hot times in the city

Transcription

matters
summer 2011
Insights for business & life
hot
times
in the
city
Cleveland’s renaissance
continues with $1 billion
in arts, entertainment
and business projects
plus:
wellness ideas for a healthy summer
money is inflation headed our way?
Tony Panzica,
President and
CEO of Panzica
Construction
business:
ari maron
and MRN
reshape city’s
night life
technology:
find the
right digital
reader
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
Cleveland stays hot with renovations
and new developments
6
14
Personal Finance
Business Matters
MRN Ltd. develops Cleveland hot spots
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
Cleveland Botanical Garden’s Green Corps program
teaches work, leadership skills
Investments ......................................................18
Employee Focus ..............................................30
Sorting through inflation rumors
Paula Jagelewski volunteers at Slavic Village school
MeritMatters • 3
first word
>>>
Sean
R ic hardson
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 Cleveland
What makes Cleveland 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, Cleveland is coming back strong with new development,
construction, renovations and opportunities to make the region better than ever.
The businesses that call Cleveland 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
Northeast Ohio, from the multi-milliondollar renovation of the world-renowned
Cleveland Art Museum to the redevelopment of retail, entertainment and housing districts downtown and in University
Circle. We also explore the community’s
pay-it-forward side with Cleveland’s Green
Corps and a local Montessori school.
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 Cleveland’s 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.
Sean Richardson
President and CEO,
NorthCoast Region
FirstMerit Bank
Project Manager
anGela vannucci
Cover photo: jim baron
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
Cleveland events, highlights
and attractions
Twins Days Festival
Aug. 5-7
(330) 425-3652
Glen Chamberlin Park
10260 Ravenna Road
Twinsburg, Ohio 44087
www.twinsdays.org/
The Twins Day Festival in Twinsburg, about
25 miles southeast of Cleveland, has been
a Cleveland treat since 1976. Twins from all
over the world gather in their namesake
city for contests, games, entertainment,
food and more.
Lake Erie Crushers
Through September
(440) 934-3636
All Pro Freight Stadium
2009 Baseball Blvd. / Avon, OH 44011
www.lakeeriecrushers.com
The Lake Erie Crushers, a member of the
independent Frontier League, won the
league championship in its debut year.
photo upper left: Kenneth Sponsler / Shutterstock.com
Cuyahoga County Fair
Aug. 8-14
(440) 243-0090
Cuyahoga County Fairgrounds
164 Eastland Road / Berea, OH 44017 www.cuyfair.com
Originating in 1893, the Cuyahoga
County Fair offers a wide range of
entertainment, including live music,
animal rides and exhibits, a horse show,
a demolition derby, motocross,
mechanical rides and games of skill,
contests, arts and crafts, food vendors,
merchants and more.
The Children’s Museum
of Cleveland – Blast Off! Exhibit
Through September
(216) 791-7114
Children’s Museum of Cleveland
10730 Euclid Ave.
Cleveland, OH 44106
www.clevelandchildrensmuseum.org/exhibit/blast-off/
The Children’s Museum of Cleveland offers exhibits ranging
from Big Red Barn, which takes its inspiration from Margaret
Wise Brown’s children’s book of the same name, to Splish!
Splash!, an exhibit that teaches children all about water. This
summer the museum is featuring Blast Off!, developed in collaboration with NASA’s Glenn Research Center, which features
a rocket area where children can pretend to be an astronaut, a
moon exploration area where children can manipulate a lunar
rover, a constellation station that teaches children about the
stars and more.
Rock and Roll Hall of Fame
and Museum – Women Who Rock:
Vision, Passion, Power Exhibit
Through Feb. 26
(216) 781-7625
Rock and Roll Hall of Fame and Museum
1100 Rock and Roll Boulevard
Cleveland, OH 44114
http://rockhall.com/exhibits/women-who-rock/
The Rock and Roll Hall of Fame and Museum features exhibits
ranging from a collection of Elvis Presley memorabilia, including his car, to highlights of Cleveland’s place in rock and roll.
One of the newest exhibits, Women Who Rock: Vision, Passion, Power, spotlights the women who have influenced rock
and roll, including Joan Jett, Madonna and Aretha Franklin.
The interactive exhibit features more than 70 artists and fills
two museum floors.
