Business Lexington January 2021

IN THIS ISSUE

BusinessLexington JANUARY 2021 | VOL. 17 ISSUE 1

BizIQ: LFUCG’s Green Check program offers ways to make your business more energy efficient PAGE 7

Keeping It Cool Exemplary customer service and the ability to transition quickly help Clem’s Refrigerated Foods thrive amid change

Barrels of Potential: Owners resurrecting the historic Wm. Tarr brand see ample opportunity amid today’s competitive whiskey landscape PAGE 12

PAGE 14

Q&A with Dr. Steven Stack: Kentucky’s Public Health Commissioner on COVID-19 and other health challenges facing the state PAGE 20

Bill Clem, above, and his two sons, Alan (left) and Steven (right), oversee the family business, Clem’s Refrigerated Foods.

PHOTO BY MARK MAHAN

BizLists Accounting Firms | PAGE 17 Wealth Management Firms | PAGE 18

www.bizlex.com

VISIT BIZLEX.COM TODAY TO SUBSCRIBE.

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Fifth Third Means Business™ From assessing risk to M&A advisory, we know your business requires unique solutions to meet the specific moments you’re navigating. That’s why, at Fifth Third Bank, we have a team of local experts who understand your business. Whatever your business goals are, we’re here to help you succeed. Let’s build, together.

Fifth Third Means Business™

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Fifth Third Bank, National Association. Member FDIC.

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BusinessLexington Chuck Creacy PUBLISHER

chuck@bizlex.com Chris Eddie PUBLISHER

chris@bizlex.com Tom Wilmes EDITOR

tomw@bizlex.com Drew Purcell ART DIRECTOR

drew@bizlex.com Rena Baer COPY EDITOR

Sharon Metz BIZLISTS EDITOR

sharon.metz66@gmail.com Donna Hodsdon ASSOCIATE PUBLISHER

donna@bizlex.com Theresa Stanley DIRECTOR OF EVENTS AND PROMOTIONS

theresa@smileypete.com ACCOUNT EXECUTIVES

Amy Eddie

amy@bizlex.com Ann Staton

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ann@bizlex.com

P.O. Box 22731 Lexington, KY 40522 P: (859) 266-6537 F: (859) 255-0672 www.smileypete.com

CONTENTS PVAStatistics

The latest statistics on local commercial and residential properties PAGE 5

PHOTO BY MORGAN BENDER

EconomicAnalysis

A monthly look at economic indicators compiled by the Center for Business and Economic Research (CBER) at the University of Kentucky

Barrels of Potential: Owners resurrecting the historic Wm. Tarr brand see ample opportunity amid today’s competitive whiskey landscape PAGE 12

Keeping It Cool: Exemplary customer service and the ability to transition quickly help Clem’s Refrigerated Foods thrive amid change PAGE 14

PAGE 6

GrammarGourmet

How to be/more/welcoming PAGE 6

BizIQ

Ways to make your business more efficient PAGE 7

CraveWorthy

Hot sauces are hot sellers for local makers PAGE 8

QuickBites

Pho KYtchen takes off, two Lexington mainstays hit pause, and more PAGE 9

BizList

Accounting Firms PAGE 17 Wealth Management Firms PAGE 18

Who’sWho

Employment updates from around the Bluegrass PAGE 22

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Structured Inc. owners Eric and Lindsey Crabtree

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Independent Business The husband-andwife team behind Structured Inc. helps businesses remain connected and compliant as their systems scale PAGE 10

Financial Planning in 2021 Means Finding Solidity in Uncertain Times: Local wealth advisors offer strategic advice for a sound financial future PAGE 16

Q&A with Dr. Steven Stack: Kentucky’s public health commissioner on COVID-19 and other challenges facing the state PAGE 20

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a imi e o r Cas lo On Commercial Real Estate

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BusinessBriefs KSR website sold; spirit and staff will remain Matt Jones, founder of Kentucky Sports Radio, announced he has sold the company’s website, KentuckySportsRadio.com, to Stuart McWhorter. McWhorter was a founding investor and director in 247Sports, prior to its acquisition. Financial terms of the deal were not disclosed.

“The decision for me to sell KSR was not an easy one,” Jones wrote in announcing the sale. “I started this site 15 years ago and, along with my partner Andrew Jefferson, we have slowly built it from a blog created out of our basement and populated mostly by our friends into the most read independent college sports team site in the United States. KSR has been a massive part of my life over these 15 years and watching it grow and develop, while harnessing the careers of our amazing writers and content producers has been one of the greatest joys of my life.”

KEYSTONE M O RTG AG E CO R P O R AT I O N

Your Lending Alternative for Commercial Real Estate Loans .

Jones will still have a hand in the website, however, having signed a long-term agreement “to continue to oversee the site and help it keep the spirit of this blog,” he said.

Additionally, staff members Tyler Thompson, Drew Franklin, Nick Roush, Jack Pilgrim, Maria Taustine and Freddie Maggard “have all signed multiple year deals with the new company and will remain the core writers and content producers of the site going forward,” he said.

“We will continue to use all of our current contributors, including longtime writers Adam Luckett, Chris Tomlin, Aaron Torres and Bryan the Intern, and we plan on expanding our roster in the coming weeks and months to add new and diverse voices to the KSR family.”

Jones will also continue to host the popular KSR Radio Show, which is not included in the deal and will retain its daily slot on iHeart Radio.

Building Relationships in the Bluegrass and across the US!

Tim M. Winton, Senior Vice President .

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HANDMADE BY SURVIVORS Local employee and company gifts that make a difference in our community.

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A recent 1,386-acre land purchase by Kentucky Natural Lands Trust facilitated the creation the Warbler Ridge Preserve along the Pine Mountain corridor in Eastern Kentucky.

Kentucky Natural Lands Trust acquires additional acreage Kentucky Natural Lands Trust (KNLT), a Berea-based non-profit organization dedicated to preserving and protecting wild land throughout the state, announced it has purchased an additional 1,368 acres on Pine Mountain near Cumberland, Kentucky, establishing the Warbler Ridge Preserve.

The preserve combines the newly acquired tract with land KNLT acquired in 2017, creating the state’s largest preserve and totaling 2,456 acres. The land was acquired from the Southeast Education Foundation, whose mission is to support the Southeast Kentucky Community & Technical College network. Proceeds from KNLT’s purchase of the land will be used by the foundation for student scholarships and campus investments in Whitesburg, Cumberland, Harlan, Pineville and Middlesboro.

“This project builds upon our 25-year history of working to protect Pine Mountain, a biologically diverse and climate resilient landscape that is important to local, regional and global communities,” KNLT Executive Director Greg Abernathy wrote in announcing the acquisition. “Pine Mountain is a 180,000-acre wildlands corridor running from Tennessee through Kentucky to Virginia. Through a public-private partnership, 68,500 acres have been protected by federal, state and nonprofit conservation organizations.”

“Warbler Ridge is adjacent to the E. Lucy Braun and Hi Lewis Pine Barrens State Nature Preserves, adding to the overall connectivity of the Pine Mountain Wildlands Corridor and securing an important link in the Great Eastern Trail,” he said.

Visit GreenHouse17.org or call (859) 519-1911 to place your order.

Local pickup or shipping available.

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The preserve will also help protect the headwaters of several tributaries to the Kentucky and Cumberland rivers, water sources for many communities and key habitat for rare fish, mussels, crayfish and aquatic plants. BL

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PVAStatistics These statistics on local residential and commercial property are compiled by the office of the Fayette County Property Valuation Administrator. The data reflect the most up-todate information available at the time of printing for this publication, but monthly figures may be revised as additional public records of property transactions are submitted and become available.

Top Commercial Transactions for November 2020 SALE DATE

ADDRESS

PRICE

OWNER

11/04/20

404 Sporting Court

$3,600,000

Tower Hill Sporting Court LLC

11/02/20

150 Dennis Drive

$1,498,650

Rose Witt LLC

11/12/20

3174-3178 Custer Drive

$775,000**

KD Squared Investments LLC

11/04/20

3151 Beaumont Centre Circle, Ste 325

$436,800

Morton, Lawrence W.

11/17/20

199 Old Georgetown Street

$435,000

892 Nandino LLC

11/20/20

113 Clay Avenue

$325,000

Birdies & Bows LLC

11/20/20

122 S Hanover Avenue

$535,000

Fister, Debra J.

11/04/20

108 Hagerman Court

$340,000

Hoch, Lori

11/06/20

141 Prosperous Place, Unit 25B

$275,000*

Blair, Wilber

11/06/20

141 Prosperous Place, Unit 25a

$275,000*

Blair, Wilber

11/10/20

1795 Alysheba Way, Unit 6101

$165,000

Scott, Jenny

11/03/20

2309 Versailles Road

$145,000*

Salvadori, Annette

* Sale price based on a multiple-parcel transaction ** Parcel includes multiple improvement

Residential Sales Data for November 2020 The chart below shows the monthly residential sales activity in Fayette County for the previous 24 months. The data for the most recent month reflect a projected estimate from the office of the Fayette County Property Valuation Administrator and are subject to change.

