Spotlight On: Andrew Duffell, President, Research Park at Florida Atlantic University

Spotlight On: Andrew Duffell, President, Research Park at Florida Atlantic University

By: Felipe Rivas

2 min read March 2020 — Research Park at Florida Atlantic University is a public-private partnership that serves as a hub for translating new technologies into the marketplace. Over 32 companies are based there, working on discoveries and technology innovation for the medical and healthcare sectors among others, said President Andrew Duffell. Many of the companies at Research Park are growing past the startup stage, while at the same time the park places a keen focus on attracting established international, tech-based companies to the Palm Beach region, Duffell told Invest:. 

 

 

 

 

What were some major developments for Research Park at Florida Atlantic University in 2019?

In 2019, we had over 800 people working at the Research Park among the 32 companies that are based here. The really important metric that we saw emerge last year was the number of discoveries that were patented and the quality of collaborations that are happening between the various companies and FAU, which continues to improve year over year. A number of our companies are progressing through their life cycles from startups to second stage, benefiting from our economic gardening initiatives. We have seen an uptick in the budgets for research and development over the years that we expect to start yielding results this year and next.

 

What sectors are set to benefit from the discoveries made at Research Park?

The majority of the discoveries that were made are in the medical and healthcare space. We have companies working on mental health, medical devices, therapeutics and healthcare IT. We are excited to see a real concentration in the healthcare space, with an emphasis on the interface between healthcare technologies and how healthcare is delivered to patients, which synchronizes well with how we see Florida Atlantic University growing, particularly in the southern Palm Beach County and northern Broward County region. The healthcare industry as a whole is really ripe for innovation, and this is where we are starting to see commercial activity developing, which is very gratifying. While we are affiliated with the university, we are a separate organization: our focus is on economic development and the translation of new technologies into the marketplace. 

 

In what ways is the Palm Beach region advancing workforce development efforts?

In terms of workforce development, I think Florida is ahead of the pack. We have had a strong workforce development system for a number of years. Research Park at FAU companies and their employees can take advantage of continuing education courses at FAU that are flexible in terms of schedule and pricing: some are for credit, some are for certificates. These have been really valuable. Palm Beach State College also has some fantastic courses in degree and non-degree fields. I think we have held our own in that regard and the employers have seen the value in upgrading the skill set of their employees as a way to retain them. Many employers are investing more in their employees, using flexible work schedules, more work from home and more team-building activities.

 

What is the focus for Research Park heading into the future?

We’ve made a determination to follow FAU’s significant expertise in its strategic pillars. We want to work with technology companies that will complement those areas, which are the life sciences, sensors and embedded networks and A.I. We are looking for companies that are working in those spaces that will be able to add to work already being developed at FAU, or contribute new ideas to their research. We are seeing a lot of this activity and we think there is potential overseas as well, and would like to bring those companies to Palm Beach County and to scale up their business here. We are looking for companies that are in the second stage, beyond the startup phase, in their home countries and have their concepts developed, are seeing revenues and have investors. We want to find those really promising companies and bring them to Palm Beach County. That is what we are embarking on this year and we are seeing a lot of activity in the sensor and A.I. space in places like Brazil, Canada and Israel.

 

To learn more about our interviewee, visit: https://www.research-park.org/

 

 

Spotlight On: Larry Thompson, President, Ringling College of Art and Design

Spotlight On: Larry Thompson, President, Ringling College of Art and Design

By: Max Crampton-Thomas

2 min read March 2020 — While all higher education institutions operate with the purpose of preparing students for future lifelong careers, Ringling College of Art and Design is also working to shatter the myth of the starving artist, school President Larry Thompson told Invest:. He also spoke about the increased student interest in offerings from the school, positioning the college for future long-term success and identifying the issues that need to be addressed in higher education. 

 

What was one of the major successes for the college in 2019?

In December 2019, we opened the Sarasota Art Museum, which is a part of Ringling College. It is built on the site of a historic high school from 1926 located right in the middle of Sarasota. We took it over because the school system was trying to find a use for it and we were looking for space for a museum. We were able to turn it into a contemporary art museum and a space for continuing studies and lifelong learning. This project has been a long time in the making, so we are quite pleased to have this as part of our campus.

