hot times in the city

matters
summer 2011
Insights for business & life
Hot
times in
the city
Symphony’s
revival showcases
new opportunity
for business,
arts and
education in
Columbus
Business:
Lincoln
Construction
hits a high note
technology:
find the right
digital reader
plus:
wellness ideas for a healthy summer
money is inflation headed our way?
Bill Conner,
President and CEO
of CAPA, Volunteer
Managing Director
and CEO Columbus
Symphony
We make it our
business to know
your business.
Let’s get to know each other.
Your business deserves more than one-size-fits-all banking solutions.
And that’s why we’re here. To listen, to learn, and to understand
your business and your goals. It’s a story we’d like to hear.
firstmerit.com/youfirst
t o l e a r n m o r e , contact us at 1-888-283-2303.
member FDic
Persona l
business
commerci a l
w e a lt h
matters
summer 2011, volume 1, issue 2
table of contents
24
Cover
Columbus’ blend of government,
education, culture, sports and business
makes it a hot city
6
14
Personal Finance
Business Matters
Lincoln Construction designs
state-of-the-art music facility;
PromoWest leads the Columbus
concert scene
Briefs .................................................................. 5
The pros and cons of buying versus
leasing, plus managing wealth with
family offices
Strategy.............................................................20
Events, highlights and attractions
The distribution phase of retirement
Ask the Expert...................................................10
Wellness............................................................22
Customer service and working capital
How to stay safe and healthy this summer
Technology.......................................................12
Community . .....................................................28
Check out FirstMerit’s mobile app,
pick the right digital reader and protect your data
Rebuilding Together Central Ohio repairs,
rehabilitates homes
Investments ......................................................18
Employee Focus ..............................................30
Sorting through inflation rumors
Dustin Gardner creates an event to showcase
his community
MeritMatters • 3
first word
>>>
sue
Z a zon
matters
summer 2011, volume 1, issue 2
Publisher
Michael Marzec
Managing Editor
Ann M. Gynn
Contributing Editor
Danielle Toth
Art Director
Stacy Vickroy
Production Manager
Andrea Jager
Hot times in Columbus
What makes Columbus hot? It is the
combination of all its offerings, including geography, government, education,
sports, culture and business. Just like in
business, a city shines best when the sum
of the whole is greater than its parts.
While many cities struggled during the
economic downturn, Columbus is coming back strong with new development,
construction, renovations and opportunities to make the region better than ever.
The businesses that call Columbus home
are taking similar initiatives, rebuilding,
reorganizing and emerging stronger and
more efficient.
In this issue of MeritMatters, we look
at some of the “hot” things happening
in Columbus, from the rejuvenation of
the Columbus Symphony Orchestra to a
city’s business role in today’s world and its
part in the construction of elite facilities.
We also explore the community’s pay-itforward side from Rebuilding Together to
the Grandview Hop.
Our FirstMerit experts provide insight
to help you and your business, from
answering the buy-or-lease question to
strategizing for a post-retirement life.
We talk inflation and investments, family
office services and share the news of the
FirstMerit mobile app’s debut later this
summer. Plus, you’ll read about more tech
trends and gain a few wellness tips to get
you through the season.
It’s not just the summer heat that’s
raising Columbus’ temperature. We hope
this issue of MeritMatters will allow you
to learn more about the hot times in this
city and gain insight to help make your
business even hotter, too.
Sue Zazon
President and CEO,
Columbus Region
FirstMerit Bank
Project Manager
anGela vannucci
Cover photo: greg sailor
If you would like to receive future
issues of MeritMatters, e-mail us at
[email protected].
MeritMatters is published four times
a year by Smart Business Content
Marketing, 835 Sharon Drive, Suite 200,
Westlake, OH 44145, (440) 250-7000.
MeritMatters is solely intended for general
information purposes. It is not intended to
provide – nor should it be used in lieu of –
financial, accounting, legal or other professional advice. It does not constitute a
recommendation to buy or sell any security or
adopt any investment strategy. The publisher
assumes no liability for readers’ use of the
information contained herein. The information was obtained from sources believed
to be reliable, but such information is not
guaranteed as to its accuracy. Readers should
seek professional assistance with regard to
specific matters. All opinions expressed in
MeritMatters are those of the authors or
sources and do not necessarily reflect the
views of FirstMerit Bank or FirstMerit Corp.
Securities and Insurance products are:
Not FDIC insured. May lose value. No bank
guarantee. Not a deposit. Not insured by any
federal or state government agency.
4 • MeritMatters
>>>
briefs
Columbus events, highlights
and attractions
Urban Arts
Outdoors
Wednesdays, 10:30 a.m. to
2 p.m., through Aug. 31
(614) 292-8861
Columbus Commons
160 S. High St. / Columbus, OH
43215
http://bit.ly/qxg55H
OSU Urban Arts Space, in partnership with the Columbus Downtown
Development Corp., launched
Urban Arts Outdoors, an open-air
gallery at the new Columbus
Commons. Student and alumni
artwork is on display and for sale.
The event is held in conjunction
with Lunch on the Lawn, which
features a farmers market, live
music and food trucks.
photo upper right: Richard Paul Kane / Shutterstock.com
Ohio State Fair
July 27 to Aug. 7
(888) OHO-EXPO
Ohio Expo Center
/ 717 E. 17th Ave.
Columbus, OH 43211
www.ohiostatefair.com
The Ohio State Fair, one of the largest
state fairs in the United States, has been
a summer staple since 1850 and officially
began calling Columbus its home in 1874.
The fair features competitions (agriculture, horticulture, quilting, livestock and
more), entertainment (Selena Gomez &
the Scene, Darius Rucker and Weezer
performed at last year’s fair), exhibits
(including the famous butter sculptures),
vendors and more.
Movies on the Mile
July 25 and 29; Aug. 5 and 19
Activities and concession sales begin at 7 p.m.
Movies begin at dusk. [email protected]
Bicentennial Park
Civic Center Drive and W. Rich St. / Columbus, OH 43215
www.milestone229.com/scioto-mile.htm
Movies on the Mile features fun, interactive family activities
followed by an outdoor movie. Seating is by blanket, lawn
chair or park bench. The Pink Panther on July 29, Inception
on Aug. 5 and Toy Story 3 on Aug. 19.
Columbus
Clippers
Through September
(614) 462-5250
Huntington Park
330 Huntington
Park Lane
Columbus, OH 43215
http://bit.ly/columbusclippers
The Columbus Clippers
are the Triple-A affiliate
of the Cleveland Indians.
In 2010, the Clippers
won the Governors’
Cup, the International
League championship.
It has won the distinction seven other times,
beginning in 1979.
COSI – Center of Science and Industry –
Dinosaur Exhibit
Through Sept. 5
(614) 228-2674
COSI
333 W. Broad St. / Columbus, OH 43215
www.cosi.org/visitors/exhibits/dinos/
Voted the No. 1 science center for families by Parents magazine, COSI
is open year-round and offers everything from a hands-on laboratory
in its lily pad exhibition to the code-breaking, problem-solving adventure
exhibition. But what’s really hot this summer is COSI’s dinosaur exhibit, which
features 10,000 square feet of fun, including animatronic dinosaurs, an interactive
3,000-square-foot maze, dinosaur gaming simulator, a 3-D tyrannosaurus rex movie
in COSI’s giant screen theater and an overnight excursion.
MeritMatters • 5
business matters >>>
Lincoln Construction
hits a high note
Four-year composition ends in state-of-the-art music facility
W
hen Muskingum University wanted a new,
state-of-the-art music facility, it knew Lincoln
Construction was up for the challenge.
The Columbus commercial construction company had
worked with the university on projects including the Walter K.
Chess Center and accompanying pedestrian bridge, and the
Circle 240 Residence Hall. On the latest project, the Otto and
Fran Walter Hall Music Building, Lincoln Construction provided advice on concepts, design and construction. It worked
closely with the design team and architects to provide the best
budgeting, value engineering suggestions, constructability
advice, and accounting and cost control services.
The music building project presented unique challenges,
the biggest of which was creating a facility that took
advantage of the natural landscape on the campus, says
Greg Schmitt, Vice President of Marketing and Planning at
Lincoln Construction.
“Muskingum’s campus has varied terrain,” he explains.
“The architect’s concept from the beginning was to try to
take advantage of the great vistas and landscape views. The
design of the building was essentially wrapped around views
and direct line of sight of a large on-campus lake. As a result,
we ended up on the side of a hill, which was a significant
challenge in construction.”
The building has a modern
architectural aesthetic while
using traditional materials such
as Ludowici clay tile and iron
spot brick featured throughout
the campus. It features a large
amount of glass to take advantage
of natural light and the views,
Schmitt says.
“The design team and client
wanted to make it feel bright and
open,” he says.
A four-year project, Lincoln
began work in 2007 and students
began using the three-story
facility in January this year. The
bottom floor houses the university’s World Language Center
and the Center for Advancement
of Learning that provides learn6 • MeritMatters
ing disabled students with individual and group learning
strategies. The upper floors contain classrooms, recital halls,
practice facilities, choral and instrumental rehearsal rooms
and specialized instrument rooms.
Given the structure would be home to the school’s music
program, Lincoln Construction and the design team worked
with JaffeHolden, a world-renowned acoustical consulting
firm. JaffeHolden provided input on everything from walls to
flooring, ceilings and room locations to incorporate the best
acoustics into the facility.
“It was a really unique part of this building,” Schmitt says.