2018 RESIDENTIAL SALES

2019 RESIDENTIAL SALES

2020 RESIDENTIAL SALES

800

700

600

500

400

300

200

100

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

8%

4%

2%

-20%

-23%

-8%

12%

-1%

4%

11%

-26%

19%

MONTHLY PERCENTAGE CHANGE OVER PREVIOUS YEAR For more local residential and commercial real estate information, visit the website of the Fayette County Property Valuation Administrator at www.fayettepva.com.

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EconomicAnalysis

GrammarGourmet

A monthly look at economic indicators compiled by the Center for Business and Economic Research (CBER) at the University of Kentucky. For more on CBER, visit www.cber.uky.edu.

How to Be/More/Welcoming

Recent Data Dec. 2020

1-Month 1-Year Change Change

Payroll emp. MSA**** Manufacturing Employment Durable Goods (KY) **** Manufacturing: Lexington-Fayette MSA Total Employees**** Unemployment Rate MSA****

262,600 Sept.

153,800 Sept.

0.34% -0.32%

-5.88% -4.59%

28,392 Sept.

5.00% Sept.

-0.38% -1.70%

-4.75% 1.60%

Payroll Employment, US Manufacturing Payroll Employment US Unemployment Rate, US

142,373,000 Oct. 12,231,000 Oct. 6.90% Oct.

0.45% 0.31% -1.00%

-6.06% -4.52% 3.60%

Consumer Price Index, Southern Region Consumer Price Index, US Producer Price Index, US

250.542 Oct. 260.388 Oct. 204.2 Oct.

0.10% 0.00% 0.59%

1.30% 1.20% -0.92%

Index of Leading Indicators** Fed’s Index of Industrial Production**

107.2 Sept.

103.2 Oct.

1.40% 1.08%

N/A -5.06%

3-Month Treasury Yield*** 10-Year Treasury Yield***

0.09% Dec. 1 0.92% Dec. 1

0.00% 0.05%

-1.51% -0.91%

Real GDP (millions $)

1-Month 1-Year 3rd Qtr. Change Change 2020 $21,157,635.00 Sept. 30 8.39% -1.78%

MSA: Lexington-Fayette Metropolitan Statistical Area; (p)=preliminary; NA=not available * Source: http://www.conference-board.org ** Source: Federal Reserve Statistical Release — http://www.federalreserve.gov/releases/G17/ *** Source: Federal Reserve Statistical Release — http://www.federalreserve.gov/Releases/H15/data.htm **** Source: St. Louis Federal Reserve — https://research.stlouisfed.org/fred2/ Note: In some cases 1 mo. and 1 yr. changes are based on revised data from previous mo./yr. GDP is reported in current dollars.

By Neil Chethik

If you run a business and support the LGBTQ community, you can alert people of your support in a subtle but meaningful way. Add your gender pronouns to your business card, email signature and Zoom ID. Including “he/him/his” sends the message to people who haven’t always felt welcomed that you respect them.

You may already have colleagues sharing their pronouns, and you might have thought their gender was obvious. But it’s not always obvious, especially in this era when gender identity is more fluid and flexible than even a generation ago. And getting someone’s pronouns wrong risks disrespecting or alienating them.

The majority of us need only add he/him or she/her to our names, if those are the pronouns we choose. This simple act shows your awareness of inclusivity, especially in the LGBTQ community.

Others will prefer pronouns that are neither male nor female. They/them is often chosen to indicate a person’s rejection of the binary choice of male and female. Their gender is less rigid. To respect such a person, we would use their pronouns of preference. We might say about them, “Gerry is an amazing employee, aren’t they?” (Aside: In 2015, “they” was chosen as Word of the Year by the American Dialect Society for its new definition as a “gender-neutral singular pronoun.”

IMAGE FURNISHED

Some people think they/them is too confining; they prefer no pronouns at all. Leave out the he, she, they. Call these people by their names on each reference, as in, “Neil wrote Neil’s column because Neil had a deadline.”

Do not refer to anyone as “it” or “he-she.”

These are slurs used against transgender and gender non-conforming people. Referring to someone with these words marginalizes them. On the other hand, when we call a person by his/her/their name and the gender identity he/she/they have chosen, we validate/empower/welcome them. BL 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 neil@carnegieliteracy.org or (859)254-4175.

A change you can easily embrace For decades, Blue & Co. has been proud to provide exceptional tax, accounting and consulting services to the Lexington area.

Please join us in congratulating

Jennifer Miloszewski our new Director in Charge at the Lexington, Kentucky Blue & Co. office.

www.blueandco.com

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BizIQ

A MONTHLY COLUMN OF BUSINESS INSIGHTS FROM CENTRAL KENTUCKY PROFESSIONALS

Ways to make your business more energy efficient

BY NOEL OSBORN CONTRIBUTING WRITER

S

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ince 2016, Lexington-Fayette Urban County Government’s (LFUCG) green business certification program, Green Check, has certified more than 30 businesses and organizations, as well as provided countless others with the resources they need to become more sustainable.

The Green Check program is free and open to Fayette County businesses and organizations of all types and sizes. The program applies to a wide range of sectors, including but not limited to retail, restaurants, groceries and markets, manufacturing and industry, and nonprofit organizations. The only requirements are a willingness to assess your current green efforts, identify new strategies and implement initiatives to increase your sustainability.

Green Check members also enjoy benefits that include promotion from LFUCG, access to a network of other sustainable businesses in the community and continued resources after certification.

The foundation of the Green Check program is a robust, five-page scorecard that cov-

ers a wide range of sustainability topics. The largest section relates to energy efficiency.

This winter season, local businesses and even individuals working from home can greatly benefit from some of the energy initiatives that Green Check features.

Change the lightbulbs. Switching out incandescent lightbulbs for compact florescent lamps (CFLs) or light emitting diodes (LEDs) requires a small investment, but the long-term savings will be noticeable. According to lightbulb manufacturer ViriBright, a standard 60-watt incandescent lightbulb would cost about $90 in energy consumption at current rates over the course of 10 years.

In the same amount of time, an LED bulb would only cost $18 in energy consumption.

Many Green Check businesses upgrade their incandescent lights or CFLs to LEDs as each old bulb goes out. This is a great, cost effective way to invest in making your lighting efficient.

Daylight work spaces wherever possible. Utilize natural light in your workspace whenever possible. Not only does this cut down on energy use, but many people prefer to work in natural light as opposed to harsh, artificial light.

Install power strips for computers and other equipment. Power strips make it easier for employees to power down their devices at the end of the day with one flip of a switch. More importantly, power strips prevent phantom energy/vampire currents from pulling energy through devices that are off but still plugged into an outlet. According to Duke Energy, phantom energy accounts for 20 percent of your energy bill, and it mostly comes from phone chargers, computer cords and coffee pots.

Establish a power-down policy. Many businesses already power-down lights and electronics during non-occupied hours. However, adopting an official policy reinforces the behavior that is already present and underlines the importance of the behavior from management. An established policy also ensures new employees are made aware of all lights and electronics that need to be powered down should they be the last person to leave the office.

Conduct an energy audit or assessment. Energy audit assessments do not require professional implementation, as kits are available for free public checkout through the Lexington Public Library and Bluegrass Greensource. These kits include several gadgets that assist businesses in measuring light intensity, device energy pull and thermal insulation. Green Check businesses use this activity as a way to gauge progress in their energy efficiency efforts. BL

PHOTO FURNISHED

Noel Osborn, Bluegrass Greensource outreach specialist

If your business or organization is interested in increasing its sustainability efforts, please visit LexingtonKY.gov/GreenCheck or contact Outreach Specialist Noel Osborn at GreenCheck@ lexingtonky.gov.

“While the world is going through a pandemic, donations are dropping off, some grant funding is lost.

Republic Bank reached out.

We could keep our staff employed.”

Lori Clemons, Executive Director

Arbor Youth Services Lexington, KY

Lori is one of over 3,700 business leaders who secured a Paycheck Protection Program (PPP) loan through Republic Bank. We are invested in the success of the communities we serve, which is why even when times are challenging – we make banking easy.

See more success stories from Republic Bank customers at RepublicBank.com/PPPstories.

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Member FDIC • Equal Opportunity Lender

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CraveWorthy

PHOTOS FURNISHED

Options for locally made hot sauces and seasonings include, clockwise from left, Sav’s Piment, Pappy’s Hottest Ride In Town and Peril’s Assault Shaker.

Hot sauces are hot sellers for local makers

BY SHANNON CLINTON CONTRIBUTING WRITER

D

o the winter doldrums have you down, especially when it comes to food? There’s another way to warm up this winter, by trying some locally produced, tongue-tingling hot sauces.

In addition to growing my own cayenne and jalapeno peppers, much of my refrigerator’s real estate is taken up by hot sauces, which I drizzle on everything from stir fry to eggs, curries, chili, ramen, pizza or when making spicy mayo to slather on sandwiches. A few of the sauces are pretty hot, including Kentuckymade Pappy’s Hottest Ride In Town, but most I’d say fall in the moderate range.

A few locals make their own hot sauces as well, and I’m making it a New Year’s resolution to try as many of them as I can before the year is up.