Cleveland
National
Air Show
Sept. 3-5
(216) 781-0747
Burke Lakefront Airport
1501 North Marginal Rd.
Cleveland, OH 44114
www.clevelandairshow.com
This year’s air show will
feature the U.S. Air Force
Thunderbirds, which will
fly a choreographed
hour-long performance
at the conclusion of each
day’s show. The event
also features Jim “Fang”
Maroney performing
aerobatics in his “Super”
Chipmunk, a modified
former Canadian Air
Force trainer, U.S.
military jets, interactive
and educational displays,
photo opportunities,
food and more.
MeritMatters • 5
business matters >>>
Creating Cleveland’s
hot spots
MRN Ltd. develops high-profile, trendy neighborhoods
6 • MeritMatters
I can’t imagine
a community
responding
the same as
what we’ve
experienced in
Cleveland.
– Ari Maron
became more complex, Rick Maron’s vision evolved into
developing East Fourth Street himself, and MRN, with assistance from the City of Cleveland, began the arduous task
of negotiating with 250 owners to buy their properties.
MRN also faced limited access to capital during the
economic downturn. However, Maron says the project still
succeeded in part because of local support.
“We really leveraged community resources. It is truly a
community project,” he explains. “Both the City of Cleveland
and several nonprofits, including the Historic Gateway Neighborhood, the Downtown Cleveland Alliance and the Greater
Cleveland Partnership, helped support us both in terms of
advocating for the project and financially. FirstMerit helped
with financing both housing and retail construction. We also
received some federal and state historical tax credits.”
Today, the neighborhood is receiving rave reviews. The
New York Times called the project the “jewel of the entertainment district.” It’s a mixed-use district, supporting 322
apartments, and entertainment establishments such as the
comedy club, Hilarities, and the bowling alley, bar and grill,
Corner Alley. It is home to restaurants such as Saigon, Flannery’s Pub and more.
Maron says MRN Ltd. saw real opportunity with East
Fourth Street. “We’ve really developed it to be a unique
destination as both a neighborhood and destination for
visitors,” he says. “It has architectural quality – the buildings
are very beautiful, and it’s a very intimate space. There’s a
direct connection to the ballparks, Euclid Avenue and the
downtown office population.
“And when you look at what people, especially younger
photos courtesy: MRN Ltd.
S
ince Rick Maron founded MRN Ltd. in Cleveland more than 30 years ago, the development
firm has grown to lead some of the most influential projects in the city.
Walk below the strings of twinkle lights that hang above
East Fourth Street to experience one of the hottest dining,
entertainment and residential districts in Cleveland. Head
a few miles east to witness the transformation of the Tudor
Arms Hotel at University Circle into a 157-room Doubletree Hotel. From there, head to Uptown, a local development of residential living, shopping and dining establishments along Euclid Avenue. They all involve MRN – a
company that never thought about leaving the city.
Ari Maron, son of the founder, says all the partners in
MRN – including himself, his father and his brother Jori –
live in Cleveland. “My parents live downtown. I live on East
Fourth Street, and Jori lives in Ohio City. This is our city and
our community. We have a huge opportunity to create places
in our city that people can be excited about – vibrant places
that any city across the country would love to have that are
located right here in Cleveland. From our standpoint, it’s exciting and an honor to be part of moving this city forward.”
One of the biggest undertakings at MRN is working on
two of the most high-profile districts – downtown and University Circle.
“What we’re trying to do at MRN is connect our communities to these fabulous, first-class institutions,” Maron
says. “And we’ve gotten so much community support. Every
time we begin working on a new project, all different sectors
of the community are excited about making it a reality.
We’ve done a little bit of work with folks in other communities, but I can’t imagine a community responding the same
as what we’ve experienced in Cleveland.”
One of the most well-received projects is MRN’s East
Fourth Street work. For more than a decade, MRN renovated 15 historic buildings in the neighborhood, including
the historic Buckeye Building at Prospect Avenue and East
Fourth Street. Rick Maron purchased the property years
before his sons joined the business with the belief that other
developers would buy and renovate nearby buildings to create a destination neighborhood.
It was a visionary move given that most of the upper
floors of East Fourth Street’s buildings were vacant and
the retail space was underutilized. As the project grew and
By danielle toth
MeritMatters • 7
people and empty nesters, are looking for in terms of
housing now in the 21st century, many are looking for that
mixed-use, vibrant, urban sort of neighborhood. And we’ve
hopefully helped prove that’s something very viable in
downtown Cleveland,” Maron says.
