December 18, 2015 UBJ

FOR THE RECORDS

After 40 years, Horizon Records stays in

the groove as a Greenville institution

DECEMBER 18, 2015 | VOL. 4 ISSUE 51

12.18.2015 | upstatebusinessjournal.com INFORMATION YOU WANT TO KNOW | AUTOMOTIVE | 3

Röchling Group to expand in Spartanburg CountyGerman auto supplier investing $5.8M in new equipment, expansion for Duncan facility

Germany-based automotive supplier Röchling Group is expanding in Spartanburg County with a $5.8 million investment in new equipment to boost production volumes, according to a news release. The firm’s North American subsidiary, Röchling Automotive USA LLP, plans to add 25 jobs to its Duncan facility as a part of the investment.

“Spartanburg County has been home to our North American headquarters for nearly 15 years, and we are glad to continue our growth here,” said Röchling Automotive USA LLP Vice President Justin White. “As our company has expanded over the years, the support of both the state of South Carolina and Spartanburg County has been greatly appreciated.”

Röchling Group focuses on the automotive indus-try with plastics processing solutions to lower aerodynamic drag and provide better thermal management and improved sound. The group’s global plastics group includes 65 companies that employ 8,000 people in 21 countries, according to its website.

“Röchling Automotive is dedicated to providing industry-leading products to our customers, and we

are doing it very successfully with our talented local employee base,” White continued. “We believe that continuing to invest in our existing facilities will keep our company on the leading edge of automotive thermoplastic process technologies and position us well for sustained growth.”

The investment in the Duncan facility will accom-

modate higher production volumes, and is expected to be fully operational in early 2016.

“Few projects give Spartanburg County as much pleasure as seeing one of our existing com-panies continue to grow, diversify and expand as Röchling Automotive has done over the years,” said David Britt, chairman of the Economic Recruit-ment and Development Committee of Spartan-burg County and member of the Economic Futures Group Board. “With this

investment comes a physical expansion into a vacant 150,000-square-foot facility and the addition of several well-paying jobs. We are proud to have Röechling call Spartanburg home for their North American headquarters. They are a great corporate citizen, and we are thankful for the hundreds of jobs they create in our community.”

ASHLEY BONCIMINO | [email protected]

facebook.com/roechlingautomotiveusa

Röchling Group’s Duncan, SC facility

Kimberly Macklanburg, Lanna Brown, Michelle Seaver, Earle Harding, and Michelle Galarza

Member FDIC | ucbi.com

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TBA

4 | THE RUNDOWN | TOP-OF-MIND AND IN THE MIX THIS WEEK

VOLUME 4, ISSUE 51

Featured this issue:Greenville joins 10-city Envision America workshop 6A 3-pack of new craft beer options 13Bank of America building on the market 19

MONEY SHOT: Last week, a group of students culminated 12 weeks of training at the Iron Yard’s Demo Day. At the Iron Yard’s Greenville campus, the students demonstrated their Python Engineering applications to an audience of local tech companies, engineers and other members of the local tech community. See more pictures on page 27.

WORTH REPEATING“We can take this extra money and spread it around to all these special

interest groups and grow government, or we can take most of this funding and take

care of the problem that we’re talking about right now.” Page 5

“We’re a business that deals in music objects. And there’s a

future for that.” Page 14

“The bottom line is that M&A deals are pricey.” Page 16

VERBATIM

On GHS’ change in governance“This discussion was not undertaken lightly.”

Greenville Health System Board Chairman Jim Morton, on the board’s 12-2 vote Tuesday in favor of its new governance plan. Read more in this week’s Greenville Journal.

Culvers, the fast-food chain specializing in frozen custard and

burgers, is opening a second location at 1040 W. Wade Hampton Blvd. next to the new Aldi. Construction

begins this week and plans are to open in April 2016.

Zach

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gs

12.18.2015 | upstatebusinessjournal.com INFORMATION YOU WANT TO KNOW | CHAMBER / MANUFACTURING | 5

When the state last raised the gas tax in 1987, legislators should have designated that the fee would rise each year to match the cost of living change, said Rep. Mike Burns (R-Greenville) at the Greenville Chamber’s recent legislative breakfast.

The chamber released its legislative agenda last week, and predictably, the top priority was fi nding a route to more funding for the state’s infrastructure. Other priorities were better workforce training through education, growing business, boosting tourism in the Upstate and ethics reform.

Burns said the failure to adequately fund road maintenance has been especially detrimental to rural roads.

While the Legislature resisted raising the gas tax, the state Department of Transportation spent years chasing federal funding for big road projects and ignored the manifold problems associated with crumbling and inadequate rural roads statewide, he said.

“We have dropped the ball since the late ’90s with the DOT having emphasis on taking most of the money that has been given them by the state and acquiring federal matching funds,” Burns said. “And to the expense of our local rural roads, that’s what we’ve done, and we’ve done it over time.”

During next year’s session, legislators will decide how to spend an unexpected $1.2 billion in surplus revenue. Many are calling for at least part of that money to go toward funding roads.

“We can take this extra money and spread it around to all these special interest groups and grow govern-ment, or we can take most of this funding and take care of the problem that we’re talking about right now,” Burns said.

A bill to address road funding passed the House last year and sits in special order status in the Senate, meaning it will be one of the fi rst bills leg-islators address.

The Senate Finance Committee stripped that bill and replaced it with its own version that would in-crease the gas tax by 12 cents over three years. It

would also increase the driver’s license fee from $25 to $50 and increase the vehicle sales tax cap from $300 to $600 and the vehicle registration fee for residents under 65 from $24 to $40.

The Senate Republicans have also released a plan similar to the one proposed by the Finance Commit-tee but would also phase in a 1 percent reduction in the state income tax over a period of fi ve years.

If the Senate passes a roads funding plan, Sen. Ross Turner (R-Greenville) said differences between the House and Senate plans would have to be hammered out in a conference committee.

Infrastructure tops Greenville Chamber’s legislative agendaBENJAMIN JEFFERS | [email protected]

Sage expanding Greenville County operations

Sage Automotive Interiors is investing $5 million to expand operations in its Marietta manufac-

turing facility. The investment will upgrade

equipment and technology at the facility. Sage expects to complete the project in phases beginning in 2016.

Established in 2009, Sage Auto-

BENJAMIN JEFFERS | [email protected]

motive Interiors is a provider to original equipment manufacturers in the automotive industry.

The company operates more than 15 facilities across North and South America, Asia and Europe. Sage has four facilities in the Palmetto State and employs about 900 workers in the state.

“We are pleased to be announcing further investment in South Carolina,”

Sage Automotive Interiors President and CEO Dirk Pieper said. “This in-vestment in Greenville County is sig-nifi cant for our associates and opera-tions. Maintaining state-of-the-art facilities and technology for our asso-ciates in South Carolina is critical to our success.”

The company also announced a $4 million expansion in Abbeville County earlier this year.

Photo by Megan Sherard

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UBJ | 12.18.2015

Greenville will be among nine other cities attending an Envision America workshop Jan. 12-14 to learn how to jumpstart a smart city initiative that will help with challenges in energy, waste, water or air.

Envision America was created in the model of North Carolina’s Envision Charlotte, which was launched in 2011 and aimed to lower the city’s energy consumption 20 percent over fi ve years.

The focus was sustainability in uptown in build-ings 10,000 square feet or larger and 61 signed a pledge to participate, said Amy Aussieker, Envision Charlotte executive director. Sensors gathered data about energy use and participants launched a be-havior-based program for those working in the buildings, she said. Property managers also participated and University of North Carolina-Charlotte performed energy audits for the buildings to target areas for reduction. Then the program moved into capital improvements that could further reduce consumption.

The latest data refl ects a 17.1 percent reduction

of energy usage, putting the initiative on track to reach the 20 percent goal, said Aussieker.

Envision America, a nonprofi t announced in September by the White House, was modeled after the Charlotte program.

Greenville County and City of Greenville offi cials will be joining those from Pittsburgh; Los Angeles; San Diego; Milwaukee; Portland, Ore.; Dallas; Cambridge, Mass.; Spokane, Wash.; and New York City.

The workshop is designed to link various sized cities with the technology needed to track the data and partners to help imple-ment their plans, said Aussieker.

Each of the 10 participants will receive the Envision America app designed to engage the local community and “gamify” sustain-ability programs, according to the nonprofit. GE will offer consultation on smart city infra-structure along with access to its GE Predix industrial Internet

platform for one year. Microsoft also will provide the cities with Microsoft Azure Government cloud platform for one year.

Paula Gucker, assistant Greenville county ad-ministrator for community planning, development and public works, said the workshop will help the county determine what sort of alternative energy it could derive from former landfi lls, including solar or wind on site. Another focus could be improving water quality in the Reedy River, she said.

