February 2024 Southwest Florida Business Today

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A look at commercial real estate trends & topics in Southwest Florida FOLLOW SOUTHWEST FLORIDA BUSINESS TODAY® ON:

Financial Review

Financial industry professionals in Southwest Florida share timely tips on important-to-yourbusiness topics right now.

COMMERCIAL REAL ESTATE

A ribbon-cutting ceremony marked the reopening of the original Chico’s at Periwinkle Place on Sanibel Island.

A lookreopens at commercial real estate trends & topics in S Chico’s its original Sanibel Island store Commercial Real Estate

A specially focused monthly feature exploring the SWFL commercial real estate marketplace.

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2019 INTERNAT

s and Salute to Entrepreneur solo practitioners

Startups, of the economy visionaries fuel Southwest Florida.

Brady Photos by Christine trade to the Southof international about the importance Development offices.

Buqueras talks Economic Director Carlos the Lee County first-ever stop at Port Manatee Executive during the Port’s west Florida market

visit Fort an businesses South Americ

Estate Commercial Real 8-page pullout

A comprehensive a quarterly Southsection that is Real Eswest Florida Commercial

IN THE NEWS

to

Dave Gammon elevated Charlotte EDO director

Myers

Special to SWFBT

tate market overview.

in the wake of Charlotte County, joinLucienne Pears former director Partners at Babcock ing Kitson and former Business Ranch, elevated and interim Recruitment Supervisor to executive director Dave Gammon Economic Developdirector of the ment Office. face in reGammon is a familiar he development as gional economic three years with his has proven in EDO. Charlotte County continue leading to excited is He like developments several existing page 19

Florida to communities in second one of four host as part of the Lee County was from seven countries welcome companiesTrade Summit.

Manatee, annual International International Trade Hub at Port Fort Lauseries visited Organized by The Business opportunity a and Tampa for one day the 2019 Global Bradenton/Sarasot derdale, Fort Myers,to 29.

26 Office, Southwest each from Aug. ReEconomic Development and the Southwest The Lee County Chamber of Commerce the event, which Florida Hispanic Association co-hosted gional Manufacturers Gulf Railway.

Chile, Colombia, was sponsored Seminole from Argentina, Peru and other locales International companies Mexico, Spain, goods, artisanal Guatemala, apparel, El Salvador, food, coffee, fruits, cooking systems featured wine, snack and state-of-the-art to County industry merchandise companies showcases Lee founded as part of Port Manatee, during the summit.

An expo-style summit from seven nations Trade Hub at in Florida and leaders visiting markets Summit.

The International International Trade advice and business as a vital link between provides expert See page 6 the second annual in 2014, serves world. The hub TRADE throughout the

NEURS

SALUTE TO ENTREPRE for growthand Intermediary ss Advisors poised Proa Certified Business Mergers & Acquisitions transaction experiEdison Busine the IBBA ap- Certified designations from ence totaling partner and

GAMMON See

Privacy & Cyber Security Forum announced

& Cyber SeA special Privacy held on Friwill be at curity Forum 9 a.m. to noon day, Nov. 8, fromNews Community the Naples Daily room.

Companies will William C. Huff and insponsor the informational for the community. teractive forum forum is for atThe goal of the clearer undera tendees to gain keep their famito standing of how businesses private. lies, wealth and FORUM See page

18

in fi$170 fessional a Eric Gall, managing with a concentration proximately for Edison Avenue, won and an MBAthe University of Michigan. broker of record brokerage and lower million. Gall transactions and nance from leading business Gall in business the 2018, 2016 and acquisitions Niehaus, Bro- Assisting middle market mergers Pfeffer, Steven 2014 Business significant changes No. 1 are Michael and Phillip Reda. Adfirm, is announcing kers of Florida Edward Valaitis Business to operations.

Top Dollar Producer to rebrand itself Pfeffer joins Edison of business The firm has decided over 20 years Award for Southwest Advisors” to better out visors with experience, including 12 as “Edison Business service offerings, Florida, beating busi- transactionbusiness brokerage franchise communicate addedbusiness appraisals, Gall a over 90 other He is years as Southwest Florida. Pfeffer is a including certified appraisals and certiness brokers. in Brokers owner Certified Intermediary, Certified certified equipment International Business 6 and Board fied exit strategies. mergers and acquisi- also an EDISON See page Chairman’s Circle Brokerage and led by Association Award winner. Eric holds continue to be tions efforts will 20 years of business Deal Maker Gall. He has over OPENING

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Hoffmann Family buys Hertz Arena, Everblades

INSIDE THIS ISSUE

The Hoffmann Family of Companies has entered into an agreement to purchase the Florida Everblades and the Hertz Arena.

Plans are underway for a complete renovation of the 8,284-seat, multipurpose arena. The improvements will include enhanced skyboxes, food services and installation of a state-ofthe-art scoreboard.

Hertz Arena, which opened in 1998 as Everblades Arena, hosts a variety of events including concerts, Cirque du Soleil, Disney on Ice, boxing and trade shows. The venue offers

Focus on Manufacturing

Area companies are building a better future — one made right here in Southwest Florida.

25 suites, two additional ice rinks, a private club and a pub, Breakaway Sports Pub. The arena is also home to the Florida Gulf Coast University Eagles club hockey team of the American Collegiate Hockey Association.

“We are optimistic that all of the 330 employees will remain with the Hoffmann Family of Companies,” said Craig Brush, Florida Everblades President and General Manager, who signed a five-year contract and has a commitment from all his senior staff to remain in place.

“We are thrilled to be acquired by

A specially focused monthly section exploring the SWFL commercial real estate marketplace.

IN THE NEWS

Fort Myers sixth Business Summit slated for Sept. 20

Holly Bell addresses citrus growers about the 25,000-plus uses for industrial hemp, which can now be grown legally in Florida

Cannabis chief promises rich stash for hemp growers Special to SWFBT Submitted By: Jacob Ogles, Editor

SUMMIT See page 7

When other states started authorizing farmers to grow hemp, it didn’t take long to realize there was no place to sell it. Because no structures had been put in place for processing and manufacturing plants, state officials found themselves rushing a regulatory structure through so farmers could offload their first harvests.

Holly Bell, Florida’s first Director of Cannabis, plans to learn from that mistake. She said the Department of Agriculture and Consumer Services will make sure all parts of the burgeoning hemp industry can move forward as soon as new rules unroll later this fall.

“When our farmers are ready for a cash flow, we want to encourage them to get going,” she said.

Applications being accepted for the 25th Blue Chip Award The 25th Annual Southwest Florida Blue Chip Community Business Award application deadline is fast approaching. The Blue Chip Community Business Award recognizes successful, small businesses in Lee, Collier or Charlotte County that have overcome adversity to achieve success. Applications must be submitted by Wednesday, Sept. 4.

The independent judges select the honoree after all the applications AWARD See page 19

Bell spoke in August at the Citrus Expo and Vegetable and Specialty Crop Expo, where growers from around the region gathered to hear her discuss this new and just recently legal product to diversify their inventory.

Just a few years ago, there were no legal reasons to grow cannabis in Florida. Now, medical marijuana dispensaries pop up in more shopping centers each week. Soon, farmers will grow non-narcotic hemp crops.

With the 2018 federal farm bill allowing hemp to grow, a budding industry will soon emerge in Florida. The Legislature this year authorized a pilot program for growing hemp in the Sunshine State, and state officials are nearly done weeding through a stack of public suggestions.

GrowFL announced this year’s 50 Florida Companies to Watch honorees, including three from Southwest Florida. Companies to Watch is a statewide competition that identifies companies expected to see significant growth over the next several years.

The GrowFL Florida Companies to Watch awards program—now in its ninth year—honors 50 select second-stage companies from throughout Florida for developing valuable products and services, creating quality jobs, enriching communities, and broadening new industries throughout Florida. Chosen from 500 growing second-stage nominations from throughout, Florida, the 50 companies named as the 2019 Florida Companies to Watch honorees generated nearly $1 billion in revenue and added over 900 jobs between 2015 and 2018. Together, the honorees project a 35 percent increase in revenue and 37 percent increase in job growth in 2019 compared to 2018.

“These stand-out companies are all led by entrepreneurs, and have demonstrated their capacity and intent to grow,” said Dr. Tom O’Neal, GrowFL executive director. “They also all have critical intellectual property or a niche position that gives them a competitive edge in their markets,” he said.

Local honorees include: Cottrell Title & Escrow, Collier County; Mettauer Environmental, Lee County; and VeraData, Lee County .

“This list recognizes second-stage Florida companies with passionate leaders who are making a difference in growing and diversifying our economy,” said Jennifer Barrows, GrowFL Chairman of the GrowFL Advisory Board and Business Development Executive with WithumSmith+Brown, PC. Second-stage companies are those

HEMP See page 5

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HOT CROP Commercial Real Estate

The Greater Fort Myers Chamber of Commerce has announced an exciting line-up for its 2019 Business Summit, set for Sept. 20. The summit, now in its sixth year, will run from 8 a.m. to 3 p.m. at the Sanibel Harbour Marriott Resort & Spa in Fort Myers.

This year’s keynote address is “Communicate Your Way to Success,” by entrepreneur, business coach and international speaker Jason Evers. Evers has traveled to more than 20 countries on five continents

such a prestigious company. Our partnership with the Hertz Corporation and now this new ownership ensures that Hertz Arena will maintain our strong community presence and continue to be the number one choice for entertainment in Southwest Florida.”

The team and the arena were previously owned by Peter Karmanos, founder of Compuware Corporation and prior majority owner of the Carolina Hurricanes in the National Hockey League.

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IN THE NEWS Collier names Pelican as ‘Business of the Wire Month’

During the July 9 Collier County Commission Wire was named meeting, Pelican ty ‘Business of the Collier Counthe Month’ and recognized by was the a manufacturing Board for being County for over leader in Collier 40 years.

Pelican Wire President Ted Bill, who received the are truly honored award, said “We Collier County to be named the Month’ for July.‘Business of the Since moving AWARD See page

Gov. DeSantis announces job growth grants

4

Gov. Ron DeSantis the Florida Departmentannounced of Economic Opportunity Florida are acceptingand Enterprise economic development project proposals for the Florida Job Growth Grant Fund. $40 million is available to fund training and public job projects that support infrastructure growth and employment in Florida.

“We know the frastructure projects importance inand workforce training has on economic development,” said DeSantis.

“The Florida Job Growth Grant Fund will help Florida communities ensure they GRANTS See page

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Dr. Sandra Kauanui (left) and Noemi Ailynee Ramirez, Y. Perez (right) Jessica Sales, with - TIF Shark Daisy Montanez, Tank winners Swap

Alondra Estrada Young entrepr eneurs share

& Shop team- Neika

Exulus,

ideas, earn awards

Special to SWFBT Submitted By: Noemi Y. Perez Southwest Florida tion’s business-themedstudents in The Immokalee Foundasummer camp entrepreneurial recently shared ideas their Tank event modeled and garnered awards during a Shark The four-week after the popular TV show. was a partnership Business Management Pathway Coast University’sbetween the foundation and Floridacamp Gulf developed businessInstitute for Entrepreneurship . among them: finding plans that solved problems Students common clothes on a budget; centric finances; handling studentñera; and findinggetting better sleep; planning a quincearestaurants suitable stricted diets. for people with reStudent teams gave ences, startup costs, presentations about their target audiprojected profits, other aspects of marketing plans entrepreneurial and Dr. Sandra Kauanui, FGCU enterprises at iTECH mokalee. Judges Director of Entrepreneurshi for in Im- spoke during the event.

