Serving the greater Lynchburg regiOn
OctOber/nOveMber 2017
s e c a F of
Family-OwneD businesses The
real value
OF Family values
lessons leArned froM MoM And PoP sHoPs
OFFice DOgs
Meet 10 furry eMPloyees
+INSIDE
Acorn Hill lodge 5 ideAs to Boost MorAle At Meetings lyncHBurg PHotoworks dAnA MArr leAds wooldridge HeAting, Air & electricAl
OUR LOCAL MARKET IS HOT!
Nadine Blakely REALTOR®
has gotten these fine homes
UNDER CONTRACT IN A MATTER OF DAYS!
2001 Weatherhill Road
103 Amaya Drive
103 Merrywood Drive
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1309 Harding Street
NADINE’S AGGRESSIVE MARKETING PLAN + KNOWLEDGE of the LOCAL MARKET
3488 Trents Ferry Road
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= PROVEN RESULTS! ®
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$219,500
1087 Jefferson Way
1st Olympic, REALTORS®
20395 Timberlake Rd. Lynchburg, VA • (434) 832-1100
email: nadineblakely@remax.net
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NEED to SELL? RELOCATE? DOWNSIZE? BUY a HOME?
Call Nadine (434) 444-2226 www.NadineBlakelyHomes.com
Custom Cable Assembly & Wire Harness Manufacturing Veteran-Owned Company American Made
Product Market Applications: Automation Aerospace Agriculture Automotive Avionics
CNCs/ Machine Tools Communications Computer Conveyor Defense/Military Electronics Energy
Fiber Optic Infrastructure/ Utilities Instrumentation Marine Medical Mining Packaging Transportation/ Public Transit Vending
434-525-3390 • www.interconinc.com • sales@interconinc.com
We
LOVE
K
Our Clients!
Team
Karl Miller D a l t o n & C o m p a n y, I n c .
Thank you to our clients and referring partners who have helped make 2017 successful in Real Estate Sales. Call us to find out how we can help you get to where you want to go!
(434) 239-2394 | www.karlmillerteam.com Mark A Dalton & Co Inc.
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TABLE OF CONTENTS October/November 2017
FEATURES
UPFRONT 7 8 10 11
BY THE NUMBERS IN THE NEWS OFFICE DOGS LET’S DO LUNCH
16
BEAT THE BUSINESS MEETING BLUES
16
The Depot Grille
11 MOVERS & SHAKERS 12 PLUGGED IN
5 Ideas to Boost Morale
24
BUSINESS UNDER 10
COLUMNS
Lynchburg Photoworks
15 HUMAN RESOURCES
28
Do You Have a Learning Culture?
22 FINANCIAL
The Many Uses of the Roth IRA
LEADER PROFILE
24
Dana Marr
30
26 COMMERCIAL REAL ESTATE The Speed of the Market
FEATURE The Real Value of Family Values
35 LEGAL
Avoiding Dissolution in a Family Business
49 MARKETING
30
Advertising is Salesmanship
51 HEALTHCARE
37
FACES OF FAMILYOWNED BUSINESSES
Preventing the Flu
52
56 REAL ESTATE
Hackers Target Homebuyers
MADE IN LYNCHBURG
66 OLD DOMINION FOOTWEAR
BUSINESS OVER 10 Acorn Hill Lodge
52
59
EXECUTIVE CAR GUIDE OCTOBER/NOVEMBER 2017
LynchburgBusinessMag.com
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EDITOR’S LETTER
I
love my family. Really—I do. I’m talking about a big, authentic, through thick and thin type of
Publisher Randy Thompson
love.
Managing Editor Shelley Basinger Editorial Director Angela Blue
with them. Don’t even ASK. I have a great marriage, but it’s partly because my husband leaves the house every morning and spends all day somewhere else (and vice versa for him too). I get to talk on the phone to my parents about the latest cute thing my daughter has done… instead of having conversations about budgets, customers or marketing strategies. All of this said, family businesses are fascinating to me. I’m intrigued by their ability to work together and, in many cases, live together. I’m impressed by the way they can take a dream of a family member from 100 years ago and keep it alive today. And I’m a believer that as a customer or client, you’ll get a little something extra from a family business—an extra spark. In this issue, we are focusing on these unique businesses starting with our feature story on page 30: “The Real Value of Family Values.” We are taking a closer look at the lessons we can learn from family businesses and the practices they use that make them so successful. And on the flipside, what happens when someone in the family parts ways? Local attorneys give advice on how to plan ahead for potential problems in our
Photo by Chris Breedlove
But (and you knew this was coming,
didn’t you)—don’t even ask me to work
Lynchburg Business is a bimonthly publication devoted to highlighting Lynchburg-based businesses and those in the surrounding areas of Amherst, Appomattox, Bedford and Campbell Counties, as well as the Town of Altavista. Every other month, 10,000 copies of Lynchburg Business are distributed by mail to local businesses, executives and individual business decision-makers. The goal of Lynchburg Business is for readers to look to the magazine as a resource worth keeping in their businesses and homes; one that appeals strongly to professionals in our area.
Contributing Writers Shelley Basinger, Sarah W. Bell, Corey S. Davis, John Hall, Billy Hansen, Emily Hedrick, Paul Kopack, Richard Lane, Drew Menard, Erick Petersen, Suzanne Ramsey, Dan Vollmer, Will Young Vice President of Production Holly Watters Art Director Chris Meligonis Client Relations Manager Brittany Proctor Contributing Designers Ayla Elliott, Josh Haralson Web Creative Director Chris Murphy Sr. Web Developer & Web Administrator Brandon Litchfield Web Developer Caleb Whitehead Digital Marketing/SEO Analyst Michael Saks IT Marketing Consultant William Warford Web Marketing & Promotions Manager Kathryn Kelly Contributing Photographers Lindsay Carico, RJ Goodwin, Heather Kidd, Michael Patch
Vice President of Sales & Distribution Paul Brannock Account Executive/Team Leader Missy Celli Account Executives Heather Alto, Keely Miller Customer Service Representative Kiara Davis Lead Sales Artist Paul Cenzon VistaGraphics Staff Copy Editor Robin Cather Controller Anita Burns Accounting Manager Dawn Meehan Accounting Clerk Kelsey Stephens Office Manager Tracy Thompson Contributing imagery supplied by Thinkstock.com
WWW.LYNCHBURGBUSINESSMAG.COM Proud Member of:
Legal column on page 35. Then, learn more about 11 local businesses with family ties in our 1st Annual Faces of Family-Owned Businesses. You’ll also find successful family businesses featured in this issue’s Leader Profile (Dana Marr at Wooldridge Heating, Air & Electrical) and Business Over 10 Years (Acorn Hill Lodge). Family businesses are worth celebrating—these “mom and pop shops” are an integral part of our community. (And they deserve a huge pat on the back for working alongside their spouses, children or parents every day… and still coming home for supper!)
SUBSCRIPTIONS Receive Lynchburg Business at work or at home by subscribing today for $9.97 annually. Receive 6 bi-monthly issues: Feb/Mar, Apr/May, June/July, Aug/Sept, Oct/Nov and Dec/Jan. To subscribe, go online to www.LynchburgBusinessMag.com or please send your check payable to VistaGraphics, Inc, 1264 Perimeter Parkway, Virginia Beach, VA 23454, Attn: Circulation Mgr. Please be sure to include your mailing information: name, address, city, state, zip code, and phone number. For changes of address, please email George Carter, Circulation Manager: george@vgnet.com Lynchburg Business is published bimonthly by VistaGraphics, Inc. The corporate office is located at 1264 Perimeter Pkwy, Virginia Beach, VA 23454. © 2017 - all rights reserved. Reproduction of any material prepared by VistaGraphics, Inc., and appearing within this publication is strictly prohibited without express written consent of the publisher. Publisher does not purport to authenticate and is not responsible for claims made by advertisers found within this publication.
DECEMBER/JANUARY 2017-18
ADVERTISING DEADLINES Advertising Space Reservation......................... November 1 Editorial & Events................................................ November 1 Final Artwork........................................................ November 5 For Advertising or Distribution Information, Please call 757.213.2461 or email paul@vgnet.com
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OCTOBER/NOVEMBER 2017
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BY THE NUMBERS
10 17 Rooms available at Acorn Hill Lodge. Read about this issue’s Business Over 10 Years on page 52.
MONTHS
12
Average marketing time for sold commercial real estate in the Lynchburg market. A closer look at market speed on page 26.
MILLION Workdays lost in the U.S. every year due to influenza. Read about workplace prevention practices on page 51.
1697
Jobs supported by tourism in the Lynchburg region last year. Read about this and other local business headlines on the next page.
12
APPROXIMATELY
PERCENT Family businesses that make it to the third generation. An in-depth look at what successful family businesses can teach small businesses is on page 30.
we welcome
new patients Dr. Joshua Binder | Dr. Daniel Yeager | Dr. Victoria Yeager | Dr. Jennifer Johannsen | Dr. Claire Farr
Our friendly and compassionate staff will make your visits comfortable! Thank you Lynchburg, for voting to make us #1, and to all our patients for trusting us with their smiles. 1604 Graves Mill Rd., Lynchburg, VA 24502 | Open: Mon. 9am-5pm and Tues.-Fri. 8am - 5pm www.ForestDentalCenter.com | 434-385-7307 OCTOBER/NOVEMBER 2017
LynchburgBusinessMag.com
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UPFRONT
NEW BUSINESS
SAFESIDE TACTICAL OPENS SECOND LOCATION IN LYNCHBURG
IN THE NEWS TOURISM
LYNCHBURG REGION SEES MEASURABLE GROWTH IN 2016
T
he latest tourism statistics show Central Virginia is not only a great place to live but also to visit. According to data released by the United States Travel Association, the Lynchburg region experienced measurable growth in tourism revenue last year, including a 4.5 percent increase in local tax receipts and a 4.7 percent increase in tourism-related payroll. Total tourism revenue grew by 2.5 percent to over $181 million, and the industry supported 1,697 jobs. “Events such as the Virginia Commonwealth Games at Liberty University, Lynchstock Music Festival and the Genworth Virginia 10 Miler, coupled with strategic sales and marketing efforts by our office, bring an infusion of tax dollars that support local infrastructure and community development projects that help make Lynchburg a great place to live, work and play for its citizens,” said Anna Bentson, Assistant Director for the Office of Economic Development and Tourism. Lynchburg’s growth was part of a statewide trend. The USTA says tourism revenues reached a new high in Virginia in 2016, generating $24 billion in travel spending.
ECONOMIC DEVELOPMENT
POSITIVE SIGNS OF BUSINESS GROWTH IN ANNUAL REPORT
L
ynchburg’s Economic Development Authority and the Office of Economic Development and Tourism have released the Fiscal Year 2017 Opportunity Lynchburg Annual Report. Highlights from the report include: • A 4.2 percent unemployment rate in November of 2016, a 12-month low • 322 new jobs created by Office of Economic Development and Tourism programs • 28 new businesses in Downtown Lynchburg To read the full report, visit www.opportunitylynchburg.com.
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S
afeSide Lynchburg, a new $5 million indoor gun range and store, is opening soon on Mayflower Drive, creating 25 new jobs. The 60,000-square-foot facility features 22 lanes with smart target technology in its first phase. It also has the largest tactical retail store in the area and offers classroom training. Some classes will include Basic Handgun Safety, Conceal Carry, Holster Draw and more. SafeSide will also offer memberships and rentals to customers. SafeSide’s original location is located in Roanoke.
AWARDS AND RECOGNITION
FOSTER FUELS RECEIVES DEFENSE LOGISTICS AGENCY AWARD
F
oster Fuels has returned to the list of top suppliers for the Defense Logistics Agency after receiving its silver-level Superior Supplier Award. This makes the third consecutive year of DLA honors for Foster Fuels; the company received a gold award in 2014 and a bronze in 2015. For this designation, the DLA selected only 38 of its 150 parts and commodity suppliers who have conducted business with the agency over the past two years. Foster Fuels has been a vendor with the DLA since 2006 and works to deliver fuel to federal, civilian, and military locations throughout the United States. “Our military and federal civilians are the backbone of our community and country, and it is an honor to be able to serve them in this capacity,” said Will Rohrig, Vice-President of Foster Fuels’ Mission Critical Services.
ALLIANCE CEO EARNS ELITE CERTIFICATION
T
he Association of Chamber of Commerce Executives (ACCE) has designated Lynchburg Regional Alliance CEO Megan Lucas as a Certified Chamber Executive. She is one of nine chamber professionals to earn this distinction in 2017. According to the CCE commission chairman, the CCE program assesses and tests the applicant’s knowledge of core chamber management areas—management, planning and development, membership and communication, and operations. CCE is recognized by many as the highest, and most elite, professional designation in the chamber of commerce profession. Upon receiving this designation, Lucas is in a prestigious category among the ACCE and the International Economic Developers Association. Currently there are 1,110 Certified Economic Developers worldwide, 500 Certified Chamber Executives and only 12 professionals have reached the distinguished pinnacle of both.
UPFRONT LOCAL BUSINESS OWNER RECOGNIZED ON INDUSTRY’S TOP 40 LIST
T
he News, a weekly HVACR industry newsmagazine, has named Brandon Brown as one of its Top 40 Under 40. The owner of Brown’s Heating and Air started his company in 2006; it now includes 10 employees and does more than $1.5 million in business each year. “My career goal is to build a strong company based on values of integrity, honesty, and love,” Brown said. “I want my company to bring high-quality work at affordable prices and to be known as the most dedicated company in Virginia.”
ANTWORKS HEALTHCARE RECOGNIZED FOR ELECTRONIC HEALTHCARE RECORD SOFTWARE
A
ntWorks Healthcare has placed as the Leader on the FrontRunners quadrant for Electronic Healthcare Record software. FrontRunners is published on Software Advice, a trusted resource for software buyers, and powered by Gartner Methodology. Over 335 products were reviewed, and AntWorks Healthcare led in both the capability scores and the value scores. According to Software Advice, Leaders are all-around strong products. They offer a wide range of functionality to a wide range of customers.
