Delaware Business Times 5-5-26 by Today Media

May 5, 2026 | Vol. 13 • No.9 | $4.00 | DelawareBusinessTimes.com

Hanging on Delaware small businesses are squeezed by tariffs, economic uncertainty 12-13

EMINENT DOMAIN?:

THE HONOREES ARE…:

FIELD TO TABLE:

Matt Haley Trust fights for fair value on land

DBT announces CEO & C-Suite of the Year Honorees

How farmers are using direct to consumer sales

AMAZON ADD:

In the C-Suite:

E-Commerce company

DEBCC CEO Ayanna

buys more land for

Khan-Flowers says grit

$120M

is her power

AND Awards

Congratulations Honorees Dr. Mark Brainard President Delaware Technical Community College Milestone Honoree

Chris Buccini Co-Founder Buccini Pollin Group Large For-Profit

Rob Buccini Co-Founder Buccini Pollin Group Large For-Profit

Matt Walz CEO Triablee Medium For-Profit

Terry Murphy President & CEO Bayhealth Large Nonprofit

Michael Fleming President & CEO Delaware Bioscience Assoc. Medium Nonprofit

Lauren Footman Executive Director End Community Violence Now Small Nonprofit

Pamela Reuther Chief Operating Officer Easterseals Delaware & Maryland’s Eastern Shore C-Suite

Jennifer Schwartz Executive Vice President & Chief Strategy Officer Incoming President & CEO ChristianaCare C-Suite

Joanna Staib Director, Division of Employment and Training & Statewide Coordinator for the Office of Workforce Development, Delaware Department of Labor C-Suite

E. Thomas Harvey Chairman & CEO Harvey Hanna and Assoc. Small For-Profit

Stephen Ovadje Chief Marketing Officer Best Egg C-Suite

Maria Stecker Director, Grantmaking Longwood Foundation C-Suite

CELEBRATING THE 2026 CEO & C-SUITE HONOREES

Honorees will be featured in the June 16th issue of the Delaware Business Times and celebrated at the CEO & C-Suite celebratory event on June 18, 2026. JOIN OUR GROWING LIST OF SPONSORS

TICKETS & INFO. Join us on June 18th at the Deerfield Golf Club from 5:30 - 8:30 p.m. The celebratory event will include heavy hors d’oeuvres, cocktails, great networking opportunities, and the awards program. Information: DelawareBusinessTimes.com/Events/CEO Tickets: Individual Tickets and Tables of 10 available.

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WHO'S INSIDE Founded 2014, printed bimonthly, serving Delaware’s business community Vol. 13, No. 9 dated May 5, 2026 Copyright © 2026 by Today Media, all rights reserved This newspaper or its trademarks may not be reproduced in whole or in part in any form or by any means electronic or mechanical, including photocopying or recording, or by any information storage and retrieval system now known or hereafter invent without written permission from the Publisher. For licensing, reprints, e-prints, plaques, e-mail Advertising@delawarebusinesstimes.com.

Aloft AeroArchitects.................13 Amazon......................................6 Andrea Haritos.........................15 Ayanna Khan-Flowers...............23 Bayhealth...................................8 Beebe Healthcare ....................11

Delaware Black Chamber of Commerce............................23

John Wellons............................22

Delaware Department of Labor......................................8

Lauren Footman.........................8

Delaware Department of Transportation ...........................5

Joseph Wurtz............................16 Lynn Bouscaren.......................13 Mark Brainard............................8

Delaware Division of Small Business ..................12, 16

Matt Haley Trust.........................5 Michael Fleming.........................8

Bouncer Pickleball Delaware......5

Delaware Healthcare Association...............................10

ASSOCIATE EDITOR Jennifer Antonik jantonik@delawarebusinesstimes.com

Boys & Girls Clubs of Delaware..............................22

Delaware Technical Community College ....................8

Olympus Property.......................7

RESEARCH, DIGITAL, AND ENGAGEMENT COORDINATOR Sabrina Wade swade@delawarebusinesstimes.com

Brian Frazee.............................10

Dr. Janice Nevin.......................11

Buccini Pollin Group.............8, 16

E. Thomas Harvey.......................8

Catch 54....................................5 Catherine Wilkins......................12

Easterseals Delaware & Maryland’s Eastern Shore...........8

Chris Buccini..............................8

Eduardo Miranda........................7

Pettinaro Companies..................5

Christian Coody........................15

Emergency Economic Powers Act...............................12

Rob Buccini................................8

End Community Violence Now....8

SoDel.........................................5

Harvey Hanna & Associates........8

Stephen Ovadje..........................8

Heart and Home.................12, 13

Terry Murphy..............................8

Huck & Buck Farm...................15

The Granary...............................6

Jennifer Schwartz.......................8

Trialbee .....................................8

GROUP PUBLISHER Robert F. Martinelli rmartinelli@todaymediainc.com EDITOR Katie Tabeling ktabeling@delawarebusinesstimes.com

DIGITAL SALES & MARKETING MANAGER Karen Martinelli kmartinelli@todaymediainc.com LEAD DIGITAL STRATEGIST Mike Rocheleau mrocheleau@todaymediainc.com ADVERTISING DIRECTOR Lisa Minto lminto@delawarebusinesstimes.com MULTIMEDIA ACCOUNT EXECUTIVES Al Woolfolk, Tanya Tecce, Sophia Mitchell MARKETING DIRECTOR Kate Schlegel MARKETING MANAGER Andrea Hill SALES & MARKETING COORDINATOR Shannon Ward

Best Egg.....................................8 Bonadio Group Tax...................16

ChristianaCare......................8, 11 Convergence Communities.........6 Cosmic Dog Farms....................15 Dan Yearick................................9 DANA.................................10, 11

PRODUCTION DIRECTOR Eric Bolis

DE Turf.......................................9

ART DIRECTOR Natalie Newhart

Delaware BioScience Association.................................8

SENIOR GRAPHIC DESIGNER Rosalinda Rocco

Jim Spencer.............................14 Joanna Staib...............................8

Matt Walz.................................. 8 Nanticoke Business Park............5 Pamela Reuther..........................8 Papa Grande's............................5 Patty Cannon......................12, 16 PepsiCo......................................5

Sheila Bravo.......................10, 11

United States Small Business Administration ..........14

GRAPHIC DESIGNER Kyle Manzolillo SENIOR AUDIENCE DEVELOPMENT MANAGER Lisa P. Bennett DIRECTOR OF DIGITAL STRATEGY Greg Mathias

INDEX

TODAY MEDIA, A MARTINELLI HOLDINGS LLC

At a Glance..........................................................4

Business Leads..................................................19

PRESIDENT Robert F. Martinelli SECRETARY-TREASURER Richard Martinelli

Industry Updates........................................... 5-11

Biz People.........................................................20

Special Section: Small Business................... 12-16

Calendar............................................................21

The List..............................................................17

Viewpoints.........................................................22

News Briefs.......................................................18

C-Suite..............................................................23

IN MEMORIAM Chairman Angelo R. Martinelli (1927 – 2018) Vice President Ralph A. Martinelli (1962 – 2019)

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ON THE COVER Heart and Home owners Catherine Wilkins, left, and Lynn Bouscaren said that almost everything in stock in their Pike Creek store has been impacted by the U.S. import tariff. DBT PHOTO BY ERIC CROSSAN

EVENTS The Delaware Business Times hosts a number of events each year. View the schedule and register for events at DelawareBusinessTimes.com/Events

AWARDS Newspaper of the Year - Bronze Award 2021 Most Improved Publication 2020 Stuff Magazine 2019/2020 – Best Ancillary Publication Delaware Business Times (USPS 21760, ISSN 2639-8087), Vol. 13, No.9 dated May 5, 2026 is printed 24 times per year by Today Media, 1000 N. West Street, Suite 601, Wilmington DE 19801 and is available by subscription for $96 per year. Periodicals postage paid at Wilmington, DE and additional mailing offices. Single copy/back issues are available at the cover price of $4 plus $2 shipping and handling. Attention Postmaster: Send address changes to Delaware Business Times, PO Box 2512, Williamsport, PA 17703-2512.

PREMIER DIGITAL PARTNERS

Delaware Business Times cannot be responsible for the return of unsolicited material with or without the inclusion of a stamped, self-addressed return envelope. Information in this publication is gathered from sources considered to be reliable, but the accuracy and completeness of the information cannot be guaranteed. No information expressed herein constitutes a solicitation for the purchase or sale of any securities.

MAY 5, 2026 / DELAWARE BUSINESS TIMES 3

STARTING A

Business Here or There

Quarterly

(Q1 2024 - Q4 2024)

Starting a business is a daunting task as entrepreneurs

1. Alaska

are focused on a number of items from branding,

Entry Rate:

finances to inventory. One key question many business owners face is whether starting a business in one state versus another can lead to more success and economic advantages. Delaware is widely recognized as a leading jurisdiction for incorporation, with nearly 70% of Fortune 500 companies incorporated here. However, even with these business-friendly advantages, business turnover remains steady. Delaware has an establishment entry rate of 6.2% and an exit rate of 6.1%. The state with the highest entry rate—9.7%—also has the highest exit rate at 9.4%, suggesting that higher levels of opportunity can come with increased risk. Meanwhile, Wyoming and Montana rank second and third for both entry and exit rates.