Smart Companies the presentations were: Brian p, Rist, Smart Companies executive chairman; Sofia Blanno, The gram allows shoppers to arrange tor of corporate intern; and Matthew Turner, Hertz The through social an app, then physically to buy, sell or swap items direcFirst place awards responsibility. central location exchange those of $500 each went in Immokalee. items at a Shop team of Neika to the Swap & MentorUs, an Exulus, Jessica app that encourages Daisy Montanez Sales, Alondra students to make and Ailynee Ramirez.

Estrada, smart financial decisions, interested in dressing earned second place Aimed at students for team members of $250 each fashionably on Alex Soriano, a budget, the pro- ie Etienne, Azael Simon-Quirino Je’an Espinoza, Myrlandand Simson Devesaint.

Fort Myers Mayor

Special to SWFBT Submitted By: Karen P. Moore,

launches Diversi ty Committee

SHARK See page

more inclusive city.

Publisher Student Hailey Countryman asked her employer, Sanibel Captiva “It is never too the Mayor if he munity Bank, Comlate to give up had to FGCU’s College on diversity whom a team of advisors Education. your prejudices.” of Henry David Thoreau for guidance. Since he could rely on said, “We In a recent interview she can’t really say the answer to that question was no, we are trying to be at that moment Fort Myers Mayor derson felt inspired Hen- residents representative of our city’s Randy Henand community derson has known a team. Ndiang’ui to create just such have diversity if we Florida Gulf wanted to make Coast University on the council don’t sure the Mayor itself.”

She explained was prepared for ter Ndiang’ui for professor Dr. Pe- road ahead the its 18 membersthe committee drew about 10 years and asked him, was a guest speaker and from the commu“Are in his class, “In- really able to handle the truth?” you nity, representing troduction to Diversity,” diversity project moved The ethnicity, forward. in Novemgender and sexualin race, ber. Henderson Beth Countryman, asked students Hailey’s moth- tity. “We can’t be a committee idenhe could do to what er, became make Fort Myers up of old white made involved with men and think the project, going a which led to we are a $25,000 donation to be in charge of diversity.” from DIVERSITY See page 11 Payment Plans Available • Discounted Merchandise Parking Options Discount • Presale • Private Parties & Exclusive Gifts on Hertz Arena Concerts & Family Shows Buy Any 19/20 & Get A $20 Membership Pack FORD’S GIFT & ‘BLADES TOTE CARD BAG Valid on any NEW full, voucher

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Chico’s reopened the original Chico’s store at Periwinkle Place on Sanibel Island on Jan. 11. After closing due to extensive damage from Hurricane Ian in September 2022, this iconic store has been rebuilt.

Chico’s has been a part of the fabric of Southwest Florida for 40 years. The reopening of the original Chico’s store symbolizes the resolve of the community after one of the worst storms to make landfall in U.S. history.

With more than 1,400 associates impacted by the storm, Chico’s quickly pulled together recovery services including an Em-

FutureMakers Coalition at Collaboratory began accepting applications for a second round of requests for proposals on Jan. 15. Applications will be accepted until Oct. 31, with awards going out in April, July and December this year as funds remain.

The total funding amount available for this RFP is $3.8 million to develop

CHICO’S See page 11

A firsthand experience at the new Sunseeker Resort in Port Charlotte Special to Karen P. Moore, Publisher

Finally, Sunseeker Resort on Dec. 15 greeted its first guests for its first luxury resort property in the country.

A wholly-owned subsidiary of Allegiant Airlines, the Port Charlotte resort currently boasts 785 rooms, 20 restaurants and bars, a spa and salon, 60,000 square feet of meeting space, a harbor walk and an 18-hole golf course, and many other amenities.

Sunseeker Resorts is a new line of luxury resorts planned to have locations throughout the U.S. Over the past four years, Sunseeker Resort

in Port Charlotte endured damage from both hurricanes Ian and Idalia, building delays due to COVID-19, a fire and ever-increasing construction costs.

I spent a long weekend there one week after it opened and spoke to employees and visitors about the future of the resort. The wide array of dining options are intended to be seen as soon as you enter the lobby, following the national trend of offering more food-and-beverage options on-site at high-end resorts. These dining options are also open to locals to enjoy.

SUNSEEKER See page 13

Photo by Karen P. Moore View from a room boasting floor-to-ceiling windows with water views at Sunseeker Resort, which opened to the public in Charlotte Harbor on Dec. 15.

IMPORTANT BUSINESS NOTES

IN THE NEWS Next application round for SWFL Equitable Jobs Pipeline opens

ployee Disaster Relief Fund created to aid associates with personal, family, and temporary living expenses. The organization set up group wellness “Let’s Talk” sessions to prioritize mental health, MetLife Legal Support offered free attorney services and BetterUp shared emotional well-being tools with associates directly impacted by Hurricane Ian. In addition, the brand created a program where customers could donate their loyalty points to the Red Cross. Since its inception, over 4,500 customers have donated almost 5 million points to the Red Cross.

new programs, update existing programs or expand existing programs to meet the needs of local employers.

The Southwest Florida Equitable Jobs Pipeline is actively seeking employer partners in Southwest Florida who are enthusiastic about sustaining workforce development initiatives in four key sectors for both new and existing employees: PreK-12 education, manufacturing, logistics and healthcare

JOBS See page 4

 SWFBT News Update To get current business news throughout the business day, visit www.swfloridabusinesstoday.com.  Moore About Business Kick off your business week with “Moore About Business”! Tune in to SWFL PBS and National Public Radio (NPR) affiliate, WGCU radio at 90.1 FM, during Morning Edition and All Things Considered to hear SWFBT founder, owner and publisher Karen P. Moore share information and insights

for and about our local business community. Listen to past segments at https://news. wgcu.org/tags/moore-about-business  WANT SOME EXTRA CASH? Seeking part-time 1099 drivers for SWFBT’s Naples and Estero routes.

Work only 2-3 business days/month from 8:30 a.m. to 5 p.m. Access to a computer and computer printer, and knowledge of Excel preferred. Call Karen at (239) 770-7527 or email publisher@ swfloridabusinesstoday.com

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Southwest Florida BUSINESS TODAY ®

A regional bank president’s perspective on the Southwest Florida lending market

Special to Karen P. Moore, Publisher

I recently spoke with Brandon Box, Southwest Florida Region President for Cogent Bank, and talked about banking in the local business marketplace.

Moore: It’s been a crazy year in the banking sector.

Tell me about that from your perspective.

Box: Two things stand out for the banking sector specifically. One is the big March banking financial crisis where Silicon Valley and First Republic banks failed and really caused a bunch of chaos in our industry because everybody thought their bank was going to fail. There were flashbacks to 2008, 2009, when everybody woke up and wondered what bank was going to be taken over that day. What that did for our business was it kind of forced us to sit down and talk with clients. How do we calm their concerns? Because it wasn’t a systemic issue, but the perception was that it was systemic.

So that’s how the year kicked off, and of course throughout the year we had the fastest pace of interest rate hikes, pretty much in history, in terms of the speed at which rates escalated. That created a different type of environment than most customers have ever experienced in their careers. So, there was a lot of just one-on-one coaching, talking and helping customers, and I think most of our clients would say that’s the value that they get from being with a smaller bank.

Moore: Yes, I was recently talking to a local community banker about how the Small Business Administration was so disappointing in terms of their lack of ability or willingness to support the small business community post-Hurricane Ian. I’m not just talking new businesses. I talked to well-established businesses that have been here a long time and they’re not happy with the SBA. This banker said, “If the SBA would leave it in the hands of the community banks like they did with PPP, it would have been much more effective in our community.” What are your thoughts?

Box: PPP was the first time that really a stimulus program flowed through the banks. And in hindsight, I

think it went pretty well. The local banks know where the needs are the most, they know where the risks are the most and they have a better local pulse on what’s going on. So they can allocate those funds or have a platform already built in the way we make loans to facilitate that goes a lot easier, versus someone just submitting a paper application and hoping someone in the government simply approves it.

My experience was that it seemed to go OK with local access to Hurricane Ian SBA business loans, but I will say, natural disasters are when a relationship with a bank does matter because it’s hardest to get money when you need it the most. That’s kind of a common theme in banking. If you don’t know anybody at the bank you’re working with, it’s especially hard because it’s still a business where things go through a channel and you have to have advocates in those channels to get things done. It’s a lot easier to navigate those things when you’re with a smaller bank.

Moore: That’s one thing where the smaller community banks don’t get enough credit because yes, it’s still all about relationships. However trite that phrase is, in so many ways life is still that way. It certainly is in Southwest Florida. I use certain banks for certain reasons, and for PPP, I went to a local bank because the banks I use weren’t able to help me and I knew the community banks could.

Box: You have to be fair, but some banks are less flexible than others in terms of how quickly they can pivot.

That’s where the difference is, really, between the big banks and smaller community banks.

It’s important to mention it’s a good time to go sit down with your banker, whoever they may be. The environment has really changed what people can earn on their deposits. The best way to structure their account has changed, the way they carry their balance sheet has changed, and it’s an important time to sit down and reevaluate to make sure you’re positioned the most efficiently for both shortterm and long-term success for your business. Create that vision with guidance from your banker.

FEBRUARY 2024

ARGUS International honors Naples Aviation ARGUS International honored Naples Aviation as the first Fixed Base Operator in North America to receive the ARGUS International Base Operations Audit Certification.

The Base Operations Audit and rating program encourages and assists companies in reducing ground incidents and damage to aircraft and company assets.

This audit program identifies and promotes FBOs that meet rigorous international industry best practices and standards that establish appropriate safety and service programs to support their operations.

ARGUS, a member of the SGS group, dives deeply into safety, service and facilities to make sure customers visiting certified FBOs from around the world can trust in standards set forth in the Base Operations Audit.

“Being recognized as the first FBO in North America to receive the ARGUS PROS certification is a testament to the dedication and professionalism of our FBO staff and leadership,” said Chris Rozansky, Naples Airport Authority executive director. “Naples Aviation has an unwavering commitment to safety and operational excellence.”

Attaining ARGUS Base Operation certification is the highest achievement for an FBO, and ARGUS is proud to honor Naples Aviation’s significant accomplishment.

“Naples Aviation FBO was well prepared for their audit and was eager to learn how they compared with the ARGUS Base Operations Standard. They are a well-equipped organization that uses the tools of SMS and Safety Risk Management to ensure they continue to maintain an efficient and safe operation for their customers,” said Terry Webb, ARGUS International PROS senior vice president. “The Naples Aviation FBO management team is highly experienced and work very well together.”