MERGER
T
MIDATLANTIC PRINTERS JOINS FORCES WITH NC COMPANY
he Altavista-based MidAtlantic Printers is merging with Forbes Printing, of Lenoir, NC, effective September 1. Forbes Printing was founded in 1984 when Esley Forbes and Diana Bost purchased The Printing House and renamed it. Forbes primarily services accounts in Piedmont and Western NC. MidAtlantic was formed as Altavista Printing in 1910 and services the region between Charlotte and D.C. It is listed as one of the “Top 400” U.S. printers by Printing Impressions.
BANKING
SELECT BANK FINANCIAL CORPORATION DECLARES FIRST CASH DIVIDEND PAYMENT
F
or the first time in its 10-year history, Select Bank Financial Corporation and its wholly owned subsidiary, Select Bank, has declared its first cash dividend. The Board of Directors approved a cash dividend of $.10 per share on the company’s common stock. The cash dividend will be payable to shareholders of record as of September 25, 2017 and will be paid on or around October 25, 2017. “Our Board of Directors and executive management are proud of the bank’s performance and are pleased to reward and thank our longtime shareholders
for their support. We believe the ability to return value to our shareholders is an indication of not only the bank’s financial strength but our positive outlook for the future,” said Chief Executive Officer J. Michael Thomas. Select Bank serves the Region 2000 area with locations in Lynchburg, Forest and Bedford.
NUCLEAR RESEARCH
BWXT SUBSIDIARY WINS HUGE NASA CONTRACT
A
BWXT team could play a role in landing humans on Mars. NASA has awarded the BWXT Nuclear Energy subsidiary an $18.8 million contract to initiate conceptual designs for a nuclear thermal propulsion reactor that would support a possible future manned mission to Mars. The reactor would be part of a nuclear thermal propulsion rocket engine designed to propel a spacecraft from the Earth’s orbit to Mars and back. BWXT’s reactor design is based on low enriched uranium fuel. Nuclear thermal power for spaceflight has a number of advantages over chemical-based designs, primarily providing higher efficiency and greater power density resulting in lower propulsion system weight. This would contribute to shorter travel times and lower exposure to cosmic radiation for astronauts. “BWXT is extremely pleased to be working with NASA on this exciting nuclear space program in support of the Mars mission,” said Rex D. Geveden, BWXT’s President and Chief Executive Officer. “We are uniquely qualified to design, develop and manufacture the reactor and fuel for a nuclear-powered spacecraft. This is an opportune time to pivot our capabilities into the space market where we see long-term growth opportunities in nuclear propulsion and nuclear surface power.” Work is already underway and is expected to continue through 2019. Approximately 15 BWXT employees in Lynchburg are contributing to the effort.
REBRANDING
POPULAR FOOD TRUCK CHANGES NAME TO AVOID TRADEMARK DISPUTE
F
ormally known as Mookie’s, customers of the Forest ice cream truck now see signage for Rookie’s instead. Over the summer, the owners of the business discovered that the Mookie’s trademark already belongs to another business across the country that also serves homemade ice cream sandwiches. They decided to rename and lightheartedly described the learning experience on their blog: “The truth remains: we ARE just a bunch of rookies.”
OCTOBER/NOVEMBER 2017
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UPFRONT
SOMETIMES THE BEST CO-WORKERS …HAVE FOUR LEGS!
A
ligning with this issue’s “Family Businesses” theme, we couldn’t help but focus on those furry family members that are a part of the staff too.
From greeting customers to curling up underneath desks, dogs can create a calming environment even in the most stressful places of work. As Rebecca Wetzel of Wetzel and Washburn explains, “A law firm is a very stressful place for most people to visit. They are almost never there because something good is happening in their life. A friendly greeting from our dog can be a comfort.” Enjoy seeing some of Lynchburg’s “workplace dogs” below.
Can you figure out which dog belongs to each local business? (Answers at bottom.) Craddock Terry Hotel • Western Ways • Black Dog Sporting Goods • Accents Flags and Gifts • Wetzel and Washburn • Lynchburg Business Southern Provisions • Lynchburg Regional Business Alliance • Liberty University College of Osteopathic Medicine • R. Coffee
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1. Accents Flags and Gifts, Muppy and Suga. 2. Black Dog Sporting Goods, Tiny. 3. Lynchburg Business Editor Shelley Basinger, Sadie. 4. Lynchburg Regional Business Alliance, Bruno. 5. Craddock Terry Hotel, Buster Brown. 6. R. Coffee, Emmy. 7. Wetzel and Washburn, Sir Snorty Pig of Wyndhurst. 8. Liberty University College of Osteopathic Medicine, Zoe. 9. Western Ways, Alex and Tipper. 10. Southern Provisions, Margaux.
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1
UPFRONT
MOVERS & SHAKERS CHRIS BAILEY—Named the
LET’S DO LUNCH! The Depot Grille BY SH E LLE Y BASI N GE R
What to Expect: A wide selection of authentic food in a historic setting
The Experience: Nestled along the James River in the shadows of the city skyline, you’ll find this local favorite that was pleasing palates long before the recent Downtown Lynchburg restaurant boom. Founded in 2004, The Depot Grille literally lives up to its name. Sitting within a stone’s throw of the front doors are active railroad tracks, and two freight cars were converted into the restaurant’s kitchen, seen through the back windows of the dining room. You’ll find other historic, salvaged items inside, including the bar (from a pharmacy in Edinburg, Va.) and church pew booth seats (from a church in Pennsylvania). Brush up on your Lynchburg history and its ties to the railroad, and you will have a great icebreaker conversation with a new client or potential colleague.
What to Try: “We do it the hard way,” explains owner David Poole. “For example, we don’t buy pre-cooked chicken. If you get a grilled chicken salad, we grill the chicken for you for that salad. Authenticity is a huge part of what we do.” Poole says their Chicken Tender Salad or Batter Fried Chicken Tenders are popular choices for lunch guests. Their Bison Burger is also a favorite.
But don’t stop reading if meat isn’t really your thing. The Depot Grille has a range of options for vegetarians such as their tofu sandwich and black bean burger. “Our menu is so broad, there is something for everyone,” says Poole.
The Extras: Aside from The Depot Grille’s history and food, Poole is proud to offer a range of seating options for the lunch break crowd. “We have the more intimate booths that are great for a quiet meeting between a client and accountant, for example. But we also have the boardroom style tables that seat six or eight people for a casual lunch out for a group of coworkers,” says Poole. And if you want even more privacy for a business meeting, check out The Depot Grille’s side room. It seats a maximum of 12 people, and there is no charge for the room as long as you and your guests eat a meal while you are there.
AT A GLANCE
10 Ninth Street, Lynchburg, VA 24504 (434) 846-4464 depotgrille.com/lynchburg/ Hours: Monday – Thursday: 11 a.m. – 10 p.m. Friday, Saturday: 11 a.m. – 11 p.m. Sunday: 11 a.m. – 9 p.m.
Managing Director of Endstation Theatre Company. Bailey served as interim managing director during Endstation’s 2017 summer season. The Lynchburg native returns to the area after studying theater at James Madison University. Following graduation, he served as managing director and webmaster for the Virginia Theatre Association in downtown Lynchburg. HEATH BARRET—New Vice President
of Membership Development at the Lynchburg Regional Business Alliance. Barret comes to Lynchburg from Mississippi and has a background in Chamber of Commerce, Convention and Visitors Bureau and Main Street Association industries. He has a Bachelor of Business Administration with an emphasis in Marketing from Mississippi State University and a Master of Science from Mississippi State University. LISA MERIWETHER—Named Vice
President of Education for the Meeting Planners International Virginia Chapter Board of Directors. Meriwether will be responsible for managing and supervising chapter education efforts, including monthly programs, professional development through educational content and speaker sourcing. She is currently the Tourism Sales Manager at the Office of Economic Development and Tourism. MATT SILVA—New Artistic Director
at Endstation Theatre Company. While he is new to this role, the community is already familiar with Silva’s work. His artistic leadership on past hit musicals, “Million Dollar Quartet” (2017) and “Hank Williams: Lost Highway” (2016) heightened the quality of professional work produced by Endstation. ASHTON SOSNOWSKI—Promoted to
Assistant News Director at WSET. Sosnowski started her career at WSET as an editor after graduating from James Madison University in 2009. She moved to producing the 11 p.m. newscast then the newly-unveiled 5 p.m. newscast, before becoming an executive producer.
OCTOBER/NOVEMBER 2017
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UPFRONT
PLUGGED IN OCTOBER 3
OCTOBER 17
LRBA SALUTE TO MANUFACTURING BREAKFAST
LRBA Conference Room 300 Lucado Place, Lynchburg 7:30 – 9 a.m. $20 Alliance Members; $30 General Admission
2017 JEFFERSON’S ASSEMBLY
The Bedford Columns, Bedford 5 – 8 p.m. Cost: $25
OCTOBER 19 PRESENTATION: USING DATA TO REACH YOUR AUDIENCE
OCTOBER 6
Sweet Briar College Library 7 p.m. Hosted by Tech4Good of Central Virginia.
LRBA A.M. ALLIANCE NETWORKING
LRBA Executive Board Room 300 Lucado Place, Lynchburg 7:30 – 9 a.m. Complimentary admission for Alliance members.
OCTOBER 25 2017 BACC CAREER & TECHNICAL EXPO
OCTOBER 10 NETWORKING BEFORE NINE WITH BACC
Foster Fuels, Rustburg 8 – 9 a.m.
LRBA TECHEDGE AWARDS DINNER
LRBA Executive Board Room 300 Lucado Place, Lynchburg 5:30 – 8:30 p.m. Cost: $75
Bedford Science & Technology Center 600 Edmund St., Bedford 9 a.m. – 3 p.m.
LUNCH TO LEARN WITH THE SBDC
CVCC, Merritt Hall 12 p.m. Topic: “Using Google for Small Business”
OCTOBER 16 BACC FALL JOB FAIR
LRBA GROWING YOUR BUSINESS IN A GLOBAL ECONOMY: TRADE IMPORTEXPORT SUMMIT
LRBA Conference Room 300 Lucado Place, Lynchburg 8 a.m. – 12 p.m. $50/person; $100/three people
NOVEMBER 3 LRBA A.M. ALLIANCE NETWORKING
LRBA Executive Board Room 300 Lucado Place, Lynchburg 7:30 – 9 a.m. Complimentary admission for Alliance members.
NOVEMBER 4 LRBA COCKTAILS & COMMERCE —GRAND OPENING GALA
LRBA Conference Room 300 Lucado Place, Lynchburg 6:30 p.m. Cost: $100/person
NOVEMBER 8 LUNCH TO LEARN WITH THE SBDC
CVCC, Merritt Hall 12 p.m. Topic: “Accessible Small Business”
OCTOBER 24
NOVEMBER 8
LRBA Conference Room 300 Lucado Place, Lynchburg 5:30 – 7 p.m.
LUNCH TO LEARN WITH THE SBDC
NOVEMBER 15
COMMUNICATIONS ACADEMY COACHING FOR PERFORMANCE & ACCOUNTABILITY
CVCC, Merritt Hall 12 p.m. Topic: “Intellectual Property and Copyright”
LRBA FANNING THE FLAME— AN EVENING OF WOMEN, WINE & WISDOM
OCTOBER 11
OCTOBER 27
OCTOBER 26 BUSINESS AFTER HOURS WITH BACC
The Bower Center of the Arts, Bedford 5:30 – 7 p.m.
LRBA BUSINESS AT BREAKFAST
LRBA Conference Room 300 Lucado Place, Lynchburg 7:30 – 9 a.m. $20 Alliance Members; $30 General Admission
NOVEMBER 14 NETWORKING BEFORE NINE WITH BACC
Backstitches Yarn Shop, Lynchburg 8 – 9 a.m.
CVCC 11 a.m. – 4 p.m.
LRBA Conference Room 300 Lucado Place, Lynchburg 7:30 – 11:45 a.m. $55 Alliance Members; $75 General Admission
NOVEMBER 16 PRESENTATION: ONLINE ADVOCACY STRATEGIES, MOBILIZING FOR ACTION.
Sweet Briar College Library 7 p.m. Hosted by Tech4Good of Central Virginia.
BUSINESS AFTER HOURS WITH BACC
Select Bank, Forest 5:30 – 7 p.m.
NOVEMBER 25 SMALL BUSINESS SATURDAY
The Retail Merchants Association encourages you to support and promote small businesses the Saturday after Thanksgiving.
NOVEMBER 30 LRBA TALES OF THE ENTREPRENEUR
LRBA Conference Room 300 Lucado Place, Lynchburg 5:30 – 7 p.m. Cost: $5 Alliance Members
DECEMBER 3 58TH ANNUAL LYNCHBURG CHRISTMAS PARADE
Memorial Avenue 4 p.m.
DECEMBER 6 LUNCH TO LEARN WITH THE SBDC
CVCC, Merritt Hall 12 p.m. Topic: “Cooperative Marketing”
R. Edward Fielding, Inc. parking lot layout & marking
CONTACT INFORMATION: Lynchburg Regional Business Alliance (LRBA) (434) 845-5966, www.lynchburgregion.org
Bedford Area Chamber of Commerce (BACC) (540) 586-9401, www.bedfordareachamber.com
tennis courts • athletic tracks industrial safety aisles phone : (434) 845-1740 mobile : fax : (434) 846-2856 (434) 841-8676 refielding@verizon.net 12
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Small Business Development Centre (SBDC) (434) 832-7295, sbdccvcc.org.
Retail Merchants Association of Lynchburg (RMA) (434) 528-1732, www.lynchburgrma.org
Tech4Good of Central Virginia www.meetup.com/Tech4Good-Central-VA
! s a m t s i r s Ch
Presents
' 0 5 ' n i k c o R A Sunday December 3rd 4:00 pm Memorial Avenue
58th Annual Lynchburg Christmas Parade 1st Place $750.00 2nd Place $500.00 3rd Place $250.00
www.lynchburgchristmasparade.com
For Commerical Online Banking, We Install, Train & Support – Locally! A priority at First National Bank is having local experts install, train and support commercial online banking features. Those features include: • Make deposits without leaving your location with Remote Deposit Capture • Create templates and initiate wire transfers at a reduced cost • Export your statement into your financial management software • Offer employee direct deposit at an affordable cost Remember we install, we train and we service locally. That’s extraordinary. That’s First National Bank.
