July 2007 - Orlando, Inc.

WHAT YOU SHOULD KNOW
ABOUT LONG-TERM CARE
SHAM MAHARAJ
NOT JUST ANOTHER NAME IN LAND DEVELOPMENT
FOCUS ON
w w w. o r l a n d o . o r g
This may be one of
THE MORTGAGE gamble —
the best times
WHY SO MANY PEOPLE
to be involved in
ARE NEARING FORECLOSURE
exporting.
Cindy Flores
District Export Council
Central Florida Chapter Chair
GOINGGLOBAL
SELLING ACROSS BORDERS MEANS REAPING NEW PROFITS.
HERE’S HOW TO MAKE IT HAPPEN.
PAGE 16
the community source
for smart business
j u ly 2 0 0 7
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Executive Publisher —
Orlando Regional Chamber of Commerce
President & CEO jacob V. Stuart
Executive Vice President Robert Recker
Advisory Boardscott fagan
michael ketchum
Shelley Lauten
Cyndi Matzick
Ruth Mustian
kathy panter
Vilma Quintana
Kristine Vorpagel Shields
Lisa Winkelbauer
Publisher — Knight
President & CEO Michael Hinn
Vice President — PublishingKevin o’neil
[email protected]
Editor IN CHIEFJack Roth
[email protected]
Editorial Director Michael Candelaria
[email protected]
Copy Editorevelyn walters pettit
Contributing Writers Erica boucher
Agatha francis
lisa mcduffie
david radin
Contributing photographersdamon tucci photography
Ricardo aguilar
Creative Director Mike Foristall
Art Director MICHAEL BRITTON
graphic designer Mandie mackoy
publications manager CARRIE BRKICH
publications assistant kelly anne walsh
business development director Matt Holjes
advertising sales managerBarbara hartley
FirstMonday is published monthly and prepared by the Orlando Regional Chamber
of Commerce and Knight Images. All copyright privileges are reserved by the publisher.
Any reproduction in whole or in part without express written consent is strictly
prohibited. FirstMonday welcomes articles, story ideas and feedback. However, neither
the Orlando Regional Chamber of Commerce nor Knight Images assumes responsibility
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For information, please contact:
Knight 130 S. Orange Ave.
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Phone 407.206.1011
Fax 407.206.1019
[email protected]
Orlando Regional Chamber of Commerce P.O. Box 1234
Orlando, FL 32802-1234
Phone 407.425.1234
Fax 407.835.2500
[email protected]
Advertising Info Matt Holjes,
Business Development Director
407.206.1011
[email protected]
Community partners
fm 7.07
Celebrating a Decade of Publishing Excellence
Cover Story
16 FINDING BUSINESS ABROAD
cover story
Exporting isn’t for the faint of heart or the unprepared.
Yet, for an increasing number of local companies with
guile and vision, selling across borders means reaping
new profits.
contents 7.07
DEPARTM E NTS
6upfront
by Michael Candelaria
8regional wrap
Cover Photography by Damon Tucci.
SHARED VISION FOR CENTRAL FLORIDA
BECOMES A REALITY
County-By-County Developments
10
From the copy desk
12
GET IT
14
MIND MATTERS
24
HEALTHCARE WATCH
30
ON LOCATION
32
special report
35 Chamber Insight
news, notes and commentary
NEW VERSION OF QUICKBOOKS
ADDS CAPABILITIES
RECOGNIZING EMPLOYEES AS UNTAPPED RESOURCES
WHAT YOU SHOULD KNOW ABOUT LONG-TERM CARE
helping your employees avoid foreclosure
N EWS I N DEX
LYNX’S LATEST EFFORTS TO INCREASE EFFICIENCY
new members and calendar of events
American Electronics Association - 18
M.D. Anderson Cancer Center Orlando - 11
BankAtlantic - 28
Manufacturers Association of Florida - 23
38parting shots
Business 2.0 - 11
“Multicom Inc. - 17, 18, 22”
“District Export Council - 1, 17, 20, 21, 23”
Orlando Police Department - 8
East Central Florida Regional Planning Council - 6
Orlando Sharks - 38
“Enterprise Florida - 18, 20, 23”
“Port Canaveral - 17, 18”
FedEx - 12
RealtyTrac - 26
Fidelity National Information Services - 37
Seminole Technology Business Incubation Center - 10
Florida Department of Transportation - 6
Shutts & Bower LLP - 11
Freddie Mac - 27
The Center for Responsible Lending - 30
“Genicon - 17, 18, 21”
The Florida De[artment of Community Affairs - 6
“Helman Hurley Charvat Peacock/Architects - 18, 20”
The National Civic League - 9
Google - 12
The Plaza - 10
Intuit - 12
University of Central Florida - 8
Lynx - 32
“U.S. Department of Commerce - 18, 22, 23”
Amtrack - 9
Branch Banking & Trust Co. - 20
Manufacturers Association of Central Florida - 23
Buena Vista Corp. - 38
“Metro Orlando Economic Development Commission - 10,
18, 22, 23”
Disney Entrepreneur Center - 22
“myregion.org - 6,8”
EA’s Tiburon Studio - 10
“Orlando Regional Chamber of Commerce - 6, 22”
Electronic Arts - 10
ORRA - 31
Fannie Mae - 27
PMH Resources - 11
Federal Reserve Board - 27
Rollins College - 14
Fiserv CBS World - 21
Shared Vision for Central Florida - 6
Florida High Speed Rail Authority - 32
Tavares Highschool - 8
Full Sail Real World Education - 10
The Central Florida MPO Alliance - 6
Harvard Law School - 27
The Lake County School Board - 8
HomeBanc Orlando - 27
The Orlando City Council - 10
Inc. Magazines - 11
Transit Cooperative Research Program - 32
Living Well Media Inc. - 24
UPS - 12
Lynx Pick Up Line - 32
U.S. Department of Commerce Commercial Service - 18
SHAM MAHARAJ, BUENA VISTA CORP.
26focus on | Residential Real Estate
The Mortgage
Gamble
Wondering why so many
people are nearing
foreclosure on their
homes? Here’s what
happened, and what’s
being done to correct
industry-wide failures.
by Jack Roth
THE FIRSTMONDAY MISSION
FirstMonday gives you positive, credible and compelling stories that focus on the key trends, people, businesses and events that drive Central Florida’s growth and progress. We aim to build a strong, vibrant and diverse community.
fm 7.07
uPfront
Shared Vision for Central Florida
Becomes a Reality
the state and the nation are looking at what
affairs, Florida Department of transportation,
how we will begin implementing this vision.
Florida Regional Planning Council, Orlando
we have done and will be watching to see
the Central Florida MPO alliance, east Central
this initiative has been written about in
Regional Chamber of Commerce and
professional journals and recognized
myregion.org combined their professional
nationally — it will surely be replicated.
there’s a lot more work to do. Now it’s up to
current and future elected officials, planners
wants — not only within the realm of public
participated in the process, to all of those who
sector strategic imperatives. this could include
public policy changes, land acquisition,
legislation, development of dedicated funding
image • Visualization • Revelation • Vision.
sources and much, much more. it will be up to
weeks, Central Florida will be presented with
necessary public pressure to prevent this
each and every one of us to apply the
effort from falling by the wayside.
collaborative effort by tens of thousands of
and our future.
will debut at the Regional board of advisors
shall We Grow?” could not have been possible
citizens, a shared Vision for Central Florida
Leadership Forum on august 10.
the culmination of this 15-month initiative
protection, citizen participation, visual
representation, survey preferencing and
technical expertise to paint a “picture of
possibility” for our collective future.
How Sh
Presenti
ng a Sh
ional G
rowth V
ision fo
row?
r Centr
feedback and generated impassioned
conversation. Never before have so many
6
Jacob V. Stuart
all We G
ared Reg
got people’s attention, enlisted their
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Central Florida can and should be proud of
i can tell you that i can’t wait!
of Community
emotionally charged at times, this effort
future of our region. Other regions in
congratulations on a job well done!
thank them. the Florida Department
and hope.
outreach process to talk about the
participated in workshops and focus groups,
our community partners, and we would like to
leaders and residents see, think, feel
in such an extensive community
seminole and Volusia counties who
without the strong and dedicated support of
distributed, deciphered and defined what
public, private and civic sectors engaged
citizens of brevard, Lake, Orange, Osceola, Polk,
an initiative as comprehensive as “How
“How shall We Grow?” has accumulated,
individuals and organizations from the
provided technical expertise, and to the
think of what’s next. as a native of the region,
it is, after all, our community, our region
will combine growth projections,
development options, environmental
to county and city managers who actively
what we have accomplished together. just
an image of how our region can mold itself
over the next 50 years. as a result of a historic
to the elected officials at the state, county
and municipal levels who provided leadership,
sector decision making, but also in private
Call it what you will, but in just a few
message to the people of our region.
and developers, and business and community
leaders to integrate what our region says it
DReaM • aPPaRitiON • iDea • Hallucination •
talents and resources to take this important
Region
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Orlando Regional Chamber of Commerce
regional wrap
Central Florida growth has translated into
a dynamic region. Here’s a county-by-county
look at some interesting developments
and accomplishments.
Brevard
A A St. John’s River Water Management District grant
is currently being used to develop a stormwater
masterplan for the town of Malabar that will
identify areas in need of improvement and make
recommendations to correct water quality and
quantity problems. To provide the opportunity for a
regional approach to stormwater management, the
city of West Melbourne and the town of Malabar
joined the Brevard County stormwater utility
program in 1999 and 2000, respectively.
Lake
A Lake County’s top students can stop worrying
about their scores on college-entrance exams
— at least when they’re shooting for valedictorian
or salutatorian honors. The Lake County School
Board voted recently to end a policy that required
students to earn certain scores on the SAT or
ACT to earn the first- or second-place honors at
commencement time. Schools do not have to name
valedictorians and salutatorians — Tavares High
School, for instance, did not this year — but if they
do, they now can count only school grades, with high
marks in challenging courses counting the most.
Orange
A Six black officers were recently honored by Orlando
police Chief Mike McCoy for their roles as the first
blacks to integrate Orlando Police Department.
Belvin Perry Sr., Richard A. Jones, John W. Jordan,
Otha Lee Kelly, Gainus Wright Jr. and Mayo
Howard joined the police force in the 1950s at a
time when black officers were restricted to the
black community, were forbidden from arresting
whites and faced discrimination within their own
department. Orlando trailed other Florida cities in
the hiring of black officers — finally conceding to
the demands from the black community in 1951
with the hiring of Jones and Perry. The first black
officers endured resentment and racial slurs from
white officers. No black officers were promoted
until Jones made sergeant in 1959. He became the
first black lieutenant in 1971.
Osceola
A Osceola schoolchildren fared modestly better on
the Florida Comprehensive Assessment Test this
year, with the exception of third- and sixth-graders,
who saw their scores drop across the state. Data
released by the Florida Department of Education
recently showed 63 percent of third-graders in
Environment is Key in Future Planning
Central Florida’s natural setting is world-renowned and
precious to all residents. Preserving access to the outdoors
and maintaining the many “globally” significant animals,
plants and critical ecosystems in our region is crucial as
Central Florida continues to grow.