Lexington resident David Workman became interested in making fermented hot sauces while working at Blue Stallion Brewing Company, which also relies on fermentation to make its beer. He said naturally occurring lactobacillus bacteria ferments the

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sugars in peppers, a tactic previously used as a preservation method, but one he says also adds to the sauce’s complexity compared to fresh sauces.

In early 2019 he started playing around with making hot sauces, and he said they turned out really well. He and two business partners — one in Lexington and one in Louisville — subsequently joined forces to create Peril Hot Sauce, with varieties including Pineapple Curry, Dagon (the hottest variety, containing smoked Apocalypse peppers), Taco Verde, Black Goat (key lime Jamaican jerk), Blood Moon (gochujang, passionfruit and blood orange) and Golden Fiddle, which contains chipotle, peach and Vidalia onion.

Most varieties are aged six to eight weeks, but three special edition wax-dipped varieties are all aged for a year, Workman said.

Peril has also released a line of chili pepper seasoning called Assault Shaker, which he describes as “pure, unadulterated, peppery madness.”

Hot sauce labels are often adorned with skulls, hellfire and comical references to future gastrointestinal woe. Peril’s labels are equally ominous, with wicked-looking

graphics of menacing animals and monstrous characters created by artistic friends Ryan Case and Lexington-based Oracle Tattoo Guild’s Kevin Hamilton.

When he sells his products at events, Workman can be found hamming it up in a devil costume. And as a flaming tongue-incheek nod to the fiery underworld, the price of his sauces are $6.66.

The sauces, bottled at Blue Stallion, are sold there as well as at Wilson’s Grocery, select breweries and online at www.perilhotsauce.com, as well as at a handful of public events like Louisville’s Logan Street Market.

Workman also hopes to establish a presence at Lexington’s new Greyline Station market.

He said though the sauces are hot, it doesn’t come at the expense of flavor. After all, he said, he wants people to enjoy it enough to finish their bottles and buy more, not try it, experience excruciating pain and never touch it again.

“We generally try not to make anything over the top as far as heat is concerned,” he said.

Pastor Mike Robinson, known for his Not Your Ordinary Vegan restaurant on North

Limestone, has his own line of hot sauces.

Though he wasn’t available to chat, varieties listed online include blueberry maple chili pepper, garlic habanero and mango pineapple jalapeno.

Mamadou “Sav” Savane is owner of Sav’s Restaurant & Gourmet Ice Cream and Sav’s Chill Gourmet Ice Cream. Along with Sav’s Vinaigrette dressing, he drew on his West African roots to create his own hot sauce, called Sav’s Piment.

Sav’s assistant and spokesperson Reina Slaymaker said the hot sauce is a family recipe that includes habanero peppers, onion and lemon, along with a few secret ingredients.

“People enjoy this hot sauce on all types of food, from stews like we serve at our restaurant to eggs, burritos, grilled steak and fried chicken and even on salad,” she said.

“Personally, I enjoy the hot sauce on fruit, like mangoes when they are in season.”

Sav’s Piment is sold at his restaurant and at Good Foods Co-op, Wilson’s Grocery, Zim’s Café and the Kentucky Artisan Center in Berea.

So is Sav sticking to the original blend, or will he branch out into new spicy hot sauce horizons?

“No new varieties of hot sauce are planned, but that is an interesting idea!”

Slaymaker said. BL

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QuickBites

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RESTAURANT NEWS TO USE

Pho KYtchen takes off, two Lexington mainstays hit pause, and more

BY SHANNON CLINTON CONTRIBUTING WRITER

R

estaurateurs are surely hoping 2021 will bring a major rebound for the industry, which faced more than its share of challenges in 2020.

Some newcomers are debuting new ventures, including An Cao, owner of Pho KYtchen. The restaurant is operating out of an incubator kitchen at Pasta Garage Italian Café on Delaware Avenue and offers carryout as well as delivery via DoorDash.

Cao was born in Vietnam and traveled the world as a flight attendant for 13 years. She ate lots of pho as a child and returned to it again and again during layovers.

“I ate so many bowls of pho at that time,” she said. “Being a flight attendant, I was away from home a lot. The only comfort food for me was a bowl of pho noodle soup.”

Three years ago, Cao attended culinary school in Vietnam to master pho making. She was mentored by a street vendor who taught her the nuances of making the flavorful soup and even shared her recipe.

After refining the recipe on her own over time, Cao accepted the offer of taking a voluntary leave from the airline during COVID-19 and decided to open her own pho restaurant.

And, as a University of Kentucky graduate, she chose Lexington for its location.

She said her pho consists of a rich, longsimmered beef bone broth with ginger, onions, shallots, star anise, cardamom and other spices, along with Thai basil, bean sprouts, cilantro, jalapeno and a side of lime wedges.

Also on the menu are Vietnamese egg rolls, banh mi and pork rolls.

She had a brief, soft opening in September 2020 but closed to care for her ailing mother. A grand opening was set for early December.

“I’m super excited to get it going here,” she said. “I have a good support system.”

The University of Kentucky will have more dining options in the Cornerstone Exchange food hall, as late last year it was announced via press release that joining the lineup of vendors are Ethereal Brewing and Miyako Poke Bowl.

Portofino restaurant in Lexington announced it was closing until COVID restrictions were lifted. Inquiries about whether the restaurant would reopen after that time weren’t returned.

Inebriated Baker owner Danielle Rowell reports that her shop’s opening in the Julietta Market in Greyline Station has been pushed back, likely to spring of 2021, though she is still taking phone and online orders with free delivery. The bakery touts itself as offering “edible cocktails” by way of boozy cupcakes, pies, candies and cheese spreads.

After announcing it would close, then reopen under new ownership, Honnah-Lee Bubble Tea has closed again according to its Facebook page.

Healthy grab-and-go dining options are expanding this month with the planned opening of LeanFeast at 220 Ruccio Way, Ste 190, in Lexington. Founded on the west coast in 2015, the chain has 13 locations (most in California) with six more expected in 2021, said Collins Youngblood, who’s bringing the new location to town.

He said his location will have limited indoor seating, with phone/online ordering

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available, as well as delivery options in the future. An app will also launch in 2021, he said.

“A description of LeanFeast might lend itself to a Chipotle/Subway hybrid with all the conveniences of a clean eatery,” Youngblood said. “Within our store, you’ll find a variety of flavor proteins [chicken, steak, fish and ground turkey], a variety of vegetable options, and multiple carbohydrates to choose from.

Customers select their desired portion sizing of a protein, a carb and a veggie ... it’s as simple as that. Meals are prepared before the customer, and they have the option of taking it to go or dining in.”

Bluegrass Stockyards has announced the opening of its new restaurant, The Cattle Drive, which has appropriately named menu items including First Bid Breakfast, Second Bid Breakfast and the Auctioneer’s Breakfast — consisting of different combinations of eggs, sausage, country ham, bacon and sides.

Other menu items include steak, burgers, chicken and a variety of sandwiches, sides and salads.

Formaggio Italiano restaurant in Georgetown announced on its Facebook page that its last day of business would be Dec. 21. “We could not have made it this far without your support the past five years,” the post said.

Ranada’s Kitchen chef Ranada Riley announced in late November via Facebook Live that she was relocating from her South Ashland location for a roomier property at the corner of Woodland Avenue and High Street.

She describes the new restaurant, which was previously home to Chatham’s restaurant and the original Ramsey’s location prior to that, as a mashup of her previous restaurant experiences with Lexington Diner and Ranada’s Bistro. The menu will feature burgers, steaks and more, along with family meals, and is expected to open in mid to late January, depending on COVID restrictions.

“I can’t wait to really get in there and get to work,” she said in the video.

J. Michael Connor, president/CEO of Knoxville-based Chop House parent company Connor Concepts Inc., confirmed via email that the Lexington location at 2640 Richmond Road has closed after 26 years. He said restaurants in other states have fared relatively well during the pandemic but cited “restrictive” regulations here as factoring into the decision.

Joella’s Hot Chicken’s new Hamburg location had a grand opening planned for early December at 2305 Sir Barton Way, Lexington.

The Louisville-based chain has locations in Kentucky, Indiana, Ohio, Florida and Georgia.

Bobby and Jennifer Murray, owners of the Merrick Inn, announced that they will be closing the restaurant, including for curbside pick-up and patio dining, until spring or “until we receive some kind of relief from Governor Beshear’s mandates,” they said in a Facebook post.

“We have exhausted every opportunity we know of to make this work. Our staff is our family, and this is very hard for us to do. If we close now, we will be able to keep lights and heat on and save this 45-year-old business. …

Thank you for all your love and support. Our staff needs your prayers.” BL

Owner An Cao has launched Pho KYtchen from the incubator kitchen at Pasta Garage Italian Café on Delaware Avenue.

The restaurant offers a variety of Pho, egg rolls, sandwiches and other items for carryout and delivery.

PHOTOS FURNISHED

Have a food and beverage-related update to share with readers? Please email info@smileypete.com.

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IndependentBusiness Husbandand-wife Eric and Lindsey Crabtree combined their two businesses to form Structured Inc. The firm offers secure, cloudconnected digital infrastructure for businesses, with expertise in HIPPA compliance for healthcare-related clients.

