000 for vestors rely on each year. married couples with at least one person not having a workplace retirement plan. Roth IRA phase-out will be $178,000-$188,000 for Changes to IRAs, ROTH IRAs married couples. and gifting limits Annual gifting exclusions have also inWhile it is not too late to take advantage creased, now allowing for a yearly gift to an of an IRA or ROTH IRA contribution for unlimited number of individuals of 2012, it is worth noting that the allowable $14,000/$28,000 (individual/married couCONTRIBUTING WRITER: FINANCE
ple). These exclusions will continue to not count toward the $5.25 million/$10.5 million lifetime gift tax exemption.
Planning for higher net-worth individuals With the rise in long-term capital gains tax from 15 percent to 20 percent for families earning more than $450,000 as well as the inclusion of a 3.8 percent Medicare tax, the taxation of long-term gains for non-retirement investments has essentially risen by more than 58 percent for these investors. This complicates investment strategy for
these individuals, many of whom are not able to contribute to a ROTH IRA and are already maxing out their workplace retirement plans. Now may be the time to assess alternative strategies with the potential for beneficial tax treatment, such as deferred compensation programs for key executives or the use of life insurance as a tax-advantaged growth vehicle. If you have not already, speak with a financial planner to see how you can adjust your strategies to address these changes. In closing, as the year begins, now is the time to address any planning concer ns that were not taken care of prior to the end of 2012. Are you taking advantage of ever changing estate and personal tax legislation? Are your investment and insurance strategies updated to meet the needs of you and your family? Do you know how much insurance coverage is appropriate or how much capital will be needed for retirement or other key expenditures? If you have any concerns, find a trusted advisor to take a look at your planning as well as provide feedback and guidance. While the market has started the year strong, ongoing uncertainty will likely cause fluctuation in the marketplace over the coming months. An agreement was reached to avoid the “fiscal cliff,” but the debt ceiling and spending cuts have yet to be addressed in a long-term fashion, a debate that will likely be more complex than that on taxation. In times of fluctuation, it is important to remember that, dating back to 1955, there has never been a year that ended where the prior 30-year period would not have seen at least an 8 percent annualized retur n for the S&P 500 (Mor ningstar, 2012). Hang in there, as with strong planning, time is on your side. Have any questions or requests for future article topics? Please feel free to email me at email@example.com. Seth Salomon specializes in strategic financial planning for business owners, individuals and families. Seth returned to Lexington after 14 years in Atlanta and New York City to join his father at Salomon & Co., a comprehensive wealth management group serving small businesses and families. (Securities and financial planning offered through LPL Financial, a registered investment advisor, member FINRA/SIPC). The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or products may be appropriate for you, consult your financial advisor prior to investing. No strategy assures success or protects against loss in periods of declining values. Past performance is no guarantee of future results. Indexes cannot be invested into directly. Source of all tax and IRA data: www.irs.gov.
A CASE FOR ALTERNATIVE INVESTMENTS By Brian Luftman CONTRIBUTING WRITER
ery few of today’s retirement portfolios have adequate diversification. Having a diverse portfolio can help an investor capture steady gains while hopefully avoiding violent market swings. Investors want returns that outperform the broad market through a portfolio that will also weather an economic downtur n. Many of today’s portfolios are missing a key component — true diversification. Lately, many financial advisors are turning to “alternative investments” to help their clients truly diversify. The global nature of today’s economic system has caused assets with little correlation to behave shockingly alike. Conventional wisdom tells us that stocks and bonds tend to move in opposite directions, but
both enjoyed solid gains in 2012. In 2008, however, both saw steep simultaneous losses. Even REITs (Real Estate Investment Trusts) and international equity funds have tended over the last few years to mimic the broad market more than they have in the past. Conventional diversification tools are still quite helpful, but they do not fully solve the problem. Many of today’s portfolios are heavily weighted in equities, bonds and mutual funds. These investments have one thing in common: their performance is closely tied to the overall health of the global economy. Alternative assets such as energy and infrastructural MLPs (master limited partner ships), commodities, managed options/futures funds and various private placements have been gaining steam. These
types of assets are not as closely tied to our economy’s overall health, and some even have a negative correlation with the market. “Alternatives” can provide the diversification investors are looking for, but that diversification comes with a price. These investments often provide issues with valuation and liquidity. Not all alter natives are created equally, and investment in such asset classes should be carefully analyzed with the help of a financial advisor and/or a CPA. Despite the risks, investors are flocking toward these alternatives to gain that ever-important diversification they provide. The world population is growing, food and energy resources are becoming more valuable, and as many have pointed out before, “They aren’t making any more land.” For these reasons and more, “alternative assets” are quite hot in the industry.
Business Lexington • March 15, 2013
But investors should not get carried away. Conventional investment tools have dominated portfolios for decades, providing simplicity, liquidity, transparency and lasting overall performance. Most portfolios, as currently assembled, are likely well positioned for either prosperity or the unexpected. However, investors should take a broad look at their assets and re-evaluate their definition of a diverse portfolio. A 10 percent to 20 percent allocation toward carefully chosen “alternatives” would be a step in the direction of true diversification. Brian Luftman founded Luftrade, a commodity options company, at age 27. He recently moved back to his hometown of Lexington to create American Farm Investors ( www.AmericanFarmInvestors.com).
UK students to get a lesson in the realities of personal finance By Margaret Buranen
we’ve worked directly with students.” overestimate their income and underesticertainty. Students may draw the unexpected Many of the students drive cars that mate their expenses. T o attain in life what expense of an accident or a divorce or the hanks to some local business people their parents bought. McCarthy wants them they want will be a lot more expensive than surprise of a raise or inheritance. and other experts, University of Ken- to know that when they buy their first cars, they realize and the cost to maintain it is surFor a final dose of reality there will be tucky students will lear n about per- they will have to budget for additional exprising to them.” a student loan booth. It will help students sonal finance through an interesting and fun penses, such as property tax, title, license Other booths represent typical exrealize how much student loans af fect their simulation experience. The event allows stu- and insurance. penses for young adults, such as child care, monthly budget, starting six months after dents to interact with adults from the various Community volunteer Jeff Markel will entertainment (movies, concerts), travel, graduation. financial sectors they will encounter in “real help students with financial planning. W ith furniture, utilities, and housing (renting or Keith said that support from faculty and life” after graduation. a background in accounting, Markel is “a big buying). The clothing and health and staff across campus has been great. “It’s Your Reality” will be held at the UK believer in financial education.” grooming booths will remind students of “They say, ‘It’s so relevant, so needed. I Student Center on W ednesday, March 20, When the Fayette County Public Schools expenses associated with a proper appear- wish I’d had it,’” she said. 2013, from 11 a.m. to 2 p.m. Any UK student hosted a Reality Store financial event for ance for work. “It’s Your Reality” will be filmed and can participate at no charge. eighth-graders, Markel helped with the proIf students need to go back and recon- may become a pilot for other universities. Jennifer Hunter, assistant extension pro- gram. He has also taught the financial literacy sider some of their choices, they can find “We’re excited about the opportunity and fessor for family financial management, and class for members of Junior Achievement. help at the supplemental income and SOS truly appreciative of all the support we’ve Katie Keith, cooperative extension associate, Markel said that young people “tend to booths. The chance booth mimics life’s un- received,” Hunter said. have been working for the past six to seven months to create the event. It’s adapted from a Kentucky 4-H youth development program. Funds for the event came from UK’s College of Agriculture. “It’s part of the ‘Managing in T ough Times’ program that Dean Scott Smith put together to help Kentuckians recover from the recession,” Hunter said. Hunter gets a lot of questions from the students who take her Family Financial Management course. The financial simulation event will allow students to “see the types of decisions they’ll have to make and how student loans they have will affect their decisions,” she said. Hunter expects that the students who take time to participate will realize “they have to prioritize their needs over their wants.” “It’s Your Reality” will feature some 20 booths to show students the typical types of financial expenses they will encounter . Their first stop, the employment booth, will determine their paychecks, based on the average starting salary for their fields of study. Then the students visit each booth, deciding how much of their income to spend on that section of their budgets. Expenditures at one booth — Uncle Sam — aren’t optional but may be an unpleasant surprise to some students. At the banking booth, just as at a real bank, the students will have to pay fees for opening accounts and getting checks. There they can consult Megin Morgan, member development specialist at UK’s Federal Credit Union. Morgan said the Credit Union staf f members sometimes do financial education on campus and serve as “a resource for UK 101 instructors, if they want a person to talk about money management.” shows, and even translating websites and Why settle for local when you can go global? The Having participated in a 4-H financial marketing materials. Plus, our team of experts Cabinet for Economic Development, along with program for middle schoolers, Morgan said she is looking forward to this event. She exwill guide you every step of the way. its Kentucky Export Initiative partners, wants to pects the UK students to have questions Exporting has already proven its value in help your company achieve its full potential in the about credit and credit scores. helping Kentucky companies grow their capacity, international marketplace. That’s why we’re now “They’re so new to it and may just have CONTRIBUTING WRITER
See the world in a new way.
gotten a credit card,” she said. Ben Bransom, secretary and partner at Kentucky Insurance Agency, will help students at the insurance booth. He hasn’t had the opportunity to be involved with such an event but readily agreed to volunteer his time. “I’m excited about it,” Bransom said. “Having had kids that age, I know that sometimes they don’t see the total picture. This will help them get a handle on their financial situation.” Emily McCarthy, marketing manager at Don Jacobs Honda, Volkswagen and BMW, will handle the transportation booth. McCarthy said that while the automobile deal ership has been involved with UK in various ways for years, “this is one of the first times
accepting applications for grants made possible by the U.S. Small Business Administration’s State Trade and Export Promotion program. Qualifying companies can use the STEP grant to assist with market research, identifying international customers, participating in trade
increase productivity and diversify their customer base. Kentucky exports surged to $20 billion in 2011, up more than 100 percent in a decade. Let us help you become part of this success. Find out more about the STEP program under the “assistance” section at www.kyexports.com.
For more information visit ThinkKentucky.com or call 800-626-2930. Facebook.com/ThinkKentucky
Business Lexington • March 15, 2013
Cabinet for Economic Development
PHOTO BY MATT BARTON, UK AGRICULTURAL COMMUNICATIONS SERVICES
Maine Chance Farm, run by the UK College of Agriculture, familiarizes students with the day-to-day management of a horse-breeding operation.
