Issuu

Delaware hopes that R&D tax credit will spark investment 10-11

Crunching the numbers

September 2, 2025 | Vol. 12 • No. 17 | $4.00 | DelawareBusinessTimes.com

TAX SHIFT:

BEEBE LAYOFFS:

WAIT AND SEE:

Special state session addresses reassessment woes

Lewes-area hospital lays off 22 nonclinical staff

Some law offices may wait out SB 21 to settle

ON TOP: Inc. 5000 list sees wealth advisor join for the first time

REMEMBERING CASTLE: Delaware's last Republican in congress dies

There are over 200,000 children in Delaware. And one hospital focused on just them.

Scan to learn more

Since opening our doors in 1940, we’ve grown to be one of the preeminent children’s hospitals in the country, serving millions of kids along the way. As Delaware’s only children’s hospital, we provide care in more than 100 pediatric specialties and counting. So, while kids focus on being kids, we’ll stay focused on their health. Learn more at Nemours.org.

22 DELAWARE BUSINESS TIMES / SEPTEMBER 2, 2025

Here for Delaware’s kids since 1940

AT A GLANCE Founded 2014, printed bimonthly, serving Delaware’s business community Vol. 12, No. 17 dated September 2, 2025 Copyright © 2025 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.

GROUP PUBLISHER Michael Reath mreath@todaymediainc.com EDITOR Katie Tabeling ktabeling@delawarebusinesstimes.com ASSOCIATE EDITOR Jennifer Antonik jantonik@delawarebusinesstimes.com RESEARCH, DIGITAL, AND ENGAGEMENT COORDINATOR Sabrina Gonzalez sgonzalez@delawarebusinesstimes.com ASSOCIATE PUBLISHER EMERITUS Charlie Tomlinson DIGITAL SALES & MARKETING MANAGER Karen Martinelli kmartinelli@todaymediainc.com LEAD DIGITAL STRATEGIST Mike Rocheleau mrocheleau@todaymediainc.com ADVERTISING DIRECTOR Lisa Minto lminto@delawarebusinesstimes.com

To Retire or To Wait Retirement looks different for everyone, and building the right nest egg to enjoy your golden years depends on personal goals and circumstances. While the average retirement age in the U.S. is 62, many Americans anticipate retiring closer to their late 60s. However, a looming retirement crisis may be ahead, as many face a significant savings gap. According to Seniorly, the average shortfall is about $115,000. In Delaware, for instance, retirees face a gap of around $107,000, with average retirement income estimated at $783,000 versus a projected need of $890,000. Retirement costs vary widely by state—seniors in Hawaii face the highest costs at approximately $1.74 million, while those in Oklahoma require the least, around $648,000.

MULTIMEDIA ACCOUNT EXECUTIVE Al Woolfolk MARKETING DIRECTOR Kate Schlegel MARKETING MANAGER Andrea Hill PRODUCTION DIRECTOR Eric Bolis ART DIRECTOR Natalie Newhart SENIOR GRAPHIC DESIGNER Rosalinda Rocco GRAPHIC DESIGNER Kyle Manzolillo SENIOR AUDIENCE DEVELOPMENT MANAGER Lisa P. Bennett

Average retirement Income & Costs Across the U.S.

Key Findings in Delaware:

• Average retirement income: $762,000 • Average retirement expenses: $877,000 • Shortfall: $115,000 • Life Expectancy at age 65: 18.6 years

• Average retirement income: $783,000 • Average retirement expenses: $890,000 • Shortfall: $107,000 • Life Expectancy at age 65: 18.6 years Source: Seniorly 2025.

DIRECTOR OF DIGITAL STRATEGY Greg Mathias

TODAY MEDIA, A MARTINELLI HOLDINGS LLC PRESIDENT Robert F. Martinelli SECRETARY-TREASURER Richard Martinelli

IN MEMORIAM

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

ADVERTISING INFORMATION

Advertising@DelawareBusinessTimes.com 302.504.1276

SUBSCRIPTION INFORMATION

DelawareBusinessTimes.com/subscribe-now 800.849.8751

TO SUBMIT PRESS RELEASES OR STORY IDEAS News@DelawareBusinessTimes.com

WHO'S INSIDE AMS Fulfillment ........................8

Delaware State Chamber of Commerce .............................11

Mike Castle ..............................5

Goldberg Segalla LLP ...............9 Gov. Matt Meyer .......................4

One Big Beautiful Bill Act ..............................10,11

ChristianaCare .........................6

Grey Fox Wealth .....................12

Rep. Kim Williams ....................4

Delaware General Assembly .....4

Harvest Ridge Winery ...............4

SEPTA ......................................4

Delaware Prosperity Partnership.............................10

Horn Williamson LLC ................9

Tydings & Rosenberg LLP .........9

House Bill 242 .........................4

WSFS Bank ..............................8

Beebe Healthcare ....................7 Buccini Pollin Group .................8

Newmark............................. 8, 9

DAILY NEWSLETTER

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. 12, No.17 dated September 2, 2025 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.

t 10-11 investmen

Industry Updates................................... 4-8 Special Section: Professional Services....9-12 The List................................................... 13 News Briefs............................................ 14 Business Leads....................................... 15 People on the Move................................. 16 Calendar................................................. 17 Editor's View........................................... 18 Viewpoints.............................................. 19

tives spur tax incen

AWARDS

ON THE COVER

see R&D

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

INDEX

Tax accountants that work with small businesses believe there's three major provisions inside the One Big Beautiful Bill that will incentivize more innovation in the First State. PHOTO COURTESY OF ADOBE STOCK

hopes to Delaware

EVENTS

g n i h c n u Cr the numbers

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.

SEPTEMBER 2, 2025 / DELAWARE BUSINESS TIMES 3

GOVERNMENT

General Assembly passes New Castle County tax bill reset in special session By Katie Tabeling DOVER — The Delaware General Assembly passed seven legislative measures intended to address skyrocketing property tax bills in a special session on Aug. 12, the most notable among them a bill that would allow school districts in New Castle County to reset tax rates for the year. House Bill 242, sponsored by Rep. Kim Williams (D-Stanton) allows school districts to set higher property tax rates on commercially owned land. That would significantly shift the tax burden that is shouldered primarily by homeowners, particularly after reassessment of all properties in Delaware was complete. Delaware essentially had its property taxes frozen for 40 years– until a lawsuit on education funding brought by the NAACP and others settled by the state forced a widespread property assessment for the first time in decades. The three counties had each independently awarded reassessment

contracts to Tyler Technologies to provide an assessment of “fair market value” for homes. In the end, that resulted in home assessed values jumping, resulting in some bills to rise by 500%, lawmakers said. Commercial properties, however, were assessed on an income-basis, meaning that they are valued on the kind of revenue the property could bring in on various factors, such as leases. Wilmington’s office vacancy rate was around 19.8% in the second quarter of 2025, according to

In an eight-hour session, Delaware lawmakers passed a series of bills aimed for short-term property tax relief after weeks of outcry. | DBT FILE PHOTO

Wineries can now ship direct to Delawareans By Jennifer Antonik MARYDEL – After decades of advocacy, wine enthusiasts in Delaware can now order their favorite wine and have it shipped directly to their home. Governor Matt Meyer signed House Bill 187 into law on Aug. 15, permitting shipments from licensed wine producers like locally known Harvest Ridge Winery which served as the bill signing site

BY THE NUMBERS

$100

Shipping license fee

$500

Carrier license fee

Newmark, a national firm that tracks this data closely. Before assessment, New Castle County residential properties were 66% of the tax burden. After reassessment, residential properties made up 76% of the tax base. In the weeks after the bill passed, school districts across the county started setting different rates, including Appoquinimink, Brandywine, Christina, Colonial, and Red Clay Consolidated school districts, as of Aug. 25.

with advocates, enthusiasts and local leaders in tow. “We set a record signing bills quicker than any legislative session in recent years, but I’m not sure the sobriety level has been as low. . .,” Meyer joked. “We are here with the permission of Rep. Spiegelman in his district in large part to celebrate the entrepreneurs and innovators who saw a farm field and turned it into something beautiful that is now a treasure.” In order to ship directly to consumers, wine producers will need to hold a valid license and ship via a commonly used carrier such as Fed Ex or UPS. The application fee for wine direct shipper licenses costs $100, while carrier license applications would be $500. Both would be valid for

42 DELAWARE BUSINESS TIMES / SEPTEMBER 2, 2025

two years. Licensed shippers would be required to pay the state Office of the Alcoholic Beverage Control Commissioner a $400 to ship up to 200 cases in two years. To ship more than that amount, the licensee would pay a fee of $3,600. Deliveries must be capped to three 9-liter cases per household per year with an overall shipping limit of 1,800 9-liter cases annually for each shipper. Carriers must complete age-verification training and have an adult who is at least 21-years-old sign for each delivery. The new law goes into effect a year from the signing date. To date, the new rules only apply to wine deliveries. Beer cannot be shipped directly to consumers in Delaware, however it can be sent from restaurants and licensed venues through third-party delivery services such as DoorDash or Uber Eats; this excludes wine from wineries or retailers.