PHOTO BY MORGAN BENDER

Built to Grow The husband-and-wife team behind Structured Inc. helps businesses remain connected and compliant as their systems scale

BY KATHIE STAMPS CONTRIBUTING WRITER

L

indsey and Eric Crabtree have backgrounds in the health insurance industry, hers in project management and operations and his in technology. The couple worked together on projects through their individual businesses until August 2019, when they merged Right Hand Operations and Bluegrass Computers & Technology to form Structured Inc. “We saw a need in the community for IT and operations support,” Lindsey said. “We know that without a stable technology infrastructure and stable process infrastructure, when it comes time to change and grow and adapt, a company can be at a real disadvantage.”

The Crabtrees decided early in their entrepreneurial lives that every time they added a customer, they would take a portion of the new revenue and pick a cause to help out. Sometimes it’s a monetary donation, and other times the project is specific and tangible. “One year we got to help outfit a family’s house, around Christmastime, with a washer and dryer, and everybody got a new bed,” she

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said. “It was heartwarming for us.”

They also have donated a laptop to a student that was chosen by an organization that works with children in the foster care system.

“If you can help one person, help one person,” she said. “We know we’re small and we can’t make a big difference in the community as a whole, but we can make a big difference in one person’s life or two people’s lives.”

Lindsey Crabtree is founder and COO of Structured Inc. She has an undergraduate degree from the University of Kentucky, an MBA from Eastern Kentucky University and professional certifications in project management, health care compliance and human resources. Eric Crabtree is founder and CTO. He has two degrees in computer science from Sullivan University.

Structured Inc. has a team of eight people to provide project management, process documentation, IT managed services, software integration and other operations and technology solutions for businesses of any size. A recent focus for the company has been helping local businesses be fully compliant with the Health Insurance Portability and Accountability Act.

“There are two types of businesses that need to be HIPAA compliant,” Eric said.

One is covered entities, including hospitals, doctors, dentists, nursing homes and any other facility that maintains protected health information (PHI). The other category is any business hired by a covered entity that then signs a business associate agreement.

“Anybody who signs a BAA with another company is required to be at the same level of compliance as the company they signed the BAA for,” he said. Transporting lab samples

“If you can help one person, help one person.

We know we’re small ... but we can make a big difference in one person’s life or two people’s lives.”

LINDSEY CRABTREE, STRUCTURED INC. OWNER

or warehousing data, for example. Signing the BAA and keeping protected health information safe isn’t the whole story for HIPAA compliance, though.

“You have to have written policies and procedures; you have to have agreements in place; you have to do the training; you have to do a risk assessment every year,” Lindsey said.

If a breach should occur, like accidentally posting something online that would contain some personal health information, a business knows to take it down and report it, per HIPAA regulations.

“From there the Office for Civil Rights will investigate, and they will dig to every level.

That’s where the fines are compounded,” she said, adding that this audit would have been an easier process if the business had been fully HIPAA-compliant. “If they take the time to put those things in place, they would be protected.”

An ounce of prevention is worth a pound of cure, as the Ben Franklin aphorism goes.

In their own business, the Crabtrees are making sure Structured Inc. is flexible.

“When COVID hit in March, our lease was getting ready to be up,” Lindsey said. They let it run out and all team members went remote. ”I never thought I would like to work from home, but now that we’re doing it, I absolutely love it.”

Eric prefers an office environment but has gotten used to touching base via daily Zoom meetings. “We can always get another office,” he said. “With 2021, who knows what’s going to happen yet? We’ll be flexible and roll with it.” BL

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Barrels of Potential Owners resurrecting the historic Wm. Tarr brand see ample opportunity amid today’s competitive whiskey landscape

BY STEVE COOMES CONTRIBUTING WRITER

T

he fastest way to make money in a slow-return business like distilling is to buy someone else’s aged whiskey, hitch it to a historic brand, market it heavily within a tourism and tasting experience, then grow and groom it for a sale to a larger company.

Problem is, none of that is easy or inexpensive or happens all that quickly in a marketplace rife with competitors bent on similarly ambitious goals. The struggle is real as emerging challengers wage war against established whiskey-making giants flush with cash, mega-budget advertising strategies, dominant shelf presence and distribution.

This is the space into which Jill Bakehorn and Barry Brinegar have entered the hypercompetitive American whiskey market with Wm. Tarr Distillery.

“It is competitive,” said Brinegar, president of the distillery and owner of Lexington Creatives, a marketing firm. “But if you look at the growth and performance of Kentucky bourbons and whiskeys, they’re outperforming every spirit globally. There’s room for us.”

Especially when time is a helpful variable, said Bakehorn.

“Our products have to age anyway,” said Bakehorn, Wm. Tarr’s CEO, and owner of 903 Venues, an event company operating The Grand Reserve, The Speakeasy and Bluegrass Catering Company. “And since our plan for the distillery will happen over many years, time is essentially on our side.”

In creating the brand, Brinegar, a whiskey enthusiast and board member of the Lexington Bourbon Society, wanted to be part of the bourbon boom rather than remain a mere participant. And as a veteran events manager, Bakehorn was eager to create a tourism experience at 1170 Manchester St., Suite 190, in the historic Pepper Rickhouse.

“We thought this brand in particular just wanted to resurrect itself,” Brinegar said.

“William Tarr’s story — the man himself — is really interesting and a little complicated, too.

And we all know bourbon drinkers always like good stories.”

In 1871, Tarr was a wealthy investor and property owner who partnered with Thomas Megibben to buy the Ashland Distillery.

Located on Manchester St. at the outskirts of Lexington, Ashland was the first federally registered distillery in the U.S. There, Megibben and Tarr made bourbon and rye under the Wm. Tarr Whiskey and Old Tarr Whiskey brands.

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PHOTO FURNISHED

Two whiskeys — Old Wm. Tarr Manchester Reserve Kentucky Straight Whiskey (7 years old), above, and Old Wm. Tarr Inheritance Bourbon (12 years old) — are currently being sold on scheduled release dates at the distillery’s visitor’s center.

As happened often in the period, a fire destroyed the wood-framed distillery in 1879. Determined to rebuild, Megibben and Tarr got partners to invest in and reopen the distillery a year later under the Wm. Tarr & Company name. The fully modern factory filled what was then an impressive 6,000 barrels a year. (By comparison, that’s five day’s production at Heaven Hill Distillery in 2020.)

Over time, Tarr and his son, Thompson, acquired nearly all the distillery’s shares — an investment that proved financially ruinous for the family. Near the end of the 19th century, the value of William Tarr’s holdings in the Kentucky Union Railroad plummeted, and an ongoing slump in whiskey sales drained his distillery’s reserves. In 1897, Tarr declared

bankruptcy and, in hopes of squaring up with his lenders, he liquidated the distillery and its assets, and sold vast tracts of farmland, commercial real estate and gold bonds.

Ultimately, Tarr’s distillery was purchased by the dreaded Whiskey Trust, which made his namesake whiskey brands until Prohibition halted production in 1920. The only evidence of Tarr’s distillery today is a structure known as Bonded Warehouse #1, located at Manchester Music Hall.

A thoroughly modern business model Watching the industry’s largest players ease into bourbon tourism over many years convinced Bakehorn and Brinegar to move into it quickly. Building brand awareness through customer engagement and tasting is

important, they said, to creating fans who’ll buy Tarr bottles repeatedly. Brinegar said that made launching their brand with a high-quality sourced whiskey essential.

“One of our goals was to bring a product to market that consumers are going to taste, say, ‘I want a second bottle,’ and then tell their friends about it,” he said.

Though they wouldn’t reveal the producer of their whiskey, Brinegar and Bakehorn said knowledgeable industry consultants led them to some high-quality Kentucky barrels.

“That means we’re getting whiskey that was made here, placed in a rickhouse and aged in Kentucky’s perfect climate,” Brinegar said.

Currently two whiskeys — Old Wm. Tarr Manchester Reserve Kentucky Straight

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Whiskey (7 years old), and Old Wm. Tarr Inheritance Bourbon (12 years old) — are being sold on scheduled release dates at its visitor center. When that attraction opens in the 3,400-square-foot space, there will be tours, tastes, cocktails and a gift shop. Future plans include an outdoor patio and special events.

When COVID-19 restrictions on public gatherings are lifted, the partners will launch a roadshow to promote their whiskeys.

The partners’ plans include building a sizeable distillery at which they’ll make their own whiskey and create new brands.

Looking forward, the goal is to grow sales to 30,000 cases per year — a point at which they say small distilleries prove attractive as takeover targets for liquor conglomerates.

Achieving that will take years, they said, and likely more outside investment to speed that growth along.

A current investor in Wm. Tarr is Chantel Stoops, whose enthusiasm for the company has turned her into an unexpected brand ambassador. She and husband Mark Stoops, head coach of the Kentucky Wildcats football team, wanted to put money into opportunities that engaged them, not just those in which they’d be passive shareholders.

“We’re getting into companies we enjoy, and this has been a good way for us to diversify,” Chantel Stoops said. “We’re sort of saying to each other, ‘When you retire, you’ll want to be part of things you like.’”