6 | SUSTAINABILITY | INFORMATION YOU WANT TO KNOW

Greenville selected to participate in Envision America 10 cities nationwide to receive tech support for smart city projects

APRIL A. MORRIS | [email protected]

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12.18.2015 | upstatebusinessjournal.com INFORMATION YOU WANT TO KNOW | TAXES | 7

Amazon sales tax exemption ending in South Carolina

The South Carolina sales taxexemption for Amazon.com is coming to an end this year, meaning an esti-mated $13.8 million in additional revenue for the South Carolina, ac-cording to offi cials at the state Revenue and Fiscal Affairs Offi ce.

The exemption for in-state sales offi cially sunsets on Jan. 1, 2016.

The South Carolina sales tax revenue is divided between the state’s General Fund, the Education Im-provement Act Fund and the Home-stead Exemption, which is a property tax relief fund.

Four percent of the sales tax reve-nues goes into the General Fund. The other two percent is divided equally into the other two funds.

An estimated $9.2 million of the additional revenue from Amazon will go into the General Fund next year. The Education Improvement Act Fund and Homestead Exemption will each get about $2.3 million, according to estimates by the Revenue and Fiscal Affairs Offi ce.

Since 2011, South Carolina custom-ers haven’t had to pay tax on purchas-es after legislators agreed to the exemp-tion in an effort to draw the Seattle-based company to build a dis-tribution center in Lexington County.

The House rejected the proposed exemption initially when Amazon announced plans to build the distribution center in the state and promised 1,249 jobs and $90 million in investment, according to the Asso-ciated Press.

However, legislators accepted the offer after Amazon upped the jobs promise to 2,000 and the investment to $125 million, according to AP.

Although South Carolina customers didn’t pay sales tax at purchase, they were still supposed to receive an email from Amazon and pay the sales tax as part of their income taxes.

BENJAMIN JEFFERS | [email protected] $13.8 million

in additional revenue next year

$9.2 million in General Fund

$2.3 million in Education Improvement Act Fund

$2.3 million in Homestead Exemption

Stay in the know.TheUpstateBusinessJournalUpstate Business Journal @UpstateBiz

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12.18.2015 | upstatebusinessjournal.com EAVESDROPPING ON CONVERSATIONS AND WORDS OF INSIGHT | DIALOGUE | 9

Where we’ve been and where we’re headedLeaders from NEXT, GADC and the Upstate SC Alliance met at the Commerce Club last week for the Greenville Chamber of Commerce’s Quarterly Economic Update to lead a discussion on economic development issues facing the Upstate.


ON TRANSPORTATION

“The Legislature needs to look at that this year, and I’m hopeful that they will. When you have the president and CEO of Michelin North America coming out and saying if the state of South Carolina doesn’t do something to get their act together, do some-thing about funding the roads, that when we’re building another plant or looking to expand, guess what: We’re going to look else-where. That’s not good.”

John Lummus, president & CEO, Upstate SC Alliance

ON TALENT

“We’ve had a software company leave basically because the founders found that, whether it was real or perceived, they couldn’t get the type of program-ming talent that they needed. I think the takeaway from that is, yeah, we need to keep producing more talent. … The Clemsons and The Iron Yards and the Furmans and others are doing that, but also it’s marketing and promoting that we have talent, and that it isn’t just a perception problem, especially with tech companies.”

John Moore, president & CEO, NEXT

ON LOSING COMPANIES IN 2015

“The offi ce market requires space, and one of the things we struggle with in Greenville is Class A offi ce space. I had a conversation with a developer last night, and I encouraged them to build some speculative offi ce space in Greenville, because there’s demand. … I think if we had that kind of space, we would be successful, as has happened in Greenville over the last couple of years in attracting those kinds of fi rms. I don’t think there’s anything we can do to stop a decision like that from a business standpoint, but we can certainly prepare ourselves better for work from those kinds of companies. I think we’re well on our way.”

J. Mark Farris, president & CEO, Greenville Area Development Corp.

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in 32 states. The company plans to hire around 40

employees locally in addition to relocat-

ing several employ-ees from outside South Carolina, said Danieli.

“The city is delighted that they

chose Mauldin to locate their facility

here,” said Mauldin City Administrator Trey Eubanks.

“Certainly our demographics and our location demonstrate the strength that we have to benefi t a company like that, and we look forward to supporting them as they complete construction and look to open next year.”

Eubanks said Restaurant Depot wasn’t the only large company looking to locate in Mauldin. Last year, Fortune 500 company Esurance announced plans to invest $2.1 million and create 450 jobs for a sales and claims offi ce in the same corporate center. The offi ce was the company’s fi fth national facility, and its second on the eastern half of the country, said Eubanks.

New York-based cash and carry warehousecompany Restaurant Depot is building its fi rst South Carolina location in Mauldin with a $5.3 million investment expected to create 60 jobs in the area. Restaurant Depot plans to complete and open the 56,000-square-foot warehouse in June 2016, ac-cording to a company representative.

Located on six acres in the Brookfi eld Corporate Center on East Butler Road, the wholesale store is ideally placed to serve the growing market between Atlanta and Charlotte, Restaurant Depot Regional Vice President Rich Danieli told Upstate Business Journal.

“Not only is the market sizeable enough that it was our next priority to go to, but it’s growing as well,” said Danieli, a Clemson University graduate who said he chose the Brookfi eld site over several others in the area. “There are plenty of local restau-rants, and it has good access right there on the highway … it fi t all of our criteria.”

Founded in 1990, Restaurant Depot supplies inde-pendent food businesses with food, beverages, equip-ment and supplies from members-only store locations

INFORMATION YOU WANT TO KNOW | WHOLESALE | 11

“I’m proud to be in a position to serve our community!”

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4256_Introducing Ed Stein UpstateBusJournal.pdf 1 12/11/15 9:56 AM


Restaurant Depot investing $5.3M for fi rst S.C. location in Mauldin


The onslaught of craft brewer-ies in the Upstate continues with three new options announced.

THE CASUAL PINT

Touted as “the fastest growing craft beer franchise in the nation,” The Casual Pint expects to open its fi rst South Carolina location in mid-2016 at 1818 Augusta St., in the Augusta Village shopping center next door to Augusta Grill.

The Greenville franchise, The Casual Pint’s 12th location, will be owned by Roger Kersch and be managed by Greg McCoy. Kersch is planning two additional locations in the Upstate, yet to be announced.

Local beer enthusiasts at each location will be able to enjoy the coffee shop atmosphere of The Casual Pint’s more than 400 in-house beer varieties, or they can take their brews to go by the bottle, can, growler, keg or pint from an ever-changing 22-tap wall and ready-to-go beer coolers, McCoy said.

“The craft beer lovers here in South Carolina have created a need for more craft beer industry-related businesses,” he said.. “From encouraging brewery openings and now beer retail markets, it’s a thriving community and I’m happy to spearhead this effort in South Carolina.”

UPSTATE BEER GARDEN RESTAURANT & SOCIAL HAUS

Set to open at the end of this month, the Upstate Beer Garden Restaurant & Social Haus will be a “chef-driven beer garden featuring a great craft beer portfolio, lunch, dinner, late night and brunch menus by Executive Chef Christopher DuPont,” the company said in a release.

Located at 1071 Fernwood Glendale Road in Spartanburg, the two-level, 7,600 square foot restaurant will have two outdoor beer gardens and private party rooms. Entertainment will include live bands, 15 HD TVs showing sporting events, food and craft beer pairing events and “beermosa brunches” on Saturdays and Sundays.

A grand opening celebration is planned on Dec. 31. For more information, visit upstatebg.com

POUR TAPROOM

Plans have been fi led with the city of Greenville Design Review Board to renovate the former Miniature World of Trains space on Falls Park Drive in downtown Greenville into a new pour-your-own craft brewery called Pour Taproom.

This would be owner Nate Tomforde’s second location, the fi rst being in Asheville, N.C. The brewery features a high-tech spin on craft brew with RFID tracking bracelets worn by customers. The bracelets send a signal to the tap, allowing customers to pour their own beer and be charged to the nearest ounce.

Pour Taproom will feature 70 taps and include some wines and ciders in addition to local and regional beers. Customers can either consume their beverages on-site or get a “crowler,” a 32-ounce, sealable can, to go. Pour Taproom is planning to open in Spring 2016.

INFORMATION YOU WANT TO KNOW | BEER | 13

3 new Upstate options for craft beer fansSHERRY JACKSON | [email protected]

OPEN AND ANNOUNCED

Other recently opened and announced craft breweries in the Upstate:

13 Stripes Brewery is currently underway at Taylors Mill.

Loose Reed Brewing, opening late Spring/early summer 2017 on Augusta Street in the former Growler Station space.

Carolina Bauernhaus Ales opened in early December at 115 Federal St. in Anderson.

The Community Tap recently announced its second location to open summer 2016 at The Commons on Welborn Street.

The Growler Haus recently opened its third location in Fountain Inn.

Upstate Craft Beer Co. is set to open next week at 400 Augusta St., in the former Claussen Bakery bldg.

Birds Fly South Ale Project has just signed a lease for a to-be-announced Greenville location and plans to open by late summer 2016.

Fire Forge (previously known as Croxbone Brewing Company) and Monkey Wrench are currently looking at Upstate locations.