Delaware braces for SEPTA cuts By Jennifer Antonik HARRISBURG, Pa. — The Southeastern Pennsylvania Transportation Authority (SEPTA), a regional masstransit system, is one step closer to cutting services from Philadelphia to Delaware and back again after legislative votes last week nixed funding opportunities. The deadline to firm up funding for SEPTA’s Wilmington/ Newark rail service which serves thousands of commuters was Aug. 14. Although that deadline wasn’t met with positive action by Pennsylvania lawmakers, leaders are hopeful that it won’t cause many disturbances – yet – as lawmakers continue discussing options. The missed deadline triggered a 10-day preparation period in which SEPTA is working to cut 20% of its services across the board by Sunday, Aug. 24, including some, but not all, of Delaware’s commuter lines. This change is coupled with a 21.5% fare hike to begin Monday, Sept. 1. Delaware Transit Corp/DART First State Chief Customer Experience Officer Albert Loyola said the cuts will be minimal at first. He hopes Pennsylvania lawmakers and Delaware leaders can work together to find a better solution before the next cuts eliminate service to and from the First State altogether in January. The first cuts include several lesser-used SEPTA runs which were already up for elimination based on low ridership. If a larger cut is realized come 2026, he added, creative solutions would need to be implemented in Delaware to ensure commuters can continue getting to and from their destinations safely.

IN MEMORIAM

Former Governor, Congressman Castle dies By Jennifer Antonik & Katie Tabeling GREENVILLE — Mike Castle, one of the last Republicans to hold the role of Delaware governor and the last Republican the state sent to Congress, died on Aug. 14 at age 86. Castle had a long career in Delaware politics, serving in both the House and the Senate for 10 years before being tapped to run as lieutenant governor with Governor Pete du Pont in 1981. Then, with du Pont’s endorsement, he was easily elected governor for two terms, though the second term was cut short when he won the U.S House of Representatives seat. Born in Wilmington, Castle was the son of a DuPont patent attorney and could trace his family roots to America’s founding fathers Benjamin Franklin and Daniel Carroll. After graduating from Tower Hill, he went

on to earn a degree in economics from Hamilton College and later a law degree from Georgetown University Law Center. His career started as an associate at Connolly, Bove and Lodge where he eventually became a partner. Through his work with the Republican Party, Castle was elected to represent the sixth district in 1966 for three years. Then he was elected as a state senator and served until 1976. After finishing his time in Dover, Castle started his own law firm with friend and Democrat Carl Schnee, who was eventually appointed U.S. attorney for Delaware. He and Schnee also became part owners of the Bottle & Cork, a top hotspot in Dewey Beach for a time in the 1970s. But Castle was eventually talked back into politics, as du Pont – another friend – needed a lieutenant governor halfway through his term which led Castle to the eventual role of governor.

Former Congressman Mike Castle in 2010 at a US Senate election rally. | PHOTO COURTESY OF FLICKR/MIKE CASTLE FOR SENATE

To some, Castle may also be known for his role in the “Great Swap” when then-U.S. Rep. Tom Carper ran for Governor of Delaware and Castle ran for Carper’s seat in Washington’s House of Representatives. Serving for 18 years, Castle was celebrated for his fiscal conservative policy while holding moderate views on social issues. For example, he sponsored a bill that would reauthorize the assault weapon bans

and expand stem cell research. Castle was also one of 15 Republicans in the House to vote in favor of repealing the U.S. military’s ban on openly gay service members. Those positions made him a target throughout the years for right-wing political groups. In 2010, Castle ran for the U.S. Senate seat vacated by Joe Biden, but he lost the primary in a highly publicized race against Tea Party favorite Christine O’Donnell.

SEPTEMBER 2, 2025 / DELAWARE BUSINESS TIMES 5

HEALTH CARE

ChristianaCare to consolidate some Middletown offices on campus By Katie Tabeling MIDDLETOWN — ChristianaCare is looking to start construction on the $92.4 million Middletown Health Care Center, which will move some of its existing offices in the area on one campus. Middletown officials approved preliminary plans for a 92,000 squarefoot building on Delaware Route 299 right next to its existing emergency department, which opened in 2013. The new building is the only facility planned for the health care center at this time. The addition is 10% bigger than what ChristianaCare first announced last year. Pauline Corso, president of ambulatory network continuity and growth at ChristianaCare, said the growth results from adding

additional cancer services, as well as smaller elements occupying more space than expected. “The rest of the project is currently out for bid, and we expect that its approval will be granted soon. We anticipate breaking ground in early September,” Corso said in a prepared statement. ChristianaCare already has offices on the west side of town off Middletown-Warwick Road and will move the specialty care, imaging and rehab services to the new health center. The health care organization will also consolidate the existing primary care and women’s health offices in the existing emergency department in the new building. The existing primary care offices at ChristianaCare Middletown West will stay. ChristianaCare anticipates adding

Don’t delay — complete your Delaware EARNS registration by Oct. 15 to avoid penalties. If you have five or more W-2 employees, action is required by state law.

70 jobs with the expansion, but the transfer of several existing practices to Middletown Health Center means the building would have 136 employees.

“We will complete similar diligence and assessment for any future phases based on changing market needs.” PAULINE CORSO

President of Ambulatory Newtork Continuity & Growth, ChristianaCare

ChristianaCare announced its plans to make major investments at the Middletown campus last year as part of its $865 million plan to make

major investments across its footprint. Middletown is also a rapidly growing market, increasing 550% between 1990 to 2023. Delaware’s largest health care organization already owns 106 acres around the emergency care department, giving it the ability to add more offices in the future. But Corso said that ChristianaCare is “not prepared to advance any more buildings at this time.” The health care system had completed a master campus assessment to predict the future potential there and found ambulatory health care had gaps in the community. “Given the market growth and ambulatory health care gaps, ChristianaCare recognized outpatient health services was the top priority and completed a comprehensive market assessment to inform the programs, services, size of the building and total capital investment needed,” she said. “We will complete similar diligence and assessment for any future phases based on changing market needs.”

INTRODUCING DELAWARE BUSINESS TIMES’ DATA CENTER

Delaware EARNS is a state-sponsored retirement savings program for businesses that don’t offer their own plan. It’s designed to help close the retirement savings gap in our state and give your employees a path to a more secure future. Failure to register could result in enforcement actions.

EARNSDelaware.com

Deadline: Oct. 15, 2025 62 DELAWARE BUSINESS TIMES / SEPTEMBER 2, 2025

Company profiles with a click of a button

DEADLINE

Our readers are searching - will your company be found?

Boost your brand - It’s FREE to submit your company information to the DBT Data Center: DelawareBusinessTimes.com/submit/book

HEALTH CARE

Beebe Healthcare lays off 22 non-clinical employees By Jennifer Antonik LEWES – Beebe Healthcare has confirmed the layoffs of 22 nonclinical positions to save on costs for the Sussex County organization. “We have made the very difficult decision to eliminate 22 non-clinical positions from our workforce. We exhausted several other avenues for cost savings before taking this step, and we are tremendously thankful for the important contributions these employees have made to our system,” a spokesperson for Beebe Healthcare told the Delaware Business Times in an email. The nonprofit health care system cited reduced reimbursement rates, rising costs and legislative changes as issues it has recently faced, resulting in the cost-saving measure of eliminating positions despite efforts to optimize its

budget amid ongoing growth. “The reality is that the strategies that have allowed us to survive and thrive as a community health system for over a century will not sustain our success in today’s constantly changing healthcare landscape,” the spokesperson added. “We have every intention of maintaining our status as an independent, nonprofit healthcare system, serving our patients with personalized, compassionate care just as we’ve done for the last 100-plus years.” As it works to manage new budgetary constraints, Beebe Healthcare has continued its recent expansion efforts, such as an upand-coming hybrid emergency room facility on 41 acres of land in Millsboro; the project has been in the works for years. The expansion would offer new health care options in western Sussex,

Beebe Healthcare has confirmed that it has laid off 22 non-clinical employees. l DBT PHOTO BY KATIE TABELING

allowing residents to receive care closer to home rather than traveling to Beebe’s facilities in Lewes or TidalHealth’s hospital in Seaford. The 22 layoffs in August were not connected to the earlier partnered workflow optimization project with

Premier as it related to fiscal years 2024 and 2025; Beebe Healthcare’s fiscal year ends annually in June. According to DBT records, Beebe Healthcare touted more than 2,800 before laying off more than a dozen non-clinical employees.