As part of the “How Shall We Grow?” initiative, city and
county leaders from across the region have been meeting
to develop policies that can help implement elements of a
shared regional vision for Central Florida.
Regional leaders made the unanimous decision to
identify and develop a regional “green” print — a detailed
plan, vision and design for the shared public green spaces
and conserved lands — as the first step toward creating a
strategy for preserving the natural beauty of the region.
The first Regional Green Print committee meeting took
place on April 12 and was spearheaded by leaders in Lake
County. It marked the first time ever county managers and
land acquisition managers from all seven counties met to
discuss and create a plan to preserve and protect Central
Florida’s natural spaces.
This effort is designed to build on earlier work done
through Naturally Central Florida, which was a collaborative
effort between the University of Central Florida, myregion.
org and many other organizations across Central Florida to
identify the key “environmental jewels” of the region. The
goal of this new effort is to increase the scope to ensure
that all key environmental areas within the region, not
just those identified through Naturally Central Florida, are
included in future discussions about land preservation.
Once the specific Green Print has been created, the
committee will begin to look at regional approaches,
strategies and opportunities that could help use
collaboration as a tool to increase the land
acquisition power for the entire region. k
regional wrap
The picturesque Indian River is now under study
to determine tools for better management; a
commuter rail could spur growth in Sanford.
Osceola achieved a Level 3 or above on the reading
portion of the test, compared with 69 percent
last year. Sixth-grade reading scores dropped 2
percentage points in the county, with 55 percent
earning a passing grade this year.
Polk
A The National Civic League has named Polk
County as one of 21 national finalists for the AllAmerica City Award, American’s original and most
prestigious community recognition. Since 1949,
the award has honored communities of all sizes
for their outstanding partnerships and efforts
in addressing critical local issues. Polk County
was acknowledged for addressing some of the
community’s most important needs through various
county programs including Hurricane Heroes, Park
Partners and Teen Pregnancy Prevention Alliance
Youth Leadership Team.
Seminole
A Proponents of commuter rail in Central Florida,
which is set to debut in 2009, say the planned
mass-transit service is the next step in the region’s
evolution into a premier metropolitan area.
But, for Sanford, the daily hustle and bustle of
passenger trains could spark a resurrection of the
city’s railroad heyday. Sanford is set to get more
than just a commuter-rail station. The city could
be home to the maintenance facility serving the
entire commuter-rail system and potentially a new
Amtrak station, along with an upgraded Amtrak
Auto Train facility. What is more, city officials
hope the project will create a development boom
around the station.
to develop a plan to manage them. They are known
as spoil islands, which have become favorite haunts
for bird colonies and boaters seeking a secluded
picnic site. Volusia officials want to see better
management of these islands and have hired a
survey team to catalogue flora and fauna. The
county may recommend that many islands remain
as recreation sites, though others could be deemed
off-limits if, for example, an endangered species is
found during the survey. k
Volusia
A Volusia County is conducting a survey of 150 islands
lining the Halifax and Indian rivers in an attempt
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News,
Notes and
Commentary
by Michael Candelaria
Maybe it’s just my downtown Orlando
office location, with my birds-eye view
from across the street, but the more you
An advanced sports simulation system promises
more growth for digital media locally.
hear about The Plaza, the more anticipation that builds.
The latest involves parking. Plaza officials have announced the opening of fullservice curbside valet parking. The service is now open to the public at the mall’s
Pine Street/Orange Avenue entrance. A 1,600-space parking garage offers visitors
indoor valet parking until 3 a.m. along with indoor self-parking. Plaza officials say
they’re also considering adding services such as automobile detailing for valet
parking patrons. Once the 12-screen cinema and other retail is open (slated for early
summer), roughly 9,000 visitors are expected at The Plaza daily.
So, who said parking was hard to find downtown?
How’s this for ambition … global domination?
That’s the stated goal coming out of the Metro Orlando Economic Development
Commission regarding the digital media industry. A lofty goal, no doubt.
Yet, perhaps a possible one too, at least judging from recent developments.
The Orlando City Council unanimously approved an agreement that will help Los
Angeles-based motion capture studio House of Moves expand into our region. The
nationally recognized company will design and equip the only professional motion
capture studio on the East Coast with fully integrated film, video and audio facilities.
Sanford-based XOS Technologies, a leader in technology-based athlete training and
game analysis, has announced it’s teaming with video game giant Electronic Arts to
develop a training simulator for college and pro football teams. XOS will use the core
technology of EA Sports’ football video game franchises (including Madden NFL 07
and NCAA Football 07), developed at EA’s Tiburon Studio in Maitland, to power its new
“PlayAction Simulator.” This advanced simulation system will allow teams to customize
their game preparation to replicate the tendencies of their coming week’s opponent.
And, in a sign that Florida is serious about continuing the growth of digital media,
the Entertainment Incentive Bill went into effect on July 1, creating a $25 million
incentive for film and entertainment that includes, for the first time, an allocation
for digital media projects.
If that’s not taking the industry by storm, it’s a good start.
On a similar subject, there’s big doings in Winter Park at Full Sail Real World
Education. The media arts college has launched a partnership with Apple that will
provide all entering students with a complete “studio-to-go,” comprised of a
MacBook Pro notebook computer fully loaded with professional application software,
such as Apple’s Final Cut Studio video production suite.
It’s a first-of-its-kind program for any educational institution in the nation.
In addition, The Daily Buzz, a nationally syndicated television morning show, has
moved to campus from its original location in Orlando. Launched in 2002, the program
reaches approximately 39 percent of U.S. households, or 44 million TV households.
Full Sail graduate credits include work on Oscar, Emmy and GRAMMY-winning
projects, best-selling video games and the top grossing U.S. concert tour in seven out
of the last seven years. Pretty impressive.
fm 7.07
10
There’s now a big Apple presence at Full Sail.
Call this a sign of the times. The
Florida law firm of Shutts & Bowen
LLP has established a
multidisciplinary Complex Loan
Workout Practice Group to focus on
serving the needs of clients who are
slowdown in the real estate market.
grappling with the effects of a
The team of lawyers from the firm’s South Florida, Tampa and Orlando
offices is experienced in the fields of bankruptcy, creditors’ rights, real estate,
receiverships, taxation and litigation. The group will work with investment
banks, pension funds, insurance companies, lending institutions, developers,
investors, landlords and private equity funds.
If you thought the collapse of the subprime mortgage market wasn’t
creating a ripple effect on other sectors of the U.S. economy, you thought
wrong. (For related news, see Page 26.)
Metro Orlando has long been touted as a prime spot for business start-ups.
Here’s further recent proof. PMH Resources, a graduate of the Seminole
Technology Business Incubation Center, was awarded the National Business
Incubation Association’s 2007 Outstanding Incubator Client award in the
manufacturing and service category.
A technical recruiting company, PMH Resources earned $4.2 million in
revenue in 2006 and projects earnings of $6 million this year. The key,
according to company officials, is “positioning ourselves as our clients’ partners
rather than just a vendor in solving problems. This systematic approach allows
us to consult rather than simply sell.” The Incubator Center, a joint venture
among Seminole Community College, Seminole County and Seminole County
Port Authority, offers clients support services and office space.
What’s the big deal? While the region is making headlines these days for
ranking on Inc. Magazine’s list of “2007 boom towns” and CNN’s Business 2.0
magazine’s “hottest markets,” companies like PMH Resources are making the
real news.
And they should be saluted.
When Elaine Lustig co-founded Women Playing for T.I.M.E. in 1993, her goal
was to raise breast cancer awareness in Central Florida. Today, her efforts are
gaining national attention.
Lustig recently was named a Yoplait Champion for her work with the allwomen’s group, which raises funds for breast cancer programs at M. D.
Anderson Cancer Center Orlando. She is one of 25 people in the country to
gain the honor this year.
Lustig was motivated to form the organization after watching so many of
her friends suffer from breast cancer, sometimes succumbing to the disease.
She recruited some of Central Florida’s most influential women to help
organize big-ticket golf and tennis tournaments with an all-female roster.
Some doubted women would pay hundreds to participate in charity golf
tournaments. Still, the annual events raise an average of $450,000 a year,
making the group one of M. D. Anderson – Orlando’s largest contributors. To
date, it has donated more than $5.5 million to the cancer center, and that figure
is expected to increase as WPFT approaches its 15th anniversary in October.
Elaine Lustig: Yoplait Champion and local hero.
fm 7.07
11
get it
WHAT DO YOU do if you are a software company
save time when recreating their product
stable, seemingly complete and used by 3.7
from their QuickBooks database. This tool also
that has already produced a product known to be
million businesses?
Intuit, the publishers of QuickBooks business
finance software, decided to tweak the core
functionality of its product and add other
functions that could help users in other parts of
their businesses.
QuickBooks 2007 picks up where QuickBooks
2006 left off, as a stable business tool with a solid
interface that includes special centers for
Innovations
New version of QuickBooks
provides added marketing capabilities.
by David Radin
customers, vendors and employees, allowing a
user to perform related activities consecutively
without jumping from section to section. Then it
goes several steps further by including marketing
functionality, making it easier to share books
with your accountant and enhancing some
previous tools.
The QuickBooks 2007 tweaks aren’t often
noticeable, but they do come in handy. I like
being able to pay my bills and immediately have
the software prompt me to automatically go into
a batch print mode. This saves a few mouse clicks
from earlier versions but isn’t the type of
enhancement that everyone will notice.
The marketing capabilities that Intuit has
added to QuickBooks 2007 have been facilitated
mainly through a partnership with Google. By
using QuickBooks’ integrate Web browser,
businesses can set up Google AdWords accounts
to enable text ads to show up on Google’s search
engine as well as on pages of other Web sites
that show Google ads.
QuickBooks 2007 users can also tie their
products into Google’s Froogle shopping engine,
thereby offering products to new customers who
are searching for certain product types. By
entering products into Froogle through
QuickBooks 2007, businesspeople will be able to
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12
descriptions because the descriptions are drawn
offers a near-real-time inventory level.
If your business is dependent on geography
(i.e., you own a retail store), marketing through
Google can be tied to Google Maps, where an icon
pinpointing your business location shows up on
an interactive map made available to would-be
customers to enable them to find directions to
businesses.
Similarly, QuickBooks 2007’s Shipping
Manager offers integrated access to FedEx and
UPS so users can save a few steps when shipping
packages. It also has increased the number of
banks and financial institutions that allow users
to interface to their online banking functions. For
businesses that process a lot of check or credit card
transactions, this can save a lot of data-entry time.
The relationship between QuickBooks and
Google is more than just a marketing
partnership. QuickBooks now uses Google
Desktop as its primary search mechanism to find
answers and transactions within QuickBooks
2007. Importantly, when you switch on the
Google Desktop for a QuickBooks search, it hides
your QuickBooks data except when the Google
Desktop search is conducted from within
QuickBooks. This means your financial data is not
exposed to people who use your system and
don’t have permission to use QuickBooks.
