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JANUARY 2015 SFBWMAG.COM 7.95 Xavier Gonzalez eMerges FOR BUSINESS AND PLEASURE. (Not necessarily in that order.) Test drive the all-new 2015 Cadillac Escalade B AY V I E W DE LRAY BE AC H S AWG RAS S w w w. E d M o r s e.c o m Relentlessly pursue the client s goal but never rest in the glory. Jordan Zimmerman The number one advertising agency in the world in driving client profitability. 954.644.4000 January 2015 3 PatrIOt NatIONaL Your trusted Workers Compensation and Managed Care Services Partner of Choice Patriot National Inc. is a leading provider of Workers Compensation and Managed Care Services. For more information on how we can help you with your Workers Compensation needs contact Nicole Brewer nbrewer 954.670.2946 401 E. Las Olas Blvd. Suite 1650 Ft. Lauderdale FL 33301 4 January 2015 Trust No issue too big no item too small. Our only real estate service is ensuring you total peace of mind. Solutions. NAI Miami offers discerning investors concierge level service to safeguard assets with a local perspective and attention to detail regardless of where you are. 1 305 938 4000 January 2015 5 TABLE OF CONTENTS 42 Executive Director Xavier Gonzalez talks about the growth of eMerge Americas COVER STORY 12 SPACES Paramount Fort Lauderdale & Miami WorldCenter 16 PREDICTIONS 26 FEATURE 32 PROFILE 36 PROFILE The outlook for 2015 from some of South Florida s best and brightest Regent Bank focuses on small & medium businesses 60 LAW Taking the mystery out of bankruptcy 62 BEHIND THE MIC Overcoming the obstacles Greg Baty takes it the whole 10 yards 64 WEALTH INCUBATOR EDGE Dive into dividends Legal and political heavyweight Michael Moskowitz 68 INSIDE THE Meet Venture Hive Miami 40 SFBW AGENDA What the movers and shakers are up to 70 COMPETITIVE Mindful Meditation can cut stress and grow profits 46 NEW SOUTH 10 takeaways on transit oriented development FLORIDA 72 SALES 52 RESIDENTIAL Meet dream developers L&H Partners Taking shortcuts STRATEGIES REAL ESTATE Purpose powers profit 74 FAMILY BIZ REAL ESTATE 56 COMMERCIAL The industrial boom shows no signs of slowing 78 WINE & FOOD 82 HISTORY VIEWPOINT Some of the best wine & food festivals this season 58 TECH HUB 6 January 2015 Working from anywhere is the new office environment Snowbird season keeps South Florida flourishing The Shops at Boca Center on Military Trail 561 620 0011 sales Esquire magazine s Gold Standard Recipient for one of the 30 Best Men s Stores in America for the past 10 years LETTER FROM THE PUBLISHER Expect a great 2015 Powering your bottom line Publisher Kevin Gale right solution. right service. At Any time. 1-800-385-3187 I guess this is where someone with 30 years of business journalism and an economic minor should be ready to pick apart what s ahead with the economy. Sorry doubters. Like most of the prognosticators in our outlook section I see an incredible number of positives as the new year begins. These days it all seems to start with the building boom along the coast. That was a huge topic at the Urban Land Institute Symposium Why is Miami Burning so Hot A major reason for our success is there s just so much foreign cash flowing into the market and South Florida is seen as an increasingly desirable place to live. The financial underpinnings of this condo boom are much stronger than the last one because buyers have so much more skin in the game. I checked the latest figures from and found that 67 percent of units have already been presold throughout the region which is a pretty healthy number. The biggest risks to the South Florida economy these days are probably external such as some unforseen Black Swan type calamity. We also could become a victim of our own success as land prices rise which drives up the price of units. Still South Florida is realtively cheap compared to many other global hot spots. The current pipeline has a lot going on 9 487 units under construction 13 104 approved and 15 829 not approved according to Related Chairman and CEO Jorge P rez got the biggest laugh at the ULI seminar when he said For all of you that are buyers I think we have at least 10 more years of prosperity. For you that are developers that are coming here the decline is coming very rapidly. What s interesting is that the Perezes of the world are trekking well beyond Miami. Hallandale Hollywood is one of the region s hottest markets along with Fort Lauderdale. I m hearing a lot about interest in Palm Beach County as well. One attraction is South Florida has truly arrived on the global scene with events such as Art Basel and eMerge Americas. (Check out our cover package on eMerge to see what s ahead.) Our downtown areas are turning increasingly into 24 7 live work play centers. It wasn t too long ago that you could walk down the sidewalks at night and hardly see anyone at least anyone you would want to run into. The region is increasingly seen as a great place to do business as evidenced by my article about Thalius Hecksher and his efforts with the Florida Hedge Fund Association. We still have our challenges. I d put improving our education and transportation systems as among the most important tasks ahead. A Greater Miami Chamber of Commerce seminar on Transit Oriented Development covered in this issue offers a great opportunity to not only address our transit needs but do so in a way that creates great neighborhoods. As always I welcome your feedback. Please email me at kgale or call me at 954.377.9566. Kevin Gale 8 January 2015 Is Debt wrecking your employees productivity Let Consolidated Credit Guide Your Employees to Financial Wellness On-Site Workshops & Seminars Online Financial Tools Budget & Debt Counseling Free Financial Publications For more information 1-800-294-1792 PUBLISHER AND EDITOR-IN-CHIEF ASSOCIATE PUBLISHER Kevin Gale kgale Sally Nicholas snicholas ASSOCIATE EDITOR Ivette Figueroa ifigueroa ASSOCIATE EDITOR Richard Shellene rshellene CONTRIBUTING EDITOR Leslie Kraft Burke Creative CREATIVE DIRECTOR ART DIRECTORS Melanie Smit Alexander Hernandez Frank Papandrea Alisha Riddle Writers CONTRIBUTING WRITERS Paola luspa-Abbott Chris Fleck Jim Fried Steve Garber Darcie Lunsford Greta Schultz Linda Janasz Photographers Downtown Photo Fort Lauderdale Vernie Williams HistoryMiami Archives & Research Center Larry Wood Marketing MARKETING COORDINATOR Natalie Merin natalie jhorowitz LISA LEE llee CHRISTINE REDMOND credmond GAIL SCOTT gscott JILL HOROWITZ Market Directors aalbaijes JAMES CONSTANTINE jconstantine PETER EVANS pevans TANISHAL HARRIS tharris ALLISON ALBAIJES CHAIRMAN GENERAL MANAGER Gary Press gpress Danielle Tarrant dtarrant Editorial Advisory Board Marc Brotman Brotman Nusbaum Ibrahim Found and Partner Bob Birdsong OK Generators President Rick Case Rick Case Automotive Group Owner Abe Dababneh Smoke Inn Owner Monroe Gang Atlantic Partners CEO Gerald Greenspoon Greenspoon Marder Co-Managing Director Michael Keeby Brown & Brown of Florida Executive Vice President Jeremy Larkin NAI Miami President Alan Levan BBX Capital Chairman and CEO Gerry Litrento Bank United Senior Executive Vice President Steven Mariano SunCoast Holdings Chairman and CEO Neil Merin Merin Hunter Codman Chairman Ed Pozzuoli Tripp Scott President Chris Roberts Lexus of Kendall President Ron Shuffield EWM President Terry Stiles Stiles Corp. Chairman and CEO Thomas te Riele TD Bank South Florida Market President Mark Trowbridge Coral Gables Chamber of Commerce President and CEO Jordan Zimmerman Zimmerman Partners Advertising Chairman and CEO SFBW Magazine 3511 W. COMMERCIAL BLVD. SUITE 200 FORT LAUDERDALE FLORIDA 33309 954.377.9470 FAX 954.617.9418 WWW.SFBWMAG.COM 2015 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. DAOUD S FINE JEWELRY IS NOT AN AUTHORIZED AUDEMARS PIGUET DEALER Florida s Oldest and Highest Rated Jeweler 4 generations in the jewelry business Established 1895 Daoud s 954.WATCHES 2473 EAST SUNRISE BOULEVARD FORT LAUDERDALE FL 33304-3126 954.565.2734 (across from the Galleria Mall) January 2015 11 SPACES The pool area at Paramount Fort Lauderdale Beach 12 January 2015 PARAMOUNT TIMES TWO Paramount name ads to buzz at Fort Lauderdale beach Miami Worldcenter BY KEVIN GALE January 2015 13 SPACES Paramount Miami Worldcenter will soar 60 stories Paramount is emerging as a major brand in the luxury condo market in South Florida. Paramount Bay in the Omni area was an iconic project during the last boom and the name is now going on new projects in Fort Lauderdale s beach and in Miami Worldcenter. The 95-unit Paramount Fort Lauderdale is the first major new luxury condo on the beach in about 10 years while the 466-unit Paramount Miami Worldcenter will be the only condo in the nearly 30-acre mixed-use project that will include a Macy s and Bloomingdales. Developer Daniel Kodsi s Paramount Bay drew wide praise for its design but fell into foreclosure when hit by the double whammy of delays caused by a construction accident and the general condo bust. During his 25-year career Kodsi has developed more than 3 000 units and 1.1 billion in mixed-use multi-family condominium and singlefamily home developments. Kodsi has a deep pocket partner for his new projects in developer Art Falcone of Boca Raton who sold Transeastern Homes for 1.6 billion and his apartment portfolio for 480 million in well-timed moves before the recession. Falcone serves as CEO of Encore Housing Opportunity Fund which has raised more than 1 billion in equity and is director of Rescore REIT which has approximately 3 billion in development. Another well-known developer on the projects is Nitin Motwani who is managing director for Encore and Worldcenter overall. The sales center for Paramount Worldcenter is expected to open in January but Paramount Fort Lauderdale recently had about half its units under reservation said Peggy Fucci president and CEO of OneWorld Properties which is marketing both projects. Paramount has been widely noted in Fort Lauderdale real estate circles for breaking the 1 000-a-square-foot price mark. Fucci said about half of the buyers are international which indicates the allure South Florida has to foreign buyers is spreading north to include Fort Lauderdale. During a recent trip to Brazil to launch Paramount Worldcenter she sold two units in the Fort Lauderdale Paramount. The 2 billion Worldcenter will anchor a dramatic transformation on the north side of downtown Miami which is also expected to have MDM Developments 600 million Marriott Marquis World Convention Center 14 January 2015 SPACES Paramount Miami Worldcenter Hotel and All Aboard Florida s Grand Central Station with high speed rail service to Fort Lauderdale West Palm Beach and Orlando International Airport. The Worldcenter project will be perfect for shoppers since they will be able to take a private elevator right down to the mall Fucci said. Worldcenter is also close to the P rez Art Museum Miami the Adrienne Arsht Center the American Airlines Arena and the Phillip and Patricia Frost Museum of Science which is under construction. Paramount Fort Lauderdale which is on the former Howard Johnson s site at 700 N. Ocean Boulevard overlooks the beach and Bonnet House Museum & Gardens. It s also in an area with a lot of buzz including new restaurants the Conrad condo hotel and the revitalization of the North Beach area. People were waiting for a product that was new on the beach Fucci says. People really love the location. You will be able to walk to so many different locations. Height 60 stories Units 466 Unit sizes 1 300 to 2 300 square feet Pricing Sarting at 700 per square foot Architects Elkus Manfredi which has done The Peninsula in Chicago the Verb Hotel in Boston and The Paramount in San Francisco plus a team in Miami. Features A large amenity deck cascading gardens and infinity pools and a four-story rooftop deck designed to mirror the architectural accents of an Italian yacht. Schedule Ground breaking in the first quarter of 2015 with occupancy slated for the third quarter of 2018. Paramount Fort Lauderdale Beach Height 18 stories Units 95 Unit sizes 1 930 to 3 477 square feet Pricing Starting at 1.2 million Architect Revuelta Architecture International which previously did Miami s Epic Hotel & Condominiums Grovenor House and Jade Residences Interior Design ID & Design International which is also doing Zaha Hadid s 1000 Museum project among others. Features Multiple private pools cabanas and club privileges a gym ground-floor restaurant and a children s play area. Schedule Occupancy in winter 2016 Paramount Fort Lauderdale Beach above and far right below will overlook the Atlantic Ocean and Bonnet House Museum & Gardens January 2015 15 Our experts expect another strong year but there are some warning signs ahead 2015 Let the good times roll 16 January 2015 PREDICTIONS SOUTH FLORIDA SHOULD BE EXCITED ABOUT 2015. THERE IS TREMENDOUS EXCITEMENT IN TECH AROUND THE STARTUP AND ACCELERATOR COMMUNITY. 