9.7%

Exit Rate:

9.4% 2. Wyoming Entry Rate:

8.5%

Exit Rate:

8.7%

3. Montana Entry Rate:

7.9%

Exit Rate:

7.8% 18. Delaware Entry Rate:

6.2%

Source: Delaware State Chamber of Commerce, 2026 Competitiveness Bluebook

LET’S GET BANKING.

TOGETHER!

www.ArtisansBank.com | 302.658.6881 42 DELAWARE BUSINESS TIMES / MAY 5, 2026

Exit Rate

6.1%

AT A GLANCE

We work to provide customers with the tools and guidance needed to choose the personal or business accounts that fit their needs. We build long-lasting relationships based on trust and mutual respect, to become the trusted financial advisors you can always rely on.

COMMERCIAL REAL ESTATE

Matt Haley Trust fights state on eminent domain By Jennifer Antonik FENWICK ISLAND – When James Beard House Award-winning chef Matt Haley, founder of SoDel Concepts, died from crash injuries in 2014, a nonprofit trust in his name was created to continue supporting charities statewide and globally. Now, his trust is fighting in a new eminent domain case. The Delaware Department of Transportation is seeking land easement at SoDel Concepts’ restaurants Catch 54 and Papa Grande’s in Fenwick Island to use temporarily as the state prepares for a bridge replacement project. When complete, Bridge 3-437 along Route 54, or Lighthouse Road, will be replaced and Bennett and Madison Avenues will be reconfigured. Wali W. Rushdan, II, attorney for the Delaware Department of Transportation (DelDOT), said the project is of great importance as the bridge in question was ranked 5th on the 2023 DelDOT Bridge Deficiency

List due to significant corrosion and its otherwise poor condition. But bridge replacement requires space for DelDOT work – some of which is directly in front of the two restaurants. During construction, the physical implications of the eminent domain project include a loss of 60% of the parking spaces currently available at the locations and 30% of the total business space would be used by the state, along with a loss of access to the two restaurants, according to attorney Larry Tarabicos. Tarabicos, who represents the Matt Haley Trust, pled their case to Justice Gary F. Traynor of the Delaware Supreme Court. The attorney maintained that the project would do more than just impede access to the two restaurants. The proposed valuation offered by DelDOT for compensation was also much lower than the financial impact of the project on the trust’s rental income. While Catch 54 and Papa Grande’s

Riverfront lease waiting out Bounce Pickleball By Katie Tabeling WILMINGTON — Bounce Pickleball Delaware has filed for bankruptcy, leaving Pettinaro Companies to sit and wait until court proceedings are over before deciding its next tenant. The chapter 7 filing was presented to the U.S. Bankruptcy Court in Philadelphia earlier this month and reported by the Philadelphia Business Journal. The eight-court pickleball court signed a lease at the Wilmington Riverfront and opened for business in February 2025 after opening four other clubs in Philadelphia and Baltimore. The 25,000 square-foot storefront, next door to Crossfit and a short walk from the Delaware Children’s Museum, used to be home to a trampoline park. “It’s got to work its way to do

the bankruptcy court proceeding, which is probably going to take six months. We can't show it. We really can't do anything but wait till the bankruptcy court figures out if the lease is an asset for them or not,” Pettinaro Companies CEO Greg Pettinaro said. Bounce Pickleball reportedly still has operating pickleball clubs in Malvern, Philadelphia and Baltimore. The sport that has become increasingly popular, even sweeping through Delaware in recent years with two-dozen courts opening in the last two years alone. More are in development with aims to draw large tournaments to Delaware. Pettinaro Companies had a major hand in turning the Wilmington Riverfront into what it is today. Anchored by Frawley Stadium, the site has since been transformed to

Catch 54 is one of two restaurants in a new eminent domain case. l PHOTO COURTESY OF SODEL CONCEPTS

are owned and operated by SoDel Concepts, the properties are owned by the Matt Haley Trust under LLC names Dingo, LLC, and Fenwick HHG, LLC. SoDel then rents the two properties from the trust which uses the income for its charitable work. “It’s $600,000 a year of rental income for those properties and it goes for charitable purposes. . . if we could get paid based on what these rents are on the properties. . . We could end the case today,” Tarabicos told the judge, The state offered the trust $227,000 for the use of the easement for an undetermined amount of time. include a collection of restaurants, shops, museums and more. About 30 years ago, Pettinaro led the way in rehabilitating old factories and industrial sites along the one-and-a-half mile stretch along the Christina River. In the 1990s, the goal was to turn the remnants of Wilmington’s shipbuilding past into a new tourist and business attraction for the city. Pettinaro’s father, Verino Pettinaro, was the developer who built the Chase Center. Today, the company owns the shops at the end of Justison Street, as well as restaurant pads that became Iron Hill Brewery and Taco Grande. The company also owns prominent office buildings like the Red Brick Building which overlooks the Blue Rocks Baseball Stadium, the Star Building which has tenants like Navient and Mercury Financial and the Gates Building overlooking the bend in the Christina River. Across the different spaces, Pettinaro estimates that the company’s spaces are about 70% occupied.

Pepsi sells bottling facility in Kent County By Jennifer Antonik HARRINGTON — The former Pepsi Bottling Ventures plant in Harrington has changed hands for $3.15 million, opening the door for new industrial or commercial use at the entrance of the town’s upand-coming industrial park. Property records show the 58 Cluckey Drive facility was sold in March to Nanticoke Business Park, LLC, a regional industrial landlord with a track record of leasing warehouse and flex space across Sussex and Kent counties. The buyer, listed only by the business name, is part of a Southern Delaware portfolio that includes multiple industrial parks and retail centers along the Route 13 corridor. These include Nanticoke Business Park in Greenwood, Bridgeville Business Park in Bridgeville, Stone Creek Business Park in Laurel and Savannah Square Shopping Center in Dagsboro. The sale of the Pepsi Bottling Ventures Plant follows the plant’s closure late last year as PepsiCo’s bottling network worked toward consolidation efforts. Now, rather than being taken offline or repurposed for a single user, the roughly 40,000-squarefoot property is expected to return to the open market through leasing. SVN-Miller Commercial Real Estate Senior Advisor Wesley Cox represented the buyer in the deal while his colleague, SVN Advisor Kelly Jeter, represented the seller. Cox told the Delaware Business Times that although the building itself is relatively modest in size, coming in at under 40,000 square feet, its location was a bonus in the transaction for the buyer.

MAY 5, 2026 / DELAWARE BUSINESS TIMES 5

COMMERCIAL REAL ESTATE

Amazon buys Middletown property for $120M By Katie Tabeling MIDDLETOWN — Amazon has finalized a deal to buy 117 acres of farmland on the west side of Middletown, right next door to another large swath of land the e-commerce giant already owns. Amazon purchased the land at the intersection Middle Neck and Warwick roads for $120 million, according to New Castle County land records. The world’s largest online retailer bought the parcel from 301 Logistics South LLC, a limited liability corporation associated with Stoltz Real Estate Partners. The land was already approved for a five-story tall warehouse at 3.9 million square feet in size back in October 2025, leaving 787,740 square feet in size on each floor with additional mezzanine floors for automated equipment. Amazon spokesperson Amber Plunkett told the Delaware Business Times that Amazon bought the property with the intent of opening

an operations facility in the area to provide faster delivery to local customers. The land is not far from the U.S. Route 301 bypass in southern New Castle County and it provides access to a highway that stretches across the county and Maryland to connect to U.S. Route 1. “We appreciate the Town of Middletown's collaboration

Amazon's "next generation" plant at Newport is likely the model of future warehouses in Middletown. | DBT FILE PHOTO

The Granary to bring new designs to Milton By Jennifer Antonik MILTON — A new 451-acre development in Sussex County is bringing more than homes to Delaware’s Smallest Wonder – plans include microbreweries, 60,000 square feet of retail space and an underground walking path connecting the community to the rest of town. Colby Cox, founder and CEO of Convergence Communities, told the Delaware Business Times that he’s excited to bring the innovative and intentional project, The Granary, to the area. To date, phase one of the mixeduse, nature-forward development has begun. The development blends housing, neighborhood retail and extensive public space, all centered on what Cox calls a simple but often overlooked goal: human connection. “People are bombarded by

