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JULY 2017 SFBWMAG.COM 7.95 ALAN LEVAN & EUGENE STEARNS They fought the SEC and won 2 JULY 2017 www.sfbwmag.com You earned it we protect it For more than 75 years Brown & Brown has met the needs of the mass a uent community. Signi cant personal assets and wealth require a higher level of attention o en with unique coverage requirements not available on standard insurance policies. Our personal approach helps to identify client s long-term goals and create a customized risk management program which adjusts along with the client s nancial pro le. Fort Lauderdale s Private Client Group and Group Benefits Division Fort Lauderdale Division - 1201 West Cypress Creek Road Suite 130 Ft. Lauderdale FL 33309 Ph. 1-800-330-3241 Fx. (954) 771-9192 privateclientgroup bb laud.com www.bb laud.com Auto Aircra Bonds Condominium Collectables Flood Health Bene ts Homeowners Liability Marina Personal Property Umbrella Workers Comp www.sfbwmag.com JULY 2017 3 4 Merrick Manor Sales Center JULY 2017 www.sfbwmag.com 2818 Center Port Circle Pompano Beach FL 33064 P 954.735.8223 18288 Collins Ave Sunny Isles Beach FL 33160 P 305.974.0161 FL State Licensed Designer 000407 www.sfbwmag.com JULY 2017 5 In today s global business environment service is essential convenience is mandatory security is vital and time is more valuable than ever. Owned and operated by the City of Fort Lauderdale Fort Lauderdale Executive Airport offers a diverse range of aviation services business resources and amenities that include 4 FULL SERVICE FIXED-BASE OPERATORS Banyan Air Service Sano Jet Center W Aviation World Jet A 24-HOUR FAA AIR TRAFFIC CONTROL TOWER U.S. CUSTOMS & BORDER PROTECTION SERVICE DOWNTOWN HELISTOP WITH LOBBY 24-HOUR CONTRACT SECURITY A 200-ACRE INDUSTRIAL AIRPARK FOR EFFORTLESS TRAVEL TO FORT LAUDERDALE VISIT WWW.FLYFXE.COM. 6 JULY 2017 www.sfbwmag.com www.sfbwmag.com JULY 2017 7 TABLE OF CONTENTS 14 ONE LINERS 26 Catch up on the news you missed from around the region COVER STORY 30 35 42 45 66 72 HOSPITALITY Insights from a chef who cofounded a business empire One of the biggest local legal sagas from the Great Recession comes to an end INSIDE THE GATES Looking for a top course to play Check out our list EXECUTIVE ROUNDTABLE gains in the war for talent Leaders tell how to make 78 80 82 86 87 88 90 ADVISORY BOARD PEOPLE PASSION AND PROFITS COMMERCIAL REAL ESTATE Industry leaders provide insights at SFBW Advisory Board meeting UP & COMERS CEO CONNECT CEO CONNECT Meet the winners of SFBW s 2017 Up & Comer Awards Listening leads to learning leading and profitability Modernizing Medicine raises 318 million to fuel a revolution Gerry Greenspoon talks about growth strategies Amendment 2 Quarterly statistics show strong industrial trends continuing NONPROFIT GOVERNANCE Insights from Randy B. Nobles of Habitat for Hummanity FAMILY OFFICE Understanding the trend and role of corporate activists SALES STRATEGIES The seven keys to success HISTORY VIEWPOINT Sunshine fashions set the groundwork for Swim Week 8 JULY 2017 www.sfbwmag.com S I T T I N G O N T H E E D G E O F FA B U L O U S . Dewar s Rail Seating at AmericanAirlines Arena is an ideal experience for Miami s elite movers and shakers. Your ticket gives you a superior view of AmericanAirlines Arena inside the posh Dewar s Clubhouse--as well as valet parking VIP entry into the building a Chef s Table of deliciousness and generous servings of house beer or wine. GET YOUR TICKETS ON DEWARSRAIL.COM OR BY CALLING 786-777- HOOP. www.sfbwmag.com JULY 2017 9 LETTER FROM THE EDITOR Triumphant at last Class-action lawyers might be the business equivalent of ambulance chasers. Maybe someone will start a website and start running billboards and wrapping buses in advertisements Stock price got you down Call 411Class and get a free referral to an attorney. During my three-decade tenure in business journalism in South Florida I ve seen tons of class-action suits get filed. As an investor I ve also received plenty of mail inviting me to fill out long complicated forms so I too can be part of a settlement. Sorry I don t have hours to spend filling out the forms. After hearing banker Alan Levan and attorney Eugene Stearns talk about their experiences with a class-action lawsuit I ve become even more skeptical. I ve followed Levan s career almost since arriving in South Florida in 1984. He has survived a lot of economic ups and downs and has been a long-time community benefactor. I was a condominium association president in the early 1990s when a lot of the savings and loans failed in South Florida and the value of our condo units were cut in half. Levan managed to sail on. Class-action lawyers went after Levan when BankAtlantic s stock price dipped as the housing market tanked in 2007. In Editor-in-Chief Kevin Gale retrospect Levan did a pretty good job of disclosure and also should get a gold star for avoiding a government handout or bailout. The class-action lawyers ultimately failed. There is reason to wonder if the Securities and Exchange Commission would have gone after Levan and BankAtlantic if he had written a check to settle the class-action issue. In the SEC case he easily could have accepted being barred from directing a public company for a couple of years since he and his partner Jack Abdo had a controlling stake in BankAtlantic Bancorp. Indeed Levan s son Jarett did an admirable job of running the company when Levan temporarily was barred from being CEO during the SEC litigation. (Maybe the SEC did get a few ounces of flesh.) In our cover story Stearns outlines what appears to be a cozy relationship between the SEC and class-action lawyers. That s troubling. In any event the SEC definitely met its match. Nine years and 20 million in lawyer bills later Levan was cleared fully in May. As for the class-action lawyers they should note the Fairness in Class Action Litigation Act of 2017. It appears some members of Congress are worried that the biggest beneficiaries of class actions are lawyers not the members of the class. What a surprise. Kevin Gale CORRECTION The Gunster law firm has 400 lawyers and staff members. An article in the June edition incorrectly said that was the number of attorneys. 10 JULY 2017 www.sfbwmag.com For Your Perfect Event Weston Hills Country Club proudly offers our services to make your next event an extraordinary success. Terrific Views Flexible Meeting Space with state of the art technology for your next Client Appreciation Galas Fundraisers Planning Sessions Holiday Events Golf Tournaments myoung westonhillsgolf.com www.westonhillsgolfclub.com www.sfbwmag.com JULY 2017 954.384.4670 11 CHAIRMAN AND PUBLISHER EDITOR-IN-CHIEF AND SENIOR VICE PRESIDENT OF STRATEGY Gary Press gpress sfbwmag.com Kevin Gale kgale sfbwmag.com ASSOCIATE EDITOR Andrea Richard arichard sfbwmag.com COPY EDITOR Jason Davis CREATIVE DIRECTOR ART DIRECTORS Melanie Smit Alexander Hernandez Frank Papandrea Evelyn Robles Creative Writers CONTRIBUTING WRITERS Christine Alexis Gerry Czarnecki Stephen Garber Martin Lenkowsky Darcie Lunsford Julie Neitzel Greta Schulz Downtown Photo Fort Lauderdale Thomas Rollo Photographers Managing Director CLAYTON IDLE cidle sfbwmag.com rlopez sfbwmag.com jknowles sfbwmag.com RICH LOPEZ LORI CASTLE lcastle sfbwmag.com Market Directors JORDAN KNOWLES-BARTLEY Sandy Lechner slechner lmgfl.com Josh Wachsman jwachsman lmgfl.com OPERATIONS DIRECTOR Monica St. Omer monica lmgfl.com DIRECTOR OF MARKETING & EVENTS Jennifer Barb jbarb lmgfl.com MARKETING & EVENTS COORDINATOR Estefania Marin emarin lmgfl.com CHIEF OPERATING OFFICER CONTROLLER Editorial Advisory Board Bob Birdsong OK Generators President Mark Brown Miami Heat VP of Sales Andy Cagnetta Transworld Business Brokers CEO Matt Dernis Fortune 360 Group Partner William O. Fuller Barlington Group Managing Partner Gerald Greenspoon Greenspoon Marder Co-managing Director Steven Gurowitz Interiors by Steven G. President Michelle Homoky Celebrity Cruises Director of Eastern Sales Rufus James Fort Lauderdale Executive Airport Airport Manager Michael Gorham Brown & Brown of Florida Executive Vice President Patrick Lee Shorecrest Construction CEO Alan Levan BBX Capital Chairman and CEO Rick Mancinelli C3 CEO Neil Merin Merin Hunter Codman Chairman Teddy Morse Ed Morse Automotive Group Chairman & CEO Sam Robbins National Jets President & CEO Pablo Pino TD Bank South Florida Market President Commercial Lending Steven Sadaka Steven Douglas CEO Rachel Sapoznik Sapoznik Insurance CEO Erik Sussman Mass Mutual CEO Jeremy Walls Miami Dolphins CMO SFBW Magazine 3511 W. COMMERCIAL BLVD. SUITE 200 FORT LAUDERDALE FLORIDA 33309 954.377.9470 FAX 954.617.9418 WWW.SFBWMAG.COM Manage Your SFBW Subscription Is SFBW arriving in your office with an outdated subscription label Contact Monica St. Omer at monica LMGFL.com or (954) 377-9473 to give us updated information such as a new executive or someone no longer with your organization. Visit sfbwmag.com to see our digital content and sign up for our weekly newsletter 2016 SFBW magazine is published by Lifestyle Media Group all rights reserved. SFBW is a monthly advertising magazine. All contents are protected by copyright and may not be reproduced without written consent from the publisher. The advertiser is solely responsible for ad content and holds publisher harmless from any error. 12 JULY 2017 www.sfbwmag.com SOMEWHERE IN THE WORLD RIGHT NOW THERE S A GENIUS HACKER PLANNING THEIR NEXT CYBERATTACK ARE YOU PROTECTED Connections For Business is the best Managed Services Provider for small and mid-sized South Florida Businesses. Let us protect what matters most your business 2843 Pembroke Road Hollywood Florida 33020 www.connections.com 954-920-9604 www.sfbwmag.com JULY 2017 13 ONE LINERS BROWARD IFly Fort Lauderdale an indoor skydiving simulator hosted its grand opening with a ribbon-cutting ceremony in Davie. New York developer Steve Witkoff is under contract to purchase the Weston Town Center for approximately 90 million. Cushman & Wakefield negotiated the 9.3 million sale of Executive University Courts an office complex at 4300 N. University Drive in Sunrise. Cushman & Wakefield sold a 23 129-squarefoot office complex in Hollywood for 6.3 million 2700 Hollywood Blvd. CREC and Lubert Adler Real Estate Funds sold Royal University Plaza a 10-acre shopping complex in Coral Springs for 48 million. Boardroom PR hired television news producer Lauren Berger as its account director. Building Better Communities commemorated its newly opened workforce townhouse community the Manors at Middle River in Fort Lauderdale. FirstLight Home Care a national nonmedical home care provider opened in Pembroke Pines. Fort Lauderdale nonprofit technology advocate and business facilitator Innovation Florida hosted Israel Consul General Lior Haiat at a recent board meeting and announced a partnership with Start-Up Nation Central a similar organization that s based in Tel Aviv. Car wash manufacturer Paul Fazio sold his Tamarac warehouse for 18.5 million to Boston s private equity firm Cabot Properties. Investor Moshe Popack purchased the 97 000-square-foot Executive University Courts in Lauderhill for 9.3 million. Emerald Palms Venture paid 33.4 million for a 318-unit affordable housing complex in Dania Beach at 5331 SW 43rd Terrace. Developer Stellar Homes Group plans to build a 197-unit apartment community in Dania Beach with construction set for late 2018. Broward Education Foundation hosted its fundraiser the Black & White Gala. Pictured are board member Tim Curtin administrative director of community services of Memorial Healthcare System Fort Lauderdale High School student Abigail Michele a scholarship recipient Shane Strum senior vice president of Memorial Healthcare System and Doug Harrison vice chairman of Memorial Healthcare System. Duke Realty negotiated the sale of the William Bill Kling Veterans Clinic in Sunrise for 49.7 million 9800 W. Commercial Blvd. Lauderdale-bythe-Sea reached an agreement to allow two property owners to construct building up to 15 stories tall exceeding the city s four-story limit. First Green Bank will establish its South Florida headquarters in Fort Lauderdale at 400 E. Davie Blvd. Southwest Airlines plans to begin international flights from Fort LauderdaleHollywood International Airport to several Caribbean destinations. Arc Broward and PNC Bank presented Delish 2017 a food wine and spirits fundraiser that generated more than 175 000 for the organization that serves the local disabled community. The Broward County Housing Authority promoted Peter Jannis previously the controller to chief financial officer. CycleBar Weston celebrated its grand opening with a ribboncutting ceremony at Waterway Shoppes in Weston. More than 300 000 was raised during the seventh annual Ultimate Software & Salah Foundation Present the La Croix South Florida Ford & Florida Panthers Foundation Walk Like MADD & MADD Dash Fort Lauderdale 5K. www.sfbwmag.com JULY 2017 15 16 JULY 2017 www.sfbwmag.com www.sfbwmag.com JULY 2017 17 ONE LINERS MIAMI-DADE A redevelopment is planned for Coconut Grove s CocoWalk along with a 78 000-square-foot Class A office building One Cocowalk. RealConnex a B2B platform for real estate professionals has partnered with the Miami Association of Realtors. Fernando Nicolau joined Merrill Lynch Wealth Management s Miami office as an international financial adviser. The Commonwealth Institute named Right Management led by CEO Maureen Shea as one of Florida s top 50 women-led businesses. AtWork a national franchisor of staffing services opened an office in Miami at 2500 SW 107th Ave. Boats Group an online boat marketplace will move its headquarters to Brickell from Norfolk Virginia. Sarasota s Progressive Employer Management Co. a human resources organization opened its 10th Florida location in Miami. Cushman & Wakefield negotiated Everest Business Funding s relocation and expansion in downtown Doral. International real estate firm Hines will develop a Class A office tower 110 10th at Miami Worldcenter. State Street Realty president George Pino was recognized by Ronald McDonald House Charities of South Florida as one of South Florida s Twelve Good Men. Midtown 8 a mixed-use development tower is under construction at 2901 and 2951 NE First Ave. in Miami s Midtown neighborhood. Eve at the District a residential development in Midtown Miami by architecture and design firm Stantec takes its name from a creation by artist Anna Sweet whose work is on display in the development s public spaces. Miami International Airport s celebration of World Trade Month was highlighted May 19 when Florida Gov. Rick Scott visited the nation s busiest international-freight airport for a news conference to announce Florida s April job growth numbers. Jeremy S. Larkin is the new chairman of NAI Global Members Leadership Board. Lalique entered a partnership with the St. Regis Bal Harbour to sell the world s most expensive macarons going for 9 703 they re presented in dahliashaped crystal keepsake boxes and come with an overnight stay at one of the new four-bedroom Sky Palace suites. Miami s EnviroStar a commercial laundry distribution company will acquire Denver s MartinRay Laundry Systems for 4 million and will run it under its current name as a wholly-owned subsidiary. The University of Miami appointed John Quelch a Harvard scholar and former dean of two business schools as its new dean for the School of Business Administration. Nearly 450 people gathered at Joe s Stone Crab on May 7 for the sixth annual Claws for Kids brunch that raised nearly 140 000 for the Boys & Girls Clubs of Miami-Dade. www.sfbwmag.com JULY 2017 19 Home is where your bed is Nothing beats the feeling of coming home to a bed you love. That s why we build every H stens bed completely by hand using sustainably-sourced natural materials giving you the secret to being truly well rested. Visit your nearest retailer and experience the difference. hastens.com BRICKELL MATTRESS 1030 SW 8 Street Miami FL 33130 Tel. 305-326-4000 Email Sales BrickellMattress.com JULY 2017 www.sfbwmag.com 20 Designers Welcome Where Your Passion for Your Business is Celebrated Fort Lauderdale The Greater of Commerce was Chamber founded as our community s first trade organization 107 years ago. Since that time the Chamber has worked in support of programs that strengthen companies and create a stronger community while promoting positive change. Become a member and EXPERIENCE BETTER BUSINESS today Visit FTLChamber.com join or call us at 954-462-6000 for more