Where are you seeing the most growth in terms of student interest? 

We have seen growth in our virtual reality major and have launched a new major in entertainment design. We are also seeing a huge increase in the number of students who are interested in the Collaboratory. The idea of the Collaboratory is to help our students get real-world experience working with real-world clients. We invite clients to the institution and put together teams of students who work to help solve some of the problems that clients might be having. It is a wonderful tool for the clients, and it’s great for the students because they are getting to work with real people. The projects they are working on also have true meaning. I like to tell people that one of the great advantages for our students is that it helps with the recent college graduate dilemma: They can’t get a job if they don’t have experience, but they can’t get experience if they don’t have a job. The Collaboratory gives them that experience.

How is the college working to change the perception of art as a career? 

As an art and design college, we are fully committed to shattering the myth of the starving artist. Too many people have this feeling that art and design are more of a hobby than a career and that there are no real careers out there. This has never been true and it is certainly not true in today’s society. We focus on making certain that our students, when they graduate, have great careers. Over 100 national and international companies recruit here. These are corporations like Apple, Google, Pixar and Disney. The world has changed so much, having become a much more visual world. This has created more opportunities than ever before for artists and designers.

How are you positioning the college for future long-term success? 

We have to look at what the future holds, especially in this age of artificial intelligence (AI). AI is just in the early stages but many different jobs are going to be eliminated once it takes off. We also need to be looking at where the economy is headed. Everyone needs to be positioned for the next stage, which we are calling the Creative Age. In history, we have had the Agricultural Age, the Industrial Age and the Technology Age. The Creative Age is next because creativity is going to become one of the most essential skill sets people are going to need for success in the future. I believe this is already starting to be recognized on a global scale.

What do you view as the most significant challenges facing higher education? 

There are numerous challenges facing higher education, especially private nonprofit institutions. The whole basis for the business model needs to be rethought and recreated in some manner because being so tuition-dependent is not sustainable over the long term. Tuition is at such a high level that it is almost out of reach for many people, which leads to a huge issue with students having the ability to attend a school like ours. We are doing many things to mitigate this, such as offering financial aid and scholarships, which are among our greatest fundraising needs. Every college is trying to solve the problem of the business model.

 

To learn more about our interviewee, visit: 

https://www.ringling.edu/

Home sweet office: How to make your home office work

Home sweet office: How to make your home office work

By: Max Crampton- Thomas

4 min read March 2020 — The COVID-19 health pandemic has upended daily life in unprecedented ways amid calls from the government for people to social distance and stay home as much as possible. Many businesses have had to close their doors and ask their employees to work from home. While some individuals may be accustomed to working from a home office setting, for a large majority of the working world this is uncharted waters that could benefit from some guidance. Invest: offers some need-to-know tips for working from home during this time of crisis. 

 

 

Constant Communication 

Working in an office setting, you often take for granted the ease of communication between you and your colleagues. Situations that could have been resolved by simply walking to someone’s desk now require more effort via other methods of communication. The key is to establish a consistent flow of communication that starts with a daily understanding of what your employees’ schedules will look like on any given day. This can be easily accomplished by having them send out their daily schedules and workload in a quick email at the start of every business day. Communication can then be maintained based around this schedule and productivity can be more easily managed as well. For more direct communication in regard to smaller issues that may not require a phone call, office communication applications like Slack can help facilitate these quick discussions. 

Maintain a Daily Routine 

For almost any working person, maintaining a daily routine becomes second nature. When unforeseen circumstances like COVID-19 interrupt this daily routine, it can throw a person off course quite rapidly, which can result in less productivity and a decrease in focus. The key is to adapt and maintain your daily routine to the changing environment as much as possible. Something as simple as getting dressed in business clothing can seem unnecessary when working from home, especially when staying in pajamas all day may sound a lot more appealing, but maintaining this daily activity can be key in starting your work day off on the right foot and retaining as much normalcy as possible. Make the effort to try and stick to your normal work schedule throughout the day, including taking breaks as you would in the office, eating lunch around the same time you normally would and trying to stick to your typical working hours as best as possible. 