MRN also is working east of downtown on the $150
million Uptown project, another mixed-use neighborhood
along Euclid Avenue near Mayfield Road in University
Circle, which is home to University Hospitals, Case Western
Reserve University and many of the city’s cultural institutions. Upon completion, Uptown will feature more than
100 luxury apartments and lofts for medical professionals,
graduate students and professors who will live above firstfloor businesses and restaurants.
Anticipated for more than five years, the project has
been delayed and evolved as the economy took a hit.
However, the first $44.5 million phase of the project broke
ground about a year ago. MRN envisions Uptown as an arts
and entertainment district, becoming the new home for the
Museum of Contemporary Art Cleveland this fall and the
expansion site for the Cleveland Institute of Art.
The area will include a Barnes and Noble, which will double as a campus bookstore for Case Western Reserve University, and an entertainment alley between a new building and
the university’s Triangle apartment towers, lined with sidewalk
cafés and bars for a cool, urban vibe, Maron explains.
“It’s really going to be a place to live, dine and shop, which
historically the Circle hasn’t had much of,” he says. “We got
involved with the project almost five years ago after responding to a request for proposal and really thought we could add
a lot to the project. All of the buildings are currently under
construction and are scheduled to open this fall.
8 • MeritMatters
“It’s a neighborhood within walking distance of public
transportation and significant parts of the city. It’s meant to
make University Circle a great place to live and hang out.”
Funding for the project again came from multiple
sources, including FirstMerit, the Cleveland and Gund
foundations, Village Capital Corp. of Cleveland and the
City of Cleveland. The project also received new market
tax credits from Enterprise Community Investment and
Cleveland Development Advisors, an affiliate of the Greater
Cleveland Partnership.
While the East Fourth Street and Uptown projects share
many similarities, they differ in that Uptown is mainly new
construction with more modern, trendy architecture while
East Fourth involved preserving historical buildings with a
completely different architectural feel, Maron says.
MRN has no plans to rest as Uptown begins to open. It
will continue developing that project as well as working west
of downtown to renovate the 110,000-square-foot, ninestory United Bank Building on West 25th Street and Lorain
Avenue in Ohio City. Tenants of the building include
Penzeys Spices; Room Service, a lifestyle boutique that sells
home accessories, stationery, jewelry, wall art and more;
Salty Not Sweet, a boutique that sells jewelry, clothing,
soap, candles and more; and the popular Crop Bar & Bistro,
which is moving to the larger space from its downtown site.
“We’ve really got our hands filled with our real estate
development work,” Maron explains. “It’s a nice niche that
we’ve carved out in terms of creating neighborhoods in the
city, and it’s still very exciting to us.” u
To learn more about MRN Ltd., call Ari Maron at
(216) 470-3801.
Would a business
magazine be so engaging
if each business had
the same story?
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.
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
Br oc k l e hu rs t
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.
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.
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
Tony Panzica,
President and
CEO of Panzica
Construction
24 • MeritMatters
forecast
for
cleveland:
hot
Renovations and new developments
surpass billion-dollar mark
By danielle toth
photo of panzica (left), art museum (far left): Jim baron
“H
ot in Cleveland” raised the city’s profile from
a television perspective, but it doesn’t even
touch on what really makes the city hot. Geography, culture, education, business and sports all combine
to make Cleveland an attractive place to live, work and play.
Development abounds, from East Fourth Street’s entertainment district to the renovation of the Cleveland Art
Museum, the new downtown casino and Flats development
project. Development even extends to capturing the power
of the winds that blow over Lake Erie.
“It’s hot to live in Cleveland because we are recognized
as one of the most livable cities with a low cost of living
and walkable neighborhoods,” Mayor Frank Jackson says.
“We are also home to a world-class orchestra, world-class
medical facilities, major league sports teams within walking
distance of each other, museums and plenty of entertainment venues and restaurants throughout the city.”
Businesses of all sizes, from small businesses to Fortune
500 companies, know that Cleveland is a great place from
which to operate.
“Cleveland has a strong base of skilled workers and a
connection to the global market,” Jackson says. “We have
good transportation systems creating a lifeline to commerce,
and we are home to emerging businesses in the health
services, biotechnology and clean-tech sectors.”