“In most cases, you’re worried about general sound transmission, so you provide basic insulation in the wall. But here,
there was an analysis on high and low decibels, how much
we could block from room to room and methodologies for
controlling that noise.”
Most walls, for example, are about 6 inches thick, Schmitt
says. However, some walls in the Otto and Fran Walter Hall
Music Building are 15 to 18 inches thick. The walls are unusual because they are built on noticeable angles so when the
sound bounces it doesn’t affect other areas of the building.
“The students are really ecstatic,” Schmitt says. “The
music facility is something Muskingum was hoping to do for a
continued on page 8
Muskingum University’s
state-of-the-art music facility
business matters
>>>
On top
PromoWest leads
Columbus concert scene
“I built up my
reputation over
the years,
and now it’s
gotten to a
point where
I don’t need
to call on
acts. They
call me when
they’re coming
through
Columbus.”
– scott stienecker
photo: greg sailor
S
cott Stienecker has been immersed in
the concert scene so long that if you
name any band, the St. Mary’s, Ohio,
native can tell you a story about it.
Take The Rolling Stones. In 1997,
Stienecker’s entertainment company, PromoWest Productions, managed the Stones’
concert at The Ohio State University’s
stadium. PromoWest built the band a compound outside the stadium that included an
arcade, a ring of trailers and a surrounding
fence. Before the show, Stienecker says Mick
Jagger jogged in the 4-foot space between
the trailers and fence, while his bandmates
played in the arcade, drank Heineken and
smoked cigarettes. When Jagger was ready
to perform, he gave a signal, and the group
jumped in a van and headed to the stage.
“It was really cool to watch Mick get
himself ready for the show both mentally
and physically,” Stienecker says.
As the Founder and President of
PromoWest, he has culled many such stories
from producing more than 400 concerts
a year in Columbus and now Pittsburgh.
PromoWest operates five venues: The LC
Pavilion, Newport Music Hall, The Basement and A&R Music Bar in Columbus, and
Stage AE in Pittsburgh. Performers have included Social Distortion, Weezer, O.A.R., Alice Cooper, Motley Crue, DEVO,
The Monkees, Death Cab for Cutie and Lynyrd Skynyrd.
The key to getting such big names into his venues is
longevity and reputation, Stienecker says. He’s been in the
business for 32 years.
“I went to The Ohio State University and got involved
with the pep board,” he says. “Being able to say, ‘I’m Scott
with OSU,’ opened a lot of doors. Then I did some shows and
pulled them off properly, and I started my own company. I
bought the Agora on High Street in Columbus, which was a
very well-known venue. I built up my reputation over the years,
and now it’s gotten to a point where I don’t need to call on
acts. They call me when they’re coming through Columbus.”
Stienecker says he knew he wanted to produce concerts
when he attended a KISS concert at age 16 and was blown
away by the show. While the pyrotechnics and face paint were
continued on page 8
Biggest lesson
in business
Scott Stienecker of PromoWest says the most critical component of success is to stay focused – it’s
too easy to go off on tangents.
“I took over the Agora in Cleveland in 1996 and
got out of it in 2004,” he says. “We also had a security company, Event Control Management, which
handled security for PromoWest and other events,
but we shut that down.
“With these projects, we were getting pulled
in too many directions, and we wanted to refocus
our time and energy on our buildings and concerts.
Since then, we’ve been going strong.”
MeritMatters • 7
continued from page 7
On top
photo: jay laprete
Kurt Schmitt,
Greg Schmitt
and Andrea
Schmitt
certainly exciting, what really interested Stienecker was
the behind the scenes masterminding. From then on,
he says he was hooked on concerts.
As a student at Bowling Green State University, which he attended before transferring to OSU,
Stienecker carved on his wooden locker the initials
of three concert promoters he idolized: Bill Graham,
Jules Belkin and Jerry Weintraub. Stienecker eventually
came to work with two of his idols. He partnered with
Belkin to build the Polaris Amphitheater in 1994 and
worked with him to bring many acts to Columbus. He
also interned with Bill Graham Presents in California.
But not all of PromoWest’s work is with big-name
celebrities. The company does quite a bit of work with
charitable organizations, including Flying Horse Farms
in Mount Gilead, Ohio, a camp for children with
serious illnesses, and Nationwide Children’s Hospital in Columbus. PromoWest also reduces its venue
rental rates for charities to produce fundraising events.
Stienecker estimates the company does 20 to 30 such
events a year.
And despite the shrinking event-production
company market because of acquisitions (i.e., Belkin
Productions was purchased by Clear Channel, which
eventually spun off to Live Nation, the largest event
company in the country), PromoWest has maintained a
secure hold on the Columbus market.
Stienecker may expand and is evaluating three
markets not controlled by Live Nation.
“We have stayed independent and kind of fly under
the radar,” Stienecker says. “Live Nation focuses on
Cleveland, Cincinnati and Indianapolis. I focus on
Columbus and Pittsburgh. We’ve learned to leave each
other alone rather than beat each other up.” u
continued from page 6
Lincoln Construction
hits a high note
long time. It is a significant jump from the previous music
facility in terms of quality and experience. I would argue
it’s one of the premier music facilities in Ohio, if not the
Midwest. It’s a world-class music building.” u
Greg Schmitt has been involved with Lincoln Construction from a young age, as his father, Kurt Schmitt, started
with the company in 1973 and eventually bought it.
While Kurt Schmitt originally ran the residential
construction side, he quickly refocused the company on
more commercial projects, his son says.
“We started doing public and private work very early
on,” says Greg Schmitt, who officially started with the
company seven years ago. “But what we saw with public
works and the multi-prime contract system was many times
it was difficult to do outstanding work. Unfortunately, you
do not have the opportunity to develop a relationship
with the architect, client, or subcontractors. We believe
that developing relationships with clients and the design
team early in the process is the key to exceptional results,
so (my father) really turned the company to more private,
relationship-driven type of work that is negotiated.”
Lincoln Construction now does work for many private
entities, including universities, churches, retail clients, corporations, manufacturers and more. The strategy, Schmitt
says, is to take a balanced approach to the company’s work.
“It’s really proven to be a positive thing for us because
we don’t get pigeon-holed as one type of company,”
Schmitt says. “It’s paid off dividends for us.”
And he’s not alone in the family business. His sister,
Andrea, works for Lincoln Construction as Development
and Property Director.
8 • MeritMatters
photo courtesy promowest
A family affair
Would a business
magazine be so engaging
if each business had
the same story?
Let’s get to know each other.
No one understands where your business has been or
where it’s headed better than you. And that’s a story we’d
like to hear. Because only when we truly grasp
your vision can we help you write the next chapter.
firstmerit.com/youfirst
TO L E A R N MO R E,
Member FDIC
contact us at 888-283-2303.
PERSONA L
BUSINESS
COMMERCI A L
W E A LT H
ask the expert >>>
customer service
Identify the best ways to cultivate lasting relationships
Executive Vice
President,
Retail Banking
N
o matter what your company sells,
your success hinges in large part on the
same thing – great customer service.
As customers, we all want the best service. We want the companies with which we
do business to provide easy-going, trustworthy, personalized attention. If they succeed,
we patronize them again. If they fail, not
only will we be unlikely to return, we will
spread the word among our networks. Considering that it costs significantly more dollars to gain a new customer than to retain
an existing customer, the first key to business
success is retaining customers.
As the banking industry has commoditized its products, delivering world-class,
award-winning service is a key differentiator,
and all FirstMerit employees recognize that.
As such, we share a few insider tips on how
to use customer service as a distinguisher for
success, no matter your market or industry.
10 • MeritMatters
branch for a face-to-face experience. How
can you offer your customers a choice in
how they do business with you?
Build trusting relationships. People like
to develop strong relationships with organizations with which they do business, and
trust is a critical component. They count on
the supplier delivering as scheduled to ensure the company can meet production demands. They rely on the department store to
sell clothing that won’t unravel after the first
wash. And FirstMerit’s clients trust us with
their money. They need to know they will
find consistent delivery of services whether
visiting a branch, banking by phone or going
online. When a challenge arises, they need
to know it will be solved brilliantly. Beyond
that, customers always appreciate valueadded services such as proactive advice on
how to make the most of their money. Ask
yourself, What is it that makes your relationships so strong with your best customers?
How can you offer a similar experience to
the rest of your clients?
Be consistent. Every encounter with your
business should provide that top-notch customer service. Your customers expect it and
you should too. Make sure all your employees
understand their role in the service equation,
are trained to handle challenges and know
whom to contact when they need assistance.
After all, great customer service really stems
from the “internal customer” service in your
organization. For example, do your employees treat each other with respect and do they
work to help find a resolution even if the challenge may not be their direct responsibility?
Grow through customization. Many
small business owners typically do not have
time to visit a FirstMerit branch during
work hours and instead do their banking
by telephone and computer. Then again,
some customers prefer to come into the
branch and work with a teller on a faceto-face basis. A single-service
delivery solution no longer works
as it once did. At the same time,
the trend in customer service is
focusing on one-on-one relationships. To be successful, customer
service now requires knowing the
needs and wants of each segment
of your audience and then delivering the options that best meet
each segment’s requirements. At
FirstMerit, customers have the
option to conduct transactions
online, by phone or at their local
Say thanks. Appreciation is a sign of
respect and value. Make sure to recognize
and reward your loyal customers, whether
it’s a points system with prizes or a simple
thank-you note for their patronage.
Don’t stop learning. Take cues from the
retail industry to improve service and understand consumers’ changing expectations.