Maintaining Posture (Physical & Mental) 

There are many arguments in favor of the benefits of working from home but maintaining your posture, both physical and mental, is probably not high on that list. From a physical standpoint, in an office setting you are usually sitting in a proper desk chair with a relatively straight back or even standing straight up thanks to standing desks. The same cannot normally be said for a home office setting. In an interview with CBS, New York chiropractor Dr. Joseph D. Salamone said, “Everybody’s going to be in sitting postures, having text neck.These people really need to make precautions and live a healthier lifestyle while we’re in this quarantine state.” He recommended that those who find themselves working from home should practice regular stretching to help maintain posture. For those who have the means and access to the proper resources it would also be advisable to create a proper workstation, not unlike the one you are accustomed to in your own office, as opposed to trying to work from a slouched posture on a bed or couch.
Maintaining posture also relates to mental health as much as physical well-being. Going from working in a sociable setting like an office with other people to unexpectedly working by yourself at home can be quite jarring for the mind. It is vitally important to maintain the social connections that you have grown accustomed to in a normal workday, like lunch with coworkers. This social time does not have to be lost as technology has made it so you can use your lunchtime from home to speak with or even video call with coworkers and friends. There is also the underlying issue of potential for increased anxiety during this time of isolation, especially with the influx of nonstop news about COVID-19. It’s crucial that individuals limit the daily amount of time they spend consuming this news, and instead focus their attention on other matters like work, family and the home. 

Creating A Proper Workspace

A proper home workspace may help in maintaining posture but it is also important in helping to facilitate as normal a daily routine as possible. In theory, this workspace is where an individual will spend the majority of their eight-hour working day, so it is crucial that this space is not only comfortable but also practical for achieving daily tasks. Find somewhere in the house that you can maintain your workstation without much interruption, and if possible, somewhere that has access to natural light. Working from home can also be tricky as the lines become blurred between workspace and home space, resulting in it becoming harder to “switch off” after a full working day. It is important to try and establish this workspace in a section of the home that allows you to “step into” work at the beginning of the day and “step out” of work at the end. 

To learn more, visit:

https://www.cbsnews.com/news/coronavirus-health-tips-working-from-home-stretching-stress-anxiety/

 

https://www.themuse.com/advice/coronavirus-work-from-home-tips

For up-to-date advice on the Coronavirus response, you can check the CDC website here.  For Florida-specific information, click here 

 

 

Face off: How Concord is planning for sustained growth

Face off: How Concord is planning for sustained growth

By: Felipe Rivas

2 min read March 2020 — The city of Concord is setting its sights on securing high-quality life standards for its residents via a three-pronged approach: diversification, infrastructure and affordable housing. In an interview with Invest: Charlotte, Concord Mayor William Dusch and City Manager Lloyd Payne talk about the city’s growth, infrastructure developments and its ambitious plans for the future.

William Dusch

How is housing and development growing?

William Dusch: We have had a tremendous amount of growth in the housing sector, especially with apartments. The challenge lies in working with the school system to ensure the population is evenly distributed in a growing community. We have a relatively small Downtown, but we are beginning to grow. The county is building a new courthouse, our main street, Union Street, is becoming a plaza, and sidewalks are being widened to provide a better outdoor dining and shopping experience. The 1926 Hotel Concord was completely refurbished to create 40 market-rate apartments. Loft 29 is just behind it, providing about 25 more apartments Downtown. Right next door, 166 apartments are in the planning process, with 10 percent being affordable housing. An old cotton mill is being converted into 144 affordable homes where we will take the profit and roll it back into development. We are working on tying neighborhoods together by building new parks and walkways. Our goal is to connect the city without residents having to get into a car.

Lloyd Payne: Through our housing authority, we have developed and either sold or leased entire neighborhoods for several years. We are determined to take it to another level. We want to ramp up our yearly house construction capacity. In 2019, we created a nonprofit entity under the guise of affordable housing to open the city to a wider array of funding options from the private sector. For 2020, I will request the city council to obligate from this point forward that a portion of our tax funds be set aside to build affordable housing, whether it be apartments, townhomes or single-family homes. We want to build additional neighborhoods throughout the city, not just in low to moderate income areas. The main goal is to provide workforce housing. It is designed to consider young men and women with a fresh four-year degree in hand who come back here with a modest income and are looking for an opportunity to start building equity and have something they can call their own. We want to provide housing that accommodates everyone’s needs. 