Sharon Woodberry • swoodberry@capecoral.gov • 239-242-3274

FEBRUARY 2024

Southwest Florida BUSINESS TODAY ®

Page 3

North Fort Myers Habitat ReStore holds reopening Habitat for Humanity of Lee and Hendry Counties has nearly completed an extensive renovation of its North Fort Myers ReStore, which was damaged during Hurricane Ian in September 2022.

Prior to its grand reopening set for Feb. 2, the Habitat ReStore is seeking the community’s support to help replenish its North Fort Myers warehouse with donations of new and gently used items.

“We can’t wait to reopen our doors and welcome back our dedicated customers and supporters in North Fort Myers,” said Becky Lucas, CEO of Habitat for Humanity of Lee and Hendry Counties. “As we approach the finish line of our reconstruction efforts, every donation brings us one step closer to continuing our mission of

building decent and affordable homes.

Together, we can rebuild stronger than before and continue to make a difference in the lives of many.”

As one of the largest thrift stores in Lee County, the North Fort Myers ReStore features more than 29,000 square feet of space and serves the community by selling donated household items and building materials to help fund Habitat for Humanity’s home building efforts in Lee and Hendry Counties. However, catastrophic damage caused by Hurricane Ian left the store with a severely damaged roof, flooding and a complete loss of merchandise.

The North Fort Myers ReStore is actively seeking donations, such as furniture for living rooms, bedrooms, dining areas and patios, as well as

household appliances, building supplies and home decor. Every contribution is vital as the store rebuilds its once-flourishing inventory.

Community members are encouraged to bring donated items to any of the four ReStore locations in Lee County: North Fort Myers ReStore – 31 Willis Road, North Fort Myers; Bonita Springs ReStore – 9080 Bonita Beach Road, Bonita Springs; South Fort Myers ReStore – 16133 S. Tamiami Trail, Fort Myers; and McGregor ReStore – 15271 McGregor Blvd., Fort Myers.

Qualified items can be dropped off at ReStore locations from 10 a.m. to 4 p.m. Tuesdays through Saturdays.

For more information or to schedule a large donation pickup, visit ReStoreLee.org or call (239) 652-0388.

23RD ANNUAL COMMERCIAL REAL ESTATE

Southwest District

OUTLOOK

CONFERENCE Wednesday, February 28, 2024| 7:30am - 12:30pm Hyatt Regency Coconut Point | 5001 Coconut Road, Bonita Springs, FL 34134

Register: www.flccim.com/events/southwest-district-23rd-annual-commercial-real-estate-outlook-conference BRIAN BAILEY, CCIM, CRE

BRAD O’CONNOR

RICHARD SWANK

Sr. Financial Policy Advisor Federal Reserve Bank of Atlanta

Chief Economist FL Association of Realtors

Associate General Counsel FL Association of Realtors

Additional Conference Speakers include: Matt Simmons, Appraiser, Partner, Maxwell, Hendry & Simmons Stan Stouder, CCIM, Partner, CRE Consultants D’Etta Casto-DeLeon, CCIM, 2024 CCIM Global President Dr. H. Shelton Weeks, CCIM, FGCU, University Alliance This conference is certain to be attended by hundreds of prominent local business leaders as well as investors, property owners, brokers, managers, and others with an interest in commercial real estate in Southwest Florida.

Sponsorship Opportunities Available (Deadline: Jan 19, 2024): https://bit.ly/2024CREOCSponsorshipOpportunities or email Southwest@flccim.com for a Sponsorship Form

FINANCIAL REVIEW

Business resolutions to make this year QUESTION: Interest rates are coming down and the economy is on the rebound; however, my business is not participating to the extent I had hoped for. What advice can you offer to get me back on a growth track?

ANSWER: Well, to begin, hoping will not get the job done. Now is an excellent time to take a hard look at your business and marketing plan, and make the changes necessary to ensure growth and profitability in the new year.

SCORE offers a

BY GRAY free business plan POEHLER template for estabGuest Columnist lished businesses that can be accessed at www.score. org/resource/template/business-plantemplate-established-business The following are six New Year’s resolutions you should consider to help grow your business: • Are your products and delivery services relevant to today’s technology?

Amazon, eBay and other Internet sellers are putting a major hurt on brick-and-mortar stores, with discount pricing and free shipping.

If you don’t have an Internet marketing strategy, you are losing sales.

• In addition to increasing sales, spending smart and spending less may also increase your bottom line.

If you are selling products, check your inventory frequently to determine the items that are moving or sitting on the shelf.

For those sitting, wholesale them to someone else and focus on those that are moving.

Note, inventory control is important, too. Try to avoid overstocking.

• Your customers are a valuable resource. If you develop a good rapport and observe their buying habits, they will tell you what will open their wallets.

Take care of your current customers. It does no good to put too much focus on new business if you lose an old customer for lack of attention.

Customer loyalty promotions work well. If you want repeat business, make the buying experience so user-friendly that customers won’t be tempted to shop online or at the big-box stores.

• Develop an open line of communication with your employees.

They have direct contact with the customer and can provide useful feedback as to their buying habits.

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Southwest Florida BUSINESS TODAY ®

FEBRUARY 2024

FINANCIAL REVIEW

Business owners face new federal reporting requirements The Corporate Transparency Act took effect on Jan. 1, and with it comes new federal reporting obligations for many businesses across the United States. Small business owners must be especially aware of new CTA requirements as penalties for failure to make a proper report can quickly accumulate.

Passed in 2021 (over President Donald Trump’s veto), the CTA is a comprehensive addition to existing federal legislation that is aimed at combating money laundering and other nefarious activities conducted through commercial enterprises.

In short, the CTA requires reporting companies” to disclose beneficial ownership information to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

Failure to comply with the CTA’s reporting requirements may result in civil penalties of up to $500 per day as well as potential criminal penalties, including fines up to $10,000 and up to two years in prison.

Reporting Companies Given the stated purpose of the legislation, the CTA’s definition of a reporting company attempts to capture as many businesses as possible. Any domestic or foreign entity that is created by filing with a Secretary of State’s office (or similar state filing office) within the United States is considered a reporting company” under the CTA. This includes corporations, limited liability companies, limited partnerships, non-profit corporations and any other business entity created by filing.

While the law does provide 23 enumerated exemptions, unfortunately, most small and medium size businesses will not qualify for any exemption. Examples

of exemptions are those that exist for large, publicly-traded companies and their subsidiaries, banks, credit unions, insurance companies and securities brokers/dealers. The commonality among exempt entities is that they already have federal reporting obligations of some kind.

Beneficial owners A beneficial owner is any individual who either exercises subBY KELSEY stantial control over a Reporting HOLMBERG Company’s business or who owns Guest Columnist or controls at least 25% of a Reporting Company’s ownership interests.

As a general rule, other entities cannot be named as beneficial owners for CTA compliance purposes. The CTA is focused on identifying individuals who own and run businesses across the U.S. Therefore, Reporting Companies that are owned by other companies or trusts must analyze those entities to determine the individuals who hold at least 25% of the Reporting Company’s ownership interests or who exercise substantial control of the business.

BOI Reporting Reporting companies are responsible for making disclosures about beneficial owners to FinCEN on an ongoing basis. According to FinCEN, BOI refers to “identifying information about individuals who directly or indirectly control a company.”

Beneficial Owners will be required to provide their

name, date of birth, residential address, and a copy of a government issued identification document such as a driver’s license or passport. BOI reporting will occur directly to FinCEN via its secure portal: fincen.gov/boi.

Compliance Timeline Entities in existence before Jan. 1 have the entire calendar year to file their first BOI report. Entities that are newly formed in 2024 will have 90 days to file their first BOI report. Beginning in 2025, however, newly formed entities will have just 30 days to file a BOI report.

Moreover, a Reporting Company’s BOI that is onfile with FinCEN must be kept up to date at all times.

Updated reports are due within 30 days of any beneficial owner’s information changing. For example, if a company’s CEO moves and has a new residential address, a BOI update is required.

Navigating CTA Compliance Now that the CTA is in effect, it is essential for business owners to determine whether their company is a Reporting Company under the CTA, and if so, to determine the Beneficial Owners whose information must be reported to FinCEN. Business owners who are uncertain about the CTA or who would like additional assistance navigating compliance should talk with a trusted legal professional or business advisor.

Kelsey R. Holmberg is a corporate attorney at Hahn Loeser & Parks, a full-service law firm with offices in Fort Myers and Naples. Contact kholmberg@hahnlaw. com or (216) 274-2480.

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through participation in the Equitable Jobs Pipeline. Ideally, proposals should include a well-defined strategy for the employer to gradually assume the cost of training, with the goal of achieving sustainability by December 2025.

Two of FutureMakers Coalition’s long committed partners, Collaboratory and FGCU, developed the Southwest Florida Equitable Jobs Pipeline to upskill the regional workforce and stimulate economic development, which will continue to build and expand a strong economic future for Florida through the Good Jobs Challenge funding from EDA. Made possible by nearly $23 million in federal funding, the Equitable Jobs Pipeline will connect those who need to reskill and/or upskill any, including underemployed and unemployed Southwest Florida residents with training for industry-recognized credentials and, ultimately, careers with local employers committed to this partnership. More than 1,700 local job seekers, including those from underserved populations, who face barriers to education, employment and career advancement will be fast-tracked for professional advancement.

This regional collaboration is developing a long-term solution to reduce those barriers.

“Our goal is to remove barriers and connect workers with training for better careers while meeting the workforce needs of employers,” said Tessa LeSage, FutureMakers director at the Collaboratory, which is serving as the backbone organization for FutureMakers Coalition.

The first four target industries for the Equitable Jobs Pipeline include healthcare, manufacturing, PreK-12 public education and logistics.

Applications can be accessed at futuremakerscoalition.com/rfp.

FutureMakers Coalition is a regional collective impact initiative that has been designated a Talent Hub by Lumina Foundation in partnership with The Kresge Foundation to support local efforts to increase educational attainment.

FEBRUARY 2024

Southwest Florida BUSINESS TODAY ®

Collier County Community Foundation addresses affordable housing crisis Special to Karen P. Moore, Publisher

The Collier County Community Foundation five years ago worked with the Schultz Foundation for the first needs study ever done in Collier County.

The intent was to do it every five years, so it was done again in 2023. Results revealed housing is the number one community concern. The foundation set about addressing the issue.

Eileen Connolly-Keesler has served as the President-CEO of the Collier County Community Foundation for the past 11 years. She explained the foundation’s purpose.

“We are philanthropic educators, community leaders, collaborators, conveners—so when there’s community issues, we are bringing people to the table and having conversations about how we fix it,” she said.

She then talked about the steps the foundation has taken thus far regarding affordable housing. “So Dick Schultz from the Schultz Foundation came to me and said, ‘I will put $5 million at the table if you raise $5 million and the county puts some land at the table and let’s create a housing project for essential employees. Let’s get our police, teachers, nurses, EMTs and firefighters back here in Collier County, instead of them driving an hour or two to come to work.’ So we did it. We got the county to give us 30 acres on this golf course that they bought in Golden Gate.