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UBJ | 12.18.201514 | MILESTONE | A TRIBUTE TO OUR LONG-LASTING ENTERPRISES

When Gene Berger opened Horizon Records in 1975, setting up shop at 730 S. Pleasantburg Drive in Greenville, he wasn’t really interested in peddling Top 40 albums.

“I was a classic case of obsessive collector becoming a business owner, and that’s not always a good business model,” he says with a laugh.

But for 40 years, Berger has kept Horizon Records going, fueled by a passion for just about every kind of music under the sun, an incredibly loyal customer base, and a willingness to evolve.

THE BEGINNINGBerger was 20 years old when he opened a 600-square-foot

storefront underneath his mother’s yarn store at Morgan Manor on Pleasantburg, fi nancing the business with a small bank loan and his personal savings. His eclectic taste and passion for col-lecting music found their way to Horizon’s shelves.

“Everybody back then was worried about Conway Twitty or KISS, and we were like, ‘Whatever, we need Roxy Music! Where’s Norman Blake? Get me some Jerry Jeff Walker or Weather Report!’” Berger says. “That’s always been our perspective. It’s always been this mishmash of what we’re into.”

After a year or two, the space at Morgan Manor began to feel a little cramped, and Berger moved the store to a larger space at 347 S. Pleasantburg, where they stayed for 22 years. But even during that extended stint, Berger always kept his eyes on another area of town.

“It was simple: I wanted to be downtown, I wanted my own parking and I wanted to have a neighborhood that could support me,” he says. “Some people that were helping me said, ‘You should look at the corner of Stone and Main Street.’ It was this old, abandoned gas station that was just sitting there. And I think

Gene Berger’s musical passions have helped keep Horizon Records alive through economic downturns

and a digital revolution

VINCENT HARRIS | [email protected]

SOUNDS FAMILIAR

SOUNDS SOUNDS SOUNDS SOUNDS SOUNDS SOUNDS SOUNDS SOUNDS SOUNDS SOUNDS SOUNDS SOUNDS SOUNDS SOUNDS SOUNDS SOUNDS FAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIARFAMILIAR

>>

12.18.2015 | upstatebusinessjournal.com A TRIBUTE TO OUR LONG-LASTING ENTERPRISES | MILESTONE | 15

we just looked it up on the tax map and called the people who owned it and started negotiating.”

The new location at 2 W. Stone Ave., which combined Horizon Records with the Blue Z Café (later The Bohemian Cafe) under one roof, opened in 2003 and was immediately successful. But unfortunately, a musical revolution and an economic crisis were right around the corner.

A NEW MODEL“It was a multiplicity of bad things followed by a multiplicity of

good things,” Berger says of the mid-to-late 2000s. “We had just moved to Stone Avenue and had this really great honeymoon period that astounded me. We opened our doors, and people just poured in in May of 2003. We had a heyday.”

Then the digital revolution took hold within the music industry. “Digital sales and ripping, burning and downloading of music

began to chew on us mightily,” Berger says. “And we were in the middle of all that when the Great Recession kicked in in 2008. It was tough; multiple times, I thought we were going to have to close.”

But a willingness to adapt had always been present within Horizon’s DNA. So when Berger got an email about Record Store Day – a day designed to bring increased attention and sales to local independent record stores – he was all ears, both out of habit and necessity.

“At that point I was like, ‘Hell yeah! Let’s do it! Because I’m hurting here,’” Berger says. “We jumped in, and immediately got a little bump from it. And it’s built every year. It’s made a lot more people aware of record stores and what their value is in the community.”

“BE REMARKABLE”At the same time that Record Store Day helped to fuel a renewed

interest in both independent music sellers and the vinyl album itself, Berger also began making changes to the way he ran Horizon. Berger’s new business philosophy came courtesy of his wife, Barbara.

“Through her, I found out about an author named Al Katz, who had written a book called ‘A Journey With Mac,’” he says. “So I opened it up, and it changed my world. The concept was all about ‘Be remarkable, and everything else will take care of itself.’ When you get remarkable people and you let them do remarkable things, great things happen.”

That new attitude prompted a restructuring of the Horizon staff’s responsibilities. Brian Walker, who came to Horizon in 2009 from nearby competitor Earshot Music, took over most of the prod-uct-buying responsibilities, and supervised a refit of the store’s layout that put more emphasis on their new and used vinyl selec-tion. Caroline Bayne, hired in 2006, began to handle a great deal of Horizon’s social media and visual presentation, and longtime employee Martin Keene, hired in 1994, became the store’s bookkeeper, a position that had previously been outsourced.

“Having those things taken care of finally gave me a balance where I could do strategic things and seek opportunities and discover collaborations with artists and labels,” he said.

ON THE HORIZONBerger says that he doesn’t know what the future might hold

for Horizon Records, but he feels confident about the store’s place in the Upstate.

“We’re a business that deals in music objects. And there’s a future for that. You have to have a community that wants it, and you have to keep getting better. The future is about finding new ways to be passionate about it. It’s about sharing the passion for the music.”

“I WAS A CLASSIC CASE OF OBSESSIVE COLLECTOR BECOMING A BUSINESS OWNER, AND THAT’S NOT ALWAYS A GOOD BUSINESS MODEL.” Gene Berger, owner, Horizon Records

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UBJ | 12.18.2015

Merger and acquisition dealsannounced this year have made 2015 the biggest year ever for merger and acquisition activity in the U.S. An-nounced M&A volume in the U.S. exceeds $2.2 trillion this year, accord-ing to data provider Dealogic. M&A in 2015 has surpassed the previous record high year in 2007, indicating that M&A activity has fully rebound-ed from the 2008 recession.

What does the booming M&A market mean for buyers?

The bottom line is that M&A deals are pricey. Investment bankers and M&A analyst fi rms are reporting that valuations – typically calculated as a multiple of earnings – are at all-time highs in most M&A sectors.

High valuations are driven by demand from both strategic buyers and private equity fi rms. With large cash balances and a favorable lending environment, corporations are moti-vated to seek growth by acquisition. Private equity fi rms – with an estimat-ed $475 billion of committed capital to invest – are competing with strate-gic buyers to deploy those funds. The result? Intense competition for acqui-sition opportunities.

How can buyers protect themselves?Conduct thorough due diligence

and plan for integration. A buyer who pays top dollar for a deal wants to fully realize the deal’s expected value after the acquisition is complete. An unexpected liability that is discovered after closing can reduce deal value. Similarly, unexpected snags in post-closing integration of the busi-ness may be costly. A prudent buyer can reduce those risks by conducting a thorough due diligence investigation of the business and preparing a de-tailed integration plan prior to closing.

Obtain indemnification and escrow protection. From a contrac-tual standpoint, indemnifi cation and escrows are the primary means by which a buyer protects against acqui-

sition risk. The seller agrees to indemnify – or make whole – the buyer if the seller’s representa-tions about the business

are untrue. A portion of the purchase price

typically is placed in escrow to satisfy the seller’s indemnifi cation obligation. The amount of the escrow is negotia-ble. A prudent buyer should carefully assess the risk profi le of the target business and tailor the escrow amount to address that risk. M&A deal insur-ance may also provide a solution when a buyer lacks negotiating power to obtain a healthy escrow, or when a deal presents unique risk.

Consider all transaction costs.Most deals include adjustments to the purchase price. The most common adjustment is based on working capital. The target company’s working capital accounts – current assets and current liabilities – are measured at closing. If the working capital at closing is greater (or less than) an agreed-upon benchmark amount for the business, the purchase price is increased (or decreased). The bench-mark amount is a key deal term that affects the ultimate purchase price.

In certain deal structures, the purchase price is distributed or “allocated” among the tar-get’s assets for tax purpos-es. The purchase price allocation, which is agreed upon by the buyer and the seller, has a fi nancial impact on both parties. For example, a buyer realizes a benefi t in the form of reduced tax liability by allocating purchase price to assets that can be depreciated faster than other assets.

Acquisitions involve costs such as escrow agent fees, antitrust fi ling fees and transfer taxes. The buyer and the seller typically negotiate whether the buyer, the seller or both will bear those costs.

In an intensely competitive M&A environment, a buyer needs to offer a top-of-the-range purchase price to win a bid. A prudent buyer, however, can look for opportunities to realize

M&A volume reaches record high

Thinking of buying or selling? Check these tips

By MELINDA DAVIS LUXMember, Wyche P.A.

16 | PROFESSIONAL | STRATEGIES FOR HONING YOUR PROFESSIONAL SKILLS

>>

Consider all transaction costs.Most deals include adjustments to the purchase price. The most common adjustment is based on working capital. The target company’s working capital accounts – current assets and current liabilities – are measured at closing. If the working capital at closing is greater (or less than) an agreed-upon benchmark amount for the business, the purchase price is

The bench-mark amount is a key deal term that affects the ultimate purchase price.