Lloyd Payne

What infrastructure developments are laying the groundwork for Concord’s future growth?

Dusch: There are over 1,600 acres of industrial land available that has an industrial water sewer and power coming in from Duke Energy and Concord Electric. It’s also bordered by two four-lane highways, so it’s a perfect location. There has been a lot of interest from high-quality operations looking to base a potential headquarters here. We also have Concord-Padgett Regional Airport, and in 2013 Allegiant airlines started flying out of there. Last year, they served six locations across Florida and New Orleans, making over 1,500 flights. The airport is planning on expanding again because they have been so pleased with all of the business they have received. Nascar also bases a lot of their planes there, so it is a viable and growing airport. Allegiant Air has just announced that a new operation base will be built in Concord. Concord Mills is the largest tourist attraction in North Carolina. It attracted over 12 million visitors last year, which was even more than the Smoky Mountains. Since there is such a high volume of traffic in Concord Mills, we have been working with the NCDOT to build a flyover to more easily reach the location off the interstate. They started the construction just after Christmas this year. Just down the road from Concord Mills is the Charlotte Motor Speedway, located in Concord, which is another large Nascar facility.

Payne: In North Carolina, all roads are either owned by the city or owned by the state, meaning counties have nothing to do with roads and cannot tackle congestion issues. The same applies to schools, with the difference that they fall under the control of the county. This does not prevent us from establishing functional coordination mechanisms with involved parties to improve our roads and schools. We have also consolidated a great working relationship with our business community, including the Chamber of Commerce and Economic Development. We also work with large landowners, especially those with undeveloped assets. We encourage and entertain public-private partnerships (PPPs), whether they are for infrastructure, development or speculative buildings. We are all about working with others, knowing that we do not operate in a vacuum ourselves. It takes others in the private, public and nonprofit spheres. 

What industries or companies are you targeting to introduce to the region?

Dusch: We are working hard to attract higher-tech, higher-paying jobs. We are incentivizing those kinds of operations to move here, and I have been closely talking with large companies as they begin to show more interest. Within the city of Concord, we have run over 100 miles of high-speed fiber, connecting all of our buildings over the past 15 years. To watch the city go from having 100 megabits to 100 gigabytes is really amazing. Other entities have been putting in their fiber infrastructure, especially with the introduction of 5G, which will be coming in a matter of time.

Payne: We work with Rowan-Cabarrus Community College, the mainstay for the lion’s share of our workforce development. It specializes in tailored programs on a whim if need be, based on the needs of the corporate landscape. The state of North Carolina has been generous in providing funding to accommodate those training needs.

To learn more about our interviewees, visit: https://www.concordnc.gov/

Spotlight On: Bill Simerville, Managing Director, Foundry Commercial

Spotlight On: Bill Simerville, Managing Director, Foundry Commercial

By: Felipe Rivas

2 min read March 2020 — Charlotte’s construction industry has boomed in the last few years as evidenced by the cranes that adorn the Queen City’s skyline and the region’s budding headquarter relocation culture. Though capital is a constant in the region, construction firms are pressed to find deals and subcontractors in a tight labor market. In an interview with Invest: Charlotte, Foundry Commercial Managing Director Bill Simerville talks about the challenges facing the region’s construction industry and the growth of Charlotte’s industrial real estate market. 

 

 

How has the industrial real estate sector evolved in the last few years?

WestPark 85 is an example of a development and investment deal. The site was selected around 2008, before the ramp-up of the industrial frenzy that we find ourselves in now. We partnered with Principal Financial and acquired the land from MetLife. The industrial market, and industrial capital appetite, has moved to the Southeast, and particularly to the Charlotte region. WestPark 85 is close to I-85 and I-485, as well as the airport, which gets capital and tenants excited about the location. That capital has poured into Charlotte. There are more development deals and projects in the pipeline than we have seen in years. With the labor markets the way they have been, we are seeing Charlotte turn into a regional distribution center, primarily because of the intersection of I-77 and I-85. You can get to a large percentage of the U.S. population in a day’s drive because of proximity and population concentration. Labor is tight in markets like Atlanta, and as a result, many people are moving up the I-85 corridor. This corridor sits between Raleigh and Atlanta and is called the “mega corridor.” Capital, jobs, people, employers, talent, manufacturers — everyone wants to be here.    