THESE HORSES ARE WILDCATS, TOO By Natalie Voss
boast a stakes-placed 6-year-old). The farm’s herd is about 100 horses, most of which are n a college town, it’s not unusual to find Thoroughbreds, and produces 20 to 25 foals the University of Kentucky’s name emeach year. Much of the day-to-day far m blazoned in many places off campus, and work is done by under graduate students, the Fasig-Tipton Thoroughbred auctions are who work part time at the farm doing everyno exception. thing from cleaning stalls (“lots of stalls,” The UK College of Agriculture’s Maine they say) to assisting veterinarians and farriChance Farm is a horse-breeding operation ers to helping mares deliver their foals and located at the Kentucky Agricultural Experi- visit the breeding shed. ment Station of f N ewtown Pike, near the “Everything that we’re lear ning in the Fasig-Tipton sale grounds. For the past sev- class is very practical, and when we come eral years, the farm has brought yearlings to to the farm, we can apply what we’ve been the Fasig-Tipton October and February sales, learning,” said sophomore Fallon Jackson, usually bringing modest prices of a few who is studying equine anatomy as part of thousand dollars. working toward her degree in equine sciWhile it’s always nice to get surprised ence and management. by a bidding war over one of the school’s “If we were working at a different farm Thoroughbreds, that really isn’t the prothat wasn’t a learning facility, the vet would gram’s main goal. come look at the horse and it would be a “Our goal for the breeding program is discussion away from the person holding the the students,” said animal resource manager horse,” said senior Matt Zehnder. “Here, our Bryan Cassill, who manages two full-time veterinarian is very descriptive and shows us employees and several student workers at [the ultrasounds], and it’s very interesting.” Maine Chance. “That’s our biggest goal — to For Zehnder, the farm’s teaching mishave them involved as much as possible.” sion allows him to learn about a wider variThough the land on which the facility ety of management practices than he could sits has far med Thoroughbreds for many as a groom at a private facility. years, it became known as Maine Chance The biggest lesson he’s learned from the Farm in 1956 when it was purchased by cos- horses? metics tycoon Elizabeth Arden. Arden bred “Patience. Each one has its own person1947 Kentucky Derby winner Jet Pilot on ality,” he said. “For me, it’s not how much Maine Chance, as well as several other nothey sell for. People like the big numbers table stakes winners, before donating the and all, but it’s about them looking presentproperty to the university upon her death. able for the buyers.” These days, Maine Chance is more foStudent workers choose a yearling to cused on teaching and research than prowork with through the summer and fall, and ducing a Derby winner (although it does oversee that horse’s preparation for the
CONTRIBUTING WRITER: EQUINE INDUSTRY
Fasig-Tipton October sale, where they show off the horse to prospective buyers. In some cases, the bond that forms during that process can be a permanent one — Maine Chance worker-turned-graduate student Laura Strasinger keeps in touch with the owners of Bruceville, the UK-bred gelding she helped prepare for sale, and looks forward to giving him a home when he leaves the track. The farm’s horses are also used in handling classes for students in the equine science and management degree program, where they learn to groom, take vital signs, bandage legs, and take young horses through basic ground training. The other primary purpose for Maine Chance’s breeding program is to supply horses for researchers to study. Currently, faculty and staff are examining everything from the most effective type of hay feeding apparatus for reducing waste to the life cycle of equine parasites. Kristine Urschel, whose work as assistant professor, Department of Animal and Food Sciences focuses on quantifying essential amino acid requirements and studying muscle mass in aging horses, said that having a herd readily available helps her plan her studies in advance — especially for studies where her subjects’ ages are crucial. “It gives me more time to focus on the research, and to focus on the teaching aspect of my job,” said Urschel. “It makes it easier for me to sell my research to a funding agency because there’s something tangible that I have access to. I’m not just selling an idea, I’m selling a program.”
Business Lexington • March 15, 2013
The focus on Thoroughbreds isn’t a coincidental reflection of the breed’s popularity in Lexington. Laurie Lawrence, a professor in the Department of Animal and Food Sciences said that the research conducted at the farm is more easily applied by managers of neighboring farms if it’s based on a similar specimen of horse. The far m relies completely on donations of broodmares, young horses and stallion seasons, which gives it a good sampling of the average Kentucky Thoroughbred. Typically, a donated horse is one who had a physical flaw that prevented its public sale, but it can still be used for breeding or light work. Additional research projects on the farm include studies of drug resistance in parasites, composting, disinfection in the barn, hay digestibility, pasture management, phosphorous digestion, and excretion, and development of the equine hindgut. While the variety of topics is wide and highly technical, researchers and their assistants say that the university’s extension specialists can take most of it straight to horse industry professionals to help them improve their farms. “All this research that I’m doing out there helps support what I take in outreach to ‘regular folks,’” said Mary Rossano, assistant professor, Department of Animal and Food Sciences. “And of course I use it in the classroom too.” By the time a UK yearling steps into the Fasig-Tipton ring, its participation in the farm’s mission has already touched potential bidders, whether they know it or not.
Margaux Farm communications and marketing manager Josh Stevens PHOTO BY EMILY MOSELEY
KENTUCKY’S EQUINE INDUSTRY: TH
JOSH STEVENS By Natalie Voss
stud fees. Those that were able to survive are now trying to dig out from under several osh Stevens is the communications and years of churning losses. marketing manager at Margaux Farm in Another issue the industry is facing is Midway, Ky. Stevens is a graduate of the marketing and customer service. I’m not just Kentucky Equine Management Internship talking about the way we treat the racing program, a program that combines practical public, but also the way we treat our inexperience on a Bluegrass far m with class- vestors and new owners. room learning. Stevens is a graduate of the Racing is all about the experience; it University of Louisville’s Equine Industry hooks you instantly. If we expect to bring in program with a minor in finance. new owners, we need to give them a firstclass experience. If they can’t expect to What are some of the major issues make a profit, they should at least expect to in the horse industry (particularly in feel like they got their money’s worth. Open Kentucky) that concern you the most? doors and communication can take that a The Thoroughbred industry as a whole long way. faces a multitude of issues that make it diffiI have seen some promising public inicult to run a sustainable operation in today’s tiatives that are in the works, and I’m optieconomy. One of the larger issues the indus- mistic that we can turn a corner in marketing try is facing is the lack of profitability and our product and creating new fans. A great the sheer amount of time and capital inexample is Churchill Downs and what they vested in our product. have done with night racing, concerts, proThis is by all means a capital-intensive motions, etc. America’s Best Racing at industry. The commercial breeders who re- www.followhorseracing.com also has some main are just now getting out from under in- good things working. vestments made before and during the On the state level, I’d like to see us do recession. Those breeders with limited rea few things. As a young person in the insources were forced to either disperse their dustry, it frustrates me sometimes to see bloodstock to reduce expenses or decrease the lack of cooperation from our state govthe amount of money they could invest into ernment and the overall lack of appreciaCONTRIBUTING WRITER: EQUINE INDUSTRY
tion for the state’s largest agricultural product. Our state imposes a 6 percent sales tax on any yearling bought in Kentucky that stays in Kentucky, yet if you take the yearling out of the state, you do not have to pay taxes. We have completely changed operations at Margaux to encompass a training center in order to keep horses in Kentucky, yet our own state government is openly incentivizing buyers to take our own horses to other states. I’d like to see horses get the same agricultural tax breaks on feed and supplies as other livestock. What do you see as potential solutions to these issues? Profitability has been a cause of concern for years, as demand for our product decreased and supply stayed level. I think that slots are obviously not the long-term answer. Governments in other states have already begun pilfering money from the racetracks that were receiving slot money. I think the best solution to our problem is that we have to run our operations from a business standpoint; you have to look at the financials. You have to make decisions based on the bottom line, which is hard to do when you become attached to these beautiful animals.
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If you wer e the “racing czar” and could change any one thing about the business you wanted, what would it be? If there were a “racing czar ,” our one biggest issue would’ve been solved. W e have absolutely no uniformity. It amazes me that there are studies to show tracks how much more money they would handle if they coordinated their race times with each other, yet they still refuse to change. I’m also amazed at the dif ferences between state medication rules; this should be the same across the board. Finally, I would hope that the racing czar could step up to the plate and clear out the cheaters and swindlers that give our sport a bad name. It’s laughable sometimes to see how bad we are at enforcing suspensions or imposing penalties.
What's it like to be a young person in the horse business these days? Despite the negativity we so often bring on ourselves, it’s an awesome industry and there are a ton of opportunities waiting to be embraced. Every day is different, and you never know what’s coming next. I am excited to see what’s in store for our industry, and I think that we will weather the stor m and come out better in the end.
Focus: The New Office
Focus: The New Office
Flex with me: Kentucky workers join growing work-at-home trend By Dan Dickson CONTRIBUTING WRITER
hen Yahoo! CEO Marissa Mayer announced recently that her employees were now banned from working from home, it set off a firestorm of controversy. Mayer, hired last summer to tur n around the struggling media giant, believes speed and quality are sacrificed when people work from home and that the Yahoo! needs to be “one,” meaning workers physically in the same place. The move seems to go against the grain of current work trends. More and more companies offer flex-time opportunities to their employees. “I hope that isn’t a trend, because research shows flexible work arrangements really do improve employee engagement, motivation and job satisfaction,” said Meredith Wells-Lepley, senior research associate for iwin, the Institute for W orkplace Innovation at the University of Kentucky. The institute says its mission is to develop and disseminate knowledge about the 21st century workplace to create work environments that boost the bottom line, employee health and work-life fit. That last part — work-life fit — may be the key. “The way people work is much different than in the past,” said W ells-Lepley. “Nowadays, people want work-life balance and re-
quest flexible work arrangements, like working from home or coming into the of fice fewer days of the week.” The U.S. Bureau of Labor Statistics reports that nearly 25 percent of American employees worked at home at least sometime in 2010. The number may be higher since the deep recession has forced companies to cut costs. Call it the “new office.” “It’s mostly being initiated by Generation X [born 1965-1976] and Generation Y , a.k.a. the Millennials [born from the late ’70s/early ’80s to 2000],” said W ells-Lepley. “Many of them want that work/life balance more than money and status. Also, some baby boomers are actually saying, ‘Hey, I like this,’” said the researcher. “I think businesses will realize their ‘office-ing’ is outdated, and they must spend money to upgrade their offices to make them support the way people work today,” said Wells-Lepley. Companies may fear some workers are goofing off while away from the office. “Some firms still operating in the old model are afraid of that,” she said. “They think people need to be at their desks from 8 a.m. to 5 p.m., and if the supervisor is seeing them, then the work must be getting done. Thankfully, I think that’s rare.” Wells-Lepley believes if companies see work being completed on time, then it won’t
matter where, when or how it happened. “Maybe the worker has young children and is working late into the evening when the kids are asleep,” she said. Examples of successful flex-time companies in central Kentucky, according to iwin, are Kentucky Employers Mutual Insurance (KEMI), which is consistently listed as one of iwin’s best places to work. Others include Central Baptist Hospital; Sturgill, Turner, Barker & Moloney and Dinsmore & Shohl, two law firms with offices in Lexington; and Gallatin Steel. Meanwhile, a growing company based in Lexington is helping to support the workaway-from-office trend. Of fices Suites Plus rents office and work space for an hour , day, week, month or longer. It has flexible workspace options, as well as virtual offices, meeting rooms and video conference services. You can arrange to work in their offices at 32 locations in nine states. Lexington has two of the sites, on Richmond Road and Alexandria Drive. Brad Roark, who works in marketing for Office Suites Plus, provided a couple of examples. “Attorneys, paralegals or court reporters may need to do depositions. They may use our video conferencing or in-house clerical services. Recruiting companies may want to interview job candidates from one city to another and may want to videoconference. The meeting room needs may range from intimate one-
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on-one discussions to 10 to 20 people who are dealing with a large corporation issue,” he said. This “new office” scenario helps big companies that must send workers to other cities and who need to step into an office to work, manage documents, meet, phone or videoconference. The concept also services smaller companies that only need occasional office space because they can’t af ford the high over head of a permanent space. “Small businesses and entrepreneurs can’t meet all their clients out of their homes,” said Roark. “They may later upgrade to a personal office; then try a temporary of fice for six months or a year in order to land venture capital. Or they may expand their real estate footprint. They can grow as they choose to but still maintain the ability to test new mar kets without laying down roots. They can concentrate on products and services and not on where the office is located.” Office Suites Plus is af filiated with other virtual office companies. These networks of offices are available regionally, nationally and internationally. If you wish, the network will work with you as you travel from city to city. “You can get an of fice in Chicago or Phoenix, or in many other places. They take care of it for us,” said Roark. “You don’t need to live in New York to work for a New York company.”