62 DELAWARE BUSINESS TIMES / MAY 5, 2026

throughout this process and look forward to sharing more details when we can,” Plunkett said. Representatives for Stolz Real Estate Partners were not immediately available for comment. This may be the first time Amazon has built back-to-back warehouses on adjacent properties across its vast network of distribution centers in Delaware. About a year ago, Amazon bought 130 acres of land at Middle Neck and Warwick roads – right next door – for $87.5 million. Amazon representatives said at the time the

noise and distraction,” he said. “What they actually want is to feel accepted and to belong. The Granary is designed to answer a simple question: what actually makes people happy?” Located just a mile from downtown Milton, The Granary is planned as a 10-phase project unfolding over roughly 15 years, ultimately bringing 1,350 residences to the area, along with its embedded commercial and natural spaces. But Cox emphasizes that the project is not simply another housing subdivision. “We’ve been in this project for almost six years,” he said. “And the focus wasn’t just, ‘How do we build homes?’ It was, ‘How do we integrate into a 450-year-old town in a way that actually works for the future?’” That integration has shaped nearly every aspect of the plan —

from infrastructure investments to public amenities. One of the most notable features is a planned pedestrian and bike tunnel under Sandhill Road, designed to safely connect residents and visitors to local trails. The connection will ultimately link downtown Milton and the Broadkill River, as well as Wagamon’s and Diamond Ponds, creating a continuous recreational corridor through the town. “You’ll be able to walk from the Broadkill River in downtown Milton through the trail system, into The Granary, under the tunnel and out to 20 acres of waterfront,” Cox said. “It’s a game changer.” The project also includes roughly 110 acres of preserved open space and 55 acres of parks, along with the addition of 50 acres of public parkland and new waterfront access — a significant expansion for a town with historically limited access to such amenities. While mixed-use projects are not uncommon, Cox said intentionality is the key for this project, including

intent was to open operations there, as well. The land was approved for a 3.2 million square foot warehouse. Amazon has reportedly been investing billions in improving its same-day shipping by building more shipping hubs in rural parts of the U.S., as well as investing in more robotics in its warehouses. Delaware is already home to eight Amazon fulfillment centers, ranging from a last-mile delivery center in Seaford to the five-story cutting edge robotics facility on Boxwood Road in Newport. The state’s central location in the Mid-Atlantic region gives tractor-trailers a three-hour drive at most to major metropolitans like New York City and even less to Washington D.C., Baltimore, Philadelphia and Arlington, Va. If these two warehouses in Middletown are built, they will likely model the operations of the Boxwood plant which relies on machines that look like Roombas with stacks of pallets to navigate where packages can be shelved or robotic arms to help sort out packages. The e-commerce company has already invested an undisclosed sum to add more robotics to the Boxwood plant. its retail spaces. Rather than attracting big-box retailers, he is focused on boutique, neighborhood-oriented businesses, potentially including a specialty grocer, coffee shop, wellness studio and small-scale food and beverage concepts, although no prospects have been confirmed to date. “I’m not really interested in bigbox retail,” Cox said. “We’re trying to create neighborhood-based gathering spaces.” Plans also call for a brewery incubator and shared taproom with at least two microbreweries, envisioned as both an economic driver and a social anchor. “It’s about activation,” Cox added. “Creating spaces where people gather, break down barriers and connect.” It all supports what Cox calls Convergence Communities’ “conscious community” model which is at the heart of The Granary, prioritizing the walkability of the community, its access to nature and frequent opportunities for interaction.

RESIDENTIAL REAL ESTATE

Olympus Property buy $58.5M apartments By Jennifer Antonik MILLVILLE — A $58.5 million sale has given a Texas-based multifamily investment firm its first move into the Mid-Atlantic after it acquired a newly built luxury apartment community near Delaware’s growing beaches. Olympus Property, a multifamily real estate investment, development and management firm headquartered in Fort Worth, purchased the 216-unit Class A apartment community this month in Millville dubbed Ascend by the Sea. The 20-acre property is located just west of Bethany Beach along the Route 26 corridor. The site is now referred to as Olympus by the Sea. The property was bought for $58.5 million on April 2 by 35205 Tupelo Cir Investors LLC, according to Sussex County land records, or about $267,122 per unit.

The previous owner, DHIC – Tupelo Sands LLC, purchased the property for just under $6 million in August 2022 from OA Millville LLC, which purchased it in October 2020 for just $875,000. Construction on the apartmentstyle property was completed in 2025. It now represents Olympus Property’s first owned asset in the Mid-Atlantic region with leaders from the company stating via press release that it signals growing interest in southern Delaware’s coastal housing market. "In recent years, the Mid-Atlantic, due to its stable apartment economics and leading employment markets, emerged as an expansion target for the Olympus portfolio," Olympus Property Director of Investments Eduardo Miranda said in the release. Sussex County’s population has grown by more than 40% since 2010,

A $58.5 million Delaware apartment sale has given a Texas-based multifamily investment firm its first move into the Mid-Atlantic. | PHOTO COURTESY OF OLYMPUS PROPERTY

fueled, in part, by an influx of retirees and out-of-state residents, according to census data – another point of interest for Olympus Properties. The company hopes to capitalize on increasing growth in the area through the Ascend by the Sea community which was originally developed under the name Tupelo Sands by DHI Communities. It features a mix of one-, two- and three-bedroom units with resortstyle amenities which include a pool,

fitness center, coworking spaces, a coffee bar and lounge areas, game room and more. Since the acquisition, the property has been rebranded to Olympus by the Sea and is currently leasing units starting in the mid-$1,600 range. Founded in 1992, Olympus Property now manages or owns approximately 31,000 apartment units nationwide and oversees a portfolio valued at roughly $7.9 billion, according to the company.

When starting a small business, you need a guide. When growing a small business, you need a community. That’s where we come in.

business.delaware.gov

MAY 5, 2026 / DELAWARE BUSINESS TIMES 7

DBT EVENTS

DBT announces 2026 CEO of the Year honorees By Katie Tabeling WILMINGTON — The Delaware Business Times is excited to announce the 2026 honorees of its annual CEO and C-Suite of the Year program. Since 2021, the Delaware Business Times has honored the efforts of Delaware’s top-ranking business leaders both for-profit and nonprofit sectors, each divided by size. For its sixth year, the Delaware Business Times expanded the program to include C-Suite contenders to recognize executives who support their organization’s chief executive in achieving operational success. The honorees were chosen by an independent judging panel in what turned out to be the most competitive process in the award program’s history. To celebrate with the honorees, please attend the Delaware Business award event on June 18 at the Deerfield Golf Club in Newark. The annual program also features a Milestone Award winner to recognize an individual who has demonstrated significant, sustained success in leading a business or nonprofit organization in Delaware while also making a positive, measurable contribution to the state’s community. The 2026 Milestone Award winner is Dr. Mark Brainard. Brainard first made a name for himself in Dr. Mark Brainard Delaware working in Legislative Hall before going to work for Delaware Technical Community College. He then became chief of staff for Gov. Ruth Ann Minner, where he oversaw efforts to develop such as the landmark SEED scholarship program which granted free tuition to Delaware high schoolers maintaining a 2.5 GPA. It’s estimated the program has helped thousands of students with 200 students transferring credits at Del Tech yearly. As Del Tech’s fifth president, Brainard has also transformed the community college through $170 million in capital investments, launched degree programs to address the state’s nursing and teacher

82 DELAWARE BUSINESS TIMES / MAY 5, 2026

shortages, developed a statewide dual-enrollment program for high school students and more. The Large For-Profit CEO of the Year honorees are Chris and Rob Buccini of Buccini Pollin Group. Since co-founding BPG in 1993, the Buccini brothers have driven the transformation of downtown Chris Buccini Wilmington. Under Rob and Chris Buccini’s vision, BPG has created the Market West district which includes 500 Rob Buccini apartments and 200,000 square feet of leased commercial space across five city blocks. In recent years, BPG has expanded into residential management and sports platforms, the latter which hosts more than 10,000 events and draws 4 million visitors annually. The Large Nonprofit CEO of the Year honoree is Terry Murphy, President and CEO of Bayhealth. Murphy has spent more than two decades advancing healthcare access Terry Murphy and quality across central and southern Delaware. His leadership drove a nearly $300 million investment in Bayhealth’s Sussex Campus and ongoing expansion in Dover. Murphy worked to transform care delivery while overseeing more than $198 million in community benefits in a single fiscal year. The Medium For-Profit CEO of the Year honoree is Matt Walz, CEO of Trialbee. Walz joined Trialbee in 2020 with a personal mission rooted in his Matt Walz daughter’s battle with childhood

cancer: no patient should miss a clinical trial simply because they couldn’t find it. Under his leadership, Trialbee has expanded to 11 countries, and pioneered the Patient Recruitment Platform category with its Honey Platform, which is a unified system that supports more than 2.3 million patient journeys across 6,000 research sites globally. The Medium Nonprofit CEO of the Year honoree is Michael Fleming, President and CEO of the Delaware BioScience Association. Fleming joined Delaware Bio in Michael Fleming 2020, just six months into the COVID-19 pandemic, and immediately set about expanding the organization’s reach and impact. Under his leadership, Delaware Bio has doubled its membership, launched the state’s first annual life science conference and elevated workforce development. The Small For-Profit CEO of the Year Honoree is E. Thomas Harvey, Chairman and CEO of Harvey Hanna & Associates. Harvey owns and manages several management E. Thomas Harvey and real estate property investment companies encompassing 3.5+ million square feet of industrial, commercial, and mixed-use buildings. Those projects range from the transformational Amazon logistics plant in Newport to redeveloping the Twin Spans Business Park into an employment hub with Fortune 500 tenants. The Small Nonprofit CEO of the Year Honoree is Lauren Footman, Executive Director of End Community Violence Now. As its first executive director, Footman has worked to build Delaware’s first coordinated, Lauren Footman public-private Office of Violence Prevention. Her work helped produce a 21% drop in shootings and a 20% drop in murders in Wilmington in 2025 compared to the prior year. Footman’s leadership has made ECVN a model for how

states can leverage philanthropy and community investment to drive safety outcomes.