 

What are some challenges facing Charlotte’s business landscape?

The “Bathroom Bill” hurt company relocation in the area. There is no telling where we would be if it were not for that. I think that we have made great strides with our incentive programs. We have to continue to pay attention to infrastructure and continue to diversify our employment base. Our infrastructure is our biggest challenge, in my opinion. Commute times are getting longer, and property taxes are now similar to those in bigger markets. 

 

How are developers navigating the rising costs and a tight labor market?

At one point, we had an unsustainable demand for construction services, both commercial and residential. We had rising labor and material prices. The initial talk of tariffs, and the spike in steel and concrete prices, made new construction very difficult to price. That has now stabilized, and even come back a little bit. However, the labor has not. Fortunately, in the same way that capital has flocked to Charlotte, so has everyone else looking for work, and that is across the board, virtually in all trades. The new general contractors that show up and do not bring subcontractors with them are contributing to the problem. They are aggressively pricing projects based on being able to hire subcontractors that they do not have relationships with, and winning bids and then re-trading them or not being able to execute. This erodes confidence. Then there are the new-to-market general contractors that show up with subcontractors and will complete a project quickly. It is similar to 2007-2008, when the residential housing boom was at its peak and out-of-market subcontractors caused our workforce to spike by tens of thousands of people to perform those trades. When the projects stopped, they all left to find work elsewhere, and it took a long time to get them back. We are there again. The last time it was just residential, now it is residential and commercial. We have more capital, more vendors, and more competition now. But the fundamentals have never been as sound. Lenders remain disciplined. We are not looking at see-through office buildings. It is harder to get deals done and there is a lot of competition, but I have never been as bullish on Charlotte as I am now.    

 

To learn more about our interviewee, visit: https://www.foundrycommercial.com/

 

 

Spotlight On: Joe Devine, Executive Vice President and Chief Experience Officer, Jefferson Health

Spotlight On: Joe Devine, Executive Vice President and Chief Experience Officer, Jefferson Health

By: Max Crampton- Thomas

2 min read March 2020 — The healthcare industry is poised to revolutionize how it cares for its patients through cutting-edge technology, at a time when a transition toward outpatient services is further consolidating. Executive Vice President and Chief Experience Officer at Jefferson Health Joe Devine discusses with Invest: the priorities for the group amid these new trends. 

 

How does Jefferson Health stand out from other healthcare players in the region?

We have a seamless care system in the region. Our location in South Jersey is less than 17 miles from the main Thomas Jefferson University Hospital in Philadelphia. We also provide services in South Jersey that have historically only been provided by Jefferson in Philadelphia, such as Magee Rehabilitation, which recently opened a service at our Cherry Hill hospital. Our technological innovations and telehealth are also sizable differentiators. Jefferson is a truly focused clinical academic medical center that combines teaching and medical care. In New Jersey, we are a teaching hospital for the Rowan University School of Osteopathic Medicine, as well as a training location for the Jefferson University Physician Assistant program. 

 

In what ways has technology disrupted the healthcare industry?

Technology is so advanced and outstanding that it works extremely well. For example, we have a neural flow program for patients with mental health issues that helps us with their evaluation. We also have implemented home-monitoring care technology that improves access, and we have succeeded in advancing our linear accelerator when it comes to treating cancer patients, an area that is more precision-driven. The cost of such technology is higher, but we do not transfer that cost to our patients. We are working on ways to inject further efficiencies in the process to continue providing benefits to our patients, including our telehealth program (JeffConnect), 3D mammography, 3D ultrasound, and other advancements like ABUS (Advanced Breast Ultrasound System). These have gone through substantial technological improvements, which are critical in the delivery of care. Technology will continue to be at the forefront of what we do, combined with the important humanistic aspect of providing care. We are also bolstering our smartphone app platforms to improve communication and follow-up processes with our patients. JeffConnect enables patients to receive personalized healthcare through their smartphone or computer. 