Perhaps it’s greeting people the moment they
walk into your place of business. Or maybe
you ask questions to get to know your customers better – gaining added insight so you
can better match your services to their needs
and wants. In addition to reading about
customer service, try to observe and learn as
you go about your daily shopping encounters
– personal and professional.
Never be satisfied. At FirstMerit, we are
more proud of the accomplishments we
have made in serving our customers than
anything else. Yet we will never be satisfied
– we know our customers expect us to help
them find ways to save time and money so
we are continually focused on innovation in
channel delivery, products and service levels.
Learn from what works well and always
strive to make it better. u
brocklehurst photo: jim baron
Jim
Broc k l e hu r st
Recognize that each step takes a level of
focus, dedication and investment from the
entire company.
>>>
ask the expert
Working Capital
Find the right strategy for your business
D avi d
Good a l l
Executive
Vice President,
Commercial
Banking
goodall photo: jim baron
T
he purpose of establishing a working capital strategy is to ensure that
a business has enough cash flow
to support ongoing operations and maturing short-term debt. Having an appropriate
working capital strategy for your business
will help you plan for future growth and be
prepared for unexpected financial situations.
The amount of working capital needed
depends on the type of business, growth
prospects and cash flow requirements. For
instance, retail stores with quick inventory
turns typically need less working capital
support for their day-to-day operations than
a large machinery manufacturer whose inventory turn is much slower and needs more
working capital support to pay for parts and
other short-term expenses between sales.
Working capital financing is a necessary
solution for businesses. Even those businesses that don’t have an immediate need
for it can benefit from having working
capital financing in place to prepare for
future opportunities.
It is prudent business planning. Even
if a business has excess cash, it may need
to issue a letter of credit and having an
appropriately structured working capital
facility to support all of their operating
needs is important.
What working capital financing
options are available?
For businesses that just require a simple line
of credit to support their operations or sales
cycle, a demand line of credit will allow
them to borrow as needed.
Businesses that prefer a more committed structure can benefit from a multi-year
revolving line of credit, which typically
requires the use of a borrowing base and
includes formal financial covenants.
And for businesses that are more
highly leveraged or are in cyclical or highly
seasonal industries, an asset-based working capital facility is another option. In
this financing scenario, a borrowing base
with more frequent collateral reporting
and monitoring is required, but the credit
facility is structured to simplify financial
covenant requirements.
What advice do you have for companies seeking working capital?
First and foremost, business owners need
to develop a partnership with their bank,
similar in status to their relationship with
their accountant and attorney. Developing
a strong relationship is beneficial to both
parties as the more the bank knows about
the company and understands its sales
cycles, the more they can do to support
them in achieving their goals. At FirstMerit, we pride ourselves on knowing our
customers and their day-to-day operations. A proactive, consultative approach
has enabled us to bring in new customer
relationships and deepened our support to
our long-term customers.
What is one of the biggest mistakes
businesses make?
The most important aspect to having a
solid working capital strategy is to be prepared for all economic scenarios. It is very
easy in good economic times to not stay on
top of collection standards and inventory
levels with the theory that new business will
continue forever. The reality is that over
time there will be economic downturns.
The need to have consistent operating
practices and formal financial disciplines
will ensure that a business is able to weather
the ups and downs.
What has been the effect of the recent
financial crisis?
I think business owners today are very much
in tune with their working capital cycle.
They’ve survived the economic downturn
and weathered this cycle by actively managing their cash flows appropriately. They’ve
become much more astute in balancing
what’s being sold versus what they think
they should have in inventory. As they prepare for the future, though, they should rely
on their bank financial partner to validate
their working capital strategy. FirstMerit’s
dedicated relationship managers have the
ability to provide all types of working capital
solutions to enable our customers to finance
their ongoing strategic initiatives. u
Want to learn more about which working
capital options are best for your business? Contact your FirstMerit relationship
manager or reach out to David Goodall,
FirstMerit Executive Vice President and
Chief Commercial Banking Officer, at
[email protected].
MeritMatters • 11
technology
>>>
FirstMerit mobile
banking is
coming soon!
Pick the right
digital reader for
business travel
W
G
rab your iPhone, iPad, Android or Blackberry. This summer,
FirstMerit plans to introduce its very own mobile app to
handle your banking needs anytime, anywhere.
Consumer online banking customers will be able to view account
information, transfer funds and search for ATM and branch locations
using a downloadable app, says Drue DeMatteis, Interactive Marketing
Manager at FirstMerit.
Short message service (SMS) text message banking will also allow
customers to send texts to request and receive balance information,
account history and ATM and branch location information.
The second phase of the mobile banking rollout will include mobile
alerts to notify customers of transactions, such as if a withdrawal exceeds a set amount, if an account balance goes above or below a set
amount, as well as if an email address on file changes.
Later this year, FirstMerit plans to release its mobile website
component of mobile banking. The mobile FirstMerit site will be
optimized to provide customers with the opportunity to view their
account information, transfer funds, pay existing billers and search for
ATM and branch locations. These features don’t require an app – just
log on to firstmerit.com from your smart phone.
Look for more information on mobile banking later this summer. u
12 • MeritMatters
ith so many
digital reading options out
there, it’s tough to decide
what option best fits your
needs and budget. Do you
travel frequently? A lighter
weight version might be
better – even a half pound
extra can start to feel heavy
walking down long airport
terminals. Will you use the
device primarily to read or
do you need it to multitask?
Outdoor users may consider
the glare factor. This quick
guide will help you pick just
the right one for your needs
and budget.
Kindle –
Amazon’s newest
Kindle readers weigh only
about 8.5 ounces for the
wi-fi and 3G/wi-fi versions
and 18.9 ounces for the DX
version. They measure about
a third-inch thick, making
them easily transportable in
purses, briefcases or carryon luggage. The readers
cost between $114 and $379
and can download most
magazines and newspapers. They hold up to 3,500
books, and the Kindle Store
offers about 900,000 books.
The Kindle also allows you
to send and store docu-
ments so you can take your
work with you. The Kindle
can be password-protected
for maximum security.
Kindles feature high-contrast
e-ink screens using e-ink
pearl technology that can
be viewed easily in bright
sunlight.
Nook/Nook
Color – Barnes
& Noble’s Nook is similarly slim, weighing in at
approximately 12 ounces
and a half-inch thick. Ranging in price from $149 for
the wi-fi version to $199 for
3G connection, the Nook
holds up to 1,500 books,
magazines and newspapers
and includes a memory
card slot so you can add
more storage space. The
Nook also gives access to
more than 2 million books
and many library e-books.
Like the Kindle, the Nook
also allows you to send and
store documents, can be
password-protected and is
able to surf the web. The
$249, 16-ounce Nook Color
with wi-fi has all of the features of the Nook plus color,
email and apps. Nooks
boast a paper-like screen
with crisp, clear text using
e-ink technology.
Is your personal
data protected?
A
iPad 2 – Apple’s
iPad 2 is a little more
beefy, weighing approximately 21 ounces, but it’s
only about a third-inch thick.
The iPad, which ranges from
$499 to $829, offers apps for
newspapers and magazines.
It also offers the Zinio app,
which has many popular
magazines in digital form.
The iPad supports apps such
as Apple’s iBooks, Google
Books, Kindle and Nook. The
iPad’s wi-fi and 3G versions
allow you to surf the web and
download other apps. The
iPad doesn’t offer anti-glare
screens, but they are LEDbacklit so they are easier to
view in areas with low light.
Sony Readers
– Sony has three
types of readers – the
5.5-ounce Pocket edition, the
7.5-ounce Touch edition or
the 9.6-ounce Daily edition.
All measure about a thirdinch thick. Ranging in price
from $179 to $299, the Sony
Readers can hold up to 1,200
books, magazines and newspapers, and the Touch and
Daily editions include memory card slots for more space.
The Reader Library provides
access to more than 2 million
books, including library ebooks. The Daily edition also
features wi-fi and free 3G for
downloading books and surfing the web. Sony Readers
use high-contrast e-ink pearl
technology on its anti-glare
touch screens. u
t work, your IT department handles backing up your data. Who does that at home?
Think about all that’s saved on your computer that would be devastating to lose: address
books, financial information, music, family photos and videos, and even saved games.
Backing up data is one of the most important but also most overlooked aspects of regular computer maintenance. Failure to do so can result in costly backup fees (often $100 or more) or even
complete loss if a virus or hardware malfunction damages your computer. Backing up your data
doesn’t have to be time-consuming. Several free or low-cost programs automatically back up your
data, leaving you worry free and protected from a potential data disaster.
Backupify (www.backupify.com) is a cloud service that securely preserves data from Gmail,
Google Docs, Google Sites, Google Calendar, Google Contacts, Twitter, Facebook, Flickr, Blogger,
Picasa, Zoho and LinkedIn on the Amazon S3 system, which stores data on multiple devices across
multiple facilities. Backupify creates searchable archives of your data that can be accessed through
the web. It provides 2GB of free storage and weekly backups of up to five accounts. Want more storage or more frequent backups? Plans range from $4.99 to $19.99 a month.
Mozy (www.mozy.com), another cloud-based service, automatically backs up your files, photos,
music and more, allowing for later download via mobile apps or the web. After the initial backup,
Mozy backs up new or changed portions of files, protecting them with military-grade encryption.
Automatic backups happen when your computer is not in use, or you can schedule the backups for a
preferred time of day or week. Mozy offers free storage up to 2GB and plans ranging from $5.99 to
$9.99 a month for up to 125 GB of storage.