2015 Rolando Aedo Executive VP CMO Greater Miami Convention & Visitors Bureau In 2015 it is anticipated Greater Miami and the Beaches will reach a major milestone of approximately 15.2 million overnight visitors with expenditures exceeding 24 billion. The international market will continue to lead growth with more than 7.7 million overnight visitors. This continues the trend of international visitors surpassing domestic visitors which started in 2013 and Miami having the highest percentage of international visitors of any U.S. destination. Despite the fact that hotel room inventory is projected to increase by 1.3 percent demand for rooms in the destination is expected to increase by 2.8 percent demonstrating the global strength of the Miami brand. As the No. 1 industry in Greater Miami this continued growth plays an integral role in creating and sustaining more than 125 000 jobs in our community. Bob Birdsong President OK Generators The South Florida economy is making a strong comeback. You only need to see how many cranes are erected across the tri-county area to know that this major economic indicator is in full comeback mode. This coupled with the lowest unemployment rate in years static low interest rates and consumer buying at recent highs all indicate that the economy is well on the way albeit at a controlled pace to making a strong recovery. Since our industry relies on commercial construction our outlook is very good. On the flip side money flow usually lags new project commencement by over a year so there will be a lean time while it catches up. Lenny Chesal CMO South Florida should be excited about 2015. There is tremendous excitement in tech around the startup and accelerator community. This scene has exploded with countless workspaces and labs opening and the recent opening of FAU s Tech Runway put an exclamation point on this activity. We have IT Palooza at NSU and eMerge Americas helped expose the huge opportunity we have as the tech hub of the Americas. European countries have had multiple trade missions looking to establish a presence and do business with Latin America. This is an area on the brink of exponential growth. Businesses will continue to move to the cloud in record numbers. just celebrated five years of continuous uptime of our 4cNxGn Smart Cloud platform. Our clients trusted us to connect and protect their critical data and infrastructure and have experienced zero down time. January 2015 17 PREDICTIONS 2015 IT CONTINUES TO BE A FIRST-TIER U.S. MARKET FOR INTERNATIONAL INVESTORS AND BUYERS FROM LATIN AMERICA AND IT IS BECOMING INCREASINGLY ATTRACTIVE TO INVESTORS FROM ASIA AND EUROPE. Erik Day CFO Warren Henry Auto Group The South Florida economy will continue to demonstrate strong economic activity due to the large amount of foreign nationals purchasing real estate favorable taxation compared to other states and life in a tropical paradise near the Caribbean Latin America and Western Europe. Since the recession South Florida has seen a tremendous influx of foreign nationals which has helped to make it one of the most internationally diverse markets in the country. Warren Henry which focuses primarily on luxury and high-line automobiles will continue to see strong growth fueled by a robust local economy the continued influx of affluent foreign nationals a strong pipeline of exciting products coupled with high customer retention and lease penetration. This will continue to drive repeat business and additional growth to levels never before experienced in the company s history. Edgardo Defortuna President and CEO Fortune International Group Given its strong fundamentals and brisk capital flow from abroad we are bullish on the South Florida economy. It continues to be a firsttier U.S. market for international investors and buyers from Latin America and it is becoming increasingly attractive to investors from Asia and Europe. Few places on Earth offer our eclectic blend of arts culture and superior lifestyle. Fortune International Group will continue to focus on meeting the demands of our global clients by delivering product of superior quality. We will look to expand our presence in emerging luxury markets such as China and the Middle East and remain highly selective and strategic before embarking on new projects. Creative thinking is a must to deliver valuecreation opportunities in today s real estate marketplace. 2015 is going to be another exciting year. Jerry Fedele CEO Boca Raton Regional Hospital Inc. The economy will continue to expand at a faster pace than the nation overall driven by construction a favorable entrepreneurial environment and increases in population as more individuals chose retirement given improved investment portfolios. South Florida may experience increasing inflation as construction drives up cost of development and growth in employment drives up wages. Boca Raton Regional Hospital Healthcare South Florida will buck national trends of declining hospital utilization as more retiring baby boomers gravitate here. Due to increasing costs and revenue pressures South Florida will catch up with the rest of the country as clinicians opt for employment by hospitals and health systems. Boca Regional will continue to see better than market increases in revenue and utilization as a result of new programs more ambulatory business lines new outpatient centers and hospital-owned physician practices. 18 January 2015 PREDICTIONS 2015 WILL BE ROBUST IN SOUTH FLORIDA. THE REAL ESTATE MARKETS BOTH RESIDENTIAL AND COMMERCIAL HAVE NOT ONLY STABILIZED AND RECOVERED BUT ARE ACCELERATING. 2015 Cynthia Fraser Director Talent Management & Employee Relations DHL The job market is coming back and employers will have to be on their toes to put their best foot forward and make sure they are competitive in both pay and benefits. As there are more opportunities for candidates they seem to be focused on the cultural fit with an organization. Once a candidate is hired the company will have to work harder to keep employees engaged and motivated as well as provide opportunities for career development growth. In the South Florida market where there are a limited number of larger national organizations we find employees are actively assessing or exploring other opportunities. Alexander Freund President CIO 4IT In South Florida the recovery will continue into 2015 slowing and probably stopping in Q4 2015. The oil price decline will dry up excess cash from South America. Foreclosure properties going on the market should halt increases in home prices and rental rates. The high-tech industry in South Florida will finally begin to bear fruit. IT and technical employees will be scarce. At 4IT small businesses will continue moving IT infrastructure to the cloud. Tech labor will be constrained creating opportunities for services that increase IT efficiency and drive process improvements. Security will dominate as more companies will suffer losses from hacking and data theft. Every business is a target as the hacking community continues to grow and improve. 2015 will be a good year for 4IT. Monroe Gang CEO Atlantic Partners Corporation 2015 will be robust in South Florida. The real estate markets both residential and commercial have not only stabilized and recovered but are accelerating. Seasonal residents are becoming permanent and I personally have fallen into this category. Financial services companies and technology firms are emerging or moving their company operations here [drawn by] the cost of living and improved public schools. Business community partnerships with local universities over the last decade are paying big dividends for both employers and college graduates. At Atlantic Partners we just celebrated 30 consecutive quarters of growth. We are doing more business in Florida than ever before. The firm had its best year since inception and to say we are in an accelerated growth phase would be an understatement. We anticipate 2015 to be even better and estimate growing revenues by 30 percent. January 2015 19 PREDICTIONS 2015 THE DELINEATION OF MIAMI AS THE ECONOMIC ENGINE OF SOUTH FLORIDA ACCELERATED THROUGH 2014 AND WILL CONTINUE AT A QUICKENING PACE THROUGH 2015. Jeremy Larkin President NAI Miami The delineation of Miami as the economic engine of South Florida accelerated through 2014 and will continue at a quickening pace through 2015. Population growth will drive job growth. With a limited skilled labor force and unabated rapidly rising healthcare costs labor costs will increase at levels above inflation. Occupancy costs in all sectors in Miami will rise with key markets rising at an annualized pace of over 10 percent in 2015. In the remaining portions of South Florida the costs will be moderate and in pace with inflation. Deliveries of the newest condominiums will commence on a significant scale dampening both rental rates and sales prices for most markets throughout South Florida. Overall South Florida will see a positive economic year and Miami will continue to establish itself as an emerging global city. Angel Medina President Gibraltar Private Bank & Trust Sometimes it s tough to be a contrarian. As the bull markets in stocks and bonds continue to mature three trends have reemerged from dormancy. There has been an increasing temptation within our industry to adopt a metoo approach of providing indexlike returns while charging full fees. This is often accompanied by a desire to stay close to the herd and not deviate from consensus thinking accompanied by a collective amnesia about the pain of downside markets. The emerging consensus is that 2015 will finally see the global recovery that many have longed for. We re not so sure their wishes will be fulfilled given the continuing slowdown across Europe and much of Asia. Likewise while we see some near-term risk of modestly higher rates we see little emerging inflation or business demand to drive rates higher in fact global deflation may be the bigger risk. We remain cautiously positioned with well-diversified portfolios actively hedging downside risks. Steve Palmer COO Stiles Corporation Overall I believe the South Florida economy will continue to strengthen but will be more subdued than the surge from 2005 to 2007. Certain sectors in real estate are hot such as apartments and condominiums but the apartment market will begin to change as construction costs rise faster than rents and only the best deals and locations will be successful. At Stiles I believe our business will continue to grow across all segments and that our diversity and flexibility will allow us to take advantage of numerous opportunities that will be available. 20 January 2015 PREDICTIONS SOUTH FLORIDA IS IN THE MIDST OF MAJOR GROWTH ON ALL FRONTS. THE SWELL IS EVIDENT IN EVERYTHING FROM CULTURE AND ECONOMY TO TRANSPORTATION AND INFRASTRUCTURE. 2015 Carlos Rosso President The Related Group Condo Development Division The local economy has been showing strong signs of recovery for some time now and I m confident that the positive trend will continue as Miami keeps evolving. We re seeing more museums parks luxury hotels restaurants a lot more retail the growth of Art Basel and the fast-train being built from Orlando to Miami. As each neighborhood in Miami grows distinctively people feel the energy. We at The Related Group will continue to mold South Florida culturally and economically creating luxurious places distinguished by world-class architecture design and art. We aim to enhance lifestyle quality with top-tier restaurants award-winning chefs and a farm-to-table concept with green edible rooftop gardens for our chefs and residents. In 2015 you can expect us to continue transforming South Florida s skyline with our signature approach. Dave Seleski Founder President and CEO Stonegate Bank The South Florida economy will continue to see robust overall growth. Further I see South Florida as a destination for new business opportunities which bodes well for existing businesses and individuals alike. Both commercial and residential real estate values will continue to improve into 2015. Stonegate expects to again experience double-digit loan growth which translates into jobs and other economic opportunities for citizens of this region. Stonegate anticipates an improved return on average assets which benefits our shareholders and enables the bank to fund new projects throughout this important region of Florida. Lastly we believe we will accomplish even more successes as we unite with Community Bank of Broward to form Broward County s largest community bank in 2015. Mark Trowbridge President and CEO Coral Gables Chamber of Commerce South Florida is in the midst of major growth on all fronts. The swell is evident in everything from culture and economy to transportation and infrastructure. Global eyes are on Miami and with that attention comes not only tremendous opportunity but a tremendous amount of responsibility for our community leaders. Progress is crucial but people should always come first. So in 2015 I believe that we ll see pop ups of this push-and-pull dynamic as we try to find the balance between taking our city to center stage while still servicing our local communities in a way that makes them feel included. Our chamber is the backbone of the Coral Gables business community and in 2015 I believe that we will continue to see more international businesses and technology companies calling the City Beautiful home. January 2015 21 Marc Brotman Board Certified in Civil Trial Law Martindale Hubbell s Highest Rating Acknowledged as a SuperLawyer 32 years of trial experience YOU WOULDN T DO YOUR OWN HEART SURGERY YOU SHOULDN T HANDLE YOUR OWN INJURY CLAIM EITHER Call US at 561.417.5656 137 West Royal Palm Road Boca Raton FL 33432 (561) 417-5656 Marc ATTORNEYS We have paid millions of dollars to referring attorneys. Call me at (561) 417-5656. The hiring of an attorney is an important decision that should not be based solely upon advertising. Before you decide ask us to send you free written information about our qualifications and experience. 22 January 2015 January 2015 23 Time to trade the corner office for your own little corner of the world A Transworld business advisor can get you there. Every day Transworld Business Advisors connects quality top-paying acquirers with business owners ready to sell and move on to the next stage in their careers. As the world leader in business sales franchising and mergers and acquisitions Transworld has access to a huge database of individual domestic and immigrating buyers and strategic corporations looking for the right business opportunity. And Transworld has the expertise to ensure any business sale goes smoothly. So whether you re ready to sell your business or buy an existing business or franchise contact a Transworld Business Advisor for a free consultation today. 800.205.7605 24 January 2015 A Global Force in the Information Technology Arena We are a global company with 100 Years of combined experience placing IT professionals ALL while experiencing 28 quarters of consecutive growth. Our services of staff augmentation contract to hire direct hire and retained search will help you attain your business goals. Ask us about our Resource Concierge Program 6001 Broken Sound Pky. Suite 506 Boca Raton FL 33487 561-912-9363 main office info Meet Some of Our clients Blue Cross Blue Shield WebMD Guardian Citigroup TD Ameritrade Morgan Stanley Avon Weight Watchers BANKING Regent Bank keeps a focus on small and medium-sized business customers amid an ever-changing banking industry BY KEVIN GALE Survivor The Regent Bank Chairman and CEO Cyril S. Sid Spiro is ready for growth after raising 20 million in capital. The Great Recession whacked Regent s customer base of small and medium-sized businesses and the bank took 10 million from the federal Troubled Asset Relief Program (TARP). On the surface that might not seem so good but it was actually a positive sign that the U.S. Department of Treasury thought Regent was relatively strong and worth saving while many other banks ended up being seized. Holding company Regent Bancorp (OTC RGTB) raised the new capital from existing shareholders local investors and institutional investors. As part of the deal the Treasury swapped preferred shares it held for common stock which was then sold to investors involved in the private placement. The new capital will help Regent increase lending to small and mediumsized business and professional borrowers plus expand mortgage operations and wealth management services. Before the deal announced on October 20 Regent had already shown progress by flipping back to profitability cutting expenses and trimming noncurrent loans and repossessed property. 