When Bakehorn learned Stoops was talking up the Tarr brand, she said, “‘You’re doing a good job for us. Would you mind doing more of it?’” Stoops recalled. “I told her I didn’t mind it at all and would. When it’s something you enjoy and it’s a product you like, it’s easy to talk about.” BL

13

PHOTO FURNISHED

Wm. Tarr Distillery President Barry Brinegar, left, and CEO Jill Bakehorn, right, who also owns 903 Venues, partnered to resurrect the historic brand. Chantel and Mark Stoops, head coach of UK’s football team, are also investors in the venture.

([FHOOHQFH 5XOHV We are committed to providing our clients with great service and high-quality expertise.

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Keeping It Cool Exemplary customer service and the ability to transition quickly help Clem’s Refrigerated Foods thrive amid change

BY STEVE COOMES CONTRIBUTING WRITER

L

ike many, Steven Clem got a college degree (economics) that barely applied to his post-graduate line of work. And yet, as sales manager at Clem’s Refrigerated Foods (CRF), he has a job he loves and a beloved father, Bill Clem, and brother, Alan Clem, working with him. The Clem clan is a four-generation family that works, plays and prays together. Bill’s parents, William and Helen Clem, founded the family business in 1965. (William Clem passed away in late November at the age of 97.)

Customers also appreciate the familybased values of CFR, and they adore the family running it — especially so amid the grave new world created by the COVID-19 pandemic. As Gov. Andy Beshear closed schools and paused restaurant dine-in service in March, Clem’s clients clamored for help. One of its largest, Fayette County Public Schools, was given three days to switch from feeding students cafeteriastyle to providing meals off-premises. The seemingly impossible task of replacing tons of bulk food items with sealed, ready-to-eat meals became doable with a call to CRF. “We feed students at 64 sites, which, as we like to say, makes us the largest restaurant in Lexington,” said Michelle Coker, child nutrition director at Fayette County Public Schools. “The majority of our items weren’t grab-and-go, so we had to turn on a dime to get new containers, more frozen juices, new deli meats … . I’m not kidding when I say that Steve saved us. Without Clem’s help, we couldn’t have pulled off what we did.”

Ouita Michel had a different dilemma.

The freezer at her Wallace Station restaurant had a meltdown that necessitated its replacement. She asked Steven Clem to loan her a refrigerated truck for the one day she expected the switch-out would take. She

returned it 10 agonizing days later when the job was complete.

“He saved my life! I can’t even tell you how big that was to take a truck out of their fleet for that long,” said Michel, co-owner and chef over the Ouita Michel Family of Restaurants. “Steve’s just that kind of guy, and I’ll never be able to repay him for that.”

Much of CRF’s ability to pivot quicky to meet clients’ needs comes from its own business model of staying flexible. That CRF competes profitably against foodservice distribution giants like Sysco Foods and U.S. Foods is a testament to the family’s understanding of how to fill a range of niches.

“You have to pick your spots, and you really have to change with the times,” said Bill Clem, who took over the company when his father retired in 1986. “I couldn’t go through all the different manifestations we’ve had.”

William and Helen Clem founded the company in 1965 as a meat processor and micro-distributorship. While working full time at their day jobs, William and Helen processed and packaged beef cattle for area farmers for six cents per pound. Only after the couple lined up restaurant customers requesting a steady supply of freshly ground beef did they give CRF their fulltime focus.

“In 1976, Wendy’s [fast food restaurant] came to town, and we delivered ground hamburger to them,” Bill Clem said. The revenue from Wendy’s was sizeable, he added, “but six months later, they built a commissary in Columbus, Ohio, and that business disappeared for us. We had to work to replace it.”

CRF began processing meat for wholesale clients such as local supermarket chains. At its peak, meat sales to that segment represented 75 percent of CRF’s business. Per usual, that changed without warning when a large supermarket chain changed its approved vendor list.

“You take what the market gives you

Bill Clem, above, and his two sons, Steven and Alan, oversee the family business, Clem’s Refrigerated Foods. Bill’s parents, William and Helen Clem, founded the company in 1965.

William Clem, shown in photos at right (and with Bill working in the background at far right), passed away in Nov. 2020 at age 97.

PHOTOS BY MARK MAHAN

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PHOTO BY MARK MAHAN

Steven Clem, above, is sales manager at Clem’s Refrigerated Foods. Responsive customer service and follow-through are hallmarks of the family business.

and you just keep rolling,” Bill Clem said.

Each time CRF took those hits, the family refocused on its specialty. “We’ve stuck with refrigerated foods because it’s what we’re good at. … We’re brown tablecloth, not white tablecloth.”

That makes CRF a perfect fit for TollyHo, said its owner, Roy Milling.

“They supply 60 percent of all my food — which is amazing for a small meat company — but if I could get 100 percent of it from them, I would,” Milling said. “If they send me a new product that I’ve not checked personally, I’d trust that product sight unseen because I trust them.”

Milling said not every distributor is as rigorously honest at CRF. “Theirs is the only company I deal with that I don’t have to go back and check,” he said. “What’s funny is they’ve made mistakes — but they found them before me and corrected the mistake!”

Ramsey’s Diners owner Rob Ramsey said he’d “not know what to do without them” after purchasing about a dozen different meat products from Clem’s over three decades.

“They do a very specific grind for our hamburger that includes fat cut off choice steaks,” Ramsey said. “Theirs is a whole different product without any bone or gristle.

We pay more for it, but it’s worth it.”

While Ramsey is loyal to some of his vendors because of their problem-solving skills, he said he’s loyal to CRF because its service is problem free.

“In that many years, we haven’t had any problems with them,” he said. The Clem family’s professionalism is a bonus, he added. “They’re quick to respond when you need them, and they won’t bother you when you don’t. It’s a business relationship that’s not painful in any way, which is something I can’t say about all our purveyors.”

At the outset of the virus-related restaurant shutdowns, Steven Clem didn’t wonder long over how CRF would replace the subsequent revenue shortfall. Summer’s approach saw the company gaining new clients as far away as Warren County and increasing sales to existing clients. A bit of Facebook marketing also nudged up retail sales to families buying in bulk. Asked whether COVID-19 has changed CRF’s vision for growing the business, he said no.

“Because of COVID, we could have gone 20 different directions to get more sales. But we’re never looking to grow just to get bigger,” he said. “We always look toward doing things now that will pay dividends down the road.” BL

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Alan Clem, left, oversees operations.

The business’ specialized focus and ability to pivot quickly helps it compete against much larger fooddistribution companies.

PHOTO BY MARK MAHAN

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Financial Planning in 2021 Means Finding Solidity in Uncertain Times Local wealth advisors offer strategic advice for a sound financial future

BY LIZ CAREY CONTRIBUTING WRITER

J

ust because we can put 2020 behind us doesn’t mean we can put the uncertainties the year brought with it behind us as well.

Financial planners across Central Kentucky say that the key to planning for the new year is to plan on those uncertainties to continue. Between not knowing when a COVID-19 vaccine will be available and whether Congress will pass another stimulus package, to not knowing how the incoming Biden administration will impact taxes and the economy, or how markets will react to the current economic situation, planning now means planning with purpose, experts say.

“While the market/ economy looks relatively decent today, we are not out REYNOLDS of the woods, yet,” said Andy Reynolds, COO with Ballast. “We are advising clients to continue to make disciplined financial decisions, limit excess debt and maintain appropriate liquidity needs should we see a market/economic slowdown during the winter months due to COVID-19 limitations.”

Now, more than ever, said John Boardman, also with Ballast, is the time to take stock of your financial picture.

“The environment has created a great deal of uncertainty in financial markets,” Boardman said.

“Even without a pandemic, 2020 was likely to be quite dramatic with a contentious, politically divided election BOARDMAN year. Add a global pandemic to that, and that drama has grown ten-fold.

The most important step any person can take, particularly when the world looks scary, is to take an honest, unemotional view of their financial picture and plan.

This process will provide you with clarity and peace of mind.”

Now is not the time for knee-jerk reactions, said James Fereday, senior vice president and chief investment officer for WealthSouth.

“Avoid making rash FEREDAY decisions around your long-term goals and planning. Trying to time when the pandemic will end is likely as diffi-

cult as predicting this past election,” Fereday said. “Ensure that you have a diversified strategy that includes all major asset classes.

Many investors have already been negatively affected trying to time this rapidly moving market. We work with our clients to map out cash flow needs, short- and long-term, to ensure that market fluctuations don’t negatively affect their lifestyle.”

The pandemic, and 2020, has had an impact on clients, he said, emotionally and financially.

“This is a perfect year to take stock of how clients managed emotionally through a year where we had the quickest recession and subsequent recovery in recent memory,” Fereday says. “I don’t want to understate just how impactful this virus has been on certain industries, businesses, health care, working environments and student learning — we have all been affected on some level. On a long-term strategic basis, we are sticking with our current allocations, but shorter term we have made and are making tactical adjustments in our portfolios to take advantage of market conditions.”

Daniel Czulno, with Joule Financial, said people should take stock of what they will leave behind as well.