Carbonite (www.carbonite.com) also automatically backs up new and changed files after the
initial backup, but it uses a downloaded program that sends encrypted copies of the data to Carbonite’s data center. It runs continually in the background, backing up data whenever your computer is
connected to the Internet and goes to sleep when you’re using your computer. Carbonite allows you
to select the data you want stored using a colored-dot system and provides access via mobile apps or
the web. The cost is $59 per year per computer for unlimited storage.
IDrive (www.idrive.com) is another downloadable program that backs up most data, including
documents, pictures, videos, Microsoft Outlook emails, Quicken and Quickbooks data and
more. When installed, IDrive suggests a default selection of the most commonly backed up
data then recognizes
new or changed data
that needs to be backed
up. IDrive also creates a
searchable archive that
can be accessed via the
web and provides backup scheduling options.
The free plan includes
5GB of storage. Other
plans range from $4.95 to
$14.95 a month depending on storage volume
and number of computers being backed up. u
MeritMatters • 13
personal finance >>>
Hitting the road
Buy
Phil Long,
FirstMerit’s
Assistant Vice
President of
Dealer Services
By danielle toth
ar shopping elicits all sorts of questions – one of which is to buy or
to lease. Phil Long, Assistant Vice
President of Dealer Services at FirstMerit,
says the answer depends on the shopper.
C
Lease
“The people who benefit most from leasing
are those who drive low miles, meaning
12,000 to 15,000 miles per year or less, and
want to drive a new car every two or three
years,” Long says. Low mileage is important
because leases spell out a maximum annual
mileage limit and lessees must pay a permile charge if they exceed that limit.
Leases also are a better option for drivers
who can control the damage done by passengers because leased vehicles must be returned
in good condition or the lessee may pay an
additional repair charge, Long says. Lessees
also will pay the same in maintenance costs
as buyers. A factory warranty likely covers
major repairs during the lease, but lessees still
must pay for routine maintenance such as oil
changes and windshield wiper replacement.
Drivers who lease a vehicle should be
relatively certain their lifestyle won’t change
over the course of the lease. Life events,
such as marriage and children, can leave
drivers wanting a different vehicle, but getting out of a lease is expensive because of
early-cancellation penalties, Long cautions.
14 • MeritMatters
Buying a vehicle through financing offers
its own challenges and incentives. Unlike
the leased vehicle, a purchased vehicle likely
will be worth more than the money owed
on the loan at some point, creating some
equity in the car. That equity gives the
buyer more flexibility to sell or trade-in the
vehicle down the road.
“Probably the most important benefit of
choosing to finance is that once you pay off
the loan, you can continue to drive the car,”
Long says. “And with luck, your maintenance costs will remain reasonable, allowing
you to drive the car for years or pass it on to
a family member.”
The people who benefit most from buying are those who want to save money over
the long term because while loan payments
are initially higher than lease payments, the
car will be owned outright at the end of the
loan. It is also a good choice for people who
drive more than 12,000 to 15,000 miles a
year and don’t mind having the same car
for a long time.
Average loan terms range from 60 to 72
months, and longer loan terms carry lower
monthly payment amounts. While a longer
loan can sound attractive, Long cautions
that the buyer pays more in interest by
stretching out the payments.
Businesses
When securing a vehicle for business
purposes, the lease versus buy question is answered slightly differently. Though the same
principles apply, leases can be more attractive
to businesses as long as the leased vehicle is
used for business purposes. Just like consumers, businesses don’t have to lay out significant cash upfront so their cash reserves aren’t
depleted. Businesses also benefit because
their lease expenses, including the monthly
payments, may be tax deductible in most
circumstances. Business executives should
consult an accountant or tax advisor before
signing any lease agreement to ensure they
will receive the assumed tax deductions.
No matter the choice
Whether the ultimate choice is buy or lease,
Long advises car shoppers to evaluate all
their options and read the contracts closely.
“It makes sense to get a comparison,” he
says. “If you’re looking at a new car, compare
the leasing and financing offerings so you can
decide which option best fits your situation.”
Also, read the contract – whether it’s a
loan or a lease. The contract contains important terms and information that consumers need to understand. Long says, “Read it
now so you can ask any questions and avoid
future problems.” u
Have a question about financing your
next auto purchase? Contact your local
dealer or local FirstMerit branch. Leasing
information is available through your local
dealer or on the Web.
Crunch the numbers
Still wondering whether to buy or lease?
FirstMerit provides a calculator at
https://www.firstmerit.com/personal/
calculators/buyvsLease.
aspx. It can determine
the monthly payments
and total net cost of
both buying and
leasing.
Long photo: jim baron
He also advises that lessees need good
credit because the down payment and
monthly payments are generally low.
At the end of the lease there is an option
to buy the vehicle, but consumers should
compare the purchase option price to the
car’s actual market value, Long says.
through the generations:
Wealth management and family office services
Doug Fries,
Managing
Director of
FirstMerit’s
Family Office
Services
By danielle toth
ver since the Rockefellers created an
office to manage their personal business in the late 1800s, high net worth
families have continued to take advantage
of family office services, which offer private
management of all aspects of the family’s
financial affairs. Services range from integrated wealth planning, investment advisory,
bill paying and foundation management to
concierge-type management of properties
and household staff.
“Because today’s wealthy families are busier than ever, many find that the pressures of
running the family finances can be alleviated
with family office services,” says Doug Fries,
Managing Director of FirstMerit’s Family
Office Services. “By having a dedicated chief
financial officer with a coordinated team of
advisors, families can avoid the common trap
of losing much of their wealth by the second
or third generation.”
“Something that is unique to FirstMerit’s
Family Office is that we provide these
services to our clients long before they might
have access to them through the major national institutions where average thresholds
are $40 million. Our families with investable
assets of $5 million or more are enjoying
services now,” explains Fries.
There are many reasons for a family to
join a family office. Many have sold a business
and find themselves with substantial liquid
assets. Others have inherited more than they
feel comfortable managing without professional expertise, while others find the growing
fries photo: bruce ford
E
number of family members require increasingly diverse asset management services.
Fries says that providing family office
services means knowing the family’s objectives and building close, trusting relationships. “A family office is able to provide the
level of support, care and comfort that is
vitally important to families with substantial wealth,” he explains.
“Before we recommend Family Office Services to our clients, we do a complete assessment to fully understand their specific goals,”
Fries says. One client received $900 million
by selling his business. Initially, Fries thought
the client would want the money managed
conservatively, earning between 7 and 10 percent a year with most of the income allocated
in tax-protected investments. However, when
they talked about goals, Fries learned the client wanted to be the richest man in the area
and was willing to invest aggressively.
Family office services can involve:
• Interaction with and monitoring of
outside professionals in the legal, tax,
insurance, private banking and real
estate industries*
• Counsel for family-owned businesses in
the areas of succession planning,
valuation, tax and financial structure
• Open architecture investment advising
and consulting
• Advice on concentrated wealth positions,
including managing risks
• Financial administrative tasks, including
clerical, bill paying, budgeting, cash
management, financial statement
preparation and tax returns
• Risk management, including policy
review and advice on insurance
• Estate planning
• Family education, including training
the next generation, transfer issues and
nuptial agreements
• Life management, including divorce,
special needs and elder care
• Management of domestic affairs
• Philanthropy management, including
planned giving, family foundations,
board training and grant strategy
• Lines of credit and mortgages
• Capital acquisitions, including search
services, financial analysis and transaction structure
FirstMerit provides family office services by working directly with families and
connecting them to third-party firms as
appropriate. “We are not restricted to our
own internal resources,” Fries says. “We are
constantly looking for and researching to see
if we can bring in outside experts because
our goal is to always offer the best providers
in the industry.”
The bottom line, Fries says, is that
wealthy families need to plan according to
the family’s wishes. “It’s all about value transition. The people who created the wealth
won’t be around to pass their values down
to the third or fourth generation. Family
offices are ways to ensure that those values
are carefully handed down through the
generations.” u
Doug Fries, Managing Director of
FirstMerit’s Family Office Services, can
answer your family’s questions. Contact
him at [email protected].
*FirstFamily Office is a practice area of FirstMerit Bank N.A.
FirstMerit Bank, N.A. and its representatives do not provide legal or
tax advice. Consult your personal or business legal/tax advisor(s) before
making legal/tax related decisions.
MeritMatters • 15
in the community
>>>
Cool customer
smiles
Making personal connections has sweet rewards
R
emember when you were a kid and the sound of the
ice cream truck would break the silence of a summer’s
day? You dropped your baseball glove or jump rope, found
some spare change in the sofa, and ran at top speed proving
that Pavlov was, indeed, right.
When you arrived at your destination – out of breath and
in dire need of a banana Popsicle – 20 of your friends were
already standing in front of the truck. With a broad smile, the
man in the multi-colored vehicle proceeded to hand out pure
joy on a stick to everyone there.
The result: happy customers, meaningful connections and
lasting memories.
Even though the reward for your mad dash was simply
an ice cream sandwich, a pushup or maybe a fudge bar, it’s
a moment in time that many of us will never forget. More
importantly, it teaches us a valuable lesson about building
customer relationships: the little things matter.
What can you do to help make your business the one that
everyone runs to?
As a small business, you should always be looking for ways
to make personal connections with your customers. Hold
brainstorming sessions to create those “ice cream truck” moments that help customers remember you in a positive way.
Look for opportunities to position your business as a trusted
partner in the community.