OPENING FOR THE FESTIVAL ART MEANS BUSINESS! DELAWARE

GOVERNMENT, ARTISTS, CORPORATE, AND SMALL BUSINESS PEOPLE

JOIN TOGETHER! Carol Arnott-Robbins NEWS4Women

Tom Abel Global Holdings

Cheryl Mack Bridge Art Gallery

Patti Grimes Joshua M. Freeman Foundation

Nancy Dibert Epic Marketing

Matt Del Pizzo Del Pizzo Construction

Neil Kirschling Delaware Arts Alliance

VIP ALL ACCESS FILM FESTIVAL PASS + Individual TICKETS to 56 FILMS from 18 COUNTRIES wilmington.film/films SEPTEMBER 2, 2025 / DELAWARE BUSINESS TIMES 7

COMMERICAL REAL ESTATE

North Del. office vacancy rate remains below 20% By Katie Tabeling WILMINGTON — A lack of major leases signed in the second quarter of 2025 failed to move the vacancy rate in Wilmington’s business district much, according to one regional brokerage that closely tracks trends in the Delaware office market. From April to July, northern Delaware saw 38,093 square feet leased in the area, which is considered robust compared to the years dominated by work-fromhome activity during the COVID-19 pandemic. But the brokerage firm Newmark reported that 48,310 square feet of office space came back on the market in the second quarter as well. That can be attributed to many small companies moving out rather than large companies leaving. Those smaller firms include Fidelity National Information Services Global, which left its almost-9,500 square-foot office off Centreville Road. Newmark reported the vacancy rate for the second quarter is 19.8%,

up 30 basis points from the previous quarter. Colliers and Cushman & Wakefield, which also watch the New Castle County market as part of the greater Philadelphia region, found that vacancies were at 17.2% and 12.7%, respectively. Wilmington’s market did see significant movement in the last few months, with the largest deal being WSFS Bank renewing its lease at 500 Delaware Ave. for an undisclosed term. Buccini Pollin Group is investing $2.5 million in renovations, including the outdoor plaza. That building is 92% occupied, according to BPG, and WSFS occupies three of its floors. Chris Buccini, one of the founders of BPG, told the Delaware Business Times that he’s seeing more companies looking for Class A buildings that are highly amenitized to give people a reason to want tov come to work instead of staying at home. The WSFS Bank building is a key example of that, with floor-toceiling windows and a gym complete with showers, he said.

WSFS renews Wilmington HQ lease By Katie Tabeling WILMINGTON — WSFS Bank has 115 offices and bank branches across the Mid-Atlantic region and it plans to keep its downtown Wilmington location for years to come. WSFS has entered into a longterm lease at its existing Delaware headquarters at 500 Delaware Avenue, where landlord Buccini Pollin Group (BPG) plans to invest $2.5 million in site renovations. Those renovations include $1 million in plaza renovations and more in lobby reconfigurations in connection to the attached parking garage. WSFS declined to comment directly on the terms of the lease. The bank has occupied the building since 2006 when it was built by BPG and it now occupies more than 74,000 square feet of

the building with close to 300 associates working in the city. “It really was a no-brainer for us. This is our home, this is our headquarters,” WSFS President & CEO Rodger Levenson told the Delaware Business Times. “We’re committed to the city and obviously Delaware, so this was really

“ It was really a nobrainer for us. This is our house... we're committed to the city and obviously Delaware."

82 DELAWARE BUSINESS TIMES / SEPTEMBER 2, 2025

RODGER LEVENSON

President & CEO, WSFS

WSFS Bank renewed its lease at 500 Delaware Ave., marking one of the few big deals of the second quarter of the year. l DBT PHOTO BY KATIE TABELING

BPG is working on a “big” new lease for the Brandywine Building, which used to be the headquarters for the Biden-Harris campaign with promise to bring 200 employees to the city, Buccini said. That, and the facade work starting at Incyte’s future headquarters across Rodney Square, gave him an optimistic view of the rest of the year. “We’ll have our busiest year of office leasing ever in the history of our company. We’re going to do more leases this year in terms of square footage and value than we’ve ever done,” Buccini said. “You’re going to see some really exciting things happening in Wilmington in the next quarter.” straightforward. ‘Let’s get together and talk about how we can continue a really strong partnership.’ And we’re thrilled to be doing it.” WSFS is the oldest and largest Delaware bank today and has served the greater Philadelphia region since 1832. It was one of the first of its kind to introduce the banking industry’s debit card in the 1970s and endured the savings and loans crisis a decade later. Today, it’s the largest local bank by deposits and has positioned itself to tap into new markets Bryn Mawr Trust now in its fold following the merger. But its Wilmington headquarters has been one of its hallmarks not just for the company, but for the city as well with the WSFS name towering over the main street into Wilmington on the high rise. The bank had owned the land there in 2005 and was exploring possibilities at the time, but that was before requests for proposals resulted in a now-longstanding partnership with BPG which ultimately built the building.

AMS claims Bear warehouse By Katie Tabeling BEAR — Months before J.G. Petrucci Company, Inc. is set to complete its warehouse behind DOT Foods; it has already managed to lease out half of its space to a major distributor. AMS Fulfillment, a Southern California logistics company, has signed a 10-year lease for a speculative warehouse on American Boulevard in Bear. The lease is for more than 181,000 square feet in a 361,700-squarefoot development that is right off the Delaware Route 1 exit at Delaware City. It is the largest industrial deal for Delaware in the year so far. AMS Fulfillment already has 1 million square feet of warehouse space across eight warehouses, including in Los Angeles, New Holland, Pa., as well as in Newark and New Castle. The third-party logistics provider will be vacating at least one of its northern Delaware warehouses in the Boulden Interchange Park. That warehouse is 101,000 square feet and once it’s vacated, it will drop the business park’s occupancy to 88%, according to broker Christian Arakelian of The Flynn Company. “The decision to expand AMS’ bi-coastal operations at 710 American Boulevard marks a key step to scaling our operations to better serve our partners nationwide,” AMS Fulfillment CEO Greg Morello said in a prepared statement. When the warehouse is complete, it will have 3,150 square feet of office space along with 50 trailer parking spaces and 250 car parking spaces. Construction is expected to be complete in the third quarter of this year.

SPECIAL SECTION: PROFESSIONAL SERVICES

Some Wilmington law firms wait on office space By Josh Davis Contributing Writer The corporate law sector is still weighing the implications of Senate Bill 21 with one sign of uncertainty looming – the hesitation in law office lease renewals. At least three law firms have opened a new office in Wilmington, just a short walk away from the Delaware Court of Chancery and the state’s Bankruptcy Court, in the last eight months. Those firms include construction and commercial litigation firm Horn Williamson LLC, full-service firm Tydings & Rosenberg LLP and Goldberg Segalla LLP, a civil litigation firm that is focusing on corporate services. In a state that is the legal home for more than half the Fortune 500 companies in the world, Wilmington is the natural step for

any law firm that’s eager to serve as local counsel for shareholders and corporate giants. There are 317 firms in Wilmington that employ 840 attorneys, according to city officials. But when the controversial SB 21 was signed into law in March, concerns emerged that it would weaken shareholder rights and undermine the bustling legal community. The law was drafted to include new liability protections, revised standards for conflicted controller transactions and placed stricter limits on shareholder inspection rights. Lawyers who represent small shareholders, pension plan investors and other parties that the bill could have a chilling effect on the market. While many corporate governance experts say that the state won’t know until next summer after shareholders decide whether to reincorporate

WBG

in another state, there are some signs from major firms that would otherwise consider opening up an office in the incorporation capital. Wills Elliman, senior managing director for leading commercial real estate advisor Newmark, said some of his litigation clients are still cautious and are “kind of pausing for the short term.” “Where typically in their real estate cycle they’d be looking at doing a fiveyear renewal, they’re now looking at doing a one-year renewal, just to wait and see,” he said. “On the flip side of that, defense firms are expanding – two major firms are expanding hugely,” Elliman continued. “I don’t know if it’s

BY THE NUMBERS

Wilmington law firms opened in 2025

317

Firms in Wilmington overall

because of SB 21, but in talking to the firms themselves [they said] we’re just crazy busy and we need to expand.” While Elliman hasn’t personally seen any new firms opening, he said “the defense firms are bullish.” “The litigation firms typically are smaller and more nimble. So, while they may be pausing, the defense firms are much bigger in scope, so their expansion is more than offsetting things,” he said. “I’ve definitely seen some people say the sky is falling because of SB 21. But, on the flip side, I would say 80% of the sentiment is it’s a nothing burger.” Wilmington officials report that five new individual attorneys applied for business licenses representing five new firms in 2025. Twenty-one existing firms added 30 employees – suggesting business has been steady, if not robust. Wilmington doesn’t necessarily track when firms close. “Generally, businesses are not required to notify us if they close unless they have agreements in place for tax or economic development purposes,” Wilmington Deputy Chief of Staff Daniel Walker said.