information. FTLCHAMBER.COM JOIN 512 NE 3rd Ave Fort Lauderdale FL 33301 Info FTLChamber.com 954-462-6000 www.sfbwmag.com JULY 2017 21 ONE LINERS PALM BEACH Photo by Gina Fontana Internet of things company Tap2Open won 25 000 from Florida Atlantic University s Tech Runway program. David Bowers of law firm Jones Foster Johnston & Stubbs received the Gerald T. Hart Outstanding Tax Attorney of the Year award from the Florida Bar s Tax Section. Cleveland Clinic will open a 7 400-squarefoot facility in Wellington expanding its regional footprint. Novation Settlement Solutions based in West Palm Beach received a bronze award in the 38th annual Telly Awards for its Second Chance video. PODS a moving and storage company and Terminix a pest control organization will occupy space at West Palm Beach s Turnpike Business Park. Palm Beach Atlantic University announced the appointment of Nathan Lane as associate provost for instruction. Scripps Research Institute science professor Matthew Disney was named a finalist in the Blavatnik National Awards for young scientists. Barry Steven Temple Beth El of Boca Raton broke ground on its 11 million renovation and expansion of Schaefer Family Campus. More than 100 community members gathered in support of Feeding Palm Beach during its Wine in the Warehouse social in Boynton Beach. GliddenSpina & Partners senior project manager Gabe Jaroslavsky has joined the city of West Palm Beach historic preservation board. Michael V. Mitrione co-chair of the corporate practice of Gunster law firm has been appointed as chairman of the board of Quantum House which provides support for families of children receiving treatment for serious medical conditions. The Realtors Association of the Palm Beaches and the Greater Fort Lauderdale Realtors will merge combining 25 000 members into one group--Realtors of the Palm Beaches and Greater Fort Lauderdale. Delray Beach s Alternative Home Health Care hired Sonia Carestio as its Palm Beach County market manager. Singer Celine Dion sold her 5.7-acre oceanfront home on Jupiter Island for 28 million which was listed for 72.5 million in 2013. Eliot Goldstein joined NAI Merin Hunter Codman in as a commercial real estate associate. Florida Atlantic University released a study indicating that corporate social responsibility does not improve companies bottom lines. www.sfbwmag.com JULY 2017 23 24 JULY 2017 www.sfbwmag.com Did someone say SECOND CHANCE RYAN LOCHTE Twelve-Time Olympic Medalist GET YOUR SECOND CHANCE visit Debt.com today or call 800.810.0989 www.sfbwmag.com JULY 2017 25 26 JULY 2017 www.sfbwmag.com COVER STORY Epic Battles Prominent banker attorney win fights with SEC class-action attorneys BY KEVIN GALE PHOTOGRAPHY BY DOWNTOWN PHOTO When the U.S. Securities and Exchange Commission brings a civil case most companies opt to settle rather than fight. Writing a settlement check is just another cost of doing business. Not Alan Levan though. With his reputation at stake the chairman and CEO of BBX Capital and former CEO and chairman of BankAtlantic Bancorp piled up 20 million in legal bills while successfully fighting the SEC and class-action attorneys. It s not the first time Levan and his longtime attorney Eugene Stearns of Miami s Stearns Weaver Miller have been involved in high-profile cases. Levan once sued ABC News. Levan and Stearns gave a 90-minute interview to SFBW two weeks after a federal jury rejected all the remaining SEC civil fraud claims against Levan and BankAtlantic which followed a second trial. How unusual was it for Levan to fight back BankAtlantic is among 20 institutions listed on an SEC webpage for allegedly making misleading disclosures to investors about mortgagerelated risks and exposures. Fifteen of the institutions have settled according to the site which was last updated in October. The website indicates only two other executives took their cases to court and prevailed. LONGTIME RELATIONSHIP Levan and Stearns met in 1972 a year after Levan founded IRE Financial. IRE stood for Investment Real Estate. Levan started out buying foreclosed properties in the late 1960s and Stearns represented him on a 448-unit foreclosure in Doral. www.sfbwmag.com JULY 2017 Alan Levan 27 COVER STORY In November 1991 ABC s 20 20 program ran a segment that alleged Levan had unfairly treated fellow investors in real estate limited partnerships who filed suit. Levan said the reality was that changes in tax policy under President Ronald Reagan hurt the real estate field and the value of the partnerships. Levan s strategy was to roll up the partnerships and buy bonds in BankAtlantic with the goal of salvaging value so that investors wouldn t take any losses. 20 20 decided they were going to do a story and created somewhat of a feeding frenzy in the press that was negative. The only way we could stop the feeding frenzy was to go after the largest defendant we could find which was ABC Levan says. A federal jury got to see some juicy internal correspondence at ABC. Discovery found internal documents that said Mr. Levan doesn t want to cooperate and be on camera so let s make him look really really bad Levan says. Stearns had dealt with ABC during the reporting process and ended up being called in as a witness while one of his partners represented Levan. ABC s attorney told the New York Times that its defense planned to rely on a case the real estate investors brought against Levan and BankAtlantic. However Levan settled out of court in 1992 and ABC was barred from introducing any evidence from that case. The jury in the ABC case awarded Levan 8.75 million in damages but an appeals court overturned the case. It said ABC didn t act with malice which is a standard in libel cases involving public figures. There s a direct link between Levan s attitude toward the ABC case and how he reacted to the SEC nearly two decades later. When you relate that to the SEC case-- when you think of all the negative press we received from the ABC case--we refused to settle it because we wanted the full exoneration and to show how ridiculous the case was. Unless we had gone to trial and got a total victory which is what we did there was always the risk that someone might have suggested that we settled it or did something to make it go away he says. The footnote to the saga Levan says is investors who stuck with his roll-up plan got back a multiple of their original investment. SOFT REAL ESTATE MARKET Levan s real estate background provided the expertise to make real estate lending one of the cornerstones of BankAtlantic. Levan s partner John Jack Abdo the vice chairman of BBX and former vice chairman of BankAtlantic Bancorp has been a developer and property manager since 1967 building more than 5 500 residences. Levan says BankAtlantic was one of the first institutions to publicly warn of the softening real estate market before the Great Recession but it turned into a kill-themessenger situation. BankAtlantic strived to maintain a conservative approach to lending Levan says. An example came in 2003 and 2004 when Abdo was telling him stories about all the speculation and flipping in the condominium market. What was happening in 2003 is you would talk to a cab driver or a beautician who was putting their last dollar into buying condos and making flips of 50 000 or 100 000. We did not believe Jack and I that that was sustainable Levan says. In 2004 they received some criticism when they decided to not add to a 600 million high-rise construction loan portfolio. By 2007 when the crash actually hit we had gotten back all of our 600 million in the normal course of the developers selling condos and closing Levan says. We recognized from a banking standpoint that the way to get through a recession was to first recognize your issues and maintain strong capital and liquidity in the bank he says. The bank continued to tighten credit requirements in late 2006 and into 2007. In a July 25 2007 second-quarter conference call Levan said he was concerned about loans to builders given the state of flux and turmoil in the housing market but he wasn t concerned about other asset classes. After France s BNP Paribas froze 2.2 billion worth of funds on Aug. 9 2007 over worries about subprime mortgages BankAtlantic started going through its loans further to see if there were more potential problems. BNP s action was one of the precipitating events that led to banks being afraid to do business with each other and banks tightening lending to homebuilders. On Oct. 25 2007 BankAtlantic reported a 29.6 million third-quarter loss from continuing operations citing the deteriorating residential real estate market. Shares dropped from 13.55 to 11.55 the next day. None of the national banks or local banks reported the same kinds of issues. We just couldn t understand why Levan says. CLASS-ACTION SUITS Within four days the class-action suits started raining down on the bank. One alleged the bank understated its reserves from Nov. 9 2005 until Oct. 25 2007. That allegedly caused some investors to make bad decisions in buying BankAtlantic stock. Within days we get a class action then five class actions Levan says. Shortly after the class-action suits were filed the SEC started investigating BankAtlantic. To help its lawsuit move along the class-action attorneys needed to show that BankAtlantic executives had failed to disclose problems within its loan portfolio and set aside reserves to cover them up. Before the trial began U.S. District Judge Robert Scola Jr. ruled that Levan misled investors in three sentences during the second-quarter conference call when talking about loans that weren t part of the troubled builder loan portfolio. One of the sentences was But to our knowledge and--in just thinking through--there are no particular asset classes that we re concerned about other than that one class. Levan and Stearns say that singling out three sentences amid the mountain of disclosures the banks made including SEC filings was absurd. The jury found that from April 26 to Oct. 26 2007 BankAtlantic made eight false statements which the jury said caused damages of 2.41 a share to shareholders in the class action. 28 JULY 2017 www.sfbwmag.com Eugene Stearns However U.S. District Judge Ursula Ungaro overruled them. An appeals court agreed saying the evidence didn t allow the jury to separate how much impact the bank s statements might have had on the decline of the stock price compared to how much the general downturn of the real estate market hit the share price. The appeals court found that BankAtlantic did warn about the real estate market--and investors in any bank with a significant commercial real estate portfolio would also have had a significant loss. Levan and Stearns thought that the victory in that case would signal to the SEC that it didn t have a case. Instead the SEC took them to trial. Stearns says he was frustrated during the trial because the SEC never seemed to acknowledge the impact of the financial crisis and the housing market. They mentioned not a single word. They tried to keep me from mentioning it. The cause of the problems had nothing to do with BankAtlantic. It was external forces Stearns says. The judge in the SEC trial took the same stance as the initial judge in the classaction suit and proclaimed the sentences false instead of letting the jury decide. Stearns recalls an appeals judge later asking an SEC attorney if there was any evidence that the sentences were false. She says Well a prior judge entered an order. Are the words false I can t tell you. The appeals judge ruled that the issue about the three sentences should have been up to the jury to decide. A bar against BankAtlantic s accounting firm testifying was also rejected. In the final trial the jury did not find that the three sentences were false. On May 8 the saga finally ended with a jury deliberating about five hours on a complex case and rejecting the SEC s claims. Stearns looks back at the initial classaction case and expresses dismay at what he sees as an overly cozy relationship between class-action attorneys and the SEC. They coordinate discovery and attacks openly and notoriously he says. It s no secret plaintiff lawyers say We can make a deal that includes the SEC. The threat is you pay up get your insurance company to pay millions of dollars. This time however the millions in insurance will be used to cover a successful legal defense. www.sfbwmag.com JULY 2017 29 Cooking Up Success CHEF CO-FOUNDER PETER BOULUKOS PLAYS KEY ROLE FOR THE RESTAURANT PEOPLE BY ANDREA RICHARD eter Boulukos has a lot going on. The executive chef culinary director and co-founder of The Restaurant People oversees and tailors the menus at many of Fort Lauderdale s most successful restaurants and is in the middle of developing a handful of new concepts. 30 JULY 2017 www.sfbwmag.com HOSPITALITY Spatch s Grilled Peri Peri Chicken The outside lounge at Yolo on Las Olas Bouelvard www.sfbwmag.com JULY 2017 31 HOSPITALITY My first job was when I was around 13. I was a dishwasher in a Chinese restaurant he recalls with a laugh. Nothing in a Chinese restaurant stacks so you had to be very methodical. And then he worked his way up in the kitchen from the back of the house to the front. He recounts that his coworkers didn t have facial hair because of the dishwasher s heat. Not a guy in there had eyebrows he says. He eventually took his experience up a notch and got a job at a French restaurant on the North Shore making 10 a day just to learn he says. The restaurant business was in his blood. My father had a small shop that his dad started he says. It was called the Boulukos Tea Room and it was a luncheonette. They made ice cream and confectionaries. My mom delivered ice cream for the tea room and worked in the hotel business in the executive offices as secretary and then as an administrative assistant. My father passed away when I was 16 so I never worked for him. He went off to the Culinary Institute to study the techniques and the foundation for cooking. Among his notable career stops he worked as the executive chef at The Mad Hatter in Sanibel Island Mia Spia in Atlanta and Maxaluna in Boca Raton. A few years ago the star-studded Food Network s South Beach Wine and Food Festival tapped Boulukos as the head chef to lead its expansion into Broward County with a series of events. In the 1988 he began working for the James Beard Foundation Award-winning chef Mark Militello whose Mark s Place in North Miami Beach gained national attention and a popular following for its fine dining with a nightly changing menu feauring a blend of Floridian Caribbean and Mediterranean fare. That s where he met Petrillo who bartended there. In 1994 Militello opened Mark s Las Olas where Boulukos served as the executive chef. The two spots have since shuttered. Success came full circle. When I first came to first Fort Lauderdale I had a small apartment two blocks away from where S3 is. I always had roommates so we could cut the rent down and whatnot. We rented month-to-month. I Boatyard offers waterfront dining Tilted Kilt will be transformed into a beer garden called Township So right now I think we have over 300 active menu items in our stores--between banquets party menus and brunch menus Boulukos says. Founded more than two decades ago TRP has redefined Fort Lauderdale s dining scene with Tarpon Bend Food and Tackle Boatyard Yolo and S3 and counting. TRP is a partner in the Spatch Grilled Peri Peri Chicken fast-casual restaurant on North Federal Highway. In addition they have partnered with Riverside Market s Julian Siegel and Native Brewing s Adam Fine to establish New River Brewery. TRP also has influenced the city s fickle nightlife scene with O Lounge and Vibe. Boulukos understanding of menu curation and pairing flavors has built a loyal following. But he also is a chef with a solid business acumen. There are a thousand details that go into creating a restaurant experience he says. Boulukos joined forces with restaurateur Tim Petrillo and Alan Hooper a construction and real estate developer and in 1996 opened Himmarshee Bar and Grille in Fort Lauderdale s nightlife district. I met Tim prior at Mark s Place in North Miami. And Alan was somebody that Tim knew who was involved in construction Boulukos says. Alan does all the construction with the new restaurants and he does construction and development projects on the outside. Boulukos said they changed the menu at Himmarshee Bar and Grille nightly--an intense and laborious undertaking but the the neighborhood at the time went from a restaurant destination to more of a bar district that helped lead to its closure. The trio since has grown a stable of popular local restaurants and night clubs in an industry fraught with failure. He wasn t the typical chef. He had great talent and knew how to control costs Petrillo said in a 2016 profile posted on SFBWmag.com. The Long Island-native studied at the Culinary Institute of America in Hyde Park New York after growing up in the restaurant business. His uncles owned diners in his hometown and he would work summer gigs there. Oh my God those guys are unbelievable. They were probably there 20 hours a day he says. That s how I grew up. I was always working. 