Regardless of your industry, you should be exploring
ways to establish your business as one that “puts its customers first.” At FirstMerit, we start with the basics. We believe
a culture of friendliness and approachability is paramount
to building relationships and promoting goodwill. Each employee puts this belief into practice during every customer
interaction by consistently providing personal, attentive
service. A smile and a “how may I help you?” are not trivial
gestures; they can go a long way toward forging long-term,
positive relationships and bolstering your company’s reputation for delivering friendly service.
If possible, you should take advantage of every opportunity for your business to become involved and visible in the
community, whether it’s participating in a civic fundraiser,
getting a team together for a charity walk, or donating an
auction item for a worthy cause. Get your employees excited
about meeting the public and representing your business in a
positive light. It’s good for your company and for the neighborhoods where you serve.
16 • MeritMatters
In the spirit of putting customers and communities first
this summer, FirstMerit is taking it to the streets with a fleet
of frozen treat trucks throughout Ohio, western Pennsylvania
and the Chicago area. At community events across its footprint, FirstMerit will be passing out free frozen treats to beat
the heat and create some smiles. It’s part of FirstMerit’s
“Summer of You! Tour” – a way to connect with customers
and the community in a personal, and delicious, way. Additionally, FirstMerit employees will be visiting local grocery stores to
lend a helping hand to store customers by carrying groceries.
Being active in your community does takes time and
commitment, but the ultimate rewards can be sweet for
everyone involved. u
The FirstMerit Foundation
Fights Hunger at Home
For millions of Americans, there is no summer vacation
from hunger.
From June through August, many organizations that
provide food to those in need face a serious situation:
donations drastically decline while the need for their
services remains high.
According to the USDA, hunger is a reality for one
in six Americans, many of them children. When summer
break begins, children who received free and reduced
price meals at school are at a higher risk of going hungry,
increasing the demand at food pantries and food banks.
The FirstMerit Foundation is doing its part to combat
this problem in our communities.
The Foundation donates funds to local food pantries
and food banks to help make sure that the hungry can
get the food they need during the summer and throughout the year. Hunger is one of many causes adopted by
the Foundation, which supports initiatives that improve
the quality of life in our communities.
Through contributions to housing, education, healthcare, direct community services, arts, recreation and other
charitable initiatives, the FirstMerit Foundation provides
support and assistance to more than 10 million people
annually. Last year, the FirstMerit Foundation increased its
impact in the community by 58%, supporting 81 community agencies, including 21 United Ways in three states.
Since 1845, FirstMerit has been heavily involved in its
communities. Beyond providing world-class service to its
customers, the company also strives to make a difference
in the lives of everyone in its markets.
At the center of our
Wealth Management Team
is the one whose advice
we heed most. Yours.
Let’s get to know each other.
Listening. It’s the most important thing our Wealth Management Team of
experts can offer. Because only then, can we understand your
unique situation and tailor our guidance to your financial goals.
firstmerit.com/youfirst
Persona l
member FDic
business
commerci a l
w e a lt h
investments
>>>
inflation coming?
What investors need to know today
By Danielle toth
the Consumer Price Index (CPI) numbers are still low because it also includes the prices of things we want (flat screen
TVs and communication devices), which are falling. The
most recent CPI numbers we saw in the spring of 2011 show
headline CPI has jumped up to a +2.7 percent rate, the
highest since before the Great Recession. By summertime,
rising prices for oil and other commodities could push CPI to
4 percent or more. The question is whether Ben Bernanke,
the Chairman of the Federal Reserve, is correct in his assessment that rising inflation is a “transitory” issue.
A
s the prices at the grocery store, gas stations and
elsewhere climb, so do rumors of inflation and
fears that it will stunt an already slow economic
recovery. Bob Leggett, Chief Investment Officer
for FirstMerit Wealth Management Services, shares his
insight on inflation and what today’s investors need to know.
Do rising prices indicate inflation is coming?
It is true that the prices of many goods and services are
rising. Odd though it may sound, there is a difference between price increases and inflation rates. Price changes are
straightforward – all you need to do is look at a price tag or
a bill and see if it’s higher or lower for the identical product
or service than it was for your last purchase. We define
inflation as a widespread increase in price changes, with the
emphasis on “widespread.”
Should we be concerned about these price increases?
Well, I don’t want to say they are not a concern. Currently,
the pain of price increases is felt because the prices of what
we need, like food, milk and gasoline, are rising. However,
18 • MeritMatters
What do you monitor to assess the risk of inflation
and its impact?
We are watching the current round of price increases to
see if they work into sustainably higher inflation. If profit
margins are threatened by higher costs, companies will try
to raise prices. If they succeed, workers will try to get higher
wages. Employment costs represent about 70 percent of
total corporate costs in the United States, so if workers succeed in forcing employers to pay them more, we will have
the makings of a wage-price spiral. Our most recent experience with that was back in the 1970s-1980s.
The other risk of this round of inflation is that the high
unemployment rate continues to cap wage rates. In that
case, consumers will have to decide between putting food
on the table, paying the rent, fueling their car or making
the discretionary expenditures that drive the growth of our
economy. So, if things go wrong, we might get higher inflation or we might see an “inflation tax” on consumers that
raises the risk of recession.
What’s the Fed doing?
The Fed is trying something new this cycle and that is QE,
which is shorthand for Quantitative Easing. The Fed wanted
to stimulate the economy, but with short-term interest rates
already at 0.2 percent, it couldn’t lower rates. Instead, the
leggett photo: bruce ford
Bob Leggett,
Chief Investment Officer,
FirstMerit Wealth
Management Services
Do you agree with him?
Bernanke is betting on a continuation of the low inflation of
the past 15 years during which CPI only grew at a 2 percent
or so pace. There are numerous factors behind this trend,
including globalization as free trade allowed manufacturing
to shift to the low-cost producer, Internet “price discovery”
where the lowest price for anything is just a few clicks away,
technology-driven productivity improvements and a glut of
labor and loss of labor union power. The odds are that he
will be proven correct, but in our judgment, the risk that he
will be wrong is higher than it has been in quite some time.
>>>
investments
There is a difference
between price increases
and inflation rates.
Fed is using QE, which basically means they
create money (run the printing press) and
buy securities that they hold on their balance
sheet. The first QE experiment was conducted in 2008-09 and averted the collapse of
the financial system. It’s hard to argue with
that outcome. Although I am oversimplifying things to some extent, the target of QE2
was to get people to take on a little risk and
get the economy accelerating from last year’s
mid-cycle slowdown.
Is QE2 succeeding?
Perhaps too well. The Fed can’t force people
to make job-creating investments in the real
economy, but they can provide funds at very
low interest rates that allow investors (and speculators) to
buy assets. Real-world factors such as the unrest in the
Middle East and rising demand from emerging economies
are pushing oil prices higher, but the QE2 flood of liquidity
is clearly a factor in price increases for all risk assets such as
commodities, precious metals and equities.
How does this affect the economy overall?
We have consistently been in the optimistic camp with regard
to the economy. A year ago, we strongly disagreed with the
consensus fears of a double-dip recession. However, the
headwinds against GDP growth have strengthened, including
rising cyclical inflation, stubbornly high unemployment, the
de-leveraging of consumers and corporations, state and local
government budget cuts and the fact that the Fed must eventually reverse QE or risk igniting sustained higher inflation.
Job growth is essential for the economy to return to a stronger
and more sustainable rate of expansion. The net of this is
that we have lowered our expectation for GDP growth in
2011 to a growth rate approaching 3 percent. The good news
is that the May reading of our Recession Checklist continued
to show zero indications of impending recession.
What does this mean for investing?
Don’t get too caught up by media headlines. A year ago,
consensus worries about inflation were morphing into deflation fears, and now we’ve come full circle back to worrying
about inflation. Remember that price changes are volatile,
as differentiated from inflation cycles, which typically last
for decades. Over the past 20 years, the annual CPI change
has exceeded 4 percent only once. The last similar stretch
of disinflation ended in 1968, yet inflation did not begin to
soar for another five years. Cycles move much more quickly
now, but we still think it would take at least a few years for
a sea change from ebbing inflation tides to a roaring surf
of high inflation. Long before that cycle can work its way
through, we will begin implementing strategies to protect
client portfolios and enhance returns. u
Have a question about investments or investment
services? Contact FirstMerit Wealth Management
Services Chief Investment Officer Bob Leggett
at [email protected].
The opinions and information contained in this message have been derived
from sources believed to be accurate and reliable, but FirstMerit Bank, N.A.
makes no representation as to their timeliness or completeness. This message
does not constitute individual investment, legal or tax advice. All opinions are
reflective of judgments made on the original date of publication and do not
constitute a guarantee of present or future financial market conditions.
MeritMatters • 19
strategy >>>
Distribution time –
retirement brings up
new questions, strategies
By Danielle toth
the balance. The key is to control volatility and provide a
portfolio that will maintain a client’s purchasing power over
an extended period of time.
Before rebalancing a portfolio for post-retirement, investors should work closely with a licensed financial advisor to
put together a strategic plan. Jackson says these plans should
be developed about three to five years before the retiree’s
distribution phase, depending on the portfolio allocation.
A financial advisor, he says, helps investors avoid making
emotional mistakes, which are more common in retirement.
Investors tend to follow trends, overreacting to changes in the
stock market – buying high and selling low. While advisors
can’t predict the market, they have the benefit of knowledge
and experience to take a rational approach to investments.