At Lexmark, construction is currently underway on a 25,500-square-foot onsite childcare facility, located halfway between the company’s core campus and its R&D building, with a projected opening scheduled for the fall of 2013. When it is completed, the center will offer full-time, part-time and emer gency back-up child care for up to 186 children and grandchildren of Lexmark employees, from infants up to age 12, with summer camp programs planned as well. “It’s a deep commitment to our employee population,” said Jeri Isbell, vice president of human resources for Lexmark. “W e have a good base of employees here, and we really felt like the time was right. W ith the demographics of our population and our future population, and looking at attraction and retention, it all just seemed to come together very nicely for us.” Today’s job market for software engineers is highly competitive, said Paula Anderson, Lexmark’s director of diversity, recruiting and corporate citizenship, and benefits like high-quality onsite child care help Lexmark to differentiate itself as an employer. The center, which will be operated by Massachusetts-based Bright Horizons, will feature indoor and outdoor play areas for every age group, along with a full kitchen that will enable partnering opportunities with local culinary programs and other wellness initiatives. The center will emphasize a STEAM curriculum (science, technology, engineering, arts and math), which Anderson said will nicely align with the talents and interests of the Lexmark workforce. It is also designed to accommodate the needs of nursing mothers, as well as parents who might want to visit or have lunch with their kids during the workday. “When you are a new parent and you are struggling to think about who is going to take care of your baby, it is a difficult thing,” Isbell said. “To have such a high-quality facility right next door to you, ... that is a huge stress reducer every day.” Just up Newtown Pike, at the new Bingham McCutchen headquarters opening in the Coldstream Research Campus this month, employees with young children or aging parents will enjoy a different kind of dependent care support from their employer . The law fir m contracts with Bright Horizons to of fer employees emergency back-up care for both children and elders. If an employee’s regular caregiving arrangements fall through for the day, or if an aging parent needs some extra help for a few days after sur gery, the employee can call a dedicated hotline for help. A representative will then either schedule a place at a local care center or send a caregiver to the employee’s home. “One of the signature benefits in our work-life programs is our emergency back-up child care and adult care,” said L ynn Carroll, chief human resources of ficer for Bingham McCutchen. “We understand that last-minute changes in care providers can be very stressful for employees, and having that consistent safety net in ter ms of a resource to go to, whether or not it is for child care or adult care, can really alleviate that stress and enable our employees to be able to come to work and know that their families are being well cared for.” Even with the tighter budgets experienced by many companies over the past five years, employer-sponsored solutions that help workers manage their dependent-care responsibilities have been viewed as a worth-
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WHEN YOU ARE A NEW PARENT AND YOU ARE STRUGGLING TO THINK ABOUT WHO IS GOING TO TAKE CARE OF YOUR BABY, IT IS A DIFFICULT THING. TO HAVE SUCH A HIGHQUALITY FACILITY RIGHT NEXT DOOR TO YOU ... THAT IS A HUGE STRESS REDUCER EVERY DAY.” JERI ISBELL, VICE PRESIDENT OF HUMAN RESOURCES FOR LEXMARK
while investment, said Jonathan Dotson, vice president of client relations for Bright Horizons, which also works with T oyota Motor Manufacturing Kentucky in operating its onsite child care center in Georgetown, Ky. “What we’re continuing to hear , even through the last few years, from top employers is that it’s a great investment of their resources in their human capital,” Dotson said. “They want to recruit and retain the top talent, that’s always an issue, and strong dependent care programs make them stand out from other places that people could choose to work.” Retirement and health care options are relatively standard, Dotson said, and it’s not too difficult for employees to find a suitable substitute from one workplace to the next. Child care and elder care arrangements and support can be more difficult to leave behind. That is especially true for the increasing number of dual-earner families in today’s workforce who find themselves squeezed in the so-called sandwich generation, caring for young children and aging parents at the same time. “Once they have their family involved in those kinds of benefits, it’s very sticky. When they think about changing employers, it’s a bigger decision for them,” Dotson said. A company doesn’t need to be as lar ge as Lexmark to offer dependent care options, Dotson said. Bright Horizons serves clients with as few as 500-600 employees that of fer onsite child care facilities. Back-up dependent care for children and elders is used by companies with workforces of just a few hundred, and such options can serve a national em-
ployee base that would not be able to benefit from a bricks-and-mortar solution because of geographical constraints. For employees with older kids in high school, their family focus often changes to college preparation. To help this segment of its workforce manage the anxieties surrounding the college admissions process, Bingham McCutchen also contracts with Bright Horizons to offer college planning help to its employees, through its CollegeCoach program. That includes webinars and onsite seminars at the workplace, as well as more individualized counseling for parents who are trying to navigate the college admissions and financial aid application process with their kids. CollegeCoach also serves those with children in middle school who want to set their kids on the right track for college, as well as recent college graduates looking for the most costeffective ways to pay of f their college loans. Currently, Bright Horizons has more than 60 clients that opt to offer the service to their employees, Dotson said. “It saves the parent a ton of time,” Dotson said. “Colleges and financial aid of fices are open during business hours, so parents have to call during business hours, and it can take time away from their work. This really helps to streamline that, so they are focused at work and they have support in figuring out the right choices for their college-bound student.” Bingham McCutchen has been recognized among Fortune 100’s Best Companies to Work for multiple years running, as well as garnering local Best Place to Work recognition in individ-
ual cities. Carroll said that the company’s worklife benefits play an integral part in those honors and in demonstrating that Bingham cares about its people and wants to help them balance their personal and professional lives. “Our back-up care programs and ou r work-life programs are often cited as a ke y factor in our employees’ happiness, in ter ms of working at the firm,” Carroll said. Beyond its back-up dependent care and college planning support, Bingham also offers a shared leave program that allows employees to donate unused vacation and sick time to other employees in need of time of f, as well as a volunteer day program and an adoption/surrogacy benefit. At Lexmark, in addition to offering employees paid time of f to volunteer, the company has flex-time and telecommuting options. The company recently instituted an “unlimited vacation” policy, in which employees can manage thei r own vacation schedules, as long as they get their work done and obtain approval from their supervisors, Isbell said. And Lexmark also recently opened an onsite wellness center with its own medical staff, which employees can visit for anything from the treatment of acute illnesses to routine immunizations prior to international travel. “It’s really about trying to work with people in a way that matches their need,” Isbell said. “In today’s environment, when man y companies are taking things away, it makes us feel good to be able to be giving back and providing something for our employees in a major way, for the long term.”
Focus: The New Office
MEANINGFUL WORK THE KEY TO EMPLOYEE ENGAGEMENT
By Meredith Wells-Lepley, Ph.D. CONTRIBUTING WRITER
mployee engagement has been getting a lot of attention in the business community for the past few years as researchers consistently find that organizations with engaged employees — employees who put forth more effort than required — are far more productive and profitable, have better quality products and services, enjoy greater customer loyalty and have fewer problems with absenteeism and turnover than organizations with disengaged employees. It’s no wonder that nearly every or ganization wants engaged employees. So what must an organization do to get engaged employees? An abundance of research, including research conducted by University of Kentucky’s Institute for W orkplace Innovation (iwin), finds that meaningful work is the key. The employee engagement surveys that iwin conducts for some of Kentucky’s top companies consistently find that meaningful work is
the biggest predictor of employee engagement, not pay, not benefits, not coworkers or bosses. It’s meaningful work, every time. People have strong motivation to seek meaning in their work. Employees want to feel worthwhile, useful, valuable and as though they make a difference. According to researchers at Boston University and George Washington University, meaningfulness is influenced by several factors: • The work role — Is it challenging and does it allow for creativity, variety, learning, and autonomy? • Sense of self — Do employees feel they can bring their whole selves to work and fully integrate themselves into their work? • Work interactions — are relationships with coworkers and clients rewarding and based on respect and appreciation? According to Bill Kahn of Boston University’s School of Management, there must
be a balance between the employee’s work requirements and their own personal pur pose, values and interests. The more employees draw upon their true selves to perform their roles, the better their performances and the more content they are with their roles. Disengagement occurs when the employee does not have a personal connection to their work role, which leads to poor performance. Although meaningful work may be perceived as an individual employee issue, there are many things that managers can do to promote it: • Use realistic job previews in the interviewing process to ensure job candidates know exactly what tasks the job entails and can assess whether they will get satisfaction from them. • Learn about employees’ goals and determine which roles would enable them to express themselves best. • Give employees autonomy and allow
Business Lexington • March 15, 2013
them to make decisions pertaining to thei r work and solve their own work-related problems. This enables employees to use thei r creativity and allows them to be innovative. • Give employees opportunities to learn new skills. Expanding one’s skill set and gaining a sense of mastery is exciting and satisfying. • Give employees thorough information about the organization, how it works and how it is performing. Let employees “see the books” and explain how their roles are vitally important to the or ganization as a whole. • Develop supportive, trusting relationships with employees and demonstrate your concern for them. • Give performance feedback. Let employees know how they are per forming, praise them for good work and help them improve areas of low performance. These ingredients will make work more meaningful for employees and enable them to truly thrive. Associate Professor Christine Porath o f Georgetown University studies thriving and will be speaking at iwin’s Innovative Employer Roundtable in May. She ar gues that giving employees a chance to lear n and grow is essential to thriving. Businesses can promote thriving by giving employees decision-making discretion, sharing or ganizational information with them, giving performance feedback and by eliminating incivility from the workplace. In addition, Porath explains that employees can use certain strategies to promote their own thriving. First of all, take a break. Breaks, even short ones for a walk or lunch in the park, can renew the spirit and create positive energy. Second, look for opportunities to be creative and to make your work more meaningful. Keep an eye out for projects and tasks that you would enjoy and talk to your su pervisor about incorporating them into your role. Similarly, realize that you are influenced by those around you, so spend your time with co-workers who ener gize you, not those who deplete your energy. Eric Ward also encourages thriving. He took over as president and CEO of Big Brothers Big Sisters of the Bluegrass in February 2012, when the or ganization was in shambles and near closure. “Morale was extremely poor, and employees were frustrated with the previous top-down leadership style that discouraged new ideas and creativity, which therefore led to mediocre performance,” he said. Ward shook things up by telling employees that he valued their enthusiasm and new ideas and was implementing a bottomup leadership style, by which all employees would be leaders. W ard gave employees “permission to be great” and to make Big Brothers Big Sisters of the Bluegrass great. Ward said that employees embraced the concept, and within nine months they were a completely different staff. “Morale was at an all-time high, and the staff was functioning as a true team, working collaboratively and moving the agency from crisis management to growth and innovation,” he said. The Institute for Workplace Innovation is currently beginning a series of studies on meaningful work. If you or your or ganization would like to participate in a focus group or survey, please contact us at firstname.lastname@example.org. Meredith Wells-Lepley, Ph.D., is acting co-executive director at UK’s Institute for Workplace Innovation (iwin). For more information on meaningful work and other workplace issues, visit www.iwin.uky.edu.