“One of the effects of the pandemic is that it brought forward to mind the reality that many people have neglected to develop or finalize their legacy or end of life planning,” he said.

“As we head into the new year, it’s a good time to not let this urgency fade and, instead, ensure that these plans and documents are not only finalized but are in a place that your loved ones are aware of and can access if needed.”

CZULNO It’s also a time to continue to set money aside.

“Statistics show that many Americans aggressively increased their cash savings during the uncertainty of the pandemic and this is great news,” Czulno said. “Folks should target an emergency savings of three to 12 months of their living expenses to weather the natural ebbs and flows of life. Beyond that however, it’s important to consider moving any excess funds to some type of investment that can generate a return to, at a minimum, keep up with inflation.”

Andrew Hart, co-founder and chief planning strategist with Wallace Hart Capital Management, said those same moves are important for businesses as well.

“While several promising vaccines are on the horizon, there’s no telling just how long

IMAGE FURNISHED

this pandemic will last,” Hart said. “That’s why the No. 1 thing business owners can do is establish a rainy-day fund. Ideally, a good rainy-day fund should be able to cover three to six months’ worth of your income. To do this, start setting money aside as soon as possible and stick to a schedule. Once you make saving automatic, you won’t even have to think about it.”

One step individuals may consider, however, is looking into a Roth IRA conversion, he said.

“Although we will have a new president in 2021, the likelihood is that tax rates will stay the same until 2025 before reverting higher. For that reason, I don’t think it’s a good time to make drastic changes to your tax strategy,” he said.

HART “One exception to this, however, is to take a serious look at a Roth IRA conversion.

A Roth IRA is different from a traditional

IRA, in that you pay taxes on your present-day contributions, not on your future withdrawals. With tax rates as low as they are, now may be a good time to convert your traditional IRA to a Roth. By doing this, you’re essentially choosing to prepay your taxes and lock-in tax-free advantages during your retirement, which is when you’ll need them most.”

Regardless, said Czulno, talking to a professional and having a plan is the best way to face the uncertainty of 2021.

“At the heart of every question a client asks, whether it’s ‘What will the stock market do in the next month?’ to ‘Where can I find yield on my investments?’ or ‘What tax changes should I expect?’ is the root question, ‘Will my financial plan be able to handle what lies on the horizon?’” Czulno said. “Those without a clear plan for their goals and how to achieve them tend to face the greatest uncertainty. Those with a clear plan, which is updated and reviewed regularly with their advisor or planner, tend to have the certainty that most of what happens in the future can be navigated appropriately.” BL

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Please email questions regarding our BizLists to Sharon Metz at sharon.metz66@gmail.com.

Accounting Firms Ranked by number of certified public accountants on staff

December 2020 % of Clients

% of Business Firm Name Address, Phone Website

Number of Licensed CPAs in Lexington/ in Firm

1

Dean Dorton 250 W. Main St., Ste. 1400 Lexington, KY 40507 (859) 255-2341 www.deandorton.com

2

Top Local Official/ Title

Year founded locally/ Headquarters/ Number of local offices

Tax

Accounting/ Financial Reporting

Auditing

Consulting

Other

Individual

Business

Other

63/ 106

42%

15%

18%

25%

0%

15%

70%

15%

David C. Bundy (President & CEO)

1979/ 3/ Lexington, KY

Blue & Co., LLC 250 W. Main St., Ste. 2900 Lexington, KY 40507 (859) 253-1100 www.blueandco.com

30/ 190

28%

11%

27%

30%

4%

17%

80%

3%

Jennifer Miloszewski (Director-in-Charge)

1970/ 10/ Carmel, IN

3

RFH, PLLC 300 W. Vine St., Ste 800 Lexington, KY 40507 (859) 231-1800 www.rfhco.com

20/ 20

45%

5%

47%

2%

1%

23%

70%

7%

Amelie Larson (Managing Partner)

2004/ 1/ Lexington, KY

3

Crowe, LLP 541 Darby Creek Road, Ste. 270 Lexington, KY 40509 (859) 252-6738 www.crowe.com

20/ 1,331

25%

0%

31%

42%

0%

25%

70%

5%

Steve Jennings (Office Managing Partner)

1951/ 39/ Chicago

5

MCM CPAs & Advisors 333 W. Vine St., Ste. 1000 Lexington, KY 40507 (859) 514-7800 www.mcmcpa.com

19/ 159

42%

6%

37%

6%

9%

11%

85%

4%

Debbie Smith (Partner and Location Leader)

1980/ 6/ Louisville, KY

6

Miller, Mayer, Sullivan & Stevens, LLP 2365 Harrodsburg Road, Ste. A-100 Lexington, KY 40504 (859) 223-3095 www.mmssllp.com

16/ 16

30%

25%

30%

5%

10%

20%

70%

10%

John Huston (Managing Partner)

1973/ 1/ Lexington, KY

7

Radwan, Brown & Company, PSC P.O. Box 1485 Lexington, KY 40588 (859) 233-4146 www.radwanbrown.com

12/ 12

60%

15%

0%

20%

5%

30%

65%

5%

Troy Mulligan, Randy Hatfield, Leah Christopher, Stephen Horn (Partners)

1987/ 1/ Lexington, KY

8

Cloyd & Associates, PSC 2410 Greatstone Point Lexington, KY 40504 (859) 223-3318 www.cloydcpa.com

9/ 9

60%

20%

15%

5%

0%

50%

50%

0%

J.Michael Cloyd, Madgel Miller (Partners)

2016/ 3/ London, KY

9

Kring, Ray, Farley & Riddle 444 E. Main St., Ste. 203 Lexington, Ky 40507 (859) 231-0541 www.krfrcpa.com

8/ 8

65%

10%

15%

5%

5%

55%

35%

10%

Edward H. Ray, III (Managing Shareholder)

1973/ 1/ Lexington, KY

9

Hisle and Company * 277 E. High St. Lexington, KY 40507 (859) 259-3403 www.hisle-cpa.com

8/ 8

45%

15%

15%

13%

10%

30%

60%

10%

Kent Hisle (Managing Partner)

1975/ 1/ Lexington, KY

11

FWK and Associates, PLLC 401 Lewis Hargett Circle, Ste. 110 Lexington, KY 40503 (859) 219-0098 www.fwpllc.com

7/ 7

70%

20%

0%

10%

0%

25%

60%

15%

Louis E. Fister, Jr., Jim Mike Williams, Jesse Kelly (Members)

2000/ 1/ Lexington, KY

12

Besten & Dieruf, PLLC 190 Market St. Lexington, KY 40507 (859) 254-4427 www.BandDcpa.com

6/ 6

55%

10%

25%

5%

5%

25%

60%

15%

Chris Besten and Andrew Dieruf (Partners)

2011/ 1/ Lexington, KY

12

Enderle and Romans, PLLC 318 E. Main St., 2nd floor Lexington, KY 40507 (859) 254-4428 www.enderlecpa.com

6/ 6

70%

5%

0%

15%

10%

15%

85%

0%

Mark G. Enderle and Scott L. Romans (Partners)

2017/ 1/ Lexington, KY

12

SKW CPAs & Advisors, PLLC * 183 Walton Ave. Lexington, KY 40508 (859) 721-1820 www.skwcpas.com

6/ 6

50%

25%

10%

15%

0%

30%

70%

0%

Donna J. Smith, CPA, ABV, CFF, CITP (Managing Partner) Kelley W. Kirk, Jimmy E. Webster, R. Tyler Byrge (Partners)

2015/ 1/ Lexington, KY

15

Duncan, Smith & Stilz, PSC 824 Euclid Ave., Ste. 200 Lexington, KY 40502 (859) 268-2221 www.dssky.com

4/ 5

50%

20%

20%

5%

5%

70%

25%

5%

Stewart A. Smith (President)

1978/ 1/ Lexington, KY

15

Switzer McGaughey & King, PSC 811 Corporate Drive, Ste. 303 Lexington, KY 40503 (859) 223-5353 www.smkcpaky.com

4/ 4

50%

30%

10%

10%

0%

40%

55%

5%

Ron C. Switzer, Daniel King (Shareholders)

1968/ 1/ Lexington, KY

Rank

TIE

TIE

TIE

TIE

TIE

TIE

TIE

TIE

TIE

Source: Information was obtained from representatives of listed companies, firm websites, and the Business Lexington questionnaire survey. List was restricted to accounting firms located in Lexington. There may have been other firms but they did not respond by deadline.

Footnote: * Previous figures, did not respond by deadlines. Key: CPA=Certified Public Accountant, WND= Would Not Disclose, NA= Not Available.

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WWW.BUSINESSLEXINGTON.COM

BizList

Please email questions regarding our BizLists to Sharon Metz at sharon.metz66@gmail.com.