 

How is Jefferson Health tackling the local community’s health issues?

Every three years, we are required to undertake a community health needs assessment. What is great about this initiative is that all hospitals in Camden County work with the Departments of Health to shed light on the key health categories in which we should invest. In 2017, for example, it was primarily diabetes. We created a medical school and a district program with a comprehensive diabetes management program for Medicaid recipients, powered by telehealth services and coupled with a robust home care component. It helped improve patients’ health while minimizing their hospital visits. We are looking to continue providing innovative services, while at the same time contributing to building an effective population health model, as healthcare transitions more into outpatient services. As shown from the most recent community health needs assessment, the priority continues to be tackling metabolic diseases. We have a robust diabetes education program, as well as a very successful bariatric surgery program to assist with those needs.

 

How does Jefferson Health contribute to local efforts to reduce the disparities in care access?

For years, we have had family health centers, which in yesterday’s terminology were called clinics. We have two robust centers, one in Washington Township, Gloucester County, that offer comprehensive internal medicine, pediatrics and OB/GYN services. The other center is located near our Stratford hospital to service the Camden County community. We see a minimum of 20,000 patients a year in those facilities. The purpose of those centers is to serve the underserved.

We also have a partnership in South Jersey with the Food Bank of South Jersey. Any one of our 5,200 employees in New Jersey can participate in some way with the Food Bank. We encourage donations four times a year. It is tied to the health of people we serve.

 

What are the fastest-growing areas of care and service in the South Jersey region?

End-stage renal disease is more prominent throughout this nation for a lot of different reasons. We started a dialysis program in 1992 to attend to this growing issue with a single, six-bed station. We now have 55 stations. In this market alone, there are more than 200 stations nationwide. It is something we need to address. A close second is the opioid crisis. We do see patients come back multiple times. Unless you have the right post-care model, you cannot treat this illness. Unfortunately, it is growing. Third, is cancer care. This area is becoming increasingly robust with procedures like genetic testing and screening. We are working to put models in place so that when a patient is diagnosed with cancer, we look at the entire family. 

 

What is your outlook for South Jersey’s healthcare sector for 2020?

The sector in New Jersey continues to grow. We have some great hospitals here. Having served as board chair of the New Jersey Hospital Association in 2019, I can attest to these outstanding facilities. By 2025, it is likely we will see the consolidation of close to five healthcare systems across the whole region. We are going to continue to expand and develop a model that provides the ability for patients to have choices and become part of our network. We are working to become the most patient-centric organization in healthcare in the region. 

 

To learn more about our interviewee, visit: 

https://newjersey.jeffersonhealth.org/

 

 

Face Off: Leveraging tech in providing accounting and finance services

Face Off: Leveraging tech in providing accounting and finance services

By: Yolanda Rivas

2 min read March 2020 — Investment advisory, cybersecurity, business planning and strategy and other related advisory services are seeing a steady demand in the accounting and finance sector. Another change driver in the industry has been the advances in technology and AI. In separate interviews with the Invest: team, Reynold P. Cicalese, managing shareholder at Alloy Silverstein, and Carl H. Bagell, managing partner – Southern NJ at Friedman LLP, spoke about the areas of growth in their firms and how they are leveraging technology.

Reynold Cicalese

What services are seeing the most demand at your firm?

Carl H. Bagell: As a multidisciplinary firm with a growth mindset, we provide a wide variety of services and seek new opportunities to better serve our clients. In South Jersey, we focus on tax preparation, business valuation, forensic and matrimonial, international tax and tax controversy, and every area is expanding. For example, we expanded the number of our international tax practice partners in response to our clients’ growing needs in the face of ever-evolving global trends; the qualified Opportunity Zones segment of our real estate practice is seeing an increased demand for investment advisory; and our cybersecurity division is one of the fastest-growing areas in the region and abroad due to the cyber-threat landscape. 

Notably, SEC audits consistently play a major role in driving revenue for the firm and as such, we have offices in China with about 50 team members to address our clients’ needs. 

Not only has our client base expanded, but so have our employee numbers. To accommodate this growth, we almost doubled our size by relocating to a new office in Marlton. We have a lot of room for expansion and an amazing, flexible space where we can hold seminars, staff meetings and business events. We have a great collaborative working environment. 