26 January 2015 Today s banking and yesterday s tradition. January 2015 27 BANKING SPIRO S BACKGROUND Cyril Sid Spiro is a community banker but he doesn t lack experience working for big banks and other companies. He worked for Bank of America for nine years ending up as vice president and head of the Southeast region. He served for two years as CFO of the Jim Pattison Group and Great Pacific Industries a conglomerate in Vancouver. He was also chairman of Great Pacific Capital in Cyril Spiro has worked in Europe and Asia Geneva Switzerland until 1985 a year before he founded Regent. (He and his wife still enjoy a second home in Switzerland.) Spiro s career includes an array of assignments in cities including London Brussels Los Angeles San Francisco and Singapore. That s somewhat fitting since he earned a degree in foreign service from Georgetown University before getting his MBA from Wharton. Spiro has a long list of civic and industry involvement including board memberships of two statewide banking associations and the Plantation and Davie Cooper City chambers of commerce. He is past chairman of the Greater Fort Lauderdale Chamber of Commerce and co-chairs the urban committee of the Broward Workshop a leading civic and business group. The recession-era issues aside Regent is a case study in how a small bank can evolve to meet current market needs. Its motto is Today s banking and yesterday s tradition. It has only five branches but has a fleet of drivers in Honda Civics that go from Miami-Dade to Martin counties for client pick ups and deliveries Spiro says. It s a free service. Some customers in towers with banks on the ground floor deal with us because they say we don t have to send someone downstairs to stand in line Spiro says with a grin. Regent is the only community bank in South Florida that has had full-blown residential mortgage operations since it started Spiro says. It offers VA FHA jumbo and conforming construction loans. Applicants can apply for mortgages on the web in 46 states with forms that take 18 minutes or less to fill out he says. The bank does its own mortgage underwriting and secondary marketing. Regent does just about everything in commercial banking except floor plans for car dealers Spiro says. It s a strategic partner for factoring and offers leasing cash management commercial and industrial loans real estate loans for owner-occupied businesses and loans for investment properties. His average loan officer has been with the bank 15 years and in the field for 30 Spiro says. That counts for an awful lot when customers deal with our people. They know what they are talking about. The bank has the latest apps for smart phones such as taking pictures to deposit checks but offers a personal touch on its website by showing pictures and contact information for its loan officers and financial advisors. Spiro wants customers to be able to pick who they want to work with. He says You aren t going into a call center. WEALTH MANAGEMENT LITTLE GUYS ALLOWED Unlike many wealth advisors Regent Bank doesn t have a minimum net worth requirement says Chairman and CEO Cyril Sid Spiro. We ll take the little guy he says. Regent Financial and Insurance Service Advisors four-member team is led by Managing Partner Tracy Mandart an accredited wealth management advisor. The advisors are licensed by Infinex Investments a broker dealer that serves community banks nationally. Mandart who is from Louisiana was previously president of a specialty retailer that grew from 6 million to 800 million in revenue during his tenure. He s also led turnarounds for venture capital group and company founders for businesses in the 10 million revenue range. He had more than 10 years experience as a senior financial advisor with Janney Montgomery Scott in Fort Lauderdale. He was also the senior operating executive for a regional bank s 14 billion trust and investment division. Tracy Mandart 28 January 2015 November 2014 Experience Makes Us Experts At Brown & Brown we know that we must be as agile as the cheetah in order to thrive in the competitive insurance environment. Our unique culture has enabled us to quickly chase down new opportunities adapt our products and services to best meet market demands and satisfy our customers. Fort Lauderdale s Private Client Group Fort Lauderdale Division - 1201 West Cypress Creek Road Suite 130 Ft. Lauderdale FL 33309 Ph. (954) 776-2222 Fx. (954) 771-9192 Auto Aircra Bonds Condominium Collectables Flood Health Bene ts Homeowners Liability Marina Personal Property Umbrella Workers Comp January 2015 29 30 January 2015 PROFILE Greg Baty scores with investments and jobs BY KEVIN GALE PHOTOS BY LARRY WOOD Greg Baty helped the Miami Dolphins score on the field as a tight end but now he s helping the state score with investments and jobs. Baty is a principal in Fort Lauderdale with Hamilton Lane which manages the 500 million Florida Growth Fund. The fund was created in 2009 to invest up to 1.5 percent of state pension funds in private equity investments that would help foster job growth. The technology-focused fund has averaged a 17.4 percent rate of return and created more than 5 000 jobs with an average salary of 64 586 according to a state report. While Baty still has the commanding 6-foot-5 presence of a former NFL player he also has a broad range of business experience and an impressive academic pedigree with an undergraduate degree and a master s in business from Stanford University. Football was just the beginning I always worked in the off season Baty says. I never viewed that football was going to be the defining moment of my life and career. ... I used football as a way to meet interesting people. He called Wayne Huizenga before he bought majority ownership of the Dolphins and was invited to spend a Saturday afternoon. January 2015 33 PROFILE I think it s interesting to pick the brain of someone who has been successful and how they became successful says Baty whose office is on the eighth floor of the building that houses the headquarters of AutoNation which Huizenga founded after growing Blockbuster Entertainment and Waste Management. Their relationship became stronger after Huizenga bought into the team and Baty was a Blockbuster franchisee from 1993 to 2009. Baty lived in Menlo Park Calif. and says a lot of his friends were venture capitalists. From 1999 to 2001 he worked with later called Garage Technology Ventures which gave advice to entrepreneurs. The companies often had angel funding and then Baty would take them up to Sand Hill Road which is famed as a location for venture capitalists when the time was right. Baty was a venture partner with Sand Hill Capital from 2006 to 2008. He was involved in a 2001 private equity deal that bought 35 Blockbuster stores and was a Jamba Juice franchisee for five years in the Phoenix area. Not everything was perfect. He was involved in a logistics company that used the internet and databases to create truckloads of shipments from shippers who had less than a truckload. One competitor got 75 million from Federal Express and another got 50 million from UPS he says. We were the guys who said What about us His time as a Jamba Juice franchisee overlapped with his duties as a managing director at Cardinal Holdings from 1996 to 2009. Jamba Juice was led by Steven Berrard who previously teamed with Huizenga at Blockbuster and AutoNation. Before he moved back to South Florida Baty says he had two young children and was working seven days a week. It was sad when the kids said Where are you But it was real sad when they stopped asking he says. Baty left Jamba Juice in 2009 and joined Hamilton Lane in August. One connection is that former Dolphin fullback Rob Konrad is on the investment advisory board of the state board of administration which selected Hamilton Lane. Baty said one of the best indicators of the growth fund s performance is an initial 250 million invested by the state was followed by another 250 million. Hamilton Lane also invested in the fund as well. There have been 27 different investments into companies and about half the fund is invested in 19 funds that also invest in Florida companies he says. Football is a way to meet interesting people for Greg Baty Baty is on the advisory board for the Florida Institute for the Commercialization of Public Research. The institute is based at Florida Atlantic University and helps state universities turn research into business opportunities. The institute also provides seed funding. I have seen the Florida investing system grow by leaps and bounds the last five years Baty says. Florida offers a diverse wealthy population that can help entrepreneurs he says. If you can t find people to invest in your company that have expertise you probably don t deserve to be going. I challenge 34 January 2015 I never viewed that football was going to be the defining moment of my life and career. ... I used football as a way to meet interesting people. entrepreneurs that there are enough wealthy retired people to provide capital to get off the ground. Baty also is a director with the South Florida chapter of Make-A-Wish. He gained that connection through his wife Brenda Yester Baty who recently joined Lennar in the strategic initiative area after being senior VP for revenue management at Carnival Cruise Lines. Brenda is now on the national board of Make A Wish and Greg was asked to join the local board about a year ago. Make A Wish has a couple of major initiatives locally Baty says. One is a capital campaign for a Make-A-Wish House to host families and events. The second is creating an endowment much as a university would endow scholarships in a donor s name a gift that lasts forever and changes lives forever Baty says. The granting of wishes not only benefits children but helps them create a positive experience for their caregiver families he says. The looks on their faces when they get their wish is more than a dream fulfilled he says. Sometimes this wish is what gives them hope to get through treatments a light at the end of the tunnel. n November 2014 January 2015 35 36 January 2015 PROFILE A Legal & Political Heavyweight Gore vs. Bush is just one of the highlights of Mike Moskowitz s career BY KEVIN GALE PROFILE Michael W. Moskowitz is a skilled litigator and active in the political world There s a big trend of talent from the Northeast flowing into South Florida but attorney Michael W. Moskowitz is ahead of the curve by 35 years. He was a federal attorney in Washington D.C and two years out of Brooklyn Law School when he came in 1979 to visit his parents in South Florida. He sent out 30 resumes in the area mainly with the goal of deducting his trip as a business expense. He was shocked when he got 20 invites to interviews. He ended up getting four offers and then a fifth when he arrived home. I concluded that Florida had great opportunities he says. And how. Moskowitz who handed out fliers for John F. Kennedy as a child in Brooklyn is an accomplished attorney and one of the most prominent figures in state politics. Moskowitz has been a state Democratic committeeman and recently hosted Vice President Joseph Biden for a fundraiser at his home. Perhaps most notably Moskowitz was the lead counsel in Broward County for presidential candidate Al Gore in his 2000 recount against George W. Bush. Moskowitz proudly notes that a team effort and working over Thanksgiving resulted in the recount being completed. That s in contrast to the effort in neighboring Miami-Dade County where the Brooks Brothers Riot led to a shut down in recounting 10 750 votes. Moskowitz is also the father of Jared Moskowitz who is a member of the Florida House of Representatives. Beyond the world of politics Mike Moskowitz has a reputation as a tough successful litigator serving as head of the commercial litigation department at Moskowitz Mandell Salim & Simowitz in Fort Lauderdale. Prominent attorney Mitchell W. Berger of Berger Singerman describes Moskowitz as tough trustworthy and loyal with a big heart. (Moskowitz has been a major fundraiser for Jewish causes and says his two most proud legal moments were pro bono adoptions.) When he tapped Moskowitz Berger says he was looking for someone who was exceptionally gifted and applied those gifts to perseverance in a very difficult situation. There are plenty of news accounts of challenging lobbying efforts and tough legal situations Moskowitz has handled over the years. In a prominent case in 2014 Moskowitz successfully obtained a 21.6 million verdict for property developer Mordechai Boaziz after a five-year legal saga. Beyond all the attributes Berger uses Moskowitz is a self- 38 January 2015 I wanted to be a lawyer since the third grade. I m doing what I dreamed to do. professed six-day-a-week workaholic. On a typical day he gets out of bed at 5 a.m. grabs a cup of coffee and works at home for the first three hours. He gets in the office a little after 9 a.m. and works until about 7 p.m. After dinner he usually puts in a couple more hours. Moskowitz s wife Marilyn undoubtedly knew what she was getting into since she used to be a paralegal at the law firm. Moskowitz jokes about what a client said at a celebratory dinner after a legal victory You know what I m going to be most happy about is I no longer will get 4 30 a.m. emails from Mike Moskowitz. Like most accomplished business people Moskowitz says he enjoys his work. I wanted to be a lawyer since the third grade. I m doing what I dreamed to do. MICHAEL W. MOSKOWITZ Founder and Managing Partner of Moskowitz Mandell Salim & Simowitz Address 800 Corporate Dr. Suite 500 Fort Lauderdale Phone 954.491.2000 Email mmoskowitz Education New York University undergraduate (magna cum laude) and Brooklyn Law School (cum laude) Current affiliations Nova Southeastern University Board of Governors Shepard Broad School of Law Legacy Bank Board of Directors January 2015 39 SFBW AGENDA Zimmerman Advertising is the 14th largest agency in the world of 3 billion annually. Zimmerman donated 10 million to establish the Zimmerman School of Advertising and Mass Communications at USF. Zimmerman will be inducted as a Horatio Alger Award recipient in ceremonies in Washington D.C. in April. Jordan Zimmerman Zimmerman gets Horatio