There are currently 24 editions of QuickBooks,
including a Simple Start edition, an online edition
and more robust editions aimed at various
business sizes and industry segments. Each
edition allows transfer of data in the proper form
to your accountant (a function that has also been
improved in 2007) and a variety of functions to
meet the needs of the intended users. The
company also offers add-ins for payroll
processing and credit card processing.
QuickBooks 2007 is available at various
software retailers and at www.quickbooks.com. k
David Radin is a columnist, radio host and business consultant. Hear him throughout the day on XM (satellite
radio), or reach him at www.megabyteminute.com.
Copyright © 2007 M. Masters Corp.
mind matters
Recognizing Employees as Untapped Resources
Motivate your employees by allowing their work to be an outlet for creative energy.
by Erica Boucher
THERE IS A well of creative energy that exists
completion … closure. Looking straight into my
Giving employees an opportunity to be a part of
think innovatively and be a part of something
concern yourself with. You just do your job, and let
motivates star employees and quickly weeds out
within us all. The desire to explore new ideas,
bigger than ourselves is a natural human desire.
Evolution is unstoppable. So it’s no wonder that the
average person changes careers no less than seven
times in one lifetime.
A friend of mine left his corporate job after
years of frustration to pursue more creative
endeavors of his own. He called his experience in
the corporate world, although rewarding on some
levels, “soul sucking” on many others. His innate
need to feel passionate about that which he
devoted 40-plus hours a week of his life to went
unmet, and his attempts to communicate to upper
management how, with a few simple changes, the
corporate culture could be transformed into a
healthy environment garnering fierce employee
loyalty fell on deaf ears.
But this is a story we see played out every day.
It becomes ironic when the powers that be make
substantial investments in corporate consultants,
essentially hiring an outsider to come in to the
organization seeking ways to boost morale and
productivity. The result is an expensive report
detailing information that existed right under
their noses all along.
I have a vivid memory from more than a decade
ago, when I asked my employer about the outcome
on a project on which I had been working behind
the scenes for several months. Now complete, the
part of me that cared about my work wanted
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14
eyes he said, “That’s not something you need to
me handle the rest.” His response that day sucked
the energy out of my work, and I lost my interest
in my job. It wasn’t long before I moved on.
On the flip side, I remember one employer who
seemed to have greater confidence in my abilities
than I did. Here I was continually being challenged
with new tasks, empowered to open my mind and
ask questions. Showing up at work was a
rewarding experience, and I felt necessary, relevant
and valuable. At times I would sit back and marvel
at how brilliant he was, to know how much I
needed that. Looking back, I’m not sure he gave it
much thought. But somehow, on some level, he
knew he could stretch me to my full potential. I
grew more during that time than ever before,
enjoyed my work and felt a degree of loyalty to my
employer that was an entirely new experience to me.
Besides the benefit of walking into an office
filled with smiling faces, it just makes good
business sense to keep your human resources
happy. It is estimated that a company of 100
employees could lose almost $75,000 annually due
to poor employee productivity, which often shows
up as absenteeism and tardiness. One retired
management consultant believes, “Everyone shows
up at a job motivated, and then they are de-
motivated by their environment.” His job was to
show up and remove the de-motivators.
an expansive team, a group effort, a larger mission,
the duds. Rather than seeing employees as a line
item in your budget, choose to see them instead as
an unlimited wealth of knowledge and creative
potential that, if tapped in a way that is balanced
and rewarded, could be the very tool to help stretch
the limits of your organization’s true potential.
Prominently display an anonymous suggestion
box encouraging employee feedback, and take the
time to read and genuinely consider the validity of
the thoughts shared. Schedule employee think-
tanks so those who are in the trenches can help
brainstorm on the most effective and efficient
ways to help meet the company’s overall
objectives. Ask the difficult questions and be open
to the responses. You may be pleasantly surprised
to find that your greatest untapped resource has
been right there under your nose all along. k
Erica Boucher is a yoga therapist and empowerment
coach. She has created a comprehensive personal
empowerment program titled The Search for the
Authentic Self and is currently writing a book under
the same title. She has a B.A. in Organizational
Communication from Rollins College and offers
workshops on self-awareness, self-esteem building
and communication, among others. She also promotes
stress management and healthy living through yoga
classes and private yoga sessions. Her first yoga video,
Yoga to Open the Heart, will be available for purchase
this summer. For more, visit www.ericaboucher.com or
call Erica at 407.383.4196.
cover story
Export payloads — a common sight these days at ports across Florida.
fm 7.07
16
cover story
TRIUMPHS IN
GLOBAL TRADE
EXPORTING ISN’T FOR THE FAINT OF
HEART OR THE UNPREPARED. YET, FOR
AN INCREASING NUMBER OF LOCAL
COMPANIES WITH GUILE and VISION,
SELLING ACROSS BORDERS MEANS
REAPING NEW PROFITS.
BY MICHAEL CANDELARIA
At Port Canaveral, 175,764 tons of goods
were moved through for exportation.
After four years working for a large medical
typically were used for apartment buildings of
enough. Haberland figured he could design,
The business steadily grew, prompting Miller
device company, Gary Haberland had seen
manufacture and distribute those products
better, so he left corporate America, cashed in the
401k, sold the BMW and set out to make his mark.
Some three years later, that mark came with
“CE” attached to it — a mandatory European
product marking — clearing the way for
Haberland’s fledgling operation, started in a
bedroom of his Winter Park house, to begin
exporting surgical instruments throughout Europe.
Today, Genicon is a 9-year-old company with
more than 40 employees and has a 10,000-
square-foot manufacturing plant that produces
325 different minimally invasive medical
instruments in five product groups used in the
field of laparoscopy. There are 95 shareholders,
one-third of whom are surgeons. More than
80 percent of Genicon’s revenues come from
exporting to 42 countries in Europe, the Middle
East, Africa, Latin America and the Pacific Rim.
Similarly, Sherman Miller has gone from
garage start to grand success. In 1982, following
stints in the Boston area as a corporate executive
from GE, among others, Miller became a private
cable TV operator in Orlando. At the outset from
his garage, he also distributed related products to
other operators of those private systems, which
300 to 1,500 units.
about 10 years ago to search for broader horizons.
He found them mostly in Latin America.
These days, from sprawling warehouse space
in Longwood, Miller’s company, Multicom Inc.,
exports to 23 countries, selling communications
solutions. The products and services are used
to acquire, process and distribute audio, video,
television, voice, data, energy and traffic control
signals over coax, fiber optic and copper cable.
More than 7,000 products are stocked from 85plus manufacturers.
In relative nanoseconds, Haberland and Miller
struck it big through exporting.
While the duo can aptly be described as poster
boys for exporting from Central Florida, their
vision, passion and triumphs are shared by an
increasing number of ambitious neighbors. As
a result, Central Florida, riding a wave that is
noticeably throughout the state, is making its
presence felt on shores far and wide.
“This is as good a time as any to be involved
in exporting and probably one of the best,”
says Cindy Flores, chair of the Central Florida
chapter of the District Export Council, a national
organization that assists companies in exporting,
working in the conjunction with the U.S.
fm 7.07
17
cover story
Are You Export Ready?
Thinking about exporting? Consider the
following key questions, as compiled by the U.S.
Department of Commerce’s Commercial Service:
A Does your company have a product or
service that has been successfully sold in the
domestic market?
A Does your company have, or is your company
preparing, an international marketing plan
with defined goals and strategies?
A Does your company have sufficient
production capacity that can be committed
to the export market?
A Does your company have the financial
resources to actively support the marketing
of your products in the targeted overseas
markets?
A Is your company’s management committed
to developing export markets and willing
and able to dedicate staff, time and resources
to the process?
A Is your company committed to providing the
same level of service given to your domestic
customers?
A Does your company have adequate
knowledge in modifying product packaging
and ingredients to meet foreign import
regulations and cultural preferences?
A Does your company have adequate
knowledge in shipping its product
overseas, such as identifying and selecting
international freight forwarders and freight
costing?
A Does your company have adequate
knowledge of export payment mechanisms,
such as developing and negotiating letters
of credit?
Department of Commerce’s Export Assistance
unprecedented levels.”
says Irma Stenman, director of international
state’s major ports, where export tonnage figures
“We’re seeing a definite increase in exports,”
business development for the Metro Orlando
Economic Development Commission. “People are
becoming more and more aware that there are a
lot of possibilities outside of our borders.
“There are a lot of companies that are mature
in exporting that started exporting, say, 10 years
ago and now feel very comfortable in doing
business globally and have grown exponentially.
And that has attracted many smaller companies
to think about exporting.”
Historic Timing
In 2006, according to data from Enterprise
Florida, a public-private partnership that
spearheads the state’s economic development
strategy, the total volume of import-export
activity statewide topped $100 billion for the first
time. That’s an increase from $95 billion in 2005,
and projections for 2007 are even higher. Roughly
$57 billion of the total comes from imports and
$53 billion is from exports, making Florida the
seventh largest exporter nationwide, passing
manufacturing-rich Ohio.
Also, “origin” exports — products
manufactured, grown, mined or assembled in
Florida, as opposed to products simply traveling
through the state — amounted to $38.5 billion
last year, another all-time high. In addition, the
tally for services that are exported from Florida
was estimated at $22 billion, bringing the actual
total for origin exports to more than $60 billion.
Since 2004, Florida exports, including from
the likes of Genicon and Multicom, have
almost doubled.
Describes Manny Mencia, vice president of
international trade and business development
HHCP’s work abroad includes Madinaty in
New Cairo, Egypt, an 8,000-acre community.
for Enterprise Florida: “We have reached
Centers.
Signs of growth also can be found at the
and related new facilities are rising. At Port
Canaveral, 175,764 tons of goods — from juice
concentrate to limestone — were moved through
for exportation. And a new auto terminal is
under construction to provide added secure
paved storage for roll on/roll off cargoes, which is
expected to increase volume in the near future.
Not surprisingly, given the proximity, the
leading destination for products and services is
Latin America, which combines for more than
60 percent of total exports and is experiencing
an economic boom. Exports to the No. 1 market,
Brazil, increased 21 percent last year, while
exports to the No. 3 market, Venezuela, grew
almost 39 percent.
Also notably, the greatest improvements in
sales volume are coming from the state’s targeted
industries for export, such as aviation, aerospace,
biotechnology and telecommunications. Florida
led the nation in high-tech export growth by
dollar value last year, according to the American
Electronics Association.
The heightened technology trade, along with
the improved exporting in general, is a result of
a weaker U.S. dollar, which is enabling Florida
exports to compete against those from Europe
and Asia. “A weak dollar is the tide that raises all
ships,” comments Mencia. “It’s been really a good
news-good news thing for us across the board.”
There’s more. Companies that export, the
Commerce Department cites, grow 16 percent
faster than non-exporters, as well as pay higher
wages and are more profitable because they’re
more immune to seasonal domestic downturns.
So, now interested in exporting?