Focus: The New Office
GENERATIONAL WORK STYLES: CAPITALIZE ON THE DIFFERENCES By Hannah LeGris CONTRIBUTING WRITER
key to fostering an innovative workplace that encourages workers to collaborate involves recognizing the differences among the generations — baby boomers, Generation Xers, Millennials — and capitalizing upon them. Though it is important not to create blanket statements about workers, studies have shown that there are qualities that members of each generation are more likely to embody. Such commonalities emer ge as a result of a variety of factors, including those relating to the time these workers were coming of age, the economies they have witnessed and the technological advances they’ve benefited from. The following profiles are not meant to be exhaustive, but rather to serve as the beginning of a conversation about finding the strengths of each member of your team. Recognizing workers’ strengths can lead to more effective partnerships and mentoring relationships — especially if leaders are willing to think creatively. Baby boomers — the approximately 79 million born in the United States between 1946 and 1964 — came of age in a time of affluence and were generally optimistic about their chances of upward mobility. Boomers are now viewed as “older” workers, but according to The Sloan Center for
Aging and Work, 42 percent of boomers surveyed believe they are in a mid-career rather than late-career stage. Thus many are inter ested in further developing their competencies and diversifying their career portfolio, despite the false belief that older workers are unwilling to learn and adapt to change. Boomers are traditionally loyal, hardworking employees, and it is important not to assume that they want to coast until retirement. These workers wish to be engaged and further challenged. They usually have a respect for institutionalized knowledge and practices, in contrast to many of their younger colleagues. Boomers, on the whole, also view rigid work schedules as important for maintaining order and ef ficiency, seeing technology more as a tool for archiving infor mation than for generating workplace flexibility. According to the Families and Work Institute, boomers are more work-centric than other generations are, sometimes sacrificing family time for more job time. Younger employees, however, were found by the same study to be more family-centric than boomers, rejecting what the Families and Work Institute calls “their father’s workplace” when it comes to maneuvering in their own career arc. Their decreased desire for upward mobility at the expense of per sonal life indicates a shift away from the mentality of older workers. According to many workforce studies, Generation Xers
and Millennials would prefer to move away from the long-hour work culture in order to decrease negative spillover into personal or family life. Pragmatic, self-reliant workers, Generation Xers — those bor n from 1965 to 1976 — are more likely to reject traditional rules about how to do business. Generation Xers embrace technology and enjoy the challenges of multitasking. They are often selfreliant and individualistic and thrive when given flexibility and freedom to explore in the workplace. According to a 2009 study produced by the Midway College Business and T eacher Education Divisions, Generation Xers see training and development as an investment in themselves and their marketability. However, they do not necessarily believe in corporate loyalty. This generation witnessed their par ents’ negative experiences of corporate downsizing despite long hours and years devoted to the same organization. Perhaps due to the economic circumstances surrounding their entrance into the job market, they believe that money can be made by taking risks. Xers often seek immediate gratification and wish to use their skills and experiences to seek out opportunities for advancement. Like Generation Xers, the Millennial generation — individuals bor n between 1977 and 1998, also known as Generation Y — grew up surrounded by an ever -increas-
Business Lexington • March 15, 2013
ing progression of information technologies. They often want to multitask quickly, using technology to break free from a traditional 9-to-5 work schedule. According to the Midway College study, Millennials expect flexibility, gravitate toward group activities, and desire a voice in the workplace. Like boomers, this younger generation finds value in collective action. Millennials want to voice their opinions and expect supervision and frequent feedback about the results they’ve produced and are especially open to thinking outside of the box. Understanding the dominant attitudes and workplace styles across the generations allows employers to more effectively produce partnerships and environments that are conducive to the highest levels of innovation. Mining the differences, similarities and values of your workforce requires understanding what shapes the experiences of your employees — and then capitalizing upon it. Structuring a dynamic workplace requires maintaining an open attitude about the potential that each worker holds and examining the ways that employees can collaborate and mentor each other across the age spectrum. Hannah LeGris is an intern at the Institute for Workplace Innovation and is currently pursuing a master’s degree in English at University of Kentucky.
Focus: The New Office
Bluegrass businesses compete for title of ‘Healthiest Place to Work’ By Kathie Stamps
Based on the honor system, employees will earn one point for every 15 minutes of exerusiness owners and directors of cise they do. A designated representative human resources know that a healthy from each company will send the employworkforce is a productive workforce. ees’ weekly totals to Billy Lanter , who is in Throw in some competition and reward, charge of the master spreadsheet. He is getand you have Bluegrass W ellness at Work, ting some points-tracking software help from a new program with two components: enKVC Health Systems. couraging people to be active, by way of a “One of the requirements is to have one month-long fitness challenge, and recogniz- of the senior staff members be on board with ing companies that make wellness a priority it,” said Amy Hatter. She is the executive dias the “healthiest places to work in the Blue- rector of Radio Eye, a nonprofit radio readgrass.” Area businesses can register online ing service that broadcasts printed material for either or both parts of the program bestatewide to people who are blind or printginning in April. impaired. Radio Eye has two full-time paid Bluegrass Wellness at Work started as a staff members. For her part in the fitness brainstorming session late last summer , challenge, Hatter plans to work out with when 42 members of the 2012-’13 Leader - Zumba, via her Nintendo Wii. ship Lexington class broke into small groups “We wanted the fitness challenge to be to work on different projects. simple enough that people who walk could “HR people are looking for ways to mo- participate, the same as people who run or tivate and reward the workforce for movdo mountain climbing or swim,” Hatter said. ing,” said Catherine Wright, a partner with “Companies have different things going Dinsmore & Shohl. She is one of six Leader- on, but there’s no great way to communicate ship Lexington members who designed the and share what they’re doing,” said LeaderBluegrass Wellness at Work program, with ship Lexington’s W right. At a roundtable Elizabeth Croney, Ryan Daugherty, Amy meeting with HR professionals in October , Hatter, William Lanter and Nathan Simon. she heard comments about the need for diThe fitness challenge runs May 13 to alogue in the community. Wright hopes the June 9, with participating companies catego- Bluegrass Wellness at Work’s aspect of recrized as small (under 25 employees), ognizing the healthiest places to work will medium (25-50) or lar ge (more than 100). allow employers and employees to share COLUMNIST: INDEPENDENT BUSINESS
their success stories and learn from one another. Along with KVC Health Systems and United Way, another organization partnering with the Bluegrass W ellness at Work program is the YMCA of Central Kentucky. “This is work that we should be doing,” said David Elsen, district executive director of the YMCA. “It’s not just about individual goals but collectively, it’s about the health of the community.” The Y operates three Lexington facilities seven days a week — on High Street, Beaumont Centre Circle and West Loudon — and has “lots of moving parts,” according to Elsen. “People sometimes think of it as a gym and a swim,” he said, “but it is really a community service organization. We’re here to make the community a better place.” Leadership Lexington also honors community. The 11-month program through Commerce Lexington is an opportunity for residents to learn more about the city of Lexington and develop leadership skills along the way. The first graduating class was in 1980; since 2007, one of the official components of the curriculum is a service project, which is how Bluegrass W ellness at Work came into existence. “The project component of the program is now viewed as the crucible,” said Amy Carrington, vice president of leadership de-
velopment at Commerce Lexington. “Participants practice and apply leadership skills in a small-group experience, work with community leaders, gain an in-depth understanding of a community or ganization and/or community need and make a positive difference in the lives of others.” Beginning in April, businesses are encouraged to complete a wellness survey online and register, for a nominal fee, to be entered in the “healthiest places to work in the Bluegrass” component of Bluegrass Wellness at Work. The survey focuses on physical fitness, nutrition, culture, health assessment and innovation. “My goal is really to encourage and to help these companies gain momentum with what they’re doing for their employees,” Wright said. “I think it develops a sense o f community. Lexington works very hard to have these walking trails and other things to make it an active community.” A recognition ceremony for winners o f the fitness challenge and healthiest places to work will take place June 15 during the United Way’s “5K on the Runway” at Blue Grass Airport. Sign up for Bluegrass Wellness at Work at www.bluegrasswellnessatwork.org. Kathie Stamps posts grammar tips at www.facebook.com/GrammarTips.
Major changes coming for workers’ comp premiums By Rob Hoenscheid
a debit or credit rating factor is assigned to the individual insured. Currently, any claims entucky employers could be facing under the $5,000 threshold are considered significant increases in their workers’ “primary” and weighted 100 percent in the compensation premium. And they formula. Any dollar amount over the $5,000 may not even be aware that the increases are threshold is considered excess and not coming. weighted as heavily. The National Council on Compensation The $5,000 threshold in Kentucky has Insurance (NCCI) is a nationwide or ganiza- not changed in 20 years. In 2013, however , tion that collects and analyzes workers’ com- the NCCI is instituting a new threshold that pensation insurance information. The NCCI may severely impact the Experience Modifiprovides insurance carriers guidance on in- cation factor of Kentucky employers. In Ocsurance rates and loss potential. tober, the threshold will jump to $10,000, Employers should realize that the NCCI followed by increases of $13,500 in 2014 and is adjusting the calculation of its Experience $15,000 in 2015. Modification factor, a mandatory rating for Here is how the increases could impact employers that meet a state’s insurance pre- Kentucky employers: mium eligibility criteria. In Kentucky, the In November of 2011, the average claim premium criteria is $5,000. in Kentucky was $8,787, according to NCCI. The Experience Modification rating fac- Currently, the first $5,000 of the average loss tor is calculated using a split-rating would be weighted at 100 percent; the resystem that takes into consideration accimaining $3,787 is partially weighted. But in dent frequency and accident severity. An October of this year, with the threshold inemployer’s individual claim history is comcreasing to $10,000, the entire $8,787 claim pared to industry averages, and then either would be weighted at 100 percent. GUEST WRITER
These threshold changes will not only make it much more dif ficult for Kentucky employers to achieve a favorable NCCI Experience Modification factor rating. Because the rating is such a critical factor in calculating a workers’ compensation insurance premium, Kentucky employers stand to pay thousands or even tens of thousands of dollars in increased workers’ compensation insurance premiums. Construction companies are particularly vulnerable to the consequences of the rating change. They are often required to have a 1.00 Experience Modification rating to even enter a job worksite; owners and general contractors utilize the Contractors Experience Modification factor as a qualifying requirement. Contractors with an Experience Modification factor in excess of 1.00 are often disqualified from bidding. Increased workers’ compensation costs coupled with decreasing revenues could prove devastating to local contractors who continue to struggle and recover from dif ficult economic times.
Business Lexington • March 15, 2013
To prepare an accurate short-ter m budget, employers should obtain their Experience Modification factor at least six months prior to the expiration date of their policy and have an insurance professional verify the accuracy of the factor. It should be pointed out that Experience Modification systems are an ef fective long-term budgeting and risk-management planning tool for protecting future modification factors. To successfully offset the costs associated with medical inflation and the potential increase in costs associated with the NCCI’s adjusted Experience Modification rating methodology, businesses should develop a proactive plan that implements a wide variety of preventative risk management strategies and cost containment controls for claims that are made. Rob Hoenscheid is executive vice president of Roeding Insurance Group in Lexington. He can be reached at (859)296-4580 or by email at email@example.com.