The C-Suite of the Year honorees include: Stephen Ovadje, the Chief Marketing Officer of Best Egg. Ovadje brings a rare end-to-end understanding of consumer lending to his role as CMO at Best Egg, having previously overseen the full customer lifecycle from acquisition through servicing. Since joining in 2024, he has helped drive Best Egg to over $7 billion in annual loan originations while championing a workplace culture that earned the company USA Today Top Workplaces USA recognition. Pamela Reuther, the Chief Operating Officer of Easterseals Delaware & Maryland’s Eastern Shore. Reuther began her career at Easterseals as a temporary front-line employee in 1994 and has spent 32 years growing with the organization she serves. Since becoming COO in 2018, she has grown annual revenue from $25 million to $38 million. Jennifer Schwartz, Executive Vice President and Chief Strategy Officer of ChristianaCare. She has championed the $100 million Middletown Health Center, driven ChristianaCare’s entry into southeastern Pennsylvania with multiple new hospital campuses, and overseen an $865 million capital investment plan to bring primary care, behavioral health, and surgical services to communities across the state. Joanna Staib, Director of the Division of Employment and Training, Delaware Department of Labor. Staib has modernized the state’s workforce system, through efforts like the Workforce Data Quality Initiative to build the state’s first integrated longitudinal data system and reoriented the American Job Center network to be more responsive and employer driven. Maria Stecker, Director of Grantmaking at the Longwood Foundation. Since stepping into leadership of grantmaking in 2022, Stecker has overseen the deployment of more than $100 million through more than 270 grants that strengthen nonprofits across Delaware.

HOSPITALITY & TOURISM

Domed facility highlights changes at DE Turf By Jon Buzby Contributing Writer DE Turf in Frederica has drawn millions of people to its facility over the past decade and generated millions of dollars toward the Delaware economy. Both numbers are projected to soar with a new partnership and facility expansions, highlighted by Delaware’s first-ever domed facility. The domed facility will include a regulation-size turf field and be one of the very few domed structures in the Northeast region with the closest being the United Sports Dome in Downingtown, Pa. According to DE Turf executive director Dan Yearick, when the dome is completed in January 2028, the plan is to host tournaments on 47 weekends spanning all 12 months, and provide local leagues and sports programming Monday through Friday

for all of Kent County. “We won’t have any downtime,” Yearick said. “And for the state that means we’re making an economic impact in winter months that are usually dead slow. We’ll be able to fill some hotels and restaurants in those winter months.” There were no plans to operate in the winter months when DE Turf opened its gates in April 2017. With its 12 synthetic turf fields, all with lights, it became and remains the state’s largest and only all-turf sports facility. In that first year, Delaware Tourism officials reported that DE Turf hosted 20 events drawing more than 40,000 visitors. Visiting teams booked 2,845 hotel rooms, resulting in $333,189 in hotel revenue in addition to tens of thousands of dollars spent at restaurants and area businesses. An original study that projected the facility would pour $18 million into

The next phase of improvement at DE Turf is a dome, seen here in a rendering. | PHOTO COURTESY OF DE TURF

the Delaware economy was refreshed to estimate a $25 million impact moving forward. A recent second major move by DE Turf reiterates Bradley’s point. From the beginning, DE Turf has been owned and managed by Kent County Regional Sports Complex Corporation. DE Turf has now partnered with Buccini Pollin Group (BPG). The use of fields at the other BPGmanaged complexes enables DE Turf to attract very large tournaments of up to 500 teams. Yearick pointed out that having teams competing

in other areas of the state not only brings business to those towns, but also to many in between when teams opt to spend the night or stop for dinner at halfway points between the complexes. DE Turf hosted five multicomplex tournaments last year and have seven scheduled in 2026. A new 5,500-square foot facility will include a press box, men’s and women’s locker rooms, and space for other event-related functions. In addition, the stadium’s bleachers will be increased to a capacity of 2,000 seats.

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MAY 5, 2026 / DELAWARE BUSINESS TIMES 9

HEALTH CARE

Doctors offer perspective into value-based care By Jennifer Antonik DOVER — Value-based care, a model that has generated billions in savings across the country in recent years, is at the center of a sweeping Delaware primary care reform proposal as lawmakers weigh how to improve outcomes and control medical costs. Some doctors say they have already seen the benefits of value-based care in the First State. The U.S. health care system has largely operated under a fee-for-service model, in which physicians and hospitals are paid based on the volume of visits, tests and procedures they perform. But independent doctors are speaking out, saying that the structure incentivizes more care and procedures rather than better outcomes. Value-based care is one of the alternative payment models that reward doctors for improving patient outcomes, enhancing care quality, and lowering costs. It layers incentives for patient results rather than the volume of services delivered.

SB 1 would require insurance companies to offer value-based care programs and require carriers to hit targets for alternative payment models. It would also require insurance companies to spend at least 11.5% on their total costs of care for primary care, including at least 5% through prospective payments. Supporters of Senate Bill 1 say that the bill will expand valuebased care incentives and stabilize the state’s struggling primary care system through an adjustment of reimbursement rates to match most rates to Medicare pricing. “The more patients you see, the more tests you do, the more income you generate,” Dr. Richard Henderson told the Delaware Business Times. “Value-based care moves us away from volume… The value based here is looking at the outcomes of the quality of care that’s delivered, as well as the patient experience.” The Delaware Healthcare Association (DHA), however, actively opposes this legislation and states that it may cost thousands of jobs despite

DANA launches new health insurance option By Jennifer Antonik WILMINGTON – Delaware leaders are closing the gap when it comes to health care access with a new insurance option made available through the Delaware Alliance for Nonprofit Advancement. The initiative, dubbed Care for Good, is available to nonprofit organizations in the First State with 10 or more employees enrolled in the program which is designed to offer them stable, affordable health coverage. “We certainly have heard from many of our members over the past several years of the challenges in providing quality benefits to their employees,” DANA Executive Director Sheila Bravo said in a press conference held April 1. “As we know, for nonprofits, the employees are the power behind the great

102 DELAWARE BUSINESS TIMES / MAY 5, 2026

work that they do. For nonprofit employers to be able to attract [talent], they need to be able to offer quality benefits.”

“The program expands ... the range of options available to organizations seeking greater stability, and sustainability. . .” LOUIS MEMMOLO

Partner, Weiner Benefits Group

That need was the catalyst behind the program that will function similarly to a group purchasing arrangement, bringing together

the state’s shortage of providers. “The 250% of Medicare referencebased pricing would cut at least $165 million from hospitals across the state, and that’s going to lead to job losses and service cuts,” DHA President and CEO Brian Frazee told DBT in a previous interview.

BY THE NUMBERS

$2.5B

Savings through Medicare's Shared Savings Program

$4.1B

in performance payments In an opinion piece, the association cited a potential loss of up to 4,000 health care and hospital jobs, as well as $413 million annually in cut health care services, from this bill alone. What is Value Based Care Federal data shows that valuebased care is already producing measurable results. In 2024, Medicare’s Shared Savings Program, one of the nation’s largest value-based initiatives, generated $2.5 billion in savings while delivering $4.1 billion in performance payments to providers with 75% of multiple nonprofit employers to increase buying power and spread risk. By aggregating employees across organizations, DANA aims to negotiate better rates and provide more comprehensive plan options than many nonprofits could secure on their own – much like larger corporations. The program is being administered in partnership with insurance and benefits specialists and is tailored specifically to the nonprofit sector. Nonprofits that are eligible for the program must have at least 10 enrolled members. Plans are structured to accommodate both small teams and larger agencies. While the new program is expected to help organizations offer more competitive packages, potentially reducing turnover and improving employee well-being, it also reflects a broader shift toward shared services in the nonprofit world with organizations collaborating to reduce overhead and improve efficiency rather than purchasing insurance plans

participating organizations earning bonuses. The program also found that physician-led organizations, in particular, have shown strong performance. Low-revenue, typically independent, physician groups generated $319 in net per capita savings compared to $180 in net per capita savings for higher-revenue, hospital-led systems. Value-based care is known to prevent costly interventions in the first place, such as hospitalizations, emergency room visits and advanced disease treatment and reduce overall health care spending, according to local health care professionals. But it requires investment in the system to help guide the process. Dr. Sarah Mullins of Stoney Batter Family Medicine said that valuebased care is critical because it is “literally saving primary care across the whole country.” “Examples of why this works is because all of the visits that I see patients for – taking care of blood pressure, preventing strokes, preventing heart attacks, keeping people out of the emergency room, out of the hospital if they don’t need to be there – that kind of prevention is very low cost,” she told DBT. SB 1 is currently awaiting votes. individually by employer. Interest in the program has been strong, according to DANA with multiple organizations already exploring enrollment ahead of upcoming coverage periods. The program is powered in part by Angle Health, a technology-enabled health insurance provider founded in 2019 that offers employersponsored plans. Philadelphia-based employee benefits consulting firm Weiner Benefits Group is supporting the rollout. “As a Delaware-based independent employee benefits consulting firm, Weiner Benefits Group is proud to partner with DANA to bring this new health insurance solution to the nonprofit community,” Weiner Benefits Group Partner Louis Memmolo said in a press release. “Designed as a long-term approach to managing healthcare costs, the program expands the range of options available to organizations seeking greater transparency, stability, and sustainability in their benefits strategy.”