Providing Innovative Solutions from Hire to Retire Your Trusted Partner Since 1938

Weiner Benefits Group

EMPLOYEE BENEFITS & RETIREMENT* SPECIALISTS Your Company Is Unique—Your Beneﬁts Should Be Too, Partner With Us To Simplify Complex Choices into Clear Solutions. Personal attention. Straight answers. Strong partnerships. When you succeed, We succeed. It's that simple. Call Today

302-658-0218

Michael D. Reckner, GBA, GBDS, VBS Louis D. Memmolo, AIF, GBA, CPFA, NQPA

Weiner Benefits Group

Scan Here

2711 Centerville Road, Suite 205 Wilmington, DE 19808 weinerbeneﬁtsgroup.com info@weinerbeneﬁtsgroup.com

*Louis D. Memmolo, Investment Adviser Representative. Securities are offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Insurance services are offered through Weiner Benefits Group, LLC, which is not affiliated with Osaic Wealth, Inc.

SEPTEMBER 2, 2025 / DELAWARE BUSINESS TIMES 9

X SPECIAL SECTION: PROFESSIONAL SERVICES

Delaware officials hope R&D tax breaks boost business By Katie Tabeling Delaware’s top economic development office has high hopes that the return of one of the most significant research and development tax deductions will spur a double down in investments from the state’s biopharmaceutical companies and manufacturers. When President Donald Trump signed the One Big Beautiful Bill Act (OBBBA), it once again allowed companies to deduct their domestic R&D costs upfront instead of stretching it out over five years. That opens the door for Delaware’s big companies in advanced manufacturing and rising start-ups in the biotech sector to see a major deduction on their tax bill. It’s a move that has many in Delaware taking notice — and those in the state’s economic development hope to get the next generation of companies to the next level. “This is a big deal, because with start-up companies in particular, they’re not sure what’s going to happen next quarter, let alone five years down the road,” Delaware Prosperity Partnership Director of Innovation Noah Olson said. “It’s a source of

income for some of these companies that have a long way to generate revenue, let alone become profitable.” Inside the $12.5 trillion in tax provisions in the OBBBA, there’s two other major tax provision shifts that could also free up more cash flow for manufacturers. But the return of the R&D expense provision is likely top of the mind of small businesses and finance officers at the state’s largest companies. Since the 2017 Tax Cuts and Jobs Act made it law for companies to amortize, or spread out, R&D costs over the course of five years, companies have been lobbying to return to the full upfront deduction as a way to return that rush of funds back into expensive drug trials, salary costs or a new lab or production line. For example, Delaware’s corporate giant DuPont spent $531 million on R&D costs alone last year. Incyte, perhaps the state’s rising star on the NASDAQ, spent $2.6 billion in R&D in 2024, a 60% hike from the previous year. But while there’s plenty of tax breaks for big businesses in OBBBA, many tax experts interviewed by the Delaware Business Times said the biggest win may be for early-stage companies that are still investing millions in development and may not have a viable product on the market yet. “In the case of small businesses, there were times they were looking at

102 DELAWARE BUSINESS TIMES / SEPTEMBER 2, 2025

a six-figure tax bill if they complied with the rule [in the Tax Cuts and Jobs Act] and they couldn’t afford it. It would shut them down, and these are businesses with 100 employees,” said Les Bryson, a partner at specialty tax credit firm MSC.

Pushing Pause

For 44 years, companies have been able to take advantage of the full deduction for R&D costs. That all came to an end with the Tax Cuts and Jobs Act, which created a new section that would require domestic investments to be amortized over five years and foreign R&D costs to be amortized over 15 years. This provision went into effect in 2022, midway through the tax year. Bryson, a former chemist who now specializes in helping diverse businesses navigate the various state and federal tax credits, said that midpoint conversion also hammered businesses even more. That meant a company that spent $150,000 on research and development would be taxed on $135,000 in 2022. “That was when the wheels fell off for small and mid-sized

businesses,” he said. “The R&D deduction was really the only thing that businesses could claim to take the sting out of that high tax bill after losing their deductions or delaying, deferring their deductions over that five-year period.” Critics of the drastic shift in the R&D deduction policy warned that inflation could chip away at the potential value of these deductions, as well as discouraging U.S. executives from investing on American soil, with more companies now required to pay more in taxes upfront. Independent analysis from Bipartisan Policy Center, a thinktank that promotes bipartisan policies, has found that the average gross domestic productivity in R&D was 6% between 2017 and 2022, but

X SPECIAL SECTION: PROFESSIONAL SERVICES fell to 4% by the end of 2024. For Bryson, that impact was seen in real time as he worked with small companies like startup medical device manufacturers and software companies and more. He saw some of them struggle while others closed up shop. “These are companies that are bringing new products to market, making new manufacturing processes more efficient. They’re the ones that are innovating, because they’re not so tied to worries about the margins for shareholders so much,” he said. “It’s so heartbreaking to see a number of people I worked with have to sell their business.”

The “Big Three” While some tax experts consider the Tax Cuts and Jobs Act a major overhaul, the OBBBA drew out many of the key business provisions that were already created. Aside from the return of the R&D deduction, there were two other provisions that made a return – and that companies are likely to benefit from. The OBBBA included allowing companies to deduct business interest expenses of 30% of earnings before interest and taxes, starting after Dec. 2024. That grants businesses more leeway to deduct business interest quicker. The third is a permanent reinstation of the option to claim 100% deduction on qualified property, also known as bonus depreciation, up to $2.5 million, which is effective on Jan. 20, 2025. The bonus depreciation is a huge one for manufacturers and biotech companies, said Robert Zielinksi, partner at The Bonadio Group. Without it, the bonus depreciation would have continued to phase out in 2027. In 2025, the bonus depreciation would have dropped to 40%. “That remaining cost of the property would still be depreciated over its normal life. It’s a significant incentive for businesses to make capital expenses to be able to recover quicker,” Zielinksi said. The OBBBA also introduced several other lesser-known provisions that may be small pieces in the larger picture of whether a business would opt-in. For the first time, production properties are now qualified for the bonus depreciation, which could push manufacturers to get new sites online by 2031. But other limitations and individual state tax laws may mean it’s

less of a tax break for businesses. “If you look at it in a vacuum, it makes sense to take all the deductions upfront in 2025, but you really need to model it out. Even going back to bonus depreciation, you may want to take it, but you may be in a state that has decoupled from that rule,” he said.

all you’re doing is carrying the loss forward.”

expenses on American soil may be offset by a hike in the tax rate on

What’s the windfall and who benefits Thousands of companies are weighing their options right now with the tax provisions in the OBBBA, but very few are sharing what that impact would be like. It’s safe to say right now that “it’s going to be significant,” said Dave Zion of the Zion Research Group. His office in Chadds Ford, Pa. assesses tax policy for hedge funds, pension funds and asset managers to develop investment strategies.

“ This is a big deal, because with start-up companies in particular, they're not sure what's going to happen next quarter, let alone five years down the road.” NOAH OLSON

Director of Innovation, Delaware Prosperity Partnership

An analysis of the S&P 500 Healthcare Index by Zion Research Group found that the OBBBA provisions could boost free cash flow by 4%. That index includes drug development companies as well as insurance providers, pharmacies, medical device manufacturers, and more. It also assumes the companies would opt in to those provisions. Smaller companies that have a higher ratio of R&D spending versus revenue may want to continue the amortization to pay less in taxes, Zion said. “For a small biopharma company that’s not profitable, I’d argue that this probably doesn’t mean that much at all because it’s not valuable to them. This is especially valuable if a company has enough taxable income to absorb it,” he said. “If you’re not generating taxable income,

It could also set the stage for smaller biopharma companies that spend more of their revenue and face at least six years in clinical trials even before getting to the U.S. Food and Drug Administration. On the flip side, the R&D deduction may be attractive if a company is taking an expensive risk like drug development. Having that tax break upfront versus spread out over the next five years may be meaningful depending on the company’s situation.