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Lynchburg / Forest / Altavista / Rustburg / Amherst
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OCTOBER/NOVEMBER 2017
434.369.3000 1stnatbk.com
HUMAN RESOURCES
DO YOU HAVE A LEARNING CULTURE? BY PAU L KO PAC K
I
don’t know about you, but I can’t help but notice how cultivating a “culture of learning” is growing in importance within our organizations. The learning formats businesses are using cover a wide range: one-on-one coaching, traditional classroom teaching, “on demand” online training, team-based learning and more.
THE DEFINITION A learning culture is one where the employees are not only actively interested in continuous learning but also are freely sharing their newfound knowledge with others. Robert Grossman expands on this in a 2015 article in HR Magazine, explaining how a learning culture is “a community of workers instilled with a ‘growth mindset.’”
THE BUSINESS CASE Based on the number of articles and research I’ve read on this topic, there is a strong correlation between learning and business success. As Edward Hess, a professor of business administration at the University of Virginia’s Darden School of Business and author of Learn or Die: Using Science to Build a Leading-Edge Learning Organization, explains, “Companies that learn fastest and adapt well to changing environments perform the best over time.” One example of a changing environment is technology, which can eliminate some positions altogether. “…the positions that are emerging require quick thinking, creativity, and high social and emotional intelligence,” says Hess. In short, businesses need “learning culture” workers—employees who will provide their organizations with a wealth of ideas for new products, services and processes. (Because that’s something a computer can’t do.)
CREATING THE CULTURE Mark Feller’s 8 Tips for Creating a Learning Culture states that in a learning culture, everyone is expected to improve their knowledge, skills and abilities (KSAs). We might be tempted to think that since we offer training in our organizations, we therefore have a learning culture. But, not so fast—can we say
that continuous learning is pervasive throughout our workplace? Can we point to examples where employees are actively sharing and teaching? Hess suggests we should define the behaviors we want and the behaviors we do not want. For example, if you want employees to challenge the status quo and be candid with their colleagues at all levels, you must teach employees how to do that. We need to incorporate it into our organization’s approach to learning. Likewise, leaders need to model the behavior they want to see, and they need to allow employees to experiment and to fail. Experts say that failure is integral to learning.
MAKE IT A CORE VALUE From the time someone is hired and on-boarded into an organization, HR and line managers need to “talk up” the culture of learning and training and development opportunities. Frankly, it should become one of your organization’s core values. One way to tell if you are making an impact is to survey your employees. For example, if you conduct engagement surveys, see if there is any improvement in answers about employee development and learning. If you offer an online library or a learning management system, assess whether employees are taking advantage of this format to learn.
ASSESS READINESS Many of us will need to begin to infuse the mindset of a learning culture into our organizations. We can expect to receive resistance from some who are less eager for change and support from others who enjoy the benefits of this approach. Leverage your early adopters and position them on key projects and other initiatives, so their behavior can “rub off ” and begin to permeate throughout your organization. Reward “how” someone has accomplished something and not just “what” was accomplished. This will reinforce that we value what we say we value.
THE BOTTOM LINE Like it or not, we need to hire smart and look for candidates who have a penchant for learning and are comfortable sharing their knowledge. Using behavioral interviewing and assessments, find out if applicants are inclined to take calculated risks and whether they like demanding tasks. Risk-taking or “failing forward” needs to be supported by your organization. And yes—we need to encourage mistakes as long as they support learning and growth. If there are repercussions for making mistakes, employees will become “risk-averse.” Give teams stretch assignments requiring them to innovate and master new skills. Recognize teams rather than individual performance. Reward what you say you value. Finally, model the behavior you’re seeking to achieve by becoming a life-long learner yourself and continuously monitor outcomes of learning programs to ensure everyone is engaged and challenged. “You can’t take your learning culture for granted,” Hess says. “Maintaining it requires rigor and daily vigilance.” I think Kim Ruyle, president of Inventive Talent Consulting in Coral Gables, Fl., sums it up best, “In a learning culture, you’ll find people learning because they want to.” Paul Kopack is the Director of Human Resources at Johnson Health Center and is the Lynchburg Regional Society for Human Resources Management’s President-Elect. Follow his practical ‘all things HR’ pearls of wisdom blog at https://thehrmeister.com.
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MEETING PLANNER GUIDE
BEAT THE BUSINESS MEETING BLUES
TRENDS AND INNOVATIONS THAT INCREASE EXCITEMENT AND PRODUCTIVITY BY EM I LY HED RI C K
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MEETING PLANNER GUIDE
NOVEMBER
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MEETING PLANNER GUIDE
M
ost people likely consider business meetings to be as exciting as routine health checkups, but new trends and innovations in the field may change their outlook. More and more businesses are moving away from stuffy lecture-style meetings that allow for little interaction and toward more dynamic and collaborative methods and formats. Read on for five ideas from local professionals on how to hold a productive, morale-boosting, and fun— yes, fun!—business meeting. 1. CONSIDER HOLDING MEETINGS OUTSIDE OF THE OFFICE— OR EVEN OUTDOORS!
want a space that limits distraction as much as possible, while other planners would prefer to create a planned distraction so their audience doesn’t lose focus outside of that distraction,” says Brad Goodale, Director of Sales at Fairfield Inn & Suites by Marriott Lynchburg Liberty University. “Every meeting is different, so we listen to each client’s needs and accommodate them as best we can.”
2. INCLUDE MEANINGFUL ICEBREAKERS AND OTHER ACTIVITIES THAT ENCOURAGE COMMUNICATION AND COLLABORATION. Although they are always a good idea in theory, icebreakers can be hit or miss depending on their relevance. “I believe that every meeting should have certain aspects of interactive fun, but these icebreakers usually go further when they pertain to the main theme of the meeting,” says Ethan Swank, Facility Manager at Liberty Mountain Conference Center. According to Marks, competitive and team-oriented
One of the best and easiest ways to
icebreakers are also a good option.
enliven business meetings is to venture
“My favorite innovative idea
outside of the office; the change of
has come from a training that
scenery will likely prove refreshing
I attended with Hilton Garden
and thus increase productivity.
Inn,” he says. “We were split into teams at tables throughout the
“Finding locations that are outside the office but also convenient to the office location can give people a fresh perspective and may tend to engage more dialogue,” says Wanda Crocker, co-owner of Acorn Hill Lodge.
duration of our training and we would compete in ice breaker trivia sessions on anything and everything, so it made you think outside of just hotels and sales. By the end of the week, the team with the highest score received a prize of some sort. This made meetings and training sessions more fun and helped everyone engage more throughout the entire
“If appropriate, even holding certain types of meetings outside—at the walking track, in a pavilion, on the grounds—tends to make people more relaxed and give them the opportunity to get to know others on more of a personal level.” Additionally, if you choose to hold a meeting at an organization that offers business meeting services, you can focus more on the content of the meeting and less on the logistics. “When speaking with clients about their needs and goals for their business meetings, the resounding answer is that they are looking for a one-stop shop that takes care of all aspects from space to food and beverage to audio visual needs,” says Andrew Marks, Director of Sales at Hilton Garden Inn Lynchburg. Regardless of your specific goals for your meeting, these professional venues will work with you to create the format and atmosphere you want. “Some meeting planners 18
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session.” Of course, communication and teamwork can and should also occur outside of icebreaker activities. For businesses in arts fields, Geoffrey Kershner, Executive Director of Academy Center of the Arts, recommends collaborative, solution-focused design thinking.
“Design thinking is really helpful for generating ideas and working through obstacles,” he says. “In the arts, we have always used design thinking in our work, but now the business sector is finding it helpful as well. Now that we have exited the information age and entered the conceptual age, the ability to creatively problem solve is crucial.”
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MEETING PLANNER GUIDE 3. TAILOR THE LENGTH OF YOUR MEETING TO YOUR SPECIFIC BUSINESS TYPE AND OBJECTIVES (AND FOR LONGER MEETINGS, FOOD IS A MUST!) The notion of an ideal business meeting duration is obsolete. The most successful and productive business meetings are those in which the duration is designed around the content rather than the other way around. “For quick meetings to disperse information, the shorter the better,” Crocker notes. “But for team-building and engagement at all staffing levels, an off-site, all-day meeting with meal services might be best. Having meals together ensures that the dialogue continues throughout the day, lending itself to built-in team-building.” Swank has a similar opinion. “I believe the duration of a meeting greatly depends on a number of things, such as the content, the forum, and the anticipated participation from the audience,” he says. “For example, weekly staff meetings, full of standard housekeeping topics, should never go longer than a brainstorming session.” When it comes to meetings in an arts arena, Kershner believes that brevity breeds creativity and efficiency. “The funny thing that happens in meetings at an arts organization is that they are light and casual due to the personalities involved and the work that we do,” he says. “For us, an hour-long meeting with consistent humor and jokes interjected with the business at hand helps strike a balance of effectiveness and fun.”
4. DON’T FORGET TO FOLLOW UP AFTER THE MEETING. One of the most important and often overlooked aspects of a business meeting occurs after the meeting is over: the follow up. “Always follow up your
meeting with a detailed list of notes,” Swank says. “More often than not, people forget what a meeting was about after a week or two. Emailing a brief list of what was discussed and decided in a meeting can help the message really sink in. It is also a great way to keep everyone informed, in case anyone was unable to make it to the meeting.”
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MEETING PLANNER GUIDE 5. UTILIZE TECHNOLOGY CONSCIENTIOUSLY. The role of technology in business meetings is somewhat dubious in that it has the capacity to both unify and divide. According to our local experts, the optimal way to incorporate technology is to utilize its innovative and informative elements without using it to entirely replace face-to-face meetings.
“While the convenience of dial-up and webcast meetings have revolutionized the ways meetings are held and have helped to save costs, the opportunities to get staff and employees together for face-to-face interactions are paramount to building a team that understands one another and works well together,” Crocker says. Kershner agrees that the idea of digital meetings completely replacing face-to-face
will shift to the digital sphere. To be honest, because I
meetings is somewhat problematic, but he
believe in the power of building community through
also envisions exciting digital opportunities,
sharing space and experience, I am not sure how I feel
particularly for arts organizations. “I think more
about this. Regardless, it is inevitable. With this, when
and more, as technology advances, the dynamics of digital meetings will
I think about the light and fun nature of our meetings, I could see augmented
advance,” he notes. “I think some of what we do in real space and real time
reality becoming a tool for having fun and keeping meetings engaging.”
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FINANCIAL usually a great place to start. As has been already mentioned, though, there are income limitations. In 2017 individuals making over $133,000 and couples making over $196,000 can’t contribute to Roth IRAs in their own name.
2. EDUCATION SAVINGS (A CREATIVE USE)
Roth IRA
THE ROTH IRA AND ITS MANY USES BY J O H N H ALL, CF P ®
M
any investors are familiar with Roth IRAs. They’re a great way to save aftertax money for future use. The main benefits are this: your money grows tax free and can be taken out tax free after age 59 1/2. (An added bonus is that contributions can often be taken out tax- and penalty-free before then). The main drawdowns are the annual contribution limits (currently $5,500 or $6,500 if you’re 50 or older) and that if you make too much money (a great problem to have) then you’re not eligible to contribute to a Roth IRA. For many who fit into this category, that means you’ve long since pushed these accounts out of your mind as they simply don’t apply to you. Not so fast. You may be missing out. Roth IRAs have the flexibility to be useful in several different scenarios. Here are my favorite three:
1. RETIREMENT SAVINGS (THE STANDARD USE) You’re just starting out and want to save more for the future. Maybe your company has a workplace retirement plan, but the investment options aren’t great and the fees are high. Once you’ve contributed enough to get the match (do that first!), a Roth IRA is a great way to supplement your retirement savings. If you don’t have access to a workplace retirement plan, the Roth is 22
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A retirement account for education? It can make sense. If your child has earned income, she (or you) can contribute up to the amount of her earned income each year into a Roth IRA. Those contributions can come out tax- and penalty-free for qualified education expenses. The main benefit of this is that the money is there if your child needs it for school, but if it ends up not being needed then he or she’s already ahead of the game when it comes to retirement savings. Distributions can also be made from a parent’s Roth IRA for qualified education expenses, and this may make sense so long as it doesn’t deplete needed retirement savings. If you’ve already funded a 529 college savings plan, or aren’t sure whether education funds may be needed, the Roth IRA can help you strike a good savings balance.
3. TAX AND ESTATE PLANNING FOR HIGHER NET WORTH INDIVIDUALS (BECOMING MORE POPULAR, AND FOR GOOD REASON) Those with higher incomes aren’t able to contribute to a Roth IRA, but that doesn’t mean they can’t use them. Enter what’s called a Roth IRA conversion, sometimes referred to as a back-door Roth IRA contribution. If you have monies in a qualified tax-deferred retirement account such as a traditional IRA, you can convert all or a portion of that account to a Roth IRA. This can occur incrementally, over a period of years, through multiple conversions. You’ll pay income taxes on the amount converted, but not penalties. The benefit of this would be for those with large balances in tax-deferred accounts who will not need the income generated after age 70 1/2 when required minimum distributions begin. This has the ability of lessening the future tax burden both for the retiree and for their heirs, as inherited Roth IRA distributions aren’t subject to the same income tax liability as distributions from inherited traditional IRAs. If timed appropriately, conversions can take place in early retirement years when taxable income (and thus your tax bracket) is lower. Roth IRA conversions aren’t without risk, though, and require careful tax planning to ensure the amount converted in any given year doesn’t unnecessarily raise that year’s income tax rate. This is a strategy best planned out in consultation with your tax preparer and financial advisor.
IN SUMMARY On the surface, a Roth IRA is one of many ways we can save for retirement, but with a lot of catches. To the informed investor, however, the Roth IRA’s flexibility lends itself to multiple productive uses. Not only is this account a great tool for retirement savings, but it can also be useful when planning for education expenses, your tax burden in retirement, and estate planning. Sometimes, it pays to look beneath the surface. Disclaimer: This article is generalized in nature and should not be considered personalized financial, legal, or tax advice. All information and ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. John N. Hall, CFP® is President of Lynchburg Wealth Management, a fee-only financial planning firm headquartered in Lynchburg, Virginia. John can be reached at 434-515-0380 or on the web at www.lynchburgwealth.com.