Building on the city
Panzica Construction Co. started in 1956 as a small carpentry firm in Cleveland and has become one of the top construction management, contracting and design/build firms
in Northeast Ohio. The company established its Cleveland
base because Founder Nacy Panzica and his family lived
there. However, the company has stayed because Cleveland
is not only a great place to live but to run a business.
“Most businesses are successful because they’ve built on
their relationships, and that’s why Cleveland is very good for
us,” says Tony Panzica, Owner, President and CEO of
Panzica Construction Co. “It is actually a very small town
when it comes to networking and knowing people. We’ve
gotten involved in charitable events and extracurricular
activities where we’ve met people over time and built relationships that have turned into business opportunities.”
MeritMatters • 25
Panzica Construction’s name has graced
the outside of many Cleveland institutions
under construction or renovation, including
Severance Hall, Great Lakes Science Center, PlayhouseSquare and The Plain Dealer.
More recently, the Cleveland Museum of
Art’s $350 million expansion and renovation
has been on Panzica’s project list. The first
phase of the project, the East Wing, was completed in June 2009, and the second phase is
expected to finish by the end of 2012, Panzica
says. Once the second phase is complete, the
museum will have grown its floor space by
170,000 square feet to 559,000 square feet.
The first phase included installing new
heating, ventilation, plumbing, wiring and
communication systems built around a new
central utility plant, newly renovated galleries
on the main level of the original 1916 building and renovations to the Breuer building,
which serves as the museum’s educational
home. The second phase underway includes
a second gallery wing and a glass atrium.
The project is challenging, Panzica says,
because his team has been working with such
an old and historic building, about which
there is little information.
“It is a challenge in that it is a very
involved construction project with many
phases and we need to make sure the operation of the museum on a day-to-day basis is
not disrupted,” he says. “That requires careful planning and good communication.
“We also need to be conscious of the
different building components,” Panzica
explains. “All of the museum’s new construction took place around the original
building. We needed to marry together the
new construction and old construction to
make everything look original.”
Panzica Construction went through a
careful selection process to make sure the
materials used for new construction worked
in harmony with the materials used in 1916.
“The owner, architects and our staff were
very involved in this process, and they did
26 • MeritMatters
Once the
a wonderful job,” Panzica says.
second
Panzica Construcphase is
tion has worked on
the Cleveland Art
complete,
Museum project with
the museum
world-renowned
will have
architect Rafael
Vinoly of Rafael Vigrown its
noly Architects. The
floor space
Uruguay-born architect has worked on
by 170,000
buildings around the
square feet
globe, including the
to 559,000
Brooklyn Children’s
Museum in New York,
square feet.
the Tokyo International Forum in Japan
tra continue to operate.”
and the Jongno Tower
Because both the Cleveland Museum of
in South Korea.
Art and Severance Hall projects involved
“It has been a wonderful experience,”
historic structures, Panzica Construction took
Panzica says. “He’s a very talented architect
special precautions. It documented existing
and has a wonderful vision. Our goal is to
conditions through video and photos that
carry out that vision so the final results of
were used post-construction to ensure the
the museum achieve the goals the museum
conditions remained undisturbed. It also proboard has outlined.”
tected areas surrounding the construction by
Panzica Construction is no stranger to
either covering them or building temporary
University Circle’s cultural institutions. It
walls to shield them from dust and dirt, as
worked on the Severance Hall renovation
well as controlling environmental conditions.
project that was completed in 2000. That
Panzica Construction isn’t just committed
included the construction of an addition to
to Cleveland’s cultural institutions. Recent
the rear of the hall comprising about 39,000
square feet and the renovation and restoration projects include the $25 million University
Hospitals Center for Emergency Medicine
of about 42,000 square feet of existing space.
“This project was interesting because the and the expansion at Cuyahoga Community
Cleveland Orchestra still needed to rehearse College East. And Panzica Construction isn’t
limited by geography. It works on projects
during the construction,” Panzica recalls.
in other states, including South Carolina,
“So we employed a red, yellow and green
Indiana and Pennsylvania.
light system. When the light was red, we
“It has truly been an honor to work on so
couldn’t make any noise so the orchestra
many important projects in Cleveland,” Pancould rehearse unencumbered. When it
zica says. “When I think about my time in the
was yellow, we could make minimal noise
construction industry, I am truly honored to
but needed to be fairly quiet. When it was
have the opportunity to work with such wongreen, we could do any kind of work.
derful clients on many historic and meaning“It worked very well because it let us
ful projects in the Cleveland community.”
continue with construction and the orches-
Facts About Lake Erie
•Glacial ice carved out the Great Lakes between 1 million
and 12,600 years ago. Lake Erie was one of the first
Great Lakes to be uncovered during the ice’s retreat.