32 JULY 2017 www.sfbwmag.com HOSPITALITY Vibe Las Olas Ultra Music Lounge has DJs and a lively crowd was there for three years he says. That was 1983. More than decades later he opened S3 in 2015 in the Hilton Fort Lauderdale Beach Resort. Location is everything. I think once we find a great location we tailor what we think fills the need for that location he says. You get a beautiful view of the ocean. ... And at the time nobody in Fort Lauderdale was doing a sharing concept where you could go in and have multiple plates and experience different cuisines. While location is integral TRP s precise and refined service is important too. Our biggest value is the guest above all else he says. We over deliver. He also attributes hiring the right people and having a clear vision as a recipe for success. I think a lot of people get into the business because they have a romance with it he says. And they think Well maybe I like to entertain at home. I m a pretty good cook at home and now I want to translate that into a restaurant. And some people are able to pull it off but it s a huge amount of dedication that has to go into that--the amount of hours and now you re managing people. You re directing. It s a bigger undertaking than I think a lot people understand. And a lot of times they are undercapitalized he explains. To develop a vision he recommends spending time in the business and finding a love for it before owning a place. You have to go on restaurant time not your own pace he says. If you have somebody out sick and don t have people on the grill station you have to figure it out. If you are open and a delivery doesn t come you have to figure it out. We don t close the restaurant because of these curveballs. You ve got to work around it. But even restaurant veterans see setbacks. Take for instance the closing of the group s meatball restaurant Fork and Balls. It was a tough and very narrow concept for here he says. We had great people who loved it but--it wasn t quite enough. It got to the point where we tried to make healthier choices. We had over 12 different types of meatballs so we really expanded from what the original concept was. Looking back he says the group shouldn t have gone with meatballs and opted instead for more of an Italian theme. Today TRP is expanding with new places--all currently under construction--at Andrews Avenue and Las Olas Bouelvard an upscale rooftop bar with garden features on the eighth floor at 1 Las Olas a chef-driven space to invite chefs from all over to host dinners and use as a test kitchen for themed events called TRP Taste on the ground floor which also will serve food at the rooftop lounge and next door converting a former Tilted Kilt into a beer garden called Township. TRP already has one Township with partners in Tallahassee. With these new venues TRP will have a cluster of restaurants and nightlife spots within walking distance along Las Olas Boulevard and Southwest Second Street downtown. There s going to be a connection to that area when they redevelop Las Olas Riverfront he says. There s going to be housing there. In the restaurant industry the building blocks to success come with sacrifices. At the end of the day it s really about having a love for doing it he says. To come in and sacrifice so many things including your personal life. For me and my family and my wife she basically brought up my daughter. There were times when we didn t see other for six days. An eight-hour day feels like a halfday now. www.sfbwmag.com JULY 2017 33 It s Simple R3 2 1 16 34 JULY 2017 www.sfbwmag.com INSIDE THE GATES GOLFING PARADISE A look at some of the top courses in South Florida BY MARTIN LENKOWSKY THERE S AN ABUNDANCE OF GOLF COURSES IN SOUTH FLORIDA but which ones are the best SFBW wanted to find out so we looked at top courses as rated by Golf Digest Golf.com and the U.S. Golf Association. Options range from exclusive member-only courses high-end resorts to a public course on Key Biscayne that s owned by Miami-Dade County. One factor in how a course is rated is its USGA slope ratings--a mark that describes the measure of difficulty for a bogey golfer relative to a scratch golfer. SFBW contacted the top-ranked courses to confirm the information provided about each listing. Those responding to our information requests are presented. Loxahatchee Club INSIDE THE GATES THE BREAKERS PALM BEACH (OCEAN COURSE) Holes 18 Par 70 Slope 127 Length 6 167 yards Course design Brian Silva (2000) Contact 561.659.8466 thebreakers.com JUPITER HILLS CLUB BREAKERS WEST WEST PALM BEACH (REES JONES COURSE) Holes 18 Par 72 Slope 140 Length 7 104 yards Course design Rees Jones Contact 561.653.6320 thebreakers.com TEQUESTA Holes 18 Par 72 Slope 152 Length 7 344 yards Course design George and Tom Fazio Contact 561.746.5151 jupiterhillsclub.org THE LOXAHATCHEE CLUB CRANDON GOLF AT KEY BISCAYNE JUPITER Holes 18 Par 72 Slope 153 Length 7 531 yards Course design Jack Nicklaus Contact 561.427.1270 theloxahatcheeclub.com Holes 18 Par 72 Slope 151 Length 7 295 yards (championship course) Course design Bruce Devlin and Robert Von Hagge Contact 305.361.9129 golfcrandon.com NORMANDY SHORES GOLF COURSE EMERALD DUNES GOLF CLUB WEST PALM BEACH Holes 18 Par 72 Slope 146 Length 7 218 yards Course design Tom Fazio Contact 561.687.1700 emeralddunesclub.com MIAMI BEACH Holes 18 Par 71 Slope 129 Length 6 805 yards Course design Arthur Hills Contact 305.868.6502 normandyshoresgolfclub. com NORTH PALM BEACH COUNTRY CLUB NORTH PALM BEACH Holes 18 Par 71 Slope 140 Length 7 071 yards Course design Jack Nicklaus Contact 561.691.3433 village.npb.org OLD MARSH GOLF CLUB PALM BEACH GARDENS Holes 18 Par 72 Slope 152 Length 7 215 yards (tour tees) Course design Pete Dye Contact 561.626.7400 oldmarshgolf.com Trump International West Palm Beach 36 JULY 2017 www.sfbwmag.com YOUR SUMMER OASIS AWAITS. ENJOY UNLIMITED GOLF GREENS FEES TENNIS A ONE HOUR FLOWRIDER SESSION AND KIDS EAT FREE A modernized Mediterranean Resort Village spanning over 300 acres Boca Raton Resort & Club A Waldorf Astoria Resort has every imaginable amenity. This summer enjoy the half-mile private beach 13 bars & restaurants and award-winning spa while the kids enjoy Quest Club Camp and endless beach and water activities. Book the Best of Boca package with rates starting from 274 night. For reservations call 561.447.3000 or visit BocaResort.com. bocaresor t bocaresor t B O C A R E S O R T.COM 2017 Hilton Worldwide Subject to availability. Inclusions only applicable when booking the Best of Boca Package which is available at www.bocaresort.com and by calling 88-543-1277. When calling ask for promo code P7 to receive the listed inclusions. Inclusion details Unlimited Golf Greens Fees does not include cart fee of 35 Kids Eat Free is from the children s menu at select restaurants only including Palm Court and Seagrille for breakfast and 501 East for lunch and dinner. FLOWRIDER wave simulator vouchers will be provided at check-in one voucher per person per day valid for one hour riding session on the FLOWRIDER. Daily Resort Charge of 30 will be added to the room rate www.sfbwmag.com JULY 2017 and includes Internet access 2 welcome drinks at Monkey Bar services on our private beach including chairs & beach towels Mizner s Quest discovery tour 2 fitness centers golf driving range use domestic long distance calls. 37 INSIDE THE GATES INSIDE THE GATES TRUMP INTERNATIONAL GOLF CLUB WEST PALM BEACH (CHAMPIONSHIP COURSE) Holes 18 Par 72 Slope 155 (back tees) Length 7 326 yards (longest tees) Course design Jim Fazio Contact 561.682.0700 trumpinternationalpalmbeaches.com TRUMP NATIONAL DORAL GOLF CLUB DORAL (BLUE MONSTER) Holes 18 Par 72 Slope 139 Length 7 590 yards Course design Gil Hanse Contact 305.592.2000 trumpgolfdoral.com Normandy Shores TRUMP NATIONAL GOLF CLUB PALM BEACH GARDENS Holes 18 Par 72 Slope 138 Length 6 503 (green tees) Course design Ray Floyd Contact 561.472.5120 oldpalmgolfclub.com OLD PALM GOLF CLUB JUPITER Holes 18 Par 72 Slope 149 Length 7 531 yards Course design Jack Nicklaus Contact 561.691.8700 trumpnationaljupiter.com TURNBERRY ISLE MIAMI SEMINOLE GOLF CLUB JUNO BEACH Holes 18 Par 72 Slope 145 Length 6 836 yards (golden tees) Course design Donald Ross Contact 561.626.0280 no website AVENTURA (SOFFER COURSE) Holes 18 Par 71 Slope 149 Length 7 047 yards Course design Ray Floyd (original Robert Trent Jones Sr.) Contact 305.933.6929 turnberryislemiami.com WOODFIELD COUNTRY CLUB BOCA RATON Holes 18 Par 72 Slope 140 Length 7 074 yards Course design Joe Lee and Bob Cupp Contact 561.994.1000 woodfield.org COUNTRY CLUB AT MIRASOL PALM BEACH GARDENS (SUNRISE COURSE) Holes 18 Par 72 Slope 144 Length 7 332 yards Course design Tom Fazio Contact 561.776.4949 mirasolcc.com 38 JULY 2017 www.sfbwmag.com www.sfbwmag.com JULY 2017 39 40 JULY 2017 www.sfbwmag.com www.sfbwmag.com JULY 2017 41 SOUTH FLORIDA EXECUTIVE ROUNDTABLE Moderator Tom Hudson and panelists Rick A. Kuci Jr. Kal Mistry Ed Wegel and Scott Decker The Talent War Top executives discuss their most important asset their employees BY ANDREA RICHARD In continuing the conversation on talent acquisition and retention a panel of C-suite executives from health care aviation banking and technology fields gathered in May at the Peacock Garden Caf in Coconut Grove. One CEO called it--as many have-- the talent war. Another executive divulged that competing companies consistently poach her company s personnel. Loyalty is lax in this economy says one panelist and what keeps a staff member engaged might be a small gesture such as a personalized email along with a coffee gift card. The executive roundtable is an invitation-only luncheon and SFBW serves as the exclusive media sponsor. The moderator was Tom Hudson vice president of news for WLRN television and radio. The panelists Rick A. Kuci Jr. Grove Bank & Trust president and CEO. Kal Mistry Vitas Healthcare chief administrative officer and executive vice president. Ed Wegel AVi8 Air Capital co-founder and president. Scott Decker MDLive CEO. How s business been Mistry Seeing lots of growth. I think South Florida has so much to offer. Wegel South Florida s aviation is a major growth sector. The Miami International Airport is the second international gateway in the U.S. after John F. Kennedy International Airport in New York. Kuci We are very bullish on Miami. The bank has been around for 90 years so we ve seen Miami in its infancy when there were 100 000 people. Miami and South Florida are very attractive to the entire East to the millennials who want to come to South Beach to the hedge funds and large corporations that want to relocate in a business- and tax-friendly state. We have two banks coming out of Arkansas that are buying banks in Florida. We have a bank from Louisiana coming into South Florida Spanish banks even. People want to become a 42 JULY 2017 www.sfbwmag.com part of our business community. New ideas new companies. We love seeing it. Tell us about innovation and how your company is driving it. Decker Every day we come to work trying to think about the consumer s end in health care and how we can make life easier for them. We are a very disruptive company and we think about change every day. We have something we call the change pie and basically everybody has a wheel on their desk that says What am I going to change next to make this company better It s changing all the time. We have a very dynamic pie machine. It s a philosophy which I love that the status quo is not going to cut it. Every day you re measured on what you are changing. Mistry I used to think before I joined the company that hospice was a place for people when they die. The team meets twice a week to review all the charts of the patients and discuss what their needs are and they share ideas. Innovation starts right there. The aim is to provide the highest quality of care. Several years ago we brought in tablets for our nurses physicians and sales force. We found out that people were not adapting well to them since it was hard to sync the data to the main servers and hard to use. As a result through this failure we ve learned from our mistakes. Kuci In any business innovation is essential and we ve got to change with the times. How many people make deposits via their phone We are constantly listening to our clients needs and keeping abreast of trends. Wegel It s an interesting irony in that disruptive technologies have been taken for granted. Think about how you bought an airline ticket 30 years ago. Today two hours before a flight you can get your boarding pass which is sent to your smartphone. How do you attract talent Mistry As health care continues to grow we are in a very competitive period. The biggest challenge we face is talent acquisition. We differentiate ourselves to bring talent to our company. First of all I think it s important to develop a culture within the company that people can resonate with. That s one thing we have as an advantage since we were founded. We take care of each other. The founders made a clear mission and a culture and taught all the employees to remember it. It s a culture of appreciation and caring. We have a new-hire toolkit that comes with a booklet and a CD with messages from our executive team. Also we find out why people are leaving and why people stay so we can prevent people from leaving. But we face aggressive competition with hospital systems for example trying to poach our employees. How do you really keep your employees It s something we are always thinking about. Decker I call it the talent war. For one as leaders we have to listen first because we have a multi-generational and multicultural workforce where one generation may not appeal to another. We are constantly trying to stay abreast to what they want to see whether it s training a Starbucks gift card a free day off or a happy hour on a Friday. It s those little things that show you care that go a long way. Wegel In our changing economy we found that the loyalty factor has diminished. People will quit for more reasons today than they did before. So the way we lead and manage employees has changed now because of their perception of how we are supposed to be. Where do employers go wrong with the talent wars Decker The thing I ve come to appreciate over the years is you really have to personalize the business. Every Sunday I spend an hour or two writing emails about what happened last week and the things I m working on. I constantly think about how I can make my employees feel more connected. It is much harder now because people worked at a company for a lifetime. Wegel I do the same thing send out an email each week going over things we ve done. The staff needs to feel a connection to a company and that full communication gives them that transparency so they know what s going on. Mistry We have a company newsletter filled with stories about employees and patients and it also includes important information that employees need. We also publish a wellness newsletter so that s one of the ways we communicate. And it needs to come at the local level. Managers need to talk to employees and communicate the messages on at least a bimonthly basis. And from our experience that s helped keep people engaged. www.sfbwmag.com JULY 2017 43 S P E C I A L M A R K E T I N G F E AT U R E KELLY SMALLRIDGE THE HEART OF PROGRESS IN SOUTH FLORIDA Right now the eyes of the world are on Palm Beach. With the new focus on Mar-a-Lago news reports are showcasing this beautiful area graced with palm trees and surrounded by the ocean and the Intracoastal Waterway. Amongst the natural beauty of our area Palm Beach County finds itself as the host to major national and international discussions. What s most exciting about this region though is happening beyond the television news cameras. It s a golden era as Palm Beach County is emerging as one of the most desirable places to live raise a family and start and build a business. During