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BUSINESS PROFILE UNDER
BUSINESS TEN YEARS
ENDLESS POSSIBILITIES WITH A FOCUS ON QUALITY AND CREATIVE COMMUNITY, LYNCHBURG PHOTOWORKS TAKES YOUR CHERISHED MEMORIES TO THE NEXT LEVEL
I
BY D REW M ENARD
f a picture is worth a thousand words, we’ve had much to say in the digital age. While it might be easy to get lost in the noise, some images echo louder and longer than others, perhaps due to their creativity or the person or moment in time they captured. Telling those stories in the best possible way is exactly what the team at Lynchburg Photoworks, at 17860 Forest Road, seeks to do.
Owner Rob Wheeler previously worked at Cardinal Camera. When it left the area, he started Lynchburg Photoworks in 2014.
One step into the shop and the possibilities of how one imagines a photograph can tell a tale are immediately expanded. A nature shot pops in vivid color, easily mistaken for a painting as it’s mounted on watercolor paper. The intensity of a stylized sports action shot is heightened when printed on aluminum.
“We provide print services that you are not really going to find by walking into a big box store,” explained Rob Wheeler, owner/manager of Lynchburg Photoworks. “We have a lot more specialty things: printing on aluminum, slate, canvas, and wood, you name it.” From mounting a photograph to creating a wall-sized photo or graphic, Lynchburg Photoworks is limited only by the imaginations of its clients. “That print process, it gives you endless creativity,” Wheeler said. “[Industry innovators] are always developing new surfaces that you can print to.” The shop is a great place for creative gifts, such as a photo printed on slate for the grandparents, images on flip-flops for a wedding party gift, or a business outing memorialized on acrylic. And for experienced and admitted novice photographers alike there is perhaps no better place to find the right way to display a photo—or even to design an entire photo wall for the sitting room. 24
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BUSINESS PROFILE
AT A GLANCE Founded: 2014 Number of Employees: 4 Located: 17860 Forest Rd., Forest
“Having seen so many images,” Wheeler said, “I can look at a picture and with a customer build out a vision for it. I can look at a picture and [suggest] this should go on that type of surface. The customer gets to touch and feel the different surfaces.” Wheeler and his employees work with customers to find the right type of surface for the environment, taking into account the possibility of water damage, for example, as well as (and, equally important) the story that is being told with the image. “When we sit down with a customer, that is what we hone in on, the message, the final output.” Wheeler started the store after Cardinal Camera, where he had worked, left the area. Then a customer offered to invest, with the help of some friends, in a new camera store. With an understanding of the market, Wheeler decided to focus on printing as the main source of revenue. He said that people tend to find good deals for camera equipment online and that stores cannot really compete with that.
“The brick and mortar stores need to really focus on what it is they do better than anybody else: provide expert service, provide expertise in photography in a way that people want,” Wheeler said. Though printing might be the store’s bread and butter, its services are vast. From web and logo design to event photography, including birthday parties, corporate gatherings and weddings, Lynchburg Photoworks is a start-to-finish location for a number of creative needs. There is even an in-store portrait studio. “One of our foundational goals was to ensure that, from a quality standpoint, we were going to hit quality and hit quality hard,” Wheeler said, noting that many of the shop’s materials are not the cheapest items on the market. “I am going to be as close to the very best as you can get. We will stock things that will cost more than [going online]. All of our services are archival in nature. They are all surfaces that I have tested many times, that have gone through and met our standards. And, so, they cost us more than some of the cheaper stuff but they also look better and, in the end, it is also going to last a long time.” Lynchburg Photoworks also offers rentals, a service that helps customers, either with a short-term need without having to purchase expensive equipment or to test something out to see what they like. “I don’t stock everything in the photographic world, but I stock most of the common items people would want to shoot with,” Wheeler said. Another niche Wheeler has honed in on is education. A number of beginner and specialty photography and image editing classes are taught at Lynchburg Photoworks, with Wheeler and another local photographer splitting the load.
“There is something unique about having somebody come up next to you and help you put your hands in the right places on what it is you are doing,” Wheeler said. “And that real-time interaction, I have found, helps me learn better. And most of the customers that I have here, it helps them learn better as well.” He added that he embraces YouTube tutorials and other forms of learning. “I think that I’d be just sticking my head in the sand not to realize that there are other avenues for people to learn from,” he said. “I want to embrace them and I think that helps build some of my own credibility as well—that I don’t think I am the only place that people can get knowledge and [that I] point people in other directions.” That integrity is part of the heart of Lynchburg Photoworks; primarily, it is a place of community—creative community—before it is a business. “I am not always looking to make a dollar, but I am always looking to build a relationship,” Wheeler said. “Although, the dollars are nice,” he grinned before adding, “but relationships come first.” Wheeler said he offers discounts to students and members of many of the photography groups in Lynchburg. “I am going to reward people that are seeking to learn,” he said. Interacting with artists, whether vocational or self-proclaimed amateurs, is what makes the world of Lynchburg Photoworks so satisfying for Wheeler and his three employees. “With every image comes a story, and behind each customer is a story,” said Jaret Peerson, a Lynchburg Photoworks employee. “That makes it unique, special.” “I work with people who see the world creatively and want to go and get a good shot and they want to put it on something creative and display it,” Wheeler added. “That is one of the reasons I like Lynchburg so much—even just self-proclaimed beginners, they are trying to get creative pictures. … That is something, from my standpoint, that is incredibly amazing to work with.” Connect with the shop at LynchburgPhotoworks.com. OCTOBER/NOVEMBER 2017
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COMMERCIAL REAL ESTATE Straightforward properties with obvious buyers or clear potential users sell quicker.
WHAT TENDS TO SELL SLOWER?
THE SPEED OF THE MARKET BY B I LLY H AN SE N , M AI
T
he old adage, “Everything sells eventually,” is meant to give a little hope to the real estate agent working on a difficult listing that just will not move. Unfortunately, “eventually” can sometimes take longer than anybody could have imagined, especially in commercial real estate. I’ll admit to being a bit envious when I review local residential sales data and learn that the average days on market is down to around 90 days. Meanwhile, of the estimated 300 active commercial sale listings in the Lynchburg MSA, roughly 50 percent have already been on the market for longer than a year. Average marketing times for sold commercial real estate in our market hover right around 12 months. This means that a brand new commercial real estate agent could land a great listing in their first week, which is no easy feat, and still be, on average, a year away from any potential compensation. Many aspiring agents lose hope and drop out of the business within the first two years because the speed of the market exhausts their patience and their savings long before the sales start to come. Not knowing the speed of your market or disregarding it altogether in hopes of being the exception will likely end in frustration for all parties involved. To achieve the best real estate outcomes, every agent and owner must learn the speed of their market and plan accordingly.
WHAT TENDS TO SELL QUICKER? • Well-priced properties. It doesn’t matter how great your property is if you miss the mark here. • Modern, well-maintained buildings ready for occupancy. • Properties in prime, high-demand locations. • Leased properties with steady cash flow like a retail property with a longterm lease to a credit tenant or an apartment complex with a consistent operating history. In our market, multi-family sales have an average marketing time of five months as steady rental income appeals to a broad and active group of investors. 26
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• Properties that need extensive repairs, renovations or a change of use. • Problem properties with physical, legal, environmental or location issues. • Special use or unique properties where the pool of possible buyers is much smaller. For example, a specialized industrial property that only a dozen businesses or buyers in that market could possibly have an interest in owning. • Land, which is the ultimate blank canvas in real estate. Land of all types currently has an average marketing time of 11 months in our market. Essentially, anything that requires imagination or creativity from the buyer will probably take more time to sell.
PRE-LISTING: For the agent—educate your client about the speed of the market before you take the assignment. Your client has expectations about how long this process will take, even if they are unspoken. Don’t set yourself up for failure by letting your client assume that a commercial warehouse will move just as quickly as a three-bedroom house in a great neighborhood. I know of several properties that were on the market for several years up to a decade before selling, but the owner never thought the broker was doing a bad job along the way because both of them were aligned in their understanding that it would take time to arrive at the best outcome. Owners—ask potential agents about the speed of the market and insist on a realistic view.
LISTING: Use a listing agreement that matches the speed of the market. Six-month listing agreements are typical for residential properties in our area, but I have seen some three- and four-month listing agreements recently for the simple reason that 70 percent of residential sales occur within the first four months. Conversely, the most common listing period for commercial real estate that I see is an initial one-year term with automatic extensions. Agents, give yourself enough time to deliver the result your client desires.
PRICING: Most real estate appraisals typically include an estimate of marketing time that is arrived at by reviewing comparable market data. The estimate includes a crucial assumption that “the property has been appropriately priced.” Translation: All bets are off on the estimated marketing time if you overprice your property. Selling a significantly overpriced property takes time because something must fundamentally change: either the market comes up to your price, you come down to the market price, or there’s a meeting somewhere in between. No one wants to underprice their property and leave money on the table, but a premium price can take a while as you wait for the optimum buyer. For those owners that aren’t highly motivated and don’t have to sell, patiently waiting for the price you want is a perfectly reasonable course of action. For the owner seeking a sale sooner rather than later, use a professional to determine your market value so that you can make an informed pricing decision. Every market moves at its own speed. Find out the speed of your market. Plan accordingly. Billy Hansen, MAI serves the Lynchburg area as the principal commercial real estate appraiser of Hansen Realty Advisors, LLC and as an agent with Cushman & Wakefield | Thalhimer. To discuss more, email him at hansenrealtyadvisors@gmail.com.
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LEADER PROFILE
LEADER PROFILE
DANA MARR Title: CEO, Wooldridge Heating, Air & Electrical
Tell us about your furry coworker. There is some history there, right? The title of “CEO” is relatively new to you. When did you become the top person at Wooldridge? July 2016
We have a workplace dog—a Boxer named Duke, named after the James Madison University Dukes where my daughter attended college when we got him. He is our third-generation office Boxer. Having a workplace dog is
I hear there is an interesting story of how you came to work at the family business after high school. I graduated high school in June 1989 and had planned to enjoy my summer on my graduation money then start college and part-time work that fall. In the later part of June my Dad woke me up and said, “You’re coming to work as dispatcher today. Mine just quit.” June is normally the kick off to hot, summer weather and is typically one of the busiest months for HVAC companies. So, of course, I did what my Dad instructed me and went to work in June 1989 full
awesome. He fills the building with love and relieves stress by getting many people to play ball or chase with him. It all began with my first Boxer, Tyson (named after the boxer Mike Tyson). Tyson began coming to work with me in 1990 due to having a seizure as a small puppy. The veterinarian did not want me to leave him alone so I got permission from my parents to bring him to the office so I could watch him. Everyone loved him and it brought a different atmosphere to our office by just having him greet and play with co-workers and walk-in customers. Our second boxer was Bodie (named after Patrick Swayze in the movie Point Break). He laid in
time. I had worked part time for him typing proposals and doing computer data
the foyer most of the time and slept—customers and co-workers would pass by
entry during my high school years three years prior. This past June marked my
him or step over him while he would nap. When he passed away we got cards,
31 year anniversary with the company.
flowers, pies, etc. from vendors, co-workers and customers. Our office dogs have been loved by many!
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LEADER PROFILE What do you enjoy about being a part of a family business? I have always enjoyed that our family started this business and we grew it together from the basement of my childhood home to the beautiful office building where it is located today. It is something created by my father with my mother, then I joined the team, then later my husband. We transitioned from a family business to an ESOP (employee stock ownership plan) in 2007, however, it has never lost its family feel with the growth and changes.
On the flipside—what kinds of challenges do family businesses face? There are several challenges. For example, I was always held to a higher standard to perform—expected to give 110 percent at all times, be a mentor to others to believe in our company as much as the family members, and to prove I care about my job and am not just here on a “family card.” Also, just like many business owners, you sometimes tend to take work home with you whether its physically or mentally.
What do you do to stay organized?
This helps you place yourself in a career where you are naturally comfortable and it sets you up for success. I truly believe admitting your weaknesses is your biggest strength; you must surround yourself with people that can compensate for your weaknesses to build a strong team.
What do you like the most about working in Central Virginia? The people and the small-town feel this area has. This is a very supportive community!
What’s life outside of work like for you? I love being outside! We enjoy going to the lake in the summertime—just being on and near the water is so relaxing. I also enjoy going to the mountains, especially in the fall when the foliage is so beautiful in this area. Our family spends a lot of time together. I have one daughter (Ashtin) and a son in law (Jake) that live close by so we enjoy having cookouts together. I also recently became a grandmother so now I enjoy spoiling my new granddaughter, Lennon, every chance I get!
I have always been an organized person. I drive my family and co-workers crazy sometimes! I am always cleaning, organizing or throwing things/clutter away. As far as staying organized in my professional career, I greatly depend on my Outlook calendar. I put EVERYTHING on it—reminders for meetings, events, and my things to do so I don’t forget anything. I believe it is very important to do what you say you are going to do and this helps enforce that.
Conflict in the workplace is inevitable. How do you handle it? Handle it immediately—don’t hesitate or avoid it! Most of the time it boils down to something simple and I am able to correct and settle quickly what the employee should have handed off to myself or another leader from the beginning. I have found it builds a stronger relationship with my co-workers and earns a lot of respect when I solve a problem and follow up with them. They know I care enough to take action so they can enjoy coming to work every day.
How would you define your leadership style? I had to get a little help on this one so I walked through my office and asked my staff how they would describe my leadership style. The words they used were: firm, low key, to the point, and open-door. They said, “You are firm, but you are always professional when you are.” They said, “You always listen and take action so we feel like your door is always open and you stop and listen to us then you follow up on our ideas or concerns.” I was hoping this is what I would hear because this is truly how I would describe my leadership style.
Work/life balance is a big topic for women. How do you find your balance between work and family? I think the biggest challenge is keeping work from family time. What I’ve found prevents this is making sure your employees are cross trained as much as possible to cover for each other. This way, we can all be there for family as needed or if we want to attend special events. It also gives us peace of mind that we have someone we trust handling our responsibilities without the weight of worrying about work or work interfering while we are with our families.
As a female CEO, what is your advice to women in the workplace who want to climb their career ladder? You must enjoy what you do, and you must be a fit for the position. I highly recommend doing a personality profile on yourself to help identify your natural strengths and weaknesses when it comes to laying out your career path.