Venture capital CONTINUED FROM PAGE 1
At the L VC’s “Who Got The Money” event, the room was packed with entrepreneurs, investors, bankers, lawyers, public officials and other business-minded individuals, sharing new ideas and products and discussing funding sources, marketing, and Lexington’s future. At one point, Rick Gersony, of MedMovie, whipped out his iPad to show of f an impressive high-definition animated model of the human heart and cardiovascular system — and that was just one example. These folks are smart and ener getic, but they need funding to tur n their bright ideas into new products and inventions. They also need funding to keep the lights on until their products make it to market and generate positive revenues. Many of these young companies are not yet in the black and lack assets to pledge to banks, and thus they need funding from private investors and from federal, state and local gover nmental incentive and assistance programs. And many of these entrepreneurs are still in the “3F” stage, looking to gar ner support from “friends, families and fools” — and anywhere else they can find funding. Putting money into a startup can be a risky bet for investors, especially when the company’s founders, ideas, products and markets are all untested. The Lexington Venture Club together with Commerce Lexington, A wesome Inc. and the Bluegrass Business Development Partnership, also sponsors the event 5 Across. 5 Across is centered around business pitches to a panel of experienced entrepreneurs — five pitches from five different teams, each five minutes in length, with a 5 p.m. start time and a $500 prize to the winning pitch. At the 5 Across event in February, the judges awarded the prize for best pitch to Gift Pool, a crowd-funding website that allows family and friends to pool their money to give more expensive gifts. The crowd favorite vote went to Home Unity, which featured home automation hardware that saves homeowners energy and money by learning their daily routine. In addition to its role in 5 Across, Awesome Inc. is heavily involved in Lexington’s startup community in many other ways. Its mission is simply to create and grow high-tech startups. Awesome Inc. runs a number of events and programs for entrepreneurs and operates a business accelerator that provides successful applicants with $20,000 of investment money, free of fice space, advice from mentors and an environment designed to maximize a startup’s success.
MANY OF THESE YOUNG COMPANIES ARE NOT YET IN THE BLACK AND LACK ASSETS TO PLEDGE TO BANKS, AND THUS THEY NEED FUNDING FROM PRIVATE INVESTORS AND FROM FEDERAL, STATE AND LOCAL GOVERNMENTAL INCENTIVE AND ASSISTANCE PROGRAMS.
Awesome Inc. also co-hosts developer events with IN 2LEX, a consortium of entrepreneurs and professionals in the creative and technology sectors, sponsored by Commerce Lexington, Lexmark International and Adam Kuhn Design. Supporting and leading many of these efforts is the Bluegrass Business Development Partnership (BBDP), a onestop, super-service provider linking small businesses and entrepreneurs with the information they need. The BBDP is a collaboration among the city of Lexington, Commerce Lexington and three University of Kentucky-based or ganizations: the Von Allmen Center for Entrepreneurship, the Lexington office of Kentucky’s Innovation & Commercialization Centers (ICC) and the Lexington office of Kentucky’s Small Business Development Centers (SBDC). Working through its partner agencies, the BBDP offers a full range of business development services directed at entrepreneurs. In addition to co-hosting the Lexington Venture Club and 5 Across, UK’s Lexington Innovation & Commercialization Center focuses on projects for seed and early stage technology-based high-growth companies in the region. The Lexington ICC also assists entrepreneurs working through technology issues, high-growth business planning and fundraising, and it helps businesses apply for various state and federal business incentive grant and loan programs. A longtime player in Lexington’s hightech community has been the Kentucky Science & Technology Corporation (KSTC), a private, nonprofit corporation focused on advancing science, technology and innovative economic development in Kentucky. For decades, KSTC has been a persistent and enthusiastic advocate for Kentucky initiatives in education, economic competitiveness and scientific research, and it sponsors the Louisville IdeaFestival and the Kentucky Innovation & Entrepreneurship Conference each year. In addition to those or ganizations already mentioned, a number of venture capital, seed capital and angel investing groups work to channel public and private investment to entrepreneurs. These include the Bluegrass Angels, the Kentucky Seed Capital Fund, Chrysalis V entures, the Kentucky Enterprise Fund, the Kentucky Highlands Investment Corp., Community Venture Corp., and Commonwealth Seed Capital. Funding from these groups is the lifeblood of Lexington’s startup community, and many of our young companies simply would not exist without their support. The buzz and ener gy in Lexington’s startup community has increased greatly in recent years, and many more individuals and organizations have contributed to this success than can be highlighted in this short article. What is obvious, though, is that vastly greater financial resources are needed to nurture these gifted entrepreneurs through their lean years. New products and new technologies don’t just appear overnight out of thin air . We must support our best and brightest talent while they create new technologies and new products, so that tomorrow’s breakthroughs can be made at home right here in Lexington. Doug Martin is a partner with the Lexington law firm of Sturgill, Turner, Barker & Moloney, PLLC, which is a corporate sponsor of the Lexington Venture Club. Martin served as general counsel to the Kentucky Cabinet for Economic Development during the Jones administration. For more information about Sturgill, Turner, Barker & Moloney, PLLC, visit www.SturgillTurner.com.
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BizList Research was conducted by Sharon Lee Metz, for questions, contact firstname.lastname@example.org
Venture Club Recipients 2012 First-Time Recipients of Venture Club Funding
Compay Name Phone or Email Website
Description of Business/ Services/ Products
Biomedical 210-313-4600 email@example.com
Biomedical Development Corporation has two initiatives in Kentucky, Frio®, anti-inflammatory mouth rinse, and KIOSTM m-health. Frio® oral rinse fights oral inflammation and may lower cholesterol. KIOSTM m-Health, a patient management software, provides real-time support for bipolar patients, doctors, and caregivers.
Phyllis B. Siegel (President & Founder)
Bluegrass Vascular Technologies, Inc. (BVT) 859-257-2149 firstname.lastname@example.org www.therixmedical.com
The business of innovating lifesaving devices and methods that address shortcomings in v ascular access procedures. We have developed a unique lifesaving device that redefines the standard of care for centr al venous access procedures.
Jim Clifton (CEO)
CivicRush/CirrusMio, Inc. Andres.Back@metaformers.com www.metaformers.com
The Civic Network: Connecting Needs and Good Deeds.
Fan Bouts 859-559-1483 www.fanbouts.com
The best videos, images, and news about YOUR team.
Jim Wombles (Founder)
Float Money, LLC 859-226-0190 email@example.com www.floatmoney.com
Pro-consumer Lending. Float is a Lexington-based company that is pioneering a safer w ay for people to borrower money. We are a shopping club that rewards members with a no-cost line of credit to use however they lik e.
Shane Hadden (CEO)
Gun Media Holdings, Inc. 859-327-8758 firstname.lastname@example.org www.fearthegun.com
Gun is a group of people that share the idea that game development is more that the creation of a product, it is the culmination of something that every single one of us would want to play and enjoy.
Innovative Energy Solution email@example.com
The Science of Innovation. IES is a clean-tech company developing w ast-to-energy technologies for the petroleum and coal sector s. The company has obtained a broad patent on its organically developed technology . IES is projects that will lower energy costs for local clients .
Jacques P. Bingue
International Network for Outcomes Research, Inc. (INOR) firstname.lastname@example.org www.inoroutcomes.com
Providing innovative solutions to capture and report real-world, clinical outcomes data to evaluate benefits and risks associated with various strategies for treating chronic diseases.
Invenio Therapeutics, Inc. email@example.com
Invenio Therapeutics Inc., of Lexington, facilitates the development of a therapy for patients who have acute myeloid leukemia.
Minerva Systems & Technologies, LLC firstname.lastname@example.org www.minervatechnology.com
Is a emerging technology company with expertise in navigation and guidance , satellite & wireless communications, signal processing, and embedded hardware and software design and development. Our business focus is to develop adv anced products and systems for the defense an d homeland security markets.
Reflectronics, Inc. 888-415-0441 Fred.Payne@reflectronics.com www.reflectronics.com
A locally owned manufacturing company. It manufactures intelligent optical sensors for food process monitoring and control. the most successful sensor is the CoAguLite sensor which is used in automating the coagulation of milk for cheese making and is being implemented w orldwide.
Fred Payne (President)
Skipping Stone Technologies, LLC 314-954-1648 email@example.com www.kit-case.com
Making your Smart Device Smarter!
Christopher A. Manzo (Founder)
Smart FarmTM Systems, LLC 859-552-0558 firstname.lastname@example.org www.smartfarm.biz
It provides large-area wireless monitoring and control systems for precision irrigation farming applications . Our turn-key solutions reduce energy consumption, ground water consumption, improve crop yields, and reduce equipment maintenance and form labor costs . We are a self funded start-up comprised of industry veterans with experience in hardware and software design, farming techniques and automation systems insta llation.
Bob Farinelli (President & CEO)
Stadionaut, LLC (Crowded) Evan@stadionaut.com
Crowded brings the games on the field into the stands . It is a free mobile application that uses live inter active play prediction and trivia at baseball games to test the knowledge of fans in the stadium. Players compete for accolades and are offered prizes for top scores , which will be tied into stadium concessions and other prizes.
Super Soul, LLC email@example.com http://supersoul.co
Super Soul’s mission is to develop interactive experience with an emphasis on fun, innovation and experimentation. Super Soul was founded in late 2011 by John Meister and Richard Hoagland. The company recently released Compromised on the Xbo x 360. Super Soul has also produced several experimental games and showcased interactive installations.
Telehealth Holdings, LLC/MedSignals firstname.lastname@example.org www.medsignals.com
TeleHealth Holdings LLC is sole distributor of MedSignals, a line of medication management devices and solutions .
Vesta Brue (Founder & Chairman)
White Stratus 859-280-3228 email@example.com www.whitestratus.com
It is a leading partner of companies seeking to drive v alue by moving a pert, or all - of their business into the cloud. In order to achieve this objective, we focus on 4 key areas where costs can be taken out of the business, or new revenue streams can be gener ated.
Xact Associates, LLC (dba Xact Communications) firstname.lastname@example.org www.xactllc.com
Through Xact Communications is a new telecommunications company providing superior cloud based and tr aditional IP voice and data technology, there is nothing new or inexperienced about its management or services . Founded on knowledge and experience gained in over 15 y ears in the industry, Xact is focused on becoming THE leading provider in business telecommunications by combining that accumulated knowled ge and superior service offerings with a very "simple-to-do-business-with" attitude and unpar alleled world class customer service. Xact is headquartered in Lexington, Kentucky and serves a nationwide footprint.
Source: www.lexingtonventureclub.com, Commerce Lexington Economic Development Department, Commercialization and Economic Development at the University of Kentucky. 87 Companies were recognized. Visit www.lexingtonventureclub.com for a complete list. Note: Ranking defined alphabetically and FIRST-TIME recipients.
UPCOMING LISTS: 03-29
04-12 04-26 05-10 05-24 06-07 06-21 07-05 07-19 08-02 08-16
Residential Real Estate Companies & 2012 Most Expensive Homes Sold in Fayette County Distilleries / Wine & Beer Local Restaurants Top Employers Hotels / Meeting Facilities Home Health Agencies Mortgage Lenders Law Firms HVAC Mechanical Advertising Agencies LexArts Donors
Business Lexington • March 15, 2013
Business Lexington’s 2013 Book of Lists is now available. Pick one up today at the offices of Smiley Pete Publishing, 434 Old Vine St.