Helman Hurley Charvat Peacock/Architects,
founded in 1975, didn’t begin exporting until
the early 1980s. Its first international project
was in France. Translated as “New World of the
Smurfs,” the theme park never got off the ground,
but it did serve as a “big eye-opener.” From its
headquarters in Maitland, HHCP now has work
in 30 nations, offering expertise in planning/
mixed-use development, themed entertainment
and hospitality, health facilities, residential
communities, and retirement resorts.
“This gives us an opportunity to go to places in
the world where the economy is booming, where
people have the excitement, energy and money to
build incredible projects,” says company president
fm 7.07
18
cover story
Michael Chatham, who notes that HHCP typically handles a
“Being in Central Florida really elevates us, and the fact that
countries on the technical parts of design and construction.
position to be in,” says Chatham.
resort community in Egypt and a mixed-use residential resort
In HHCP’s case, while the product is largely technology-based
project’s creative aspects then partners with firms in respective
Current projects include an 8,000-acre new residential and
community that covers two square kilometers (1.2 miles), all in
the shape of a giant fish, in China.
we’re so far away really puts us on a pedestal. And that’s a good
Still, exporting success doesn’t come without headaches.
creative expertise and not hard goods, eliminating some of the
regulatory and logistical burdens, a pressing challenge concerns
U.S. Exports by State of Origin
A Texas $150.89 billion
A California $127.75 billion
A New York $57.37 billion
A Washington $53.07 billion
A Illinois $42.08 billion
A Michigan $40.41 billion
A Florida $38.54 billion
A Ohio $37.83 billion
A New Jersey $27.00 billion
A Pennsylvania $26.33 billion
Source: Enterprise Florida
time. Staffers must sometimes work
around the clock. “Our people have to
stay up late at night and early in the
morning to be on the phone, contacting
people either in China or the Middle
East. That expands our work day here,”
Chatham explains.
Homework Required …
But Help Available
Indeed, the potential of profits in
exporting comes at a cost. And money is
only a part of that price tag.
“At the end of the day, it does
require a certain amount of buy-in and
investment on the part of the company,
that they’re going to do what they
need to do and do their homework,”
says Flores, who is in her second
year as local chair of District Export
Council (DEC) and is vice president of
the International Services Division at
Branch Banking & Trust Co. “[Exporting]
can seem overwhelming.”
And sometimes companies can be
caught off-guard. “A lot of people go
into exporting by accident now,” Flores
adds. “With everyone using the Web
and people looking for things on the
Internet, someone gets a hit on a Web
site and suddenly somebody wants
something from you. All of sudden
a company that didn’t even plan to
export is exporting.”
Working as a volunteer with DEC,
she seeks to help companies forge
the way. For 30 years, DECs have
served the United States by assisting
companies in their local communities.
In addition to its close affiliation with
the Department of Commerce’s U.S.
fm 7.07
20
Export Assistance Centers, the 58
cover story
DECs nationwide combine the energies of nearly
law, banking, logistics, licensing, marketing and
Central Florida DEC is one of five in the state and for
Most notably, DEC’s Export University provides
1,500 exporters and export service providers. The
many years was led by international law specialist
Bob Hendry, a name that’s virtually synonymous
insurance.
periodic educational programming from A to
Z. Lesson one at a recent Export 101 session:
with exporting in Central Florida, dating back four
“Determining Organizational & Product Readiness
exporting scene, he handed the local DEC’s reigns
One former student, in fact, is Haberland of
decades. Although he remains a fixture on the local
to Flores.
“We offer a variety of expertise in areas that they
need assistance,” Flores says, citing areas such as
Florida Top 10 Export Destinations
A Brazil $3.70 billion
A Canada $2.99 billion
A Venezuela $2.87 billion
A Mexico $2.45 billion
A Colombia $1.57 billion
A Dominican Republic $1.29 billion
A United Kingdom $1.21 billion
A Chile $1.10 billion
A China (Mainland) $1.01 billion
A Argentina $992 million
Source: Enterprise Florida
for Export.”
Genicon. “You walk out of there [a class] and you
at least have a very good framework of what you
need to do to proceed, from step to step, to begin the
exporting process,” he says.
Even veteran exporters can benefit. Tony
Catalfano, president of Fiserv CBS Worldwide,
points to Export University as a reason his company
continues to maintain substantial global market
share as a seller of banking software. Lake Marybased CBS Worldwide is a unit of Fiserv Inc., a
Fortune 500 company that has more than 17,000
clients in 66 countries around the world. Fiserv CBS
Worldwide serves nearly 300 financial institutions.
“The local support is very, very helpful,” says
Catalfano, who particularly has learned to target
special geographic areas and avoid the temptation of
Photo by Damon Tucci
Photography.
Aside from DEC, Enterprise Florida works
Sherman Miller of Multicom: “Many small businesses think
it’s really complicated, like ‘No, I’ll never be able to do it.’
But I can attest to it. You can do it.”
spreading out too quickly.
with a statewide network of regional and local
fm 7.07
21
cover story
economic development organizations, along with the Commerce
professionals, are located in six Florida cities, including Orlando.
Canada, Dominican Republic,
with export marketing missions, targeted market site events
business and political leaders traveling to worldwide markets to
Brazil, South Africa and Chile.
Department, to provide export counseling services. It also assists
and an electronic trade leads network. Its International Trade
& Business Development Field Offices, staffed with marketing
The trade missions encompass a large contingent of Florida
raise Florida’s visibility, establish relationships, and secure sales
of Florida products and services. Recent missions have targeted
United Kingdom, Spain, Mexico,
They’re well worth the effort,
contends Miller of Multicom,
who believes such trade missions
have strengthened his strategic
approach. “My philosophy from
the beginning has always been,
‘Don’t shotgun; use a rifle. I
started with one country at a
time” Miller says, noting that
Argentina was his first export
country and his most recent
addition was Guyana.
Through the Commerce
Department, the Commercial
Service has a network of export
and industry specialists located in
107 U.S. cities, including Orlando,
and 84 countries. These trade
professionals, typically housed
at Export Assistance Centers,
embassies or consulates provide
products, services and counseling
to assist small and midsized U.S.
exporters. Services include global
market research; trade events that
promote products and services to
qualified buyers; introductions to
qualified buyers and distributors;
and counseling and advocacy
through every step of the
export process. The local Export
Assistance Center operates from
the Disney Entrepreneur Center in
downtown Orlando.
The Orlando Regional Chamber
of Commerce offers assistance,
as well. It provides Certificates
of Origin for exporters. Some
destinations require a Certificate
of Origin for certain commodities,
which authenticates the country
of origin of the merchandise being
shipped. Also, the chamber handles
the ATA Carnet, an internationally
recognized customs document
for temporary duty-free export of
commercial samples, professional
equipment and goods displayed at
trade shows.
The World Trade Center Orlando
and the EDC are two other critical
local sources of information. The
World Trade Center Orlando is
fm 7.07
22
networked with more than 330
cover story
World Trade Centers that are located
“There’s nothing great that
business and government agencies.
says Haberland. “Anybody can do
in 101 countries and brings together
The EDC, in its export role, concentrates
on new or infrequent world marketers
based in metro Orlando.
I personally bring to the table,”
this if they assert themselves and
Concludes Flores: “Yes, it’s a great time [for exporting].
The only caveat is to be prepared and use the resources
that are out there to ensure success.” L
have the tenacity to persevere.”
“The main question we get is, ‘Where
do I get an export license?’ Usually,
these are smaller companies thinking
about exporting,” says Stenman.
Perseverance Pays
In reality, many exports don’t
require an export license, which is a
government document that authorizes
the export of specific goods in specific
quantities to a particular destination.
The need for a license is determined on
a case-by-case basis.
As it turns out, understanding that
truth is only the start in what typically
is an odyssey. Exports often travel long
journeys to reach their destination.
Figuratively, so do exporters. Or, as
Haberland put it, “You didn’t always
know what you didn’t know.”
Success, however, can happen.
“Many small businesses think it’s really
complicated, like ‘No, I’ll never be able to
do it.’ But I can attest to it. You can do it,”
says Miller, a past recipient of the national
President’s “E” Award for U.S. exporters,
emblematic of trade excellence. “But don’t
try to change the whole world. And
you have to do your homework.”
Web Resources AD
istrict Export Council,
www.floridaexporter.com
A Enterprise Florida, www.eflorida.com
AM
anufacturers Association of Central
Florida, www.macf.biz
AM
anufacturers Association of Florida,
www.mafmfg.com
AM
etro Orlando Economic Development
Commission, www.orlandoedc.com
AO
rlando Regional Chamber of
Commerce, www.orlando.org
AU
.S. Government’s Export Portal,
www.export.gov
A U.S. Department of Commerce,
www.trade.gov/cs
AW
orld Trade Center Orlando,
www.worldtradecenterorlando.org
fm 7.07
23
healthcare watch
A Shared Concern
What you should know about
long-term care.
by Agatha Francis
LONG-TERM CARE includes a variety of support
services to meet health or personal care needs
over an extended period of time. Most long-term
care is non-skilled personal care assistance, such
as help performing everyday activities of daily
living (ADLs). Long-term care services help you
maximize your independence and functioning
when you’re unable to be fully independent or
when you have a chronic illness or disability that
causes you to need assistance with ADLs. Your
illness or disability could include a problem with
memory loss, confusion or disorientation. This is
called cognitive impairment and can result from
conditions such as Alzheimer’s disease.
This year, about 9 million Americans over the
age of 65 will need long-term care services. By
2020, that number will increase to 12 million.
While most people who need long-term care are
age 65 or older, a person can need long-term care
services at any age. Forty percent of people
currently receiving long-term care are adults 18 to
Long-term care could include any of the following:
A Services at your home from a nurse, home health/
either all or some of free. But, as care and support
A Care in the community; and/or
supplement family-provided services and support,
home care aide, therapist or homemaker
A Care in any of a variety of long-term facilities. Generally you pay a provider for these services.
64 years old.
But most people receiving paid services in their
65 will require at least some type of long-term
services with help from family and friends.
percent will need care in a nursing home for some
How Do Care Needs Change Over Time?
About 60 percent of individuals over the age of
care services during their lifetime. More than 40
period of time. Factors that increase your risk of
needing long-term care include:
A Age — The risk generally increases as you get older.
A Marital Status — Single people are more likely to
need care from a paid provider.
A Gender — Women are at a higher risk than men,
primarily because they tend to live longer.
A Lifestyle — Poor diet and exercise habits can increase
your risk of long-term care.
A Health and Family History — These factors also
impact your risk of long-term care.
home or community need to supplement these
Long-term care needs may develop gradually. For example, you may need help with bathing or
dressing starting with only a few times a week
progressing to one or two times a day. Care needs
often progress as you age or as your chronic
illness or disability become more debilitating,
causing you to require care on a more continual
basis. You may require help using the toilet or
ongoing supervision because of a progressive
condition such as Alzheimer’s disease. Some people may need long-term care in a
facility for a relatively short period of time while
they recover from a sudden illness or injury,
provide respite to family caregivers or to pay for
more extensive services in a facility when
individuals can no longer be cared for in their homes,
such as a nursing home or assisted-living facility.