Dana Marr and her father, Lester Wooldridge
OCTOBER/NOVEMBER 2017
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FAMILY BUSINESS FEATURE
The Real Value of
M I L A Y F
Values
WHAT SMALL BUSINESSES CAN LEARN FROM THE FAMILY BUSINESS BY W I L L YO U N G
T
o rise to the top in corporate America, executives and their respective boards have seemingly long abandoned the inherent values of a family business, as tactics of short-termism and streamlining product continue to become popularized.
Rather than prioritizing the needs of shareholders and institutional
investors, the business owners and partners of the world must realize that family values have real value—both in building a foundational customer base and hedging investments for long-term, sustainable growth. Such unconventional “small town” strategies would likely be rejected at the next proxy meeting for large corporations, but for the small, private businesses that make up 99.7 percent of America’s employer firms, there is a laundry list of things to learn from the mom and pop shop across the street.
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OCTOBER/NOVEMBER 2017
FAMILY BUSINESS FEATURE
CONSIDER UNCONVENTIONAL SUCCESSION PLANS Unlike many businesses of today that might only look at succession planning when they have to, family businesses have their minds on it constantly. They must—or else risk a messy transition of power that could lead to broken relationships between coworkers and family members. Businesses developing succession plans have to figure out who is going to take over ownership, the fate of the departing owner’s share, and how to identify internal/external candidates for a variety of positions. Family businesses are faced with these questions and more—including deciding ownership and operational roles between siblings and ensuring the family member taking over is fully qualified to be a leader. For some family businesses, succession planning becomes the breaking point as more siblings compete for roles in the company. A study from the Family Business Alliance revealed that approximately 12 percent of family businesses make it to the third generation. To carry on family ownership successfully, some focus on succession strategies that are overlooked or unrepresented. Biff Bowen, of third generation family-owned business Bowen Jewelry in downtown Lynchburg, said he relies heavily on the opinions of his coworkers when choosing a new candidate for hire. “When we hire someone and look for talent, I don’t go from the top down,” Bowen said. “I tell my staff that it’s what they want. The way we run things around here is very democratic, almost like an employeeowned business.”
The democratic process Bowen refers too, most commonly seen in Employee Stock Ownership Plans (ESOPs), has been linked to substantially higher levels of corporate performance. When employees are given a say in who serves in the company’s leadership or elsewhere in the business, studies show they are more likely to feel a sense of purpose and increase total sales by an average of 2.4 percent.
Bowen Jewelry Company was founded by Charles Wesley Bowen, Jr. (left). Biff Bowen (above) joined the store in 1989.
When looking for candidates for succession internally, Bowen also found it is important to focus on the employees who have substantial, relevant experience with an outside company or firm prior to their time working at their current job. OCTOBER/NOVEMBER 2017
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FAMILY BUSINESS FEATURE
“You have to balance the business’s profit with family, your employees and your customers.” Bowen said he believes this is especially important to ensure
Currently, Bessier and his two brothers own and operate
future executives at the company are fully qualified and have
Bison Printing after taking over operation from their father and
a wide range of experience—even if that experience is not
founder of the company, Franz Bessier. According to Alfons,
directly related to gemology—that would help them face a
their company is nearing the initial stock sale in which they
variety of problems.
will transfer shares of company stock from a trust fund to their
Biff Bowen’s son, Mason Bowen, began studying gemology in 2014 and plans to follow in the footsteps of the family business.
employees based on seniority within the company. It is impossible to completely avoid succession planning,
Before he is able to work full-time, though, Biff said he must
though. An ESOP allows Bessier and his brothers to relinquish
first work for a completely separate company to help build a
ownership to their employees, but decisions must still be made
better work ethic and leadership skills.
about who will run the day-to-day operations and financials of
If the standard succession planning procedures are not creating a sustainable and reliable plan for your company, know there are other options. Alfons Bessier, one of three co-owners at Bison Printing in Bedford, said his company decided to restructure as a full-blown ESOP 10 years ago after realizing how messy it would be to maintain family ownership through the third generation of their family.
the business.
“One of the most important things in an ESOP is to make sure you groom people to run the company when you leave,” Bessier said. “Because after we leave, the company needs to remain profitable in order for us to get a fair market value of our stock.” Restructuring as an ESOP can also be an alternative to selling a business outright. Bessier noted that giving his employees the shares to the company not only has improved their performance and the overall market value of the shares of the company, but also places the company in hands of trusted workers who know the business well.
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OCTOBER/NOVEMBER 2017
FAMILY BUSINESS FEATURE
INVEST IN BUILDING A CONSUMER BASE Shaking hands and remembering names is not highly
things that are not
prioritized among most Fortune 500 companies, but it
profitable, things that
is something family businesses do best and is a habit
create relationships but
that can improve your bottom line and strengthen your
don’t yield immediate
customer base in the long term.
return,” Bowen said.
A study compiled by customer relationship management firm VIABL found that 65 percent of a company’s business comes from existing customers and that improving customer retention rates by just 5 percent can increase long-term profits by as much as 95 percent. Long-term profit is the asterisk next to customer relations, though. Family businesses, rather than making decisions to please shareholders, tend to prioritize healthy returns over time to ensure their family and employees hold a stable future. Taking the time to invest in a foundational customer base means not only interacting with customers, but also spending resources to research your target consumer to find out how to better market to them, thus making it an important branch of R&D. Investors may see this strategy—or R&D in general—as a decrease in day-to-day productivity and
“You have to balance the business’s profit with family, your employees and your customers.”
The customer base that is created through relationship building will not only establish a healthy, reliable stream of revenue, but also is essential in getting a small business through tough times. During the Great Recession in 2007-09, lower wages forced consumers to shop at retail giants, where prices were cheaper. That caused massive drops in revenue for small businesses across the nation. The corresponding lack of credit availability hit small businesses the
a loss of revenue that could decrease their dividends.
hardest and forced many to lay off employees, and in
Small companies focused on achieving bursts in profit
some cases, family members.
and short-term gains to please their investors, though,
German immigrant Franz Beisser founded B&B Printing in the basement of his Bedford home in 1978. The company’s name was changed to Bison Printing in 2001. It is currently operated by his three sons Al, Chris and Franz (top left).
“You’ve got to do
It was the Lynchburg locals who frequented Bowen’s
will succumb to unpredictable quarterly reports and
shop the most before the recession, he said, who
will be more at risk of inflation and other external
enabled his shop to stay open through the hardest
market fluctuations.
financial times of the company.
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FAMILY BUSINESS FEATURE CSR is a great way for small brick and mortar stores to fight back against the Wal-Marts and Amazons of the world, because the social wellbeing of a person’s community is a purpose that many consumers not only will support verbally, but also financially.
“During the recession, luxury goods were not as popular,” Bowen said. “But our customers knew that Bowen [Jewelry] needed an influx of money to stay afloat, and then it’s vice versa because they needed us for our services that our competitors can’t do in-house.”
ENCOURAGE COMMUNITY INVOLVEMENT AND CORPORATE SOCIAL RESPONSIBILITY
It is such a large demographic that four out of every
Not only is it important for small businesses to build relationships with
five U.S. consumers say they consider the ethics of a company when shopping.
customers at a face-to-face level, but it is also just as important to become
Small businesses can follow their family-owned counterparts in capitalizing on
a trusted name in the broader community through promoting local
that customer base by promoting their volunteerism or community outreach
organizations and supporting community events.
through social media. Just as important to keeping a good reputation, though, is preventing a
Community involvement ranges anywhere from volunteering at a local event as a staff to financially supporting local charities and nonprofits.
bad one; research from CR Strategies found that 44 percent of people will
Bowen said his company supports many local organizations such as
discount a company with a bad reputation. Giving employees fair wages
Amazement Square and the Academy Center of the Arts, and through doing
relative to inflation and working with employees on customer relations are
so he is able to build upon his family’s legacy and good reputation.
just the basics in countering bad reviews and bad publicity with the unions. “I just think the key is the respect of other people that you’re working with,”
The foundational trust that a typical family business can boast is created mainly through investing in corporate social responsibility (CSR).
Bessier said. “Really, you have to treat your employees with dignity and your
Consumers—especially millennials—will often shop at a small business if
vendors fairly and your customers like family … because really, there’s no
they believe it is assisting the environment or social wellbeing of the city, even
such thing as separating family and business.”
if the local shop’s prices are higher.
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William Warford william@vgnet.com
LEGAL STRUCTURE AND FORMAL AGREEMENTS
RE
ST AU
RA
NT
ALL IN THE FAMILY… WHAT HAPPENS TO A BUSINESS WHEN THE FAMILY PARTS WAYS?
A
BY SARA H W. BELL A ND COREY S. DAVIS
family business can be incredibly successful— or a complete failure. While running any business can be a complex endeavor, participants in family businesses also face
the unique challenges that stem from intertwining “the business” with everyday family life. That is to say, family businesses operate with two separate but deeply interrelated systems—the business and the family. WHO’S WHO Family businesses are extensions of family relationships, and, as we all know, managing family relationships can be challenging. Family businesses can involve myriad combinations of family members playing numerous business roles, including spouses, ex-spouses, parents, stepparents, children, stepchildren, extended family members and different generations serving as shareholders or owners, directors or managers, and employees or advisors. It’s easy to see that dealing with conflict is a regular, recurring feature of family business ownership. The stakes are high. Discord and strife, left unbound, can sink businesses and wreck family ties. We’ve all heard about (or even watched movies with plot lines revolving around) cases of siblings who compete for parental favor in the business, aging matriarchs and patriarchs who refuse to cede control, parents who distribute business assets to untrained or indifferent children, and hardworking, active family members who resent that uninvolved relatives derive income from the business. Serious family business disputes tend to be ugly, protracted and devastating for all involved. However, there are steps every family business can take to manage conflicts among family members and ensure that family disagreements don’t result in dissolution of the business.
For starters, every family business should establish the right legal entity structure for the business’s and the family’s long-term objectives. In Virginia, most family businesses should be conducted as a corporation (including the S-corporation) or a limited liability company (LLC)—or, in some cases, a limited partnership. Too often, however, family members starting out together in business fail to establish the most-appropriate legal structure for their needs—or worse, embark upon the business venture as sole proprietors or general partners, without any appreciation of the significant personal liabilities to which they’re exposing themselves or the adverse tax and longer-term business consequences resulting from misinformed structuring decisions. Housing the family business in a formal legal entity has the added benefit of subjecting the business to an established body of law (namely, the Virginia Stock Corporation Act or the Virginia Limited Liability Company Act). These Acts outline many of the rights and duties of a business’s constituents and establish basic procedures for governance of the business (in good times and in bad). Every family business should also have good written agreements among the family member owners, tailored to the unique circumstances of the business and the family and pulled together ahead of time (before a major family disagreement erupts). While handshakes might suffice for managing a family business in an ideal world, we don’t live in one—and whether in the form of an operating agreement among members in the case of an LLC, or a shareholders’ agreement among shareholders in the case of a corporation, these agreements put black and white parameters around the relationships of family member owners. They address, for example, the extent to which managerial decisions may be influenced by feelings and responsibilities toward other relatives. They also set forth the parties’ allocation of control and other rights and, importantly, address uncomfortable questions easier dealt with up front. It may seem awkward to talk about difficult issues now, but it will be much more awkward after something goes wrong in the business or in the family—and something will. By entering into well-drafted agreements, everyone in a family business makes clear their expectations early on—including thoughts about operations, management and voting (and resolution of executive disagreement), and major company events (even a sale or dissolution, and who has veto rights concerning the same). Among the most important of these written agreements is a “buy/sell” agreement. Buy/sell agreements, in basic form, establish a “buy out” procedure and pricing methodology among owners for events such as death or disability, withdrawal from the business, termination of employment and/or, importantly, failure of family members to reach agreement about major business decisions. These contractual arrangements operate to provide an “out” for deadlocked parties, with the family business continuing to exist notwithstanding an otherwise fatal disagreement. Similarly, as tempting as it may be to handle family personnel matters in a family business informally without volumes of written employment policies and procedures, it’s a recipe for problems. In some family businesses, it’s expected that all family members will have places in the business. But this can wreak havoc— especially if positions are sinecures or the roles of each family member are left undefined. Written employment policies, and even employment agreements, are must-haves for setting forth the business’s expectations of each family member and defining each family member’s duties and job responsibilities. Establishing written employment criteria—and sticking to them—helps eliminate surprises and uncertainty in family employment arrangements and can mitigate the risks of resentment or even litigation by family members. OCTOBER/NOVEMBER 2017
LynchburgBusinessMag.com
35
LEGAL WORST CASE SCENARIO: DIVORCE
PLANNING FOR THE FUTURE
The end of a marriage does not have to mean the end of a jointly held business. If a marriage fails, and the spouses own a business together, it is a marital asset and it is subject to equitable distribution. Equitable distribution in Virginia is typically an even split of all assets gained during the marriage. There can be some deviation from that rule, but in most cases it is the reality. That does not mean that the business must be dissolved because of divorce— rather, it must be determined how the business will be divided between spouses. A business valuation may be required to determine the worth of the business. The value of the business may be offset by the value of other marital assets to create an even split. For some businesses, each spouse may end up with a portion of the business after divorce, but not all businesses can be evenly split and continue to function. In order for the business to continue to operate successfully, it may need to remain intact. Of course, there are those rare people who cannot continue to be married to each other, but can continue to work together—but for most people, that is not a realistic option. The family business is likely a major source of income, and every effort should be made to preserve its income potential. This is best done before any signs of trouble in the marriage arise, or even prior to marriage. While soon-to-be newlyweds dislike the idea of the possibility of failure, if there are significant assets, including a business, they should consider having a premarital agreement drafted to address how the assets will be divided in the event of a divorce. This option will make the most sense if one spouse owns the business prior to the marriage. If a married couple decides to start a business after marriage, they should make sure they spend the time to have a plan in place if they want to discontinue their partnership, including a buy/sell agreement. With a little forethought and planning, the dissolution of a marriage does not have to mean the dissolution of the business.