R&D in Delaware Spreading out the R&D tax deduction has major implications in Delaware. Olson, who works closely with bioscience and tech companies, said he’s aware many have had to make tough hiring decisions and layoffs to cut costs in the past three years after the full deduction sunset. In a small state that saw $2 billion in gross domestic product invested in R&D in 2022 and has outpaced the nation’s average, that cost is a heavy weight. “Not every company can do what these companies are doing. They’re discovering drugs, and it’s a large investment for them. I got to think the impact this has on small companies in growth and the economic benefits they have through job creation outweighs the tax revenue,” he said. Delaware’s major companies are also still privately working out what OBBBA means for their bottom line. Incyte hinted that rapid policy shifts could have a risk for the business, citing the OBBBA as an example in its most recent second quarter report. Incyte has operations all over Europe as well as the U.S. The reclaiming of R&D

income from manufacturing overseas. Incyte told DBT that it was still evalutating the impact of OBBBA. Advanced manufacturing companies like DuPont and Chemours had mixed views. DuPont, which has been in Delaware for 200 years, files hundreds of tax returns in federal, state and local jurisdictions, as well as across other countries, creating a complex web for how the R&D deductions would land for the company. DuPont declined to comment for this story. Chemours, which also has manufacturing sites across various states and in Europe and Asia, expects that it will see a portion of the valuation allowance to offset deferred taxable assets to be reported in the third quarter, due to the OBBBA. When asked if the R&D tax deduction and bonus depreciation would impact Chemours’ plans for local or international investment, Chemours representatives said the company “recognizes the potential of such tax provisions to strengthen U.S. manufacturing competitiveness” and remains committed to its presence in its communities. For tax expert and Delaware State Chamber of Commerce Chair Marie Holliday, there’s more to be said for focusing on the long-term gains for keeping companies that want to be on the cutting edge of technology. “You might not get the revenue from the company itself, but you would have all the higher paying positions in technology, science and people at doctorate levels coming into the state. That means we’d get the payroll taxes and state withholding on those taxes,” Holliday said. “We need more tax revenue, and if we lose the biotech industry, we’re going to have a lot of problems,” she added. “So I believe this is a win for our state.”

SEPTEMBER 2, 2025 / DELAWARE BUSINESS TIMES 11

XSPECIAL SECTION: PROFESSIONAL SERVICES

Grey Fox Wealth breaks into Inc. 5000 for first time By Jennifer Antonik WILMINGTON – Grey Fox Wealth, a Wilmington-based financial advisory firm founded in March 2020, has landed on this year’s Inc. 5000 list as one of the fastest-growing private companies in the United States. The firm ranked 1,345th nationally,

30th in the broader Pennsylvania region and 11th in Delaware after reporting a 325% year-over-year revenue growth; this is its first time on the Inc. 5000 list. The recognition marks a major milestone for co-founders Kevin Dombrowski and Ted Lauzen who launched Grey Fox just days before the COVID-19 pandemic brought

economic activity to a halt. Starting with no clients and no assets under management, the pair leaned on what Dombrowski calls “true entrepreneurial grit” to steadily build a book of business. Today, the firm manages about $60 million for individuals, families and small business owners. Dombrowski

SATURDAY SEPTEMBER 27, 2025 To w n o f W h i t e h a l l - 8 0 1 M a p l e t o n A v e n u e M i d d l e t o w n , D E 19 7 0 9

START A TE AM Honor a member of the Military, a Veteran, or a Fallen Hero. Grab your Friends & Family & register today. Visit www.vetfestdelaware.com, scan QR code to donate, or sign up. SCHEDULE OF EVENTS Event Pep Rally 10:30 AM Run/ruck /walk 11:00 AM Music festival 11:30 AM

122 DELAWARE BUSINESS TIMES / SEPTEMBER 2, 2025

said their client base is concentrated in a geographical triangle from Philadelphia to Rehoboth Beach to Annapolis, as well as others scattered nationwide. Since its early days, Grey Fox has now grown to include nine full-time employees and recently diversified its offerings with the acquisition of a tax company, now branded Grey Fox Tax. By the end of the year, the founders expect to launch Grey Fox Growth Partners, an investment banking arm, further expanding the firm’s services for clients with continued growth opportunities – a move that he said could hopefully keep the firm on the Inc. 5000 list for another year. A new office in Lewes is also on the horizon as the company looks to establish bookends across Delaware. Although a spot on the renowned Inc. 5000 list is impressive, Dombrowski said the firm will continue rooted in its Delaware-grown intentions. “We love what we do and love being in Delaware,” he said, noting that both he and Ted are raising families locally. “We’re still a small business, but we hope to keep growing and make Delaware proud.” Grey Fox is one of several Delaware firms recognized on the Inc. 5000 list this year, underscoring the state’s outsized impact on the national business landscape. Other local companies include: • Streamliners Management Consulting (544) – Business products and services • Smarter Not Harder (895) – Health care and medical • Elevated Remodeling (984) Construction • Nurturing Angels Home Care (1,393) – Health care and medical • Hatching Time (1,907) - Retail • Delaware Limo (1,611) – Logistics and transportation • Anura Solutions (1,769) – Food and beverage • Brand IQ Group (2,177) – Advertising, marketing and PR • RIM Recruitment Professionals (2,939) – Human resources • Host Merchant Services (3,044) – Financial services • The RV Shop (3,713) - Construction • RiversEdge Advisors (4,265) – Financial services • Mentor Collective (4,498) Education • Jack Lingo Asset Management (4,997) – Real estate.

THE LIST

INSURANCE BROKERS

AT THE TOP

Ranked by number of Del. employees RANK

COMPANY

CONTACT

DEL. EMPLOYEES

SENIOR EXECUTIVE(S)

FOUNDED

CBM Insurance Agency 100 W Commons Blvd., Suite 302 New Castle, Del. 19720

(302) 322-2261 cbmins.com

Candi Shoupe (Managing Partner)

1981

The Insurance Market, Inc. 310 N. Central Ave. Laurel, Del. 19956

(302) 875-7541 insurancechoices.com

Jim Hartstein (President) Steve Hartstein (Vice President)

1900

CANDI SHOUPE Managing partner CBM Insurnace Agency Since 2023

$94,916

Mean annual salary for insurance underwriters in 2024, per DDOL

L & W Insurance, Inc. 1154 South Governors Ave. Dover, Del. 19904

(302) 674-3500 lwinsurance.com

William Strickland (President)

1932

-4%

Anticipated U.S. sector job growth by 2033, per U.S. Bureau of Labor Statistics.

NFP 1 501 Carr Road, Suite 301 Wilmington, Del. 19809

(302) 658-5508 nfp.com

Ethan Foxman (President, Atlantic Region) David Lyons (Senior Vice President) Tim Lyons (Senior Vice President)

1984

Wilgus Associates, Inc. 32904 Coastal Highway Bethany Beach, Del. 19930

(302) 539-7511 wilgusassociates.com

Michael Wilgus (President)

1945

AssuredPartners 111 Continental Drive, Suite 405 Newark, Del. 19713

302-995-2247 assuredpartners.com

Kory Hitchens (Agency President) Steve Blewitt (Agency Director of Employee Benefits & Operations)

Weiner Benefits Group 2711 Centerville Road, Suite 205 Wilmington, Del. 19808

(302) 658-0218 weinerbenefitsgroup.com

Louis D. Memmolo (Partner)

New Castle Insurance 621 Delaware St. New Castle, Del. 19720

(302) 328-6111 newcastleinsure.com

Darius Brown (Business Development Specialist)

Van Buren Financial Group, LLC 615 W. 18th St. Wilmington, Del. 19802

(302) 655-9505 vanburenfinancial.com

Richard Miller (Partner & Co-Founder)

2008

Weymouth Swayze & Corroon Insurance 5710 Kenneth Pike Wilmington, Del. 19807

(302) 655-6323 wscins.com

Richard F. Corroon (President)

1933

1938

Our upcoming lists include: Wealth Managers, Financial Advisors (9/16)

Bassett, Brosius, Foy & Associates LLC 1011 Centre Road, Suite 110 Wilmington, Del. 19805

Green/Environmental Companies (10/7) (302) 999-9330 bbfwealth.com

Brad Foy (President)

1985

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.

1 Formerly Lyons Companies

Minority-Owned Businesses (10/21) Contractors, Commercial Real Estate Brokers (11/4) If your organization should be on one or more of these lists email sgonzalez@delawarebusinesstimes.com

SEPTEMBER 2, 2025 / DELAWARE BUSINESS TIMES 13

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

ChristianaCare submitted a notice of intent for a new surgical center in Newark with two partner organizations. | DBT FILE PHOTO

Mark Hutton has served as the top banking executive for M&T Bank’s Delaware branch since August 2023. | PHOTO COURTESY OF M&T BANK

The 45 acres a mile from U.S. Route 1 interchange is now planned for 164 homes instead of a business park. | DBT FILE PHOTO

The Harrington Freight Study shows expanding rail access along Messicks Road, to tap into 10 proposed lots for businesses. | PHOTO COURTESY OF DOVER/KENT MPO

ChristianaCare to connect with US Health Partners, Cardiology Physicians on new surgery center

M&T Delaware executive Hutton to take on business banking

Major subdivision planned to double Odessa’s size

Harrington Industrial Park secures more state funds

NEWARK – A new state-of-the-art Cardiovascular Surgery Center is in the works through a new partnership between ChristianaCare, US Health Partners (USHP and Cardiology Physicians (USHP/CP). The new center, estimated at a more than $11 million investment cost, would be located at the Newark Campus Healthcare Center at Christiana, according to a notice of intent filed with the Delaware Health Resources Board and obtained by DBT through a Freedom of Information Act (FOIA) request. The new facility would allow for sameday cardiovascular procedures in its two operating rooms.