the past five years the BDB has assisted companies that have created more than 13 000 direct jobs with average salaries greater than 68 000 resulting in more than 627 million in capital investment to Palm Beach County and an economic impact that exceeds 6.95 billion. Our business-friendly tax structure diversity proximity to a major international airport and executive airports access to art and culture and desirable lifestyle are attracting companies in life sciences technology aviation aerospace and engineering business and financial services corporate headquarters and distribution and logistics all growth sectors in our nation s economy. So many regions of the country are competing for economic development and it s critical that we continue to reward jobcreation with incentives that ensure our citizens economic well-being. But what makes Palm Beach County so special goes beyond the obvious. The transformation that is happening in Palm Beach County is no fluke it s a result of hard work and most important a shared vision for our future. Environments where businesses and jobs can grow are being carefully created and nurtured behind the scenes by partnership and collaboration among key business government and educations leaders. The kind of progress and job growth we ve achieved takes a true desire to make things better and improve lives. Simply put it takes heart. When university presidents elementary and middle school leaders research organizations and companies join together with the local government and community groups amazing things happen. For example the Business Development Board has created Task Forces to focus on the industries that we want to attract. These Task Forces include representatives of the entire business and community ecosystem all working in concert to build an environment where businesses can thrive. Our Life Sciences Advisory Council is composed of research organizations universities companies investors government officials and Palm Beach County companies -all coming together to create a bench to bedside ecosystem to nurture young companies expand existing companies foster entrepreneurs and develop a skilled workforce. They are gathering with a purpose to attract and support businesses that will transform ideas into world-changing technologies. Students are trained for the real world companies grow research is conducted young spinoffs are mentored and paired with venture capital existing companies are attracted by the entrepreneurial environment. Similar groups are working to create a fertile ground where technology aerospace and financial services companies will thrive. The Palm Beaches have signaled to the world that we are open to innovation and endless potential. Relocating companies pick up on our sense of purpose and the entire community s dedication to helping their businesses thrive. Chris Jamroz president and COO of GardaWorld Cash Services in Boca Raton which moved to Palm Beach County during 2011 describes the power of our partnerships saying What captivated our hearts was the cohesive approach of the state county and cities in working together and with all our local stakeholders to ensure that we were doing all we could do ensure that this is the best possible place for the company to put down roots. Palm Beach County stands out with a powerful shared vision of the future. By working together we are attracting new business investment helping our local companies grow diversifying our economy and creating new jobs and career opportunities for Palm Beach County residents. Kelly Smallridge President and CEO Business Development Board of Palm Beach County 44 JULY 2017 www.sfbwmag.com SPECIAL AWARDS SECTION SPECIAL AWARDS SECTION www.sfbwmag.com JULY 2017 45 FROM THE CHAIRMAN 2017 up & comer awards Welcome to the fourth SFBW Up & Comer Awards program celebrating the top achievers under the age of 40 throughout South Florida. The awards focus on their achievements in the workplace and in their charitable and civic contributions. Many of our honorees have already made their mark in senior-level positions or are on the fast track to do so. The professionals recognized in the following pages were nominated by members of the community. We specifically asked to learn about those who have demonstrated an overall commitment to South Florida. We received hundreds of nominations for Up & Comers through our website. The results were evaluated by our editorial team led by Editor-in-Chief Kevin Gale. A big thanks to our sponsors who are instrumental in enabling us to produce the Up & Comers awards program Presenting Sponsor MassMutual South Florida Gold Sponsors Optime Consulting Thierry Isambert Culinary & Event Design and Xtreme Action Park This fall we will have our fourth annual Apogee Awards which honor C-level executives. For more information visit SFBWmag.com. SFBW wants to do more than just cover South Florida. We want to be a part of it. Thank you for joining us in the celebration of the best our community has to offer. Gary Press Gary Press Chairman and CEO SFBW and Lifestyle Media Group 46 JULY 2017 www.sfbwmag.com Congratulations. Please join MassMutual South Florida in congratulating all of the amazing nominees honorees and finalists for the 2017 Up and Comer Awards. As a proud supporter of the community we know the importance of recognizing the next generation of young professionals who will accomplish something that truly matters. MassMutual South Florida is the presenting sponsor of the Up and Comer Awards (honoring young professionals who have achieved excellence in their careers and a commitment to their local community). Erik Sussman CLU ChFC CFP President and CEO MassMutual South Florida 1000 Corporate Drive Suite 700 Fort Lauderdale FL 33334 954-689-9442 www.southflorida.massmutual.com LIFE INSURANCE RETIREMENT 401(K) PLAN SERVICES DISABILITY INCOME INSURANCE LONG TERM CARE INSURANCE ANNUITIES Insurance Representative of Massachusetts Mutual Life Insurance Company (MassMutual) Springfield MA 01111-0001 and its affiliated US insurance companies. Local sales agencies are not subsidiaries of MassMutual or its affiliated companies. Agency Officers are not officers of MassMutual. Insurance products issued by MassMutual (Springfield MA 01111) and its subsidiaries C.M. Life Insurance Co. and MML Bay State Life Insurance Co. (Enfield CT 06082). CRN201802-176383 www.sfbwmag.com JULY 2017 47 2017 UP & COMERS Accounting Banking Construction WINNER Alexander Binelo CPA principal audit department MBAF WINNER Golden Johansson Vice president office executive Legacy Bank of Florida Colleagues say people who meet Johansson are drawn to her upbeat and welcoming personality. They call her hard-working ambitious and someone to look for in the community. She s affiliated with the National Association of Women in Construction the chambers of commerce in Fort Lauderdale and Parkland the Parkland Education Advisory Board (directly appointed by the mayor) and the Parkland Relay for Life. FINALISTS Elliot Gilfarb Senior portfolio manager Community Capital Management Joaquin Medina Vice president and market team leader Apollo Bank Nikki Morley Vice president and project manager enterprise business & community engagement Bank of America Antonio Tomaro Vice president and private client adviser J.P. Morgan WINNER Michael Joslyn Project manager Suffolk Construction Joslyn manages and coordinates all necessary resources throughout a project s lifespan. He ensures safety budgetary and schedule guidelines are met or exceeded. He started at Suffolk as an intern and worked his way up through the company s Career Start program. He attended The Citadel. He has worked on numerous award-winning projects that have changed the South Florida skyline including Met Square in Miami. He also is a speaker and facilitator for industry events. FINALISTS Ryan Bridger Director of business development Hedrick Brothers Construction Kar Ho Manager of building information management and virtual design and construction Current Builders Alex Lazowick Project engineer Keith & Associates Binelo has been in the accounting profession since 2003. He serves as MBAF s health care audit practice leader. Previously he worked for a Big Four firm in its international executive service tax department. His professional affiliations include the American Institute of Certified Public Accountants and the Florida Institute of Certified Public Accountants. His civic involvement includes memberships in numerous organizations. He received his master s degree in taxation at Florida International University. FINALISTS Melinda Mergelsberg Manager of forensic advisory and valuation services Kaufman Rossin Diana Rivera CPA CPMA director in the audit department MBAF Eric Santa Maria CPA ABV CFF CAA Verdeja DeArmas Trujillo Brian Schlang CPA director of the tax and accounting department MBAF 48 JULY 2017 www.sfbwmag.com w w w . t h i e r r y i s a m b e r t . c o m www.sfbwmag.com JULY 2017 49 2017 UP & COMERS Education Finance Health Care WINNER Adriana Fazzano Ficano Chief of staff and associate vice president of corporate relations Broward College An Amherst College graduate and a Coral Springs native she was a Fulbright Scholar in Italy in 2009. After that she taught history in Jacksonville then spent six months in Colombia as a part-time translator for a law firm while volunteering at an elementary school for impoverished children. In 2013 she began working for Broward College where she oversees management of community relations and more. FINALISTS Andrea Catsicas Founder and president Mindworks Prep Scott Kjelson Director of student transitions College of Pharmacy Nova Southeastern University WINNER Andrew Costa Managing director and co-founder Global Wealth Management Costa was a freshman at Florida State University when his parents lost more than half of their retirement savings from the stock market tech bubble burst. Concern for his parents sparked his decision to get a degree in finance. He started Global Wealth Management in 2010 with business partner Grant Conness focusing on conservative retirement planning. The firm has grown from one employee in 2010 to 17 this year managing more than 250 million in assets. FINALISTS Jason Heller Investment and annuity specialist MassMutual South Florida Victor Hernandez Executive director J.P. Morgan Alex Horn Managing partner BridgeInvest Josue Leon Partner New York Life Insurance Company WINNER Justin Irizarry Co-founder and CFO OrthoNow With a bachelor s degree in economics from Cornell and an MBA from Wharton Irizarry has been an adviser and leader for organizations in the education information digital real estate medical and technology industries. He joined OrthoNow in 2010 and cofounded the franchise with physician Alejandro Badia. In addition to his role as CFO Irizarry is director of operations for OrthoNow in Doral focused on delivering cost-effective orthopedic care. FINALISTS Melissa Christopher Manager clinical effectiveness case management and social services Memorial Healthcare System Aaron Epstein President Global Surgical and Medical Support Group Michael Kuang Owner Syphon Fitness 50 JULY 2017 www.sfbwmag.com Congratulations. You ve earned admiration and respect. Congratulations to Jason Heller Investment Advisor Specialist at MassMutual South Florida one of the finalists of the Up & Comer Awards created to honor young professionals who have achieved excellence in their careers. As a proud supporter of the community we know the importance of recognizing young leaders who accomplish something that truly matters. Congratulations from the MassMutual South Florida team to all the finalists. Jason Heller CFP ChFC CLU MSFS CIMA Investment Specialist 1000 Corporate Drive Suite 700 Fort Lauderdale FL 33334 954-689-9409 jasonheller financialguide.com linkedin.com in jasoneheller Insurance Representative of Massachusetts Mutual Life Insurance Company (MassMutual) Springfield MA 01111-0001 and its affiliated US insurance companies. Registered Principal of and securities offered through MML Investor Services LLC Member SIPC and a MassMutual subidiary. 1000 Corporate Drive Suite 700 Fort Lauderdale FL 33334. 954-938-8800. Local sales agencies are not subsidiaries of MassMutual or its affiliated companies. Up & Comer winners announced June 22 2017 by South Florida Business & Wealth. CRN201901-167769 www.sfbwmag.com JULY 2017 51 2017 UP & COMERS Hospitality Insurance Law Broward Palm Beach WINNER Mike Linder Owner and CEO Silver Lining Inflight Catering Jet Runway Caf Linder started Silver Lining with friend Mitch Amsterdam and has led its growth serving 20 000 aircraft a year. They also started Jet Runway Cafe an aviation-themed restaurant on the runway at Fort Lauderdale Executive Airport that allows patrons to dine and watch takeoffs and landings by day and becomes a private-event venue at night. Linder also is involved in numerous philanthropic and charitable organizations including the American Heart Association. FINALISTS Moises Acosta Director of restaurants Riverside Hotel Fernando Cerna Director of sales and marketing EAST Miami David Demos General manager Terra Fiamma Kelly Eppy Regional catering sales manager Covelli Enterprises (Panera Bread) WINNER Erin Clampett Vice president Marsh & McLennan Agency The Fort Lauderdale native and Auburn graduate has immersed herself in the local business environment living and working on Las Olas Boulevard and developing significant business relationships. She aims to expanding her reach throughout South Florida helping companies optimize their benefits programs to attract engage and retain their employees. She was promoted to her current position at Marsh & McLennan in 2015. FINALISTS David DeMott President Gridiron Insurance Underwriters Conor Flynn Business development Aon Risk Solutions Veronica Jimenez Private client sales manager Brown & Brown Eugene Mintze III Benefits consultant Sapoznik Insurance WINNER Alessandra Stivelman Partner Eisinger Brown Lewis Frankel & Chaiet A mother of two with another on the way Stivelman works tirelessly to balance a demanding workload with her growing family. In addition to practicing law Stivelman serves as the firm s director of marketing advertising and public relations. She also is a team spirit-builder creating monthly think-tank meetings for the partners and organizing community events. She has a bachelor s degree from Southern California and a law degree from the University of Miami and is active in the community. FINALISTS Mitchell Goldberg Associate Berger Singerman Matthew Kissner Associate Broad and Cassel Adam Lusthaus Managing partner Lusthaus Law Group Dana Somerstein Associate real estate finance and transactions Greenspoon Marder Joshua Widlansky Attorney Padula Bennardo Levine Marsh & McLennan Agency would like to congratulate ERIN CLAMPETT and all the finalists in the 2017 SFBW UP & COMER AWARDS Miami Fort Lauderdale Boca Raton Palm Beach Tequesta Vero Beach Orlando Jacksonville www.MMA-FL.com eclampett mma-fl.com 954.267.8583 World Class. Local Touch. RISK MANAGEMENT EMPLOYEE BENEFITS SURETY BONDING PRIVATE CLIENT Congratulations to Joshua Widlansky Padula Bennardo Levine congratulates attorney Joshua Widlansky for being named a finalist in South Florida Business & Wealth s 2017 Up & Comer Awards. Mr. Widlansky continues to exhibit the firm s guiding philosophy of integrity and excellent work product using a collaborative approach. 