•The oldest rocks that carved the Lake Erie basin are
about 400 million years old and formed in a tropical
ocean reef environment.
•Lake Erie is the twelfth largest lake in the world in area.
•Lake Erie’s border includes four states (New York,
Pennsylvania, Ohio and Michigan) and one Canadian
Province (Ontario).
•Lake Erie is about 241 miles long, about 57 miles wide
at its widest and has about 871 miles of shoreline.
•The maximum depth is 210 feet.
•Lake Erie feeds water to Niagara Falls.
- Source: Ohio Department of Natural Resources
Developing the future
The project list for Cleveland is long. In addition to the work in which Panzica Construction is involved, the city has and will see over
the next few years significant development.
Once a popular night-time hot spot, the temperature is rising again in the Flats as construction progresses on the $275 million first
phase of a project that will include offices,
restaurants and nightclubs by 2013. A second
phase will add housing and retail space.
Along the city’s main corridor of Euclid
Avenue, RTA’s Healthline, a $200 million
rapid transit bus line, rumbles, recently transporting its millionth rider between downtown
and University Circle. Downtown construction is visible to anyone driving along Route
2 or Lakeside Avenue with the building of
the $465 million Cleveland Medical Mart
& Convention Center, which will feature
permanent showrooms for major medical
manufacturers and service providers, a trade
show facility and conference center space.
The existing medical community is also
expanding. University Hospitals recently
opened its Seidman Cancer Center, a $260
million, 375,000-square-foot advanced technology hospital, and the Cleveland Clinic is
opening the $97 million Twinsburg Health
and Family Surgery Center.
As development projects total in the billions of dollars, Cleveland draws even more
attention from outsiders as well as renewed
appreciation from businesses that have been
here awhile. Jeanne Coughlin, President
of The Coughlin Group, Inc. and board
member of the Greater Cleveland Partnership, says she has found Cleveland to be an
outstanding environment for businesses.
“I am originally from Lakewood, but
after college I moved to other cities
because of job assignments,” Coughlin
says. “After living elsewhere, I came to
appreciate what a great environment
Northeast Ohio provides both for starting
a business and growing a family. Organizations like COSE and the Greater Cleveland Partnership provide strong support
services for small businesses.”
Darrin Fleming, Managing Director of
Stratavant, which provides marketing for
business-to-business companies, agrees. “A
lot of businesses care about the area and the
state of small business,” says Fleming who
also serves as a COSE board member.
Growing in the wind
Cleveland’s prime location on Lake Erie is
an asset on many levels. The lake’s strong
wind resource is another, which can be converted into economic opportunity, leveraging the region’s skilled manufacturers and
existing maritime infrastructure. A spin-off
of a Cuyahoga County task force, Lake
Erie Energy Development Corp. (LEEDCo)
is a non-profit organization created as the
business vehicle to advance efforts to build
Ohio’s offshore wind energy industry.
LEEDCo already is working on a
20-megawatt pilot project with an eye
toward building a robust offshore industry
that could generate 8,000 jobs, $22.6 billion
in sales and almost $587 million in public
revenue, according to a recent study commissioned by NorTech. While the United
States is only beginning its offshore wind
industry, globally, offshore wind investment
is expected to reach more than $250 billion
in investment by 2020.
As a regional engine for economic
development, LEEDCo directly represents
Ashtabula, Cuyahoga, Lake and Lorain
counties in addition to the city of Cleveland,
NorTech and the Cleveland Foundation.
“Offshore wind installations will benefit
Northeast Ohio by increasing commercial
and industrial activity, a historical strength
and infrastructure asset, yet under-subscribed in terms of economic productivity,”
says Donny Davis, who handles community
relations for LEEDCo.
He notes Ohio’s existing manufacturers
already are taking advantage of the emerging opportunity. They employ more than
7,500 people in the engineering, design and
production of wind turbine components
that are exported around the world.
With regional support, LEEDCo will
work to grow the multi-dimensional initiative to full capacity, which includes job and
market development, port revitalization,
research, supply-chain procurement and
educational outreach.