HEALTH CARE

ChristianaCare CEO Nevin to retire in September By Katie Tabeling WILMINGTON — ChristianaCare CEO and President Dr. Janice Nevin will retire on Sept. 1, ending a 12year run leading Delaware’s largest health care system. ChristianaCare’s board named Jenn Schwatz, the health care system’s chief legal and strategy officer, as her replacement. “Serving this community and working alongside our extraordinary caregivers has been the greatest honor of my career,” Nevin said in a prepared statement. “Together, we have built an organization defined by love and excellence, and by an unwavering commitment to improving the health and well-being of those we are privileged to serve.” As Nevin retires later this year, ChristianaCare will be in the early stages of executing its $895 million investment in Delaware, including

a rehab clinic in Newark and a new micro-hospital in Georgetown. Construction work is already underway at ChristianaCare’s Middletown Campus which will include a 87,000 square-foot expansion for primary care, women’s health, behavioral health and more. Nevin, 65, is a Harvard alumna and earned her medical degree at Sidney Kimmel Medical College at Thomas Jefferson University in 1987. She joined ChristianaCare in 2002 as chair of its department of family and community medicine. From there, Nevin held a series of leadership roles including executive director of the Wilmington campus and chief medical officer. In 2014, Nevin became ChristianaCare’s first female CEO. Under her leadership, ChristianaCare focused on CareVio, a data-driven care coordination platform which includes artificial intelligence and predictive analytics to help

Beebe taps Bravo as philanthropy officer By Jennifer Antonik LEWES — Beebe Healthcare is bringing on one of Delaware’s most connected nonprofit leaders to guide its next phase of fundraising and community engagement. Dr. Sheila Bravo, the longtime president and CEO of the Delaware Alliance for Nonprofit Advancement (DANA), has been named senior vice president and chief philanthropy officer of the Beebe Medical Foundation, effective May 4. The position has been vacant for more than a year, according to Beebe Healthcare. “I look forward to listening, learning, and working alongside donors, partners, and Beebe teams to build on a strong foundation and advance community health,” she told the Delaware Business Times. “It's going to be a lot of community engagement. . . I think that the ability to really amplify the collective work that's happening in addressing quality healthcare in the Sussex County, Southern

Delaware area is something that I'm really excited to bring to the role.” Her appointment comes as Beebe looks to build on the momentum felt after the organization’s recent capital campaign – its largestever. The foundation announced in December that the Sussex Supports Beebe Healthcare Campaign brought in more than $60 million for the cause.

“Philanthropy plays a critical role in helping Beebe meet the evolving needs of our community.” DR. DAVID TAM

President & CEO, Beebe

Beebe is also continually navigating a rapidly shifting health care landscape which leaders say is increasingly

coordinate care for at-risk patients. The health system also worked with innovative technology such as robots to support nurses while caring for hospitalized patients. Nevin also led the development of eBrightHealth, an accountable care organization designed to reward doctors with bonuses for quality of care rather than volume of treatment. She also led ChristianaCare into an era of extensive expansion, adding locations beyond Delaware. In early 2020, the health care system acquired Union Hospital in Elkton, Maryland, and expanded via 10-bed hospitals in south Chester County. During her career at ChristianaCare, Nevin explored a deal to acquire Crozier Health in Delaware County, Pa. as well, along with a merger with Virtua Health in South Jersey. ChristianaCare ultimately decided against both deals. reliant on philanthropy to fund expansion, technology and community-based care. “This is a pivotal moment for Beebe and for community and rural health systems more broadly. Healthcare is becoming more complex, particularly as we place greater emphasis on value based care and invest more deeply in population health outreach and services that extend well beyond the hospital and even the ambulatory setting,” Beebe Healthcare President and CEO Dr. David Tam told DBT in an email. But, he added, Bravo is uniquely positioned to help Beebe move through it all. “Having an experienced leader of the Beebe Medical Foundation in place now ensures we are prepared to align philanthropy, partnerships, and community investment with that growing complexity. Sheila brings strong connections across Delaware and a deep understanding of how organizations, donors, and public partners can work together at a statewide level. Her experience and knowledge in business and governance will help enhance and extend the strong foundation already in place as Beebe

ChristianaCare CEO & President Dr. Janice Nevin announced she would be retiring on Sept. 1. | PHOTO COURTESY OF CHRISTIANACARE

continues to evolve,” he said. Bravo previously spent more than a decade leading DANA where she oversaw a network of more than 500 nonprofits and helped shape statewide conversations around funding, advocacy and organizational capacity. Her departure from DANA, first reported earlier this year, marked the end of a tenure defined by expanding services for nonprofits and strengthening connections across Delaware’s philanthropic and business communities. Her last day at DANA was April 17. The organization is continuing its national search for a new director with the help of executive search firm Lambert & Associates. Meanwhile, Beebe recently completed the largest donor campaign in its history, positioning the foundation to continue expanding its role in addressing growing demand in Sussex County. “Philanthropy plays a critical role in helping Beebe meet the evolving needs of our community,” Tam said in a press release. As she awaits her official start date, Shiela told DBT that she is looking forward to a couple of weeks off in between roles.

MAY 5, 2026 / DELAWARE BUSINESS TIMES 11

XSPECIAL SECTION: SMALL BUSINESS

ONE BATTLE AFTER ANOTHER

Following a year of struggling with higher tariffs, small businesses are now fearing higher shipping costs By Roger Morris Contributing Writer One year after the Trump Administration imposed higher tariffs on almost all goods coming into the United States, adding thousands of dollars in extra expenses as the costs of goods increase, profits decrease and scheduling remains disrupted. The U.S. Supreme Court ruled that most of the double-digit tariffs imposed for almost every country under international Emergency Economic Powers Act (IEEPA) since “Liberation Day” were illegal, opening a door for some to file $166 billion for refunds. But almost none of these businesses in the First State are expecting to see that money returned, as they continue to contend with the costs of goods and profits of sales. Trump has already rolled out temporary import taxes to replace the tariffs the Supreme Court overturned and some remain under the 1962 Trade Expansion Act. Compounding the issue now

122 DELAWARE BUSINESS TIMES / MAY 5, 2026

for small business owners is the war with Iran, as many owners fear it will trigger large hikes in foreign and domestic shipping costs. Delaware small business owners have indicated that most have become resigned to their losses from past and continuing tariffs and from international conflicts, with all their efforts targeted at minimizing their impacts. “Our Christmas sales last year were down about 10%,” said Catherine Wilkins, co-owner of Heart and Home, a Newark gift store which also specializes in house wares and women’s clothing. “Some suppliers built tariff increases into their prices and some just added a flat 15% increase to the bottom line.” Heart and Home co-owner Lynn Bouscaren added.

Tariffs are a Moving Target

Tariffs have always been a fact of life for Delaware business owners. But starting in early 2025 when the current federal administration was sworn in, some tariffs suddenly doubled or tripled

One year after "Liberation Day" when sweeping tariffs hit almost every aspect of trade, small businesses like Heart and Home are resigned to long lede times and 15% increases to the bottom line. | DBT PHOTO BY ERIC CROSSAN

and it became less predictable as to which countries and which goods would be targeted. Moreover, the Trump administration slaps major tariffs on or removes them at a moment’s notice through Trump’s social media posts. Small businesses paid an average of $36,000 per month in total tariffs from April to through September 2025, according to the Center for American Progress, an independent policy institute. That’s more than three times the amount they paid during the same period in 2024. Those small businesses paid roughly $42,600 in September alone. The U.S. Chamber of Commerce estimates that about 236,000 smallbusiness importers faced roughly $202 billion in annual tariff costs, “It’s also important to realize that there is more than one type of tariffs,” cautions Patty Cannon, director of intergovernmental relations & special projects in Delaware’s Division of Small Business. “The ones that the

Supreme Court declared illegal were those imposed under the IEEPA and those are the ones where big businesses are seeking refunds. But remember that there are still tariffs operating under Section 122.” Through the Trade Act of 1974, the president has the authority to impose a tariff for 150 days, to address trade deficits. Trump used this to impose a 15% global tariff in February until July 2026, but Delaware and 24 other states are challenging this in court. Not all the tariffs headaches were on incoming goods. Delaware soybean farmers were also hit by retaliatory tariffs imposed by large export customers on their produce, such as China, making Delaware farmers less competitive than those in other countries. “Delaware soybean farmers are feeling challenges from changing markets due to Trump's tariffs to skyrocketing fertilizer prices from the war in Iran,” Sen. Chris

SECTION: SMALL BUSINESS X XSPECIAL Coons reported in a March media release. “In my meeting with them . . .they discussed the need for more certainty from Washington, especially by passing an urgently needed Farm Bill this year.”

Wide-Ranging Impacts

Although most Delaware small businesses were affected to some degree by import tariffs, not all were equally impacted and not all had the same array of problems. For example, Jason Roslewicz, executive vice president of operation for Sumuri, the Magnoliabased computer hardware manufacturer, said his high-tech firm continues to be impacted in at least three different ways. “The first is that the ship that is carrying our goods has to stay offshore until they are sure the tariffs have been paid. So, our order ends up being delayed, and that affects our manufacturing schedule and thus our deliveries to customers,” he said. “Second is that our prices from the distributor are much higher because of the tariffs. Third is that larger companies are now buying up a larger percentage of available parts inventory, including here in the U.S., so we just can’t simply buy more goods in advance. Even if we order goods to be shipped in thirds, we might get the first third but not the other two.”