3837 NW Boca Raton Blvd. Suite 200 Boca Raton FL 33431 561-544-8900 www.pbl-law.com www.sfbwmag.com JULY 2017 53 Greenspoon Marder is committed to providing excellent client service through our cross-disciplinary client-team approach. Our goal is to understand the challenges that our clients face build collaborative relationships and craft creative solutions designed and executed with long-term strategic goals in mind. Since our inception in 1981 Greenspoon Marder has become a full-service Am Law 200 law firm with more than 200 attorneys. We serve Fortune 500 middle market public and private companies start-ups emerging businesses individuals and entrepreneurs across Florida and the United States. w w w.gm l aw.com Boca Raton Denver Fort Lauderdale Las Vegas Miami Miami Beach Naples Nashville New York Orlando Portland San Diego Tallahassee Tampa West Palm Beach 54 JULY 2017 www.sfbwmag.com Michelle Martinez Reyes Chief Marketing Officer Greenspoon Marder Finalist - SFBW Up & Comer Marketing & Media Congratulations to the Honorees of the SFBW Up & Comer Awards 2017 Dana Somerstein Esq. Associate Greenspoon Marder Finalist - SFBW Up & Comer Law - Broward www.sfbwmag.com JULY 2017 55 2017 UP & COMERS Law Miami Dade Manufacturing Marketing & Media WINNER Jaime Vining Partner Friedland Vining Nominated by Dade Legal Aid which describes her as an outstanding caring leader in the local legal community Vining is a boardcertified intellectual attorney. She has worked with Dade Legal Aid on its pro bono project Putting Something Back while serving as an adjunct professor at the University of Miami School of Law where she has taught trademark law since 2010. Her practice focuses primarily on trademark copyright entertainment and internet law and she has numerous professional affiliations. FINALISTS Karim Batista Attorney Karim Batista Esq. Kadian Blanson Litigator Rivero Mestre Corey Lee Partner Hunton & Williams John Owens Partner K&L Gates John Quick Partner Weiss Serota Helfman Cole & Bierman WINNER Gian Carlo Alonso President & CEO AmeriKooler AmeriKooler a leading manufacturer of walk-in coolers freezers and refrigerated warehouses is a family-owned business founded in the early 1980s. Alonso is second-generation leadership. Since childhood he has immersed himself into every aspect of business starting at the bottom. This experience combined with financial and business background as a successful commercial real estate broker and investor has helped devise and implement improvement and growth strategies. WINNER Michelle Martinez Reyes Chief marketing officer Greenspoon Marder With more than 20 years experience working with domestic and international clients Reyes is a specialized marketer and relationship manager. She is part of the leadership team at Greenspoon Marder one of the state s largest law firms focusing on strategy and growth branding business development client relations and media and public relations efforts across 20 U.S. offices. FINALISTS Angela Bradley Director of regional operations and client experience Pipeline Workspaces Emily Loewy Senior manager marketing services Norwegian Cruise Line Chris Nielsen Founder and head of experience design Levatas Wolfgang Pinther Director of marketing MBAF Rosemarie Reed Vice president for sales and marketing World Travel Holdings 56 JULY 2017 www.sfbwmag.com Congratulations to Up & Comer Finalist Golden Johansson Golden Johansson VP Office Executive www.legacybankfl.com www.sfbwmag.com JULY 2017 57 2017 UP & COMERS Marketing Entrepreneur Nonprofits Professional Services WINNER Jason Brian Founder & CEO Redwood Recovery Solutions Brian leads the corporation behind a family of brands including Treatmentcalls.com and Onlinetreatment.com that provide marketing services to the behavioral health industry. Colleagues describe him as generous attentive and collaborative evidenced by high employee retention. He also is involved in his community participating in worship music at his church and philanthropic activities throughout the year. FINALISTS Vanessa Goodis President and founder Promo Moxie Lyndsi Stafford Founder and CEO eLuminate Marketing WINNER Andrew George Tournament director The Honda Classic George an Iowa native and graduate of Coe College (double major business administration and sports management) joined the Honda Classic a PGA Tour golf tournament managed by sports marketing company IMG as a tournament intern in 2009. He rose to his current position in 2016 overseeing a budget of more than 15 million and growing. He also has increased the tournament s charitable giving to more than 3.5 million benefiting the Nicklaus Children s Health Care Foundation and other charities. FINALISTS Jayson Babel Director of grants and projects Ann Storck Center Kenneth Brighton Director of community relations ChildNet Erica Herman Executive director Voices for Children of Broward County Johanna Kandel Founder and CEO The Alliance for Eating Disorders Awareness WINNER Nathan Dapeer Principal BBX Capital Partners Dapeer has more than eight years private equity and investment banking experience where he has concentrated on origination and execution of transactions and value creation initiatives at middle-market companies. He has successfully completed transactions across multiple industries representing nearly 1 billion. He has a bachelor s degrees from Northwestern University in economics and political science enjoys travel and arts and culture and is highly involved in the community. FINALISTS Nate Ernest-Jones Business broker and intermediary Transworld Business Advisors Chris Giordano Director of management services Broward Calvin Giordano & Associates Will Nicoloso President Magic Bubbles Wendi Weiner JD Executive resume writer and executive career coach The Writing Guru 58 JULY 2017 www.sfbwmag.com Nate Ernest-Jones and the rest of the Up & Comers Finalists for the 2017 SFBW Up & Comers Awards. The Transworld team would like to congratulate 800.205.7605 tworld.com Congratulations to Our Own Nathan Dapeer Finalist Professional Services 2017 Up & Comer Awards www.BBXCapital.com www.sfbwmag.com JULY 2017 59 2017 UP & COMERS Public Relations Real Estate Real Estate Brokerage WINNER Melissa Perlman Founder and president BlueIvy Communications After spending seven years at Office Depot s headquarters in Boca Raton Perlman started her own PR agency. In six years her firm has become a well-known PR and communications agency with a reputation as the go-to PR agency for clients seeking skillful writing creative ideas and strategic consultation. The company already has gross revenue exceeding 500 000. Colleagues say her spirit and character have allowed her to grow her business. FINALISTS Kelly Coughlin President Annex Communication Christina Nicholson Owner Media Maven WINNER Ryan Shear Principal Property Markets Group Shear 33 has been with the firm for a decade working his way up from analyst to principal developer where he works alongside founder Kevin Maloney. As principal developer of PMG s Florida properties he has spearheaded notable luxury developments throughout South Florida and the state and manages a growing portfolio of assets exceeding 2 billion. Shear helped initiate PMG s charity incentive program which allows brokers to earn donations for their charity of choice. FINALISTS Matthew Cheezem Managing director JLL Taylor Collins Partner Two Roads Development Charles Penan Managing director Aztec Group Zachary Talbot Principal Cresa WINNER Christina Pappas District sales manager The Keyes Company This Pinecrest native and thirdgeneration Realtor began as a top producer and rose to leadership attributing her success in part to the skills and knowledge gained in her early years in the hopes of one day taking the reins at Florida s largest family-owned residential brokerage. After studying hospitality at Cornell and working in sales for a hotel group she transitioned into real estate and improved sales at the Coral Gables office rising from rookie of the year to assistant district manager in two years. FINALISTS Jorge L Guerra Jr. CEO Real Estate Sales Force Avishan Joseph P.A. Illustrated Properties Real Estate 60 JULY 2017 www.sfbwmag.com Elysee Upper Residence Artist Rendering Sitting Area of Grand Lobby Artist Rendering Elysee Artist Rendering Bayside Lounge of Grand Lobby Artist Rendering ELYSEE AT ITS MOST GRAND INTRODUCING THE UPPER RESIDENCES THE LARGEST UNITS AT ELYSEE. THESE EXQUISITELY FINISHED HOMES FEATURE PENTHOUSE LEVEL APPOINTMENTS EXTRA DEEP BALCONIES AN EXTENSIVE WELLNESS PACKAGE UPGRADED LIGHTING AND SMART HOME TECHNOLOGY. 2 UNITS PER FLOOR PANORAMIC BAY VIEWS LIMITED AVAILABILITY SALES GALLERY 254 NE 30TH ST. MIAMI FL 33137 USA (305) 767-1414 INFO ELYSEEMIAMI.COM WWW.ELYSEEMIAMI.COM EXCLUSIVE SALES & MARKETING ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503 FLORIDA STATUTES TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. This offering is made only by the prospectus for the condominium and no statement should be relied upon if not made in the prospectus. These materials are not intended to be an offer to sell or solicitation to buy a unit in the condominium. Such an offering shall only be made pursuant to the prospectus (offering circular) for the condominium and no statements should be relied upon unless made in the prospectus or in the applicable purchase agreement. In no event shall any solicitation offer or sale of a unit in the condominium be made in or to residents of any state or country in which such activity would be unlawful. All plans features and amenities depicted herein are based upon preliminary development plans and are subject to change without notice in the manner provided in the offering documents. No guarantees or representations whatsoever are made that any plans features amenities or facilities will be provided or if provided will be of the same type size location or nature as depicted or described herein. This project is being developed by 700 Miami Partners LLC aDelaware limited liability company which was formed solely for such purpose. Two Roads Development LLC a Florida limited liability company ( Two Roads ) is affiliated with this entity but is not the developer of this project. www.sfbwmag.com JULY 2017 61 2017 UP & COMERS Sports Technology WINNER Dave Mack Director group sales Miami Dolphins Mack oversees the corporate partnership and sales operations for the NFL team. Associates say he leads by example as a servant leader for his people. He often is chosen by team ownership to handle special projects in the sports industry consistently exceeding goals. He also is active in the community involved with Dolphins Ride Against Cancer and is the Honda Classic Ambassador for the Children s Healthcare charity. Mack is on the business advisory board for the magnet programs of Palm Beach Gardens High. FINALISTS Truscott Miller Director of suites Miami Marlins WINNER Stephen Carter Co-founder and executive vice president Candidate.Guru Carter created a platform using machine learning and data science to predict job candidates cultural fit at hiring organizations. He took his company from inception to raising 1.4 million building the sales process from scratch designing large parts of the product itself as well as its marketing materials. His company was named the Miami Herald s Startup of the Year in 2016 and won the 100 000 first prize at the Florida Venture Forum Competition. The company has increased sales by more than 300 percent. FINALISTS Danielle MacLean Roebuck Director of product management Modernizing Medicine Christine Molloy Systems integration and technology manager Accenture Cody Stiffler Vice president of legislative affairs BioTrackTHC 62 JULY 2017 www.sfbwmag.com BUILDING HUMAN CENTERED SOLUTIONS CUSTOMIZED TO ACHIEVE YOUR BUSINESS GOALS Strategic Consulting Focused on your needs to build relevant and measurable solutions Loyalty Programs Designed to engage educate and reward the individuals who drive your business Business Intelligence Customized tools to empower you with the right information at the right time www.sfbwmag.com JULY 2017 63 64 JULY 2017 www.sfbwmag.com PRESENTING SPONSOR GOLD SPONSORS TABLE SPONSORS CONGRATULATIONS TO JeRemy KATzmAN The board of trustees President and CEO George L. Hanbury II Ph.D. faculty and staff members students and alumni of Nova Southeastern University proudly congratulate Jeremy Katzman associate director of Public Affairs for being a finalist in the education category of South Florida Business & Wealth magazine s 2016 Up & Comer Awards. Your hard work and dedication to our community make you an individual of merit. nova.edu 05-085-16NOM CEO CONNECT POWERED BY SFBW Chairman and CEO Gary Press interviews Daniel Cane CEO and co-founder of Modernizing Medicine Daniel Cane leads a mega-pioneer in health care technology Daniel Cane is CEO and co-founder of Modernizing Medicine of Boca Raton a digital health care record system for six different medical specialties. Since founding the company in 2010 Cane has led his team to raise more than 318 million in funding and to employ more than 550 people. In May Modernizing Medicine announced it had raised 231 million from Warburg Pincus a global private equity firm. Cane has a bachelor s degree in applied economics from Cornell University. As an undergraduate he co-founded Blackboard which brought new technology into classrooms. Blackboard raised more than 100 million in venture capital. In 2004 he helped take the company public. In 2011 Blackboard sold for 1.6 billion. He came up with the concept for Modernizing Medicine while visiting dermatologist Michael Sherling for a routine skin examination. He noticed Sherling used paper charts. Cane and Sherling who is Modernizing Medicine s chief medical officer decided to specialize in electronic medical records for specific specialties. In 2015 Cane was named Ernst & Young Entrepreneur of the Year and honored by Florida Gov. Rick Scott with the Business Ambassador Award. Cane is vice chairman at the South Florida Science Center on the board of United Way of Palm Beach County and is vice chairman of the board of trustees at Florida Atlantic University. He was interviewed by SFBW Chairman and CEO Gary Press at the Polo Club of Boca Raton. The following transcript has been edited for brevity and clarity. Congratulations on raising 231 million. How did you do that When raising capital we didn t go out to raise that much Medical Revolution 66 JULY 2017 www.sfbwmag.com money. I m a firm believer in raising what you need to get to the next level of profitability. Modernizing Medicine raised 90 million in financing and it was over five rounds of financing. Our first raise was 1 million then 4 million then 13 million and then 30 million. We worked our way up. The best time to raise money is when you don t need to raise money otherwise you get really bad deals. We had reached our profitability on our fifth plateau. We are doing about 100 million of recurrent revenue. We are a later-stage company. We didn t set out to raise a record amount for the industry we set out to raise about 30 or 40 million and instead we ended up with a lot more. Modernizing Medicine goes well beyond just storing data in the cloud to helping doctors make good decisions. How do you do that Modernizing Medicine is nextgeneration technology when it comes to using data to improve outcomes. We ve got about 141 million patients in our platform. We have 10 000plus providers and users. The idea is that if we standardize a way we collect information everyone will begin speaking the same language and improve patient outcomes. We harness that collective wisdom of the masses so statistically based on a disease s severity and the location and who you are--your age race ethnicity gender and your allergies and medications--I can use data to show the physician statistically what might lead to better outcomes. We also use data to make it more efficient. If I can get in the head of the doctor I can save them time. Because everything we do is on an iPad the more they use it the faster it gets to predict what they are likely going to do the next time. I m shaving seconds but it adds up. So over a course of a patient encounter I might save a doctor two to three minutes but they re seeing 60 patients. So I just saved two or three hours of time. And a funny thing happens--they don t see more patients they end up spending more time engaging with the patients in front of them. Their quality of life is higher and they aren t staying two to three hours after clinic to catch up on documentation. That s all done in real time. And that s the reason why the company has grown so quickly. A lot of tech leaders complain about talent here but you actually seem to be addressing that issue by partnering with colleges and universities. What s the strategy We have amazing talent down here. We have anchor universities producing high caliber talent. So instead of complaining Val Perez and Rich Ducharme Gerry Litrento Caroline Fleischer and Carlos Arboleda www.sfbwmag.com JULY 2017 67 CEO CONNECT The CEO Connect featuring Daniel Cane was held at the Polo Club of Boca Raton I went and engaged with Lynn FAU and NSU [Nova Southeastern University]. I said Look we are hiring your graduates and here s what they are missing. When you have a great culture people genuinely want to be a part of it. And then you complement that with the financial success we ve had you get the perfect storm of getting people wanting to be here. The issue we have is talent leakage people going out of state. And they don t realize there are great companies down here that can be interesting. We ve got Ultimate