There are variations in costs based on the type
and amount of care you need, the provider you
use and where you live. Home health and home
care services, provided in two-to-four-hour blocks
of time referred to as “visits,” are generally more
expensive in the evening, or on weekends and
holidays. The costs of services in some community
programs, such as adult day service programs, are
often provided at a per-day rate, but vary based on
overhead and programming costs. Many care
facilities charge extra for services provided
beyond the basic room-and-board charge,
although some may have “all inclusive” fees. The average costs for long-term care in the
United States for 2006 were:
A $171 ($170.61) per day for a semi-private room in a
nursing home;
eventually getting well enough to be cared for at
long-term care one might need. On average, a 65-
need long-term care services on an on-going basis.
term care services for three years. Service and
home or other type of facility-based setting for
Women on average need 3.7 years of long-term
can no longer be met at home.
A $17 ($15.30) per hour for homemaker services;
What Does Long-Term Care Cost?
A $56 per day for care in an adult day health care center. k
A $194 ($187.94) per day for a private room in a
It’s difficult to predict how much or type of
home. Others, such as severe stroke victims, may
year-old individual in 2007 will need some long-
Certain individuals may need to move to a nursing
A $2,691 ($2,366) per month for care in an assisted
support needs vary and often change over time.
more extensive care or supervision if their needs
A $25 ($17.31) per hour for a home health aide;
one-third of today’s 65-year-olds may never need
long-term care services, 20 percent of them will
need care for more than five years.
24
needs increase, paid care is usually needed to
How Much Care Is Needed
care while men need only 2.2 years. While about
fm 7.07
living that many families are able to provide
nursing home;
living facility (for a one-bedroom unit);
Long-term care includes a broad range of health
and support services that people need as they age
* Source: 2006 Cost of Care Survey, Genworth Financial,
March 2006
* Orlando Rates in parenthesis
or if they are disabled. The majority of these
services include assistance with activities of daily
Agatha Francis, JD CITRMS, is a certified identity theft
risk management specialist with Living Well Media Inc.
focus on | residential real estate
FRaNK aND jeNNiFeR blanco can’t really afford their home.
the monthly carrying costs in their three-bedroom house in
Orlando run about $2,650 a month, and they fear the bill
t
mortgage
gamble
could go higher still as their adjustable mortgage resets to
higher interest rates.
it’s been tight, but fortunately Frank’s younger brother
recently moved in as a roommate to help offset some of the
expenses. unfortunately, the blancos can’t afford to sell.
thanks to a falling housing market and a prepayment
penalty of about $12,000, they’d owe the bank more than
their place is worth.
“it’s so frustrating,” says jennifer, 32. “We should be able
to afford this place; it cost just $224,000 when we bought it
three years ago.”
so, how did the blancos get themselves in such a mess?
More puzzling is, why did lenders give them the rope with
which to hang themselves?
AN AMORALiTY pLAY
Record-low interest rates, baby boomers buying vacation
homes and immigrants reaching for the american dream all
did their part to push up housing prices in Central Florida,
as well as the rest of the nation. but what really acted as the
steroid in the market was the “mortgage industrial
complex” — a machine with parts known as brokers and
bankers, and fueled by money poured in by investment
banks, bond traders and hedge fund managers. Certainly
not all brokers and bankers were involved, as well as not all
investment, bond traders and hedge fund managers. in fact,
it’s likely that reputable mortgage professionals outnumber
their shady counterparts. yet, the mortgage industrial
complex became a considerable concern.
according to a recent Money Magazine article, the system
prospered and grew, introducing new players into the
financing transaction and transforming the roles of others.
Finally, it ran amok, creating huge incentives at every level
of a home sale or a refinance to sacrifice prudence in pursuit
of a money killing.
Many industry people agree that market checks and
WONDERING WHY SO MANY PEOPlE ARE
NEARING FOREClOSURE ON THEIR HOMES?
HERE’S WHAT HAPPENED,
AND WHAT’S bEING DONE TO
CORRECT INDUSTRY-WIDE FAIlURES.
By Jack roth
balances should have prevented the process from getting
out of control, but as in many big-money games some of the
players were corrupted. some mortgage brokers were
rewarded for steering as many prospective homeowners as
possible into the most profitable loans. appraisers,
meanwhile, increasingly caved in to pressure to approve any
deal a broker or loan officer wanted to make. some lenders, in
turn, had less and less reason to care whether the borrowers
could repay. and many borrowers, to the extent that they
understood what they were getting into, also played along.
Housing industry analysts believe this is a story of how
some of the important players in the market decided they
had too much at stake to shout, “stop!”
the result: a serious drag on the economy, and a burden
for millions of people like the blancos.
pAYMENT-OpTiON BLUES
Realtytrac, the leading online marketplace for foreclosure
fm 7.07
26
residential real estate | focus on
properties, recently released its 2006 First Quarter
have an option-payment mortgage and didn’t put
“to the maximum extent
323,102 properties nationwide entered some stage
situation where you owe more than your original
this from a market-driven kind
u.s. Foreclosure Market Report, which showed that
of foreclosure in first quarter 2006, a 38 percent
increase from the previous quarter and a 72 percent
increase from first quarter 2005. texas, Florida and
California recorded the most foreclosures.
according to Harvard Law school professor
any money down, you could find yourself in a
loan amount or, worse, more than the home is worth.
LENDiNG REFORMS
Nearly one-quarter of all american homeowners
in recent years purchased homes using subprime
elizabeth Warren, who has written extensively on
mortgage programs. according to the Federal
through the last recession and into the present
Lending Programs, the term “subprime” refers to
debt. this, she says, combined with our current
subprime borrowers typically have weakened
debt. and that debt is coming in more and more
and possibly more severe problems such as charge-
the economy, american consumers have gotten us
Reserve board’s expanded Guidance for subprime
rather half-hearted recovery by taking on mortgage
the credit characteristics of individual borrowers.
nonexistent savings rate, means we are awash in
credit histories that include payment delinquencies
risky forms. For instance: option-payment mortgages.
offs, judgments and bankruptcies. they may also
off owning a home, buyers instead have been
by credit scores, debt-to-income ratios or other
means a chance to ride the double-digit gains that
incomplete credit histories.
Warren points to the solution many have opted for:
one or more of those characteristics at the time of
rate. Pay just interest for a few years (or not even
risk of default than loans to prime borrowers.
way to pay more later … whatever it takes.
have prompted federal regulators to issue both
already have) and interest rates rise, some
desist order involving subprime lending practices
similar loans can begin to backfire. For borrowers,
have been eliminated.
$300,000 home, financing 100 percent of the price
customers with blemished credit to enjoy the
rises just as your principal becomes due, your
“However, credit standards in subprime lending
if there is little to no equity to fall back on for
climate does mean that some people who would
even default on the loan.
or a year ago may not be able to get one today. the
and option-payment mortgages are alike, and in
thing for all borrowers because those with the best
homeowners against loan default. Plus,
be able to invest in a home. People who are not in
payments on interest-only or option-payment
to best repair their credit and otherwise position
concern, concedes David Holbrook, store manager
homeownership experience some time in the future.”
When faced with the prospect of having to put
looking for any way to get in, especially when it
homeowners have racked up in recent years.
borrow 100 percent of the price. take an adjustable
that much) and hope to sell for a profit or find a
the trouble is, if prices soften (which they
adjustable-rate, interest-only, option-payment and
the biggest risk is payment shock. say you buy a
display reduced repayment capacity as measured
criteria that may encompass borrowers with
subprime loans are loans to borrowers displaying
origination or purchase. such loans have a higher
Recent developments in subprime lending
proposed regulatory guidance and a cease-and-
in essence, many of subprime lending programs
“subprime lending offers a valuable service to
with an interest-only loan. in five years, if your rate
benefits of homeownership,” cites Holbrook.
monthly payment could easily spike by 50 percent.
have tightened, and the current subprime lending
refinancing, you could be forced to sell quickly or
have been able to get a subprime loan six months
Of course, not all adjustable-rate, interest-only
tightening of these standards should be a good
many cases, home appreciation will shield
chance of homeownership will still get loans and
homeowners still are allowed to make principal
the best financial position can be advised on how
mortgages. still, there is cause for at least some
themselves for a positive and beneficial
of Homebanc Orlando.
“the area where homeowners could be in some
serious trouble is with the option [-payment]
products,” he says.
Holbrook notes that many reputable companies,
like his, don’t offer option-payment mortgages. He
explains that option-payment mortgages are able
to have such low introductory interest rates and
payments because the loan is structured in such a
way that unpaid interest and principal are tacked
on to the back end of the loan. Consequently, if you
OFFERiNG SOLUTiONS
Recently, several gestures and proposals have
been put forth by the u.s. mortgage-finance
industry that may help stem the crisis. For
example, Freddie Mac, the second-largest source of
money for home loans, recently committed to buy
as much as $20 billion in subprime mortgages.
Freddie Mac CeO Richard syron says lenders can
count on the $20 billion to fund less-burdensome
loans for subprime borrowers.
possible, we want to approach
of approach,” he comments.
Washington Mutual inc.,
the largest u.s. savings and
loan, has offered to refinance $2
billion in loans to help borrowers
with poor credit histories avoid
losing their homes. the company will
refinance some adjustable-rate subprime
mortgages into 30-year, fixed-rate loans
that charge half a percentage point of
interest less than normal.
“Customers who work with us to
develop a payment plan are more likely
to succeed in avoiding foreclosure and
balancing other household financial
obligations,” says David schneider,
Washington Mutual’s home-loan
group president.
Other reputable companies are
following suit. and, indeed, many of them
have continued to do the correct things all
along, anyway.
Players in the u.s. mortgage-finance industry
such as Freddie Mac and Fannie Mae will no doubt
continue to offer heroes’ gestures in an effort to
make corrections in a flawed market, investors will
be more selective about where they put their money,
and banks will be more cautious in their lending.
this is a healthy pullback. but has irreparable
damage already been done for many homeowners?
For the blancos, a housing recovery can’t come
soon enough. “We worked so hard to become
homeowners, and now our ill-advised decision
with this loan may take it all away,” says jennifer.
“We’re bleeding money like crazy, and the bleeding
won’t stop.” k
WHAT EvERY pOTENTiAL HOMEBUYER NEEDS TO KNOW
thirty years ago, there were three types of mortgages
available to homebuyers. they could obtain a fixed-rate
conventional mortgage, an FHA loan or a vA loan. times
have definitely changed. now, there are a plethora of
mortgage loan types available.
some lenders are waiting for the unknowing borrowers
of home mortgages to come their way. Many consumers
don’t really comprehend the procedure for obtaining a
home mortgage, and so they represent perfect prey for
mortgage schemes.
Advice: First and foremost, be wary of unsolicited home
mortgage offers. do not respond to street corner signs,
notices stuck on your car, unidentifiable company’s direct
mail and telemarketers’ calls. Generally, you should
always be the one initiating any form of relationship.