“We’re working with Rural Neighborhoods, which is a nonprofit developer. We will be building 260 rental units for employees that are essential employees. We’re hoping to start pushing dirt sometime after the first of the year, 2024.”

Keesler also noted the foundation has created its Housing Impact Fund. “We hope to raise $20 million in it,” she said. “We’re going to do revolving loans for

developers to get them to get their early steps done because in the early phases for developers in housing here in Collier County, it’s cumbersome with Collier County policies. But you know, they have to do zoning, permitting, architectural drawings, all this stuff has to be done before they can take a project into the county, and that can run a couple million bucks.”

She explained how these loans will work. “So we’re saying we’ll do those loans at 1% or 2% and then we’ll get paid back in three years once they get their loans in place and it happens. But we need to move people, we need to move these developers quicker, to get housing in here for employees’ affordable housing. That really has to be a push.”

When it comes to affordable housing, the foundation is not stopping there.

“We also put together the Housing Trust and HELP. HELP is a housing organization. We hired consultants to bring them together to have one Housing Alliance for Collier County. That is also happening. Right now, they’re going to be in the process of hiring an executive director and the Community Foundation funded about $50,000 for consultants.

We’re putting $200,000 at the table for them to hire an executive director.”

The foundation Is also involved in developing resources to help residents find affordable housing.

Keesler noted, “We’re going to move forward on getting a hub. So when you want to know something about housing, because you’re hiring an employee, you’ve got a place to call and they’re going to have maps that show you exactly where there’s affordable housing in this county. So we’re pretty excited to see this all coming together!” It sounds like the issue of affordable housing in Collier County is being addressed head-on, with the Collier County Foundation at the forefront of these efforts.

Doc Ford’s debuts new Yucatan sauce Doc Ford’s Rum Bar & Grille is getting even saucier, recently introducing an all-new version of its zesty bottled Yucatan sauce for home chefs and seafood aficionados who want to replicate the restaurant’s signature peel-and-eat shrimp, baked oysters and shrimp tacos.

Available online at shopdocfords. com and Doc Ford’s four locations in Southwest Florida and St. Petersburg, the improved Yucatan-by-wayof-Columbia recipe features a blend of the boldest and best Colombian cayenne peppers and real lime juice, now in a squeezable bottle.

“With so many fans and aficiona-

dos of the original sauce our customers know from our restaurants, it was important to develop a recipe with that same delicious and recognizable flavor but in the form of a ready-touse everyday condiment,” said Joe Harrity, a partner with HM Restaurant Group, the parent company of Doc Ford’s Rum Bar & Grille and Dixie Fish Company. “A lot of research, travel and tasting went into creating the new sauce, which pairs well with chicken, fish, eggs and so many other foods. And it’s quite good in a bloody Mary.”

Doc Ford’s Yucatan sauce retails for $9.95.

Page 5

Three Sanibel leaders appear before state hurricane committee

Three members of the Sanibel Island community appeared before the Florida House of Representatives Select Committee on Hurricane Resiliency and Recovery in Tallahassee to present updates and need assessments to the 15-person committee. Representing Sanibel Island were councilman and former mayor Holly Smith, SanCap Chamber president and CEO John Lai, and restaurateur Marty Harrity. Fort Myers Beach Dan Allers also appeared before the Dec. 11 special meeting.

The committee, formed following Hurricane Ian, heard updated reports on the status of Fort Myers Beach and Sanibel and Captiva islands, including the economic impact the hurricane continues to have on the barrier island communities, gratitude for earlier assistance and requests for further financial aid.

“Right now, our goal is to make sure every single business that opens stays open, and that we expedite a 5- to 10-year timeline to a 3- to 5-year timeline,” said Lai, who also represents the Southwest Florida chapter of the Florida Lodging & Restaurant Association. He reported the chamber currently has 104 business members, including boat captains, wedding photographers and other businesses not occupying brick-andmortar storefronts, and 50 visitors to the chamber welcome center on an average per day. That compares to 541 business members and 219 daily chamber visitors pre-Ian. He finished with “three asks” of the committee: a state-level equivalent to ineffective federal SBA loans as a recovery mechanism; help with property insurance shortcomings; and a look at upcoming legislation resulting from Florida’s Surfside Condo 2021 collapse, which would require steep reserve funds and increased HOA dues.

Smith, who repeatedly commended the state’s quick action and robust support, added to the wish list requests for a resilient state transportation system, underground power lines and permanent barge landings.

“We agree with the legislature that for a temporary period, our code should foster development while maintaining the local small-town and sanctuary qualities of Sanibel,” she said.

Smith, Lai, and Allers shared charts showing statistics on how the communities have suffered financial losses.

Rep. Adam Botana, R-Bonita Springs and committee co-chair, closed the meeting thanking the committee and offering a ray of optimism: “Our district is very resilient, and we’re going to fight back and be bigger and better than ever.”

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Southwest Florida BUSINESS TODAY ®

FEBRUARY 2024

FINANCIAL REVIEW

IRS announces withdrawal process for employee retention credit As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service announced details of a special withdrawal process to help those who filed an Employee Retention Credit claim and are concerned about its accuracy.

This new withdrawal option allows certain employers that filed an ERC claim but have not yet received a refund to withdraw their submission and avoid future repayment, interest and penalties. Employers that submitted an ERC claim that’s still being processed can withdraw their claim and avoid the possibility of getting a refund for which they’re ineligible.

The IRS created the withdrawal option to help small business owners and others who were pressured or misled by ERC marketers or promoters into filing ineligible claims. Claims that are withdrawn will be treated as if they were never filed. The IRS will not impose penalties or interest.

Those who willfully filed a fraudulent claim, or those who assisted or conspired in such conduct, should be aware that withdrawing a fraudulent claim will not exempt them from potential criminal investigation and prosecution.

“The IRS is committed to helping small businesses and others caught up in this onslaught of Employee Retention Credit marketing,” said IRS Commissioner Danny Werfel. “The aggressive marketing of these schemes has harmed well-meaning businesses and organizations, and some are having second thoughts about their claims. We want to give these taxpayers a way out. The withdrawal option allows employers with pending claims to avoid future problems, and we encourage them to closely review the withdrawal option and the requirements. We continue to urge taxpayers to

consult with a trusted tax professional rather than a marketing company about this complex tax credit.”

When properly claimed, the ERC—also referred to as the Employee Retention Tax Credit or ERTC—is a refundable tax credit designed for businesses that continued paying employees during the COVID-19 pandemic while their business operations were fully or partially suspended due to a government order, or they had a significant decline in gross receipts during the eligibility periods. The credit is not available to individuals.

The ERC is a complex credit with precise requirements to help businesses during the pandemic, and since mid-September, the IRS received approximately 3.6 million claims for the credit over the course of the program.

In July, the IRS said it was shifting its focus to review ERC claims for compliance concerns, including intensifying audit work and criminal investigations on promoters and businesses filing dubious claims. The IRS has hundreds of criminal cases being worked, and thousands of ERC claims have been referred for audit.

The new withdrawal process follows the Sept. 14 announcement of an immediate moratorium on processing new ERC claims. The moratorium, which will last until at least the end of this year, follows a flood of ineligible ERC claims. Payouts for claims submitted before Sept.

14 will continue during the moratorium period but at a slower pace due to more detailed compliance reviews.

With stricter compliance reviews in place, existing ERC claims will go from a standard processing goal of 90 days to 180 days—and much longer if the claim faces further review or audit. The IRS may also seek additional documentation from the taxpayer to ensure the claim is legitimate.

Enhanced compliance reviews of existing claims submitted before the moratorium is critical to protect against fraud but also to protect businesses and organizations from facing penalties or interest payments stemming from bad claims pushed by promoters.

The IRS continues to warn taxpayers to use extreme caution before applying for the ERC as aggressive maneuvers continue by marketers and scammers.

The IRS is also working on guidance to help employers that were misled into claiming the ERC and have already received the payment. More details will be available this fall.

Who can ask to withdraw an ERC claim Employers can use the ERC claim withdrawal process if all of the following apply: • They made the claim on an adjusted employment return (Forms 941-X, 943-X, 944-X, CT-1X).

• They filed the adjusted return only to claim the ERC, and they made no other adjustments.

• They want to withdraw the entire amount of their ERC claim.

• The IRS has not paid their claim, or the IRS has paid the claim, but they haven’t cashed or deposited the refund check.

Taxpayers who are not eligible to use the withdrawal process can reduce or eliminate their ERC claim by filing an amended return. For details, see the Correcting an ERC claim – Amending a return section of the frequently asked questions about the ERC. Markham Norton Mosteller Wright & Company, a public accounting firm, has offices in Fort Myers and Naples. Call (239) 433-5554 or (239) 261-5554.

Priority Marketing wins four Davey Awards through international competition Priority Marketing’s creative professionals won four Davey Awards – one gold and three silver awards – through an international competition that honors the top media, advertising and marketing firms around the world.

Sponsored by the Academy of Interactive and Visual Arts, the 2023 Davey Awards attracted more than 2,000 entries from advertising agencies, digital agencies, production firms, in-house creative professionals, graphic designers, design firms and public relations firms.

Priority Marketing’s four winners involved collaborative work across the firm’s departments: Gold Winner • Magic Under The Mangroves 2023 Invitation for Conservancy of Southwest Florida (Category: Promotional-Invitations & Cards) Silver Winners • Tradeshow Displays for Daldorado (Category: Print Campaign-B2B)

Christi Finger, Nicki McTeague, Olivia Orth, Katie Damminger, Kate Kintz and Teri Hansen show off Priority Marketing’s Davey Awards.

• Logo for Southwest Florida Climate & Community Initiative (Category: Corporate Identity-Logos)

• Southwest Florida Emergency Relief Fund Video for United Way of Lee, Hendry, and Glades (Category: General-Social Good) “To win four awards in four different categories – an event invitation, a trade show display, a logo and a video – demonstrates our firm’s wide range of capabilities and expertise,” said Priority Marketing President and Chief Creative Officer Teri Hansen.

“The Davey Awards is a worldwide competition, so to be recognized each year on the international stage for creativity in marketing is a significant accomplishment.”

Since 2006, Priority Marketing has won 38 Davey Awards.

“The talent displayed by the entrants into our 19th season has proven to be massive,” said AIVA Managing Director Lauren Angeloni. “I’ve come to expect ingenuity and innovation from our small shops and independent creators, but this year is particularly stunning.”

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Page 7

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Southwest Florida BUSINESS TODAY ®

FEBRUARY 2024

COMMERCIAL REAL ESTATE MARKET A look at commercial real estate trends & topics in Southwest Florida

Renderings show the design for the Shops at Del Mar in Cape Coral, which will include a mix of dining and retail.

TPI Hospitality started accepting reservations for the Compass by Margaritaville hotel beginning Feb. 1.

GMA Architects reveals designs for Shops at Del Mar in Cape Coral

Compass by Margaritaville opens

GMA Architects & Planners has completed architectural designs for Shops at Del Mar, a distinctive commercial center in Cape Coral that will introduce a blend of retail and dining options.