Software and Magic Leap. We are sitting a quarter-mile from where the personal computer was invented in Boca. You co-founded Blackboard and sold it for 1.6 billion. How much did you make off the sale Less. A lot less. As college freshmen we knew nothing when we started that company. I would argue even today I still know very little but I am starting to figure a few things out. Back then what I didn t know was evolution. We raised a ton of capital thinking that more capital means more growth. What you don t see is that all the venture capitalists and private equity funders putting money in have all sorts of downside protections. I was incredibly naive and I joke that I Lauren Vidal and Gary Reshefsky 68 JULY 2017 www.sfbwmag.com got a 300 million MBA because that s all the money raised before we took the company public. Does the amount of money raised by Modernizing Medicine and Magic Leap indicate that South Florida is more on the national stage now in the world of venture capital and private equity I think South Florida is being taken more seriously. There was a time when I first moved down here that raising more than 300 million was almost laughable. We chipped away at it but it was Magic Leap that put a big wall on the whole thing so I have to give them a lot of credit. I think we hit the inflection point because of awareness and media and because the world is smaller and people are paying more attention. Motorola invented the smartphone right down the street. IBM invented the PC. These were giant game-changing things. People didn t put the words Boca Raton next to them but they should have. Now we are doing a better job as a region. We are making a lot of noise in technology in banking and in health care. And these things matter. Often times founding CEOs will leave rapidly growing companies when they hit a certain level. Do you think that will happen to you I got to grow Blackboard from the founding to the IPO to the exit to the private equity. It is a very different skillset at each stage. The type of entrepreneur and businessperson you need to be when you are struggling Dan Cane and Jim Ballerano www.sfbwmag.com JULY 2017 69 CEO CONNECT to make your first 100 000 and then 1 million is very different than the operational expertise it takes to grow a company of hundreds of thousands of employees. And I don t pretend that I can do all of it. My gift is teams. I can surround myself with people who know how to do that and I can empower them in ways that s genuine. I don t know even after doing it twice at each stage but man my team does. I have an incredible CFO COO CTO and they know what they are doing and I trust them to do it. And yes I and Michael Sherling paint the vision but it is just as much as my executive team and employees company as it is my own. That works and helps us grow. So as long as they will have me I m going to stay. What keeps you up at night Well this capital raise. We got to celebrate it for 45 minutes and then I realized I have a massive investor who has 231 million reasons to see me successful which I liked and I slept well until I realized the return they want to get on that capital was substantial. I now need to go build a multibilliondollar company. That s exciting. It s positive stress when I think about it. About CEO Connect SFBW s CEO Connect series is an exclusive invitation-only monthly event that brings together South Florida s top business leaders to meet mingle and talk among their peers. The presenting sponsor is Celebrity Cruises. Gold sponsors include Greenspoon Marder Shorecrest Construction TD Bank Optime Consulting and Polo Club Boca Raton. The evening begins with a cocktail reception for about 100 guests followed by the highlight of the event a live interview between SFBW chairman and CEO Gary Press and a wellknown C-level executive providing insight into their personal life career and views on issues affecting the business community. Partnering with SFBW on this exclusive event provides an opportunity to network with the area s business elite generate new business opportunities and increase brand awareness. For information about event sponsorship opportunities email Clayton Idle at cidle sfbwmag.com. Rich Lopez and Patrick Lee When your company needs more Certainty. Influence. Significance. Growth. In Business Development Brand Amplification Market Expansion Talent Strategies www.GROWINGandEXPANDING.com COI access 70 ...connecting centers of influenceTM JULY 2017 www.sfbwmag.com PRIVATE TRAINING STUDIO CORPORATE CENTER 33301 WHY TRAIN WITH BILL I have been training with Bill since 1993 have referred dozens of friends & associates and have received positive feedback from each. -- Mike Maroone President Maroone Enterprises CLUB 1 HEALTH & FITNESS CENTER PRIVATE CORPORATE & GROUP CLASSES BEFORE 400lbs Here 45 minutes training is all you need Busy I can come to you Makoto Speed & Reaction Arena NOW 220lbs Your Results Guaranteed FOR MORE INFO GO TO BILLKYSER.COM OR CALL 954.290.292071 www.sfbwmag.com JULY 2017 CEO CONNECT POWERED BY SFBW Chairman and CEO Gary Press interviews Gerry Greenspoon co-founder and co-managing director of Greenspoon Marder Gerry Greenspoon talks about growth Amendment 2 conundrum Gerry Greenspoon co-founded Greenspoon Marder in 1981 with a handshake over a kitchen table with partner Michael Marder. Today the firm has more than 200 attorneys practicing in more than 60 areas of law plus more than 600 supporting staff members in 20 offices throughout the United States. He and Greenspoon Marder have gained national attention for their work in the areas of real estate development resort and timeshare development condominium conversions and finance and transactions. He has been consistently recognized for more than 30 years as a top lawyer by Martindale-Hubbell s Best Lawyers in America list as published in U.S. News and World Report Super Lawyers and The South Florida Legal Guide among others. He was inducted into the Junior Achievement Business Hall of Fame. He is a major donor and corporate partner to the Jewish Federation of Broward County and has been honored with the Jewish Adoption and Foster Care Options prestigious Jacob s Ladder Award. He is a major donor and Investor s Circle member for Junior Achievement of South Florida a major donor and Founders Circle member for JAFCO a founding trustee of the Greater Fort Lauderdale Chamber of Commerce a trustee member of the American Resort Development Association and a member of the Florida Land Title Association. He earned his law degree at Nova Southeastern University licensing at the University of Ottawa and a bachelor s degree in commerce from Sir George Williams University (now Concordia University) in Montreal. This edition of CEO Connect was held at Greenspoon Marder s headquarters in downtown Fort Lauderdale. Greenspoon was interviewed by SFBW Chairman and CEO Gary Press. The following transcript has been edited for brevity and clarity. Super Lawyer 72 JULY 2017 www.sfbwmag.com When you and Michael Marder started the company in 1981 did you ever plan on it becoming a huge top 200 national law firm So you have to go back to my age. Well the answer to that is hell no. We were happy to start a business together and make a couple bucks and draw a salary on our first week which we got from week one. Amazing. And no we had no intention or plan of where we were going to go. We were just lawyers and we had good training behind us. My dear partner I call my brother is way smarter than me. And I m a bit crazier. I actually call him my second wife. He and I hug at times and then we fight and get mad at each other and then we make up and hug each other. That s what it has been like over all these years and that s how we got to where we are. You have had tremendous growth especially over the past decade. Why It started off as basically filling a need for us to continue by adding legal services in order to accommodate the clients we had. As our clients grew we grew. We have always managed to keep up with our clients--primarily in Florida and eventually nationally. So as they grew we grew and we added different practice specialties. We always maintained a strategic plan. We have a base for our business practice. We are a real estate corporate commercial litigation firm which is the base of this company. In our case being a professional service it s all about adding to that base. It became a growth factor and strategy. We added those specialty practices slowly. We added regulatory practices consumer specialty practices an alcohol and beverage licensing practice. And all of those areas do business across the country. And then finally most recently and the most exciting we added a cannabis practice. Cannabis is turning into a major business but it seemed like major law firms were reluctant to own a practice in that field. How and why did Greenspoon Marder become the first top 200 U.S. law firm to open a practice in that area Yeah it s kind of fun. Tell us more. So first of all during our growth the first thing we did is we saturated the market in Florida. The next piece of our growth before we got to cannabis was actually to get into New York City. We have a specific reason why we grow just like any other business. Why did we go to New York It is the capital of financial markets of the world. We established ourselves in Florida we have tremendous expertise. We wanted to go the next step so we went to New York. It s a continuing operation. We have several deals going on there right now and expect to become a major force in that city. We have 20 lawyers there now and that will probably triple over the next 18 months. So part of our search for strategic growth areas it was less than two years Michael Alman and Rebecca Bratter Robin and Richard Bernstein react to one of the humorous moments during CEO Connect Caroline Carrara Georgette Evans Lori Castle and Howard Dvorkin www.sfbwmag.com JULY 2017 73 CEO CONNECT Michael Ross Jeffrey Cannon and Drew Saito Michael Corcelli Valerie Speare and Bruce Goorland ago a couple of us in the firm started to pay attention to what s going on in the country with medical marijuana. We noticed what was happening in Colorado Oregon and California where it s been going on for 60 years illegally--that s another story. As we saw states rolling out in the legalization of medical and recreation marijuana we said Hey this is another industry that is not going away and it is here to stay. And this is a great opportunity to jump in now. We didn t know whether any other large firms were involved or not and it turned out that they were not. But for us having the entrepreneurial spirit that we have in our firm and all of our shareholders bearing the same opinion and attitude we said OK. Let s work within the scheme of what is legal. This is an area of law that we are accustomed to. We are used to regulated areas. We are used to industries where the law is different in every state and every jurisdiction county city. We ve done this for 30 years so this is nothing different from what we ve already done. So staying within those parameters we said let s launch our practice. We started in Denver Colorado and we found an amazing practitioner brilliant at what she does. And then we found an amazing practitioner in Portland Oregon who is like a superstar in that area. We found practitioners who understand the landscape and can deal with the regulatory market. It s an emerging industry so it s interesting. It s kind of like the end of Prohibition for alcohol which is how we equated it. What it turns out to be it s the same business practice. It requires corporate strategy business strategy perhaps commercial litigation labor and employment law and intellectual property and all things that we already do so it feeds into our entire base. And that s what is happening today. Let s take it one step further. Let s talk about Amendment 2. You ve recently raised concerns about legislation to implement the medical marijuana amendment. What are your Sponsor Patrick Lee of Shorecrest Construction welcomes CEO Connect guests 74 JULY 2017 www.sfbwmag.com concerns and what should be done differently Amendment 2 was an amazing accomplishment that passed in the state of Florida during the 2016 election. It passed in a broad significant legislation for the implementation of medicinal use of marijuana for specified ailments and illnesses. It was very broad and it received 71.3 percent approval. With that in place our firm immediately got involved in the process of getting a bill passed in the Legislature in order to implement what was written in Amendment 2. To make a long story short it s quite a process and it is not going well. There are many imposing interests that do not want to respect the will of the voters. We put a constitutional amendment into place which describes what should exist in the state of Florida and we cannot get the Legislature to implement it. It is quite frustrating. Before Amendment 2 there had been licenses granted under very limited statutes enacted by the state of Florida for very limited purposes. There were originally five licensees it turns out to be there are seven licensees. Basically those seven licensees have what you would call an oligopoly in the state of Florida but that s prior to Amendment 2. What s happening in the Legislature today--why you ve heard such frustration from me why we ve been writing about it in editorials and op-eds--is why are they protecting this oligopoly that is totally contrary to what was passed in Amendment 2 Not only that you re making it impossible to meet the needs of the patients in the state of Florida. You cannot meet the patients needs You are not allowing small businesses to enter the market They do not want additional licensees granted except under very stringent circumstances. It makes no sense. Presenting sponsor Lisa Vogt of Celebrity Cruises gives introductory remarks www.sfbwmag.com JULY 2017 75 CEO CONNECT And why does it not make any sense We have the experience from 29 other states that have already implemented legislation like this. You don t have to reinvent the wheel. Just look at what is going on. I ll give you one blatant example. Every state I ve met with that has a medical marijuana program restricts the licensees to have approximately three dispensaries--one license three dispensaries. Sometimes four dispensaries. One state allows five. What has been granted in the state of Florida to the seven licensees prior to Amendment 2 is unlimited. It s unheard of What s the purpose To prevent anybody else from coming into this business. And why is it important that anybody else comes into the business Why do we care There are so many reasons. We are a capitalistic market. We are an entrepreneurial market. There s so much knowledge that exists throughout the country that those individuals should be allowed to enter this market and our Legislature is excluding them. [Editor s note The Legislature expanded the number of licenses by 10 after the CEO Connect was held]. There s more complications to it for example it s required that every company entering the market to be vertically integrated. Meaning you must be a grower a manufacturer processor and a dispensary. You have to handle all three processes none of which are related. They are all different. And we know because we get hundreds of inquiries from people in Florida and around the world who want to enter this market but they have different specialties. When you are going through growth mode like you are ... how do you handle change when you are growing so fast We plan for it in advance. Obviously things happen that are unforeseen which could be in administrative help or it could be in legal talent. We deal with it like any other business. We react quickly and implement changes where needed. About CEO Connect SFBW s CEO Connect series is an exclusive invitation-only monthly event that brings together South Florida s top business leaders to meet mingle and talk among their peers. The presenting sponsor is Celebrity Cruises. Gold sponsors include Greenspoon Marder Shorecrest Construction TD Bank Optime Consulting and Silver Lining Catering and Events. The evening begins with a cocktail reception for about 100 guests followed by the highlight of the event a live interview between SFBW chairman and CEO Gary Press and a wellknown C-level executive providing insight into their personal life career and views on issues affecting the business community. Partnering with SFBW on this exclusive event provides an opportunity to network with