Wealth Management Firms Ranked by number of advisors in Lexington area Rank

Firm Name Address, Phone Website

December 2020

Number of Advisors in Lexington

Other Staff

States Licensed

Top Official

Headquarters/ Years in Business

1

Baird 300 W. Vine St., #1100 Lexington, KY 40507 3120 Wall St. Ste. 310 (859) 255-9681 www.rwbaird.com

38

22

Across all states

Tom B. Kessinger III (Branch Manager)

Milwaukee, WI/ 165

2

Community Trust and Investment Co. 100 E. Vine St., Ste. 501 Lexington, KY 40507 (859) 389-5303 www.ctbi.com/ctic

32

21

Across all states

Andy D. Waters, CTFA (President/CEO)

Lexington, KY/ 27

3

Merrill Lynch, Pierce, Fenner & Smith 300 W. Vine St., 10th Floor Lexington, KY 40507 (859) 231-5237 www.ml.com

23

14

Across all states

Mollie Brennan (Resident Director)

New York, NY/ 68

4

Keystone Financial Group 527 Wellington Way, Suite 225 Lexington, KY 40503 (859) 317-8316 www.keystoneky.com

19

9

AK, AL, AR, AZ, CA, CO, DC, DE, FL, GA, HI, IA, ID, IL, IN, KY, LA, MA, MD, ME, MI, MO, MS, MT, NC, NJ, NM, NY, OH, OR, PA, SC, SD, TN, TX, WA, WI, WV

Mike Kretz; Toby R. Jenkins, MS, CFP®; Tim S. Jenkins, CFP®

Lexington, KY/ 13

5

Meridian Wealth Management, LLC 250 W. Main St., Ste. 3150 Lexington, KY 40507 (859) 543-4516 www.meridianwealthllc.com

15

6

Licensed in Kentucky but available to work with clients nationally

Greg Couch (Founder/President)

Lexington, KY/ 10

5

PNC Wealth Management * 301 E. Main St., Ste. 300 Lexington, KY 40507 (859) 281-5372 www.pnc.com

15

70

Across all states

Ann Georgehead (Managing Director)

Pittsburgh, PA/ 160

7

WealthSouth 106 W. Vine St., Ste. 600 Lexington, KY 40507 (859) 523-2610 www.WealthSouth.com

12

4

Licensed and regulated to conduct business nationally through the Office of Comptroller of the Currency.

Thomas Hager (President), Bill Howell (Senior VP, Lexington Market Director)

Danville, KY/ 111

8

Unified Trust Company A Division of American Trust Co. 2353 Alexandria Drive, Ste. 100 Lexington, KY 40504 (877) 411-8781 www.unifiedtrust.com

11

220

Tennesse State Chartered Trust Company

Gregory Kasten MD, MBA, CFP®, CPC, AIFA® (Founder & CEO), Kevin Avent CFP®, AIF® (Managing Director)

Lexington, KY/ 150

8

UBS Financial Services 307 S. Ashland Ave. Lexington, KY 40502 (859) 335-8107 www.financialservicesinc.ubs.com

11

6

Across all states

Matt Fresca (Branch Manager)

New York, NY/ 150

8

Central Bank Bank & Trust 300 W. Vine St. Lexington, KY 40507 (859) 253-8105 www.centralbank.com

11

13

Trust Powers granted by Kentucky Department of Financial Institutions

Barry Hickey (EVP and Trust Manager), Kathy Wilson Gibson, (Senior VP and Compliance Officer), Tim Fyffe (Senior VP and Senior Portfolio Manager), Leigh Ann Young (Operations Manager)

Lexington, KY/ 81

11

Raymond James and Associates 489 E. Main St. Lexington, KY 40507 (859) 253-9769 https://www.raymondjames.com/ lexingtonwealthmanagement

10

4

Across all states

Elizabeth Aulick Robertson, AWMA®, CDFA® (First Vice President, Investments Branch Manager)

St. Petersburg, FL/ WND

11

MCF 333 W. Vine St., Ste. 1740 Lexington, KY 40507 (859) 967-0999 www.mcfadvisors.com

10

15

KY, TN, OH, FL, IN, IL, TX, MI

Dave Harris (CEO), Bob Sathe (Chairman)

Covington, KY/ 10

13

WesBanco 400 E. Vine St. Lexington, KY 40507 (859) 244-7204 www.wesbanco.com

7

10

IN, KY, MD, OH, PA, WVA

Barry W. Norfleet, JD, MBA (Senior VP & Senior Trust Officer); Thomas E. Hatton (VP and Senior Investment Officer)

Wheeling, WV/ 150

14

Kentucky Bank Wealth Management 360 E. Vine St., Ste. 100 Lexington, KY 40507 (859) 469-7378 www.kybank.com

6

4

KY, FL, MI, TN, IN, OH, TX

Quinn Broadbent (Director of Wealth Management)

Paris, KY/ 150

14

Family Wealth Group * 2704 Old Rosebud Road, #180 Lexington, KY 40509 (859) 309-0349 www.thefamilywealthgroup.com

6

12

KY, FL, WV, OH, TN

G. K. Metzler (Founder/CEO)

NA/NA

16

Russell Capital Management 476 E. High St. Lexington KY 40507 (859) 254-5225 www.russcap.com

5

4

AZ, CA, FL, GA, IN, KY, MI, NC, OH, TN, TX, VA

Harry (Jack) L. Russell, Jr.

Lexington, KY/ 27

16

Ballast, Inc. 360 E. Vine St., Ste. 320 Lexington, KY 40507 (859) 226-0625 www.ballastplan.com

5

4

CA, FL, GA, KY, MO, NC, OH, SC, TX , OR, WV, VA

John V. Boardman, III (Founder/CEO), Andrew J. Reynolds, CFP® (COO), Brian Burton, CFP® (Director of Portfolio Strategy) Cameron Hamilton, CFP® (Director of Financial Planning)

Lexington, KY/ 12

16

E.S. Barr & Company 1999 Richmond Road, Ste. 1B Lexington, KY 40502 (859) 266-1300 www.esbarr.com

5

2

CA, FL, GA, IL, KY, NY, NC, TN, VA

Edward S. Barr (President)

Lexington, KY/ 28

TIE

TIE

TIE

TIE

TIE

TIE

TIE

TIE

TIE

TIE

TIE

TIE

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JANUARY 2021

WWW.BUSINESSLEXINGTON.COM

BizList

19

Please email questions regarding our BizLists to Sharon Metz at sharon.metz66@gmail.com.

Wealth Management Firms Ranked by number of advisors in Lexington area Rank

Firm Name Address, Phone Website

December 2020

Number of Advisors in Lexington

Other Staff

States Licensed

Top Official

Headquarters/ Years in Business

16

Bank of the Bluegrass 215 Southland Drive Lexington, KY 40503 (859) 233-4500 www.bankofthebluegrass.com

5

2

KY

Mark Herren (Chairman/CEO), Bill Allen (President), Jerry Johnson (Director of Wealth Management)

Lexington, KY/ 40

20

Asio Capital, LLC 220 Lexington Green, Ste. 420 Lexington, KY 40503 (859) 785-4141 www.asiocapital.com

4

1

Across all states

R. Tracy Osborne (CEO/Founder), John C. Cheshire (CIO/Founder), Ryan M. Gray (Senior Wealth Strategist/ Founder), Erin H. Serrate (Senior Wealth Strategist/Founder)

Lexington, KY/ 2

20

VFG Wealth Management and Benefit Solutions 131 Prosperous Place, Ste. 14A Lexington, KY 40509 (859) 312-1216 www.vfginvest.com

4

2

27 states

Adam Legate (Partner), Kevin Kitchin (Partner), Jason Young (Partner)

Lexington, KY/ 21

22

Dupree Financial Group * 237 E. Main St. Lexington, KY 40507 (859) 233-0400 www.duprefinancial.com

3

3

KY, NC, SC, TX

Tom Dupree (Founder)

Lexington, KY/ 15

22

Joule Financial * 146 Deweese St. Lexington, KY 40507 (859) 881-0777 www.joulefinancial.com

3

1

Licensed in Kentucky but available to work with clients nationally

Quint Tatro (Managing Director) Daniel Czulno (Managing Director)

Paris, KY/ 17

24

Dean Dorton 250 W. Main St., Ste. 1110 Lexington, KY 40507 (859) 425-7780 www.deandortonwealth.com

2

1

KY

David Parks (Senior Wealth Advisor)

Lexington, KY/ 2

TIE

TIE

TIE

TIE

TIE

Source: Information was obtained from representatives of listed companies, firm websites, and the Business Lexington questionnaire survey. List was restricted to accounting firms located in Lexington. There may have been other firms but they did not respond by deadline.

Footnote: * Previous figures, did not respond by deadlines. Key: WND= Would Not Disclose, NA= Not Available.

We're excited to serve the community from our new location at 106 West Vine Street in downtown Lexington. Thanks for helping us become one of the largest locally-operated wealth management firms in the Bluegrass.

wealthsouth.com (859) 523-2600 Securities and/or insurance products offered by WealthSouth * NOT FDIC/FINRA/SIPC insured * May go down in value*NOT financial institution guaranteed *NOT a deposit *NOT insured by any federal government agency. WealthSouth is a Division of Farmers National Bank, Danville, KY.