“Most of our imports are sourced through a network of suppliers for everything ... For refunds, they would have to sift through thousands of purchase orders and transactions. ” STEVE CHALMERS

Director of supply chain and planning, Aloft AeroArchitects

The Trump administration uses tariffs as a used as a political bargaining tool, some countries saw their tariffs threatened, imposed, adjusted up and down and sometimes removed rapid fire in an effort to get what the president believes is a fair deal for the U.S. However, it also makes orderly scheduling and planning almost impossible for Delaware small businesses.

“In 2025, we had to begin ordering goods in January for the Christmas and holiday season which meant we couldn’t adjust orders after tariffs were imposed. This year, we are being forced to reduce some of our inventory, even with popular items, because tariffs have priced them too high for our clientele,” said Heart and Home’s Bouscaren. Bouscaren added that there are “hidden” costs of tariffs, too, citing bookkeeping costs which increased because she needed to track frequent price changes and make necessary adjustments. It’s also become more of an issue for Delaware manufacturers, the prime sector that Trump aims to revive by pushing the “Made in America” initiative to reduce reliance on foreign supply chains and prioritize sourcing local materials. Aloft AeroArchitects is a Georgetownbased firm that specializes in refitting the interiors of private and commercial aircraft worldwide, and it’s causing some struggles in timing the delivery on orders. “It’s come under stress, which causes delivery delays. Fortunately, for the most part we have been able to communicate these delays in delivery in advance to our customers to maintain our credibility,” said Steve Chalmers, director of supply chain and planning for Aloft AeroArchitects. In Wilmington, Deborah Clemons owns Infusion Blends, a food products business that takes butter and olive oil and infuses them with flavors – attractive pantry additions for home cooks. Clemons and her products have appeared on network television shows such as “Good Morning America,” which has provided crucial product publicity. “But distributors I sell to demand 60- to 90-day warnings before we can make a price adjustment,” she said. “So, we can’t just automatically pass along a price change every time a new tariff is imposed.” Shoe sales – especially running shoes- have also been hit hard by tariffs. More than 99% of running shoes sold in the U.S. are manufactured abroad with 61.9% of all shoe imports come from China and 21.4% hailing from Vietnam, according to American Apparel & Footwear Association. Elite Feet in Middletown has seen almost every shoe they have in stock have an automatic price increase when tariffs went into effect.

“This year, we are being forced to reduce some of our inventory, even with popular items, because tariffs have priced them too high for our clientele.” LYNN BOUSCAREN

Co-owner, Heart and Home

“We lost customers because of it. Some went online to buy early models made before the increases,” said Elite Feet owner Jason Hunt.

Search for Solutions

Those that survived the last year say they passed along most of the tariff increases to their consumers or cut margins and found other ways to adapt. Looking for Americanmade goods has been hit-or-miss. Rich Julian, president of Benchmark Builders, said his business of building housing developments was hurt by earlier rounds of tariffs on Canadian lumber first imposed about 10 years ago. Since then, he has reduced dependency on foreign producers.

solution for small businesses. The Supreme Court’s ruling required that “importers of record” are entitled to refunds, which means companies have to file an application with the U.S. Customs. So far, 55,000 companies have applied as of April 21. For businesses that rely on a complex supply chain, it’s not so simple. “Most of our imports are sourced through a network of suppliers for everything from aircraft interiors to maintenance ingredients. For refunds, they would have to sift through thousands of purchase orders and transactions. Additionally, suppliers have not always passed all their tariff increases through to their customers,” Chalmers said. Even as tariffs problems remain, small businesses are facing another economic and planning battle as a result of surging and fluctuating energy prices due to the war in Iran and other parts of the Middle East. Shipping prices from abroad will surely increase as they already have for domestic deliveries. For example, as of mid-April, USPS had announced increases is 8% for competitive package products while FedEx imposed a 27% fuel surcharge on ground home deliveries and a

PomPom purses was one of the more difficult goods for Heart and Homes to see through the new trade complications, as they are imported from London. | DBT PHOTO BY ERIC CROSSAN

“Not being that affected by tariffs is one of the benefits of being mainly domestically sourced,” he said. Frank Pagliaro, owner of FranksWine in Wilmington, reports that although his wine business is mainly European-driven, he is now directing “more attention toward domestic wines and lesser-known regions that aren’t as exposed to tariff-related volatility.” Unfortunately, tariff refunds are not likely to be part of the economic

freight surcharge of about 52%. As for Delaware farmers, fertilizers that have to pass through the Strait of Hormuz may result in a predicted national shortfall of about 2 million tons of urea this spring and prices for ammonia and urea have risen by about 20% to 50%. “Dealing with the whole supply chain keeps getting crazier and crazier,” Clemons summarizes. “You just have to suck it up and wait it out.” MAY 5, 2026 / DELAWARE BUSINESS TIMES 13

XSPECIAL SECTION: SMALL BUSINESS

SBA Regional Chief Spencer talks small biz By Katie Tabeling Delaware’s 111,346 small businesses employ more than half the state’s workforce, but they’re navigating a tough environment, like slowing consumer spending, rising unemployment and a shortage of skilled workers. One resource meant to help is the United States Small Business Administration, based in Wilmington’s I.M. Pei Building. But the office has faced its own challenges, including significant staff turnover and a shifting landscape as the Trump administration imposes new regulations on popular SBA loan programs and rolls out its “Made in America” initiative. SBA Mid-Atlantic Regional Administrator Jim Spencer stopped by the 2026 Spring Grants & Loans Fair last week. Spencer, a former director of the Bluefield Economic Development Authority in Virginia, sat down with the Delaware Business Times to discuss his first year on the job. Q: Have you been on this job for a year now? A: March 24, 2025 was my first day. One of the things I’ve talked with our staff quite a bit is what does right look like. What are we doing that we can do better and what are things that we’re not doing as good that we can improve on. I believe in quality control. I’ve done a lot in my career with entrepreneurship and economic development in Virginia and West Virginia. We helped existing businesses, we cultivated entrepreneurship and innovation. It’s important to have economic garden. You may have the world’s best business but you got to be able to market your product. One of the things I’m trying to do is be a professional matchmaker. I want to connect the businesses to resources they need. In fact, what delayed me [to this interview] was a lady asked me a question when I was getting coffee. Part of the mission I’m serving when I was appointed by the Trump administration is to get out and listen to businesses. Let’s solve problems. Q: So what have you heard in the last year?

142 DELAWARE BUSINESS TIMES / MAY 5, 2026

A: One of the key components is the workforce… I hear a lot about hiring employees and the skill set they need. We had a manufacturing roundtable yesterday, and a lot of them were talking about the workforce getting older. I’m for the Made in America initiative. We need to get back to where we’re controlling a lot of our destiny with products made in the U.S. But we got to have the workforce. I’ve been to several career and technical schools and a lot of times we’ve told our young people, you have to go off to a big university, or you won’t be successful. We need to make sure our young students understand what careers are available. Can you imagine making six figures as a plumber in certain areas? We need to cultivate entrepreneurship and innovation. It’s like you plant a seed and you grow it. It’s something the SBA does with partners with business services [with capital loans, mentorship programs, export guidance]. We don’t do direct lending but we work with banks to help fill the gaps with some businesses that need credit enhancement. In FY 2025 in Delaware, over $102 million went out to small businesses. We’d like it to be even greater. I’m still learning about Delaware, but if you did a $20 million project right down the street [in Newark], it sort of blends in. But in the rural areas, we need to make sure we’re leveling the playing field and they have that opportunity. … We’re almost like the training wheels for small business, sometimes it’s capital and sometimes it’s educating on opportunities. Do they know what the SBA does? My dad told me once, ‘Jim you put your cookies low enough on the table, everybody can get one.’ I don’t care if you’re a manufacturer with 400 employees or three, you need access to the same information. In the last year, there’s been a lot of changes from the Trump administration in terms of rules about the 7(a) loans, other services possibly being cut… How has that kind of impacted your day to day operation, when things are changed so much in flux?