Alger Award The Horatio Alger Association of Distinguished Americans has announced that Jordan Zimmerman founder and chairman of Zimmerman Advertising is one of its 2015 honorees. The Horatio Alger Awards named after the novelist who wrote juvenile novels about rag-toriches stories recognize exceptional leaders who have overcome significant personal challenges to achieve success and support philanthropy and higher education. Previous South Florida honorees include Wayne Huizenga of Waste Management Blockbuster and AutoNation fame and Mike Jackson the current longtime chairman and CEO of AutoNation. Zimmerman who recently wrote the book Leading Fearlessly Transform Your Life and Find Success was featured on the cover of the October issue of SFBW. After attending the University of South Florida Zimmerman was rejected by 10 firms as a job applicant and then used 10 000 to open the Zimmerman Agency in strip mall. The agency is now the 14th largest agency in the world with billings in excess Schulman honored with MS Hope Award David Schulman general agent for Mass Mutual DBS Financial Group has been named this year s MS Hope Award Honoree. Schulman s wife Carrie was diagnosed with Multiple Sclerosis while still a newlywed over 35 years ago. There is nobody more deserving than David who has worked tirelessly for over 30 years for the MS Society raising money and awareness says Carrie. He s devoted his time his heart and soul this honor means everything to him because it s also so important to me. Carrie says she took care of her husband for the first 37 years of their marriage but he has taken care of her the last three and shown an exceptional level of compassion. David plans to retire from DBS in a year and Carrie says the honor provides a way for the business David Schulman Mass Mutual DBS Financial Group 40 January 2015 SFBW AGENDA community to thank him for his contributions. The luncheon honoring Schulman will be on Jan. 23 at the Broward County Convention Center. For more information contact Monica Whiting at 954.676.3925 or monica.whiting Tech investment banker joins Cassel Salpeter Here s another sign of South Florida s arrival as a tech center A former technology investment banker for Lehman Brothers has joined Miami s Cassel Salpeter & Co. Ranjini Chandirakanthan will be a director at Cassel Salpeter and lead an expanded technology practice. Cassel Salpeter with cofounders Chairman James Cassel and President Scott Salpeter is one of the longestestablished independent investment banking firms in South Florida that provides advice to middle market and emerging growth companies. I am thrilled to join Cassel Salpeter and utilize my strong footprint in the technology ecosystem to help lead the growth of the firm s technology practice Chandirakanthan says. Having worked 15 years in Ranjini Chandirakanthan Silicon Valley and three years in Austin I have developed significant technology experience and a solid network of relationships that will greatly benefit Cassel Salpeter and its clients. Chandirakanthan was a director of strategy at Dell and a senior director of corporate development at Sun Microsystems. Besides working on Wall Street at Lehman she was a top StarMine-ranked Infrastructure Software research analyst at ThinkEquity an investment bank. Chandirakanthan also worked at a startup Neoteris which is now owned by Juniper Networks. She began her career as a CPA at KPMG Peat Marwick. Chandirakanthan earned a bachelor s degree in accounting from Miami University of Ohio and an MBA from The University of Chicago. The latest cutting-edge MRI MRI Scan & Imaging Center in Fort Lauderdale report it is the first imaging company in Florida to get a new MRI model from GE. The GE 3.0T Discovery has a few key advantages for patients. It can scan the whole body in one shot and do arthograms and angiography on a noninvasive basis. It even has TempurPedic cushioning. The machine is being used by Duke University Mayo Clinic Stanford and Mount Sinai medical centers. The MRI center has undergone a multi-million renovation that also includes new 128 slice PET CT technology and 4D Ultrasound. More details are at www. The GE 3.0T Discovery has a few key advantages for patients January 2015 41 INTERNATIONAL We don t take equity in the companies we work with so the goal of building the right culture within an organization is very important to us. eMerging expansion Xavier Gonzalez tells what s ahead for eMerge Americas and how business in general can benefit BY PAOLA IUSPA-ABBOTT eMerge Americas one the largest tech conferences in the Americas is helping position South Florida as an international tech hub. While eMerge was the vision of Miami tech entrepreneur Manny Medina Xavier Gonzalez is helping execute the big mandate. Gonzalez has been eMerge Americas executive director since its creation two years ago. Prior to that Gonzalez worked for Medina at Terramark Worldwide which built a large data center and Internet exchange point known as the NAP of the Americas in downtown Miami. Verizon Communications acquired Terramark for 1.4 billion in 2011. SFBW sat down with Gonzalez to find out more about his plans for the 2015 eMerge and how businesses could benefit from participating in the four-day conference happening from May 1-5 in Miami Beach. The interview was edited for clarity and length. What was the ultimate goal behind the creation of eMerge Americas We started it after going through the experience of running a public company in the technology space in Miami and the difficulties that we found across a number of different areas whether it was hiring the best tech employees in the world to just a general negative perception of a tech company headquartered in Miami. We started eMerge to help change the perception of Miami as a technology hub. Our ultimate goal is about advancing the technology ecosystem and developing an economy that is more stable. What surprised you the most about 2014 eMerge Americas The response we got. When we started the effort we picked 5 000 attendees as a lofty goal. We got 6 000 attendees and 400 companies participating. We surpassed all the metrics that we had as an organization. 42 January 2015 INTERNATIONAL Xavier Gonzalez INTERNATIONAL Entrepreneurs find Miami stronger with angel investment than venture capital Latin American tech innovators are helping build South Florida s tech ecosystem which is in its infancy stage especially when it comes to venture capital. Serge Elkiner is one of the innovators. The Ecuadorian native moved YellowPepper a tech startup that provides mobile banking and payment solutions in Latin America to Miami in 2012. Elkiner realized Miami was a better place to raise angel capital in the early days of the startup compared with New York Boston and Silicon Valley. In those mature tech centers investors are not often familiar with Latin America and can be reluctant to fund companies targeting that region he says. In Miami investors know Latin America he says referring to angel investors usually consisting of family and friends. But when it comes to raising venture capital from private equity funds Miami isn t as friendly. The speed of development of a technology financing environment in Miami is mainly driven by supply and demand says Andre do Valle president of Miami-based Hand- Serge Elkiner print. His company addresses the 150 billion international visitor market in the U.S. through a marketing and analytics platform that runs off its rental smartphones network. Technology investors in Miami tend to be more risk averse and close fewer deals do Valle says. Historically Miami has had a vastly smaller pool of tech investors and startups compared to Silicon Valley. This means Silicon Valley also has a lot more experience assessing risks associated with these types of investments. Since moving his company to Miami in 2012 the Brazil native has raised 300 000 in seed financing entirely from angels outside of Miami. However as Handprint goes out to raise its Series A round in the upcoming months do Valle hopes to change this and involve South Florida investors and advisors. To Colombian-born Ricardo Villadiego raising venture capital to grow his startup Easy Solutions was a challenge. But it all changed when he met with Miami tech entrepreneur Manny Medina. In May 2013 Medina s Medina Capital injected 11 million into the cyber security and fraud prevention company which has been based in Sunrise but is moving to Doral. Before closing the funding with Medina Capital we had 91 clients Villadiego says. Now we have more than 220 clients and offices in Miami Atlanta San Francisco Detroit Chicago Boston London and Tokyo. What are some of the success stories of 2014 eMerge Americas Companies like HP one of our bigger sponsors made deals at eMerge after meeting decision-makers from Latin America. They were able to generate businesses and leads. Another big takeaway for us was from the university perspective. The University of Miami and Florida International University had big displays in eMerge and people were amazed at the innovation they are generating and the work they are doing. That has drawn the interest of all the other universities in our region. What will eMerge do for startups looking for investors eMerge is a platform where they can connect on a broad scale. There are a lot of different investors who will be exposed to what startups are doing. One of the things about the investment community is that investors are interested in different levels of investment cycles and focused on different sectors. So finding that perfect match can be a little bit difficult. But we want to make those connections easier. For 2015 we have a concerted effort to make sure those entrepreneurs are meeting with those investors. But equally critical is for the startups to be able to connect with distribution partners and potential customers because a lot of what the investors look for are what revenues the startup has and where the revenue is coming from. How can eMerge benefit non-tech businesses in South Florida When you have a thriving technology industry you need attorneys who are focused on investment banking or IP law. It s the same thing with real estate professionals. Many of the new tech companies locating in South Florida need office space. Entrepreneurs are going to be the upwardly mobile type of professionals of the future and while they may live in a one-bedroom apartment today they are quickly moving into the two-bedroom three-bedroom house. That s one of the things we saw last year when we had EWM a residential brokerage firm be one of the sponsors of eMerge. They found clients who were looking for homes and made deals. Who are going to be the keynote speakers Deepak Chopra who will speak about how being centered helps you from a business perspective and Jim McKelvey the co-founder of Square [a mobile payments company]. Jim will talk about LaunchCode [which connects people looking to work in technology with employers through paid apprenticeships and job placement]. Jim will speak on how to connect and develop talent on the tech side that can 44 January 2015 INTERNATIONAL help some of the biggest companies in a local economy like cruise lines and airlines. Has the South Florida tech community made progress in the last two years It is night and day. We have more and more investors coming into town every day. There are more entrepreneurs more executives more national organizations activating programs and activities in Miami including 500 Startups Endeavor Global Code For America or the Microsoft Innovation Center. And all that happened in the last year. What is driving Miami s new interest in technology The John S. and James L. Knight Foundation is the biggest driver in terms of the development of the entrepreneurial ecosystem. Alberto Ibarg en and Matt Haggman (with the foundation) made a big bet on Miami being able to become the entrepreneurial hub that we are becoming. Two years ago they began to invest heavily in the infrastructure that supports entrepreneurs and the ecosystem around them including events like eMerge and co-work spaces like The Lab Miami in Wynwood. Most recently they helped launch the IDEA Center at Miami Dade College. All of these things are critical to our success. Their support to eMerge Americas made a big difference in our ability to put on a world-class event in our first year and they continue to support us. What do you see happening in the next two years You will see successful entrepreneurs beginning to re-invest in startups and the tech community in South Florida. You will also see more and more interest from some of the world s biggest technology companies wanting to establish their Latin America operation in Miami and having a significant employment base here. What are the pros of Miami compared with Silicon Valley and New York You go to Silicon Valley and you are competing with other 1 000 ideas while in Miami because we are in the early stages there are a lot of opportunities for startups and investors. Another key thing is our ability to be a gateway to North America Europe and Latin America. If you are a global technology company trying to tap into those three markets it is very easy to do it from Miami. We also have a lot of talented people from Latin America generating a lot of innovation. On the investor s side there is a great amount of wealth in Miami. But we need to educate those investors on how do you play this new investment model of entrepreneurship in the technology space to help diversify their own portfolios. Women Innovation & Technology summit is among the new features of eMerge s second year eMerge Americas doesn t want to be just bigger and better in 2015. It just wants to be more inclusive innovative and diverse. One of the major additions in the second year of eMerge is the creation of the Women Innovation & Technology (WIT) summit which will enable female tech influencers to share their insights on finding success through technology. One of the WIT speakers will be Poornima Vijayashanker who was the sole female engineer at - a startup company later acquired by Intuit in 2009. She recently wrote the book How to Transform Your Ideas into Software Products which will be the subject Marianna Lopez of the discussion she leads. Cuban blogger Yoani S nchez who has become internationally known for criticizing the Cuban government will share her experience about using technology to advance a cause. We are trying to focus on successful case studies where the take-away is tangible and attendees could apply those ideas to their business or their own career says Marianna