Shops at Del Mar will feature a trio of 3,575-square-foot standalone buildings that front Pine Island Road; one building includes a drive-through. A fourth building, an inline structure measuring 18,871 square feet, is positioned behind the three standalone buildings.

Fully customizable retail spaces start at 1,453 square feet for high-end retail, restaurants and shops.

Architectural renderings showcase

a clean, modern exterior with concrete masonry, complementary stone wainscot and oversized awnings. Staggered parapet rooflines offer a visual perspective, providing each retail space with a distinctive look, while ample windows bring natural light into the building’s interior. The center’s site plan includes five parking spaces for every 1,000 square feet of retail space and parking areas include tropical landscaping and plentiful greenery.

Shops at Del Mar, a project of TLD Developer, will be located on Southwest Pine Island Road, between Chiquita Boulevard and Santa Barbara Boulevard in Cape Coral.

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TPI Hospitality announces reservations are now being accepted for Naples’ first-ever all-suite Compass by Margaritaville Hotel, with stays beginning Feb. 1.

Featuring leisure, quality amenities and a classic, undeniable cool synonymous with Compass properties, Compass by Margaritaville Hotel Naples is a laidback paradise that brings the vibe of an island getaway to Florida’s Gulf Coast.

The boutique-style hotel will feature 119 luxurious suites that blend Margaritaville’s signature casual luxury, fun-filled spirit with the comforts of an intimate setting. Just a short walk to the beach in the Park Shore community, the hotel offers an array of amenities, including the Sunrise at Compass complimentary breakfast buffet, a Welcome Cabana

with daily light snacks and refreshments, the 5 o’Clock Somewhere Bar & Grill and The Backyard – an enchanting oasis complete with a pool, live entertainment, backyard games, palm tree-adorned tables, cozy fire tables and multiple inviting social gathering areas.

“We are thrilled with the progress that has been made on the construction of the hotel and look forward to adding this little piece of paradise to the Naples market. We are incredibly honored to give travelers an unparalleled level of convenience and comfort through this Margaritaville-inspired hotel, as well as to offer a new dining and beverage destination for guests as well as for local residents,” said Eva Johnson, area sales director at TPI Hospitality.

Lee County Schools tackles planning, area growth

Best Commercial Lot Values in Southwest Florida

Engage Estero held a community and member meeting in Estero High School.

Adam Molloy, director of Planning, Growth, and Capacity at the School District of Lee County, addressed how the increasing population, especially younger residents, will impact the requirement for suitable schools in the area.

25335 Rampart Blvd Student projections will exceed Port Charlotte 33983 114,000 in 2033. This does not include charter schools. The district’s demographer, Davis Demographics, is working on updated student counts. Data will be by school zone and sub-zone. The planning staff is working with Davis Demographics and a commercial real estate contractor to understand the “price points” of housing in Lee County. Previously, a decision was made that homes at a cerPrice: $659,000 Size: 4.30 AC Description: tainMedical “priceOffice point” indicated no children Space. Deep Creek has several in the COVID-19, these ALF household. communities,After private and public. Major

“price points” are being reevaluated.

The School District could add capacity by adding buildings and seats at existing schools. The school district will build PreK through 8th-grade schools in the capital plan and in the future. There are advantages to both options: building traditional elementary and middle schools; 4214 Road 17) PreKDuncan through 8th(Hwy. grade.

Punta Gorda 33982 Cameratta, the developer of the Kingston site proposed on East Corkscrew Road, is planning to build 10,000 single-family homes, plus 700,000 feet of commercial space with land for a K-8 school. In addition, the FFD Farms development also has acreage for an elementary school in their plans. At this time, discussions with developers are still ongoing, and although the situation Price: $795,000 Size: 6.84 AC Description: is flexible, the potential school sites are 2 lots, 1 - 5.3 Acre Parcel and 1 - 1.5 acre not currently the 2024 Capital parcel, 6.8 Acres,inenvironmentals done.Plan.

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FEBRUARY 2024

Southwest Florida BUSINESS TODAY ®

Page 9

COMMERCIAL REAL ESTATE MARKET A look at commercial real estate trends & topics in Southwest Florida

Good Greek announces immediate expansion into Southwest Florida Good Greek Moving & Storage, Florida’s most referred moving company and total relocation company, announced an expansion into Southwest Florida.

Good Greek is broadening its relocation and moving service area to include Naples, Fort Myers, Sarasota

and all the surrounding communities, Cementing its commitment to Southwest Florida, Good Greek unveiled a partnership with JetBlue Park at Fenway South, the Spring Training home of the Boston Red Sox. The iconic Ballpark in Fort Myers is also home field for the Florida Com-

plex League Red Sox, a key player in rookie- level minor league baseball.

JetBlue Park is also a host venue for the annual adult amateur baseball Roy Hobbs World Series.

“Southwest Florida resonates deeply with us at Good Greek. Many of our team members have family that call it

home, and our involvement in postHurricane Ian relief efforts alongside partners like the Red Cross, and Law Enforcement agencies across the state, have been incredibly meaningful,” said Spero Georgedakis, founder of Good Greek Moving & Storage and Good Greek Relocation Systems.

Valbridge announces a new era of leadership

COMMERCIAL REAL ESTATE MARKET

As we step into the new year, there is a sense of optate valuation industry, having served timism permeating Valbridge Property Advisors. The in various leadership roles within the company and the broader real estate dawn of a fresh year brings with it the promise of positive A look at commercial real estate trends Florida profession. His extensive knowledge, changes and opportunities for growth, and the CRE sec-& topics in Southwest strategic vision, and commitment to tor, ever dynamic and responsive to market shifts, stands the values of Valbridge make him an poised for transformative developments. With a forwardexcellent choice to lead the organizalooking perspective, we eagerly anticipate the year ahead tion during this transitional period. and the innovations that will shape the landscape.

Jody’s impressive credentials, The dawn of 2024 also marks the beginning of a including his MAI, SRA, AI-GRS, new decade in business for Valbridge Property Advisors. and CRE designations, his service as Fresh changes are taking place within the company, and president of the Appraisal Institute, embracing these changes with enthusiasm, we remain BY JOANNE committed to leveraging these changes to enhance our ap- MONTGOMERY and numerous positions held therein, underscore his dedication to profesproach, drive innovation and contribute to the continued Guest Columnist sional excellence and his ability to success of the sector.

Lee Health University Highlands, recently completed navigate the complexities of the CRE real estate valuation Perhaps the biggest change at Valbridge is the anby Stevens Construction, is located in Estero on Highindustry.

Under Jody’s leadership, we are confident that nouncement of new leadership.

After serving the Valland Oaks Drive bridge Property Advisors as its CEO since its inception, Valbridge Property Advisors will continue to thrive and Rick Armalavage has decided to retire. Under Rick’s build upon its legacy of providing high-quality valuation guidance, the company has achieved remarkable growth services.

During this transitional period, we remain committed and success, and his contributions have been invaluable.

We extend our deepest appreciation to Rick for his tireless to maintaining the exceptional standards of service for which Valbridge is known. The entire Team Blue is eager efforts and commitment to excellence during his tenure.

I was fortunate to have Rick as my mentor through to support Jody as he takes on this new role, and we are the Valbridge Women’s Council Mentorship Program. confident that his role as interim CEO will contribute to Stevens Construction completed construction I admire his steadiness under pressure and his ability to the continued success of our organization. management services for Lee Health University We look forward to the exciting developments and bring people together. Rick has been—and will always Highlands, located on Highland Oaks Drive in Esbe—Team Blue, and the ways he personally poured into achievements that lie ahead under Jody’s guidance. Please tero, announced Dan Adams, vice president/princithe future and current leaders of Valbridge will have a last- join us in welcoming him to his new position as interim pal, Stevens Construction.

CEO of Valbridge Property Advisors. ing mark.

Stevens Construction completed a two-story, As we bid farewell to Rick, we are excited to welcome 20,820-square-foot primary care office and outpaPledger M. “Jody” Bishop III as the interim CEO. Jody Joanne Montgomery is Chief Operations Officer at Valtient center for South Real Estate Group, who is leasbrings a wealth of experience and expertise in the real es- bridge Property Advisors. Contact (239) 514-4646. ing the building to Lee Health. Located on the first floor, the outpatient center houses diagnostic imaging such as ultrasound, X-Ray and women’s health services such as mammogram and DEXA scanning.

The outpatient center also includes a lab draw station and an adult physical therapy clinic. The second floor is a full scope family medicine practice, which will grow to a total of 10 providers.

The Stevens Construction team included Project Manager Mark Pelafas, Superintendent Matt Adalpe and Project Administrator Sue Ziegenfus. The project was designed by Burt Hill/Pollock Krieg Architects.

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Southwest Florida BUSINESS TODAY ®

FEBRUARY 2024

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Grand opening held for Sprouts Farmers Market in Port Charlotte Sprouts Farmers Market opened its newest store in Port Charlotte on Jan. 12. A ribbon-cutting will take place Friday morning at 6:45 a.m. The doors to the store will open at 7 a.m.

“Congratulations to Sprouts Farmers Market and its employees on the opening of its new store in Port Charlotte,” said Charlotte County Administrator Hector Flores. “We appreciate you contributing to the vibrant business climate we have fostered here in Charlotte County and wish you success with the latest addition to your network of markets.”

A “pop-up party” was held out front, giving guests the chance to taste seasonal produce from the tasting bar, play games, participate in a special “guess the weight” contest of an oversized piece of produce and more. These activities are fun for the whole family and will last all weekend long.

Sprouts Farmers Market in Port Charlotte opened its doors to customers on Jan. 12.

The first 100 shoppers received a free ‘Goodness it’s Free’ reusable goodie bag filled with special products and samples. Inside the store, shoppers

tasted new products while they shopped from innovative brands at the Vendor Village. The first 400 customers also received a free long stem rose courtesy of Falcon Farms Floral. Plus, music and prize giveaways throughout the weekend will add to the festivities.

Sprouts Farmers Market is invested in serving the communities where it operates. It works with local farmers like Astin Strawberry Exchange, Brooks Tropicals, Noble Citrus, Wish Farms and others to source produce.

Through Sprouts’ Food Rescue program, this store will donate groceries that are no longer fit for sale but remain perfectly edible and nutrient rich to Harry Chapin Food Bank of Southwest Florida a local food bank that provides wholesome food to families and individuals at risk of hunger.

Gulf Coast Village completes renovations to auditorium

Marriott, Concord break ground in Fort Myers on First StudioRes

Gulf Coast Village, a continuing care retirement community in Cape Coral, completed renovations to its auditorium.

The updates to the 2,500-square-foot auditorium include new carpet, furniture, curtains and wallpaper; updated lighting and chandeliers; a fresh coat of paint and new wallpaper; new sound boards, and more. Renovations were completed in December.