Reynold P. Cicalese: All our consulting-related services are seeing growth. Business planning and strategy has been steadily growing. Our business analytics area is also in high demand. These advisory areas help to get our clients the information they need to make informed decisions.

We have engaged with a significant number of new businesses. We are getting more opportunities from nonprofit organizations. Giving back to the community is important for us, and we find we are getting more and more clients from the nonprofit sector. We are also getting more work from the for-profit sector. For the region, in the last six months there has been a big influx of micro businesses. As a result of e-commerce, there are more small, micro businesses starting out of their houses. These businesses may not need retail or office space, but they do need financial and tax advice.

Carl Bagell 

What impact is technology having on the accounting and financial sectors?

Bagell: Technology is a crucial part of our workflow. We have advanced technology at Friedman that allows us to leverage data to support our clients and attract new clients. Our cloud-based accounting software allows us to have faster, more effective internal communication. We also have a team specialized in cryptocurrency and blockchain, and we are now seeing more and more clients coming to us for advisory services. 

Cicalese: Technology has brought significant changes to our industry, allowing us to better serve our clients beyond just preparing a tax return or financial statement. We are on the cloud ourselves, encourage our clients to be on the cloud, and use technology to help and collaborate with clients on a daily basis. Our advisers are proactive in helping design our clients’ future, as opposed to only telling them what they historically have done. We use software and apps that allow us to create KPI dashboards for our clients so they can have real-time data to make better decisions based on today’s information – not from last month or last year. We also have clients all around the world and we use meeting apps to constantly communicate with them.

Artificial intelligence is severely disrupting the industry. The investment in AI will significantly increase within the next five to six years. We need to keep an eye on this trend and make sure we remain competitive. With regard to audits, for example, it is expected that AI can look at every transaction and provide an efficient audit report. For regional and smaller firms it will be a challenge to compete with larger firms that have the capacity to invest in AI. 

To learn more about our interviewees, visit:

Alloy Silverstein: https://alloysilverstein.com/ 

Friedman LLP: https://www.friedmanllp.com/ 

Spotlight On: Ian Richman, Senior Managing Director | Southern New Jersey, Colliers International

Spotlight On: Ian Richman, Senior Managing Director | Southern New Jersey, Colliers International

By: Yolanda Rivas

2 min read March 2020 — The Southern New Jersey region’s low real estate costs and strategic location near major highways is bolstering demand in the industrial market. Ian Richman, senior managing director in the Southern New Jersey at Colliers International, specializes in the leasing and sale/acquisition of commercial and industrial properties in Southern New Jersey. In a recent interview with Invest:, Richman shared the trends in the market and the possible disruptions that could take place in the face of COVID-19.  

How are you preparing to face a possible economic downturn?

We haven’t seen signs of a slowdown yet. Construction is still going on and demand has been outpacing supply to an extent. But with the development of COVID-19, we are expecting to see disruptions in the supply chain and people are starting to get nervous about the impact on the economy. Companies that import raw materials or have their products manufactured in China or elsewhere overseas expect to see a lag in production, delay in delivery or in the extreme case, a stoppage of manufacturing in certain factories altogether. This is uncharted waters and a global pandemic will have ripple effects throughout all industries, not just real estate. 

 

How strong is the industrial market in South Jersey?

The demand in the industrial market has continued to increase over the last 12 months. One of the biggest drivers has been our rental rates and sale prices on a price per square foot basis relative to neighboring areas such as Northern New Jersey and the New York metropolitan area. A significant part of our activity has been coming down the New Jersey Turnpike from these northern-based tenants, owner-user purchasers and investors. 

 

What market trends are emerging?

The Philadelphia Port is one of the largest, if not the largest, food port in the country. We see a lot of demand from food-related companies looking for warehouse/distribution facilities or manufacturing facilities. This is not a new trend but rather one sector that has been increasingly growing from a demand perspective in Southern New Jersey. Additionally, the overall demand for warehouse space has continued to remain strong, especially with the uptick in e-commerce and the expectation by the consumer to have goods in their hands as quickly as possible. When Amazon Prime was introduced, two days for delivery seemed fast and quickly became the norm. We are now finding that next-day delivery, if not same-day delivery, is an integral part of the supply chain That is driving a lot of companies to look for warehouse space in South Jersey. 