Lopez content director at eMerge Americas and one of the forces behind WIT. eMerge will incorporate other new ideas to help create a more holistic experience eMerge Americas COO Giraldo Gutierrez says. For example participants will have to walk through the expo floor to reach the summit halls. Also the startups competition will be open to companies from Latin America Europe and the entire US. In 2014 it was mostly limited to Latin American and South Florida companies. It will be a global competition Gutierrez says. There will be improved content integration between what is discussed on a panel and what is displayed on the expo floor. So if a panelist will be talking about 3D Giraldo Gutierrez printing then you will be able to see a 3D printer on the expo floor Lopez says. That is something that was missing this year. eMerge will also incorporate more technology in many areas including the registration process. For example new technology will help track the flow of participants so sponsors can interact later with the attendees Gutierrez says. It will be more of an integrated experience. January 2015 45 NEW SOUTH FLORIDA A Dover Kohl concept for a trolley on NW First Avenue in Miami. Victor Dover far right 10 Takeaways Why transit-oriented development is the future of our region unless we keep screwing it up BY KEVIN GALE South Florida is becoming the victim of its own success when it comes to traffic. Miami last year went from 11th to 7th in TomTom s ranking of the most congested cities in the United States. That s probably of little surprise to anyone who has experienced frustrating rush hour delays whether it s downtown gridlock or bumper-to-bumper traffic on I-95. If nothing is done the problem will keep getting worse with 110 000 more residents and millions of visitors coming in the next two years alone. Fortunately there s money to be saved and money to be earned by emphasizing transit-oriented development (TOD) according to a panel and speakers recently assembled by the Greater Miami Chamber of Commerce. Some of the solutions may initially seem counterintuitive but here are 10 key takeaways 1. Transit-oriented development costs less Emphasizing TOD under a Region in Motion scenario would cost 24 billion in infrastructure for the seven counties along the Southeastern Florida Coast according to a 50-year report discussed by speaker Victor Dover principal-incharge of Dover Kohl & Partners a prominent urban planning firm in South Florida. While 24 billion seems like a lot the cost would be 38.1 billion yes another 14 billion if an expansion of suburbia was pursued. (Building more roads isn t so cheap after all.) Plodding along the current path could January 2015 47 NEW SOUTH FLORIDA be 31.3 million which is still 7.3 billion more than Region in Motion says the seven50 report. Moreover there s an additional cost for consumers. Given the affordability of mass transit vs. owning one or more cars the percentage of income spent on housing and transportation would be 43 percent under the Region in Motion scenario while it would be 60 percent if we stayed the course. One looming flashpoint on sprawl vs. emphasizing mass transit Expanding the Palmetto Expressway further south along Krome Avenue. Advocates say it s needed for commuters but opponents say it will just feed a new cycle of sprawl and highway congestion. 2. Streetscape improvements pay off Property owners along Flagler Street in Miami with its array of mass transit and Miracle Mile in Coral Gables which is known for its successful trolley may find the cost of upcoming streetscape improvements well worth the effort based on the Hometown Plan for South Miami. Dover who played a key role in developing the South Miami plan said the area had boarded up storefronts in the 1990s and rents were 6 a square foot. An improved streetscape and orientation around the South Miami Metrorail station has seen rents go from 45 to 60 Dover says. All they did was fix the street and lift some prohibitions. They had a prohibition on outdoor dining if you can believe that. 3. Gotta love density Many political leaders and their constituents are still struggling with the need for density in urban developments. A lot of municipalities want transit when they think it s a Petticoat Junction but when you say it has to be 75 units per acre with no requirements for parking they say Never mind said panelist Andrew Frey development manager for CC Residential. The reality is that density is inevitable since South Florida is running out of raw commissioner for Miami-Dade County. Barreiro said only the development near the Metrorail terminus in Kendall and the Miami Intermodal Center have really lived up to its potential. One reason is because developers follow zoning rules. The stops along the northern stretch of Metrorail are a wasteland of zoning but there are opportunities for redevelopment Frey said. Stations going south are underutilized as well. 6. Ditch the parking Building parking garages is like the Field of Dreams if you build it the cars will come and add to congestion. Alice N. Bravo Miami s deputy city manger chief of infrastructure says every time there is a new building with 500 parking spaces it s a magnet for 500 cars to come downtown. One possible solution is a system of vouchers to fund parking garages on the periphery of the urban core. That would be accompanied by creating a grid of trolleys spaced three blocks apart. Under the Miami 21 code there is a 30 percent reduction in parking requirements in transit corridor areas which includes high-frequency bus routes. Frey says there s talk about taking that to a 50 percent reduction. In October the Miami City commission voted to tell the Planning and Zoning Board that it should consider abolishing parking requirements for properties that are under 10 000 square feet and within a quarter mile of a designated transit corridor. Frey said if the owner of a 50-foot wide lot wants to put in eight units it s physically impossible to put in the 12 required parking spaces. CC Devco Homes just got a 400-unit project approved on edge of the Everglades but can t get an eight-unit project approved in Little Havana Frey said. It s sad. 7. Impact fees go who knows where Barreiro said impact fees go into county coffers and don t necessarily get spent anywhere near the sites that generate them. He would like to see the Checking out trains All Aboard Florida s Myles Tobin and Michael Reininger land as development bumps up against the Everglades. As developer Jorge P rez has argued the only solution is density. Moreover density and mass transit go hand in hand imagine New York without the subway. 4. Inter-connectivity is vital Panelist John Guitar a Senior VP with All Aboard Florida said connectivity was vital when concepts for the high-speed rail service were being conceptualized. At the northern end All Aboard will connect to the SunRail commuter system at Orlando International Airport. The southern end will connect to Metrorail and Metromover at the government center. The planned Wave Trolley in Fort Lauderdale would connect with the All Aboard station there. Guitar likes the idea of Tri-Rail connecting to All Aboard Florida as well and also talked about the importance of bike sharing shared car services such as EZ car and ride services such as Uber. It s absolutely critical to find all those connection points Guitar says. The connections also need to be easy to navigate and incorporated into station design. 5. Past visions have fallen short Way back in 1975 Miami-Dade County s comprehensive plan classified 51 different urban centers as having transit-oriented development potential said panelist Bruno A. Barreiro district 5 48 January 2015 NEW SOUTH FLORIDA A concept for a trolley on Biscayne Blvd. near the American Airlines Arena money spent in closer proximity. With a spate of construction along the coastal urban corridor that could lead to more spending on infrastructure in eastern areas. Unfortunately Miami-Dade has a roadway impact fee rather than a broader designation that embraces mass transit. Broward County has a mobility impact fee that can be used more broadly Frey noted. It s shocking that Dade County the more urbanized county is collecting a road impact fee while Broward is not. 8. Leadership is lacking The lack of organized leadership around transit issues was another hot point of discussion. James E. McDonald a Pinecrest village council member sitting in the audience said the Metropolitan Planning Organization should be taking a leadership role but hasn t. Right now we don t have a 50-year plan. We don t have anything he said. Former Miami Mayor Maurice Ferre who represents the Miami-Dade Expressway Authority on the MPO board said there s a reason the MPO lacks leadership It s controlled by the county commission and the attitude is What s in it for my district He added With all due respect it s a disaster. 9. Development can help pay for mass transit As the Tri-Rail commuter line designs its station the high-speed All Aboard service has this in mind as it builds capacity into its stations Guitar said. That would not only help feed passengers to All Aboard but also help increase property values for All Aboard and property owners near stations. A key factor to help fund the Tri-Rail Coastal Service along the All Aboard Florida East Coast Railway right of away is getting developments at stops to help pay for the stations. The developments are a major potential game changer since they could allow residents in less expensive areas like Little River in Miami-Dade County Oakland Park in Broward County and Boynton Beach in Palm Beach to easily commute to downtown employment centers. 10. The final destination Once they step off a bus trolley or train riders need to arrive at a welcoming place rather than an isolated stop. Walking and biking can be key ways to get to that final destination. Dover said he cringes when he hears walking and biking described as alternative modes of transportation after all walking is the original mode of movement. The problem goes back to the 1939 World s Fair Futurama which envisioned that by 1960 everyone would drive everywhere for everything Dover said. That way of thinking infected all the professions he said ranging from engineering finance and real estate to architecture and city planning. While TOD is the current buzzy acronym there s an old fashioned-term to describe what s needed Dover says Just call it a neighborhood. January 2015 49 50 January 2015 South Florida Commercial Offerings 10271 SW 72 STREET D-104 MIAMI AIRPORT AREA AIRPORT AREA BRICKELL DADELAND MIAMI BEACH FOR SALE IMMEDIATE OCCUPANCY Turn-key office space with 1 837 sf and comes fully furnished. 2 large executive suites two baths kitchen downstairs workstation area and conference room. Ample parking. Centrally located to hospitals and expressways. Offered At 390 000 EXECUTIVE SUITES AT FLEXIBLE RATES 5-star executive suites in Dadeland Miami Beach and now Brickell Flexible plans available that allow you to choose from short or long term leases. Rent by the hour day week month or year. Pay only for the space and services you need. 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Offered At 1 200 000 FRANK KISSEL 305.496.0901 Find More Commercial Listings At listings commercial RESIDENTIAL REAL ESTATE Jad Lahoud Dream Developers L&H Partners builds what clients imagine BY LESLIE KRAFT BURKE Specially designed paneled entrance to a dining room in a residence 52 January 2015 RESIDENTIAL REAL ESTATE RESIDENTIAL REAL ESTATE Aerial view of a Key-West style home with metal roofing in Pinecrest Successfully riding the boom and bust cycles of ultra-luxury residential real estate in South Florida is a trick that L&H Partners performs masterfully. Now they are riding the crest of the current boom in the highest end of the condo market having built out two of the three penthouses in Apogee Jorge Perez s feted Miami Beach project plus much more. Considered pre-eminent as contractors and builders to the region s high net-worth individuals principals of the Coral Gables-based company say their goal is simple create the consummation of clients dreams for their new-build single-family homes condominiums and renovations. Founded in 1991 by Jad Lahoud president CEO Nazih Hardan executive vice president of construction and Mary Kayal executive vice president of operations L&H has built large single- family homes from the ground up and handled dozens of residential renovations locally in areas such as Pinecrest Ocean Reef and Monroe County Coral Gables and Miami Beach. They also have worked on projects in New York and Washington D.C. The company s clients which include a long list of celebrities sports greats and business leaders are choosing more spectacular features for their homes than ever before Lahoud says. Just when I think I have seen it all I am surprised at some of the newest trends says Lahoud who specializes in staying ahead of the curve in home technology and design features for L&H. The company typically has about eight to 12 projects underway at any given time. They range in value from 4 million to 17 million. Both new condo and single-family homeowners 54 January 2015 RESIDENTIAL REAL ESTATE now demand the highest quality smart home technology that they can control via touch panels their phones and tablets. Some of my clients are even able to do this via Wi-Fi from their private jets Lahoud says. Bowling alleys and billiard rooms join home theaters as recreation must-haves while wine rooms that can comfortably seat a number of guests for tastings and intimate gatherings appear to be the newest addition to the luxury amenity list he adds. Top-quality gyms office areas and safe rooms continue to be in demand. Our clients who generally have multiple residences are always interested in maximizing their space both indoors and outdoors whether it is a large condo or condos that are built out together or a 10 000-square-foot single-family home Lahoud says. To achieve this L&H often structures entertainment areas in homes that flow both inward and outward with catering facilities on a lower floor. Flooring for the high-end projects now often require stone cut in large slabs 4 feet by 4 feet or 5 feet by 5 feet to minimize grout lines and give rooms an expansive appearance. Lighting is fiber optic even when it comes to chandeliers. L&H is also known for using unique materials in their projects such as Armor Dense Drywall which is mildew resistant. Lahoud says L&H is banking on the top level of luxury in residential real estate staying in demand for quite some time in