As a senior living community that caters to the various needs and interests of its residents, Gulf Coast Village utilizes its auditorium for its daily robust community activities, which are planned and led by the community’s lifestyle team. Common activities include church services, holiday events, concerts, happy hour, educational programs and movie screenings. Additionally, the space is used by

Marriott International and Concord Hospitality hosted a groundbreaking ceremony in Fort Myers on the site of the first StudioRes property to be developed. This past summer, Marriott announced StudioRes as its 32nd brand with a focus on affordable midscale extended-stay accommodations. This will be the first-of-its-kind groundbreaking as the brand launches across the United States and Canada.

The groundbreaking ceremony included remarks from: Anthony Capuano, president and CEO of Marriott International, Mark Laport, president and CEO of Concord Hospitality; Wes Whitman, co-founder and co-managing partner of Whitman Peterson and members of the county commission.

The event took place at the Hilsman Lane, off Three Oaks Parkway, on Jan. 17.

community and civic groups, including the Rotary Club of Cape Coral Goldcoast, the Jewish Federation Lunch Bunch and the annual Cape Coral Chamber Leadership Day. The auditorium is available for use to outside organizations with provided in-house catering services.

“As the location of so many of our activities as well as outside organizations, having an updated and visually appealing space for our residents is reflective of the quality of our community and our lifestyle programs,” said Greg Anderson, executive director of Gulf Coast Village.

The renovated auditorium holds eight tables, seats nearly 100 residents and features a carpeted stage and optional dance floor for event speakers and performers. Located near the community’s dining room, the auditorium is a prime location for resident socialization.

FP Property Restoration completes work on Sanibel church A phone call from an adjuster followed by a plea for help and FP Property Restoration immediately went to work on mitigation, remediation and reconstruction of St. Michael and All Angels Episcopal Church on Sanibel Island, which sustained significant damage due to Hurricane Ian. Fort Myers-based FP Property Restoration, experts in restoring and reconstruction of buildings following natural disasters, had a goal of rebuilding the church in time for Christmas Day services this past December.

The company succeeded and almost 15 months after Ian hit the island, the congregation was thankful to be back in the

sanctuary to worship on that special day.

But giving the congregation that Christmas Day gift was no easy task when work first started after the Category 5 storm pummeled the island on Sept. 28, 2022. First, company workers and a team of church members took a boat to Sanibel – the bridge to the island had been washed out - to do an initial inspection.

What they found was a building devastated by storm surge. It needed to be gutted, required a new sub-floor and new roof. Equipment for repairs then arrived by barge after being loaded on Pine Island.

Sunset Builders & Maintenance cuts ribbon on new Fort Myers showroom Sunset Builders & Maintenance held a ribbon-cutting ceremony with the support of the Greater Fort Myers Chamber of Commerce and the Fort Myers Beach Chamber of Commerce on Jan. 11. The celebration commemorated 14 years of operation and the

opening of a new showroom located on McGregor Boulevard in Fort Myers. Proceeds from the event benefited the Gladiolus Food Pantry.

When Marc Arnett founded Sunset Builders & Maintenance, it was a one-man show in a garage with a goal

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ty,” said Marc Arnett, CEO of Sunset Builders & Maintenance. “More than anything, this showroom represents our continued commitment to serving our clients and helping them with all their remodelling and renovation needs.”

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to provide home maintenance and remodelling services to homeowners.

Hurricane Ian helped accelerate that goal.

“We’re grateful for Sunset Builders & Maintenance’s growth and are truly inspired by our southwest communi-

FEBRUARY 2024

Southwest Florida BUSINESS TODAY ®

Page 11

FINANCIAL REVIEW

Which bank is best for your business? Local makes a difference We’re different here in Florida – and that’s a good thing. While national financial markets are fraught with uncertainty over foreign wars, politics and stock market fluctuations, Florida continues to experience steady growth. The population is increasing, state and local governments are on solid financial ground, business is booming and the forecast is for sunny days ahead.

This is especially true here in Southwest Florida.

Ravaged by one of the most destructive hurricanes in history, our community quickly regained its footing and went to work. We’re not just rebuilding, we’re growing and diversifying our economy and laying the foundation for continued growth and prosperity.

The growth of Southwest Florida, coupled with advances in technology, has produced a wide range of banking options for local businesses. Knowing the differences and selecting the one that delivers the right mix of financial services can maximize your potential success.

National and local banks both offer a wide range of financial products and services. Both play important roles in a vibrant community. Let’s take a look at the main differences to help understand which might be the better option for your business.

National banks are large financial institutions with nationwide or even international presence.

They have large lending capacity and vast net-

works of branches and ATMs to provide convenience and continuity of service throughout many different markets. A broad range of services, often including international letters of credit, investment and insurance products, positions national banks to serve large, diversified businesses. National banks have also invested heavily in advanced technology and the automated

BY ROBBIE delivery of financial services.

ROEPSTORFF Local banks, on the other Guest Columnist hand, focus operations on a specific geographic area. They are smaller in size and take a more personal approach to serving the needs of local business customers. These local banks build relationships with their customers, allowing them to provide responsive, personalized service.

A deep understanding of the local market and the ability to make decisions on a local level enables them to be more flexible and work effectively with their customers.

Another important aspect of local banks is their commitment to the local community. They reinvest a significant portion of their deposits into the community through loans to small businesses and support for local projects. Banking with a lo-

Don’t forget to post your in-person and virtual events on our B2B events calendar at www.swfloridabusinesstoday.com/calendar cal bank allows you to contribute to the economic growth of your community.

Security is another important consideration in choosing your bank. Are accounts insured by the Federal Deposit Insurance Corporation? Is the bank stable and able withstand economic downturns?

Bauer Financial reviews banks’ financial records annually and issues coveted ratings. The Bauer Financial 5-Star Superior Rating indicates that a bank is one of the strongest, most dependable and financially sound banking institutions in the country.

If you need services in widespread markets, with an extensive range of financial products, a national bank may be the best choice for your business. If your priorities are personalized service, a deeper connection to your local market and localized decision-making, a community or regional bank may be a better match.

With the right banking partner, your business future in Southwest Florida is bright.

Robbie Roepstorff is president of Edison National Bank/Bank of the Islands. Contact (239) 466-1800.

CHICO’S PAGE 1 “As Chico’s reflects on the recovery efforts since Hurricane Ian struck in September of 2022, we recall the devastation, hurt and hopelessness that washed over the Southwest Florida community within a blink of an eye,” said Leana Less, senior vice president of marketing.

“The Chico’s corporate headquarters in Fort Myers, Florida, quickly responded to aid employees, customers, and the community. Within 24 hours, our headquarters were transformed into the home base for over 1,000 essential workers, including American Red Cross Disaster Relief and Power and Light teams, who used it as a command center for two months following the hurricane, working to restore power and infrastructure to the community. As devastating as the storm was, it gave us an opportunity to show up for each other in a meaningful way. We are proud of the recovery efforts, the resiliency of our customers, our employees and our brands. Thanks to the tireless efforts of our team, we reopened three of our top doors in Naples last June and are thrilled to be here today cel-

The original location for Chico’s is back in operation at Periwinkle Place. ebrating the reopening of our original Sanibel store. This is an exciting milestone for our entire organization, and we could not be prouder of our team.”

As a result of extensive damage from Hurricane Ian, the Sanibel store underwent a complete renovation allowing for the opportunity to modernize this historic location.

The interior design has been updated and infused with a modern, coastal aesthetic. An open floor plan provides clear sightlines with spacious merchandise displays throughout for a welcoming and user-friendly shopping environment. The new design also features warm oak and brass display fixtures, beamed ceilings with concealed up-lighting, rustic

oak flooring and custom colored lime painted walls which create a smart and casual backdrop. The newly expanded fitting area has been redesigned resulting in an intimate and elevated customer experience. The fitting rooms feature painted wood wainscoting, linen wall coverings, framed artwork, and multiple backlit 3-way mirrors, which provide optimal customer lighting.

The new store design will also pay tribute to the brand’s history and features heritage furniture from the original location, including a handmade chair that founder Marvin Gralnick built, iconic Chico’s fashion styles, and brand milestones displayed around the store. The original sign from the original store was salvaged during the hurricane and today stands at the top of the grand staircase. The staircase itself is lined with painted white millwork that serves as a gallery wall to display pieces of art, brand memories and artifacts.

The second floor features an intimate Soma shop-in-shop with a dedicated fitting area.

A new black and bronze plaque sign was unveiled, commemorating this store as the first Chico’s store, established in 1983.

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Southwest Florida BUSINESS TODAY ®

FEBRUARY 2024

FINANCIAL REVIEW

Carefully consider expensing and bonus depreciation

If eligible, you can elect to use Section 179 expensing or bonus depreciation to deduct a large portion of the cost (and in some cases the full cost) of eligible property in the year it’s placed in service. Alternatively, you may follow regular depreciation rules and spread deductions over several years or decades, depending on how the asset is classified under the tax code.

While taking current deductions can significantly lower your company’s taxable income, it isn’t always the smartest move.

Sec. 179 and Bonus Depreciation 101 Section 179 expensing may allow you to currently deduct the full cost of purchasing eligible new or used assets, such as equipment, furniture, off-theshelf computer software and qualified improvement property. An annual expensing limit applies ($1.16 million for 2023 and $1.22 million for 2024), which begins to phase out dollar for dollar when asset acquisitions for the year exceed the applicable threshold ($2.89 million for 2023 and $3.05 million for 2024). You can claim the election only to offset net income, not to reduce it below zero to create a net operating loss.

First-year bonus depreciation is available for qualified assets, which include new tangible property with a recovery period of 20 years or less (such as office furniture and equipment), off-the-shelf computer software and water utility property. Under the TCJA, through 2026, the definition has been expanded to include used property and qualified film, television and live theatrical productions. In addition, QIP is now eligible for bonus depreciation.

For 2023, bonus depreciation was 80%.

It drops to 60% for 2024, to 40% for 2025 and to 20% for 2026. After that, it will be eliminated, unless Congress acts to extend it.

When to consider forgoing these breaks Here are two examples when it may be preferable to forgo Sec. 179 expensing and bonus depreciation: 1. You’re planning to sell QIP. If you claim Sec. 179 expense or bonus depre-

ciation on QIP and sell the building soon, this current write-off may be a tax trap. That’s because your gain on the sale up to the amount of Sec. 179 or bonus depreciation deductions you’ve

BY W. BRADLEY claimed will be treated as “recapCOOPER tured” depreciation Guest Columnist that’s taxable at ordinary-income tax rates, up to 37%.

But if you deduct the cost of QIP under regular depreciation rules (generally, over 15 years) and sell the building, any long-term gain attributable to the deductions will be taxable at a top rate of 25%.

2. You’re eligible for the qualified business income (QBI) deduction.

This deduction allows eligible business owners to deduct up to 20% of their QBI from certain pass-through entities, such as partnerships, limited liability companies and sole proprietorships.

The deduction can’t exceed 20% of an owner’s taxable income, excluding net capital gains. (Other restrictions apply) Claiming Sec. 179 or bonus depreciation deductions reduces your taxable income, which may deprive you of an opportunity to maximize the QBI deduction. Because the QBI deduction is scheduled to expire after 2025, taking full advantage of it while you can generally makes sense.