From time to time, reputable financial institutions will
send unsolicited offers regarding special or limited-time
fm 7.07
27
$
focus on | residential real estate
deals to both customers and non-customers, which could turn out to
be money-saving deals. Beware, however, of companies without proven
reputations in the industry that make promises to reduce your monthly
payments and save you hundreds of dollars monthly simply by
refinancing your loan, contends George Metcalfe, Central Florida
regional manager of BankAtlantic.
“in many cases, companies that offer extremely low interest rate loans
are, in fact, offering a payment rate opposed to an annual percentage
rate of interest,” he says. the difference is you may only be making a
monthly payment based on a low interest rate, say 1.99 percent while
your actual annual interest rate may be 6.99 percent, Metcalfe explains.
$$ $
“this type of loan seems attractive as
it offers a low monthly payment, but
it is basically a negative amortization
loan which tacks unpaid interest each
month onto the principle balance of
your loan. Also beware of hidden and
high loan origination fees,” he adds.
“some companies will use an
attractive interest rate as a hook but
charge as much as 5 percent on the
front end to write your loan. Always
read the fine print.”
CURRENT MAJOR MORTGAGE TYpES:
A Fixed-ratemortgages —
Buyers can choose from fixed-rate
mortgages of varying lengths —
10-year, 15-year, 20-year, 30-year,
40-year and even 50-year — all of
which are completely amortized.
A FhAloans — FHA mortgage loans
are insured by the government
through mortgage insurance that is
funded into the loan. First-time
homebuyers are ideal candidates for
an FHA loan because the down
payment requirements are minimal
and FiCo scores do not matter.
A vAloans — this type of
government loan is available to
veterans who have served in the u.s.
Armed services and, in certain cases,
to spouses of deceased veterans.
the requirements vary depending
on the year of service and whether
the discharge was honorable or
dishonorable. the main benefit to a
vA loan is the borrower doesn’t
need a down payment. the loan is
guaranteed by the veterans
Administration but funded by a
conventional lender.
A interest-Onlymortgages — these
loans aren’t really interest-only,
meaning the borrower pays only
interest on the loan. interest-only
loans contain an option to make an
interest-only payment. the option is
available only for a certain period of
time. However, some junior mortgages
are, indeed, interest-only and require
a balloon payment, consisting of the
original loan balance at maturity.
HYBRiD TYpES OF MORTGAGE LOANS:
A Adjustable-ratemortgages —
Adjustable-rate mortgages (ArMs)
come in many flavors, colors and
sizes. the interest rate fluctuates. it
can move up or down monthly, semiannually, annually or remain
fixed for a period of time
before it adjusts.
fm 7.07
28
$
$
$
$
$
residential real estate | focus on
$
A OptionArmmortgages — on these
adjustable-rate mortgages, as the
name implies, borrowers can choose
from a variety of payment options
and index rates. But beware of the
minimum payment option, which
can result in negative amortization.
education is all-important, concludes Metcalfe, noting that reputable
financial institutions can serve as resources.
“it is very important for consumers to do their homework with respect
to any type of credit product they plan to obtain. Knowing the
differences between types of loans, loan terms and the various
payment options that exist in the marketplace can help consumers
make the best financing decision and ultimately protect the consumer
from overextending themselves, paying more for a loan and putting
themselves in the wrong type of loan,” he says.
A Combo/Piggybackmortgageloans —
this type of mortgage financing
consists of two loans: a
first mortgage and a second
mortgage. the mortgages can be
adjustable-rate mortgages or fixedrate, or a combination of the two.
Borrowers take out two loans when
the down payment is less than 20
percent to avoid paying private
mortgage insurance.
A mortgageBuydowns — Borrowers
who want to pay a lower interest rate
initially often opt for mortgage
buydowns. the interest rate is reduced
because fees are paid to lower the rate,
which is why it’s called a buydown.
Buyers, sellers or lenders can buy down
the interest rate for the borrower.
SpECiALTY MORTGAGE LOAN TYpES:
A streamlined-Kmortgageloans —
like the 203K loan program, FHA has
another program that provides funds
to a borrower to fix up a home by
rolling the funds into one loan. the
dollar limits for repair work are lower
on a streamlined-K loan, but it
requires less paperwork and is easier
to obtain than a 203K.
A Bridge/swingloans — these types of
mortgage loans are used when a seller
has put a home on the market — but
it hasn’t yet sold — and the seller
wants to borrow equity to buy
another home. the seller’s existing
home is used as security for a bridge
(also called swing) loan.
A equitymortgageloans — equity
loans are second in position and
junior to the existing first mortgage.
Borrowers take out equity loans to
receive cash. the loans can be
adjustable, fixed or a line of credit
from which the borrower can draw
funds as needed.
A reversemortgages — reverse
mortgages are available to any person
over the age of 62 who has enough
equity. instead of making monthly
payments to the lender, the lender
makes monthly payments to the
borrower for as long as the borrower
resides in the home. the interest
rate can be fixed or adjustable.
fm 7.07
2
on location
A Reinstatement – A homeowner may be able
to make a payment that covers all of the
previous late payments, usually at the end
of a forbearance period.
A Repayment plan – Lenders may allow a borrower
who has fallen behind to make additional
payments each month until the past due amount
has been paid.
A Loan modification – Lenders will sometimes
change the terms of a loan to help a
homeowner avoid foreclosure.
Options include these:
• Adding all the missed payments to the
loan amount and increasing the monthly
payment to cover the larger loan.
• Giving the homeowner more years to pay
off the loan, lowering the interest rate,
and/or forgiving part of the loan to lower
the monthly payment.
• Switching from an adjustable rate mortgage to
a fixed rate mortgage so the homeowner isn’t
exposed to increases in the monthly payment.
Compounding
The Foreclosure
Dilemma
to sign over the property to the lender in exchange
for debt forgiveness, an option that can damage
credit but one that is better than having credit
history of foreclosure.
subprime borrowers
are often the people least able to
afford these large increases given their limited
cash flow and past credit problems.
A strong correlation exists between
Homeowners who don’t feel comfortable
said this, let’s take a look at how employers can
to immediately contact a HUD-approved
by Lisa McDuffie
their homes.
appointment with a counselor. A counselor
Solutions Abound
determine what options are available and
homes to foreclosure should be counseled to talk
housing counselors are familiar with the
payments. Here are some options they may have:
will consider and know what course of
that 2.2 million American households have lost or
will lose their homes as monthly payments rise
on high-risk mortgages in the next few years.
Nontraditional and other types of mortgages that
opened doors to homeownership or refinancing
just a few years ago might be showing some
borrowers the door as interest rates reset,
payments adjust and monthly payments become
unaffordable for families at the greatest risk.
homeownership and a stable workforce. Having
talking with their lenders should be advised
help employees avoid foreclosure and stay in
housing counseling agency and arrange an
will help assess the financial situation,
Employees who are at risk of losing their
help negotiate with the lender. In addition,
to their lenders or “loan servicers” who collect the
various workout arrangements that lenders
A F orbearance – Lenders may let a borrower pay less
than the full amount of the mortgage, or skip a few
payments, if there is a reasonable plan to bring the
loan current.
action makes the most sense for individual
circumstances. In addition, a counselor can
call a lender to discuss a workout plan.
In recent years, people with imperfect credit or
Resources
been unable to qualify for a mortgage were able
A HUD-approved counseling services: www.hud.gov/counseling
minimal cash reserves who may have previously
to become homeowners because lenders began
offering new types of mortgage products in the
subprime market. Many of these new mortgages
kept initial payments down by offering a very
A HUD Internet page “How To Avoid Foreclosure”: www.hud.gov/foreclosure
A HUD Internet page “Help For Homeowners Facing The Loss Of Their Homes”:
www.hud.gov/offices/hsg/sfh/econ/econ.cfm#1
low “teaser rate,” interest-only period or the
A Freddie Mac brochure “Keeping Your Home, Protecting Your Investment”: www.freddiemac.com
When the initial period ends, the monthly
A National Association of Realtors’ foreclosure-related Internet page:
option to pay varying amounts each month.
payment rises, often by a significant amount.
30
A Debt Forgiveness – A homeowner could be allowed
Keep your employees coming
to work by keeping them in
their homes.
THE CENTER FOR Responsible Lending estimates
fm 7.07
the problem,
• Requiring amounts for taxes and insurance to be
included with the monthly mortgage payment to
avoid large bills in addition to the mortgage.
(search for the brochure by typing in the full title)
www.realtor.org/home_buyers_and_sellers/protect_your_home.html
on location
Homeowners facing
foreclosure can also turn
to a Realtor for assistance.
“Foreclosure threatens the very
communities that Realtors work
such as negotiating a new payment plan or pursuing
a pre-foreclosure sale. If in doubt, homeowners should
call a HUD-approved housing counseling agency at
800.569.4287. Call before paying anyone or any service,
and before signing anything. k
Lisa McDuffie is communications manager for the Orlando
Regional Realtor Association.
to build,” says ORRA President
Randy Martin, GRI, RE/MAX
200 Realty. “Realtors — who
care as much about keeping
families in their homes as they
do about helping them find the
homes of their dreams — are a
knowledgeable resource.”
For example, if an employee’s
current lender is not willing
or not able to work out an
alternative, a Realtor can locate
responsible lenders who make
fair and affordable loans. And
when the value of a property is
less than its mortgage amount,
a Realtor can explain to a lender
why it makes sense to let the
homeowner sell the property
for the best possible price and
then forgive the remainder of
the debt.
Red Flags
Homeowners desperate
to avoid the consequences of
foreclosure are often vulnerable
targets for mortgage scams and
should be wary of the following:
A Equity skimming — In this type
of scam, a “buyer” approaches the
homeowner offering relief from
financial trouble by promising to
pay off the mortgage or to give a
sum of money when the property
is sold. The “buyer” may suggest
that the homeowner move out
quickly and deed the property
to him or her. The “buyer” then
collects rent for a time, does not
make any mortgage payments,
and allows the lender to foreclose.
Signing over a deed to someone
else does not necessarily relieve the
homeowner’s loan obligation.
A Phony counseling agencies —
Some groups calling themselves
“counseling agencies” may
approach homeowners and offer
to perform certain services for a
fee. These could well be services
a homeowner could do for free,
fm 7.07
31
SPECIAL REPORT
Community Connection
With high-speed rail for the area still an
uncertainty, LYNX is working to increase
efficiency. The latest result: Pick Up Line service.
Looking for a fast commute? How does traveling to work at 190 miles per
hour sound?
That’s how fast Lisa Darnall, LYNX chief operating officer, was moving as she
rode Japan’s aptly named “Bullet Train’’ on a 275-mile commute from Kobe to
Tokyo, Japan.
In the meantime, local transit authorities like LYNX are working on ways to
connect their local communities in the most time- and cost-efficient ways.
Because LYNX has one of the largest service areas in the United States — 2,500
square miles covering Orange, Osceola and Seminole — the agency is continually
looking for better ways to bring public transportation to all area residents.