South Florida however he notes that staffing for the company expands and contracts with market demand. L&H currently has a staff of 17 which includes project managers and superintendents who work with sub-contractors on client projects. During the 2005-2007 real estate boom Lahoud says he had a staff of 34. L&H s partners as well as our employees took the hit financially and we tried to retain as many people as possible. Some who are still with us have been so since 1994 he says. As things improved we were able to restore and increase salary levels. This current huge boom cycle for luxury condos is under-pinned by much stronger financials Lahoud says which makes him especially optimistic about the future of the building industry here. In all of the luxury projects I have worked on since the recession I have not seen one financed by a bank he notes. Developers are getting down payments before they start their buildings. I hope it stays like that. A 4-story condo building with basement-garage in Coconut Grove Dining-Living Room of a residence at the St. Regis Bal Harbour January 2015 55 COMMERCIAL REAL ESTATE Industrial boom shows no signs of slowing But rent growth may slow and land cost may price some out of Miami-Dade BY DARCIE LUNSFORD Marty Busekrus Michael Silver The sheer mass of all the big box industrial buildings that have raced out of the ground in the last two years in South Florida could hold the entire populous of South Florida. True it might be standing room only and a bit of a squeeze akin to that old TV ad that crams all those hipsters into a Honda. But you get the idea. Since 2013 nearly 4.9 million square feet of new warehouses and distribution facilities have been built in South Florida. Another 1.9 million square feet are now under construction and still another 715 000 square feet are in the pipeline according to CBRE market data. Most of the 6.8 million square feet of big box industrial space already out of the ground has been built in Miami-Dade County where the 30-foottall warehouse is the reigning king of commercial real estate. We see no signs of it abating says Steve Medwin managing director of Jones Lang LaSalle. The demand is robust. The boom thus far has been fueled by one part anticipation of all those mega ships soon to be barreling through the expanded Panama Canal and three parts solid supply-and-demand fundamentals as freight forwarders logistic operators suppliers and distributors clamor for larger more efficient spaces to serve the dense regional population and Latin America. To date the tidal wave of new product hasn t pushed the vacancy dial up or rental rates down in South Florida. The third quarter vacancy rate in MiamiDade County was 4.6 percent with 800 000 square feet of new industrial buildings under construction and average gross rents at 8.17 a square foot. Palm Beach County is the second strongest market with vacancy at 5.3 percent 750 000 square feet under construction and net rents of 7.69 a square foot. Broward lags behind with a vacancy rate of 7.1 percent 358 000 square feet now under construction and an average net rent of 7.45 a square foot. And from the growing swooning from institutional investors and Wall Street-backed developers the industrial boom appears to be far from over. Is it a bubble that is going to break Only time will tell says Michael Silver first VP of CBRE in Miami. For now Silver and other industrial experts say there are no strong headwinds. There are however some billowing gusts tamping down rent growth and driving up cost for land and existing assets. Those two dynamics in tandem threaten to throw profit margins too far out of whack curbing investor appetite. Leasing activity levels are very high Silver says. A lot of the brand new speculative spaces are being pre-leased so that is a very good sign. More than 40 percent of the new Class A industrial buildings delivered since 2013 had strong pre-leasing activity according to CBRE market data. In one of the most notable and new-to-the-market deals retail giant Amazon leased a new 335 730-square-foot facility at Miami International Distribution Center. That facility was developed speculatively by KTR Capital Partners. I am not concerned about overbuilding says Marty Busekrus director of HFF in Miami who specializes in the sale of industrial assets. I think 56 January 2015 COMMERCIAL REAL ESTATE Flagler s 200-acre South Florida Logistics Center is next to Miami International Airport and the Florida East Coast Railway s Hialeah yard we are in the fourth or fifth inning of the cycle. Busekrus said that South Florida has historically averaged about 3-million-square-feet-a-year of new industrial construction. But what may be appreciably different this cycle is the rise of institutional ownership which is reshaping a market once controlled largely by local developers. The level of interest from institutional owners is extremely active. I would say it is as active as I have ever seen it in my 21 years says George Pino president of State Street Realty in Doral which represents global giant Prologis at its 436-acre Beacon Lakes park in Medley. In the last two years Prologis has built 700 000 square feet in four buildings at Beacon Lakes with about 70 percent of that space leased. Coral Gables-based Flagler Global Logistics the industrial developer controlled by global investment giant Fortress Investment Group is another active institutional developer controlling large swaths of former Florida East Coast Railway land. Flagler has been rolling out a steady stream of new Class A industrial and logistics facilities on its land adjacent to Miami International Airport and at Flagler Station further west of the airport. It just delivered three new buildings at its 200-acre South Florida Logistics Center which sits at the cargo entrance of MIA. The largest of the new buildings is 272 000 square feet and was 40 percent pre-leased to floral distributor The Elite Flower. At Flagler Station Flagler just completed two new buildings in its newly launched Phase III with two more to follow on their heels one already pre-leased. In all Flagler Station Phase III is poised to house 1.7 million square feet of new industrial facilities. Things are just humming along so nicely right now Pino says of the state of the industrial market. What I am keeping my eye on is the supply of new product. We need to keep an eye on supply and demand. Freelance writer Darcie Lunsford is a former real estate editor of the South Florida Business Journal. She is senior vice president for leasing at Butters Group and is avoiding a conflict of interest in her column by not covering her own deals. Broward Total Vacancy vs. Average Direct Asking Lease Rate (NNN) Percent Vacancy 10% 8% 6% 4% 2% 0% Total Vacancy n 7.1% Average Direct Asking Lease rate n 7.45 Asking Lease Rate 8 6 4 2 0 2009 2010 2011 2012 2013 2014 YTD Source CBRE Research Q3 204 Miami Total Vacancy vs. Average Direct Asking Lease Rate (IG) Percent Vacancy 12% 10% 8% 6% 4% 2% 0% Total Vacancy n 4.6% Average Direct Asking Lease rate n 8.10 Asking Lease Rate 10 8 6 4 2 0 2009 2010 2011 2012 2013 2014 YTD Source CBRE Research Q3 204 Palm Beach Total Vacancy vs. Average Direct Asking Lease Rate (NNN) Percent Vacancy 14% 12% 10% 8% 6% 4% 2% 0% Total Vacancy n 5.3% Average Direct Asking Lease rate n 7.69 Asking Lease Rate 12 10 8 6 4 2 0 2009 2010 2011 2012 2013 2014 YTD Source CBRE Research Q3 204 January 2015 57 TECH HUB Now That You Can Work from Anywhere Where To Go BY CHRIS FLECK Because more and more company employees independent contractors consultants and startup founders have the tools to work from anywhere there s now an app to help them find the perfect places to go. It s called Cubefree a free app that helps you find cafes with WiFi power outlets parking and even a table to share. CubeFree shows a map view with nearby cafes along with user ratings and comments as well as others who have checked in. This perfectly complements the other tools the modern workforce uses to work portably Virtual Desktops hosted in data Chris Fleck centers documents in cloud storage mobile work apps on tablets. To power these all that s needed is a quiet place to sit WiFi and power. For many that means working from home if they are out of the office but if you re on the road or just want to escape the house or office Cubefree may be the ticket. You can think of it as Yelp and Foursquare for mobile workers. In fact the app includes thousands of locations based on Foursquare plus users can submit new locations. There also are social aspects to Cubefree. Users can rate comment share a table offer a coffee or chat all from the app. Cubefree is the brainchild of Marta Guerra a user experience designer at Citrix in Fort Lauderdale. Once you find a suitable location you can see if other Cubefree users are there and make connections that otherwise wouldn t be possible within the confines of an office she says. Share a table offer a cup of coffee or find a work buddy who can keep an eye on your things if you need to step out. If you want to escape your cube the iPhone app is available now in the app store plus Android or Windows phone users can use the HTML5 version at http website Chris Fleck is on the board of the South Florida Technology Alliance and vice president of mobility systems and alliances for Citrix Systems (NASDAQ CTXS) a Fort Lauderdale company that provides secure remote access to data and applications. 58 January 2015 Have you made your mark on South Florida South Florida Business & Wealth Wants to Know - C A L L F O R N O M I N AT I O N S You re a tHinKer doer mover and SHaKer. You are giving back making things happen and standing out from the pack. South Florida Business & Wealth has created the Up & Comer Awards signature event to honor South Florida superstars and their accomplishments. If you are (or know someone who is) 39 years or younger apply or nominate them today at up. preSenting SponSor January 2015 59 to learn more about the up & Comer awards or to submit a nomination please visit up LAW Take some of the mystery out of bankruptcy BY LESLIE KRAFT BURKE bankruptcy returned or the vendor can file for an administrative priority claim (which elevates the claim in the payment hierarchy) for goods delivered within 20 days prior to the bankruptcy. In both instances immediate action must be taken. SFBW If my company has goods in transit to a customer that files for bankruptcy can I stop the goods from being delivered Tatelbaum Absolutely. Charles M. Tatelbaum filing a proof of claim it is important to determine if you or your business may be subject to a preference or other clawback recovery. If so it may be prudent to withhold filing a proof of claim until it can be determined if the contemplated distribution to creditors is so small that it will be better for you not to file a proof of claim in order to retain all jurisdictional rights in the event of a clawback action. SFBW What do I do if I have a contract with a company that has filed a Chapter 11 case Tatelbaum Debtors in Chapter 11 (and trustees in Chapter 7) can unilaterally reject ongoing agreements where there is continuing performance such as leases franchises supply agreements distribution agreements etc. Counterparties to these agreements have many rights and remedies when a contract is to be rejected and care must be taken to protect these rights and remedies. SFBW What is the difference between a Chapter 7 and Chapter 11 bankruptcy case Tatelbaum In Chapter 7 a business or the assets of an individual are liquidated by a trustee with distributions made to creditors. In Chapter 11 the business or an individual can seek to reorganize (or liquidate in an orderly manner) and a plan is proposed which is voted on by creditors to deal with the claims of creditors. Contact Tatelbaum at CMT or 954.525.7500. Q&A SFBW Is my business protected if it provides goods or services on credit to another business that is in Chapter 11 Tatelbaum While creditors that extend credit to a debtor-in-possession operating under Chapter 11 are entitled to administrative priority status if the debtor runs out of cash the priority status becomes meaningless. SFBW What is a bankruptcy preference or clawback Tatelbaum Any transfers made by a debtor within 90 days prior to filing bankruptcy may be recovered or clawed back by a debtor-inpossession or trustee within two years of the filing of the bankruptcy. There are many statutory defenses available to creditors and one should not automatically acquiesce to a preference or clawback demand. SFBW Should I or my business file a proof of claim immediately upon learning that a customer has filed bankruptcy Tatelbaum No. The filing of a proof of claim subjects the creditor to the jurisdiction of the bankruptcy court wherever it is located. Before More often than ever before bankruptcy cases are affecting businesses and consumers yet little is shared about what should be done to protect their rights. SFBW spoke with attorney Charles M. Tatelbaum Florida Director of Tripp Scott who focuses his practice on bankruptcy and creditors rights as well as complex business litigation. He is a national Certified Specialist in Business Bankruptcy Law by the American Board of Certification accredited by the Florida Bar. SFBW My company delivered goods on credit to another business that just filed for bankruptcy. 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He brings innovative thinking to once again made me realize how inspirational it is to understand the issues facing his clients often by organizing conferences all what motivated them to succeed. Often it seems the tougher over the world. These events have grown from just a few people the challenge is for them the greater their success is when they to hundreds at the last event I attended. We had another thought leader in the family office marketplace overcome it. Sandra Goldstein CCIM (Certified Commercial Investment on our show the week after Richard. Tom Handler JD PC is a partner in Handler Thayer LLP in Member) a true pioneer in South Florida s tough commercial real estate market is an inspiration to everyone she meets. When Chicago. He designs the asset protection strategies for some of she began her career in the 1970s and 1980s she felt that women the wealthiest people in the world. We discussed how complex the were discriminated against in her industry. But that didn t stop her. family planning arena has become. There are many strategies that can be implemented but if the wealthy are not careful they can Instead she found a way to even the playing field. She says she pursued and secured her CCIM designation to have a significant tax or business consequence that will severely impact their wealth and the be able to show clients that ability to transfer that wealth she had the same technical across generations. skills and the credibility that Tom assists families in any man in her industry would crafting highly complex and have and more. Today she s individualized structures one of the most successful to protect their assets. He business people in South specializes in the careful Florida. planning and engineering Also this month I wanted required to pass significant to focus on family offices wealth from one generation the asset management and to the next. He discussed a protection industry focused number of very interesting on the ultra-wealthy. America strategies on the show - many is home to many innovative of which need to be outlined people and when they in private meetings. monetize their business Attorney Tom Handler devises complex asset protection plans To hear more of these successfully they re able to create generational wealth. This wealth is typically managed by interviews or the other interviews on my show please visit www. what s known as a family office. 