In certain deal structures, the purchase price is distributed or

upon by the buyer and the seller, has a fi nancial impact on both parties. For example, a buyer realizes a benefi t in the form of reduced tax liability by allocating purchase price to assets that can be depreciated faster

Acquisitions involve costs such as escrow agent fees, antitrust fi ling fees and transfer taxes. The buyer and the seller typically negotiate whether the buyer, the seller or both will bear

In an intensely competitive M&A environment, a buyer needs to offer a top-of-the-range purchase price to win a bid. A prudent buyer, however, can look for opportunities to realize >>

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value from other, more subtle deal terms. The benchmark working capital amount, purchase price allocation, and cost sharing are examples of those deal terms.

What does the booming M&A market mean for sellers?

Today’s M&A market favors sellers. Sellers have the opportunity to sell at high valuations on seller-friendly terms.

How can sellers maximize sale opportunities?

Identify strategic buyers. Strategic buyers typically enjoy cost savings when integrating a target business with an existing business. As a result, strategic buyers often are able to offer higher purchase prices than private equity fi rms. Strategic buyers will usually provide the best valuation for the target business.

Negotiate deal terms during bidding process. Sellers should try to fully negotiate deal terms during the bidding process. A seller’s negotiation leverage is greatest when buyers

are competing to win a bid. That leverage decreases substantially after the seller selects the winning bidder.

In a seller-friendly environment, a seller can require that potential buyers propose detailed deal terms as part of the bid package, including:

• Escrow amount • Escrow release date• Working capital

benchmark amount• Working capital

adjustment terms• Post-closing employment terms

for target company employees• Post-closing key executive

employment arrangements• Indemnifi cation provisions,

including thresholds and caps• Closing contingencies

To obtain the most seller-friendly deal, the seller can negotiate those terms, or even the full purchase agreement, before fi nal selection of the buyer.

Prioritize deal certainty. Deal certainty matters. Potential buyers should identify possible closing issues in the bidding process. A buyer who can fund a deal with available cash, for example, should be favored over a buyer who needs fi nancing to

fund an acquisition. The seller should also factor in speed to closing when select-

ing a buyer. A seller should favor a buyer who can

close a deal quickly, all other factors

being equal. S e l l e r s

are wise to investigate

p o t e n t i a l buyers to deter-

mine whether they have a history of suc-

cessfully closing acquisi-tions. An experienced buyer

is more likely to allow an M&A process to move smoothly towards

a successful transaction.

Melinda Davis Lux is a corporate and M&A attorney at Wyche who has more than 15 years of experience providing guidance on sophisticated merger and acquisition, joint venture, and corporate fi nancing transactions.

STRATEGIES FOR HONING YOUR PROFESSIONAL SKILLS | PROFESSIONAL | 17

>>

bidding process. A seller’s negotiation leverage is greatest when buyers

the buyer.

Prioritize deal certainty. certainty matters. Potential buyers should identify possible closing issues in the bidding process. A buyer who can fund a deal with available cash, for example, should be favored over a buyer who needs fi nancing to

fund an acquisition. The seller should also factor in speed to closing when select-

ing a buyer. A seller should favor a buyer who can

close a deal quickly, all other factors

being equal.

p o t e n t i a l buyers to deter-

mine whether they have a history of suc-

cessfully closing acquisi-tions. An experienced buyer

is more likely to allow an M&A process to move smoothly towards

a successful transaction.

Melinda Davis Lux is a corporate and M&A attorney at Wyche who has more than 15 years of experience providing guidance on sophisticated merger and acquisition, joint venture, and corporate fi nancing transactions. Contact Charles IV today to learn more.

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SHERRY JACKSON | STAFF [email protected] | @SJackson_CJ

18 | SQUARE FEET | REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION

Citing “a robust business climate and strong demand from repeat customers and new business,” 98-year-old McCrory Construction Company is adding a regional offi ce in Greenville.

The offi ce will be the firm’s first full-service location outside of its Colum-bia, S.C., headquar-ters and will serve clients in Georgia, North Carolina and South Carolina’s Upstate region, company officials announced. Located in Suite 107 of the Allendale Building, at 555 N. Pleasant-burg Drive, McCrory anticipates hiring 10 offi ce, fi eld manage-ment and adminis-trative support posi-tions in the coming months.

Executive vice president Donald G. Warren, former president and CEO of Suitt Construction Company in Green-ville, will head the new office, while Fred Fulmer, also formerly of Suitt, will serve as director of

preconstruction services. Dennis G. Shealy, McCro-ry’s senior vice president of corporate business de-velopment, will coordi-nate marketing and business development.

“The I-85 corridor and Upstate South Carolina, northeastern Georgia and western North Carolina have proven to be key areas of growth and focus for our organization, and McCrory is responding to customer interest in our having a physical presence in the region,” said Allen Amsler, McCrory presi-dent and CEO. “Adding this full-service presence also allows us to consider future strategic growth opportunities for our people as we expand.”

McCrory Construction is a full-service general contractor licensed in 13 states across the South-east, with expertise in the retail, commercial, health care, multifamily and in-dustrial construction segments.

McCrory Construction expands to Greenville

Blue Ridge Brewing Co. leaving downtown Greenville

New Greer location to open in April 2016

After 20 years, Blue Ridge Brewing Company will be closing its downtown Greenville location by the end of this year.

But loyal customers need not fear. Already in progress is a new location at 308 Trade St. (the former Cazbah space) in downtown Greer that will open by April 1, 2016. Owner Bob Hiller said the Blue Ridge team is excited about the new location and “keeping the brand alive.”

Blue Ridge Brewery will occupy two buildings in Greer – one for the restaurant and brewery and another building next door where they will house the brewing equipment, allow-ing more space and brewing capacity.

Hiller said he is pursuing other lo-cations in Greenville but nothing is fi rm quite yet.

That will leave two vacant spaces along Main Street in downtown Greenville: the Blue Ridge Brewing space at 217 N. Main St., and the ad-jacent property, the former Sky at Blue Ridge space at 219 N. Main St.

The two spaces are 3,377 square feet and 2,226 square feet, respectively. Jim Simkins of Simkins Properties, which owns the property, said the spaces are being marketed for $36 per square foot plus an additional $4 PSF NNN. Initial response has been strong by a variety of national, regional and local retail and restaurant tenants, said Simkins.

“We are extremely excited to have something that is fresher and in touch with where the foodies are headed in Greenville,” said Simkins.

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Bank of America building on the market

$17M market value for 15-story building in downtown Greenville

All spruced up from a recent $4 million renovation, the Bank of America building in downtown Greenville is on the market.

The listing price is undisclosed, but according to Greenville County tax records, the property has a fair market value of $17,643,170.

The 15-story building was built in 1973 and has 196,152 square feet of Class A offi ce space with 14,283 square feet of ground fl oor retail. Tenants include Bank of America, CBRE, IBM, ClearChannel, TIC Property Management, Southern Man-agement, NEXT on Main, The Iron Yard and others. It’s currently 88 percent leased.

Interest in the property is high, includ-ing national interest, said Ryan Clutter, senior managing director and co-head of the Carolinas offi ce of HFF, which is marketing the building. The improvements

made to the property, including the more prominent lobby space and the shared connection to Aloft and parking, has created a lot of value, he said.

The largest block of available space in the building is on the top fl oor. The 12,488 square feet of available space has “sweep-ing views of downtown Greenville,” and the space is “extremely conducive to tech companies, who often require open, col-laborative work environments,” according to marketing materials for the building.

Clutter says he expects the building’s sale to close in early spring 2016. Rents are rising and this is a desirable location, he added. “It’s a good opportunity for all.”

According to other real estate sources, expect to see listings next year for the Wells Fargo Building, Sun Trust Building and Liberty Towers in downtown Greenville.

SHERRY JACKSON | STAFFSHERRY JACKSON | [email protected] | @SJackson_CJ

REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION | SQUARE FEET | 19REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION | SQUARE FEET | 19

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A new living experience in old Greenville.

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What if there was a vibrant, new living experience in Greenville’s coveted West End District? A place at once steeped in the history and charm of old Greenville, and yet thoroughly forward-thinking its conception and vision for the future. A place that celebrates all that has come before in this storied downtown setting, and also points the way to a dynamic, one-of-a-kind-lifestyle that’s altogether unique. This is the best of both worlds: a rich heritage and a modern living experience, all bound together by a collection of 24 thoughtfully designed, original townhomes.

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www.parkplaceonhudson.com104 S. Hudson Street | Greenville, SC | 29601 864.561.4031 | [email protected]

UBJ | 12.18.2015

SHERRY JACKSON | STAFF [email protected] | @SJackson_CJ

20 | SQUARE FEET | REAL ESTATE DEALS AND DEVELOPMENTS ACROSS THE REGION

A growing population and strong demographics in Simpsonville have fueled construction activity not just in residential, but also in retail services and amenities. The latest project: a new 18,000-square-foot strip center planned at 1301 W. Georgia Road.

The Shops at West Georgia Road will be built across from the soon-to-be-open Walmart Neighborhood Market and existing Spinx gas station. Tenants already signed include Great Clips and Elite Physical Therapy. A lease for Mimi’s Express Japanese Steakhouse is in progress. Two end-caps are available for restaurant or drive-thru concepts.