SBA Mid-Atlantic Regional Director Jim Spencer has been a year on the job. He talked about the need for workforce and his strong belief in the "Made in America" initiative. | DBT PHOTO BY KATIE TABELING

I think we all have to adapt. I have full confidence in the administration with their evaluation, and I have confidence in SBA Administrator Kelly Loeffler and the leadership to move the needle forward. I remember some of the conversations in the 1980s and the 1990s and we didn’t have elected officials with enough backbone to make decisions. Then they’ve just kicked the can down the road. You can go back and see Nancy Pelosi [Speaker of the House] talk about tariffs with China. The Trump administration was willing to take on the harder task, because a lot of times we got foreign countries that were being held hostage with importing. I grew up in the southwest of Virginia, and that’s a coal mining area. You had companies like Peterbilt that made mine equipment. The next thing you know, because we exported some of those jobs, people have to re-career. I worked a long time as a county administrator and then it was “We need to become a service based economy.” That’s not where the GDP is. So we need a balance. We need to put America first and solve our problems. I did want to talk about the Made in America initiative. As we know in Delaware, we have a lot of micro manufacturers, companies that do very niche things. When we’re talking about onshoring manufacturing, what do you see when you look at your district? What is the opportunity here? I was in Shippenburg, Penn. and I came across this company Tinicum Magnetics Incorporated. They’re making coils, and the majority of the workforce is women. Their parts are in Black Hawk Helicopters. You’d

think that would be made overseas, they’re competitive. Let’s say if you have 20 people, but you’re connected through the new Onshore Portal with some company or the government that needs exactly what you make, like those little coils. It’s not like you’re going to run down Main Street and find those. If we can help that business get connected with others that need that product, then suddenly that employer may add another 10. A lot of times people in economic development want to go whale hunting for a big project. The third leg [of economic development] is attracting new industry. That’s the one thing we can’t do, because it’s up to the locality. What’s more likely to happen, an existing business to expand or an outsider to come to Delaware? There’s 111,346 small businesses in Delaware. Let’s say that 10% of that hired one new person next year. What would the state of Delaware do for 11,000 jobs? They would bend over backwards. Every state would.   The Delaware SBA office has had a lot of instability in the last couple of years, mainly through staff leaving. How involved is your office in the Delaware office? Is it stabilized in terms of the staff we have? No. 1, I am approachable. I talk weekly with the district director Austen Colledge. When you think about it, everyone is trying to do more with less these days. We have some staff members come up from Baltimore to help. What we’re trying to do is erase borders and deploy our assets in a regional way to make sure the job gets done. So I honestly believe Delaware is more stable and stronger today than we were a year ago.

XSPECIAL SECTION: SMALL BUSINESS

Farmers say support hinges on spending habits By Jennifer Antonik SMYRNA — From farm stands to farmers markets, Delaware growers say interest in local food is there but turning that interest into consistent buying habits remains a challenge. At Huck & Buck Farm in Smyrna, Andrea Haritos sees the contradiction firsthand. Customers value fresh, local food, but often default to grocery store habits built on convenience, consistency and price. She and her husband grow vegetables and livestock and focus on agritourism activities. “We’ll drive 25 minutes for a gym because it’s good for our health,” she said. “But we won’t drive that extra distance for food that’s better for us. . . People are habitual. They need convenience and that almost always outweighs the benefits of driving 15 minutes to the farm,” Modern consumers are used to

year-round availability, standardized pricing and one-stop shopping. Meanwhile, animals take months to raise, crops are seasonal, storage is limited. Every decision, from feed to fencing, comes with upfront costs that aren’t always visible at the checkout line. Haritos said that reality becomes especially clear around the holidays. A locally raised turkey, priced to reflect feed, labor and processing, could approach $200, far beyond what most shoppers expect after years of $20-40 grocery store birds. Christian Coody, a first-generation farmer at Cosmic Dog Farms along with his partner Jena Murray in Ellendale, said that shifting the behavior of consumers starts with education. Cosmic Dog Farms is a regenerative microfarm that focuses on vegetables, chickens and other products. “I think the community is already aware that local food is better for us,”

Michael and Andrea Haritos diversify their farming business with agritourism offerings to help the operation stay afloat. | PHOTO COURTESY OF HUCK AND BUCK FARM

he said. “But we need much more education in farming practices to help guide how and where people shop. . . If you can’t ask your farmer those questions, then you need a new farmer.” As consumers consider their purchasing habits, farms like Huck and Buck Farm have to address revenue and expenditure needs somehow. Haritos said agritourism

helps at their farm, but even those short-term financial boosts can disappear quickly. A recent agritourism booking brought in nearly $3,000, for example; it was spent within days on feed, infrastructure and the next round of livestock. “We’re not making money like people think,” Haritos said. “We have to make it easier for everyone..."

MAY 5, 2026 / DELAWARE BUSINESS TIMES 15

XSPECIAL SECTION: SMALL BUSINESS

Delaware explores options with opportunity zones By Katie Tabeling

the First State can nominate up to 25

WILMINGTON — Delaware is getting a second chance with investment in new opportunity zones now being enshrined in federal law as

areas that can benefit. It’s the same number that was created back in 2018, but state officials estimate that no more than

five zones saw development since. Most of those developments happened in Wilmington’s business district where Buccini Pollin Group has been redeveloping old office buildings into apartments and building new ones, along with similar mixed-use projects from 9th Street Development Company. “Our goal is to say this time, let’s be smarter and try to find out

Gerald Albright • Acoustic Alchemy • Marcus Anderson • Walter Beasley Regina Belle • Alex Bugnon • Deanna Bogart • Club Phred • Nicholas Cole Brian Culbertson • Damien Escobar • Diego Figueiredo • Four 80 East Alex Harris • Reggie Harris • Vincent Ingala • Jessy J • Boney James Stanley Jordan • Jackiem Joyner • Jeff Kashiwa • Michael Lington Keiko Matsui • Marion Meadows • Najee • Art Sherrod, Jr. • Brian Simpson Paul Taylor • Peter White • Ragan Whiteside

where projects are really already happening or [developers] have hired an attorney and they’re working on a development plan. If we know this might tip a project in the favor of having the greatest community benefit,” Delaware Small Business Director Patricia Cannon said. Opportunity zones shield capital gains from taxes, giving developers 180 days to invest that into a fund or a qualified property. If developers hold the investment for 10 years, any gains above the original investment are excluded from income tax. The program was first created through the federal 2017 Tax Cuts and Jobs Act. Delaware had zones created in Wilmington, Dover, Seaford, Georgetown, Laurel and Milford and other areas. The One Big Beautiful Bill Act made the program permanent, designating new zones every 10 years. Gov. Matt Meyer has asked the business community for suggestions on the next 25 zones before he formally nominates them to the U.S. Treasury. Under the new version of the program, investments made on or after January 2027 get better frontend incentives, according to Bonadio Group Tax Partner Joseph Wurtz. That includes a five-year deferral period with investors paying only 90% tax on the capital gains at the end of the five years. “What’s really generated a lot of interest is if you hold a qualified property for 10 years, whether it’s an operating business or real estate, you can exclude your capital gains above what’s invested in it. It could be a potential home run of tax savings, and there’s not many of those,” Wurtz said.

For Show Times, Locations and Further Info, go to

www.rehobothjazz.com .rehobothjazz.com This organization is supported, in part, by a grant from the Delaware Division of the Arts, a state agency, in partnership with the National Endowment for the Arts. The Division promotes Delaware arts events on www.DelawareScene.com.

162 DELAWARE BUSINESS TIMES / MAY 5, 2026

Delaware has 61 proposed opportunity zones and officials have to nominate 25. | PHOTO COURTESY OF DELAWARE DIVISION OF SMALL BUSINESS

THE LIST

FAMILY OWNED BUSINESSES

AT THE TOP

Ranked by Del. Employees

RANK

1 2

COMPANY

CONTACT

Mountaire 29292 John J. Williams Highway Millsboro, Del. 19966

(302) 934-1100 mountaire.com

Perdue Farms 255 N. Rehoboth Blvd. Milford, Del. 19963

DEL. EMPLOYEES

SENIOR EXECUTIVE(S)

FOUNDED

4,738

Amanda Irwin (President)

1914

AMANDA IRWIN Mountaire President Since 2025 Alma Maters: Wilmington University & Clemson University (302) 424-2600 perduefarms.com

2,835

Kevin Adams (CEO)

1920

32.4 million Total of family-owned businesses

Buccini Pollin Group 200 W. Eleventh St. Wilmington, Del. 19801

(302) 691-2100 bpgroup.net

Patterson Schwartz and Associates 7234 Lancaster Pike Hockessin, Del. 19707

(302) 239-3830 pattersonschwartz.com

432

I.G. Burton 793 Bay Road Milford, Del. 19963

(302) 422-3041 igburton.com

427

1,285

Christopher Buccini Robert Buccini David Pollin (Founders)

in the U.S., per Conway Center for 1993

Family Business (CCFB).

1961

Average lifespan of a family-owned

24 years Donna Greenspan (CEO)

business, per CCFB.

Charles L. Burton (President)

1908

3% Family-owned businesses that make it to the fourth generation, per CCFB.

Crystal Steel Fabricators, Inc. 9317 Old Racetrack Road Delmar, Del. 19940

(302) 846-0613 crystalsteel.com

276

Emad Mohamed (President)

1992

M. Davis & Sons 24 McMillian Way Newark, Del. 19713

(302) 998-3385 mdavisinc.com

238

Peggy Del Fabbro (CEO) Michael Gilmartin (President & CFO)

1870

Carman Auto Group 193 South DuPont Highway New Castle, Del. 19720

(302) 323-2300 carmanautogroup.com

140

Larry Giacchino (President)

1973

Corrado Construction Company 210 Marsh Lane New Castle, Del. 19720

(302) 652-3339 corradoconstruction.com

129

Brian Felicia (President) Joseph Corrado, Jr. (CEO)

2006

Janssen's Market 3801 Kennett Pike Wilmington, Del. 19807

(302) 654-9941 janssensfinefoods.com

101

Paula Janssen (General Manager)

1952

EDiS Company 110 S. Poplar St., Suite 400 Wilmington, Del. 19801

(302) 421-5700 ediscompany.com

Brian DiSabatino (President & CEO)

1908

Our upcoming lists include: Largest Hotels (5/19) Pharma & Bioscience Companies (6/2)

Superior Electric Service Company 36 Germay Drive Wilmington, Del. 19804

(302) 658-5949 SuperiorElectric.biz

Jane Fitzsimmons (President) Joelle Fitzsimmons (CFO)

Source: Information for Delaware Business Times' lists are either generated through public sources or supplied by individual organizations through questionnaires. We assume that information provided by company representatives is accurate and truthful.