4 Because family offices are Make sure to listen to the show every a growing concept in the investment management marketplace Thursday at 5 p.m. on 880 AM live on the radio or on your computer via jimlive. this will be a continuing focus of our show. Richard C. Wilson founded the Private Equity Investment Group and is CEO of Richard Wilson Capital Partners LLC where he works with alternative investment funds and institutional investors on a daily basis. He makes the market in family office CORRECTION networking and information and so provides individualized asset Dr. Carlos Wolf of Miami Plastic Surgery advisory services to some of the world s wealthiest people. was misidentified in a photo caption in the Most impressive is that Richard is almost single-handedly December issue creating a market place where service providers and families can 62 January 2015 January 2014 63 WEALTH Dive into dividends Forget the stereotypes and learn how an investing approach based on dividends can pay off BY KEVIN GALE Walter C. Bean Walter C. Bean says he gets distressed when he reads investors shouldn t spend more than four percent of their portfolio or they ll run out of money. He s come up with a 5 5 strategy seeking a 5 percent dividend and 5 percent in growth to get a 10 percent annual return. Bean says his approach emerged in the wake of the tech stock crash when many investors lost half of their money by investing in companies that had no earnings and no dividends. You cannot fake a dividend he says. Bean is a manager of 23 billion at investment giant Federated including 9.38 billion in the Federated Strategic Value Dividend Fund. Bean made a presentation on his dividend-oriented strategy at an event sponsored by Coral Gables Trust which offers wealth management services with Federated s dividend strategy approach. Bean says he realized there s a stereotype that slow-witted people are in dividend stocks while the fast-witted are in growth stocks. In five of the last eight decades though investors have lost money when it comes to investing based on stock prices. Looking at the S&P 500 since 1957 finds the best of fi ve tranches was composed of highyield stocks. The best stock overall was tobacco company Phillip Morris (now known as Altria Group) a non-cyclical business with headwinds that included ads banned from TV Surgeon General warnings and litigation. The company s profit pool was tenaciously defended despite all of its issues Bean says. Altria pays out 90 percent of its profits in the form of dividends according to Morningstar data on Yahoo Finance. Altria (NYSE MO) has seen its share price rise from 20 in 2010 to nearly 50 recently. It has a 5.8 percent dividend yield over the past five years according to the Morningstar data. Similar high-achievers included pharmaceutical food and beverage companies Bean says. A lot of companies that investors thought were growth stocks aren t even around anymore he says. Bean didn t mention current growth stocks by name but his comment came after investors hit the share price of Amazon which isn t showing profits as it keeps reinvesting in its business. Bean did talk about Coca-Cola which regularly raises its dividend and has climbed from 25 a share in 2010 to near 45 recently. Coca-Cola has a five-year average dividend yield of 2.89 percent according to Morningstar. Coca-Cola also has a beta of 0.66 which means its twothirds as volatile as the market as a whole. When you get half your return in cash your volatility is much lower says Bean who likes companies that consistently raise their dividend. In recent years Bean s dividend strategy has been challenged due to the low payout for dividends. Historically companies pay 60 percent of earnings out in cash but these days it s 30 percent. In 14 of the last 15 years companies have decided to spend more money on share buy backs rather than improving dividends Bean says. Buybacks are designed to show management thinks a stock is cheap but Bean says too often they are made at high price levels. In contrast to the U.S. there s less emphasis in the United Kingdom on what Bean calls financial engineering. The average dividend return there is 4.5 percent. Bean has about 24 percent of his investments in the UK and mentioned wellknown companies that include Unilever Royal Dutch Shell BP and Glaxo Smith Kline. Most of the turnover in Bean s portfolio occurs when a stock price has had a good run which means its dividend yield has dropped. His strategy is to redeploy the money in a company with a good dividend yield. 64 January 2015 Federated Strategic Value Dividend Fund Calendar year total returns 30.25 21.93 14.96 6.92 11.88 11.18 2006 2007 -3.17 2008 2009 2010 2011 2012 2013 Source -28.46 Most of the turnover in Bean s portfolio occurs when a stock price has had a good run which means its dividend yield has dropped. His strategy is to redeploy the money in a company with a good dividend yield. January 2015 65 Easter Seals Florida s Presented by January 21 2015 11 am 2 pm at The Cohen Pavilion Kravis Center For tickets or more information visit florida or call 561.471.1688 x. 133 Proceeds from the luncheon will benefit preschool-aged children with special needs at Easter Seals Igoe-Amar Child Development Center. Book Sponsor VIP Reception Sponsor Gold Sponsors Media Sponsor The Baxter Foundation January 2015 67 INSIDE THE INCUBATOR We don t take equity in the companies we work with so the goal of building the right culture within an organization is very important to us. No jerks allowed Venture Hive Miami strives to get the right culture at its tech hub BY LESLIE KRAFT BURKE Venture Hive Founder Susan Amat Website http Address 1010 NE 2nd Ave. Miami Phone 305.735.1274 Venture Hive at 18 months after launch 10 business formations 22 business relocations 50 new local Jobs 2 600 consulting hours delivered Divas need not apply to receive the many benefits that come with being a part of Venture Hive Miami s accelerator and incubator programs. Because the right culture is so important to the success of a company Venture Hive Miami Founder Susan Amat says that no jerks are allowed in the organization s programs. Created in January 2013 and operating out of the Miami Worldcenter Venture Hive has developed 31 startups from more than 20 countries. The group is funded by Miami-Dade County and the Miami Downtown Development Authority to create a hub for technology in the city by cultivating local talent and recruiting cutting-edge companies based elsewhere to relocate here. We don t take equity in the companies we work with so the goal of building the right culture within an organization is very important to us. This is why we have a strict no-jerk policy Amat says. We work with experienced business people and those who are just out of school however we only take teams of founders with complementary backgrounds and place a great deal of emphasis on each team itself its solidity and on its ability to be coached and take feedback. Venture Hive was tapped as one of the first Microsoft Innovation Centers (MIC) and recently opened a 35 000-square-foot facility on its premises where it will offer unique startup training programs that connect entrepreneurs to resources and support they need in validating and building their ideas into solutions. Industry verticals include hospitality tourism IT creative IT (art design music photography) health care IT trade logistics IT and financial IT. Venture Hive will also run one of Microsoft s Pre-Accelerator Programs for an intensive 12-week journey beginning in February that takes selected business startups from concept through customer acquisition. Each week the selected teams will go through specialized training and have access and support from the international community. The program will culminate in the MIC Demo Week during the last week in April where a global audience will witness their product demonstrations. Founded as an entrepreneurship education company Venture Hive works to cultivate entrepreneurs at three levels of engagement. The Venture Hive Accelerator and Incubator programs focus on connectivity and guidance for entrepreneurs and startups to maximize regional economic development impact. Benefits of 68 January 2015 INSIDE THE INCUBATOR involvement include government grants exposure to investors training and access to world-class technology and economic development experts with experience that includes developing top models in entrepreneurship education as well as talent development recruitment and retention of regional and international energy and ICT (information and communications technology) professionals. Snapscore is one of the businesses Venture Hive helped develop. Co-founder Newton Porter describes it as a professional assessment and development company that uses proprietary algorithms to analyze index and score professionals based on their past accomplishments using econometric data. He says the score redefines the professional experience enabling people to better network land jobs and advance their careers. Venture Hive has been an amazing place to build Snapscore he says. It has provided us great support not only through its structured mentoring but also through the active community of entrepreneurs that call Venture Hive home. Since we ve been at Venture Hive we have grown our company from an idea in its infancy to a business with strategic partnerships and customers. The trademarked Venture Hive U and Venture Hive Prep programs are designed to foster a culture of innovation and entrepreneurship at the university and high school levels. Venture Hive U has opened at Old Dominion University in Norfolk Va. and five more universities will be opening in the coming months in Tanzania through a partnership with COStech (the Ministry for Communications Science and Technology). In September The Venture Hive Prep program began operating in partnership with Miami-Dade Mayor Carlos Gim nez and Miami-Dade County Public Schools the 4th largest school system in the U.S. and considered first in diversity. Venture Hive Prep is one of the first technology entrepreneurship programs in the nation for high school students. Venture Hive also offers governments institutions and communities efficient and effective turnkey solutions to create an entrepreneurial ecosystem based on sound educational and economic development principles. Clients include The World Bank Microsoft International and The U.S. Department of State. Susan Amat January 2015 69 THE COMPETITIVE EDGE Mindful Meditation Major businesses see advantages in tapping into the mind-body connection BY LINDA JANASZ neuroplasticity and Mindful Meditation introducing the most effective meditation tools and creating individualized practices for an enhanced mind-body connection. Participants found that not only can we rewire our brains but we can also change our attitudes. Cultivating a personal practice is difficult and like with any new skill you need a teacher that can guide you. If you chose to embark on a program I recommend you find a skilled practitioner. If you can breathe you can meditate it may seem simple but it is not easy. A daily practice helps many live healthier more joyful and productive lives. Linda Janasz is the Editor-in-Chief of Lifestyle Magazine a Yoga Teacher (RYT 200) holds a Ph.D. and has developed a 6-Week Mindfulness Meditation and Movement (MMM) program. She will teach the MMM Program starting in January at Weston Yoga For more information programs or corporate sessions email Linda As a journalist sociologist and researcher I have observed profound success and great suffering. It s not surprising that few individuals know how to find balance in an unbalanced world learning to surf one s 65 000 daily thoughts is not an easy task. By creating a new relationship with your thoughts can profoundly impact you well-being at every level. By cultivating the mind regulating energy and information flow one can learn to to be with emotions rather than fight them. Last year a Time magazine article posited that there is a Mindful Revolution. Meditation also has become a popular topic in the business community with the belief that this ancient practice can help increase the bottom line. By introducing these practices to the business world we are not only seeing increased productivity but also individuals that are more adaptive healthier and happier both in and out of the workplace. By incorporating these techniques into your daily life you also create more opportunity for wellbeing and peace. Today neuroscientists have produced brain scans that prove that meditation can actually change the size of key regions of our brains improving memory making us more compassionate and resilient under stress. These changes impact every aspect of our lives including how we interact with our work. Arianna Huffington editor of the Huffington Post stated that There s nothing touchy-feely about increased profits. This is a tough economy stress-reduction and mindfulness don t just make us happier and healthier they re a proven competitive advantage for any business that wants one. 