The shopping center is being built by three business partners: Paul Hecker, a physical therapist and owner of Elite Physical Therapy in Greenville; Scott Saunders, a regional franchisee of Great Clips; and a local, private commercial real estate investor and owner. Mark Griffi n of Griffi n Prop-erty Solutions is marketing the property. Rates start at $18 per square foot/NNN.

The development group chose the location due to the strong demograph-ics, high concentration of families and a need for services in the area, Griffi n said. The site is located in Greenville County and part of it falls within the city limits of Simpsonville. The part-

ners are in the

UBreakiFix to open fi rst SC store in GreenvilleUBreakiFix, a same-day repair service of small elec-tronics, is opening its first South Carolina store on Monday, Dec. 21, at 475 Haywood Road in Greenville.

The company, which repairs cracked screens and water damage and handles software, camera issues and other technical problems, currently operates more than 150 stores in the U.S.

The Haywood Road location will be approximately 1,200 square feet and is the second store for owners Layne Lowry and Chris Olliver, who also own a uBreakiFix in Charlotte, N.C.

“We understand that our electronics are investments, and we want to do our part to help people protect those investments,” Lowry said. “We also want to draw special attention to the quality of our work and our ironclad warranties. We want to support the Greenville communi-ty by serving users of technology.”

Lowry and Olliver are planning on opening at least three additional locations in the Upstate, including onein Anderson.

18,000 SF strip center planned in SimpsonvilleI-385

I-385

E Standing Springs Rd

Stenhouse Rd

Capewood Rd

W Georg

ia Rd

W Georgia Rd

W Curtis St

Neely Ferry Rd

Neely

Fer

ry Rd

process of combining the parcels and annexing the property into the City of Simpsonville, Griffi n said. This is the primary delay in construction.

Of the 18,000 square feet, 3,500 is

committed with 16,500 remaining to be leased.

Construction is expected to begin second quarter 2016 and be complet-ed late 2016 or early 2017.

caps are available for restaurant or drive-thru concepts.

said. The site is located in Greenville County and part of it falls within the city limits of Simpsonville. The part-

ners are in the

I-385

Stenhouse Rd

C

Neely Ferry Rd

Neely

Ferry

Rd

Site Size: 2.0 Acres Proposed Gross SF: 18,000 Traffi c Count: 14,200+ per day on W Georgia Rd


Open for business

Low Country Shrimper recently opened at 105 East Butler Road, Suite B, Mauldin. Restaurant hours are Monday-Thursday, 11 a.m.-8 p.m.; Friday-Saturday, 11a.m.-9 p.m.; and Sunday, 11 a.m.-5 p.m. For more information, visit lcshrimper.com.

CONTRIBUTE: Know of a business opening soon? Email information to [email protected].

CLOSE MORE DEALS.Over 100,000 readers look to the UBJ every week

to help them close more business.

DRINK UP!

THE FRESHEST FACES ON THE BUSINESS LANDSCAPE | NEW TO THE STREET | 21

UBJ | 12.18.2015

Ashley Taylor Named director of media and public relations at Bon Secours St. Francis Health System. She most recently served in public relations at Shriners Hospitals for Children—Greenville. She also joined the Center for Developmental Services board of directors for 2016.

Katyn HardinNamed an experience coordinator at Coldwell Banker Caine’s Spartanburg offi ce. Hardin will ensure the offi ce environment is welcoming and provide a positive experience for both agents and staff. She previously served as an education advisor at Joined Inc.

Grice HuntElected to join the Executive Committee of commercial real estate fi rm NAI Earle Furman. A shareholder and broker in the Industrial Division, Hunt holds the Society of Industrial and Offi ce Realtors (SIOR) designation.

Kelly SmithJoins the Upcountry History Museum as curator of collections. Smith teaches U.S. and world history at University of South Carolina – Upstate, Spartanburg Methodist College and Greenville Technical College. She has a B.A. from USC Upstate and an M.A. from Villanova University.

David F. CudaNamed senior vice president of Colliers International | South Carolina. Cuda is director of corporate solutions for the company. Cuda currently serves as president of the South Carolina Economic Developers’ Association and is on the board of directors of the South Carolina Chamber of Commerce.

22 | ON THE MOVE | PLAY-BY-PLAY OF UPSTATE CAREERS

COMMUNITY

The City of Fountain Inn hired Byron Keith Rucker as economic development and Younts Center for Performing Arts director. Rucker

has served as director of event production and executive vice president of operations with Scheer Sports Inc., president of Marquee Events Inc, executive director of

Main Street Events Inc., COO for Club 9 Sports LLC, founder/owner of IMO Strategy LLC and regional manager for Show Pros Entertain-ment Services Inc.

DISTRIBUTION

WYNIT Distribution named Sarah Segrest as head of corporate business development. Segrest has worked with the company since 2010 and has

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CONTRIBUTE: New hires, promotions & award winners may be featured in On the Move. Send information and photos to [email protected].

served in various business devel-opment roles, including managing several technical product lines for its specialty print strategic businesses unit. Segrest also led the initiative to build a comprehensive 3-D print and scan category.

EDUCATION

Spartanburg Community College hired Patricia Jones as associate vice president of instruction. Jones will lead SCC’s academic and non-credit pro-grams, academic initiatives and cur-riculum development. She most recent-ly served as the district dean of academic affairs at Polk State College.

FINANCE

Douglas E. Myers joins FinTrust Investment Advisors. Myers has over 20 years of experience in the securities industry working with both institution-al and retail accounts. He has knowl-edge of convertible bonds, fi xed income and equity markets.

IT

Bill Swedberg has been named in-formation security manager at KeyMark. Swedberg will provide leadership in securing data and systems throughout the company. Swedberg has more than 20 years of IT experience in healthcare, banking, insurance and business sectors.

MANUFACTURING

Milliken was recognized by Future Materials as the “Most Innovative Large Size Company.” The award recognizes innovation, achievement and leadership throughout the techni-cal textile industry.

PR/MARKETING

Jackson Marketing, Motorsports & Events hired Kelsey Madden as event producer and promoted Luke Bell to account coordinator. Madden recently completed fi ve months as a contract events coordinator for Jackson. She previously served as alumni coordinator for Lee University and completed multiple public relations internships. Bell will handle day-to-day project management for several Jackson clients. He previously served as a performance service specialist for the company.

Infinity Marketing won four MarCom Awards in the 2015 Interna-tional Competition for Marketing and Communication Professionals. The company won a Platinum Award for “Your Dream,” an entry in the single spot television category for its client, Limestone College Extended Campus. Infi nity also won a Gold Award for “XFINITY Braves” in the print ad category for client Comcast and two Honorable Mentions for Comcast’s “XFINITY Think Fast” and one for FATZ Cafe’s social media campaign “Food Speaks.”

PLAY-BY-PLAY OF UPSTATE CAREERS | ON THE MOVE | 23

VIP

David Engel

Joins Serrus Capital Partners as senior vice president of equity investment and debt placement. Previously, Engel ran a consultancy in Atlanta where he completed more than 150 capital raise and consulting projects across the country. Prior to that, he was a founding employee and principal of Atlanta fi nancial advisory fi rm Homrich Berg Inc.

>>

Stay in the know.

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UBJ | 12.18.2015

Denny’s expands to DubaiDenny’s Corporation, headquartered in Spartanburg, has opened two new

restaurant locations in Dubai, United Arab Emirates. The company last week launched a fl agship location, which

follows the recent opening of the country’s fi rst Denny’s in September. Both restaurants intro-duce the brand’s new Heritage design elements to the region, featuring “a warm and welcoming atmosphere pronounced by a unique balance of natural wood tones, earthy textures, modern colors and metal accents,” according to a release.

The two new Dubai locations are the fi rst of 30 franchise restaurants planned for the area by re-gional franchise partner Advance Investment L.L.C., the master franchisee of Denny’s for the Gulf Region. The partnership encompasses an exclusive agreement to develop Denny’s restaurants in nine

countries within the Middle East over the next 10 years.“We have built a brand that has garnered a loyal following well beyond the

United States, and are pleased to open our new restaurants in Dubai which demonstrate the global demand for what Denny’s offers: classic

American comfort food served in a welcoming environ-ment at an everyday value,” John Miller, Denny’s president and CEO, said in a release.

Ghassan Kassabji, executive director of Food Quest, providing management support to Advance Investment LLC, said, “We are proud to be the fi rst to bring Denny’s to the United Arab Emirates and introduce local families to the diner favorites that have resonated with guests around

the world. We believe the concept is a great fi t for the region.”

Reserve at Lake Keoweedonates $110,000 to charity

The Reserve at Lake Keowee’s Charitable Foundation gave a total of $110,000 to charities in 2015.

The total is double the program’s record for a single year. The Reserve gave $22,000 each to the Pickens Senior Center, Safe Harbor,

Pickens County Meals on Wheels, Feed a Hungry Child and Helping Hands of Clemson.

“The recipient organizations are each thoroughly deserving and have an ex-cellent track record of community assistance and improvement,” said Cathy Washburn, the fi rst-year executive director of The Reserve at Lake Keowee’s

Community and Charitable Foundation. “This funding will have direct and tangible impact in Pickens County.”