EKU-based entrepreneur speaks to the need for cheaper online language lessons By Wesley Robinson CONTRIBUTING WRITER: MADISON COUNTY
rian Ragsdale may have cracked Rosetta Stone with his new innovative online language learning program. Ragsdale is the creator of Language B, a foreign language software platfor m that allows users to take lessons from the 20 languages they currently of fer. Learning a language is something that Ragsdale values greatly, as he learned Spanish in high school as well as German and Japanese in college. He said he has been working on the Language B in abstract since 2001, but he didn’t made the leap to working on the project full time until 2011. Ragsdale’s passion comes from the fact that, as a language learner and Japanese teacher, he felt there could be a better option to teach language. “In studying all of these languages, I’ve never found anything that I’ve really liked,” Ragsdale said. “So I came to the conclusion that I was going to have to write [the software] myself.” From that idea, Language B was bor n, and Ragsdale decided to create a platfor m that users can use to create their own lessons and integrate their unique learning styles in an affordable way, rather than buying expensive books and a static software designed for mass consumption. “With Rosetta Stone, you get what you buy,” Ragsdale said. “We try to make [Language B] very customizable. W e are giving people a voice to teach language the way they think it ought to be taught.”
Ragsdale is also a programmer , something he has done as a hobby since the fifth grade. He said some people lear n in different ways, and whether it be through speaking, hearing or visually, Language B gives all types of learners the opportunity to grasp a foreign language. “We’re trying to set it to give [users] control of how they learn the language the best,” Ragsdale said. Another advantage Ragsdale sees with Language B is its pricing. Rather than paying hundreds of dollars for software of a single language, Language B allows users to subscribe to the service for a monthly fee, giving them access to all of the content the website has to offer. Language B is also free for instructors with an .edu email account. For anyone else with an .edu email account, the language service costs $6.95 a month, or $59.95 for the year. For anyone else who is interested in the software, the price is $9.95 a month or $74.95 for the year. “I think [Rosetta Stone] prices way too many people out of the market,” Ragsdale said. “We are taking the opposite approach, that gives subscribers access to every lesson for every language that we of fer, as well as the lessons that users create or publicly share. We want to keep it inexpensive and worthwhile enough to get people to continue their subscriptions.” Ragsdale is an Eastern Kentucky University alumnus and currently operates his Language B business from the university’s
four 20-ounce porterhouses one brand-new digital camera an age-defying wrinkle treatment
Business and Technology Accelerator Program (BTAP), which offers low-cost office space, as well as access to EKU faculty, staff and students, along with other business coaching and services. Because of this partnership, anyone with an eku.edu email can use the software for free. Ragsdale has been working with the BTAP since February 2012. He said the program has been tremendously successful since it was taken under the wing of the BTAC and many doors have been opened. Language B has eight people on staf f and five student interns who program for the site. Ragsdale describes all of the full-time employees as “language people” on some level. Colin Keefe writes content and lesson plans for Language B and has been with the company since 2011. He is certified to teach high-school Spanish and also knows Japanese, German and some French. Keefe said he enjoys developing content for Language B. “I feel like I’m actually putting my education to use,” Keefe said, adding that he had worked at Lexmark as a software tester, rather than teaching. Keefe said Language B is a great tool for learning languages but is especially good at teaching vocabulary, something most students struggle with. “The thing we do best right now is vocabulary acquisition and lear ning the words,” Keefe said. The interactive learning and the community of speakers are other areas Keefe
said Language B provides to its users, including different games, video and flashcards. “Any time you can teach through games, people learn better because they are engaged and active,” Keefe said. Ragsdale said the company started marketing the software in January, and the y have seen a small but growing number o f subscribers joining daily. “I do expect it will be growing quite a bit this year,” Ragsdale said. Plans for growth are already underway, as evidenced by the ability to view the website in English, Japanese, Spanish, Korean, French and Arabic, enabling prospective learners from other countries to access to the software, Ragsdale said. He added that customer service is also a strong suit of Language B. Because the software is online, any bugs or issues are fixed quickly after a use r points them out rather than having to wait for a patch or a fix that must be bought o r downloaded. Ragsdale said the company wants to reach out to tutors and instructors to continue refining the website and spreading to a larger customer base. He said most of the lessons are for beginners, but the catalog of language lessons will grow as the user base grows and customers develop and share their lessons. He said Language B will continue to gro w and provide content, but added that it is also a platform for users to develop. “We are a young company,” Ragsdale said. “There are a lot of things in the planning phases.”
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Business Lexington • March 15, 2013
NAWBO speakers discuss the creative ambition behind local food initiatives
By Sarah Mullins
amount of commitment they attributed to their work. Now, things have changed. You may see someone who dresses casually but who is the best at what they do. Michel says it is important to “take risks and think unconventionally.” She also warned that “if we all only stuck to what we know, nobody would ever be different”. Being different, being set apart and doing things in a new and unique way are key elements in business success. However, it is also vital to be sure you are not different simply for the sake of being different. In doing these things, Self said, “Y ou can surprise yourself.” The special thing about these two women is that their business and ventures all reflect them, and in the bes way possible. FoodChain is a surprising endeavor, giving life to old ideas and even encouraging new ways of thinking about the old methods. “It all works in a cycle,” Self said. “The landlord works with the person leasing, and the person leasing then contributes to FoodChain. [They are] symbiotic relationships benefiting from each other.” The entire premise behind FoodChain is the idea of a closed loop. However , it is clear that extends beyond the aquaponic science of the nonprofit. It is how they function as a business, how they relate to the world around them and how they will ultimatel y change their environment.
he N ational Association of W omen Business Owners (NAWBO) began in the 1970s as a way to accelerate women’s efforts in the business world as proprietors. The or ganization has since grown incredibly, even reaching out internationally. The Lexington chapter recently enjoyed a discussion about the benefits modern business techniques have afforded the local food efforts during its January luncheon, titled “Why You Are What You Eat, and the Motivation behind a New Nonprofit.” The voices for this discussion were Ouita Michel, executive chef and owner of Holly Hill Inn, Wallace Station and W indy Corner Market; and Rebecca Self, executive director of FoodChain. The desire to engage the community “in a hands-on manner,” said Self, is in part what has driven the two together while working on the Bread Box. The Bread Box is the former Rainbo Bread factory, now home to West Sixth Brewing Co., FoodChain and many other unique new businesses. Another part is, as Self stated, “helping people learn the consequences of our actions, closing the loop, lear ning where our food comes from.” Michel echoed the passion by stating, “Local food is not new, not a trend.” What it is, perhaps, is refreshed. There is a retur n to the old ways with renewed strength, even newer technology and faster modes of communication. Beyond the local food and communitydriven aspects of the business venture, the duo had practical advice for those with a world-changing dream. When asked how Michel tur ned her dreams into realities, she readily responded, “be not afraid.” She talked of triumphs and lessons learned and described the dreams becoming reality aspect as something more fluid or malleable rather than concrete, claiming business is “creative” and “dynamic.” Michel recommended to “find the path where you are unique, create an authentic vision to follow and get a mentor.” Self echoed this mentality. There is no room for arrogance when launching or owning a business, she said, and people should never assume they know all there is to know and have nothing to learn. She found as she was developing FoodChain that she grew as a person as the nonprofit grew, describing the need to
March NAWBO speaker: Cynthia Bohn of Equus Run
Executive director of FoodChain Rebecca Self PHOTO BY EMILY MOSELEY
“constantly reach out for help and recognize you can grow,” leading you to “find yourself in an unanticipated place in life.” While being true to yourself and your vision is very important, it is also necessary to take a step back, look at the bigger picture and realize the ways you can change. Self learned this through FoodChain. “You can’t do business as usual,” she said. “It’s a different ball game. You can’t sustain a nonprofit on donations and charitable giving; it has to be sustainable as is.” Had Self been set on one way of doing things, she never would have discovered more about herself, as well as the many
doors a business such as hers can open and the different avenues it could travel down. She suggests a person should “be direct and specific with expectations” and willing to “learn from mistakes.” She believes it is helpful to “surround yourself with encouraging and knowledgeable people” and readily “acknowledge insecurities or weaknesses.” Another example of approaching business differently is to not get caught up with appearances, especially those of your employees and colleagues. Michel explained that “not all business people look like you.” In previous generations, the way someone dressed might portray the seriousness and
Cynthia Bohn, the owner of Equus Run Winery who pioneered the rebirth of the Kentucky wine industry, is the speaker at the National Association of Women Business Owners (NAWBO) Lexington Chapter’s March meeting.
She will present “From Soil to Shelf – the Rebirth of Kentucky’s Wine Industry” on March 19 at 11:30 a.m. at Sal’s in the Lansdowne Shoppes on Tate’s Creek Rd. The cost is $20 for members and $24 for guests. To register, log ontowww.lexnawbo.org.
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Business Lexington • March 15, 2013
Roll out the barrel
Paulie’s Toasted Barrel brings venue diversity to the downtown scene
The second component is the facility itself. When he took over the space in September 2012, he knew he had to change the look and feel of the place to make the new concept credible. The main floor is 5,100 square feet, and the second floor , or mezzanine level, is 1,600 square feet, with a separate bar. Hardwood flooring was installed, and the columns were tastefull y resurfaced. The stage was raised, and the sound system was upgraded. N ine flatscreen TVs and a 110-inch stage screen were added. For tables and seating, he added 50 whiskey barrels and bar stools. Some couches create a separate seating area and a pool table. He elected not to add foodservice capability and has instead worked with food truck operators, such as That’s How We Roll, which park outside and offer evening and late-night food options. The result is a comfortable looking and feeling atmosphere that is very versatile. Next are the multidimensional aspects of the concept that all work together.
Sports bar (and more)
This venue is a great sports-bar option, and more than 200 patrons watched the Super Bowl at Paulie’s T oasted Barrel. Game nights are lively. Additionally, the location gets a regular crowd on Sunda y evenings to watch The Walking Dead on the big screen.
With the enhanced stage and sound system, it is now a great downtown option for local bands and entertainers. Some evenings feature an open mic, and there are also time slots for Bluegrass music, which again speaks to the diversity of this venue. A jukebox provides music when there are no live performances. Examples of performers booked for early March included The Velvet Blue, Jamin’, Something and Sittin’ on Ready.
On the second floor, there is the Woodford Reserve Bourbon Bar with more than 100 Bourbons available for serious bourbon aficionados or anyone who just wants to try new and dif ferent bourbons. Patrons can enjoy everyday bourbon options, such as Jim Beam, or niche small-batch options, such as Pappy Van Winkle 23. Additional seating in this area is available with a view of the big screen and stage.
By Mark Sievers COLUMNIST: THE RESTAURATEUR
ne of the newer arrivals on the downtown bar and entertainment scene is Paulie’s T oasted Barrel (www.pauliestoastedbarrel.com). This concept is the brainchild of experienced restaurant industry executive and entrepreneur Paul Nierzwicki, who saw an opportunity to take an existing location and propel it to a new level, with a broader and more versatile business model. The location was previously The Pen-
quin Dueling Piano Bar . N ierzwicki, who lives in a condominium in the same building, observed the concept, the facility, the trade area and the evolving downtown business dynamics and concluded there was a niche opportunity for a new business idea. Out of this thought process, Paulie’s Toasted Barrel was conceived. Using a combination of personal investment and an SBA loan, the venture was launched. Several important components have come together to create this concept. The first is the human resource aspect.