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BizLexQ&A

Dr. Steven Stack

Kentucky’s Public Health Commissioner on COVID-19 and other challenges facing the state

BY TOM WILMES BUSINESS LEXINGTON

Y

ou were appointed shortly before the pandemic took hold. Can you reflect on those first few months and ramping up a statewide response? My first day on the job was Feb. 10 and the first patient we announced in Kentucky was March 6. Coming in and meeting a team of 450 public health workers here at the State Department of Public Health over a few weeks and then to suddenly be confronted with a once-in-a-century pandemic was certainly a steep learning curve. We have a wonderful team here, and I have two wonderful deputies, a wonderful chief of staff and a number of other operational leaders for our divisions who do terrific work supporting public health so, thank goodness, the state was well prepared with those dedicated and talented people. We all learned a great deal together and still are.

Dr. Steven Stack has served as medical director of multiple emergency departments, including St. Joseph East, Lexington, St. Joseph in Mt. Sterling, Kentucky, and Baptist Memorial Hospital in Memphis.

PHOTO FURNISHED

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Our statewide health systems were already stressed, and I know there was policy reform on the table. What’s the status there? Unfortunately, here in Kentucky and in many other states, public health has been chronically underfunded and has also faced cuts over the years, which has degraded its ability and readiness to respond quickly to certain crises. That’s an unfortunate reality. Again, it’s other states as well, but in Kentucky we have some very poor public health statistics having to do with how common diabetes is, obesity, untreated hypertension, various types of cancers, substance use disorder, challenges with maternal fetal health and infant mortality rates, so we have a number of areas where a lot of work needs to be done.

Then we also have all the disease surveillance and infection control issues that we deal with — transmitted diseases, tuberculosis, hepatitis and various other infections — all that work with the public health system is unfortunately at substantial reductions in resources devoted to it by state and local governments over the last decade or more, which has been a real challenge. I think the public is seeing now, with COVID-19, just how critical having an infrastructure is, as we’ve had to rebuild a fair amount of it to scale up for this disaster.

So, you’re correct, when I first started this job public health transformation was the single-biggest thing we were facing probably in a generation. About half of the health departments across the state — we have 120 counties and 61 local health departments — faced financial insolvency within two years absent major structural reform, a chunk of which has to do with pension reform related to state government. There were three pieces of legislation that were being reviewed and considered by the legislature earlier this year. The structural one, the primary one, got passed but the COVID pandemic then interrupted and altered the trajectory for some of the financial reforms that had to go with it.

We are in the midst of trying to reform the public health system, but we’ll need the legislature to continue to make efforts in future sessions that further advance financial and structural reforms.

You have a business background (Stack earned an MBA in 2017) as well as experience in emergency medicine. How have those skills helped? In Kentucky, the commissioner for public health is required to be a physician. I have a bias in this of course, but I think having an emergency physician in this role — I think I’m probably the first emergency physician to ever have been state health commissioner for public health — was particularly fortuitous timing, because we are clearly in the midst of a large-scale emergency.

Some of the traits that I trained in and became proficient in have to do with making high-stakes decisions quickly and efficiently with limited data while still being accountable for good results. That’s a different skill set. You don’t have time to have all the information you wish you had or to have all the resources you would like or need, and yet you still have to get the job done. We have to be able to function and operate in that that kind of domain. I was a practicing emergency physician for more than 20 years, and I think that background has been very helpful as we’ve had to navigate this particular crisis.

This role, if you look at it from a management perspective, as I said, encompasses about 450 state employees and traditionally manages close to $400 million worth of federal and state financial resources to support public health programs.

That involves running a highcomplexity reference laboratory to support the entire state, women’s health programs and supporting healthy childbirth and healthy childhoods, environmental safety inspections and testing — we support the program that inspects restaurants, we do food-safety inspections, milk-safety testing, pool safety, radon testing — as well as preparedness for emergency responses, among other areas. Here in the COVID-19 pandemic, we are the lead agency

amongst many other agencies that have roles to play.

In all, there are around 3,000 total public health employees across the state who are supporting all 4.5 million Kentuckians in one way or another, and that’s all done in the context of state government, which of course brings with it additional considerations of interfacing with the legislative branch and working within the structures of the government sector. It’s certainly a large, complex operation, but one that’s doing a lot of good work for Kentucky.

I know you’re in close communication with the governor. What does that relationship look like? I think we’re very fortunate to have Gov. Andy Beshear in his role. I’ve had the privilege to get to know him over this journey, and it’s an honor to work with and for him. I’ve seen him time after time make the difficult decisions to try to do the very best he can to keep people safe and minimize the harms. There’s health and safety harms — people who get infected can have long-term recoveries, and people can obviously die from this, as well — but there’s also the economic harms and disruptions to our social lives and to our businesses.

I have the privilege to be an advisor to him in my role as health commissioner, and also to observe repeatedly the governor make difficult decisions in the best interest of Kentuckians and not take easy ways out.

He’s done the best he can to support every Kentuckian through this.

What would emphasize as we head into the winter months, especially with staying healthy in the workplace? I know this is frustrating and it sounds like a broken record, but until every one of the 4.5 million Kentuckians can recite this from memory we’ve not succeeded. People have got to stay six feet away from anyone who doesn’t live with them. We have got to wear masks whenever we are out in public and whenever we’re in close contact with anyone outside of our household. Wash or sanitize your hands frequently, and absolutely stay home if you are sick — do not go to school, work or any other activity if you have fever, cough, shortness of air, loss of smell or taste, or any other symptoms that suggest you have an infectious disease.

And of course, if you think you have COVID-19, get tested please. We have a number of testing options that we support throughout the state that are free — health insurance will cover this and should do so without copay or patient cost sharing. And then if you get a phone call from a contact tracer, please constructively engage with them and partner with them. They are here to help keep people safe. If we were to all do these things, we could really depress this virus a lot more than it currently is and — along with vaccines hopefully beginning to help change the landscape in 2021 — we could get a lot closer to the lives we used to know. BL

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JANUARY 2021

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Who’sWho New Hires & Promotions Brad Thomas of Touchstone Energy Cooperatives has been named to the board of directors of the National Rural Economic Developers Association.

R. J. Corman Railroad Group, LLC has named Michael Donfris as its new chief financial officer.

AppHarvest has announced Travis Parman will join the AgTech leader as chief communications officer, reporting to founder & CEO Jonathan Webb.

Parman most recently served as vice president for Nissan Americas and president of the Nissan Foundation.

Shawn Lyons, a longtime development and alumni engagement expert and Centre College vice president, has been named as Transylvania University’s new vice president for advancement.

LEX18 announced the hiring of Larry Smith as the new main co-anchor for LEX18 News.

Smith replaces longtime WLEX anchor Kevin Christopher, who retired after two decades behind the news desk at LEX18.

EMPLOYMENT NEWS AND AWARDS IN OUR COMMUNITY

Charles Thompson, business development manager; James Ochsenbein, director of photography; and Ethan Mills, live events operations manager, have joined Studio46 Media – a video production, live/virtual event services, and creative services company in Lexington.

Science and engineering firm SynTerra has announced the hiring of environmental consultant Scott Smith.

THOMAS

DONFRIS

PARMAN

LYONS

L. SMITH

THOMPSON

OCHSENBEIN

MILLS

S. SMITH

WELLS

JOHNATHON

COPE

ANDERSON

HIERONYMUS

Lexington Mayor Linda Gorton has named Jason G. Wells as the city’s next fire chief.

Kudos The city of Lexington has received an all-time high score of 95 out of 100 from the Human Rights Campaign, a national civil rights organization focused on protecting and supporting the lesbian, gay, bisexual and transgender communities. Each year the organization scores cities based on how inclusive their laws, policies, services and programs are of their LGBTQ citizens. In 2020, the organization evaluated 506 cities across

the country. The national organization listed Lexington as a Municipal Equality Index All-Star because it received a high score in a state without LGBTQ nondiscrimination laws.

Gov. Andy Beshear and the Kentucky Arts Council have presented the prestigious 2020 Governor’s Awards in the Arts: Milner Award to folksinger Michael Johnathon, who joins Kentucky artists such as

COMING IN FEBRUARY The February 2021 Business Lexington will feature the following BizLists: • Architecture Firms • Real Estate Law Firms • Commercial Real Estate Management Companies

CHI Saint Joseph Medical Group announced its 2020 Employee of the Year and Leader of the Year award recipients. Rachel Cope, of Berea, a physician liaison, was presented the Employee of the Year award, and Patrick Anderson, of Lexington, an applications manager, earned

the Leader of the Year award.

G.D. Hieronymus, who has served as Keeneland’s Eclipse Award-winning director of broadcast services since 2000, announced his retirement effective Feb. 1, 2021. Hieronymus will continue to work during Keeneland’s spring and fall race meets and on special projects for the track and its industry and philanthropic partners. BL

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Dr. Tiffany Daniels, D.C.

Lisa Higgins-Hord

Co-Chair

Co-Chair

BUILDING A BRIGHTER FUTURE. The Lexington Black Prosperity Initiative at Blue Grass Community Foundation will award grants to support racial equity and address disparities in the Black community.

Learn more about the Initiative and donate at bgcf.org/racialequity—all gifts will be matched dollar for dollar, due to a generous $100,000 matching grant.

bgcf.org

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