“As the most mature project in the Great
Lakes, and largely the U.S., LEEDCo has
made significant strides toward positioning
Ohio as the regional hub for the emerging
offshore wind industry – a source of clean
energy, jobs, investment and even exports,”
Davis says.
“Northeast Ohio’s experience in these
areas is an historical asset that will greatly
benefit from the emergence of offshore
wind energy in the region,” Davis says. u
MeritMatters • 27
community >>>
Growing more
than plants
Green Corps harvests high school students’ work, leadership skills
28 • MeritMatters
photos courtesy of Cleveland Botanical garden
C
leveland Botanical Garden offers much more than
the lush vegetation inside its 10-acre visitor center in
University Circle. It also provides an opportunity for
high school students to learn about gardening and agriculture
as they plant, weed, prune, harvest and sell produce through
the garden’s Green Corps work-study program that began in
1996.
Participants work primarily in the summer, but some work
after school and weekends during the fall and spring. Green
Corps students can earn college credit through Cuyahoga
Community College.
“The program serves the community with multiple services in the form of education and formal training for high
school students,” says Natalie Ronayne, Executive Director
of Cleveland Botanical Garden. “The students can take the
knowledge they gain and use it in their own homes. The
program is really about young people taking ownership for
the betterment of their future and neighborhood. It creates a
ripple effect that extends well beyond our acres of land.”
Students come mainly from the Cleveland Metropolitan School District, but some attend through private and
independent schools and first-ring suburbs as well, says Jesus
Sanchez, Green Corps Director. The students are diverse in
both race and academic background and need not have an
interest in pursuing agriculture or gardening as a career.
“We have an application process each year,” Sanchez
says. “In February, I send out applications and information to
schools and programs involved with high school youth. The
deadline is usually the end of March. There is no set criteria
for an applicant to meet; we’re really just looking for youth
that are willing to work and earn their pay while learning
some new things.”
As the applications come in, Sanchez reviews them with
the site managers who lead the six farming sites.
After the applicant review, students come in for interviews,
and Sanchez makes the selections. This year, 60 youth will
participate – 30 of whom already have Green Corps experience. Returning students are able to come back based on
their past performance – interpersonal skills, work ethic and
initiative – as identified by the site managers.
Students follow the pre-determined planting schedule
for their assigned site. In addition, each student receives an
individual plot to plant whatever he or she wants. The Cleveland Botanical Garden provides the seeds and seedlings, and
students can take their harvest home to their families.
The produce from the neighborhood farms is sold at the
individual sites as well as offsite farmers’ markets. Students
also make and sell Ripe from Downtown-brand salsa. The
money earned from the community sales helps fund Green
Corps, contributing approximately 7 percent of the total
operating budget, Ronayne says. The other 90-plus percent
comes from grants and donations.
“While students are at the farmers’ markets, they have
the opportunity to walk around and talk to the other farmers,” Sanchez says. One Green Corps student spoke to a
farmer who breeds his own peppers. “The student was
amazed by how this farmer was able to breed the peppers
and get different colors. He was so fascinated that he did
research on his own. Learning that knowledge and sharing it with others is one of the many great things about this
program,” Sanchez says.
In addition to working in the gardens, students learn
through a variety of Cleveland Botanical Garden partnerships. Cleveland Clinic outreach educators host workshops
to teach about nutrition and wellness, and area chefs teach
culinary skills.
“There is no shortage of love for Green Corps in the community,” Ronayne says. “We’ve had programs on everything
from self-esteem to business, financial literacy, landscaping,
architecture and more. We try to bring a wide variety of
things for the students to learn and build up their general
skills and knowledge.”
In the future, Ronayne says she hopes to grow sales of
produce and salsa to make up 20 percent of the Green Corps
budget. While it is a lofty goal, she says it is possible.
“It would be a coup because nationally, the most organizations like this earn is 11 percent of their budget,” she
says. “We’d be almost doubling that. But if we maximize our
current sites as much as possible and extend our product line
beyond salsa to pestos and honeys, we could add money to
our earned revenue. I also think reaching that 20-percent goal
would show funders and investors we appreciate the value of
their dollars by doing what we can to raise our own funding.”
Green Corps is looking to create a headquarters with
plans to extend the program year-round, although it wants to
remain close to the farming sites. But the program’s primary
goal remains: to teach students work and life skills.