1985

New Castle County Employers (6/16) Top Engineers, Architects and Construction firms (7/7) If your organization should be on one or more of these lists email swade@delawarebusinesstimes.com

MAY 5, 2026 / DELAWARE BUSINESS TIMES 17

POLICY FOR A PATH FORWARD

END-OF-SESSION POLICY CONFERENCE

MAY 20, 2026 8:30 AM - 12:30 PM DELAWARE STATE UNIVERSITY, DOVER

NEWS BRIEFS For more coverage of these stories, visit DelawareBusinessTimes.com

First State Educate launches Delaware School Board Index

First State Educate launched the Delaware School Board Index, a firstof-its-kind public transparency tool designed to improve the quality of voter decision-making in Delaware school board elections. School boards govern institutions that collectively manage billions in public dollars, set policies for more than 140,000 students, and make decisions that directly shape Delaware’s workforce pipeline. Despite that authority, school board elections in Delaware routinely see turnout in single digits and voters often have limited access to consistent, comparable information about who is running and what they stand for. “School board elections are among the highest-consequence low-visibility decisions voters make,” Julia Keleher, executive director of First State Educate, said. “The Index exists to change that; to make governance visible, candidates comparable, and voter participation meaningful.” Delaware school board elections are May 12.

SCHLOSSER

2047 Sunset Lake Road Newark, Delaware 302-738-7333 • www.schlosserandassociates.com

DO YOU HAVE A NEW HIRE, PROMOTION OR EMPLOYEE ACCOLADE TO SHARE? Submit it to DelawareBusinessTimes.com/bizpeople Basic Profile $195 | Enhanced Profile $395

182 DELAWARE BUSINESS TIMES / MAY 5, 2026

Lawmakers move to make fiscal advisory council panel permanent

Democrat and Republican lawmakers have filed a bill to codify Delaware’s independent panel of fiscal analysis after 49 years of relying on an executive order to create it. House Bill 370 was filed on April 9 to make the Delaware Economic and Financial Advisory Council (DEFAC) permanent, following weeks of controversy after Gov. Matt Meyer fired a longstanding member for raising questions about missing projections from incorporation and franchise fees. The bill, according to prime sponsor House Majority Leader Kerri Evelyn Harris (D-South Dover), is to “enshrine this important council into our state code for future policy makers to rely on.”

Forbes magazine recently released its Best-in-State list for CPAs | PHOTO COURTESY OF UNSPLASHED/KELLY SIKKEMA

& ASSOCIATES

A Family Company Serving Our Communities Since 1954 Residential Commercial Industrial Plumbing Heating Air Conditioning Water & Air Quality Carpentry/Renovations Backflow Prevention

Republican and Democrat leadership have moved to enshrine DEFAC into law after controversy over one member's removal. | PHOTO COURTESY OF ADOBE STOCK

The Hotel du Pont is offering a unique package deal for visitors who wish to celebrate America’s 250th birthday this summer. | PHOTO COURTESY OF HOTEL DU PONT

Hotel du Pont offers package to toast America’s 250th

The Hotel du Pont is offering a unique package deal for visitors who wish to celebrate America’s 250th birthday this summer. The 113-year-old hotel is offering a “Homage to 1776” Package in which guests will be able to book an overnight stay for $1,776, as well as include a multi-course dinner with a special menu, a private trip for two to Hagley Museum and more. The package will be offered between May 1 and July 31, just in time to capture the semiquincentennial festivities in northern Delaware and the Brandywine region. “It taps directly into the national momentum right now around America 250. Our marketing team was trying to create something of an experience that really allowed us to showcase the hotel and the part we’ve played right in the history of Delaware,” hotel Managing Director Jeremy Costa said.

Forbes recognizes 14 Delaware CPAs on Best-in-State list

Fourteen Delaware certified public accountants have made Forbes’ second annual list of America’s Bestin-State CPAs. The CPAs work at 11 companies. Three of them work at Belfint Lyons & Shuman, which employs 39 CPAs and is Delaware’s largest locally owned CPA firm. Maria Hurd and Karly Laughlin of Belfint were also on the inaugural list. It was the most number of Delaware CPAs from one firm. Two other CPAs on this year’s list are founders of their firms: Angel Hodges in Milford and Miriam V. Wilson in Dover. Hurd, for one, is quite busy professionally, in the community and in her personal life. She said that she started studying accounting because she was “good in math” and wanted “a good career.” She began working for BLS in 1994 and in 1998 proposed a group dedicated to employee benefit plans. BLS expanded from auditing just one such plan in 1994 to more than 160 today, in 26 states.

BUSINESS LEADS REAL ESTATE TRANSACTIONS Source: Local Recorders of Deeds

Sicuranza; 225 Second St., Lewes 19958; $2,500,000 Eric & Gail Gilder to Bjoem & Soledad

5651 Limestone Road to Pike Creek

Ganzhorn; 516 E Cape Shores Drive,

Realty; 5651 Limestone Road,

Lewes 19958; $2,125,000

Wilmington 19808; $23,750,925

Back Bay Pad to 2787 Partners; 26500

Realty I; 700 Foulk Road, Wilmington 19803; $17,198,925 Gerald Lemole to Blossom Hill Trust; 2 Winding Way, Wilmington 19807;

Victorias Landing Road, Millsboro 19966; $2,100,000 Christopher & Mary McCerthy to Erik & Aspasia Oosterwijk; 20 S Anchorage Ave., Bethany Beach 19930; $2,075,000

$2,275,000

Linda Ferren to Benjamin & Julie

Alvenis Scarborough to Pelayo Coll

19930; $2,050,000

& Donna Coll; 102 Odyssey Drive, Wilmington 19808; $1,590,000 French Park to NVR, Inc.; 1939 Bellac Way, Newark 19702; $864,000

Kennedy; 310 W 2nd St., Bethany Beach

Vincenti to SPG Bethany; 107 1st St., Bethany Beach 19930; $2,050,000 Virginia Dugge to Summer Coulter & Mark Chubb; 19 Brooklyn Ave.,

Drive, Hockessin 19707; $789,000

Rehoboth Beach 19971; $1,900,000

K. Hovnanian's Four Seasons at

Evergreene Companies to Troy & Carol

Pennfield to Willie & Sharon Thomas;

Brewer; 86 Blackpool Road, Rehoboth

1621 Jaymes Circle, Middletown 19709;

Beach 19971; $1,891,460

$742,400

Schell Brothers to Norman Carpenter

Coonin; 21 Stabler Circle, Wilmington 19807; $717,000 KENT CO. Miller's Furniture Industries to East Street Property Holdings; 3004 S Dupont Highway, Camden Wyoming 19934; $2,507,150

38771 Tyler Ave., Selbyville 19976; $1,672,000 Investments; 30859 Edgewater Drive, Lewes 19958; $1,625,000

SB Miralon to Karen Bowman; 29374

Ownesby; 1495 Midstate Road, Felton

Otto Drive, Milton 19968; $1,470,174

19943; $625,000

Charles Zonko to 54126 Properties;

Millrose Properties Delaware to U.S.

96 Atlantic Ave., Ocean View 19970;

19971; $4,000,000 Michael & Jennifer Burnstein to Harry & Stephanie Kleiser; 203 3rd St., Bethany

INNOVATION

July, 1 2025 | Vol. 12 • No. 13 | $4.00 | DelawareBusinessTimes.com

SHOWCASING DELAWARE’S INNOVATORS

Wayne Moses to Alexander & Julie

Rick & Cheryl Elliott to Ryan & Maggie

Green; 53 Rolling Road, Rehoboth Beach

Print | Online | Events

Ryan & Amanda Peters to Palindrome

19971; $1,500,000

William & Lynnette Gray to Henlopen

Subscribe Today!

EVG - Admiral Ventures to Philip Peters;

Governors Ave., Dover 19904; $700,000

SUSSEX CO.

piazzadelaware.com

19975; $1,834,894

Snyder; 4 Seastand Court, Dewey Beach

$609,954

Land Rover Wilmington

Jr.; 30544 Lightkeepers Way, Selbyville

Family Legacy to Safwat Nasar; 102 S

Home; 929 Virdin Drive, Smyrna 19977;

Alfa Romeo & Maserati of Wilmington Pike

David, Stephen, Margaret & John

Julia Chai to Anne Marini; 411 Harrison

C. Dilworth Pierson to Robert & Sally

of Wilmington

Todd Fisher to Michael & Erin

NEW CASTLE CO.

700 Foulk Road DE to Wilmington

Mercedes-Benz

INNOVATION March 17, 2026 | Vol. 13 • No.6 | $4.00 | DelawareBusinessTimes.com

DELAWARE

SHOWCASING DELAWARE’S INNOVATORS

A ccess t o

Westown Story The

2026

Opportunity

How Middletown planned for explosive growth on the west side 10-11

ON THE CUTTING EDGE:

HELPING HAND:

AB&C NEW LEAD:

Merck details plans for Wilmington site