LYNX new Pick Up Line service, which started the first week in June, is a
perfect example.
LYNX Pick Up Line serves a seven-square mile area in Poinciana, a community
at the south end of Osceola County. LYNX Pick Up Line runs a designated route
through that area, but if residents prefer to get picked up at their home, they can
The group traveled to Seoul, South Korea; Hong Kong and Beijing, China; and
their front door.
Tokyo to study transit systems in those markets.
“It was the smoothest ride I’ve ever been on,’’ Darnall says about the Japanese
Bullet Train. “We made several stops, but it felt like we were going 190 miles an hour
the whole time. The ride was so smooth it never felt unsafe, even at that speed.’’
With commuter rail scheduled to come online in Central Florida in the next few
years, the options for linking cities and regions via high-speed rail certainly will
become part of the discussion on how to maximize public transportation systems.
For example, if a “Bullet Train’’ system existed in Florida, someone living in
downtown Tampa could be at work in downtown Orlando in less than an hour.
That’s about the same amount of time it currently takes to drive to downtown
Orlando from many places in Orange, Osceola and Seminole counties.
In 2000, Florida voters approved an amendment to the state constitution
mandating the construction of a high-speed transportation system. That
amendment was repealed in 2004, but the Florida High Speed Rail Authority still
32
Orlando and Miami with high-speed rail sometime in the future.
That ride was one of several experiences Darnall enjoyed as part of a 17-
member U.S. delegation representing the Transit Cooperative Research Program.
fm 7.07
exists and likely will take up the issue of connecting major cities like Tampa,
call LYNX two hours in advance and a Pick Up Line service bus will stop right at
The service bus will drop them off at any destination in the seven-square mile
area or take them to the nearest fixed-route bus stop so they can join the regular
bus service.
“This is an exciting new project for LYNX,’’ comments Linda Watson, CEO of
LYNX. “It offers increased mobility options for Poinciana residents and, being a
feeder service to our fixed-route system, gives us an even better chance to serve
more residents of Osceola County.’’
If the LYNX Pick Up Line experiment is successful in Poinciana, the agency
could expand it to other areas in Orange, Osceola and Seminole that currently
have limited bus service.
“Central Florida communities are expanding all the time, so we’re always
looking for better ways to serve them,’’ Watson says. “As the population continues
to grow in these new communities, we have to find ways to make public
transportation accessible to them.” k
new members | Chamber insight
Loews Hotels (at Universal Orlando)
6800 Lakewood Plaza Drive
Orlando, FL 32801
Mr. David King
Hotels, Motels and Resorts
The Florida Bar Foundation
250 South Orange Avenue
Orlando, FL 32801
Ms. Michelle Lyles
Organizations (Non-Profit)
Organizations (Foundations)
Accredited Holding Corporation
400 South Park Avenue
Winter Park, FL 32789
Ms. Deborah Jallad
Insurance (Property and Casualty)
Albritton Williams, Inc.
599 - E Celebration Place
Celebration, FL 34747
Mr. Mitchell Joubert
General Contractor
Arnold Palmer Invitational
9000 Bay Hill Boulevard
Orlando, FL 32819
Mr. Scott Wellington
Sporting (Events)
Buck Leahy Consulting & Communications
13459 Lake Turnberry Circle
Orlando, FL 32828
James B. Leahy, Jr.
Business/Performance
Improvement Consultants
Corporate Express
7576 Kingspointe Parkway
Orlando, FL 32819
Mr. Don LaCerra
Office Furniture
Office Supplies
Old Southern Bank
995 North State Road 434, Suite 212
Altamonte Springs, FL 32714
Ms. Debbie Beers
Banks
HCI Hair Restoration Center
415 Montgomery Road, Suite 145
Altamonte Springs, FL 32714
Ms. Silvia Turcotte
Hair Replacement
Retriever Payment Systems
1650 Sand Lake Road
Orlando, FL 32809
Mr. Mike Swododa
Credit/Debit Card (Services/Equipment)
Old Southern Bank
1460 East Highway 50
Clermont, FL 34711
Mr. Rico Simmons
Banks
Hendry, Stoner, Calandrino
20 North Orange Avenue, Suite 600
Orlando, FL 32801
Mr. Robert R. Hendry
Attorneys
Skyrise Development Group
401 East Las Olas Boulevard, Suite 1180
Fort Lauderdale, FL 33301
Ms. Shannon DeFries
Real Estate (Developers/Builders)
Old Southern Bank
2415 Aloma Avenue
Winter Park, FL 32792
Ms. Kim Layton
Banks
Insurance Source Group
1301 Sundial Point
Winter Springs, FL 32708
Mr. Donald Geving
Insurance Brokerage
Total Rental Solutions
1330 Spruce Avenue
Orlando, FL 32824
Ms. Abby Birch
Computer (Rental and Leasing)
Southeastern Financial
169 West Broadway Street
Oviedo, FL 32765
Mr. John Edmead
Mortgage Bankers or Brokers
Jaquise Productions
10422 63rd Avenue South
Seattle, WA 98178-2341
Ms. Rebekah Dennis
Women’s Apparel
Florists
Verizon Yellow Pages - Idearc Media
3452 Lake Lynda Drive, Suite 390
Orlando, FL 32817
Ms. Michelle Koch
Advertising (Directories/Guides)
Triangle Reprographics, Inc.
850 South Hughey Avenue
Orlando, FL 32801
Mr. Reg Garner
Printing and Publishing
Jewels of the Mediterranean
206 Shiloh Cove
Lake Mary, FL 32746
Ms. Meredith Broussard
Jewelry
Maracas Technology Consulting
2030 Sailborough Court
Winter Garden, FL 34787
Mr. Victor Treutel
Computer (Consultants)
Beef O’Brady’s
6651 South Semoran Boulevard, Suite 106
Orlando, FL 32822
Mr. Maverick Montgomery
Restaurants
Charles Perry Construction, Inc.
1230 East Hillcrest Street
Orlando, FL 32808
Mr. Jason Morgan
Construction (Management)
Countrywide Home Loans
5323 Millenia Boulevard, Suite 100
Orlando, FL 32839
Ms. Susie Carlton
Mortgage Bankers or Brokers
Mateer & Harbert, P.A.
225 East Robinson Street, Suite 600
Orlando, FL 32801
Mr. Thomas Harbert
Attorneys
Diana Designs Group, Inc.
107 Kennison Drive, Suite 2
Orlando, FL 32801
Ms. Diana Plesa
Graphic Design/Illustrators
Web Design and Development
Old Southern Bank
250 North Orange Avenue
Orlando, FL 32801-1819
Ms. Sandra W. Jansky
Banks
Gulfstream Harbor, Inc.
4505 South Goldenrod Road
Orlando, FL 32822
Ms. Sabrina Nunley
Real Estate (Agents/Brokers/Managers)
Meekma Automotive Resources, LLC
501 North Orlando Avenue,
Suite 313 - PMB 109
Winter Park, FL 32789
Mr. Steve Meekma
Hobbie and Crafts
Welcome
May new members.
Find June new members
in the next issue.
Moore Employer Solutions, Inc.
1220 Edgewater Drive, Suite 8
Orlando, FL 32804
Ms. Suzi Smithson
Employee Leasing
Nationstar Mortgage
500 Winderley Place, Suite 120
Maitland, FL 32751
Mr. Robert King
Mortgage Bankers or Brokers
Northwestern Mutual Financial Network
2682 West Fairbanks Avenue
Winter Park, FL 32789
Ms. Cynthia O’Brien
Financial (Consultants/Planners/Services)
Providence Mortgage Funding, Inc.
8853 Commodity Circle, Suite 15
Orlando, FL 32819
Ms. Shannon Alakan
Mortgage Bankers or Brokers
fm 7.07
35
Chamber insight | calendar
17
Leadership Orlando Class 72 —
Public Safety
7:30 a.m. - 5:30 p.m.
24
Contact Anita Grant at 407.835.2535 or
[email protected]
Business@Breakfast
7:30 a.m. - 5 p.m.
Contact Anita Grant at 407.835.2535 or
[email protected]
7:30 - 10 a.m.
Sheraton Orlando Downtown
24
60 South Ivanhoe Blvd.
Contact Lisa Dishman at 407.835.2451 or
[email protected]
Listening to Leaders
Sponsor: Regions Bank
7:30 - 9 a.m.
Program: SMALL BUSINESS EXPO
Thursday, September 20, 2007
"TOP TEN" SELLING
Dan Norman
Top Ten Sales Performance Expert & Speaker
Thursday, November 15, 2007
ARE YOUR CUSTOMERS LOVING
YOU… OR LEAVING YOU?
Nancy Friedman, The Telephone Doctor
All programs are from 7:30 - 9:00 a.m.
and located at the Sheraton Orlando
Downtown.*
Complete Details and
Registration
Available at www.orlando.org.
*Date, time and location subject to change.
Board of Governors Executive
Board Meeting
8 - 9:30 a.m.
75 South Ivanhoe Boulevard
Contact Lisa Winkelbauer at 407.835.2448 or
[email protected]
Sponsor: Zeno Office Solutions, Inc.
26
Small Business Summit
Planning Committee Meeting
11:45 a.m. - 1:30 p.m.
Orlando Regional Chamber of Commerce
75 South Ivanhoe Boulevard
Orlando Museum of Art
Join us for tabletop displays, great networking
opportunities and a continental breakfast. You’ll have
an opportunity to make new contacts, renew old
acquaintances, display your corporate services or
wares, showcase new opportunities, find out about
emerging products and obtain additional business.
25
Orlando Regional Chamber of Commerce
Leadership Orlando Class 73 —
QOL (The Arts)
19
UPCOMING 2007
BUSINESS@BREAKFAST
NETWORKING FORUMS
Display tables are immediately available. This is a
“one-time-only” event in 2007 and should not be missed!
Last year we sold out, so please act quickly to reserve
your table. If you don’t want to be an exhibitor, come
and network — either way, you’ll be glad you came.
(see details below)
2416 North Mills Avenue
Contact Liz Froebig at 407.835.2494 or
[email protected]
Contact Vilma Quintana at 407.835.2520 or
[email protected]
19
Program: Southern Hospitality & Leadership
Featuring: Robert Yarmuth, Sonny’s Bar-B-Q
(see details below)
BUSINESS@BREAKFAST
Network with other Central Florida business leaders and enjoy a program featuring business speakers focused on our region’s hottest topics.
What a way to help your business grow. Come and learn. Meet new friends and build relationships.
WHAT:
SMALL BUSINESS EXPO
Join us for a full 2 l/2 hours of tabletop displays, great networking and a continental breakfast! You’ll have an opportunity to make
new contacts, renew old acquaintances, display your corporate services or wares, showcase new opportunities, find out about
emerging products, and obtain additional business.
Display tables are immediately available . This is a “one time only” event in 2007 and not to be missed! Last year we sold out, so
please act quickly to reserve your table.
If you don’t want to be an exhibitor, then come on down and do some great networking – either way, you’ll benefit.
Join Us!