Balancing act
Y
ou may stop working upon retirement, but don’t stop
working your retirement investments.
Mandatory distributions, growth on investment
income, balanced portfolios, charitable giving, beneficiaries
and annuities are just some topics to address in an
impending or post retirement era, says David Jackson,
Vice President and Senior Financial Advisor of FirstMerit
Financial Services.
“The biggest mistake a financial advisor or investor can
make is being too conservative,” he explains. “Investors really
need to maintain their purchasing power.”
Jackson says a conservative portfolio could include primarily fixed income securities with targeted allocations to stocks,
commodities, private equity and real estate investments for
20 • MeritMatters
Tax-free giving
Retirees are obligated to take distributions from certain IRAs
when they reach 70½ years. However, some retirees find they
may not need the IRA distribution or they know they will
never need all the money saved in their IRA. Charitable
giving is an option to consider, says Jim Roseman, Vice
President and Business Development Officer at FirstMerit
Wealth Management Services.
photos: jim baron
David Jackson,
Vice President and
Senior Financial
Advisor of FirstMerit
Financial Services
“There needs to be a structured plan in place for when hiccups happen,” Jackson says. “That’s why it is so important
to continually monitor and, as needed, rebalance a retiree’s
portfolio. The wrong allocation can sink investments depending on the market.”
Monitoring to ensure the right investment mix is an
ongoing process to take advantage of market opportunities, he says.
Jackson also cautions against withdrawing a retirement
investment account at one time. Historically, taking distributions over one’s life expectancy is a far better way to go. The
portfolio has a longer term over which to work, and income
taxes may be minimized. But check with your tax advisor to
be sure because everyone’s situation is different.
“Note: Diversification, rebalancing and/or asset allocation do not
guarantee a profit, nor do they eliminate the risk of loss of principal.
Additionally, there can be no assurance that any strategy or technique will
be successful.”
Current law allows individuals 70 ½
or older to donate up to $100,000 each
year from their IRAs without having to
pay any income tax.
While a typical IRA distribution withdrawal is taxable, a
charity distribution is not. Current law allows individuals
70 ½ or older to donate up to $100,000 each year from their
IRAs without having to pay any income tax, Roseman says.
“Care should be taken here, as in some cases, it may
make sense to take the distribution into income and receive
an income tax deduction on their personal return,” he says.
“If a person has a pledge to fulfill, some combination of their
personal assets and the IRA distributions may be the way to
get the best result.” u
To learn more about post-retirement investing, email
David Jackson at [email protected] or
Jim Roseman at [email protected].
Securities offered through FirstMerit Financial Services, Inc. Member
FINRA, SIPC; Advisory Services offered through FirstMerit Advisors,
Inc.; Insurance products offered through FirstMerit Insurance Agency,
Inc., affiliates of FirstMerit Bank, N.A. Not FDIC insured;
May lose value; No bank guarantee
Jim Roseman,
Vice President and
Business Development
Officer of FirstMerit
Wealth Management
Services
Hitting the books
Looking for more information on the distribution phase of retirement? Read on:
• The Bogleheads’ Guide to Retirement Planning by Taylor
Larimore, Mel Lindauer, Richard A. Ferri and
Laura F. Dogu. The Bogleheads are investors
who follow the principles of John C. Bogle,
Founder and former CEO of the Vanguard
Group. They advise on various retirement planning issues, including the types of saving accounts
and retirement plans, and how to avoid taxes.
• Retirement Income Redesigned: Master Plans for Distribution: An Adviser’s Guide for Funding Boomers’ Best
Years by Bloomberg Financial. Edited by Harold
Evensky and Deena B. Katz. This collection of
articles from various experts provides investment
and retirement wisdom, including strategies for
increasing retirement cash flow and the pros and
cons of reverse mortgages.
• Unveiling the Retirement Myth: Advanced Retirement
Planning Based on Market History by Jim C. Otar.
This book highlights myths and untruths about
retirement and provides advice on everything
from diversification to withdrawal rates.
• Your Complete Retirement Planning Road Map:
A Comprehensive Action Plan for Securing IRAs, 401(k)s,
and Other Retirement Plans for Yourself and Your Family
by Ed Slott. A well-known financial expert, Slott
speaks extensively on the distribution phase and
includes information on inheritance, divorce and
other less frequently discussed issues.
• The Bell Lap: The 8 Biggest Mistakes to Avoid as You
Approach Retirement by Joseph R. Hearn. The
author guides readers through various stages of
the all-important distribution phase.
MeritMatters • 21
wellness
>>>
warm season,
cool health
Make summer a colorful time
Boost your health with the blues, yellows, greens and reds
found in summer’s fresh vegetables and fruits. They taste a lot
better than your daily multivitamin.
Blueberries are high in vitamin C and a good source of fiber. Vitamin C benefits immune function and iron absorption
and aids in the prevention of cardiovascular diseases. Fiber
helps maintain regularity and can lower cholesterol levels.
Pineapple is another summer produce item rich in vitamin
C and fiber. Vitamin C also helps with the growth and repair
of bodily tissues and helps in wound healing.
Zucchini, a summer staple that is part of the squash
family, is high in fiber and vitamin C. It is also a source of
vitamin B9/folate, which aids in the production of red blood
cells and helps the body digest proteins.
The choices are endless and more people are making the
choice for fresh fruits and vegetables – they were two of the
top three grocery categories purchased by baby boomers last
year. Just 30 years ago, fresh fruits and vegetables failed to
make the top five.
Deflect sun’s rays
One in five Americans will develop skin cancer, according to
the Skin Cancer Foundation. Although sun protection should
be a year-round effort, now’s the time to know the facts and
step up your efforts.
Ultraviolet A rays are more prevalent (95 percent of UVA
radiation reaches earth) but less intense than UVB rays. UVA
rays can damage the middle and outer layers of skin. UVB
rays damage the skin’s outermost layers.
22 • MeritMatters
Sun Protection Factor (SPF) refers to a sunscreen’s ability
to block UVB rays. Generally, people who apply an SPF 15
will find their skin takes 15 times longer to redden, while an
SPF 30 would take the skin 30 times longer.
However, as for blocking UVB rays, the numbers translate
a little differently. SPF 15 blocks about 93 percent of incoming rays. SPF 30 blocks about 97 percent, while SPF 50
blocks about 98 percent.
The Food and Drug Administration reported SPF levels
higher than 50 can be misleading and may not provide additional protection.
Reapply sunscreen every two hours. Don’t forget areas
such as lips, ears, around eyes, neck, scalp (if hair is thinning),
hands and feet.
Ultraviolet protection factor (UPF) measures how much of
the sun’s UV radiation is absorbed by clothing. Fabrics with a
rating of 50, for example, allow 1/50th of the sun’s UV rays
to reach your skin. Tightly woven fabrics and dark colors,
such as long-sleeved dark denim which has a UPF of about
1,700, or bright colors, such as orange and red, block UV
rays the best. Some companies offer UPF-specific clothing.
Grill up health
The grill can be the conduit for healthy cooking AND
healthy living. More than 60 percent of adults say a barbecue
is a good way to spend quality time with their friends and
relatives, according to a national survey by Hearth, Patio &
Barbecue Association (HPBA).
“Outdoor cooking is a very popular pastime that unites
friends and family with great-tasting food that’s easy and
affordable,” says Leslie Wheeler, Director of Communications at HPBA.
Seventy percent of Americans say grilling enables a
healthier routine by encouraging time outdoors instead of
in the house. Fifty-four percent say outdoor cooking encourages them to make smarter food choices. One-quarter say
the quick and easy nature of outdoor cooking helps them
maintain a healthy lifestyle because it gives them more free
time for other activities.
The U.S. Department of Agriculture offers these tips for
your next cookout:
• Thaw meat and poultry before grilling so it cooks evenly.
• Do not place cooked food on a platter that contained
raw food.
• Promote cleanliness. No easy access to water? Bring your
own or pack moist towelettes for cleaning surfaces
and hands.
• Grab a thermometer. Poultry should be heated to 165
degrees. Pork and ground beef should reach 160 degrees.
Steaks, veal, lamb, roasts and chops should reach a minimum of 145 degrees.
Pump up outdoors
Here are some tips for ways to enjoy yourself and get your
blood pumping this summer:
Play with Fido. If you have a pet, both of you can
receive a daily dose of exercise by walking or jogging around
the block. Play fetch or tag. To firm your abs, do crunches
while holding your pet’s favorite toy. As you sit up, throw the
toy. When your pet brings it back, throw it again. Do as many
reps as you can.
Join an Ultimate league. Take that flying disc you
used with Fido to the next level. Ultimate, a non-contact
sport played with a flying disc, is gaining in popularity.
Teams usually consist of seven players and play like football,
scoring points by passing the disc to another player in the
opposing end zone. To find a league near you, visit
www.usaultimate.org.
Fly high. While kite-flying may sound easy, just 20 minutes of this activity can burn 100 calories or more, depending
on wind conditions. Controlling a kite uses arm and shoulder
muscles, and staying grounded requires leg muscles. For an
added bonus, do squats or lunges when the wind is tame.
Get to the beach. Running on sand burns 1.6 times
more calories than running on a flat surface because the un-
even terrain requires more energy. Burn calories by building a
sandcastle or just playing in the sand.
Windsurfing. Looking for something with a little more
edge? Consider windsurfing, which is an intense combination
of surfing and sailing. With so many bodies of water easily
accessible, why not head to a local windsurfing school, which
rents equipment and helps you learn the basics.