The annual contribution was made possible by proceeds from the BMW Charity Pro-Am presented by SYNNEX Corp., The Reserve at Lake Keowee’s 2015 Charity Golf Classic and Auction and The Reserve’s Swine and Dine culinary event and fundraiser.

“The Reserve at Lake Keowee community and staff support the Foundation’s goal of giving back to our Pickens community each year,” Washburn said. “It is through their diligent efforts, as well as the fantastic support of our sponsors, that our fi nancial contribution to local organizations continues to grow.”

Since the Charitable Foundation’s inception in 2006, The Reserve has raised and distributed nearly $400,000 to support the Pickens community.

SBDC to host small business awards The Clemson

Chapter of the South Carolina Small Busi-ness Development Center will host awards for small business owners in 2016.

Nomination packets are available online for 3 categories: Small Business of the Year, New Business of the Year and Service Provider of the Year.

Any company can apply as long as they have been a client of the SBDC. The deadline to apply is Feb. 15, and winners will be recognized at the annual

SBDC breakfast in July. To see the nomination criteria, visit: clemson.edu/centers-institutes/sbdc/awards-application.html

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Crowne Plaza wins top awardfor quality and service

Intercontinental Hotels Group (IHG) awarded The Crowne Plaza Greenville with the highest honor for excellence in quality and service, the Torchbearer Award.

The award was created to honor the best of the best as measured by 12 months of guest satisfaction surveys, and is given to the top 10 Crowne Plaza hotels in North and South America each year.

E u a n M c -Glashan, managing partner of Valor Hospitality Part-ners, which manages the hotel, said, “Receiving the Torch-bearer award is recognition of the Crowne Plaza team’s dedication to providing best in class service and is a testament to the strength of Valor Hospitality’s core values and guiding principles that help to defi ne the hotel’s service culture.

The Crowne Plaza Greenville recently completed a $5 million total hotel renovation in January 2014.

“All of our associates are extremely proud and most deserving of the award, which does not come easy and requires a tremendous focus on attention to detail and service,” said General Manager Greg Greenawalt. “Our keys to success include a serious focus on doing the simple things brilliantly, cleanliness and proper working order of all items in the hotel and guest rooms.”

Greenawalt and Barney Gibson were honored with IHG’s Best of the Best awards for the Crowne Plaza brand nationwide. Greenawalt received the General Manager of the Year Award and Gibson won the Chief

Building Engineer of the Year. The Best of the Best award winners come from the top 10 hotels out of 225

hotels in the Crowne Plaza brand.

LS3P to merge with Myrtle Beach fi rmArchitecture fi rm LS3P and Hubbard

Architecture LLC of Myrtle Beach are merging the two fi rms on Jan. 1.

This merger brings LS3P’s total number of offi ces to seven.

Hubbard Architecture specializes in archi-tectural design and planning for hospitality, attraction, residential and retail projects.

LS3P provides services nationwide from its offi ces in Charleston, Columbia and Greenville, S.C., and Charlotte, Raleigh and Wilmington, N.C.

“Hubbard Architecture has established a reputation for excellence within the industry,” said Thompson E. Penney, president and CEO of LS3P. “We are honored to combine forces with a fi rm which consistently embodies the highest values, and represents the best aspects of our fi eld in terms of design, integrity, and relationships.”

Jim Hubbard, who is also the incoming president of AIA South Carolina for 2016, said he sees the merger as an opportunity to blend Hubbard Architecture’s strengths with LS3P’s knowledge and resources.

“In partnering with LS3P,” he said, “we have a signifi cant opportunity to expand our capacity, better serve our clients and achieve signifi cant positive impacts for multiple market sectors across the region.”

BUSINESS BRIEFS YOU CAN’T MISS | THE FINE PRINT | 25

Agribusinesses to learn marketing skills at seminar

South Carolina agribusinesses can test their marketing skills without risking their own cash during a three-day seminar offered by the Clemson University Cooperative Extension Service.

The 17th annual “Executive Marketing: Developing a Marketing Plan” seminar runs Jan. 6-8 at Litchfi eld Beach and Golf Resort about 20 miles south of Myrtle Beach. It is designed to help farm operators boost profi t-ability. Enrollment is limited and registration is required by Dec. 18. Contact Extension agribusiness consultant Scott Mickey at [email protected] for details.

Seminar topics cover market trends and outlooks, land value, fi nancial plan-ning, business management, supply and demand estimates, crop insurance and

more. Additionally, a market simulation will allow participants to test various marketing tools and crop insurance products without risk. Participants also will write tailored marketing plans based on operational costs and profi t requirements for their specifi c businesses.

“They set their own goals for what they want to do in the coming year and they leave with a plan for 2016,” Mickey said.

More than 450 farmers have taken the course over the past 16 years, he said.

Instructors include Mickey, an expert in crop insurance, government programs, market analysis and agriculture business management; along with Dave Kohl, professor emeritus at Virginia Tech and trends editor at Corn and

Soybean Digest; and Jeff Beal, a market analyst with the Chicago-based advi-sory fi rm The Gulke Group and a frequent contributor to Al Pell’s Weekend Marketplace.

Trevor Gordon, CEO(864) 679-4701 ext. 101

[email protected]

To learn more contact:

2015 Roaring Twenties Award: South Carolina’s 4th Fastest-Growing Company

Real Estate Forum Magazine: One of 2015’s 2015’s Fastest-Growing Companies

FOR ACCREDITED INVESTORS ONLY. This announcement does not constitute an offer to buy or sell securities. Such offers may only be made to qualified accredited investors via Private Placement Memorandum. Investments should be considered highly speculativeand involve a degree of risk including the potential for complete loss of principal investment. This announcement does not supersede the PPM. Securities offered through SANDLAPPER Securities, LLC (Member FINRA/SIPC) an affiliate of Sandlapper Capital Investments, LLC the Sponsor/Manager of the Fund. Investors will be entitled to a preferreddistribution accruing from date of issuance of PreferredUnits at a cumulative, non-compounding rate of 10.0%per annum on capital contributions. Investors may alsoreceive an additional distribution accruing from date of issuance of Preferred Units at a cumulative, non-compounding rate of 5.0% per annum on capital contributions. INCOME IS NOT GUARANTEED.

>>

>>

UBJ | 12.18.201526 | #TRENDING | INFORMATION YOU WANT TO KNOW

RE: THE MILL MAN> Pat Grissinger, Upstate SC Realtor “Glad to see the old mills put to use.”

> Greenville Center for Creative Arts “This is our partner and we sure are glad!”

> Greenville County Redevelopment Authority “Not only is this good news for Greenville in general, but in particular, Mr. Burt’s donation of land will help GCRA and our partner nonprofi t, the Greenville Revitalization Corporation, bring great things to the Monaghan community!”

RE: FRESH SEAFOOD ON THE EASTSIDE> Diane Morgan Maxwell “Excellent! We get to have one of Coastal Living Magazines favorite seafood restaurants, right here in the Upstate!!! Yummmmm! And ... the owners are great great people ... be sure to visit their new venture!”

> Beth Smith “Looking forward to trying this new restaurant on the Eastside.”

RE: MICHELIN ON MAIN CLOSED AFTER 8 YEARS> Professional Network Connections “Any guesses as to who will move into this premiere downtown Greenville location?”

> Michael Ho� man “Oh wow … often wondered how they stayed in business.”

> Maggie Blair “Could be a small Greenville welcome/info center (could incorporate Michelin/BMW merch)??”

> Michelle Baker Willis “So what does that mean for the studio WSPA has in that space?”

> Stella Spadaro Dominguez “The city should rent it as a welcome center.”

> Mary Beth Culbertson “WHAT????”

RE: 2 NEW LOCATIONS KEEP UPSTATE BEER SCENE HOPPING> Loose Reed Brewing Company “Congrats to Carolina Bauernhaus Ales! We’re excited to join them next year!”

> The Main Street Program, Anderson, SC “Congrats again to the new opening of Carolina Bauernhaus Ales. Make sure you check them out.”

>Craig Kinley “David Thornton Brad Thomas Keston Helfrich front and center… Should have copy for you to sign at the Growler Haus next week when we rx our weekly stipend of Upstate Business Journal.”

RE: LOWES FOODS ANNOUNCES SECOND AREA GROCERY> Upstate South Carolina Real Estate “I was just talking about this with some friends. Very excited to go shop here!”

> Jennifer Laundry “Yes very excited. Also getting a gas station, restaurant and medical o� ces. A new streetlight to help with tra� c fl ow too!!!!! Going to be very pretty.”