the area s business elite generate new business opportunities and increase brand awareness. For information email Clayton Idle at cidle sfbwmag.com. PRO-FI FACILITY MAINTENANCE GENERAL CONTRACTING PRESSURE CLEANING - PORTER HANDYMAN SERVICES www.profifm.com 954.946.4340 info profifm.com 800.611.6631 76 JULY 2017 www.sfbwmag.com www.sfbwmag.com JUNE 2017 www.sfbwmag.com JULY 35 77 SFBW ADVISORY BOARD The SFBW Editorial Advisory Board meeting attendees included Rufus James Fort Lauderdale Executive Airport airport manager Matt Dernis Fortune 360 Group managing member Patrick Lee Shorecrest Construction president Edward J. Teddy Morse III Ed Morse Automotive Group chairman and CEO Rachel Sapoznik Sapoznik Insurance founder president and CEO Rick Mancinelli Cloud Computing Concepts (C3) founder and CEO Erik Sussman president and CEO MassMutual South Florida president Mark Binko National Jets vice president and chief operating officer Yolanda Sheppard Celebrity Cruises market sales manager Bob Birdsong OK Generators president Pablo Pino TD Bank South Florida Market president commercial lending. SFBW advisory board outlines business trends challenges BY ANDREA RICHARD Periodically the editorial team at SFBW arranges advisory board meetings for a chance to talk about the state of the region s business climate. Over breakfast at the Westin Fort Lauderdale 11 members from the advisory board discussed with candor what ails and achievements they have recently been experiencing. They described in detail what caused growth and slowdowns within their respective industries. The executives hail from banking hospitality aviation technology and the automotive sectors among others. While coming from different professions they unanimously agreed that the rising costs of health care is a major concern and understanding what motives the younger workforce is a challenge. In addition millennial consumers have different purchasing habits says Edward J. Teddy Morse III chairman and CEO of Ed Morse Automotive Group. What we notice a lot is that the next generation really doesn t care about getting their driver s license Morse said. I have friends who got kids who are 17 18 19 years old who don t have their driver s license. Over in the South Florida luxury condominium sector sales have cooled in 2017. Patrick Lee president of Shorecrest Construction shared that clients are taking longer to buy. Our typical client is a very high-net worth individual. While construction was booming in Miami in 2016 deals weren t closing as fast--in 2016 even--people sat on the sidelines he said. We tied it to the election. After the election I thought 2017 was going off on a roar but it hasn t like I thought. People aren t closing very fast. I m expecting that to tip for people to overcome the jitters and begin to feel the need to move forward. There are signs of that happening. Uncertainty has hit the real estate lending sector says TD Bank s Pablo Pino South Florida market president commercial lending. I was going to say that the uncertainty of the tax reform and interest rates going up are hurting the high-end home buyer for what we see on the banking side Pino said. We are seeing the demand kind of flat this year. But as things are being defined and people are seeing where 78 JULY 2017 www.sfbwmag.com SFBW ADVISORY BOARD things stand on their taxes. Things will get better so we are hoping it will On recruitment Mark Binko vice president and chief operating pick up. officer of National Jets prefers unconventional interviews. Take However Bob Birdsong president of OK Generators a generator them out of their comfort zone when you interview someone. I take supplier says his business is booming. I m tied to the construction them out to errands to have conversations with them to see how they industry. And one of the really good economic indicators is the commercial interact. It s a much longer process but it gives you more insight construction. And it s booming. We couldn t be busier. All you have to do in who you are dealing with and how they can handle themselves is look at Miami and see the cranes all over the place he said. And we in certain situations he said. Our biggest challenge is that we don t see it ending anytime soon. are in an old industry. In an industry that used to be really sexy and Bill Fuller co-founder and managing partner at urban development exciting. company Barlington Group thinks prices are too high and unstainable. Morse agreed. I m running into the same issue with auto From the real estate side we believe that pricing is over heated--the mechanics especially with diesel mechanics. condo market is starting to suffer greatly Fuller said. Nine months ago Rick Mancinelli founder and CEO of Cloud Computing Concepts developers switched to multifamily because that was the hot product. I (C3) perceives that talent acquisition is a long-term process. believe we are going to see some challenges not like the crisis before We are in the technology business. There is no hiring. There s but a real estate pull back. Look at Uber and what that means for parking recruiting he said. We are recruiting folks and are developing a garages. Banks real estate footprint is not like before. I remember when position six months in advance. banks wanted to be on every corner. Regarding retention Rufus James Fort Lauderdale Executive Yolanda Sheppard Celebrity Cruises market sales manager is seeing Airport s airport manager has a unique approach. What I learned healthy growth. Business as a whole has been great. We just launched working at the airport is to give my staff a sense of ownership our new ship that will be sailing in 2018 Celebrity Edge Sheppard said. James said. No it s not my airport but you are out there. I have been It s our newest ship that we ve launched in 10 years. It s really bringing successful in keeping staff for a while. If by three years they are gone in the revenue from all walks of life. We touch all seven continents and I m OK with that because they ve learned a lot. reach 300 destinations. Birdsong continued saying that It s funny that I used to hire on Matt Dernis a managing member at financial advisory firm Fortune 360 ability and hoped that they had the right attitude now I hire purely Group said business is good. From potential tax policy to ACA so what s on attitude and hope I can teach them what I want them to know. been popular is succession planning and business strategy--what you ll see more of is consolidation. Mergers and acquisitions. So how do you approach that strategy That sparks a lot of conversation. With growth comes other concerns says President CEO and founder Rachel Sapoznik of Sapoznik Insurance. Business is very good which is causing other issues like finding talent. We are finding a lot of competition in the talent space she said. Being on the employee benefits side of it we are finding that creating a culture through our benefits that are allowing employees to know that we care about them and that they will make they want to stay the long haul. William Fuller Barlington Group co-founder and managing partner Patrick Lee and Teddy Morse www.sfbwmag.com JULY 2017 79 PEOPLE PASSION AND PROFITS Leaders Who Listen Learn Lead and Prosper BY STEPHEN GARBER Most people associate effective communication with making themselves understood accurately when speaking to others. Information output is certainly an integral part of communication but information input often is more important. Everyone is a customer inside and outside of your business. They are doing your business together. In the business world listening--information in--is particularly important for leaders. At every level of a company whether an individual is a team leader an upper manager or the CEO his or her effectiveness relies heavily on his or her ability to listen effectively. A leader who isn t willing or able to hear and understand his or her colleagues and clients will limit personal growth and success the growth and success of others and the growth and success of the business. Successful leaders share numerous common attributes when relating to their internal and external customers LEADERS ARE PROBLEM SOLVERS. How can you solve a problem if you don t know it exists LEADERS ARE ENCOURAGERS. How can you encourage an individual or a team if you don t know their challenges LEADERS ARE MENTORS. How can you mentor someone whose aspirations goals and personal trials remain a mystery to you LEADERS SET THE STANDARD. How can you help others reach that standard if you don t know where they re starting from or the skills they need to develop LEADERS EMPOWER OTHERS TO ACHIEVE GOALS. How can you empower someone if you don t know what motivates them LEADERS CREATE THE VISION AND DRIVE STRATEGY. How can you know of its likely success if you don t hear the feedback Only leaders who truly listen will have the insight needed to engage and elevate a team and the confidence of those people to support their efforts and work with them rather than against them. Forbes.com expands on the idea of effective listening noting it goes well beyond being quiet and giving someone your full attention. It requires you to be aware of body language facial expressions mood and natural behavioral tendencies. This active all-in listening is what we at Third Level call Power Listening. It s one of the skills we teach clients and it s a tool we ve seen transform leaders and businesses time and time again. Power Listening is characterized by a lack of self. It is listening at a deeper level than normal conversation using all of the senses as a neutral receiver instead of projecting preconceptions onto the speaker. This technique gives businesses a competitive advantage and leaders an effective tool for building trust and loyalty among themselves and their team. To learn more about Power Listing email info thirdlevel. com. Stephen Garber is director of Third Level Ltd. Contact him at 561.752.5505 or sgarber thirdlevel.com. 80 JULY 2017 www.sfbwmag.com Success on the course is only half the story. This year The Honda Classic contributed 3.6 million to more than 100 non-profit organizations positively impacting the health care of over 32 000 children and eclipsing 35 million in total giving since the event s inception. Visit HCCares.org for details on how you can help make a lasting impression on thousands of lives. www.sfbwmag.com JULY 2017 81 SPECIAL QUARTERLY REPORT COMMERCIAL REAL ESTATE POWERED BY Demand hits industrial market BY DARCIE LUNSFORD South Florida s industrial market boiled over with demand in the first quarter while office fundamentals improved driven more by lack of construction than corporate growth according to the latest CBRE market data. With more than 4 million square feet underway South Florida s warehouse and distribution is still king of commercial real estate. Miami-Dade County is at the forefront with 2.6 million square feet coming up. The county had 952 000 square feet of industrial deliveries in the first quarter. Despite the ground swell vacancy dipped 20 basis points to 3.2 percent compared to the same quarter last year. Leasing velocity as measured by absorption--net total of spaces occupied and vacated--surged with 951 711 square feet of positive absorption. The flood of new inventory did keep rents relatively flat says veteran CBRE industrial broker Michael Silver. Developers may have underwritten more for starting rents but they have not been able to get it he says. Silver says tenant demand is brisk with perishable imports from South America a major driver. In Broward County absorption tumbled in the first quarter by nearly 80 percent with a scant 25 762 square feet of positive absorption. By the end of the first quarter 938 505 square feet of new industrial projects were coming up. Many were leased before delivery says Chris Metzger of Cushman & Wakefield. He says demand is more diverse than it was a decade ago with aerospace pharmaceutical manufacturing and retail distributors scampering to lock in spaces. This is why rates have gone up 1 in the past 18 months Metzger says. It is definitely a landlord market. Palm Beach County is the priciest market in the region for industrial tenants with base rent increasing 1.6 percent yearover-year for an average of 9 a square foot. Vacancy nears that of Miami-Dade tumbling 40 basis points to end the quarter at a tight 3.6 percent. It had no new product delivered in the first quarter but 520 099 square feet are underway data shows. Its office market is the region s softest at 16.4 percent vacant. In the first quarter the county had 391 224 square feet of sublet offerings hit the market most in Boca Raton. Jeff Kelly a Boca Raton-based broker for CBRE says the news is concerning but most of the sublets are limited to larger blocks of space. It is the first little shakeup in the market we have seen in many quarters Kelly says. I still think you are going to see positive absorption. There is nothing being built and added to the supply. The county only now is seeing its first major speculative office building since the recession with construction of the 63 500-square-foot Gardens Innovation Center in Palm Beach Gardens. Despite 10 quarters of positive absorption Broward County office development also remains restrained with two buildings totaling 107 710 square feet under construction in the first quarter. Both downtown Fort Lauderdale and Miami have major developments underway. Stiles Corp. recently unveiled plans to build Two Zero One Las Olas a 14-story 401 800-square-foot trophy tower on land owned by Broward College. Miami this year will open the 280 000-squarefoot MiamiCentral project and Hines just announced plans for the 600 000-squarefoot 110 10th Street tower at Miami Worldcenter although delivery isn t until 2021. I would describe the downtown Miami market as stable with steady growth says Don Cartwright who oversees leasing at the city s biggest office tower the 1.2 million-square-foot Southeast Financial Center. There is activity but most of it is lateral. He says the downtown market could become glutted with too much new supply beyond its 200 000-square-foot a year average historical absorption. I would question building a 600 000-square-foot tower today with substantial leasing he says. Freelance writer Darcie Lunsford is a former real estate editor of the South Florida Business Journal. She is the senior VP for leasing at Butters Group and is avoiding a conflict of interest in her column by not covering her own deals. 