Lastly, while conflict can arise from any direction, business succession often poses one of the most serious challenges for family businesses. Succession planning in a family business raises legal and strategic challenges that traditional businesses rarely face—and while the complexities of succession planning are beyond the scope of this article, family businesses must address succession planning as a long term strategic process (not left to the last minute), providing for a smooth transition of ownership and control while maintaining family harmony. If you haven’t already addressed these matters, it’s never too late to get the necessary legal infrastructure in place for your family business. Success for most family businesses is driven, at least in part, by the quality of the advice and input you receive from your professional advisors, such as attorneys and accountants, who should be experienced with the needs of family-owned businesses. If transactional attorneys have done the job well in structuring and advising your family business upfront, then it should be equipped to manage family conflicts and survive most any family dispute. After all, isn’t that the point of the family business in the first place? To keep it all in the family.
Sarah W. Bell is a member of Woods Rogers’ Family and Domestic Law practice group in Lynchburg, where she advises clients in all aspects of family law. Corey S. Davis is a member of Woods Rogers’ Business and Corporate and Emerging Growth practice groups in Lynchburg, where he advises rapid-growth companies and entrepreneurs in all aspects of their business.
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THOMaS TERRaCEwww.TIMBERLAKEFAMILYPHARMACY.COM MaRKET | 434-993-3418 C&C PIPING AND FABRICATION LLC | 434-444-4146 | WWW.WECANWELDIT.COM THOMaS TERRaCE EXXON | 434-993-2223 WaTERliCK | 434-237-0674 F&S Building InnovationsF&S was started in 1976 by Gary &was Delores Feazell. Specializing Commercial and Home Renovations, the company and has grown Building Innovations started in 1976 by Garyin& Delores Specializing in Commercial Home Renovations, the com dOWNlOad OUR FOOdFeazell. app TOdaY!
from a single crew building custom homes to an expert team of over 50 employees. With Gary’s niece, Tina Rush, serving as President and CFO, along with from a single crew building custom homes to an expert team of over 50 employees. With Gary’s niece, Tina Rush, serving as President her husband, Gene Rush, serving as Commercial Division Manager the company has greatly expandedThe in the last 25 years. Gary’s son-in-law, Jeremy Smith, of her husband, Gene Rush, serving as Commercial Division Manager the Face company has greatly expanded in the last 25 years. Gary’s sonis the Residential Division Manager and his daughter, Alicia Smith, is Director of Marketing and Development. There are many additional family members Gentle endodontics is the Residential Division Manager and his daughter, Alicia Smith, is Director of Marketing andcare Development. There are many additio that are part of the F&S Team. Exhibiting exceptional performance in Health Care & residential remodeling but also taking excellent of our customers of lynchburG F&S Building Innovations was started in 1976 by Ga that are part of the F&S Team. Exhibiting exceptional performance in Health Care & residential remodeling but has resulted in repeat customers and personal referrals representing over 92% of F&S’s annual sales. With a customized suite of design, construction andalso taking excellent ca from a single crew building custom homes to an exp Ifhas I have learned anything over the years, I have learned thatrepresenting family is moreover than92% just of blood. We have been blessed resulted repeat customers andprovided personal F&S’s annual sales. With a customized suite of design, interior decorating services, F&S offers aincomprehensive solution by referrals expert professionals that understand the importance of family. withanything a team that bonded together with the same coreisvalues and intentions bringing ourher customers inGene and Rush, serving as Commercial Di husband, If I have learned overisthe years, I have learned that family more solution than just provided blood.ofWe have been blessed interiorthem decorating services, F&S offers a comprehensive by expert professionals that understand the importance of f treating like family. C&C Piping and Fabrication is here for all your welding repair and maintenance needs. is the Residential Division daughte Third-generation, family-owned and operated since 1921, FosterManager Fuels isand a his wholesale with a team that is bonded together with the same core values and intentions of bringing our customers in and We specialize in pipe welding and mechanical support. delivering dependable warmth throughout Central Virginia and mission critical servi that are part of the F&S Team. Exhibiting exceptiona treating them like family. C&C Piping and Fabrication is here for all your welding repair and maintenance needs. Foster Fuels prides itself with providing quality and exceeding expectations with each cu Third-generation, family-owned and operated since 1921, Foster Fuels is a wholesale fuel distributer We specialize in pipe welding mechanical support. has resulted repeat customers and personal referra C&C and PIPING AND FABRICATION LLC | 434-444-4146 | WWW.WECANWELDIT.COM Starting a in family business— local,Virginia small-business, Foster Fuels Foster has multiple hearth andservices, home located in Third-generation, and operated since critical 1921, Fuels is a wholesale fuelshowrooms distributer delivering dependable warmth Central and mission services nationwide. interior decorating F&S offers a comprehen ll. Specializing in Commercial HomeAND Renovations, thethroughout company grown C&Cand PIPING FABRICATION LLC family-owned |has 434-444-4146 | WWW.WECANWELDIT.COM
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FOSTER FUELS FOSTER FUELS The Faces of FOSTER FUELS The Faces of The Faces of TheFOST Faces The Fa C&C PIPING AND FABR F&STimberlake BUILDING INN At Gentle Endodontics of Lynchburg, Dr. Sam Black provides every patient with the most comfortable root canal experience, individualized treatment and the highest quality of care. We will always work with you in a timely manner to remedy your tooth related discomfort. Give us a call today.
GenTle endodonTics oF lynchburG 3700 old ForesT road, lynchburG, Va 434-333-0382 www.lynchburGendodonTisT.com
and keeping going—takes Lovingston, Lynchburg andVirginia Danville areas ready to bring warmth and luxury toa your h delivering dependable warmth throughout Central mission critical services nationwide. Foster pridesserving itself with providing quality andwith exceeding expectations with eachand customer. Being aone employees. With Gary’s niece,Fuels Tina Rush, as President and CFO, along information, please visit fosterfuels.com orCharlottesville, call Foster Fuels has prides itself with providing quality and exceeding with each customer. a local, small-business, Foster multiple hearth and home showrooms locatedexpectations in Third-generation, family-owne lot of 800-344-6457. perseverance and Being patience. company has greatly expanded in the last 25 years. Gary’s son-in-law, Jeremy Smith, FostertoFuels has multiple and showrooms located in Charlottesville, Lovingston, Lynchburglocal, and small-business, Danville areas ready bring warmth andhearth luxury to home your home. For more If I have learned anything over the years, I have learned that family is m delivering dependable warmth Director of Marketing and Development. There are many additional family members Onand the following pages, get to FOSTER | 1788 CaLOhan ROaD, RUSTbURg, Va 24588 | FOSTERFUELS.COm | 800-344 Lovingston, Lynchburg Danville areas ready to bring warmth luxury to your home. For more information, pleaseFUELS visit fosterfuels.com or call and 800-344-6457. 2944 AVENUE NE,with ROA with a team that is bonded together withORANGE the same values and inten Foster core Fuels prides itself Health Care & residential remodeling but also taking excellent care of our customers information, please visit fosterfuels.com or call 800-344-6457. local, small-business, F know theand hardworking C&C Piping Fabrication ispeople here for|Foster all you er |92% of F&S’s annual sales. With a customized suite of design, construction and treating them like family. 1-800-203-2678 5401788 CaLOhan ROaD, RUSTbURg, Va 24588 | FOSTERFUELS.COm | 800-344-6457 Lovingston, Lynchburg and D dedFOSTER by expert professionals understand the importance of family. pipe welding and mechanical support. behind 11 successful, family- | WW FUELS |that 1788 CaLOhan ROaD, RUSTbURg, We Va specialize 24588 | in FOSTERFUELS.COm | 800-344-6457 WWW.FSFOURSEASONS.COM information, please visit fosterf
Family Timb Fam Pharmacy
Phar
We are a traditional retail and accredited owned businesses area. >> C&C PIPING AND FABRICATION LLCin| our 434-444-4146
compounding pharmacy making custom FOSTER FUELS | 1788 CaLOhan ROaD, RUSTbURg, drug products for a patient’s individual needs.
We are a traditiona
We offer bubble-packaging, delivery, shipping, compounding phar medical equipment, immunizationsdrug and more! products for a p We have a large front end including our local vendor section, We offer bubble-packagi Young Living Essential Oils, a large selection of specialty nutraceuticals, medical equipment, immun OCTOBER/NOVEMBER 2017We alsoLynchburgBusinessMag.com 37 Bare Minerals makeup, and Scout bags. have a refurbished We Creamery have a large front for end including 1940’s soda fountain offering Homestead products
F&S Building Innovations was started in 1976 by Gary & Delores Feazell. Specializing in Commercial and Home Renovations, the company has grown from a single crew building custom homes to an expert team of over 50 employees. With Gary’s niece, Tina Rush, serving as President and CFO, along with her husband, Gene Rush, serving as Commercial Division Manager the company has greatly expanded in the last 25 years. Gary’s son-in-law, Jeremy Smith, is the Residential Division Manager and his daughter, Alicia Smith, is Director of Marketing and Development. There are many additional family members that are part of the F&S Team. Exhibiting exceptional performance in Health Care & residential remodeling but also taking excellent care of our customers has resulted in repeat customers and personal referrals representing over 92% of F&S’s annual sales. With a customized suite of design, construction and interior decorating services, F&S offers a comprehensive solution provided by expert professionals that understand the importance of family.
The Faces of
F&S BUILDING INNOVATIONS 2944 ORANGE AVENUE NE, ROANOKE, VA 24012 1-800-203-2678 | 540-985-9160 WWW.FSFOURSEASONS.COM | WWW.FSBUILDINGINC.COM
The Faces of
FOSTER FUELS
Third-generation, family-owned and operated since 1921, Foster Fuels is a wholesale fuel distributer delivering dependable warmth throughout Central Virginia and mission critical services nationwide. Foster Fuels prides itself with providing quality and exceeding expectations with each customer. Being a local, small-business, Foster Fuels has multiple hearth and home showrooms located in Charlottesville, Lovingston, Lynchburg and Danville areas ready to bring warmth and luxury to your home. For more information, please visit fosterfuels.com or call 800-344-6457.
FOSTER FUELS | 1788 CaLOhan ROaD, RUSTbURg, Va 24588 | FOSTERFUELS.COm | 800-344-6457
2017 FACES OF FAMILY OWNED BUSINESSES
The Faces of
Timberlake Family Pharmacy We are a traditional retail and accredited compounding pharmacy making custom drug products for a patient’s individual needs. We offer bubble-packaging, delivery, shipping, medical equipment, immunizations and more! We have a large front end including our local vendor section, Young Living Essential Oils, a large selection of specialty nutraceuticals, Bare Minerals makeup, and Scout bags. We also have a refurbished 1940’s soda fountain offering Homestead Creamery products for milkshakes as well as classic soda fountain beverages. You will frequently find our children at work with us checking in inventory, using the register, and merchandising! We are founded on community service and excellent patient care. Come check out our family business!
TIMBERLAKE FAMILY PHARMACY 20276 TIMBERLAKE ROAD, SuITE A, LYnCHBuRg, VA 24502 434-237-MEDS (6337) www.TIMBERLAKEFAMILYPHARMACY.COM
The Faces of
TIMBERLAKE TAVERN Cris Viar and Jennifer Reynolds, a brother-sister team, run Timberlake Tavern, a private venue nestled on Timberlake— Lynchburg’s hidden treasure for special events. Dealing with the owner who is focused on and invested in the success of your event is a genuine benefit of a family-owned business.
TIMBERLAKE TAVERN 439 TIMBERLAKE DRIVE, LYNCHBURG, VA 24502 434-665-7435 www.TIMBERLAKETAVERN.CoM
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The Face of
GENTRY COMMERCIAL REAL ESTATE, INC.
Gentry Commercial Real Estate, Inc. is a full-service commercial real estate firm providing sales, leasing, appraisal, consulting, site selection and property management services. Based in Lynchburg, the company provides these services throughout Virginia. With a long-standing tradition of putting our customer’s interests first, we constantly strive to help our clients make better real estate decisions. As a trusted resource, our diverse clientele includes individuals, entrepreneurs, investors, small businesses, and Fortune 500 companies.
GENTRY COMMERCIAL REAL ESTATE, INC. | 1216 GREENVIEW DRIVE, SUITE C, LYNCHBURG, VA 24502 WWW.GENTRYCOMMERCIALREALESTATE.COM | 434-485-8900
The Faces of
Brown’s Heating and air Brandon and Dara Brown founded Browns Heating and Air in January of 2006. Browns Heating and Air is a business run on family values and principles. We are proud to work as a family, and treat our customers as family as well. We have two boys, Parker and Dawson, who love to help any way they can. We hope to one day pass the trade and business to them. We want them to see that hard work and dedication pays off. We are blessed to do this as a family, and appreciate all of our support.
Brown’s heaTing and air | 407 Crowell lane, lynChBurg, Va 24502 | 434-610-4373 | www.BrownsheaTingair.Com
2017 FACES OF FAMILY OWNED BUSINESSES
The Faces of
C&C PIPING AND FABRICATION LLC If I have learned anything over the years, I have learned that family is more than just blood. We have been blessed with a team that is bonded together with the same core values and intentions of bringing our customers in and treating them like family. C&C Piping and Fabrication is here for all your welding repair and maintenance needs. We specialize in pipe welding and mechanical support.
C&C PIPING AND FABRICATION LLC | 434-444-4146 | WWW.WECANWELDIT.COM
The Faces of
Moore’s Country store A third-generation business that is a tried and true stop for the locals. Operating for over 90 years, we now have six locations. Each has a variety of menu offerings from Moore’s World Famous Hotdogs and Fresh Fried Chicken to Homemade Meals. Stop by to pick up a menu and see what makes us different.
MOORE’S COUNTRY STORE BOONSBORO | 434-384-1041 GRavES Mill ROad | 434-439-2397 MT. aTHOS | 434-846-4815 THOMaS TERRaCE MaRKET | 434-993-3418 THOMaS TERRaCE EXXON | 434-993-2223 WaTERliCK | 434-237-0674 dOWNlOad OUR FOOd app TOdaY! 44
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2017 FACES OF FAMILY OWNED BUSINESSES
The Face of
AppAlAchiAn OrthOdOntics Of lynchburg
Dr. Elena Black and her knowledgeable team utilize the latest digital orthodontic technology, in our state-of-the-art facility. Our entire team is committed to offering the best orthodontic care possible to our patients, in a friendly and family like atmosphere. With extensive training in sleep medicine, Dr. Black also treats sleep apnea without CPAP, with comfortable oral appliances. Come experience the services of our Premier Invisalign & Invisalign Teen provider and the only PhD orthodontist and SureSmile provider in town!