WILMINGTON — M&T Bank has promoted Delaware market leader Mark Hutton to head of business banking this week. Hutton’s promotion was one of three M&T Bank announced including Lisa Gubernick as Director of Branch Banking and Chris Nichols, Head of Retail Banking, as they take on expanded leadership roles. M&T representatives told DBT that Hutton will continue to serve as regional president for the Delaware market for the time being. In this role, Hutton will collaborate with other regional leaders to provide services to thousands of small and mid-sized businesses.

ODESSA — A historic town in northern Delaware stands to double its size thanks to a rare housing development. K. Hovnanian Home Builders has filed plans for a 164-unit development called Odessa Commons along Route 299, just a mile away from the U.S. Route 1 interchange. Based on the U.S. Census Bureau estimate of 2.5 people per dwelling, the complex could add about 410 people to Odessa, which, currently has a population of 366 people. Odessa Commons includes 101 single-family homes and 63 townhomes on 45 acres of land. Plans submitted also show six retail lots on the site as well. The project received preliminary approval on Aug. 4.

HARRINGTON — The top industrial park prospect for Harrington received a second round of grant funds from the state, this time from site readiness funds up to $900,000 to cover costs for coordinating infrastructure development. The Harrington Industrial Park broke ground in mid-August but is expected to see its final site plan on the books in the next couple of months, according to Harrington officials. For years, Harrington has planned for a 131-acre industrial park off Messick Road and the U.S. 13 with the added bonus of being a stone’s throw from the railroad that runs through the town. The CDF approved the $1 million in Level II site readiness funds to help with infrastructure costs.

10 of our 40 –Class of 2025 Honorees

CELEBRATING 40 DYNAMIC LEADERS UNDER 40

12th Annual

Join us for an inspiring evening as we honor the region's best and brightest young professionals - all under the age of 40 - who are making a lasting impact through their intelligence, drive, and dedication to community. Be part of the excitement at this high-energy celebration of excellence, leadership, and the power of young professionals.

SEPTEMBER 24 | The Waterfall, Claymont, DE 3416 Philadelphia Pike, Claymont, DE 19703 DELAWARE BUSINESS TIMES

TICKETS & INFORMATION DelawareBusinesstimes.com/events/dbt40

SPONSORS | Join our growing list of Sponsors, Contact your Account Representative or 302-656-1837 I Advertising@DelawareBusinessTimes.com

GOLD SPONSOR

142 DELAWARE BUSINESS TIMES / SEPTEMBER 2, 2025

BRONZE SPONSORS

BUSINESS LEADS REAL ESTATE TRANSACTIONS

Daniel Scott to Richard & Joy Naden; 33459 Calcutta Cove, Dagsboro 19939;

Source: Local Recorders of Deeds

$2,400,000

NEW CASTLE CO.

38814 Grant to Bryan Baylis & Nancy

James & Danielle Sipala to Jessica

Daly; 38814 Grant Ave., Selbyville

& Eric Evans; 101 Greenspring Road,

19975; $2,300,000

Wilmington 19807; $4,200,000

Jacquelyn & Stephen Kalinsky to

AG EHC II (Len) Multi State 3 to U.S.

Mickie Kennedy & Randolph Barnes;

Home; 3502 Pipewell Lane, Middletown

18234 Highwood Drive, Rehoboth Beach

19709; $2,644,500

19971’ $1,465,000

NVR, Inc. to Sunil & Dipti Patel; 777

Barbara Twigg to 313 Hickman; 313

Rolling Oaks Way, Wilmington 19808;

Hickman St., Rehoboth Beach 19971;

$1,449,475 NVR, Inc. to Ateet & Sajani Shah; 904 Sawgrass Court, Wilmington 19808; $1,191,550 AG EHC II (Len) Multi State 2 to U.S. Home; 449 Crownlead Drive, Middletown 19709; $1,091,500 K. Hovnanian at Pleasanton to Partesh

$1,400,000 John & Patricia Carroll to Jane Donohue & Carol Marzetta; 306 Canary Court, Lewes 19958; $1,338,000 Schell Brothers to David & Nancy Bossert; 21758 Eastbridge Loop, Lewes 19958; $1,334,749

& Kanu Patal; 1015 Lucas Court,

EVG - FT Ventures to Peter Collins &

Middletown 19709; $867,153

Kathy Kopnisky; 36300 Brackish Drive,

KENT CO. 1103 Wilmington Property to Garrison Oak Tech Park Owner; 650 Garrison Oak

Lewes 19958; $1,288,660 Eileen Short to Ali & Jennifer Kazemzadeh; 35147 Sweetgum Lane,

Drive, Dover 19901; $1,260,000

Frankford 19945; $1,200,000

Oakcap to Brandi Talley; 16 Wavylead

SB Old Mill Bridge to Ronald &

Drive, Smyrna 19977; $745,000

Kathleen Serabian; 36327 Sturgis Lane,

Tidbury Properties to Noah & Serena

Frankford 19945; $1,143,097

Bliss; 174 Corbins Close, Camden

Cari & Jeffrey Heyne to Ryan & Kristen

Wyoming 19934; $719,287

Worch; 33505 Ocean Tide Lane;

K. Hovnanian's Four Season at Hatteras

Selbyville 19975; $1,100,000

Hills to Nancy Cheewing; 205 Buxton

Scott & Terri Brown to Randeep Thakur

Circle, Magnolia 19962; $580,799

& Sujatha Radhakrishnan; 53 Cape

SUSSEX CO.

Henlopen Drive, Lewes 19958; $1,100,000

Delaware Farm to RCTDE LLC, Lor Inc.

Slth Development to NVR, Inc.; 20929

LLC MEM & RCTLOR LLC MEM; Along

Windbreaker Drive, Rehoboth Beach

Route 18 & Beaver Dam Road, Long

19971; $1,055,850

Neck 19951: $38,000,000 Schell Brothers to Luis & Monica Zuniga; 28447 Driftwood Lane, Bethany Beach 19930; $4,348,298 David & Robin Gittleson to Marc & Anita Ponchinoe; 117 1st St., Bethany Beach 19930; $4,000,000 Garrison Homes to Lloyd & Linda

Jeffrey & Marie Androsko to Monica & Kathleen Chmielewski: 23298 Horse Island Road, Lewes 19958: $1,000,000 Schell Brothers to James & Roberta Michelson; 21878 Eastbridge Loop,

Are you seeking

ENGLISH LANGUAGE COURSES

for your employees?

CHOOSE THE EVENING PROGRAM! • • • • •

Boost productivity by improving communication Reduce errors and strengthen teamwork Enhance client relations Improve workplace safety Increase employee satisfaction, job retention, and promotability

CUSTOMIZED COURSES Tailored to what your multilingual employees need

• • • •

Written English Spoken English Business English Online or in-person

Our research-backed courses are taught by English-language specialists and align with the Common European Framework for Languages (CEFR).

Lewes 19958; $1,168,933 Schell Brothers to Trinidad & Melissa

Schmeusser; 76 Filly Lane, Lewes

Navarro; 21319 High Plains Road, Lewes

19958; $2,550,000

19958; $1,168,297

Russel Palmer to Julia Ware & Landon

EVG FT Ventures to James & Kristin

Godsey III; 411 Virden Way, Lewes

Hedges; 36304 Brackish Drive, Lewes

19958; $2,550,000

19958; $1,157,020

+1-302-831-2674

ud-eli@udel.edu

The University of Delaware is an equal opportunity/affirmative action employer and Title IX institution. For the University’s complete non-discrimination statement, please visit udel.edu/home/legal-notices

SEPTEMBER 2, 2025 / DELAWARE BUSINESS TIMES 15

PEOPLE ON THE MOVE Aloysius Butler & Clark (AB&C) announced the addition of Chris Ebmeyer to the agency’s media team. As managing director of media services, Ebmeyer will oversee media planning and buying strategies and lead the AB&C media department in staying on top of the latest media trends and opportunities, understanding specific client audiences, and ensuring plans are both aligned with and deliver on client goals.

People on the Move is a rundown of recent hirings, promotions, appointments and other notable movements by professionals in the state. If you’re interested in submitting an entry, please contact news@delawarebusinesstimes.com.