82 JULY 2017 www.sfbwmag.com CBRE MARKETVIEW SNAPSHOT BROWARD COUNTY OFFICE Q1 2017 Broward office market records tenth consecutive quarter of positive net absorbtion VACANCY RATE Commercial NET ABSORPTION (SF) Commercial UNDER CONSTRUCTION (SF) Commercial DIR. ASK RATE (S SF NNN) Commercial 23.5% Cypress Creek (11 599) Cypress Creek 0 Cypress Creek 15.27 Cypress Creek 16.8% Downtown CBD (29 729) Downtown CBD 0 Downtown CBD 15.58 Downtown CBD 11.6% Plantation (13 342) Plantation 0 Plantation 26.76 Plantation 10.4% Sawgrass (513) Sawgrass 0 19.46 Sawgrass Sawgrass 6.5% Southwest Broward Southwest Broward 89 887 (13 552) 0 Southwest Broward 19.78 Southwest Broward 10.0% 67 710 21.25 MIAMI OFFICE Q1 2017 CLASS A & B Office demand remains strong fueled by impressive job growth VACANCY RATE Airport Doral NET ABSORPTION (SF) Airport Doral UNDER CONSTRUCTION (SF) Airport Doral DIR. ASK RATE (S SF NNN) Airport Doral 4.8% Aventura 4 694 Aventura Aventura 246 085 Aventura 32.97 46.61 Biscayne Boulevard 5.3% Biscayne Boulevard 14 502 Biscayne Boulevard 40 000 Biscayne Boulevard 20.3% Brickell 0 Brickell 41 923 Brickell Brickell 41.00 0 52.76 Coral Gables 8.7% Coral Gables Coral Gables 61 812 48 180 Downtown Miami Coral Gables 11.2% Downtown Miami 222 226 Downtown Miami Downtown Miami 39.84 52.22 18.1% PALM BEACH COUNTY OFFICE Q1 2017 Vacancy down 220 basis points year-over-year VACANCY RATE Boca Raton 56 950 280 000 NET ABSORPTION (SF) Boca Raton UNDER CONSTRUCTION (SF) Boca Raton DIR. ASK RATE (S SF NNN) Boca Raton 14.9% Boynton Beach (18 716) Boynton Beach 0 Boynton Beach 20.27 Boynton Beach 30.1% Delray Beach 7 074 Delray Beach 0 Delray Beach 15.36 Delray Beach 46.3% North Palm Beach (5 835) North Palm Beach 0 North Palm Beach 14.51 North Palm Beach 7.8% Palm Beach Palm Beach 23 327 Palm Beach 63 500 0 West Palm Beach 20.22 Palm Beach 10.5% West Palm Beach 1 609 West Palm Beach 41.64 West Palm Beach 17.6% (5 553) 0 20.79 www.sfbwmag.com JULY 2017 83 CBRE MARKETVIEW SNAPSHOT BROWARD COUNTY INDUSTRIAL Q1 2017 Construction approaching one million sq. ft. VACANCY RATE Central Broward NET ABSORPTION (SF) Central Broward UNDER CONSTRUCTION (SF) Central Broward DIR. ASK RATE (S SF NNN) Central Broward 5.1% Coral Springs 48 301 Coral Springs Coral Springs 306 466 Coral Springs 10.59 9.11 Northeast Broward 4.0% Northeast Broward 85 967 Northeast Broward 0 Northeast Broward 8.2% Pompano Fort Lauderdale (103 629) Pompano Fort Lauderdale 318 064 Pompano Fort Lauderdale 8.30 Pompano Fort Lauderdale 3.2% Southeast Broward (135 207) Southeast Broward 0 Southeast Broward 7.86 Southeast Broward 3.9% Southwest Broward Southwest Broward 112 307 8.7% (19 556) 0 Southwest Broward 8.97 Southwest Broward 301 175 8.22 MIAMI INDUSTRIAL Q1 2017 Miami starts the year with nearly 1 million square feet of net absorbtion VACANCY RATE Airport Doral NET ABSORPTION (SF) Airport Doral UNDER CONSTRUCTION (SF) Airport Doral DIR. ASK RATE (S SF NNN) Airport Doral 3.4% Central Dade 320 100 Central Dade Central Dade 1 061 353 Central Dade 10.01 7.49 Hialeah 3.7% Hialeah (62 832) Hialeah 0 Hialeah 3.8% Kendall Tamiami Kendall Tamiami 600 613 (39 173) Medley 224 609 Kendall Tamiami 8.47 Kendall Tamiami 1.3% Medley 25 387 Medley Medley 11.39 1 110 519 South Dade South Dade 3.1% South Dade South Dade 270 140 5.4% (45 475) 0 8.58 9.03 PALM BEACH COUNTY INDUSTRIAL Q1 2017 Vacancy decreases 40 basis points year-over-date VACANCY RATE Boca Raton NET ABSORPTION (SF) Boca Raton UNDER CONSTRUCTION (SF) Boca Raton DIR. ASK RATE (S SF NNN) Boca Raton 4.1% Boynton Beach (1 939) Boynton Beach 0 Boynton Beach Boynton Beach 12.55 8.66 Jupiter 1.9% Jupiter 1 120 Jupiter 0 Jupiter 1.7% Lake Worth (5 830) Lake Worth 0 Lake Worth Lake Worth 8.88 8.07 Riviera Beach 8.2% Riviera Beach 2 350 Riviera Beach 0 Riviera Beach 2.3% West Palm Beach (4 913) West Palm Beach 0 West Palm Beach 7.63 West Palm Beach 4.2% 157 927 520 099 8.78 84 JULY 2017 www.sfbwmag.com Businesses are meant to grow. Ocean Bank offers loans to make it possible. From diversifying your existing business to expanding the office space or opening a new location Ocean Bank loans will help your business get to the next level. Together let s grow the future of your business. Subject to credit approval. 2017 Ocean Bank. Member FDIC. 305-569-LEND (5363) www.sfbwmag.com JULY 2017 85 NONPROFIT GOVERNANCE Nonprofit Spotlight Randy B. Nobles BY GERRY CZARNECKI Randy B. Nobles is president and CEO of Habitat for Humanity of South Palm Beach County. He spent more than 30 years with Comerica Bank where he was president and regional managing director of Florida Market. He served as chairman of the Greater Boca Raton Chamber of Commerce and is on the boards of Trustbridge Hospice West Boca Medical Center the Boca Raton Airport Authority and the YMCA of South Palm Beach County as well as being this organization s past chairman. Previously he served on the boards of the Center for the Arts at Mizner Park the Boca Ballet and the Palm Beach Community College Foundation. He has received numerous business and community awards during his career. SFBW recently interviewed Nobles. What was the first nonprofit board you joined What was that experience like Would you do it again It was the Boca Ballet. A business acquaintance asked me to join and I was honored to do that. I was impressed with the people who founded it and the members of the board. It was a great experience and I stayed on for about three years. What I did discover was that I was very interested in giving back to the community and social services was my nonprofit passion. are stewards of supporter s commitments and we must manage those contributions to maximize their efficiency and effectiveness. Plus many have functions that resemble an actual business model. As an example at Habitat we have ReStore locations that we need to be managed as if they were regular retail stores. What are some of your great give back passions I think that my give back passions are driven by a desire to help the less fortunate in our society. That is why Habitat was an opportunity I just could not pass up. Our vision A world where everyone has a decent place to live said it all for me. What is your greatest success as a board member In 2001 being part of the local YMCA board that had the vision and courage to expand our mission and build a new stateofthe-art 15 000-square-foot Y facility (Devos Blum branch). I was honored to be the board chair when this facility was dedicated. As a board member what are your most significant expectations of your fellow board members First have passion for the mission. Second be ready to help the leadership to stay focused on effectively running the organization. Thirdly focus on strategy leave the operations to the management. Fourth make a financial commitment. Gerry Czarnecki is founder and chairman of the nonprofit National Leadership Institute (nationalleadershipinstitute.org) which helps boards of nonprofit organizations become strategic assets to the leadership team. His extensive background as a C-suite executive and CEO is coupled with current board leadership of corporate and nonprofit organizations. He is also chairman and CEO of the Deltennium Group. Contact him at 561.293.3726 or gmc deltennium.com. Randy B. Nobles You have a varied business portfolio. How has that influenced your thinking about nonprofits I think that I have always brought a keen sense of commitment to the community which has helped me to be intense in my support where ever I served. I believe my varied background has helped me to see the incredible value nonprofits can bring to the community. Do you think that your business experience help you to provide leadership to the boards you serve on Absolutely. I think that all nonprofits need to be managed more like a business than like a government agency. We 86 JULY 2017 www.sfbwmag.com THE FAMILY OFFICE Activists are Knocking BY JULIE NEITZEL Over the years changes in regulations and the public marketplace have prompted investors to voice their concerns in the boardroom. Shareholder activism is an established asset class with constant growth and activist investment funds comprise an asset base in excess of 200 billion. While it might seem as though activism is a recent phenomenon it has been underway for more than nine decades. The first credited case of activism took place in 1927 when Benjamin Graham pressured Northern Pipeline Co. to distribute excess cash to shareholders. He ran a proxy fight to put himself on the board of directors at a time in which intervening in a company s governance was a unique path for fund managers. Graham won his proxy battle the next year and eventually became one of Warren Buffett s mentors. Activism generally involves shareholders of a publicly traded company who want to instigate corporate change. That can include light activism such as submission of a shareholder resolution or heavy activism which can entail changes in board members or corporate strategy. Institutional activists include hedge funds such as Elliott Management Corp. which has undertaken campaigns for decades against major organizations like Hess Comcast and Samsung and the country of Argentina. BlackRock Capital Investment Corp. an asset management firm with more than 5 trillion in assets maintains a dedicated investment stewardship group that centralizes annual proxy voting. That creates a powerful voice in more than 150 000 proxy votes each year with a mission to enhance and protect the longterm value of client assets. Institutional investors--such as BlackRock Vanguard and the California Public Employees Retirement System--own more than 70 percent of U.S. large-cap stocks which enables significant impact in the proxy voting process. While the most-prominent activism involves large companies such as Apple Herbalife and Clorox nearly 75 percent of it is directed at smaller companies those with market capitalization of less than 1 billion says Keith Gottfried a Morgan Lewis partner who leads a national activist defense practice. He says activism is a complex phenomenon and that boards should be aware of it and prepared for it. Activists generally focus on unlocking value for shareholders by identifying misaligned executive compensation ineffective management and governance financial underperformance lack of proper communication of long-term strategy and other operating issues. It is largely a U.S. phenomenon but it s spreading. Recent high-profile cases in Europe include AkzoNobel and ThyssenKrupp. The challenge with international activism is that corporate law varies by country. Mastering the local rules of the activism game will create new opportunities across the globe. Given the expected continued growth of shareholder activism corporate boards can most effectively prepare by practicing good corporate governance effective shareholder communications and appropriate financial performance and thinking like activists. Julie Neitzel is a partner and adviser with WE Family Offices in Miami and a board member of the Miami Finance Forum The Miami Foundation the Florida chapter of the National Association of Corporate Directors and Heico Corp. Contact her at julie.neitzel wefamilyoffices or 305.825.2225. www.sfbwmag.com JULY 2017 87 SALES STRATEGIES The 7 Critical Elements to Sales Success BY GRETA SCHULZ CEOs often discover recent hires can t meet sales quotas despite presenting stellar resumes during the interview. Improperly vetting employee candidates on sales acumen has been a problem for as long as I have been in sales. What does it really take to get the right person in for the job Let s turn to the B2B Sales Playbook as a guide and follow its seven essential tips that will lead to finding and hopefully retaining sales talent. 1. The very first thing is hiring right. Easier said hard to do do. What criteria are we using How are we finding our candidates How are we interviewing Are we using an assessment to help If so which one Quick tip Look for people already working. Great salespeople are not out looking for work they tend to have another one lined up. That s because they are an asset not a liability. 2. Train them the way you want them trained. Don t rely on what they learned before. Teach them your method the way you want them to sell. If they haven t worked before even better because he or she will have no bad habits. Get a true training process in place. There are a few good ones out there. 3. Use a repeatable and trackable sales process. The key word here is repeatable. When everyone adopts the same sales process there is a common language that is understood not just by the sales team but by the whole organization. This is also important for managing the team and coaching success. 4. Motivation is individualized. One size doesn t fit all.People are motivated by different things. Is money a motivator Sure but is it the only one Don t assume what motivates one will motivate another. 5. Your sales leader is the critical link to sales success. Being a sales manager is one of the most challenging jobs in sales. It is also the critical link to sales success. But unless the sales manager has all the tools needed to manage the team the whole performance of the sales organization will suffer. 6. True and critical tracking methods. Complete integration with your customer relationship management (CRM) software so it delivers the optimum information for you and your sales people. Without true data it becomes nearly impossible to eliminate failure and repeat success. 7. The ability to forecast sales properly. Sales forecasting is a guessing game that a certain percentage of deals will close. If you have to and actually need to forecast more closely a process for the sales funnel needs to be adapted. Greta Schulz is president of Schulz Business a sales consulting and training firm. She is the best-selling author of To Sell is NOT to Sell and works with Fortune 1000 companies and entrepreneurs. For more information or free sales tips go to schulzbusiness.com and sign up for GretaNomics a weekly video tip series or email sales questions to greta schulzbusiness.com. 88 JULY 2017 www.sfbwmag.com HISTORY VIEWPOINT Photo credit HistoryMiami Museum Burdines Fashion Activities Office Records 1960s 1990s. Burdines a Miami-based retailer that became part of Macy s started hosting runway shows in 1914 Sunshine Fashion BY CHRISTINE ALEXIS As summer heats up Miami s annual Swim Week will show South Florida how to stay cool. With major events beginning July 20 Swim Week will bring celebrities buyers bloggers and swimwear enthusiasts to the city. Last year SwimShow a trade show occurring during Swim Week attracted 7 500 brands and buyers from more than 60 countries. SwimShow is just one component of Swim Week providing insight into the potential local impact of fashion showcase. For instance money spent by attendees trickles down into the hospitality restaurant and entertainment industries. This translates into dollars that further the community s business and economic development. Miami is the swim fashion capital of the world for a variety of reasons. It offers designers opportunities for growth and has an ecosystem to support them. (For example Miami Dade College opened the Miami Fashion Institute last year to prepare for this growing sector.) As of last year says the Beacon Council Miami s creative design industry--of which fashion is a niche--employs 33 059 people at 3 498 companies. While the fashion industry is steadily growing it has helped sustain the city s economy for nearly a century. Miami s fashion history began in the early 20th century when department stores began opening throughout the city. One that stood out was Burdines. What began as a dry goods store grew into a popular chain of department stores statewide. When Roddy Burdine took over his family s business in 1911 he shifted the focus to apparel and transformed Burdines into a trendy store that reflected the area s tropical location. Burdines coined the phrase Sunshine fashions to describe the region s bright colorful fabrics and casual style. It was to the early 20th century what resort wear is to today. Burdines catered to a fashion-savvy clientele and carried high-quality European clothing and the latest in swimwear. In 1914 it began hosting runway shows to highlight the season s Sunshine fashion trends. Eventually its year-round fashion gained national attention and attracted customers from across the country. That helped put Burdines--and Miami--on the map. Burdines wasn t just promoting a store but was also marketing the entire area. One of its advertising slogans called Florida the place where summer spends the winter. This ad alone spotlighted the area as a tropical destination and Burdines eventually became known as The Florida Store. The city and the store grew together until 2005 when the Burdines name faded into retail history. Federated Department Stores Burdines parent company since 1956 decided to put all of its stores under the Macy s umbrella. But Burdines established Miami in the fashion world paving the way for runway shows such as Swim Week. The Magic City s fashion future is bright with the area institutions that create the skilled workforce to sustain it. While Roddy Burdine s dream was to establish his store as the place for Sunshine fashions he did far more by changing Miami s global reputation. Information for this feature is courtesy of the HistoryMiami Archives & Research Center which is open to the public and contains more than 1.5 million images of southeast Florida the entire state and the Caribbean from 1883 to the present. For information or to visit HistoryMiami visit historymiami.org. 90 JULY 2017 www.sfbwmag.com www.sfbwmag.com JULY 2017 91 F R O M S O U T H F L O RI DA S AWA R D W I N N I N G D E A L E R T H E E D M O RS E AU T O M O T I V E G R O U P E D M O RS E . CO M with 13 LOCATIONS and 9 DIFFERENT BRANDS ED MORSE AUTOMOTIVE GROUP gets MORE NEW VEHICLE INVENTORY from MANUFACTURERS and OFFERS the LARGEST SELECTION of CARS TRUCKS and SUVS. 92 S TA R T SAV I N G SU M M E R 2017 JULY 2017 www.sfbwmag.com DIstinctly Hyatt. Uniquely naples Show your meeting attendees just how much you care at the new Hyatt House Naples with its open airy design and enchanting British West Indies-inspired decor. Our event space overlooking the beautiful water and resort-like pool is the perfect place for large group meetings and events or small intimate gatherings. You can even hop aboard a boat or rent your own right from our docks for an exciting sunset cruise. 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