AppAlAchiAn OrThOdOnTics OF lynchburg 3700 Old FOresT rOAd, lynchburg, VA 434-515-0370 www.lynchburgOrThOdOnTics.cOm
The Face of
Gentle endodontics of lynchburG
At Gentle Endodontics of Lynchburg, Dr. Sam Black provides every patient with the most comfortable root canal experience, individualized treatment and the highest quality of care. We will always work with you in a timely manner to remedy your tooth related discomfort. Give us a call today.
GenTle endodonTics oF lynchburG 3700 old ForesT road, lynchburG, Va 434-333-0382 www.lynchburGendodonTisT.com
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2017 FACES OF FAMILY OWNED BUSINESSES
The Faces of
MAVEN SALON
Mallory and Drew Evans, owners of Maven Salon, have had their salon since 2013. As one of the first two businesses in the Cornerstone Development, they have seen and helped grow one of the most popular communities in Lynchburg. With a focus on phenomenal experiences and individualized hair services, Maven Salon is considered one of the Best salons in Central VA, including their Lynchburg’s Best from Lynchburg Living magazine. Maven Salon is the top Paul Mitchell Salon in Central VA, North Carolina, and South Carolina.
Maven salon 112 CornersTone sTreeT, lynChburg, va 24502 434-534-3115 | www.Mavensalon.CoM
The Faces of MOOSE’S CAFE & T C TROTTERS MOOSE MIX Located in the heart of Boonsboro, Moose’s Cafe serves toasty sandwiches 6 days a week in a relaxed atmosphere while making the Best Bloody - T C Trotters Moose Mix. Dine alone or with friends. Gluten free, vegetarian, monthly specials and free delivery, are always available. Visit Facebook page @moosescafe.lynchburg
MOOSE’S CAFE & T C TROTTERS MOOSE MIX | 4327 BOONSBORO ROAD # 2, LYNCHBURG, VA 24503 434-944-6641 | WWW.FACEBOOK.COM/MOOSESCAFELYNCHBURG 46
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SAVE THE DATE March
21
10am - 4pm
Wednesday
Greater Richmond Convention Center Hundreds of Virginia food and beverage products Free admission for food and beverage buyers - Not open to the general public
SAMPLE • SAVOR • PLACE ORDERS
VaExpo.com
“
I WORKED MY WAY THROUGH
COLLEGE AND FOUNDED THREE SUCCESSFUL BUSINESSES. THAT’S WHY I’LL CUT INDIVIDUAL INCOME TAX RATES 10-PERCENT ACROSS THE BOARD AND WORK TO RESTORE VIRGINIA’S ECONOMY – BECAUSE JOB CREATION IS CRITICAL TO OUR COMMUNITIES AND BUSINESS LEADERS. TOGETHER WE CAN ENSURE AN EVEN BRIGHTER FUTURE FOR BUSINESSES THROUGHOUT CENTRAL VIRGINIA.”
• Cut taxes and regulations to create new private sector jobs • Strengthen our public schools, colleges and universities • Support our agricultural economy, grow our outdoor economy and reform local business taxes
FOCUSED ON CENTRAL VIRGINIA BUSINESSES EDFORVIRGINIA.COM | VOTE TUESDAY, NOVEMBER 7TH PAID FOR AND AUTHORIZED BY ED GILLESPIE FOR GOVERNOR
MARKETING
ADVERTISING IS SALESMANSHIP BY ERI C K P ET ERS EN
E
veryone wants their advertising to work for them. But, do we ever stop to understand what advertising or marketing really is and what we should expect from it?
I’m sure you’ve heard that traditional media is over (are we sure about that? you are reading a printed page after all) because digital avenues like Facebook, Google, content marketing etc. are much more trackable. Naturally it follows then that advertising is easy—simply pick your digital medium of choice, make an ad, set a target and off you go. Of course, it’s not so simple.
EVERY AD IS A SALESMAN The key principal (and the most overlooked one) is that every ad is a salesman. That means each ad should be measured for results, regardless of medium. Every ad, whether traditional or digital, should be prepared with a goal to convert prospects to customers. Every ad should produce sales, not “brand impressions,” not “getting our name out there,”—but sales. But how do you get the most out of these little salesmen? The approach to an ad should be the same as a salesperson perfecting their pitch. It’s one-on-one communication, and it should all be focused on your prospective customers’ needs and not your own. I know with absolute certainty that advertising works—when done properly. Sales conversion in advertising is not something that can be easily solved through placement and targeting.
EXPERIENCE MATTERS The first thing to do is select a firm to help your business that is led by people with a proven sales record. No one should be responsible for crafting an ad or marketing strategy that doesn’t have serious sales experience. One of the founding fathers of modern marketing, Claude Hopkins, once said of your ad copy, “Treat it as a salesman. Force it to justify itself.
Compare it with other salesmen. Figure its cost and result. Accept no excuses which good salesmen do not make. Then you will not go far wrong.” Having a good firm working with you that understands the sales process is a good first step. Work to craft a message that has a hook, handles objections and puts your prospect first. Recently we helped a client with their new product launch. While their current firm was doing good “creative” ads, they were not happy with the sales results. They decided to go with Rockit for a new product launch campaign. We worked with them to determine who their potential customer was and what would matter to them. We took all their existing marketing collateral and rewrote the copy to function more as a salesman and less as a “creative.” We handled everything from product photography to landing pages. The campaign was a huge success—even though they spent the same amount of money as in past campaigns, the difference was they had experienced salesman handling the content. They saw conversion rates in excess of 50 percent and sales results they’ve never seen before.
SELLING IS SELFLESS The statement above may seen ironic, but bear with me. Too often we see both digital and traditional advertising that is more about the person who wrote or designed the ad and not so much about what the customer really wants. There are too many “creatives” in our industry who believe they are there to create content that delights themselves and impresses their friends. Make no mistake, the best marketing and advertising people are the ones who started their career in sales first. Advertising—when done correctly—still works, because selling still works. And real selling isn’t just being “salesy” but being selfless. In advertising (and selling in general) you will win when you appeal to the selfish desires of your prospective customer while ignoring your own.
Erick is a Lynchburg native, Liberty University graduate and co-founder of Rockit Creative Solutions, a full-service marketing firm based in Lynchburg. He has been a seller and marketer his entire career.
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COMPLETE YO UR
M A S T E R OF DI V I N I T Y
FREEDOM TOWER Rawlings School of Divinity Expected completion Fall 2017
ON CAMPUS
AT T H E W O R LD ’S L ARGEST CHRISTIAN
UNIVER SIT Y.
Liberty.edu/Proclaimer ResidentGraduate@liberty.edu (877) 298-9617
HEALTHCARE
‘TIS THE SEASON FOR FLU PREVENTION
F
BY R I CH AR D A. LAN E , M D
all has arrived. Many people joyfully anticipate the cooler weather and the spectacular colors of the autumn foliage. I am not among the cold weather fans but readily confess my love of an annual drive along the Blue Ridge Parkway or some other winding country road to catch the leaves at their peak. With a little preparation my drive usually pays a great reward. As a preventive medicine specialist I also look at fall as a call for prevention. It is a good time to change the batteries in my smoke detectors, call the technician to check my HVAC and get my flu shot. I have received over 40 doses of influenza vaccine in my lifetime. I have maintained the records for every dose since 1983. I didn’t keep the record of the 1976 swine flu vaccine, but I was among the first to roll up a sleeve for the mass vaccination program at my school that year and determined to always take advantage of opportunities in the future. In 2009, I needed two doses since the novel H1N1 strain didn’t appear until after the formulation of the regular seasonal flu vaccine that year. In the last couple of years I have chosen to receive the quadrivalent influenza vaccine to maximize my chances of immunity against the strain which will predominate during the peak of the coming influenza season. When I reach retirement age I will almost certainly choose the higher dose formulated for seniors over 65 years of age to provide a higher immune response. My motivation for a flu shot may be greater than the average person. My great-grandfather died of Spanish influenza in 1918 at 35 years of age. He left behind a wife and three children under the age of 10 years. Influenza afflicted one third of the world population that year and globally an estimated 20 to 50 million died, according to most accounts.
THE FLU FACTS It has been a century since we have seen a pandemic flu of the same virulence as Spanish influenza; however, modern influenzas are far from benign. According to Centers for Disease Control and Prevention (CDC), influenza costs the United States approximately $87 billion every year and is responsible for the loss of about 17 million workdays. Nearly 200,000 people are hospitalized each flu season. During the 2013-14 season 60 percent of hospitalized patients were between the ages of 18 and 64 years. In a good year as few as 3,000 Americans die of influenza—in a bad year, 49,000 die from flu-
related illnesses in the U.S. From my personal clinical experience, most deaths occur among the elderly or the very young, but sadly, some of these deaths are among individuals in their prime like my great-grandfather. Businesses have a vested interest in the prevention of illness among the workforce. It is always better to prevent than to treat. Prevention saves lives, health care resources, work production losses, and the socio-economic impacts on the family. In July 2008 health policy organization Trust for America’s Health reported a small investment in disease prevention could result in significant savings in health care costs. The report, “Prevention for a Healthier America: Investments in Disease Prevention Yield Significant Savings, Stronger Communities,” concluded an investment of $10 per person in certain community-based programs could save more than $16 billion annually within five years. This is an average return of $5.60 for every $1.
PREVENTION PRACTICES The two most important ways to prevent influenza include personal hygiene and vaccination. Businesses should encourage both. Personal hygiene includes handwashing and covering coughs. Transmission of influenza may occur directly through cough droplets or indirectly through the hands. Common sense tells us to avoid people with a cough and most people realize the importance of handwashing, but we sometimes forget when in a rush. Good handwashing practices are easier if the facilities are adequate. Restrooms should be well maintained and supplied with running water, soap, and either paper towels or hand driers. (The CDC has signage available for download on its website. See sidebar.) These easy interventions likely add little, if anything, to the usual daily operational budget. Vaccines may yield even higher dividends than the average $5.60 per dollar. Sachiko Ozawa and co-researcher at the Department of International Health at the Johns Hopkins Bloomberg School of Public Health analyzed and projected the return on investment (ROI) over a 10-year period (2011-2020). They estimated a $16 ROI for every dollar invested in vaccines during the decade, taking into account treatment costs and productivity losses. This return may be realized in diminished absenteeism, enhanced production and decreased health insurance costs. Many health care plans already include a flu shot as a benefit to the policy holder. As with handwashing we can encourage vaccination by improving access. The trend in pharmacies to offer flu shots without the need for a doctor’s visit has helped make the flu vaccine more accessible. However, workers must still take the time to go by the pharmacy to receive a shot. Employees must choose a convenient time and place to go. Vaccination can be made more convenient by offering in-house flu shots at the work place through special vaccine clinics for employees wishing to take advantage of the service. In many cases service providers can take advantage of insurance benefits so businesses will incur no cost. Ultimately everyone gains. Richard A. Lane, MD, MPH&TM, FACPM, is the Director of the MPH Program at Liberty University.
CDC POSTERS Handwashing: www.cdc.gov/handwashing/posters.html
Cover cough/sneeze: www.cdc.gov/flu/protect/covercough.htm
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BUSINESS PROFILE
OVER
BUSINESS TEN YEARS
THERE’S NO PLACE LIKE
ACORN HILL
LYNCHBURG’S UNIQUE LODGE HAS ALL THE FRILLS OF A NIGHT AWAY… BUT STILL FEELS LIKE HOME BY SUZANNE RAM SEY
A
phrase is printed on the notepads at Acorn Hill Lodge: “Your home away from home.” And you don’t have to look any farther than the guest book, sitting atop a baby grand piano in the lobby, to know it’s more than a slogan. From a family in Austin, Texas: “Such a lovely place to stay!” A Hampton, Va., couple
penned, “What an amazing place and sweet hospitality!” A California visitor wrote, “Lovely place, such a homey atmosphere,” and from a South Carolina couple, “Just like home! Thank you!” Acorn Hill, the Lynchburg Regional Business Alliance’s 2017 “Small Business of the Year” in the restaurant/venue category, has grown over the past 20 years from a massage studio housed in a converted garage to a 10-room bed and breakfast, bistro, salon and event center. 52
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BUSINESS PROFILE Wanda Brooks-Crocker and her husband, Robert Crocker, bought the property back in 1994. At the Brooks-Crocker described as a “lovely little cottage”
AT A GLANCE
built as a summer home in the early 1900s. That and a
Founded: 1994
two-story garage.
Number of Employees: 17 including lodge, bistro and spa
time, it consisted of about four acres with what
“This was a vision of my husband’s. We’d talked about doing a bed and breakfast in retirement,” Brooks-Crocker said. “He got a head start on me. He does massage therapy and it was large enough that he could build a massage studio in an adjacent building—a garage at the time.
Located: 2134 Old Forest Rd., Lynchburg Signs of Growth: New improvements to salon and spa
“So, we started with that and he had the concept to build on more to that building and it evolved into a salon and spa. Then the original house that was here was taken down to build the lodge, which was finished in 2006.” Acorn Hill Bistro was added in 2013. The 50-seat restaurant serves breakfast Monday through Saturday and brunch on Sunday. The Bistro also does catering and can be reserved for private events. Acorn Hill’s event center has a capacity of about 100 people. Acorn Hill Lodge also is pet friendly. Brooks-Crocker and her husband live
Acorn Hill offers a range of rooms from a Double Queen Suite (below), Executive King Suite, Honeymoon/ VIP Suite and Family Suite. All rooms have either a full or partial kitchen.
next door, so sometimes guests might see their four Shitzus—Loppy, Luci, Oreo and Coco—or the ducks, which recently had babies. “It makes us a little different,” Brooks-Crocker said, adding, “It’s just kind of got a good feel about it. A home away from home.” At the salon and spa, where Robert still performs massages, a variety of services are available for body, nails, skin and hair. Couples packages— including massages and facials, for example—are offered, as are “spa parties.” Acorn Hill wasn’t initially named Acorn Hill. It wasn’t named anything in particular, that anyone remembers anyway. The home next door had a name, however, which inspired Brooks-Crocker to name her property as well. “Jubilee, I think it was,” she said. “Great idea to name your property.”