Stay hydrated
It isn’t just a matter of thirst. It’s a matter of health. With all
the increased summer activity, dehydration is ever-present
because the primary way the body expels heat is through
perspiration, according to The Cleveland Clinic.
Know the signs of dehydration: fatigue, loss of
appetite, flushed skin, heat intolerance, light-headedness,
dark-colored urine and dry mouth. Seek immediate medical
attention if the signs are severe.
Prevent dehydration: Drink before you feel thirsty
(if you feel thirsty, chances are you already are dehydrated.)
Avoid heavy exercise in extreme heat. Drink two to four
glasses (16 to 32 ounces) of fluid each hour.
Water is always a good choice, but sports drinks replace
minerals that are lost through perspiration, according to the
Center for Disease Control (CDC). Avoid alcohol and large
amounts of sugar, which can aid in dehydration, and fruit
juices and very cold drinks, which could upset the stomach.
Keep an eye on those who are most at risk, which include
infants, young children, people age 65 and older, overweight
people and people who are physically ill, especially with heart
disease or high blood pressure, according to the CDC. u
MeritMatters • 23
Director Jean-Marie
Zeitouni conducts the
Columbus Symphony
Hot in
the city
Columbus, center of it all
By danielle toth
orchestra Photo: Randall L. Schieber
C
olumbus’ geography makes it the center
of the state. What’s in Columbus makes
the city a center of government, education, culture, sports and business.
Not only is it the home to the governor and General Assembly but also
Ohio’s largest higher education institution. It’s the only
place to see major league hockey and soccer in the state. It’s
a city with cultural institutions and businesses that want to
make Columbus work for them and are willing to innovate
to make sure that happens. It’s a metro area that employs
almost 1 million people and is home to more than 1.8 million. That and more combine to make Columbus a true hot
spot in the Midwest.
“Columbus is earning a reputation nationwide as one of
the best cities to live and to do business,” Mayor Michael
Coleman says. “Our people have invested in a high quality
of life. We have revitalized our downtown as a great place
to live, work and play, while also reinvesting in our other
neighborhoods.
“This is why, as other cities in the state and the region
shrink, Columbus is growing and emerging as an oasis of
opportunity in the Midwest.”
Making music,
collaborating services
In downtown Columbus, one of the city’s most well-known
cultural institutions, the Columbus Symphony, celebrates its
60th anniversary this year – a true testament to the commu-
nity’s passion for the only full-time professional symphony in
Central Ohio. It is an anniversary that almost didn’t happen,
as the symphony faced a dire financial situation in 2009.
The Columbus Symphony can celebrate its diamond
year because the city also is home to the Columbus Association for the Performing Arts (CAPA), a non-profit organization that owns and operates Columbus’ historic Ohio,
Palace and Southern theaters and manages the Riffe Center
Theatre Complex and Lincoln Theatre among others. In
March 2010, the CSO entered into a five-year management
agreement with CAPA to perform extensive back office
operations.
“The recession had a pretty big impact on a lot of performing arts organizations,” explains Bill Conner, President
and CEO of CAPA and Volunteer Managing Director
and CEO of the Columbus Symphony. “A performing arts
organization like the symphony operates on three types of
income: ticket sales, contributions and endowment. This
recession was unlike other recessions, and all three areas
of income went down. That really put the symphony in a
position where they were not as strong as they had been in
the past.”
CAPA now handles the symphony’s finance, marketing,
public relations, technology, human resources and development functions. That saved the Columbus Symphony
$750,000 in the 2010-11 season, Conner says, because it
eliminated costly consulting services as well as five administrative positions.
“The private sector, particularly banks, has been doing
this for a long period,” Conner says. “Banks merge and the
MeritMatters • 25
26 • MeritMatters
Jeni Britton
Bauer, President
and Founder of
Jeni’s Splendid
Ice Creams
Conner says CAPA was already familiar with the Columbus Symphony, having
provided concert space at the Ohio Theatre
since 1969. CAPA wanted to help the
symphony survive because of its value to the
community.
“We feel very passionate about live
classical music performed by people who
live in our community,” Conner says. “The
symphony is a very important part of our
city. The musicians live here and teach
here at our universities, affecting literally
hundreds and hundreds of young people.
The impact they’ve had is far bigger than
an orchestra.”
Calling business
Columbus’ business climate helps both large
and small companies establish not only a
presence but their headquarters. Several
Fortune 500 companies are centered in Columbus – Big Lots, Limited Brands, American Electric Power and Nationwide to name
a few. Thousands more small businesses call
Columbus home.
Michael Dalby, President and CEO of
the Columbus Chamber of Commerce, says
approximately 20 percent of its members
are businesses with 25 or fewer employees.
“We know the small businesses of today
are quite often the large businesses of tomorrow,” he says. The Columbus Chamber sees
itself as a collaborator in that process of small
to large as well as an advocate for business at
local, state and federal government levels.
“We want to make sure those environments are conducive to commerce so businesses know Columbus is where they need
to stay and continue to do their work,” he
says. “Being located in the state capital puts
us in the center of a lot of legislative and
regulatory issues.
“We get a front-row seat to the decisionmaking process of government, and a lot
of citizens and businesses get involved with
state boards and commissions because of
this prime location.”
Building a future
Being home to approximately 30 colleges
and universities, including the state’s largest,
The Ohio State University, contributes to
the fact that a quarter million professionals ages 18-34 live in the metro area. The
Columbus Chamber believes it has a role
in helping keep the young people in the
area. It has a staff member whose position
is funded by the City of Columbus and who
serves as a liaison to the 60-plus young professional organizations in the community.
Dalby says many attributes help the
case for living and working in Columbus,
including the diverse business sectors such
as logistics, insurance, retail and financial, as
well as the downtown redevelopment, which
is a model for other communities.
“The city is doing work along the Scioto
River, which runs through downtown, to
make it a focal point for arts and entertainment,” Dalby says. “It also took the
Columbus City Center Mall, which had
fallen into disrepair, and leveled it to create
a park, the new Columbus Commons. Now
we have a large community green space in
the heart of downtown.
“People see the city has these elements
and feel invigorated that they could ‘make
it’ here. And that kind of invigoration is
photo: george lange
ely brothers
back office provides administrative services
for all the new branches for the bank. We do
all of that work ourselves.”
The consolidation has been extremely
beneficial, especially in marketing. Aggregating the promotional needs for the symphony and CAPA allows CAPA to negotiate
better advertising rates.
The organization also trimmed the
number of employment weeks for the musicians to match the number of performance
weeks, and Conner personally helped
reduce symphony expenses by volunteering
as its Managing Director and CEO. Additionally, symphony musicians voluntarily
reopened their collective bargaining agreement and voted to accept a 23 percent pay
cut in their 2010-11 season contract, saving
the symphony an additional $1 million.
“We’re operating with a lot of fiscal
discipline,” he says. “It’s a pretty lean and
nimble model.”
With the symphony back on its feet, it
looks to a vibrant future with some exciting
changes in store.
The 2011-12 season will be the first full
season under new Music Director JeanMarie Zeitouni. The 36-year-old rising star
from Montreal personally selected all 12 of
the Masterworks programs, carefully blending beloved classical masterpieces with some
lesser known, challenging works. While the
selections are true to the theme of each program, there will be some delightful surprises
in store for audiences.
Also in the 2011-12 season, the symphony will move four of the 12 Masterworks
concerts to the Southern Theatre. The
historic, 925-seat jewel box theatre was
originally built as an opera house, so special
attention was paid to architectural details
that would provide superior acoustics for
live performances. The venue will provide
a bold, new experience for classical music
lovers with unparalleled acoustics and an intimate setting, as the furthermost seat in the
auditorium is only 75 feet from the stage.
photo: Terry Gilliam
Thinking forward
for ice cream and
clouds
Jeni’s Splendid Ice Creams found the Columbus culture made the city an attractive
place to start a business, and its geographical location made it an ideal spot.
“Since Columbus is close to many
farms, we get the best produce for our ice
creams,” says Jeni Britton Bauer, President
and Founder of the business, which makes
handmade ice cream in exotic flavors such
as Bourbon Buttered Pecan, Wild Berry
Lavender and Goat Cheese with Red Cherries. “Also, our shipping/online business
is our biggest store, and because we are in
Columbus, which is centrally located when
you look at the population map of the U.S.,
our shipping rates are very low.
“But, the thing I enjoy most here is that
there is a huge creative culture,” she says.
“We employ so many creative people, and
that is what makes us unique. Columbus has
this amazing collaborative personality, and
we help and bolster one another. It feels real
here. People are busy doing supremely cool
projects all over this city in multiple fields.”
Michael Marlowe and Jamie Busic
picked Columbus as the ideal spot to found
Bluemile, a cloud computing provider.
“I was from the east side of Cleveland,
and he was from Columbus,” Marlowe
says. “Being Ohio guys, we wanted to stay
in the state. We chose Columbus because
we felt is was a very forward-thinking business community.
“There are ideas all around us, and
businesses focus on how to maximize
their potential to be the next great thing.
There’s a combination of thought and open
dialogue with other business leaders here in
Columbus.” u
Q&A
with Bill Conner,
president and
CEO of CAPA and
volunteer
managing
director and
CEO of the
Columbus
Symphony
photo: greg sailor
what attracts businesses. Many national
brands got their start here in the Columbus
area, and that spirit still lives today. We
have some great companies.”
Talk a little bit about your roles.
I oversee the upkeep and programming for the theaters CAPA either owns or
manages. I have a hand in pretty much everything that goes on.