WHEN:
THURSDAY, JULY 19, 2007
7:30 - 10:00 a.m.
7:45 - 8:00 a.m.
10:15 a.m. - 12:15 p.m.
WHERE:
Registration, SMALL BUSINESS EXPO, Continental Breakfast, Networking
New Member Orientation
"FAST PITCH" Networking
SHERATON ORLANDO DOWNTOWN
60 South Ivanhoe Boulevard, Orlando
COST:
$200.00 Tabletop for Small Business Expo, includes 4 tickets to the event
(Display space is limited – reserve your table early!)
$15.00 Individual prepaid
$20.00 Individual day of the event
REGISTER: ONLINE AT WWW.ORLANDO.ORG or call Lisa Dishman at 407.835.2451.
SPONSOR:
20 CONNECTIONS IN 2 HOURS!
Make Your Pitch . . . Fast!
Network with up to 40 other Chamber Members
during this
fast-paced two-hour Fast Pitch TM speed networking
event.
Experience what over 10,000 professionals nation
wide are
calling "the preferred way to network." Limite
d Seating!
Upcoming Event:
July 19, 2007
10:15 a.m. - 12:15 p.m.
Sheraton Orlando Downtown
60 South Ivanhoe Boulevard, Orlando
Cost: $20
Register Online ONLY
www.fastpitchnetworking.com/
meeting.cfm?MeetingID=201
Visitwww.orlando.orgfordetailedinformationonupcomingevents/Visitwww.orlando.orgfordetailedinformationonupcomingevents/Visitwww.orlando.orgfordetailedinformationonupcomingevents/Visitwww.orlando.orgfordetailedinformationonupcomingevents/
calendar | Chamber insight
SAVE THE DATE!
Fidelity National Information Services Inc.
August 10, 2007
FOR MORE THAN 40 years, Fidelity National
Information Services Inc. (FIS) has helped
companies in diverse markets achieve strategic
goals by delivering innovative technology
solutions tailored specifically to meet clients’
business and technology objectives. FIS offers
a full spectrum of technology solutions and
services that include managed IT, networking,
messaging, security, desktop, hardware and
software acquisition, consulting, disaster
recovery, business continuity, leasing, telephony,
co-location, application support and
development, and document imaging.
Regional Board of Advisors — “How Shall We Grow?” Regional Summit
8 - 11:30 a.m.
Omni Orlando Resort at ChampionsGate
Contact Lisa Dishman at 407.835.2451 or lisa.
[email protected]
This is the culmination of 15-month project
during which citizens and leaders from across
the region have worked together to “Create a
Shared Vision for Central Florida.”
See President’s message on Page 6 or visit
A www.myregion.org
A www.howshallwegrow.org
The company utilizes a best-practice approach,
based on its many years of experience, to help
clients improve their business performance.
Through cost reduction and transformation
strategies, FIS supports growth and expansion
goals, technology adoption, new application
deployments and IT operations management.
FIS’ solutions range in scope from consulting
engagements to application development
projects and from operations support for a
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single software application to managing the
complete information technology infrastructure
for an organization. By partnering with FIS,
clients immediately benefit from the strength
of a sustained technology company, its
technology expertise and skilled employees.
Clients can expect to quickly realize benefits,
including cost savings, increased revenue
growth, reduced capital expenditures and
improved service levels.
As an S&P 500 company with more than 20,000
employees, FIS provides solutions and support
to more than 7,800 institutions around the
world. With superior technology professionals
and multiple data centers across the country, FIS
is poised to help by providing a broad spectrum
of IT services remotely and onsite.
Fidelity National Information Services Inc. (FIS)
recently joined the Orlando Regional Chamber
of Commerce and serves as a Founding
Chamber Trustee.
LISTENING TO LEADERS
Listening to Leaders is a series of breakfast forums designed to continue the learning experience that began in Leadership Orlando. Speakers offer insights into
the practices that have helped them achieve success in their fields, define the leadership lessons taught in their segments of the community, and offer
suggestions on strategies that attendees can use to become better leaders.
WHAT:
WHEN:
LEADERSHIP IN THE BOARDROOM
Wednesday, November 14, 2007
CHAMPIONING LEADERSHIP
IN EDUCATION
F. Philip Handy, Former Chairman
Florida Board of Education
All programs are from 7:30 - 9:00 a.m.
and located at the Orlando Museum of Art.*
Bob Yarmuth
Sonny's Bar-B-Q
Complete Details and Registration
Available at www.orlando.org.
*Date, time and location subject to change.
TUESDAY, JULY 24, 2007
7:30 – 8:15 a.m.
8:15 – 9:00 a.m.
WHERE:
Wednesday, September 12, 2007
James M. Seneff, Jr., Chairman, CNL
SOUTHERN HOSPITALITY AND LEADERSHIP
For nearly forty years, Sonny’s has been making people feel good with time-honored recipes for authentic, slow-cooked
barbeque and other southern classics. Served with down-home hospitality, Sonny’s portions are generous, yet at prices
everyone can afford. Unpretentious, warm and genuine, Sonny’s is what real food is all about.
Since the first Sonny’s Restaurant opened in Gainesville, Florida in 1968, it has been a homegrown success story.
Franchising its operations in 1977, Sonny’s entered Atlanta, Louisiana, Mississippi and North Carolina. Now also in South
Carolina, Tennessee, and Alabama, Sonny’s has a lot to celebrate. It was voted #1 in 1994 for Best Barbeque in the South
for the third consecutive year in Southern Living’s Readers Choice Awards, and will mark its 40th Anniversary in 2008!
Bob Yarmuth and his cousin, Jeff, purchased the company in 1991, significantly adding to its continued success.
Signature Sauce, 7 million pounds of potatoes and 300 tons of beans annually, and a new retail line of barbeque sauce
are all helping to feed the flame!
Our Listening to Leaders guest will share his recipe for success and some leadership ingredients that add flavor to
his organization.
UPCOMING 2007
LISTENING TO LEADERS
BREAKFAST FORUMS
Registration, Breakfast & Networking
Program
ORLANDO MUSEUM OF ART
2416 North Mills Avenue, Loch Haven Park, Orlando
COST:
$15 Individual prepaid
$20 Individual day of the event
Complimentary admission for paid Leadership Alumni Members
REGISTER: ONLINE AT WWW.ORLANDO.ORG or call Liz Froebig at 407.835.2494.
THANKS TO OUR LEADERSHIP STEWARDS FOR THEIR SUPPORT:
Visitwww.orlando.orgfordetailedinformationonupcomingevents/Visitwww.orlando.orgfordetailedinformationonupcomingevents/Visitwww.orlando.orgfordetailedinformationonupcomingevents/Visitwww.orlando.orgfordetailedinformationonupcomingevents/
Parting Shots
AA SHAM MAHARAJ
FOUNDER AND CEO, BUENA VISTA CORP.
Building a Reputation
Sham Maharaj is steadily making a name for himself
in both his own backyard as well as overseas.
SHAM MAHARAJ IS certainly busy these days. Locally, he’s fostering a single-family housing/
condominium concept targeted at the British
market; continuing lengthy groundwork for the
development of Midtown, a $2 billion mixed-use
project located between downtown Orlando and
Walt Disney World; and, most recently, creating the
Orlando Sharks, a new franchise in the Major Indoor
Soccer League that debuts this fall. Additionally, he
is spearheading numerous international hotelrelated investments.
From his corporate offices in southwest Orlando,
Maharaj took a brief timeout from the action and
provided a revealing snapshot of himself.
FM: As a businessperson,
what is your best attribute?
Maharaj: My sense of humor. Business can stress
people out. As we go through our development
process, a sense of humor helps. But really, I was just
joking about that [answer].
FM: What is your favorite part of the
business, and your least favorite part?
Maharaj: My favorite part is seeing the building
come out of the ground, seeing the developments
become successful. The least favorite is finding
financing. But it’s the necessary evil.
FM: What, or who, inspires you?
Maharaj: It’s a desire to take something that may
not necessarily look like the most attractive piece of
real estate, taking something that people think
wouldn’t get done in a reasonable time, and seeing
it actually become something. Like the Midtown
project. That’s what drives me.
FM: If you had to do something other than
development and running this enterprise,
what would it be?
Maharaj: Retire. (He laughs.) I’ve done a few things
in my lifetime. I love law and practiced law. I’ve sold
timeshare. Timeshare is a great teacher, just as law
is a great teacher. I think if I hadn’t grown in the
manner that I grew, real estate wouldn’t be that
fulfilling to me. They [law and timeshares] just kind
of grew me to this point.
fm 7.07
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FM: Do you have a mentor?
Maharaj: I truly wouldn’t say there was any one
person I wanted to emulate. It was more in meeting
with different individuals in my life and seeing the
things they’ve accomplished and where they’ve
gone. It all dealt around real estate development.
Unfortunately, very few people I knew in my youth
were in the hospitality market. For me, hospitality
has been a mainstay.
FM: Do you have a life philosophy?
Maharaj: What goes around comes around. That’s
kind of what it is. If you live by the sword, you’ll die
by the sword.
FM: Your company touts itself as a “globally diverse development company.” What is
your vision for the company?
Maharaj: As we grow globally, not only here in
Central Florida but nationally and internationally —
the Caribbean, Europe, Asia — we see it as a small
world. What we’re trying to do is just get little
toeholds. I guess this is the first phase of our
growth. Hopefully, within the next 10 years, as we
go out there, we will become recognized for quality
brand standards.
FM: Are the Sharks a “fun” enterprise or
purely a business enterprise?
Maharaj: It’s a fun thing, but I believe that the
product is on the verge of getting to the next level.
There always has to be hope for future potential. It
allows me to network with other business leaders
in the community and meet the actual future
generation of society. Kids [young players] are fun.
As they play those games and spend all that energy
on the field, you see the passion. I played soccer.
Growing up, soccer was really big. I love soccer. It’s a
great sport.
FM: What kind of Orlando
do you see in a decade?
Maharaj: What I hope to see in the future is a
better-thought-of city than L.A. and San Francisco. I
think we have the basis of growing our city into a
modern prototype for other communities to follow.
We do need a rail system. I think our communities
Sham Maharaj
Photo by Ricardo Aguilar
have matured. Many people are moving here from
cities that have rapid transit. They’ve benefited from
the value in those cities, and that could help us grow
this city.
Close Up
Born in Trinidad and Tobago, Sham Maharaj began
his real estate and development career nearly 20
years ago in Canada, with initial participation in
joint ventures with Cadillac Fairview, at the
time considered among Canada’s preeminent
developers. His first development was a 14-story
apartment building. The development of office and
retail space followed before Maharaj founded and
operated KSM Transport, a company that catered to
the shoe industry, offering both store construction
and product distribution services.
Since 1996, he has developed residential and
commercial real estate in the United States and in
2002 became founder and CEO of Buena Vista Corp.,
a land-acquisition and development company with
four divisions: hospitality, sports and entertainment,
telecom technologies, and repositioning/acquisition.
Maharaj also holds a law degree from Osgoode Hall
Law School of York University in Toronto.