> Jennifer Simms SC Upstate REALTOR “Online shopping and drive through pickup! I’m in. Five Forks is growing…”

RE: CJ

Here at Community Journals, we’re a team of dog lovers – and now we’re lucky enough to have an o� ce dog of our own! Meet our newest, four-legged employee, CJ. She’s as sweet as can be and will be here to greet you as soon as you walk through our door! CJ came to us from Greenville County Animal Care as a heartworm-positive rescue dog. She just underwent her last treatment and is recovering wonderfully! #itsaCJlife

BIZ BUZZ The top 5 stories from last week’s issue ranked by shareability score

1. New life for old mills

2. Fresh seafood on the Eastside

3. Lowes Foods announces second area grocery

4. New garden-style apartments near Furman University

5. Students trained in SAP get a leg up in manufacturing

OVERHEARD @ THE WATERCOOLERDistilled commentary from UBJ readers

>> 822

>> 436

>> 216

>> 188

>> 440

>> WEIGH IN @ THE UBJ EXCHANGEGot something to o� er? Get it o� your chest.

We’re looking for expert guest bloggers from all industries to contribute to the UBJ Exchange. Send posts or blog ideas to [email protected].

DIGITAL FLIPBOOK ARCHIVE >>

The layout of print meets the convenience of the web: fl ip through the digital edition of any of our print issues at >> upstatebusinessjournal.com/past-issues

DECEMBER 11, 2015 | VOL. 4 ISSUE 50

THEMILL MAN

Pace Burt brings an eye for

development and a heart for

community to the Upstate’s

former textile villages - pg. 14

SUBSCRIBE TO OUR EMAILSFollow up on the Upstate’s workweek in minutes.

Subscribe to our emails & receive The Inbox – our weekly rundown of the top 10 local biz stories you need to know – as well as breaking news alerts. It’s the best way to stay informed on the go.>> upstatebusinessjournal.com/email

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Our print issues look great in waiting rooms, lobbies and on co� ee tables (where they age well, too). Order a year of UBJ in no time, and we’ll deliver every week.>> upstatebusinessjournal.com/subscribe

UPSTATEBUSINESSJOURNAL.COM

12.18.2015 | upstatebusinessjournal.com INSIDE THE UPSTATE’S NETWORKING AND SOCIAL SCENE | SOCIAL SNAPSHOT | 27

CONTRIBUTE:Got high-resolution photos of your

networking or social events? Send photos and information for consideration [email protected].

IRON YARD DEMO DAYLast week, the Iron Yard’s Greenville campus hosted Demo Day for its latest class of Python engineers. Students demonstrated their Python Engineering applications, the culmination of their 12 weeks of training at The Iron Yard, to an audience of local tech companies, engineers and other members of the local tech community.

PRESIDENT/CEOMark B. [email protected]

UBJ PUBLISHERRyan L. [email protected]

EXECUTIVE EDITORSusan Clary [email protected]

MANAGING EDITORJerry [email protected]

STAFF WRITERSAshley Boncimino, Sherry Jackson, Benjamin Jeffers, Cindy Landrum, April A. Morris

DIGITAL TEAM Emily Price, Danielle Car

MARKETING & ADVERTISING

SALES REPRESENTATIVESNicole Greer, Kristi Jennings, Donna Johnston, Annie Langston, Lindsay Oehman, Emily Yepes

DIRECTOR OF EVENTS & ACCOUNT STRATEGY Kate Madden

ART & PRODUCTION

ART DIRECTORWhitney Fincannon

OPERATIONS Holly Hardin

ADVERTISING DESIGNMichael Allen

CLIENT SERVICES Anita Harley, Jane Rogers

EXECUTIVE ASSISTANTKristi Fortner

HOW TO CONTRIBUTE

STORY IDEAS: [email protected]

EVENTS: [email protected]

NEW HIRES, PROMOTIONS, AND AWARDS:[email protected]

UBJ welcomes expert commentary from business leaders on timely news topics related to their specialties. Guest columns run 700-800 words. Contact Executive Editor Susan Clary Simmons at [email protected] to submit an article for consideration.

Circulation Audit by

publishers of

581 Perry Avenue, Greenville, SC 29611 | 864-679-1200 | communityjournals.comUBJ: For subscriptions, call 864-679-1240 | UpstateBusinessJournal.com

Copyright ©2015 BY COMMUNITY JOURNALS LLC. All rights reserved. Upstate Business Journal is published weekly by Community Journals LLC. 581 Perry Ave., Greenville, South Carolina, 29611. Upstate Business Journal is a free publication. Annual subscriptions (52 issues) can be purchased for $50. Postmaster: Send address changes to Upstate Business, P581 Perry Ave., Greenville, South Carolina, 29611. Printed in the USA.

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IN THIS WEEK’S ISSUE OF UBJ? WANT A COPY FOR YOUR LOBBY?

Order a reprint today, PDFs available for $25. For more information, contact Anita Harley 864.679.1205 or

[email protected]

20 Upstate bUsiness joUrnal November 1, 2013

UBJ milestone

Solve. Serve. Grow. Those three words summarize Jackson Marketing Group’s guiding principles, and ac-cording to owner Larry Jackson, form the motivation that has kept the firm thriving for the past 25 years.

Jackson graduated from Bob Jones University with a degree in video and film production and started his 41-year career in the communications industry with the U.S. Army’s Public Information Office. He served during

Vietnam, where he said he was “luckily” stationed in the middle of Texas at Fort Hood.

He left the service and went to work in public affairs and motorsports at Ford Motor Company in Detroit. After a stint at Bell and Howell, where he was responsible for managing Ford’s dealer marketing and training, the entrepreneurial bug hit and he co-founded Jackson-Dawson Mar-keting Communications, a company specializing in dealer training and product launches for the auto indus-try in 1980.

In 1987, Jackson wanted to move back south and thought Greenville would be a good fit. An avid pilot, he

learned of an opportunity to purchase Cornerstone Aviation, a fixed base operation (FBO) that served as a service station for the Greenville Downtown Airport, providing fuel, maintenance and storage.

In fact, when he started the Green-ville office of what is now Jackson Marketing Group (JMG) in 1988, the offices were housed on the second floor in an airport hangar.

“Clients would get distracted by the airplanes in the hangars and we’d have to corral them to get back up-stairs to the meeting,” Jackson said.

Jackson sold the FBO in 1993, but says it was a great way to get to know Greenville’s fathers and leaders

Jackson Marketing Group celebrates 25 yearsBy sherry Jackson | staff | [email protected]

>>

Chairman larry Jackson, Jackson marketing Group. Photos by Greg Beckner / Staff

November 1, 2013 Upstate bUsiness joUrnal 21

UBJ milestone

with a majority of them utilizing the general aviation airport as a

“corporate gateway to the city.”In 1997, Jackson and his son,

Darrell, launched Jackson Motor-sports Group. The new division was designed to sell race tires and go to racetracks to sell and mount the tires. Darrell Jackson now serves as president of the motorsports group and Larry Jackson has two other children and a son-in-law who work there. Jackson said all his children started at the bottom and “earned their way up.”

Jackson kept the Jackson-Dawson branches in Detroit and others in Los Angeles and New York until he sold his portion of that partnership in 2009 as part of his estate plan-ning.

The company now operates a small office in Charlotte, but its main headquarters are in Greenville in a large office space off Woodruff Road, complete with a vision gallery that displays local artwork and an audi-torium Jackson makes available for non-profit use. The Motor-sports Group is housed in an additional 26,000 square feet building just down the street, and the agency is currently looking for another 20,000 square feet.

Jackson said JMG has expand-ed into other verticals such as financial, healthcare, manufac-turing and pro-bono work, but still has a strong focus on the auto industry and transportation. It’s

also one of the few marketing com-panies in South Carolina to handle all aspects of a project in-house, with four suites handling video production, copywriting, media and research and web design.

Clients include heavyweights such as BMW, Bob Jones University, the Peace Center, Michelin and Sage Automotive. Recent projects have included an interactive mobile appli-cation for Milliken’s arboretum and 600-acre Spartanburg campus and a marketing campaign for the 2013 Big League World Series.

“In my opinion, our greatest single achievement is the longevity of our client relationships,” said Darrell Jackson. “Our first client from back in 1988 is still a client today. I can count on one hand the number of clients who have gone elsewhere in the past decade.”

Larry Jackson says his Christian faith and belief in service to others, coupled with business values rooted in solving clients’ problems, have kept

him going and growing his business over the years. He is passionate about giving back and outreach to non-prof-its. The company was recently awarded the Community Foundation Spirit Award.

The company reaffirmed its com-mitment to serving the community last week by celebrating its 25th an-niversary with a birthday party and a 25-hour Serve-A-Thon partnership with Hands on Greenville and Habitat for Humanity. JMG’s 103 full-time employees worked in shifts around the clock on October 22 and 23 to help construct a house for a deserving family.

As Jackson inches towards retire-ment, he says he hasn’t quite figured out his succession plan yet, but sees the companies staying under the same umbrella. He wants to continue to strategically grow the business.

“From the beginning, my father has taught me that this business is all about our people – both our clients and our associates,” said his son,

Darrell. “We have created a focus and a culture that strives to solve problems, serve people and grow careers.”