“We really emphasize showing up to work on time, follow-
The program is
really about
young people
taking ownership for the
betterment of
their future and
neighborhood.
ing a schedule, working with others and diversity,” Sanchez
explains. “We aim to give students that knowledge so if they
wanted to grow their own food, they would be able to design
a small plot or maintain their own vegetable garden. We also
connect it back to what they’re learning in school with Ohio
Academic Content Standards. There are so many benefits the
youth get from participating.”
Ronayne agrees. “We are hopefully creating a new generation with sensitivity to the community, Earth and what we put
into our bodies,” she says. “Even if the students don’t go into
environmental science, we hope they will have an appreciation for stewardship and conservation issues.” u
To learn more about the Cleveland Botanical Garden
and Green Corps, visit http://www.cbgarden.org/
green_corps.html.
MeritMatters • 29
employee focus >>>
returning to roots
Giving back to children in Slavic Village
For Paula Jagelewski, Vice President and Client Advisor
for FirstMerit Wealth Management Services, volunteering
at the Villa Montessori Center in Cleveland’s Slavic Village
came naturally.
“My mother grew up in Slavic Village and so did my
husband, Chris. He and I lived there when we were first
married,” she says. “A friend of mine knew this and asked
me to join a committee for the strategic planning of Villa
Montessori Center. Slavic Village has a special place in
my family history and my heart.”
You’ve been a board member for six years and chair
the center’s development committee. What do these
roles entail?
As a board member, part of my job is to spread the word
about the school and the wonderful things happening
here. The news media will tell you about the bad things
happening in Slavic Village – it has been called ground
zero for the foreclosure crisis in our country. It has many
of the problems inherent to living in an urban area, such
as crime and poverty. But the Villa Montessori Center is a
place where more than 600 preschool and kindergarten
children have received a strong academic start. It provides a safe, caring and educational environment.
The development committee works year-round to
generate funding. Seventy percent of our students live
at or below the federal poverty level, and our tuition is
assessed on a sliding scale based on a family’s household
income. We depend on individual and corporate gifts,
charitable grants and fundraising efforts. You helped with the school’s Sweet 16 Tuition
Assistance Gala. How did that go?
The development committee decided to celebrate the
school’s 16th anniversary with a fundraising dinner. We
invited friends, family and past donors to the gala at Catered Elegance in April. The guests enjoyed a delicious
dinner, silent auction and raffle. They had the chance to
purchase garden stepping stones made by our children
30 • MeritMatters
Villa Montessori Center
students out on an
Earth Day expedition.
Inset: Paula Jagelewski
and to have pictures taken in a photo booth. We raised a
little more than $16,000 to help with tuition payments.
This is the first time Villa Montessori has ever asked for
sponsors to help meet the cost of a charitable event. FirstMerit has a branch in Slavic Village, and the FirstMerit
Foundation was one of the sponsors of the gala. What do you like most about volunteering?
I like to volunteer where I can see that my efforts are
making a difference. I am not able to volunteer with the
children during the school day, but I know how much
education means to our children and their families. If I
can spend my time and energy helping to make a quality
education accessible to our children, it makes me feel
that I am having a real impact on a few lives. Where is your favorite little-known Cleveland
hot spot?
The Rockefeller Park Greenhouse. My husband was a
horticulturalist at the greenhouse for 19 years. It is a great
breath of summer during the long winter and cold spring
months in Cleveland. u
For help with your banking needs, contact Paula at
(440) 329-3430 or [email protected].
photos courtesy of villa montessori center
What does a Villa Montessori Center education mean?
Montessori education puts a high importance on order
and self-discipline in achieving success in learning, and
a student’s ability to choose lessons assures interest in
that lesson. It also believes a prepared environment is
essential to the progressive learning for children during
their development and growth especially at this early
childhood level.
Only by knowing your
retirement plans can we
honestly say, “keep working”
or “start golfing.”
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.”
To learn more,
stop by your local Firstmerit Branch
and ask for your Financial advisor,
or call 800-627-1289 for more information.
Persona l
Business
commerci a l
w e a lT h
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
Not a deposit; Not insured by any federal or state government agency
prsrt std
u s postage
paid
Harrisburg, PA
permit no 149
101 W Prospect Ave, Suite 350
Cleveland, OH 44115
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.
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hot times in the city

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