What do you like most about what you do?
The variety. It is very challenging working with so many different arts organizations. Every day is different. There are so many challenges that come up every
day. I also like that it’s very civic, and I’m doing good things for the community.
Your background is in divinity. How did you end up in theater?
I went to McCormick Theological Seminary in Chicago and I worked my way
through seminary working at Actors Equity Association, which is the union for
professional actors. In college, I also was involved in performing arts. I’ve always
been involved in theater and rock ‘n’ roll. It’s just always sort of been there.
Who are your favorite composers?
Gustav Mahler, Dmitri Shostakovic and Bela Bartok. I’m kind of romantic.
What is the key to success?
Creating a wonderful staff. If you create an environment where only good ideas
succeed, people feel really empowered. That’s how you really create success –
by delegating, empowering people and making people feel comfortable.
In the arts, it’s very interesting because you’re working with a lot of different
egos. So creating an open environment in the arts is a necessity. Openness,
tolerance and confidence are the keys to creating that kind of environment. I
hire smart people then let them do what they do and get out of the way.
When you’re a manager, it’s easy to be controlling. But the secret is having confidence in people and delegating. And that’s really allowed us to be
a larger organization because we have wonderful people that we love and
believe in and can trust.
For more information on the Columbus Symphony,
visit www.columbussymphony.com.
MeritMatters • 27
community >>>
Rebuilding Together
Nonprofit organization helps low-income homeowners
R
ebuilding Together Central Ohio, an independent affiliate of the national organization that
provides rehabilitation and repairs homes for
low-income homeowners, has its own lending library.
While the word normally conjures images of books,
Rebuilding Together’s library houses a much different
commodity – tools.
Through its free tool library program, Rebuilding
Together Central Ohio offers tools and training to any
homeowner or non-profit in Franklin County. The library
includes more than 200 types and 4,500 individual hand
and power tools. Loans range from one to seven days.
Established by the City of Columbus in 1976 with
funding from a federal grant, the tool library was assumed by Rebuilding Together Central Ohio in 2009. It
is funded through a mix of government, nonprofit and
business support.
“The tool library allows people to be self-sufficient
and help themselves,” says Julie Smith, Executive
Director of Rebuilding Together Central Ohio.
The library, which serves approximately 2,600 people a
year, is just one part of Rebuilding Together Central Ohio,
which brings together neighbors and communities to improve the homes and lives of neighbors in need.
Rebuilding Together also participates in the Safe
at Home program, which provides emergency home
repairs and safety modifications to low-income senior and
permanently disabled homeowners. Labor comes from
volunteers who receive on-the-job training from their
peers depending on individual areas of expertise, Smith
says. Rebuilding Together Central Ohio works with approximately 125 homeowners a year.
“Rebuilding Together Central Ohio also provides
skilled laborers such as electricians or plumbers for some
of the projects,” says Matt Keating, Vice President of
Commercial Banking for FirstMerit. “A major electrical
or plumbing issue can make a house unlivable. Without
this support, some of the people the organization helps
have little or no options to turn to.” Keating, who has volunteered on a number of the
organization’s projects, serves on Rebuilding Together
Central Ohio’s board of trustees. “Depending on your
situation, it’s easy to forget how tough some people have
it. The people we help don’t have the capital and/or the
physical ability and/or the skill set to make needed improvements to their home,” Keating says. “It’s fulfilling to
make a difference by improving their living conditions.”
28 • MeritMatters
“Depending on your
situation, it’s easy to
forget how tough some
people have it. The people
we help don’t have the
capital and/or the
physical ability and/or
the skill set to make
needed improvements
to their home.” – Matt Keating
Keating is leading one of the organization’s biggest
projects – archiving the first 10 years of Rebuilding
Together Central Ohio’s 20-year history.
“He really took on a big project working with this committee,” Smith says. “He’s going through all of our historic
paperwork, including financial documents, press materials
and program materials. We have a librarian working with
him to help organize the project as well.”
In the future, Rebuilding Together Central Ohio hopes
to create a community warehouse to save building supplies
that others no longer want for other nonprofit organizations and eventually individuals to use. The group also is
working to expand the available supplies, trying to gather
in-kind gifts with the support of Home Depot, Smith says.
“We want to keep products from going to landfills and
allow them to be used by the community,” she says. u
For more information on Rebuilding Together,
visit http://rebuildingtogether.org. For more
information on the Central Ohio affiliate, visit
www.rtcentralohio.org. Contact Julie Smith directly at
(614) 258-6392 or [email protected].
Matt Keating, Vice
President of Commercial
Banking for FirstMerit
Rebuilding Together: A National Organization
photo: jay laprete
Rebuilding Together Central Ohio is one of the more than 200 U.S. affiliates of the national nonprofit that completes
about 10,000 projects per year. National initiatives include:
Rebuilding Day:
Each April, the
organization
assembles the largest
nationwide group
of volunteers and
corporate sponsors
to repair and restore
houses and nonprofit
facilities.
Safe at Home:
It addresses home
repair maintenance
issues that can present a safety risk or
limit the access to or
within a home.
Disaster relief and
recovery: Rebuild
1,000 is a program
under this initiative
with a goal of rebuilding 1,000 homes from
the coast of Mississippi to southeast Texas
that were damaged
during hurricanes
Katrina and Rita.
Veterans housing:
This initiative provides housing modifications and repair
services for retired
and active service
men and women.
Green housing:
Rebuilding Together
provides energy,
water and resource
efficiency, indoor
environmental health,
homeowner education and smart land
use services.
MeritMatters • 29
employee focus >>>
At the hop
Creating events that showcase
community is his art
W
hen Dustin Gardner thought of the idea for a
monthly event to showcase Grandview Heights’
merchants, organizations, musicians, artists and
community, he knew he had a hot idea.
Four years later, the Grandview Hop is a hot reality
that’s become a well-known name synonymous with
family-friendly fun. We took a few minutes to speak with
Gardner, whose day job is FirstMerit Branch Manager/
Assistant Vice President in Upper Arlington, Ohio.
What is the Hop?
The Hop is the last Saturday of every month from April
through November. The businesses along Grandview
Avenue open their doors, and we provide entertainment.
During a typical event, anywhere from three to seven
separate bands set up along Grandview Avenue playing
various types of music. They all perform on a volunteer
basis. We also have vendors set up along Grandview
Avenue to display and sell handmade art ranging from
jewelry to paintings to ceramics.
It’s a very family-friendly atmosphere in a unique setting. It’s centered around the community and art.
How did you get the Hop started?
Knowing this type of endeavor would require a group of
like-minded individuals who shared my vision, I talked to
Courtney Yoakum, the Art Director of a company called
Open Door that had just opened in Grandview. She and I
discussed how we could create something like the Short
North Gallery Hop.
We went to every business owner along Grandview Avenue and got instant buy-in from local businesses, as well
as the chamber of commerce and local city government.
Then we started from the ground up. We assembled
volunteers and developed a board of directors. We
printed flyers and ran radio advertisements.
30 • MeritMatters
Dustin Gardner, FirstMerit Branch Manager and Assistant
Vice President, looks at a guitar intricately crafted by the
artisan with him.
Have you always been interested in art?
My grandmother was a professional artist all her life. From
an early age, my siblings and I would go to her house and
sculpt with clay or paint with oils and pastels. I was never a
good artist, but I have an appreciation for the arts.
What fueled and motivated me to create the Hop was
that I didn’t know if I could do it, but I wanted to prove
to myself that I could take an idea and create something
out of it. For me, that is my art – creating something from
nothing and being able to step back and be proud of
what I created.
How has the Hop benefited the community?
We’ve seen businesses flourish due to more exposure
and public awareness. People from outside Grandview
and all over Columbus come to the Hop. We also try to
partner with other community events.
How has the Hop’s creation affected you?
From a networking perspective, it has advanced my
center of influence by leaps and bounds.
It’s also been an eye-opening thing in my life – I realized I was capable of more than I thought I was. I learned
that with a little bit of hard work and determination,
anything is possible. u
To learn more, visit www.thegrandviewhop.com.
photo jay laprete
Where did the idea for the Hop come from?
The Short North, a Columbus neighborhood, started
an event 20 years ago called The Short North Gallery
Hop. Galleries and other businesses stay open late
once per month so patrons can enjoy fine art, live music,
and street vendors. Many of the businesses have hors
d’oeuvres and drinks, and it’s more of a social event. I
had always wondered why Grandview didn’t have something similar to that.
Only by knowing your
retirement plans can we
honestly say, “keep working”
or “start golfing.”
Let’s get to know each other.
We believe the best first step you can take towards retirement is talking about it. And that’s
where our Financial Services professionals come in—retirement experts who will listen to your
needs, analyze your current financial situation, and give you their sincere recommendation.
So, stop by for a productive conversation. Hopefully, one that ends with, “Hit the links.”
firstmerit.com/youfirst
To learn more,
stop by your local Firstmerit Branch
and ask for your Financial advisor,
or call 800-627-1289 for more information.
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Advisory Services offered through FirstMerit Advisors, Inc.; Insurance products offered through
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Halfway through
your to-do list?
How about your
to-dream list?
Maybe we can help.
No one understands where you want to be in 5, 10, or 20 years more
than you. There is plenty on your to-do list now, but maybe we can sit
down with you and help figure out what’s on your to-dream list. Once
we know what you’re looking for, we’ll be here to help you find it.
firstmerit.com/youfirst
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