Timing Is Everything Keep in mind that only the timing of deductions is affected by the strategy you choose. You’ll still have an opportunity to write off the full cost of eligible assets if you forgo Sec. 179 expensing and bonus depreciation; it will just be over a longer time period. Contact the office for help analyzing your company’s overall tax benefit picture and determining the optimal strategy.

W. Bradley Cooper is a certified public accountant in Fort Myers. Contact (239) 275-4511.

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The Alliance For The Arts spotlighted the economic impact of arts and culture on Lee County’s economy, according to a major study.

Study shows $135 million impact of Arts and culture sector in Lee County Lee County’s nonprofit arts and culture industry generated over $135 million in economic activity in 2022, according to the newly released Arts & Economic Prosperity 6 (AEP6), an economic and social impact study conducted by Americans for the Arts.

That economic activity—$61.6 million in spending by nonprofit arts and culture organizations and $73.8 million in event-related spending by their audiences—supported 2,516 jobs and generated $52 million in local, state and federal government revenue.

Spending by arts and culture audiences generates valuable commerce to local merchants, a valueadd that few other industries can compete with. In Fort Myers, the nonprofit arts and culture industry generated $98.7 million in economic activity supporting 1,932 jobs and resulting in $17.3 million in tax revenue.

Building on its 30-year legacy as the largest and most inclusive study of its kind, AEP6 uses a rigorous methodology to document the economic and social contributions of the nation’s nonprofit arts and culture industry. The study demonstrates locally as well as nationally, arts and culture are a critical economic driver of vibrant communities.

“The AEP6 study powerfully underscores the indispensable role of arts and culture in Lee County and the City of Fort Myers,” said Alliance for the Arts Executive Director Molly Rowan-Deckart. “Not only do they fuel economic growth and job creation, but they also serve as a vibrant social catalyst, nurturing connections, empathy and a

United Soccer League announces USL Naples as new expansion club for 2025 The United Soccer League announced it has awarded a USL League One franchise to Naples. USL Naples will begin play in 2025, led by a worldclass ownership group with decades of experience in the global sports industry and investments in North American and European sports leagues. ®

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sense of identity. Arts and culture are the heartbeat of our community, enriching lives and stimulating prosperity. In short, the arts mean business.”

Key figures from Lee County’s AEP6 study include: ● Lee County’s nonprofit arts and culture industry generates $73.8 million in event-related spending by its audiences. ● The typical attendee spends $40 per person per event, not including the cost of admission. ● 23% of arts and culture attendees were from outside the county in which the activity took place. They spent an average of $58. All vital income for local merchants. ● 87% of respondents agreed that the activity or venue they were attending was “a source of neighborhood pride for the community.” ● 86% said they would “feel a sense of loss if that activity or venue was no longer available.”

Nationally, the Arts & Economic Prosperity 6 (AEP6) study reveals that America’s nonprofit arts and culture sector is a $151.7 billion industry—one that supports 2.6 million jobs and generates $29.1 billion in government revenue.”

“Arts and culture organizations have a powerful ability to attract and hold dollars in the community longer. They employ people locally, purchase goods and services from nearby businesses, and produce the authentic cultural experiences that are magnets for visitors, tourists, and new residents,” said Nolen V. Bivens, president and CEO of Americans for the Arts. “When we invest in nonprofit arts and culture, we strengthen our economy and build more livable communities.”

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FEBRUARY 2024

Southwest Florida BUSINESS TODAY ®

Page 13

FINANCIAL REVIEW

Am I covered if I go to Lee Health for medical care?

As another year comes to a close, it’s time for the annual end-of-year review of your health insurance and determining what plan will work best for you and your family in 2024. While shopping the Affordable Care Act Marketplace Exchange during the current open enrollment period, questions regarding what’s covered, what’s not covered, in-network, outof-network, deductible, copay and much more are being heard nationwide.

One of the most important questions being asked by people shopping the exchange, ‘Are my health needs going to be covered by a local provider, such as Lee Health, if I choose this plan,’ is pivotal to any decision you might make. Many people are unaware that some plans don’t cover primary, preventive and hospital care at Lee Health. In fact, several currently exclude Lee Health as a participating provider. Without full coverage for the medical care provided by trusted doctors across our entire network of services, your healthcare costs could increase significantly.

For individuals uncertain about their coverage, reaching out to both their insurance provider and Lee Health’s billing department is recommended.

This proactive step allows you to clarify details such as co-payments, deductibles, and any additional costs you might incur during your visit. Understanding the financial aspect of your healthcare journey is crucial to avoiding unexpected bills.

In emergencies, it’s important to note that Lee Health’s emergency departments are open to everyone, regardless of insurance coverage. Federal law mandates emergency rooms to provide care without

considering a patient’s ability to pay or insurance status. However, that doesn’t mean your visit is free. If your insurance plan does not include Lee Health, you could be responsible for the cost of care.

Accessing quality healthcare is crucial to maintaining good health, and understanding your coverage is of the utmost importance, especially when considerBY LARRY ing institutions like Lee Health.

ANTONUCCI As a prominent healthcare proGuest Columnist vider in Southwest Florida, Lee Health offers a range of services, but individuals must be well-informed about their coverage to ensure a smooth and stress-free healthcare experience.

Ensuring coverage when seeking medical care involves a thorough understanding of your insurance plan, network status, and available financial assistance options. Proactively addressing these considerations ensures that you can access the healthcare services you need while minimizing financial strain.

As the healthcare landscape evolves, staying informed and engaged in your healthcare decisions remains paramount for a healthier future.

To check if you’re covered with Lee Health, visit LeeHealth.org/OpenEnrollment.

Dr. Larry Antonucci is president and CEO of Lee Health. Contact (239) 343-4814.

Benson elected as chairman of Florida’s Affordable and Workforce Housing

Ryan Benson has been appointed as chairman of the Florida Housing Finance Corporation Board of Directors. He previously served as vice chairman and was originally appointed by Gov. Ron DeSantis in 2019 to the board.

Benson is co-owner of A. Vernon Allen Builder, a custom home builder in Naples and Sanibel. He also serves as First Vice President/President Elect for the Florida Home Builders Association.

Florida Housing Finance Corporation was created by the Legislature more than 35 years ago as the state’s housing finance agency to administers state and federal resources to help provide affordable home ownership and rental housing options for the citizens of Florida.

Today, Florida Housing continues its mission by increasing affordable housing opportunities and ensuring that its programs are well matched to the needs of those we serve. Florida Housing works with local governments, non-profits, elected officials and others to help spread the importance of affordable housing in Florida’s communities.

“The priority of attainable housing is our commitment and Florida Housing’s budget has increased to meet the needs of workforce housing, veterans housing and more from several hundred million dollars to nearly a billion dollars,” Benson said. “This has been accomplished by the passing the Live Local Act this summer, which is administered by Florida Housing, as well as incentives for developers and rental market owners to make housing attainable.”

SUNSEEKER PAGE 1 Right now, this cashless resort is hiring over 1,200 employees, with more than half slated for food and beverage. Some work at multiple restaurants on the property. One bartender told me that he not only works at more than one restaurant on the property, but also helps maintain equipment for several of the on-site restaurants. Interestingly, while many employees come from the immediate Charlotte County area, others come from as far as Arcadia and Cape Coral because of the job opportunities.

It also boasts one of the largest resort pool areas in the state, replete with pool-area restaurants/bars, that are open only to residents of the hotel. A rooftop pool and bar were not yet completed during my stay but intended to open shortly. The manager of Maury’s, the on-site steakhouse, told me this huge luxury resort was only Phase 1 of the resort’s development. Two more phases are on the horizon.

Most people I spoke with were locals because due to all the completion delays, Sunseeker ended

Photo by Karen P. Moore The sun sets at the horizon at the recently opened Sunseeker Resort in Charlotte County. up doing a soft opening, with out-of-area advertis- fishing, playing in the woods. And after visiting 13 ing beginning in earnest for booking after the holi- countries in the military, he was excited to return. days. Most people I spoke with were also excited He said he knows the resort is good for Charlotte about what this resort means to the future growth of County, but that he is sad that it just isn’t going to be the same place where he grew up.

Charlotte County—old and young alike.

I suppose Sunseeker Resort is one more examBut one young man was not as enthusiastic. After returning to Port Charlotte after a stint in the ple of how the prosperity of the future comes at the Marines, he shared that he grew up there—hunting, expense of the small-town feel of the past.

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FEBRUARY 2024

How to restore your company’s Builder spirit in 2024

By Don Adams Guest Columnist

For many companies, 2023 was a doozy. Navigating a shaky economy, rampant inflation, labor shortages and soaring interest rates has taken its toll. If your company is not sure how to turn things around in 2024, here’s a suggestion: Set a New Year’s resolution to restore your Builder spirit.

Every company was founded by a Builder. Yet too many end up putting a different type of leader— a Decorator or Remodeler or even a Realtor—in charge later. From that point on, there’s a long spiral into mediocrity or even nonexistence.

Yikes. Could the root of your problem be you’ve got the wrong leader at the helm? My company did some research that yielded two key findings: 1. Only one-third to one-half of companies are still led by Builders. The rest have leaders who are fixated on issues other than growth—say, presenting favorable financial performance to investors, or improving operational efficiency, or pursuing external alliances. (Decorators, Remodelers, and Realtors, respectively.)

2. Companies helmed by Builders consistently experience faster revenue growth than those headed up by other types of leaders. The C-suite must have a hefty dose of “Builder spirit”—a passion for driving organic growth by delivering differentiated value to customers, a focus on innovation and an insistence on thinking in years rather than quarters—to stay competitive. Lose that spark and you’re prone to leadership errors that squelch your growth.

How can you tell if your company has lost the “Builder spirit?”

A few red flags are: • Revenue growth is sluggish.

• There’s lots of talk about maximizing shareholder wealth.

• Customer-facing innovation is downplayed (or neglected).

• There are cost-cutting measures like spending freezes and mass layoffs.

• In general, employees seem uninspired, disengaged and unhappy, with the best and brightest future Builders jumping ship.

GOALS PAGE 3 Early Monday morning staff meetings, where their ideas can be discussed, make the employees feel they have value. Reward good suggestions with a bonus-of-the-month incentive.

• Write down your goals for the new year and share them with your staff.

Break down goals into projects, assign them to capable employees, and establish timelines for completion.

• Be a good role model.

Take a look in the mirror and ask yourself, “Are my attitude, work hab-

If any of this sounds familiar, don’t worry: You can restore the Builder spirit, get back on track and start ramping up growth. Here is a plan of attack to take starting in 2024.

STEP 1: Start putting Builders in charge.

When you leave a Decorator in charge—someone fixated on making the company look better to investors—you’re failing to inspire employees and chasing away future Builders. But don’t fire those who aren’t Builders. You need their help to improve operational efficiency, make acquisitions or look good on Wall Street. You need them in supporting roles.