Beebe Healthcare named Cary Marble as Beebe Medical Group Chief Administrative Officer. Marble’s focus will be on making Beebe and Beebe Medical Group work better together to reach our goal of being a more integrated health system the wraps care around the patient. She brings more than 30 years of proven experience as a healthcare and business executive, with a reputation for being a results-driven problem solver and compassionate leader working closely with clinicians and the community. Marble holds a master’s degree in Business & Organizational Development from Rochester Institute of Technology, a bachelor’s degree in Education from Keuka College, and an associate’s degree in Applied Science from SUNY Alfred, all earned with honors.

Ebmeyer’s arrival comes at a strategic time for AB&C, as the agency continues to distinguish itself for not just understanding today’s evergrowing and complex pool of media options, but having the knowledge, resources and technology to provide highly customized solutions across its range of industry segments, which include consumer, B2B, healthcare, recruitment and government.

Santora CPA Group (SCG), a Newarkbased accounting and consulting firm, announced Melanie Seifrit, CPA, MBA has been promoted to A&A Manager. She joined SCG in September 2016. Seifrit is a graduate of Philadelphia University with a Bachelor of Science Degree in Accounting and a Master’s Degree in Business Administration. She is a member of the American Institute and the Delaware Society of Certified Public Accountants. John Lewin III, PharmD, MBA, FASHP, FCCM, FNCS, has joined ChristianaCare as vice president of Pharmacy Services. In this role, he will lead all aspects of pharmacy strategy, operations and clinical services across the hospital system, advancing ChristianaCare’s commitment to safe, high-quality, patientcentered care.

Before joining AB&C, Ebmeyer was SVP, director of media services at 160over90, where he focused on media strategy, buying, data, analytics and research.

Lewin brings more than 25 years of leadership experience in pharmacy and health care. He most

recently served as chief medical officer at On Demand Pharmaceuticals, where he led pharmacy, quality and regulatory initiatives and supported federal partnerships to improve medication access. Lewin holds a Doctor of Pharmacy from Temple University and an MBA from the Johns Hopkins Carey Business School. Jill Abbott has joined Delaware Prosperity Partnership (DPP) as its new engagement manager. At DPP, she will work closely with President/CEO Kurt Foreman and is a point person for key relationships and constituencies – including the Board of Directors and its committees; investors; and local, county and specialty service partners. Abbott has been named one of Delaware’s Most Influential Entertainment People and one of Delaware Today’s Women in Business. She earned a Bachelor of Arts degree in American studies and history from the University of Delaware and a Master of Public Administration degree from the University of Pennsylvania.

For tickets and information:

Grants & Loans Fair October 2 The Cambria, 17222 Hood Road, Rehoboth Beach • 8 a.m. to noon

SCHEDULE 8:00 a.m. - Doors Open

delawarebusinesstimes.com/events/sbdc

HOSTED BY

8:30 a.m. - Breakfast / Registration

8:45 a.m. - Pitching your Business for Financing

LEARN MORE ABOUT: • Pitching your business

9:30 a.m. - Preparing for Lending, Before and After the Loan

• Loans

10:30 a.m. - Grants Fair. Networking with Grant Organizations to noon and Lenders

• Networking with

Visit and speak one-on-one with representatives from Grant organizations and lenders that can help grow your business.

Grant organizations and lenders

SPONSORS

Breakfast Sponsor

Educational Sponsor

Sponsorship and exhibitor information, please contact 302.656.1837 or Advertising@DelawareBusinessTimes.com

162 DELAWARE BUSINESS TIMES / SEPTEMBER 2, 2025

BUSINESS CALENDAR Unless otherwise noted, webinar access details (including dial-in information) will be e-mailed to registrants. Dates and times subject to change.

SEPTEMBER 9 9:00 AM - 11:00 AM EDx Talk: Building a FutureReady Workforce Join the next EDx Talk, where local and regional leaders will explore innovative, employer-driven strategies to close

OCTOBER 1 4:00 PM - 6:00 PM 2025 Swim with the Sharks Pitch Competition Join the 13th Annual Swim with

business is searching for reliable

the Sharks Pitch Competition and

and high-quality payroll services,

experience Delaware’s vibrant

look no further. We take the time

entrepreneurial spirit, cutting-edge innovation, and the energy of its thriving start-up community. Finalists will deliver their pitches, and winners will be announced—earning thousands in funding to support their start-up

talent gaps, expand access to high-

ventures. For more information, visit

quality training, and fuel economic

eecincubator.com/entrepreneurial-

momentum. Learn how workforce

summit.

development is powering success New Castle County and Delaware as

OCTOBER 2 8:00 AM - 12:00 PM Grants and Loans Fair

national models for inclusive growth

Join the Small Business Development

and economic resilience.

Center and Delaware Business Times

across industries and positioning

For more information, visit business.ncccc.com/events.

SEPTEMBER 11 11:30 - 7:00 PM Habitat NCC’s Annual Golf Outing Spend a meaningful day on the green with Habitat for Humanity of New Castle County — enjoy a round of golf, connect with community and business

at the Cambria Hotel in Rehoboth Beach for a light breakfast and informative educational sessions at the Grants and Loans Fair. Attendees can connect one-on-one with grant

Delaware Business Times 40 Under 40 pays tribute to outstanding young

payroll-solutions.com

1-800-PAY-EASY

consult@payrollservicesolutions.com

media tools and strategies that will transform your social media marketing. Gain the mindset, tools, and skills you need with social media and bring in positive ROI (return on investment) from each effort. For more information, visit dtcc.edu.

Join Delaware Today and Delaware

community involvement. Each year

Business Times as we recognize the

this program recognizes 40 leaders

accomplishments of the area’s top

new heights. For more information,

Your Business. Your Needs. Our Payroll Expertise.

will share insights into the best social

ideas, business excellence, and

Delaware’s business community to

Knowledgeable, on-site customer service agents Dedicated tax department No set-up fees No contracts Stress-free processing via email, phone or online

events/sbdc.

for themselves through innovative

under 40 years old who are bringing

partnership.

visit delawarebusinesstimes.com/

DECEMBER 4 & 10 11:00 AM - 2:00 PM Women in Business Luncheons

professionals who are making a name

that feels more like a true

information and tickets,

Hear from social media experts who

SEPTEMBER 24 5:30 PM - 8:00 PM DBT40

ensuring a personalized approach

businesses looking to grow. For more

housing initiatives for local families. For habitatncc.org/give/2025-golf-outing.

and processes of your business,

are valuable resources for small

auction, all while supporting affordable more information, visit

to understand the unique needs

providers and local lenders that

OCTOBER 30 Del Tech Social Media Conference

leaders, and take part in a lively charity

If your small or medium-sized

Delaware's Trusted Voice As the first and only public media news service founded in the First State, our dedication to high-quality journalism extends beyond our signal’s borders, bringing you the best in national news and programming alongside our locally-focused content. Discover More with Delaware Public Media

businesswomen at the 2025 Women in Business Luncheons. Don’t miss this

Get tuned in:

DPM Mobile App

delawarepublic.org

chance to network, share and connect with women from across the state. For

visit delawarebusinesstimes.com/

more information, visit delawaretoday.

events/dbt40.

com/events/women-in-business. SEPTEMBER 2, 2025 / DELAWARE BUSINESS TIMES 17

Your View Delaware Business Times reader commentary policies Op Ed Columns We also welcome guest columns on topics of interest to our readers. Columns should be no longer than 500 and 650 words, and concern topics of interest to our readers.

How to Reach Us News@DelawareBusinessTimes.com Delaware Business Times 1000 N. West Street, Suite 601, Wilmington DE 19801

Corrections Policy If you believe that we have made an error in a story we publish, please email us at Comments@DelawareBusinessTimes.com

EDITOR'S VIEW

Let’s hope for action from the reassessment debate About two weeks ago, I listened to the marathon Delaware Katie Tabeling House of Representatives Special Session on property reassessment. A flurry of bills was passed as well as other resolutions that promised to aid Delawareans who are struggling with a surprise on their tax bill. Then I went on vacation for a week. When I returned, it seemed many of our elected officials were busy when I was gone. New Castle County Council failed to pass a resolution that would call for an audit of Tyler Technologies to conduct the reassessment. Newark City Council is proposing to split the non-residential and residential tax rate, with apartment units treated on a case-by-case basis. Christiana and Appoquinimink School districts have opted to keep the 10% tax increase. Christiana did manage to shift the burden more to non-residential properties, which now will see their school tax bills rise 51%. Appoquinimink doubled the non-residential tax rate as well.