With a facility of this size and flexibility, it is also a nice option for special events such as meetings, private parties, wedding receptions and more. A recent example of this was on Jan. 24 when the Lexington Venture Club had its annual entrepreneurial celebration, titled “Who Got The Money,” at Paulie’s. With its close proximity to downPaulie’s Toasted town hotels and the Lexington Convention Barrel owner Center, it is perfect for private corporate, orPaul Nierzwicki ganization and themed receptions. N ierzwicki has also embraced social PHOTO BY EMILY MOSELEY media and the Inter net to give Paulie’s Toasted Barrel awareness. In addition to a recently updated website, they are also on N ierzwicki is an experienced and acFacebook, Twitter, www.guestlineky.com, complished former food-service executive www.partytutor.com/uk, www.lexingtonwho spent 26 years with the A&W Restaurant nightout.com, www.tadoo.com, and others. concept, including serving as an officer with Web users can go to the site and link the Yorkshire Global Restaurants. Subsequent to venue’s event calendar to a personal calenthat, he was a franchisee in the YUM! Brands dar through an RSS feed. It is also convensystem, owning A&W and Long John Silver’s ient to stops on the Lextran Colt Trolley Blue restaurants in central Kentucky. That restau- Route. rant ownership venture was a family af fair This is a locally owned business and that involved his wife, Denise, and his two very worthy of putting on your downtown daughters, Erica and Erin. This is a seasoned spirits and entertainment radar screen. It’s team that has brought its collective skills to local, family-owned businesses like this that are transforming Lexington. this latest venture as well.
Business Lexington • March 15, 2013
Chuck Creacy Publisher Chris Eddie Publisher Tom Martin Editor in Chief Susan Baniak Features Editor
University presidents united on need for immigration reform A
s leaders of institutions of higher learning in Kentucky, we have come together to ur ge Congress and the President to work together to find a path to reform our nation's outmoded immigration policies. Foreign-born students are a vibrant part of our university and college communities across Kentucky. Many are leaders in studying in the high skill areas of science, technology, engineering and math (STEM) and are central to key innovations and important research taking place on our campuses. Unfortunately, far too often we see the bright minds we have trained — and who want to stay and work in the United States — told they must go home simply because there is not a visa available for them to stay. It makes no sense for us to spend our time developing great minds that want to be here and contribute meaningfully to our culture and economy only to send them away. It is estimated that the United States will see a shortfall of 230,000 qualified advanceddegree workers in STEM fields in just the next five years. Kentucky's universities are actively seeking more domestic STEM students, but the needs of the American economy simply cannot be met in the near term without access to foreign-born, U.S.-trained, high-skill workers. Compounding this problem is the fact that scientists and engineers from abroad (most notably India and China) educated in the United States often wait years — even more than a decade — to secure a visa. Educating these high-skill workers here makes it very difficult for them to return. What hap-
pens is we ship them home to compete with us, and the jobs they could have filled in the United States remain vacant. Not only do we fail to fill the jobs we have open with available high-skill workers, but instead we force them to compete against us? This is not a smart strategy for growth and is most certainly not a path forward for our economic needs. Beyond STEM, we also see many bright and talented students who were brought to the United States as children without legal status and now struggle to find their identity and reach their full potential because of their questionable status. These are lives in limbo through no fault of their own. Only more uncertainty faces these individuals upon graduation. The needs are clear , and fortunately, the solutions are becoming more and more clear. There are now multiple legislative proposals on the table to meaningfully reform and update America’s broken immigration system. There is much debate to be had on the specifics — and we encourage that — but there is no debate on the fundamental need to modernize our immigration system. As leaders of Kentucky's academic institutions, we enthusiastically support broad- based immigration reform. The needs are great, the implications are real, and the opportunities are substantive. Reforming our outdated immigration laws will greatly help America's universities
as well as fuel our economy. We encourage Kentucky's esteemed U.S. Senators and Congressional delegation to do all in their power to move these reforms forward and help them become law. It is the right thing to do, and Kentucky and its economy will be better for it.
Robert L. King
Gary A. Ransdell
Geoffrey S. Mearns
PRESIDENT, UNIVERSITY OF KENTUCKY
PRESIDENT, KENTUCKY COUNCIL ON POSTSECONDARY EDUCATION
PRESIDENT, WESTERN KENTUCKY UNIVERSITY
PRESIDENT, NORTHERN KENTUCKY UNIVERSITY
Randy J. Dunn
James R. Ramsey
Wayne D. Andrews
PRESIDENT, MURRAY STATE UNIVERSITY
PRESIDENT, UNIVERSITY OF LOUISVILLE
PRESIDENT, EASTERN KENTUCKY UNIVERSITY
PRESIDENT, MOREHEAD STATE UNIVERSITY
Business Lexington • March 15, 2013
DRONES: YEA OR NAY? By John D. Stempel GUEST OP-ED
he use of “drones” — small, modelsized, radio-controlled, pilotless air craft — to find, tar get, and vector weapons to kill al Qaeda and other terrorist leaders who are attacking U.S. citizens and American allies from N orth Africa to Afghanistan — is coming under increasing fire from U.S. citizen groups and lawmakers. Some of our foreign allies — Pakistan and Afghanistan, for example — support U.S. efforts, but even there, and in many other places, such as Y emen, people protest that innocent civilians are being killed as well. The U.S. government has been slow in spelling out the legal justifications for these attacks. A recent U.S. Council of Foreign Relations (CFR) study asserts that U.S. drones are responsible for more than 400 non-battlefield killings since 2004, including the 2011 killing of U.S. bor n citizen, Anwar al-Awlaki, the head of Al Quaeda’s Yemen-based affiliate, and his American citizen son. Both Democratic and Republican lawmakers on the House Judiciary Committee have recently expressed concer n about drone strikes against American Citizens and the administration’s secrecy thus far in laying out the legal justifications. This issue is likely to come to a head in the next month or so, and the public will have its opportunity to comment. U.S. counterterrorist officials and other students of the problem point out that drone warfare has been highly ef fective in breaking down the Afghan al Qaeda organization. A distinguished professor of peace studies, Amitai Etzioni, surprisingly sides with the government’s position, noting “is it justified to use a drone to kill an American terrorist overseas is best answered if we imagine that the target had acted in the same manner — but wearing a uniform.” For him, terrorist activity, not nationality, is the critical factor.
There have been serious differences of opinion as to whether the drone attacks have created a significant backlash against the United States. In Pakistan, where authorities claim 60 cross-border predator (drone) strikes from January 2006 to April 2009 killed 14 wanted al Qaeda leaders and 687 Pakistani civilians, both civilian and military authorities continued to let the drones operate until Novem-
Representative John Conyers, a Democrat from Michigan, has also questioned the targeted killing of non-citizens and said he was troubled by “signature strikes” against suspects who appeared to be engaged in suspicious activities but whose identities are unknown. Others have noted that no other country has publicly said that they agree with our position on drones. Under pressure from congressional De-
ber 2011, when N A TO forces accidentally killed 24 Pakistani soldiers. This incident prompted a two-month stop — but strikes were resumed in January 2012. The issue has come to a head now because the appointment of Obama counterterrorism advisor John Brennan to head the CIA has opened debate at the highest level. As lawmakers have expressed concern over the secrecy about U.S. policy, the Obama administration has tried to ease the pressure by showing secret papers to the House and Senate committees responsible for this nomination, which was confir med by a vote of 63-34 on March 7.
mocrats, the administration recently made available four highly classified documents but has refused to tur n over at least seven other similar documents. At least one senator on the intelligence committee said this past week that the committee should not vote to confirm the nominee until the committee had all the infor mation. The administration contends that potentially compromising information on the drone campaigns would weaken their effectiveness. In an ideal world, drone strikes would either be unnecessary or the tar gets would be clearly known. The strikes have in fact succeeded in greatly weakening al Qaeda in
Pakistan and Afghanistan and have been significant in uncovering potential operations and crippling al Qaeda’s operations in South Asia and North Africa. In short, the drone campaign has probably saved a number of friendly lives. It is not clear whether this outweighs the hostility it generates in people who have lost relatives and friends to such strikes. Critics argue that there are too many collateral casualties — serious mistakes in targeting that enrage civilian populations. Others argue that the criticisms are overrated. Most Americans understands the value of drone activity; it was recently used to corner an escaped rogue policeman in Califor nia. Scholars and those more familiar with drone activity believe the need for control requires formation of a special committee or court to “clear” drone activity. The government’s position has been that the more drone operations are publicly discussed, the easier it will be for terrorists to learn how to avoid them. The current U.S. political situation suggests that some middle course, per haps modeled on security committees used in the past to approve covert intelligence operations, should be adopted to assuage human rights activists, yet per mit continued, controlled use of this most effective counterterrorist weapon. This might even be followed up by international efforts to establish rules and norms for drone use, sort of an addendum to the laws of warfare. John D. Stempel is senior professor at the University of Kentucky’s Patterson School of Diplomacy and International Commerce. He was director of the school from 19932003. His 24-year career in the U.S. Foreign Service includes assignments in Guinea, Burundi, Zambia, Iran and India. His Washington assignments included duty for both the State and Defense Departments. He taught at George Washington and American Universities, as well as the U.S. Naval Academy.
Investing for the long haul From The State Journal
appy days are here again. Well, not exactly. The Dow Jones Industrial Average hit a record high T uesday, at one point during the trading session reaching 14,286.37 before finishing the day at 14,253.77. For the day, the Dow was up 125.95 points, or about 0.9 percent. The previous record, 14,164.53, had stood since Oct. 9, 2007. The index continued to move upward Wednesday, closing at 14,296.24. Investor confidence in the economy is certainly a positive sign. But before euphoria sets in, we must remember that the country’s many complex problems are still here. Things like unemployment, the sequester , the federal deficit, the cost of gas… Still, make no mistake about it: the stock market being up is a good thing. There are signs as to why the market is in the midst of a bull run. For instance, the housing market appears to be showing signs of recovery. The number of foreclosures has dropped and
home prices have seen a slight uptick. In addition, 30-year fixed mortgage rates remain low (about 3.5 percent). It is interesting to note that of the stocks on the S&P 500, the leader in 2012 by per cent gain (187.8 percent) was PulteGroup, the nation’s leading homebuilder. Also helping drive the Dow numbers is the unemployment rate, which was at 9.3 percent in 2009 and 9.6 percent in 2010, but has been holding steady at 7.8 or 7.9 percent since September. Kentucky’s unemployment rate has followed the national trend, dropping to 8.2 percent in 2012 from 9.5 percent the previous year. Not to be underestimated in this equation are the trillions of dollars the Federal Reserve has thrust into the economy, and perhaps more importantly, the low interest rates that always make the stock market look more appealing to investors. Historical statistics from W all Street Journal Market Data Group show T uesday marked the 15th time since 1896 that the Dow eclipsed a previous record. When that
has happened, the index has experienced a 0.4 percent decline in the next three months. But it has experienced a 1.3 per cent increase when that is extended to six months. Looking even further long ter m, each time the Dow has hit a new high, the market has gone up an average of 8.1 percent the next 12 months. Consider what has happened over the past five-and-a-half years. The Dow was at 14,164.53 on Oct. 9, 2007, fell to 6,547.06 at its lowest point March 9, 2009, and Tuesday closed at 14,253.77. So, from March 9, 2009 to March 5, 2013, a stretch of 1,004 days, the Dow more than doubled and hit an all-time high. When it set its record T uesday, it was up 8.8 per cent for the year. Stock Traders Almanac points out the current bull market has already lasted twice as long as the average bull market of the past century (1,475 days compared to 755) and has seen considerably more upside (up 120 percent compared to 86 percent).