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Our highly-trained packing specialists can be trusted with anything from a favorite painting to the entire contents of your household. Whether you want to store a piece of jewelry or move a priceless piece of art you ll have peace of mind. Tomer L. Alcalay Esq. David O. Norsoph Esq. MBA Eric S. Orner Esq. AREAS OF PRACTICE Business & Corporate Internet Defamation Family Foreclosure Personal Injury Real Estate Wills Trusts and Estates Fort Lauderdale (Main Office) 200 SE 6th Street Suite 600 Fort Lauderdale FL 33301 Phone 954-306-9550 Boca Raton (Satellite Office) 7800 Congress Avenue Suite 206 Boca Raton FL 33487 Phone 561-277-3773 PACKING CRATING SHIPPING MOVING STORAGE SECURITY For more information or to request a complimentary on-site estimate call 954-766-9997 or visit RoboVault is a BBX Capital company. contact January 2015 71 SALES STRATEGIES Sales People Taking Shortcuts BY GRETA SCHULZ Logan a software sales rep had been having a rough day. He d been bombarded with questions from several customers and gotten behind on work he needed to finish before the end of the day. Then he got a call from Tony a prospect who introduced himself by saying I ve heard great things about your engineering software package. I saw a demo about a year ago and was not in a position to purchase it at the time. But since then it s become very apparent that I need to integrate it into my system. Wow Logan thought. This will be easy. It s about time something went right today. Then Tony said I need to know about the cost the tech support and how soon it can be installed. Logan immediately went into his pitch. He discussed tech support in detail covered availability and other options and explained that the price was 12 000 with 30-day terms. Tony s response was unexpected. He said that 12 000 was quite a hefty price tag and he needed a couple of days to think about all of this more carefully. He d call Logan back next week. Logan did a double take. What just happened he thought. This sale was in the bag a sure thing. He really needs it and now he s thinking it over He said he needed the software right away. And that was the end of the call. So what happened Logan got lazy plain and simple. He thought Tony was sold. All he had to do was give him the information he needed then write it up. He got fooled into assuming the sale without doing the work. He never got Tony to talk about why he was looking now with what seemed to be a real priority about buying the software. The entire transaction was conducted at the intellectual level without any real understanding of the true need. So what happened Logan was lured into taking shortcuts. He mistakenly thought the prospect s enthusiasm was as sure as a sale. The lesson learned is that you need to take the time to qualify the prospect and make sure he s real before giving out information or making your presentation. In Logan s case a couple of questions would have made a world of difference. He might have said Before we discuss pricing help me understand why this software is so important. I want to make sure the application is correct for you. Would you mind if I ask you a couple of questions to better understand Of course you re digging in to find out what is really going on. It is so important to gather this information before you discuss price so you can truly have an understanding of not only why they want the software but the consequence of not installing it. Once you give away your information whether on the phone in a presentation or in the form of a proposal you have given up any form of control and are literally at the mercy of the prospect. So now ask yourself this question Are your salespeople going for the quick sale or are they really understanding the true need behind it Greta Schulz is president of Schulz Business and Contact her at greta schulzbusiness. com or 561.745.8892. 72 January 2015 At Greenspoon Marder it s all about YOU. We are committed to providing sophisticated and distinctive client service through our cross-disciplinary Client Team approach. Our goal is to understand the challenges that YOU face and build collaborative relationships and craft creative solutions designed and executed with long-term strategic goals in mind. Since our inception in 1981 Greenspoon Marder is a full-service business law firm with the experience needed to understand your challenges and develop the strategies that YOU need. We serve Fortune 500 middle market public and private companies start-ups emerging businesses and entrepreneurs across Florida and the United States. 888.491.1120 Aventura Boca Raton Fort Lauderdale Miami Naples Orlando Port St. Lucie Tampa West Palm Beach January 2015 73 FAMILY BIZ Know the Why How purpose powers profit everywhere BY STEVE GARBER Steve Garber Jay Mahaney was the cutest little dude. He was one and a half and I was a much more worldly 8-year-old. I loved being with him until he hit the dreaded two s. Then he started asking Why We d answer him. He d ask why again. And again like every 2-year-old. Little did I know that he would become my great philosophy teacher. Why drives us all whether we know it or not. Why should be our core question if we want satisfaction and continued success however we measure it in our lives relationships and at work. Why is the question we answer with Because... which reminds us of our purpose. Purpose gives meaning. This is not some aging babyboomer robes and sandals kumbaya concept as we look for the meaning of life (though it works there too). Understanding what drives people connecting to their core values and purpose makes for deeply satisfying relationships. Think about the conversations that might ensue if you asked of your friends Why are we out together tonight To see a movie is not why. It is what. The why could be to have a laugh to forget stress or to remind myself how important your friendship is... Purpose is the great differentiator in business. Sometimes we call it a mission. Purpose keeps us focused in the noise. It keeps us moving forward when there are obstacles. And purpose profits us handsomely both psychically and financially by following our why. We do things because they re just and right says Apple CEO Tim Cook. He doesn t mention profit yet he is a important part of one of the most valuable companies in the world and the second most profitable. Apple employees and customers are evangelical sometimes in spite of occasional poor quality (Apple Maps) less than ideal employee practices and high-priced products. Why To make a contribution to the world by making tools for the mind that advance humankind. That s why People stand in line for fast food at a restaurant that is considerably more expensive than its competition and provides much slower service. Why Chipotle s mission is Food with Integrity. That costs money. It s healthy fast food with integrity. A contradiction in terms Business naive It now has over 1 700 stores revenue is over 3.6 billion its market cap doubled in the last 24 months to 21 billion. At our core we all want to be like my friend Jay Mahaney. Help those key to your company understand why. Why the company exists. Why the team exists. Why the task needs to be done. It will bring personal and financial profit. Steve Garber is director of Third Level Ltd. Contact him at 561.752.5505 or email him at sgarber 74 January 2015 January 2015 75 Where Can You Find LUxURY OFFICE Space In Coral Springs UNIVERSITY PLACE AT CITY CENTER 3111 N. University Dr. T EN S TORY O FFICE B UILDING - 1 000 - 75 000 SF F OR L EASE O N S ITE P ROPERTY M ANAGEMENT & S ECURITY O N S ITE A MENITIES R ESTAURANT F ULL S ERVICE B ANK R ESERVED C OVERED PARKING M ULTI -M ILLION D OLLAR R ENOVATION U NDERWAY A GGRESSIVE L EASE T ERMS W ITH S TRONG I NSTITUTIONAL O WNERSHIP NEW OWNERSHIP A Co-Development Between LEASING INFORMATION Darcie Lunsford 954.312.2435 Molly McDonough 754.227.5023 BUTTERS Years of Being South Florida s Most Trusted Title Company Through boom and bust Serving your needs since 1994 Representing local and international interests Call Us 954.384.6168 2500 Weston Road Suite 404 Weston FL 33331 w w w . We s t Weston Title & Escrow WINE & FOOD It s festival season for wine and more BY RICHARD SHELLENE Swirl f Sip Snif and Savor 78 January 2015 WINE & FOOD One thing South Florida does not lack during the winter season is good weather and plenty of festivals. Here s a guide to a batch of bacchanals and a fanfare of festivals from Pinecrest to Delray Beach including the SoBe Wine & Food Festival the Boca Bacchanal and many more specialty festivals coming up this year. The Food Network & Cooking Channel South Beach Wine & Food Festival draws chefs vintners and celebrities on an international scale. Celebrating its 13th year SoBe Wine & Food presented by Food & Wine has evolved from a one-day festival to a four-day extravaganza of dinners tastings parties and other events that take over all of South Beach. This glamorous and fun-in-the-sun festival continues to benefit FIU s Chaplin School of Hospitality & Tourism Management s Wine Spectator Restaurant Management Laboratory having raised over 20 million for the school. JA World Uncorked V is another large event as the Junior Achievement non-profit organization s Circle of Wise Women throws its 5th annual Fork & Cork Affair at the 60 000-squarefoot JA World facility at Broward College in Coconut Creek. Presented by Premiere Beverage and hosted by chairs Bob and Susan Drinon and Ren e Korbel Quinn Uncorked V is a collection of leading South Florida chefs caterers wines spirits craft beers and specialty shops that make for a unique gourmet experience. Another must-attend for wine connoisseurs is the Boca Bacchanal a festive weekend which brings together world class chefs and vintners offering their finest specialties and providing the entire community with a delightful opportunity to support the heritage education and historic preservation programs of the Boca Raton Historical Society & Museum. This coming year it has changed venues as with a move to the Boca Raton Airport for the main event on March 27 while on March 28 the more intimate vintner dinners will take place in private residences. Another notable wine event is the American Fine Wine Competition (AFWC) & Charity Wine Gala. Originally started by Shari Gherman Teaching guests about cacao at The Festival of Chocolate January 2015 79 WINE & FOOD JA World Uncorked V on Jan. 24 is a fundraiser for Junior Achievement of South Florida and features an array of wine craft beer spirits and tasty dishes from leading chefs in the region. simply because of her love of American wines the AFWC goes into its eighth year of competition wine socials and a benefit gala having already raised 700 000 for various charities. This year the gala will serve a five-course meal with tableside pourings by AFWC s Wine Angels. It all takes place at Seminole Hard Rock Casino in Hollywood to benefit Deliver the Dream. Taking a departure from the path of wine pairings there are several specialty food festivals that are indulgences in guilty pleasures or cultural explorations of cuisine. Pompano Beach will be seeing its second year of the Crawdebauchery Music Festival that is a combination of New Orleans music and cuisine. Highlights include seven bands playing blues jazz zydeco and rock & roll as well as a 5 000 pounds live crawfish boil. For the chocoholic in your life there are two specialty events. The first is the Miami Festival of Chocolate featuring demonstrations by award-winning pastry chefs and chocolatiers a cocoa couture fashion show and plenty of competitions and tastings to get your chocolate fix. There is also the International Chocolate Festival at Fairchild Botanic Gardens in Coral Gables that celebrates the history and taste of the beloved cocoa plant. Wherever your tastes lie there is a festival that has just what you re looking for. 80 January 2015 WINE & FOOD Listings to savor The Festival of Chocolate Jan. 17-18 10 a.m. 6 p.m. Miami Auto Museum at The Dezer Collection 2000 NE 146th St. North Miami 12 - 20 Chili Cook Off Feb. 7 12 p.m. 4p.m. Pinecrest Garden 11000 Red Rd. Pinecrest 5 General Admission JA Uncorked SoBe Wine & Food Festival Feb. 19-22 Miami Beach Jan. 24 6 30 p.m. 10 30 p.m. JA World Huizenga Center at Broward College 1130 Coconut Creek Blvd. Coconut Creek 150 per person sponsorships available Crawdebauchery Music Festival Mar. 21 11 a.m. 10 p.m. Pompano Beach International Chocolate Festival Jan. 24-26 9 30 a.m. 4 30 p.m. Fairchild Tropical Botanic Garden 10901 Old Cutler Road Coral Gables Members enter free Nonmembers 10-25 305.667.1651 Boca Bacchanal Mar. 27-28 Boca Raton Airport 3700 Airport Rd. Boca Raton American Fine Wine Competition & Charity Wine Gala Apr. 24 6 30 p.m. Seminole Hard Rock Casino 1 Seminole Way Hollywood International Mango Festival Fort Lauderdale 34th Annual Greek Festival Feb. 6-8 Fri. & Sat. 12 p.m. 11 p.m. Sun. 12 p.m. 8 p.m. St. Demetrios Greek Orthodox Church 815 NE 15th Ave. Ft. Lauderdale July 13 9 30 a.m. 4 30 p.m. Fairchild Tropical Botanic Garden 10901 Old Cutler Road Coral Gables 305.667.1651 For a complete list of our favorite festivals including those listed above go online to January 2015 81 HISTORY VIEWPOINT The original economic engine It s the peak of snowbird season which means more cars on the roads and shoppers in the aisles it s harder to make a dinner reservation or tee-time and everywhere you look there are simply more people around. Despite all that the influx of visitors and seasonal-residents in South Florida keeps the economy flourishing with some businesses making the bulk of their annual income in the few short months and is a major force behind the entertainment festivals and art events that populate the region s calendar in the winter. This year the tri-county area is expecting an estimated one million snowbirds to visit injecting the local economy with billions of additional dollars. Here young snowbirds pose on the beach at Miami Beach s legendary Surf Club circa 1945 enjoying the winter warmth and fresh air that has been attracting visitors and their wallets to South Florida for generations. Information for this feature is courtesy of the HistoryMiami Archives & Research Center which is open to the public and contains more than 1.1 million images of southeast Florida the entire state and the Caribbean from 1883 to the present. For more information or to visit HistoryMiami visit (This is Image X-1360-1 from the collection.) 82 January 2015 to Whether it s the first day on the job or the last day before retirement your workforce will be engaged and productive with UltiPro -- a seamless cloud-based HR solution that truly puts people first. It s a new era of people management and it starts with UltiPro. UltiPro. HR Payroll Talent Management for the human side of human capital. 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