 

The new speculative and build-to-suit development in our market has been mostly in the northern parts of Burlington County and the southern parts of Gloucester County, 

 

How do you expect the market to evolve in the near future?

We expect more companies to continue to consider South Jersey as a home. The prices are what is really driving most of the activity and that is a trend that we will continue to see. We are now seeing a lot of multi-generational family-owned real estate companies starting to sell some of their properties to more institutional owners. We are also seeing the presence of more institutional owners and large regional owners with real estate holdings in our market. Some of that is attributed to the development of large distribution centers and some of this is attributed to the merger and consolidation of ownership groups. 

 

To learn more about our interviewee, visit:

Colliers International: www.colliers.com

 

 

Spotlight On: Richard Battle, Shareholder, Elliott Davis

Spotlight On: Richard Battle, Shareholder, Elliott Davis

By: Felipe Rivas

2 min read March 2020—Technology and the changing economic landscape is forcing accounting firms to look beyond traditional accounting solutions for their clients. Rather than focusing on products and conventional solutions, customized client experiences drive the success for accounting firms and the clients they advise. In Charlotte, Elliott Davis has the same technical experience and capabilities as the larger, national firms, said shareholder Richard Battle. The middle market is the firm’s sweet spot and where it wants to be, Battle said. In an interview with Invest: Charlotte, Battle highlights the impact of tax reform on the firm’s clients, the importance of providing exceptional customer experience, and the local interest in Opportunity Zones.     

 

How has the accounting landscape evolved in the last few years?

The biggest challenge accounting firms experience is staying relevant and on the cutting edge. The landscape is changing quickly in terms of what our customers want. Everything is happening at an accelerated pace. Being really in tune with our customers is important for us. We want to provide an exceptional customer experience, not just products and solutions, but an overall experience. Implementing transformational change in our culture and our people will allow us to provide our customers with more than just the traditional accounting and tax services.

What is Elliott Davis’ competitive advantage?

Our value proposition for our customers is that they receive a tailored experience, with deep  relationships that look to add value to their businesses. We go beyond traditional accounting solutions. It is more about understanding our customers’ businesses as a whole and providing solutions to get them where they want to be. Our technical capabilities and service offerings match that of the large, national firms. The middle market is our sweet spot and where we want to be. We know how to serve those customers very well.   

How is Elliott Davis adapting to technology innovation?

Technology is improving and disrupting at the same time and it is only going to increase. We are really focused on this and the change management of integrating new technologies. We are changing service offerings to our clients based on these advancements. We are integrating these changes in how we do business everyday. But probably the biggest change outside of that is retraining and resetting the behavioral expectations of our employees. Our big focus is changing behavior to get employees more focused on advisory services. There is more information at our fingertips, which allows us to effectively provide solutions and advise our clients. This has been the biggest disruption as we hire and train different skill sets, but it is also a big opportunity for us, and accounting firms in general, as we think about how we will operate heading into the future.        

What impact has tax reform had on your customers?

Taxes are a big part of any business. The tax reform bill was a huge disruptor in how service providers deliver solutions to customers. It forced us to retool ourselves and how we advise our customers. We work with companies with both domestic and international operations. Because of this, we are seeing customers make different decisions. Opportunity Zones, FDII, GILTI, expanded capital investment depreciation, among others, are examples of new provisions that companies are analyzing and keeping in mind as they make decisions. Certain operational and financial decisions are being made slightly differently because of the new provisions.       

     

What impact have Opportunity Zones had on the region?

Our firm is working closely with individuals and companies looking to push Opportunity Zones forward. We have experts who are well-versed in the Opportunity Zone provisions. There is a lot of interest and intrigue about them. We are seeing some investments being made in Opportunity Zones that likely would not have been made without the new provisions. We are seeing some increased activity in this arena and would expect this to continue. For example, final regulations came out in December that provided more clarity on the ins and outs of Opportunity Zones and I think we will continue to see piqued interest in them.    

To learn more about our interviewees, visit: https://www.elliottdavis.com/

 

 

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