Business Lexington • March 15, 2013
Sometimes a quick buck can be made in the stock market. But the wisest investors always talk about being in the market for the long haul. As the past five-and-a-half years show, that advice has once again proven to be prophetic. Perhaps the most famous investor of our time, Warren Buffett, has said the following: • “Always invest for the long term.” • “Someone’s sitting in the shade today because someone planted a tree a long time ago.” • “If you don’t feel comfortable owning something for 10 years, then don’t own it for 10 minutes.” • “Our favorite holding period is for ever.” While some signs of recovery from the recession are apparent, we still, as a nation, have serious problems to deal with. Confidence in the stock market is a good sign. But we caution against acting hastily during a run up. The best approach is always one of long-term growth. As those in Pamplona will attest, running with the bulls can be dangerous.
BUSINESSLEADS BIDS LFUCG is seeking bids for Digital Switch and Camera Equipment. Contact 859-258-3320. Request No. 212013, deadline 3/20/13. LFUCG is seeking bids for Rainsuits for Waste Management. Contact 859258-3320. Request No. 19-2013, deadline 3/20/13. LFUCG has issued a Request For Proposals for Urban Tree Canopy Assessment and Planting Plan. Contact 859-258-3320. Request No. RFP52013, deadline 3/18/13. LFUCG has issued a Request For Proposals Division of Grants and Special Programs Request for Proposal – Appraisals. Contact 859-258-3320. Request No. RFP8-2013, deadline 3/18/13. LFUCG has issued a Request For Proposals for Produce Food Stand Program. Contact 859-258-3320. Request No. RFP6-2013, deadline 3/22/13. LFUCG has issued a Request For Proposals Traffic Signal Retiming Project. Contact 859-258-3320. Request No. RFP7-2013, deadline 3/25/13.
CONVENTIONS March 15 – 17 Benevolent and Protective Order of the Elks of the USA, 93rd Annual Elks
National Bowling Tournament with rooms at the Clarion Hotel. 2,800 people expected. March 19 – 24 NCAA Basketball Tournament at Rupp Arena. 60,000 expected. March 21 – 24 Kappa Kappa Psi/Tau Beta Sigma 2013 North Central District Convention a the Griffin Gate Marriott Resort and Spa. 1,500 people expected. March 22 – 24 Kentucky Society of Professional Engineers, 2013 State MathCounts Competition at the Clarion Hotel. 500 people expected. March 22 – 24 Benevolent and Protective Order of the Elks of the USA, 93rd Annual Elks National Bowling Tournament with rooms at the Clarion Hotel. 2,800 people expected.
COMMERCIAL BUILDING PERMITS The UPS Store, remodeling commercial, 1588 Leestown Road Suite 130 (The UPS Store), $20,000. Denham-Blythe Company Inc, addition to a warehouse, 2500 Sandersville Road (US IOL Inc), 6,100 sq.ft., $311,000.
Quality Construction Company, remodeling commercial, 153 Trade Street (Hub Coffee Holding), $79,000. Angelucci Acoustical, remodel general business office, 921 Beasley Street Suite 145 (Fortune Reality), $10,000. Bartley Construction, remodel general business office, 108 Esplanade Suite 210 (Galmont Consulting), $25,000. East Tennessee Specialty Builders Inc, nursing home, 225 Ruccio Way (Lexington Alzheimer’s Investors), 32,947 sq.ft., $3,000,000. White Horse LLC, remodel general business office, 1088 Wellington Way (CS Desgin), $30,000. Churchill McGee LLP, remodel bank, 2801 Palumbo Drive (Traditional Bank), $60,000. Long Construction Management LLC, addition to general business office, 245 Old Virginia Aveneue (Lextro), 1,595 sq.ft., $200,000.
NEW BUSINESS LICENSES Cabinet/Counter Top Installation | Renovation Planning, owned by Michael W Turner, 260-482-7922. Commercial Rental | Stone Haven Properties, owned by Alan Chelf, 1771 Cotton Tail Drive, 606-5247933. Construction | Futuregate Company, owned by Louis Yi, 132 Londonderry
Dr., Lexington, Ky., 678-849-0700. Construction | American Pavement, 1455 Gruber Rd., Green Bay, Wis., 920-662-9662. Consulting | Mark Yanik Landscape, owned by Mark Yanik, 1822 Mcdonald Ave., Lexington, Ky., 859-3271800. Consulting | Rrm Consulting Inc, owned by Rick Mcclure, 1271 Todds Station Rd., Lexington, Ky., 859-4940251. Education | Hope International, owned by John L Derry, 714-8793901. Electrical Contractor | Atkins & Stang Inc, owned by Fred Stang, 1031 Meta Drive, 513-242-8300. Electrical/Construction | Owned by Douglas S Burgess, 212 Pindell Ct., Lexington, Ky., 859-321-6407. Handcrafted Soap | My Ole Kentucky Soap, owned by Tamara Brennan, 1117 Meridan Drive, 859-806-0323. Insurance Premium Tax | Delaware American Life, 13045 Tesson Ferry Rd., 314-525-9486. Insurance Premium Tax | Metlife Insurance, 13045 Tesson Ferry Rd., 314525-9486. IT Consulting | Web Yoga Inc, owned by Tamiko C Lawton, 938 Senate Dr., Dayton, Ohio, 937-428-0000. Landscaping | Owned by Bryan T Campbell, 3415 Briarcliff Cir., Lexington, Ky., 859-277-2661. Landscaping | Owned by Jeffery K
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Business Lexington • March 15, 2013
Douglas, 320 Duke Rd., Apt. 4, Lexington, Ky., 859-797-1297. Locksmith | Avega Locksmith Inc, owned by Marielys Hernandez Vega, 1890 Star Shoot Pkwy., Ste. 170, 859536-1053. Nursing Home Operations | Trilogy Management, owned by David Mcdonald, 2531 Old Rosebud Rd., Lexington, Ky., 502-112-5847. Prevention/Wellness Program | Mdvip Inc, owned by Daniel Hecht, 1875 NW Corporate Blvd., Ste. 300, 561-9824314. Rental Real Estate | North Eagle Creek LLC, owned by Gess Family, 175 E Main St., Ste. 325, Lexington, Ky., 859-288-5008. Rental Real Estate | Lexst Investments LLC, owned by Sharon Smith, 407 W New Circle Rd., Lexington, Ky., 502367-4900. Taxi Driver | Owned by Tijan A Ceesay, 859-338-3642. Wood Renewal | Owned by Charles A Garnett, 5831 Ky Hwy 1842 N, Cynthiana, Ky., 859-234-1663.
COMMERCIAL LOANS Highlands Home Serv LLC from Traditional Bank for $57600. Edm Prop LLC from Traditional Bank for $60000. Spring Fork LLC from Whitaker Bank Inc for $63575. Entrust Ira Admn Inc from Cumberland Valley Natl Bank & Tr Co for $65000. Midland Ira Inc from Cumberland Valley Natl Bank & Tr Co for $65000. Garry Milton Real Est Inc from Whitaker Bank Inc for $67000. Sjm Homes LLC from Lexington Home Ownership Commission Ii I for $85500. Logan Bldr LLC from Lexington Home Ownership Commission Ii I for $86250. Db Homes LLC from Lexington Home Ownership Commission Ii I for $86250. 35 Co from First Sec Bank Of Owensboro Inc for $87200. Gfy Inv Inc from Town Square Bank Inc for $96000. Eirecon Inv LLC from Bank Of Lex for $98400. Eirecon Inv LLC from Bank Of Lex for $100000. Screech Prop LLC from Bank Of The Bluegrass for $100000. Delong Est Dev LLC from Bank Of Ky Inc for $100196. Blue Grass Realty & Appraisal Serv from Spring Fork LLC for $101500. Eads Prop LLC from Kentucky Bank for $105000. Troutman Prop LLC from American Founders Bank Inc for $107000. Eirecon Inv LLC from Bank Of Lex for $110800. Eirecon Inv LLC from Bank Of Lex for $116800. Gardner Law Office PLLC from Bank Of Lex for $144200. Legacy Of Lex LLC from Traditional Bank for $150783.
Commonwealth Designs Inc from Whitaker Bank Inc for $152000. Jacktree LLC from Traditional Bank for $155000. Eirecon Inv LLC from Bank Of Lex for $158400. Ark Constr LLC from Bank Of Lex for $164000. Griffith Catlett Hampton Prop Inc from Bank Of Lex for $182000. Jaglets Prop LLC from Central Bank & Tr Co for $183750. Commonwealth Designs Inc from Whitaker Bank Inc for $188000. M & M Prop Mgt LLC from First Sec Bank Of Owensboro Inc for $200000. Villa At Chevy Chase LLC from Community Ventures Corp for $213000. Papanias Inc from Traditional Bank for $215000. M C J Prop LLC from Branch Banking & Tr Co for $218400. Welcome Homes By Bryant Inc from Central Bank & Tr Co for $221250. Kjlma LLC from Central Bank & Tr Co for $225000. 345 Kingsway Dr., LLC from Traditional Bank for $238000. M C J Prop LLC from Branch Banking & Tr Co for $238400. M C J Prop LLC from First Sec Bank Of Owensboro Inc for $240000. Sapphire Racing LLC from 1337797 Alberta Ltd for $265000. Deborah Ball Realty LLC from Citizens Bank for $283050. Kraska Prop LLC from Bank Of Lex for $295000. Central Ky Lodging Inc from Central Bank & Tr Co for $297000. Bluegrass Cottages Inc from First Sec Bank Of Owensboro Inc for $448800. Advantage Physical Therapy PLLC from Bank Of The Bluegrass for $497443. Morton Prop LLC from Bank Of Lex for $502406. Central Ky Lodging Inc from Central Bank & Tr Co for $600000. Lexmack Land Co LLC from Central Bank & Tr Co for $600000. Bluegrass Cottages Inc from First Sec Bank Of Owensboro Inc for $608000. Kingdom Ctr Inc from Quintana, Jody for $648046. How Did That Occur Inc from Farmers Natl Bank Of Danville for $681066. Ashland Prop LLC from Central Bank & Tr Co for $740000. Tlm Gatehouse Place LLC from Bank Of Lex for $805000. Old Vine Prop LLC from Pnc Bank Na for $956000. Demoss Bros Prop LLC from Branch Banking & Tr Co for $982463. Morton Prop LLC from Bank Of Lex for $1018423. Demoss Bros Prop LLC from Branch Banking & Tr Co for $1775000. Anderson Homes for Rent LLC from United Bank & Tr Co for $2300000. Ck & W Ptnr LLC from Bloomfield Mb V LLC for $2345216. Commonwealth Designs Inc from Bank Of Ky Inc for $2500000. Versailles Land Group LLC from Community Tr Bank Inc for $8000000. New Lex Clinic Psc from Fifth Third Bank for $10123288.
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Published on Mar 14, 2013