Finally, the Delaware Democrats announced a “bipartisan” committee to offer a comprehensive review of Delaware’s reassessment process, with the first hearing Sept. 22. Of note on the agenda for future meetings–at least to me–is “discuss the potential for different tax rates based on property type and different tax rates.” Of course, that little nugget of information has gotten lost in the outrage. I’ve heard people blast the New Castle County Council for mocking residents’ concerns about auditing the Texas firm that handled the reassessment, Tyler Technologies. (For the record, Tyler Technologiess declined my request for an interview to discuss how the reassessment was handled weeks ago, but offered to answer questions via email.) Meanwhile, Republicans in the state House were quick to criticize the Democrats’ move for an investigative process, pointing out the resolution that was quickly passed weeks earlier had no structure for a basis of hearings. The GOP party also referenced, accurately, that its members had proposed its own legislation which was not considered during the single-day special session.

182 DELAWARE BUSINESS TIMES / SEPTEMBER 2, 2025

Delaware has not had property assessed for 40 years. But as New Castle County Councilman David Carter pointed out in his open letter, there have been several studies about education funding–which is paid for in part with our taxes–and little action done since. It has taken us a lawsuit to even get us to this point. I understand the frustration about this entire process, particularly as many in New Castle County and in Wilmington were told to trust the process and wait until its completion, wait until the appeals. The problem, which has become glaringly obvious, is that in a state with dozens of local government agencies, they were not prepared for what that process would be after Tyler Technologies was complete. Why would they be? It’s very likely that many of these government officials were not around the last time reassessment happened at all. The New Castle County Council resolution to audit Tyler Technologies had a noble idea behind it, but I fear that it was a sign that the tide is turning less from the issue at hand and more towards looking to assign blame. The back-and-forth with Delaware legislators about this issue

just deepens my concern. Going back to the subject of these hearings, I would be especially curious if the state would take any action on “potential” tax rates for the millions of Delawareans here. One of these hearings will specifically be about examining the county capacity to adopt different tax categories, which we all recently learned was a huge problem to begin with. On the third hearing, there will be apparent discussion on what considerations may drive changes to the tax framework. Gov. Matt Meyer made education reform the cornerstone of his 2024 campaign. His administration conducted a national search for the Education Secretary, that’s how important this issue is for his administration. I personally told him days before his own inauguration that I, like any parent in Delaware, wants to see him succeed because it matters for our children- especially those among us who had graduated from schools in northern Delaware. Education reform and property taxes are irrevocably linked. All eyes are on this issue, and I hope that we can set aside the anger and blame to finally settle this issue once and for all.

VIEWPOINTS

YMCA Delaware takes action against Type 2 diabetes Preventing chronic disease is one of the most effective ways to strengthen our community and Jarrett Royster improve overall wellbeing. With health care costs steadily rising, many Delawareans are feeling the strain. A powerful way to reduce these costs and support better health outcomes is by investing in programs that encourage long-term behavior change and help individuals take control of their health before issues become a crisis. In Delaware, the YMCA is leading this charge with a proven prevention program aimed at one of our state’s most urgent health challenges: Type 2 diabetes. The numbers are alarming. According to the CDC, approximately 98 million American adults—about 1 in 3—have prediabetes, yet more than 80% of them do not know it. Right here in Delaware, according to the American Diabetes Association website, 35% of Delawareans are obese. The Delaware adult obesity rate is projected to increase to 52% by 2030. As you may

know, there is a strong link between obesity and Type 2 diabetes, which is often triggered by sedentary lifestyles and unhealthy weight gain. The YMCA’s Diabetes Prevention Program (DPP) is changing that. Rooted in science and delivered with compassion, this year-long lifestyle intervention helps participants make lasting changes to how they eat, move, and live, UNLEASHING healthier habits and reducing their risk of developing Type 2 diabetes by more than 50%. The Diabetes Prevention program at the YMCA isn’t new or experimental. The landmark study, Diabetes Prevention Program Outcomes Study (DDPOS), funded by the National Institutes of Health (NIH) and the Centers for Disease Control and Prevention (CDC), showed that lifestyle changes can be more effective than medication in preventing diabetes. We know that for people with prediabetes, small shifts in diet and activity, such as losing 5–7% of body weight and increasing physical activity to 150 minutes a week, can dramatically delay or prevent the onset of the disease. At the YMCA, we have transformed this research into real-life impact.

Participants meet weekly, virtually or in-person, in small groups led by trained lifestyle coaches who focus on nutrition, physical activity, stress management, and long-term behavior change. After the first 16 weeks, the program continues with bi-weekly and eventually monthly meetings to maintain momentum. It’s structured, practical, and designed for long-term success, including improvements in work-life balance. The healthcare savings are significant enough to make the program a viable covered benefit for employers, while those who qualify for Medicaid and Medicare can participate at no cost! This is more than a health program; it’s a community of encouragement. Last year, more than 500 individuals took part in the YMCA’s Diabetes Prevention Program. With a cost of just $429 per participant, the program offers a strong return on investment, helping each individual save an estimated $2,650 in future health care expenses. Who qualifies? Adults 18 and older who are overweight and have either a high-risk score, a qualifying blood test, or a history of gestational

diabetes, may be eligible. While this program does not yet serve individuals already diagnosed with diabetes, we are actively collaborating with YMCAs across the country that are beginning to see promising outcomes by adapting the model for those living with Type 2 diabetes. We urge all Delawareans—especially our local employers, healthcare providers, and community leaders, to participate and help spread awareness. When we invest in programs like the Diabetes Prevention Program, we are not just helping individuals, we are increasing quality of life. It’s how we fulfill the YMCA’s purpose, consistent with our core promises: to improve the health and well-being of every individual and family we serve, to ensure youth and adults alike have access to life-changing opportunities, and to unite communities around service and support. With community-powered support, we can be the change we want to see in the world—and it begins right here in Delaware. Jarrett Royster is the President and CEO of YMCA of Delaware.

Civil discourse still matters in Del. business and beyond In an era marked by growing political polarization, the value of civil discourse Dr. Timothy Shaffer may seem Pollyannaish or abstract—more suited to civics classrooms than boardrooms. Programs and initiatives across the country are attempting to bridge divides, drawing voices from across the ideological spectrum. But for business leaders in Delaware, civil discourse is not a luxury or an idealistic add-on. It’s a core competency, a cultural foundation, and a long-term investment in organizational health. We often think of political divides as distant battles—fought in Washington or played out on cable news—but their impact is felt every day in Delaware workplaces. Whether managing internal teams, negotiating with partners, or serving customers, today’s businesses are navigating a fractured social and political landscape. The risks of miscommunication,

misunderstanding, and even outright conflict are rising. So is the cost of ignoring them. That’s where civil discourse comes in. Civil discourse isn’t about avoiding disagreement. It’s about engaging in conflict and tension productively—through respectful listening, thoughtful response, and a commitment to mutual understanding. It helps build trust among colleagues, fosters innovation, and supports strong customer relationships. Many companies today find themselves in the cultural crossfire. Whether responding to political events, social movements, or contentious legislation, corporate leaders are increasingly being called to take public stands. Some stakeholders demand companies speak out. Others expect them to remain neutral. No matter what is said—or left unsaid— there will be critics. Civil discourse provides a path through this complexity. It allows leaders to communicate values clearly without alienating those who

disagree. It encourages listening before reacting. And it creates space for principled disagreement— internally and externally—without devolving into division. At a time when questions about Delaware’s corporate franchise and regulatory landscape create uncertainty, the ability to engage thoughtfully is not just important—it’s essential. Companies can start by looking inward. Are employees empowered to speak up or offer dissenting views? Do leaders model respectful disagreement? Are communication norms clearly defined and practiced? Strategies like facilitated dialogues, leadership training in listening and conflict resolution, or anonymous feedback tools can make civil discourse a lived organizational value—not just an aspirational one. Externally, businesses should consider how they engage with their broader communities. Are they known for thoughtful leadership or reactive posturing? Can they navigate public discourse with nuance, empathy, and clarity? In today’s climate, the ability

to communicate across divides is not a liability—it’s a competitive advantage. Delaware’s economic success has long been tied to our civic character. We are small enough to require collaboration, yet influential enough to set broader trends. At a time when Americans are losing faith in institutions, businesses that model respectful, open dialogue can help rebuild some of that trust. There’s no shortcut to restoring civil discourse in a polarized age. But Delaware’s business leaders can play a vital role—by building organizations where difference is seen as a strength, not a threat; where disagreement is welcomed, not feared; and where speaking up and listening well are essential acts of leadership. That kind of leadership is more than good practice. It’s good business. Dr. Timothy Shaffer, a Delaware resident, is the inaugural Stavros Niarchos Foundation (SNF) Chair of Civil Discourse and Director of the SNF Ithaca Initiative in the Biden School of Public Policy & Administration at the University of Delaware.

SEPTEMBER 2, 2025 / DELAWARE BUSINESS TIMES 19

202 DELAWARE BUSINESS TIMES / SEPTEMBER 2, 2025