Darrell Jackson said he wants to “continue helping lead a culture where we solve, serve and grow. If we are successful, we will continue to grow towards our ultimate goal of becoming the leading integrated marketing communications brand in the Southeast.”

jackson Marketing Group’s 25 Years1988 Jackson Dawson opens in Greenville at Downtown Airport

2003 motorsports Division acquires an additional 26,000 sq. ft. of warehouse space

1998 Jackson Dawson moves to task industrial Court

1997 Jackson Dawson launches

motorsports Division

2009-2012 Jackson marketing Group named a top BtoB agency by

BtoB magazine 4 years running

2012 Jackson marketing Group recognized by Community Foundation

with Creative spirit Award

2009 Jackson Dawson changes name to Jackson

marketing Group when larry sells his partnership

in Detroit and lA

1988 19981993 2003 2008

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

1990 Jackson Dawson acquires therapon marketing Group and moves to Piedmont

office Center on Villa.

2011 Jackson marketing Group/Jackson motorsports

Group employee base reaches 100 people

pro-bono/non-proFit Clients

American Red Cross of Western Carolinas

Metropolitan Arts CouncilArtisphere

Big League World SeriesThe Wilds

Advance SCSouth Carolina Charities, Inc.

Aloft

Hidden Treasure Christian School

CoMMUnitY inVolVeMent & boarD positions

lArry JACkson (ChAirmAn): Bob Jones University Board chairman, The Wilds Christian Camp and Conference Center board member, Gospel Fellowship Association board member, Past Greenville Area Development Corporation board member, Past Chamber of Commerce Headquarters Recruiting Committee member, Past Greenville Tech Foundation board member

David Jones (Vice President Client services, Chief marketing officer): Hands on Greenville board chairman

mike Zeller (Vice President, Brand marketing): Artisphere Board, Metropolitan Arts Council Board, American Red Cross Board, Greenville Tech Foundation Board, South Carolina Chamber Board

eric Jackson (Jackson motorsports Group sales specialist): Salvation Army Boys & Girls Club Advisory Board

>>

AS SEEN IN NOVEMBER 1, 2013

IN THIS WEEK’S ISSUE OF UBJ? WANT A COPY FOR YOUR LOBBY?

Order a reprint today, PDFs available for $25. For more information, contact Anita Harley 864.679.1205 or

20 Upstate bUsiness joUrnal November 1, 2013

UBJ milestone

Solve. Serve. Grow. Those three words summarize Jackson Marketing Group’s guiding principles, and ac-cording to owner Larry Jackson, form the motivation that has kept the firm thriving for the past 25 years.

Jackson graduated from Bob Jones University with a degree in video and film production and started his 41-year career in the communications industry with the U.S. Army’s Public Information Office. He served during

Vietnam, where he said he was “luckily” stationed in the middle of Texas at Fort Hood.

He left the service and went to work in public affairs and motorsports at Ford Motor Company in Detroit. After a stint at Bell and Howell, where he was responsible for managing Ford’s dealer marketing and training, the entrepreneurial bug hit and he co-founded Jackson-Dawson Mar-keting Communications, a company specializing in dealer training and product launches for the auto indus-try in 1980.

In 1987, Jackson wanted to move back south and thought Greenville would be a good fit. An avid pilot, he

learned of an opportunity to purchase Cornerstone Aviation, a fixed base operation (FBO) that served as a service station for the Greenville Downtown Airport, providing fuel, maintenance and storage.

In fact, when he started the Green-ville office of what is now Jackson Marketing Group (JMG) in 1988, the offices were housed on the second floor in an airport hangar.

“Clients would get distracted by the airplanes in the hangars and we’d have to corral them to get back up-stairs to the meeting,” Jackson said.

Jackson sold the FBO in 1993, but says it was a great way to get to know Greenville’s fathers and leaders

Jackson Marketing Group celebrates Jackson Marketing Group celebrates Jackson Marketing

25 yearsBy sherry Jackson | staff | [email protected]

>>

Chairman larry Jackson, Jackson marketing Group. Photos by Greg Beckner / Staff

November 1, 2013 Upstate bUsiness joUrnal 21

UBJ milestone

with a majority of them utilizing the general aviation airport as a

“corporate gateway to the city.”In 1997, Jackson and his son,

Darrell, launched Jackson Motor-sports Group. The new division was designed to sell race tires and go to racetracks to sell and mount the tires. Darrell Jackson now serves as president of the motorsports group and Larry Jackson has two other children and a son-in-law who work there. Jackson said all his children started at the bottom and “earned their way up.”

Jackson kept the Jackson-Dawson branches in Detroit and others in Los Angeles and New York until he sold his portion of that partnership in 2009 as part of his estate plan-ning.

The company now operates a small office in Charlotte, but its main headquarters are in Greenville in a large office space off Woodruff Road, complete with a vision gallery that displays local artwork and an audi-torium Jackson makes available for non-profit use. The Motor-sports Group is housed in an additional 26,000 square feet building just down the street, and the agency is currently looking for another 20,000 square feet.

Jackson said JMG has expand-ed into other verticals such as financial, healthcare, manufac-turing and pro-bono work, but still has a strong focus on the auto industry and transportation. It’s

also one of the few marketing com-panies in South Carolina to handle all aspects of a project in-house, with four suites handling video production, copywriting, media and research and web design.

Clients include heavyweights such as BMW, Bob Jones University, the Peace Center, Michelin and Sage Automotive. Recent projects have included an interactive mobile appli-cation for Milliken’s arboretum and 600-acre Spartanburg campus and a marketing campaign for the 2013 Big League World Series.

“In my opinion, our greatest single achievement is the longevity of our client relationships,” said Darrell Jackson. “Our first client from back in 1988 is still a client today. I can count on one hand the number of clients who have gone elsewhere in the past decade.”

Larry Jackson says his Christian faith and belief in service to others, coupled with business values rooted in solving clients’ problems, have kept

him going and growing his business over the years. He is passionate about giving back and outreach to non-prof-giving back and outreach to non-prof-giving back and outreach to non-profits. The company was recently awarded the Community Foundation Spirit Award.

The company reaffirmed its com-mitment to serving the community last week by celebrating its 25th an-niversary with a birthday party and a 25-hour Serve-A-Thon partnership with Hands on Greenville and Habitat for Humanity. JMG’s 103 full-time employees worked in shifts around the clock on October 22 and 23 to help construct a house for a deserving family.

As Jackson inches towards retire-ment, he says he hasn’t quite figured out his succession plan yet, but sees the companies staying under the same umbrella. He wants to continue to strategically grow the business.

“From the beginning, my father has taught me that this business is all about our people – both our clients and our associates,” said his son,

Darrell. “We have created a focus and a culture that strives to solve problems, serve people and grow careers.”

Darrell Jackson said he wants to “continue helping lead a culture where we solve, serve and grow. If we are successful, we will continue to grow towards our ultimate goal of becoming the leading integrated marketing communications brand in the Southeast.”

jackson Marketing Group’s 25 Years1988 Jackson Dawson opensin Greenville at Downtown Airport

2003 motorsports Division acquires an additional 26,000 sq. ft. of warehouse space

1998 Jackson Dawson moves to task industrial Court

1997 Jackson Dawson launches

motorsports Division

2009-2012 Jackson marketing Group named a top BtoB agency by

BtoB magazine 4 years running

2012 Jackson marketing Group recognized by Community Foundation

with Creative spirit Award

2009 Jackson Dawson changes name to Jackson

marketing Group when larry sells his partnership

in Detroit and lA

1988 19981993 2003 2008

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

1990 Jackson Dawson acquires therapon marketing Group and moves to Piedmont

office Center on Villa.

2011 Jackson marketing Group/Jackson motorsports

Group employee base reaches 100 people

pro-bono/non-proFitClients

/lients

/

American Red Cross of Western Carolinas

Metropolitan Arts CouncilArtisphere

Big League World SeriesThe Wilds

Advance SCSouth Carolina Charities, Inc.

Aloft

Hidden Treasure Christian School

CoMMUnitY nitY nit inVinVin olVolVol eVeV Ment& boarD positions

lArry JACkson (ChAirmAn):Bob Jones University Board chairman, The Wilds Christian Camp and Conference Center board member, Gospel Fellowship Association board member, Past Greenville Area Development Corporation board member,Past Chamber of Commerce Headquarters Recruiting Committee member, Past Greenville Tech Foundation board member

David Jones (Vice President Client services, Chief marketing officer): Hands on Greenville board chairman

mike Zeller (Vice President, Brand marketing): Artisphere Board, Metropolitan Arts Council Board, American Red Cross Board, Greenville Tech Foundation Board, South Carolina Chamber Board

eric Jackson (Jackson motorsports Group sales specialist):Salvation Army Boys &Girls Club Advisory Board

>>

AS SEEN IN NOVEMBER 1, 2013

JAN. 15, 2016THE MARKETING AND BRANDING ISSUEGetting the word out on local businesses.

JAN. 29, 2016QUARTERLY CRE ISSUEThe state of commercial real estate in the Upstate.

FEBRUARY 2016THE TRANSPORTATION ISSUEGetting around in a growing region.

Got any thoughts? Care to contribute? Let us know at [email protected].

UP NEXT

Photos by Zach Suggs

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December 18, 2015 UBJ