The right name for Brooks-Crocker’s property came literally from out of the sky. “We sat in the back of the house, [with] a tin roof, and acorns were falling,” Brooks-Crocker said. “We were listing all of the [possible] names while listening to all the acorns on the tin roof and Acorn Hill was what stuck.” Brooks-Crocker said Jubilee’s owner had also compiled a history of the land around the two homes, which is displayed in the Acorn Hill lobby. As written in the history, “The site was a portion of the original Monacan Indian hunting grounds” and also saw action in the Battle of Lynchburg on June 17 and 18, 1864. According to the amateur historian, “local legend” says that after the battle dozens of bodies littered the neighborhood. OCTOBER/NOVEMBER 2017
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BUSINESS PROFILE
The lodge’s salon and spa offers a range of services including haircuts/color, facials, massages and manicures.
These days the most common visitors to Acorn Hill aren’t Native American hunters or soldiers, but doctors. “Our bread and butter is definitely Centra Health,” innkeeper and general manager Rebecca Daniels said, explaining that companies that schedule traveling doctors, called “locums,” are the “most steady form of business.” Daniels said other “big clients” include Areva and Lynchburg College. “Job candidates, people on the board, prospective students,” she said, referring to business from the college. “We’re less than a mile from LC. Anytime a department is having somebody come in they call us for a room.” Brooks-Crocker said “a lot of interesting people” visit Acorn Hill. “It’s almost a think tank at times. Inventors and different people,” she said, adding, “We just really get to know people one on one.” Daniels said that during her two years at Acorn Hill, one of her favorite guests was David Wisnia, a Holocaust survivor who is in his 90s. Late one night, this past April, Wisnia and his grandson, Avi, arrived in Lynchburg on the train. They checked into Acorn Hill Lodge, accompanied by local rabbi John Nimon. Nimon, the rabbi at Temple Agudath Sholom and a regular at Acorn Hill Bistro, had invited Wisnia to speak for Holocaust Remembrance Day. It was late, after 10 p.m., and Wisnia was craving a snack from Dunkin’ Donuts. Unfortunately, the doughnut shop was closed. The next morning, after asking Avi what kind of doughnuts his grandfather liked, Daniels set off to Old Forest Road for a box of chocolate doughnuts. “I got to get a Holocaust survivor a box of chocolate doughnuts and he gave me a big hug,” Daniels said.
Holocaust survivor David Wisnia, his grandson Avi and their box of Dunkin’ Donuts.
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Nimon said that’s the kind of thing that makes Acorn Hill special. “They greeted him with a box of doughnuts,” he said. “Way above and beyond the call of duty. That’s one of the reasons I go there. They seem to make their guests feel really welcome. They’re really fine people.”
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REAL ESTATE
YOU THINK THIS CAN’T HAPPEN TO YOU? A CAUTIONARY TALE FOR ANYONE INVOLVED IN A REAL ESTATE TRANSACTION BY DAN VO LLM E R
I
magine, if you will, that you’re about to purchase a new home. You and your family are full of anticipation… maybe it’s your dream home, or maybe you’re downsizing into the perfect place that will allow you to travel more and worry less. Whatever the case may be, it’s an exciting time and you’ve been eagerly awaiting the closing date. All the contingencies are satisfied—anything that could potentially derail the deal is behind you. Smooth sailing to the closing. Let’s also assume that you, the buyer, are making some form of a down payment on your new home. Maybe you’ve recently sold a property and have 10 to 20 percent to put down. Or maybe it’s your first home and you’ve managed to save up 5 percent. Whatever the case may be, there’s money in your account earmarked for your new home purchase. As your closing date approaches, you receive an email from your settlement company—the company YOU have chosen to handle the closing—giving you instructions for how to wire those funds directly into the settlement company’s account in preparation for your closing. So naturally, you do. Over the past few months, you’ve been asked for documents, you’ve been told where to sign, you’ve been given instructions on
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what to do… you’ve been trained to do as you’re told. The problem is, that last instruction—the email that looked exactly like every other email from your settlement company—was actually from a hacker. They copied your settlement company’s email signature exactly. And it turns out they’ve been watching your transaction for a while now, waiting for the perfect moment to jump in unnoticed. This scenario is playing out with alarming frequency across America, and buyers and sellers in our area are being affected just as often. Once the buyers’ funds have been wired to a fraudulent account, that account is emptied and closed and the funds are gone—often never to be recovered. Unaware, the buyers arrive for their closing at the appointed date and time, only to find out the email they thought was from their settlement company was bogus. Their down payment money is gone. And not only have they lost all their savings, but now they also can’t close on their new home. The entire basis of this fraud is one party receiving wiring instructions from another party they already trust and recognize. The scheme is insidious for a number of reasons: first, there are multiple parties involved in a real estate transaction, and only one of them needs to be hacked in order to get the necessary info. Second, the wire transfer is initiated by the person whose money it is, so their bank is simply following instructions. Finally, it preys on people by providing instructions they expect, at the exact time they expect them. If you think it can’t happen to you—that you’re too smart to fall for such a scheme— you might want to reconsider. A prior iteration of this fraud involved hackers providing wiring instructions via email to settlement companies. These emails would appear to be from either the sellers themselves, or in some cases the seller’s agent. The email would instruct the settlement company to wire the seller’s proceeds from the sale to a bogus account, at which point all the funds from the sale of the property would be gone. Once word spread of this strategy, settlement companies and attorneys quickly adjusted their practice and no longer accept wiring instructions from sellers or agents via email. As that stream of income dried up, hackers adjusted their tactics to prey on buyers instead. The effects of such a scam are devastating, and finding those responsible is tricky. It’s likely that these hackers are overseas, and they are numerous. Many believe there are thousands of individuals, each watching hundreds of real estate transactions at a time. They are savvy and they are patient. And every day, at just the right time, they insert themselves into a transaction completely undetected. This warning goes out to home buyers, home sellers, real estate agents, title companies, settlement agents and attorneys: if you are in the midst of a real estate transaction, or if you know anyone, anywhere, who is, please DO NOT accept any instructions via email to wire funds ANYWHERE. Call your settlement company or attorney. Go to their office in person if necessary. If you are a buyer, and it is at all possible, do not wire funds at all. Bring a certified check directly from your bank to the closing. If you are a seller, make sure the company handling the closing knows exactly how you want the proceeds from the sale of your property to be handled. Dan Vollmer is an Associate Broker at Re/Max 1st Olympic and member of the Virginia Association of REALTORS Board of Directors. Find him at www.danvollmer.com.
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www.specialtyexterminating.com OCTOBER/NOVEMBER 2017
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Grow Your Business By Maximizing Marketing Through Unique & Effective Vehicle Wraps! Your Imagination is Your Limit! Central Virginia’s leading creator in vinyl advertising for business and pleasure. We strive to create the most eye-catching, effective vehicle wraps that will flaunt your business wherever you go, whether your vehicle is moving or parked. A wrap is the most efficient way to promote your business, cause, event, or even to customize your personal vehicle. We invite you to stop by our shop to see what we can do for you!
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Better, Faster, More Reliable Internet Service has arrived in Lynchburg, Forest, and surrounding area.
434.509.4836 58
LynchburgBusinessMag.com
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Delivered through the air to your home or business with no usage caps and friendly local service.
EXECUTIVE CAR GUIDE
EXECUTIVE CAR GUIDE Gone are the days where you are expected to show up
at a business lunch in the most expensive luxury sedan your budget will allow. Instead, most businessmen and women prefer versatile vehicles that don’t amount to a second mortgage payment. In this year’s Executive Car Guide, see two unique options for your next vehicle purchase and two places you can find it for less. >>
OCTOBER/NOVEMBER 2017
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2018 IntroducIng our largest suV yet
AtlAs tHe 2018 VolKsWagen
WItH aVaIlable 7 passenger seatIng and all WHeel drIVe Big families need a big SUV. Introducing the Atlas, large enough to handle everything from the daily car pool to a weekend adventure. It comes standard with seven seats and a 3rd row kids will love to sit in. Not to mention enough technology and amenities to help keep everyone happy. And we back it up with a transferable 6-year, 72,000-mile, whichever occurs first, New Vehicle Limited Warranty.* Go ahead, take it out and see how it drives. Life’s as big as you make it. only at terry VolKsWagen do you get a lIfetIme poWertraIn Warranty WItH eVery neW car. see dealer for detaIls 19134 forest road, lyncHburg, Va 24502 (434) 239-2601 | WWW.terryVolKsWagen.com
INTRODUCING THE ALL-NEW 2018 SUBARU CROSSTREK
LOVE IS OUT THERE GO FIND IT IN A SUBARU 2018 Subaru
CROSSTREK Starting at
$
21,795.00
Symmetrical All-Wheel Drive + 34 MPG. The balanced design of Symmetrical All-Wheel Drive creates uniform stability and delivers an optimal distribution of power for maximum traction. It makes for improved handling, efficiency and a quicker response to road conditions. The durable SUBARU BOXER® engine combined with the Lineartronic® CVT allows the Crosstrek to get up to a fuel-efficient 34 MPG highway. Other Available Options: EyeSight® Driver Assist Technology, SUBARU STARLInk™, Blind-Spot Detection and Rear Cross-Traffic Alert, Rear-Vision Camera, keyless Access with Push-Button Start, Siri™ Eyes Free, Side Mirrors with Integrated Turn Signals and more.
THE TERRY AUTO OUTLET
was opened to expand Terry Auto’s used car operation even further. They stock mostly mid-range cars with a very sharp focus on pricing. They use software systems to shop the market and determine the prices of similar cars. Then it’s just a simple equation of obtaining vehicles the customers want, and pricing them below the market average.
“The car you want, at the best price!”
2828 CANDLERS MOUNTAiN RD, LYNCHbURg, VA 24502 (434) 386-8439
View over 400 cars, trucks, vans and SUVs on our website:
www.terryautogroup.com
THE TERRY CLEARANCE AUTO CENTER is over three years old now and was opened to provide space to stock more affordbale used cars. Many customers are seeking cars under $10,000, and now Terry Auto has cut out the middle-men to sell directly to the consumer. Most cars are under $10,000 on the Clearance Center lot.
View over 400 cars, trucks, vans and SUVs on our website:
www.terryautogroup.com
18145 FOREsT ROAd, LYNCHbURg, VA 24502 (434) 385-5812
“Buy from a name you can trust”
Event
2017
The Event 2017 On August 1, 2017, we celebrated this year’s Millennials on the Move class at Southern Provisions Company. The 25 honorees and their families enjoyed food from Avenue Foods and Catering. Then each person was recognized in a ceremony lead by editor Shelley Basinger and publisher Randy Thompson. Congratulations again to our 2017 Millennials on the Move. We are excited to see where your careers take you in the coming years! Sponsored By
Photography By Kidd Photography
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Event
2017
Weekend Getaway to
VIRGINIA BEACH Join us as we bring many distilleries from across the state together for one evening of fun, music and crafted cocktails.
vo dka whiskey
g in
rum
Virginia Beach Convention Center November 4th | 4pm -8pm
CoVaSpirits.com Presented by
OCTOBER/NOVEMBER 2017 LB_COVA SPIRITS_1/2V_2017.indd 1
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9/13/17 2:35 PM
MADE IN LYNCHBURG
HIGHLIGHTING LOCAL PRODUCTS AND MANUFACTURING THROUGHOUT THE REGION 2000 PARTNERSHIP
OLD DOMINION FOOTWEAR AUTHENTIC REALTREE FOOTWEAR AND BONE COLLECTOR FOOTWEAR ABOUT OLD DOMINION FOOTWEAR Old Dominion Footwear was incorporated in 1996 with its offices and distribution center located in Madison Heights, Va. The company has the exclusive license for the Realtree brands, which include Realtree Outfitters and Realtree Girl, and also has the license for Team Realtree brand. Old Dominion Footwear designs, manufactures, markets and distributes all genders of footwear, available in various sizes and widths, to department stores, sporting goods stores, catalogs and independent retail stores throughout the U.S., Canada, South America and around the world.
ABOUT REALTREE® PICTURED: Men’s Realtree Footwear, “Bobcat in orange”—This shoe comes in multiple colors for men, women and children and is sold in major retail stores in both the U.S. and Canada. Men’s Bone Collector Boot, “Backwoods”—This shoe comes in men’s and children’s sizes and is sold in retail stores in the U.S. and Canada. Women’s Realtree Footwear, “Ms. Bobcat Xtra in Mint”— This versatile shoe has a Realshock comfort footbed with multidensity cushioning at strikepoints.
Realtree is the world’s leading camouflage designer, marketer, and licensor with over 1,500 licensees utilizing the Realtree camouflage brand. Thousands of outdoor and lifestyle products are available in Realtree camouflage patterns.
ABOUT BONE COLLECTOR® Bone Collector, LLC is a vision of the hunting personality, Michael Waddell. Bone Collector began as a television show airing on the Outdoor Channel and rapidly erupted into one of the top retail brands in the outdoor market with over 35 different licenses.
(434) 929-6046 www.olddominionfootwear.com Facebook: Realtree Footwear Instagram: @Realtreeshoes
Let Us Know! Do you know of a product manufactured locally? Let us know at shelley@lynchburgmag.com.
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Where are you going?
Monument Terrace in Lynchburg, VA
In business, as in life, it’s what lies ahead that counts—choices, challenges, and opportunities. Woods Rogers Edmunds & Williams is here to advise you on all three. We have a long history of helping companies and individuals thrive. Let’s plan your future together. To learn about our more than 75 attorneys and 19 practice areas, visit our website at woodsrogers.com.
P. (434) 846-9000 ROANOKE | CHARLOTTESVILLE LYNCHBURG | RICHMOND | DANVILLE A Member of the Interlaw Network
PROUD TO BE PARTNERS WITH BUSINESSES THROUGHOUT CENTRAL VIRGINIA
Over the past 14 years, we have had the pleasure of working with many businesses throughout Virginia. From design, to new structures and renovations, we strive to ensure your business is on the path to success. We are equipped with the team to create the ultimate experience for your clients, personnel and you!
1934 GRAVES MILL ROAD • LYNCHBURG, VIRGINIA 24502 • TEL: 434.832.0040 • FAX: 434.832.0020
SOME OF OUR PAST AND CURRENT CLIENTS