How do you know if someone is a Builder? They should have market-facing innovation in their DNA, a passion to make things better, a duty to leave the business stronger than they found it, and frankly, they won’t be satisfied doing much else. (If you want to get real about your own mindset visit www.areyouabusinessbuilder.com for a quick assessment.)

You can’t afford to hesitate with changes at the senior leadership level, but you can take more time with middle management. Give them a chance to show what they can do. Establish new measures of success, starting with their “duty” to leave their business stronger than they found it.

Ask them for evidence showing they’re strengthening their business’s long-term growth capabilities and their plan to do more of this.

STEP 2: Create a growth capabilities roadmap.

Building the long-term capabilities to become a growth powerhouse doesn’t take place in a single year. Nor does it make sense to bounce from one initiative to another. You need a roadmap that is intelligently formed, embraced by the full leadership team, and communicated clearly to all employees.

Start by developing a list of capabilities your company needs for strong organic growth driven by market-facing innovation. For example: customer interviewing skills, competitive insights, R&D capabilities, new product launch, talent management and culture of innovation.

Conduct an employee survey measuring your business’s current capabilities. Then, for each ca-

its and customer focus what I want my employees to emulate?” If not, you might be the problem.

Operating a growing business in a changing environment is always a challenge.

However, if you plan your work and work your business plan, you will succeed.

Gray Poehler is a volunteer with SCORE Naples. Business counseling on this and other business matters is available, without charge, from the Naples Chapter of SCORE. Call (239) 430-0081 or visit naples.score.org/ mentors . To access information for local SCORE workshops go to score.org/ naples/local-workshops

pability, ask them to rate its importance and satisfaction. Prioritize improving capabilities with high importance scores and low satisfaction scores. Next, create a plan to boost those capabilities most likely to impact your growth. Publish your results and make it clear that your goal is to understand and meet customer needs better than others.

STEP 3: Attract new investors who get the benefit of long-term thinking.

If yours is a publicly traded company, you need patient investors who are focused on the longer term.

If quarterly earnings take a dip while you stay focused on the future, these investors will understand.

In fact, they don’t want you making decisions that damage long-term growth.

When you meet with investors, try to assess if they’re truly in this for the long haul with you.

Too many company leaders make the excuse, “We’d like to focus on the future, but investors won’t let us.” That argument doesn’t hold up. In Amazon’s early years, Jeff Bezos led it through seven years without showing a profit. Far from penalizing Amazon, Wall Street cheered it on. Its leader had communicated a vision of growth and this is what you must do.

One more thing: Carefully time when you start courting long-term investors. Do it too soon and it might seem like you’ve got a story without substance. Do it too late and your stock will be punished when you make the right decisions judged by the wrong investors.

I suggest communicating elements of your Growth Capabilities Roadmap when you can do so buoyed by early successes. Examples of market-facing innovation that led to positive financial results will be well received. I’ve seen billion-dollar businesses completely reinvent themselves this way. It’s not easy and it takes several years. But as a leader, you won’t be on your own. You’ll have many very motivated employees coming alongside to join you.

Now that sounds like a 2024 to look forward to!

Dan Adams is the founder of The AIM Institute and author of the books Business Builders and New Product Blueprinting. Visit theaiminstitute.com.

Southwest Florida Ag Expo set at civic center Whether you go for the animal exhibitions, the steer auction, the midway thrills or the sweet and savory treats, the Southwest Florida Ag Expo will be held from Feb. 29 through March 10.

The Ag Expo at the Lee County Civic Center Complex, 11831 Bayshore Road, celebrates the work and accomplishments of Southwest Florida youth active in 4-H, FFA and more while offering fun, food, rides for the entire community.

The Ag Expo will open with a ribbon-cutting at 4 p.m. Thursday,

Feb. 29. The livestock events begin later that evening with the goat agility contest and don’t stop until the conclusion of the horse awards on Sunday, March 10.

The expo will feature livestock exhibitions as well as crafting and creative living exhibits along with rides and food.

The complete schedule of events, special promotions, ticketing information and parking details will be posted at www.swflagexpo. com or visit Facebook for SWFL Ag Expo at www.facebook.com/ swflagexpo.

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Private jets a growing alternative to stressful commercial air travel

Thanksgiving weekend 2023 marked the busiest air travel day in U.S. history. As Christmas and the winter holiday season approach, plenty more travelers are expected to fly the not-so-friendly skies—even as more passengers search for less stressful alternatives to commercial air travel.

What’s driving the shift? Flight delays, shrinking leg room, luggage limits, bad behavior by fellow passengers... the list goes on and on.

The federal Department of Transportation recently reported consumer complaints nearly doubled during the first three months of 2023 after setting a record high in 2022.

And who can forget the Christmas air-travel debacle in 2022, when a service meltdown caused Southwest Airlines to cancel nearly 17,000 flights, stranding passengers for days across the country?

A new book by a Vanderbilt University law professor asks Why Flying is Miserable: And How to Fix It. One increasingly popular alternative to commercial air travel: private air charters.

At Elite Jets of Naples, we’ve seen a surge of interest in private charter air service as an alternative to commercial air travel since the pandemic started in 2020.

Business executives and leisure travelers alike quickly realized the convenience, privacy and passenger-first approach of private jet charters supersedes the increasingly unpleasant commercial air travel experience.

Rather than rely on regional hubs and connecting flights, private jets can fly into nearly every airport in America, including regional airports with shorter runways. Instead of building travel schedules around the whims of the commercial airliner, passengers instead determine when they depart. And with concierge-level service, private travelers avoid lengthy lines at the check-in counter, security checkpoint and boarding gates.

At Elite Jets, every traveler is a VIP. A door-to-door chauffer service transports passengers in style with a Tesla Model X. At Naples Airport, Elite Jets’ private terminal provides direct access to our fleet of luxury Phenom 300 and Legacy 500 Embraer jets.

Once onboard, passengers enjoy personalized temperature controls, reclinerlike leather massaging seats, high-speed Wi-Fi, a fully stocked bar and a digital entertainment system to watch movies, TV shows and news.

As for the quirks of other passengers?

On a private jet, there’s just the captain, first officer and your traveling party – up to nine people on the Phenom 300 and 10 on the Legacy 500.

As for the price? Elite Jets charges a flat

rate, no matter how many seats are taken.

Forget about the variable ticket pricing of commercial air travel or saving a seat for your traveling companion.

Safety first By definition, charter/on-demand

BY STEPHEN aircraft are subject to MYERS more stringent FedGuest Columnist eral Aviation Administration oversight than privately-owned, non-commercial aircraft that are regulated under FAA’s Part 91 regulations.

Across the board, that means more hours of flight training for pilots and an overall more rigorous set of safety standards. Elite Jets does not allow the use of contract pilots. However, contract pilots can and are used regularly in Part 91 operations.

Since they do not work for a single employer, they can instead hang a shingle for their services from the highest (or cheapest) bidder, with far less employer oversight.

Elite Jets requires all newly hired pilots to spend their first two months on the job as trainees. This allows them to acquire (or hone) the necessary skills while learning about our corporate culture, values and operational procedures.

That includes a minimum of 90 hours of online education of processes, systems, safety indoctrination, ground school and flight training, supervised by our in-house training director and assistant director.

Of our 20 pilots on the team, fully 100% have earned their Airline Transport Pilot certificate, the industry’s highest such rank.

Think of it as a “Ph.D. for pilots” – and rest assured that Elite Jets adheres to the highest available safety standards.

In April 2023, Elite Jets earned the coveted “Wingman status” from global air safety auditor WYVERN. The Wingman standard is the first air charter audit standard in the aviation industry. To earn the designation, charter companies must undergo a comprehensive audit that includes a full review of the company’s operational history and safety records.

In addition, Elite Jets also is a platinumrated charter through ARGUS and maintains a Stage 2 Seal through International Standard for Business Aircraft Operations (ISBAO). Both designations rank Elite Jets among the top 5% of charter services in the country .

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Fort Myers area in November sees fastest job growth rate in Florida

FloridaCommerce announced that for the fourth month in a row, the Fort Myers area had the fastest overthe-year job growth rate compared to all metro areas in the state in professional and business services at 9.6%.

The Fort Myers area labor force grew by 12,595 over the year in November 2023, a 3.3% increase, and the Naples area labor force increased by 3,181 over the year, a 1.7% increase.

The Fort Myers area, one of the most impacted areas by Hurricane Ian, saw a 0.5 percentage point decrease in its unemployment rate over the year, at 3.1% in November 2023.

The Naples area, also heavily impacted by Hurricane Ian, had a 2.9% unemployment rate in November 2023, up 0.2 percentage point over the year.

Additionally, the Fort Myers area’s private sector employment grew by 8,300 jobs over the year in November 2023, an increase of 3.2%.

The Fort Myers area industries gaining the most jobs over the year were professional and business services, increasing by 4,300 jobs.

The Naples area private sector employment increased by 900 jobs (+0.6%) over the year in November 2023. The Naples area industries gaining the most jobs over the year were leisure and hospitality, increasing by 900 jobs; and education and health services, increasing by 800 jobs.

Florida’s labor force continues to thrive, with 350,000 more people

entering the labor force at an annual growth rate of 3.2%, faster than the national growth rate of 2.3%. Florida continues to outpace the nation in labor force growth for the 30th consecutive month. Florida’s private sector employment increased by 0.3% (+28,300 jobs) over the month in November 2023. Florida’s unemployment rate was 2.9% in November 2023, 0.8 percentage point lower than the national rate of 3.7% and marking the 37th consecutive month Florida’s unemployment rate has remained below the nation.

Florida’s private sector over-theyear job growth rate has exceeded the nations for 32 consecutive months at 2.9% (+241,800 jobs) compared to 1.6% nationally. In November 2023, the education and health services sector gained the most jobs among all major industries, adding 11,800 jobs from the previous month, followed by construction, adding 6,300 jobs.

Floridians in search of work and new job opportunities are encouraged to turn to the CareerSource Florida network for help. Floridians can find guidance on how to register with Employ Florida and search listings of available local job openings.

Career seekers also can improve their employability by perfecting resume writing and interviewing skills, establishing career goals and pursuing customized career training. These services are provided at no cost to job seekers.

BOOST YOUR SALES

Stephen Myers, CAM, of Naples, is an FAAcertified pilot and executive vice president at Elite Jets. Contact (239) 900-9000.

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Southwest Florida BUSINESS TODAY ®

FEBRUARY 2024

W E M A K E B A N K I N G A B O U T YO U !

“It’sYour Call. We’ll Answer, Every Time! ” Banking with a Personal Touch As the oldest locally owned community bank in Lee County, Edison National Bank/Bank of the Islands understands the value of always being there for our clients. We believe taking a personal approach makes all the difference – such as answering the phone with a warm greeting, every time you call. You will never reach an impersonal voicemail during business hours, because our relationship-focused bankers are committed to serving as the responsive and trusted banking partner you deserve.

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To learn more about our convenient locations and concierge services, please visit EdisonNationalBank.com or call 239.466.1800.

Equal Housing Lender | Member FDIC | Bank of the Islands is an office of Edison National Bank.