ann arbor area BUSINESS MONTHLY

ann arbor area
BUSINESS MONTHLY
Volume 12, No. 3
May 2016
$2.00
• ann arbor • chelsea • dexter • manchester • milan • saline • whitmore lake • ypsilanti
Toyota To Open National
Research Facility In Ann Arbor
By Duane Ramsey
Pretzel Bell
Is Back In
Downtown
Ann Arbor
– Page 6
Tax Cuts Beat
Selective Favors
In Boosting
Economic Growth
– Page 7
Toyota Technical and Supply Centers South of Ann Arbor.
the TRI facility established last
January in Palo Alto, working
with Stanford (TRI-PAL), and
in Cambridge working with MIT
(TRI-CAM).
TRI-ANN is the third
research facility established by
Toyota in the area, joining its two
technical centers in Ann Arbor
and York Township. The facility
will be located in an existing
building on Green Road, near the
UMTRI/ MTC campus.
The Toyota Technical Centers
have been conducting research
in the area of autonomous cars
for more than a decade. A group
of about 15 team members will
transfer to the new TRI-ANN
facility when it opens in June.
Additional people will be
hired or relocated as needed to
complete the staff there.
“The team at TRI-ANN will
be primarily focused on fullyautonomous vehicle research,”
Toyota Ann Arbor
(Continued Page 3)
Area Business Growth Equals
Less Office Space Available
By David and Margaret Baker
Ann Arbor’s commercial real
estate market is growing. Vacancy
rates for office and flex space are
generally heading down, and this
tightening of vacancy rates can
be largely attributed to business
growth and related increased
ann arbor area BUSINESS MONTHLY
P. O. Box 460
Hamburg, MI 48139-0460
Dr. Gill Pratt, CEO of the
Toyota Research Institute (TRI),
recently announced that Toyota
will establish its third TRI facility
in the U.S. located in Ann Arbor,
near the University of Michigan
(U-M) campus. The new
facility (known as TRI-ANN)
is scheduled to open in June
with a staff of approximately 50
employees.
“Beyond the extraordinary
work that U-M is doing broadly
in advancing automotive safety
research - and in autonomous
driving, in particular - Toyota
has deep roots in the Ann Arbor
community,” stated Pratt in
keynote remarks he delivered at
the GPU (Graphics Processing
Unit) Technology Conference in
California last month.
“TRI was drawn to Ann
Arbor because of the strength
of the university; the utility
of Mcity and the Mobility
Transformation Center which we
currently sponsor; the promise of
the future American Center for
Mobility at Willow Run; and the
proximity to, and synergies with,
our two well-established Toyota
Technical Centers nearby,” Pratt
explained.
Toyota will fund research
in artificial intelligence, robotics
and materials science, joining
INSIDE:
employment.
For
business
owners, this means you should
plan ahead for increased lease
costs. For real estate investors,
this may be a good time to
explore investment options in the
Ann Arbor commercial real estate
market.
This shrinking vacancy can
be attributed to company growth
and increased employment in the
Ann Arbor area. In fact, Michigan
overall has seen significant
job growth. The University of
Michigan Research Seminar in
Quantitative Economics (RSQE)
publishes an annual economic
Office Space
(Continued Page 4)
Small Business
& The Internet
By Mike Gould
“Crowd Funding”
– Page 8
Business Briefs
– Pages 9-11
TD Ameritrade
To Invest
$5.75 Million,
Create 75 Jobs
In Ann Arbor
– Page 12
Place Your
Advertising
Where Businesses
Are Reading––
In the Pages of
ann arbor area
BUSINESS MONTHLY
June 2016
Deadline is
May 23
July 2015
Deadline is
June 24
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2 – May 2016, ann arbor area BUSINESS MONTHLY
Volume 12, No. 3
May 2016
ann arbor area
BUSINESS MONTHLY
©2016 ann arbor area
BUSINESS MONTHLY LLC
All Rights Reserved
Publisher: Jan Taylor
[email protected]
Editor:
James Taylor
[email protected]
Advertising:
Jan Taylor
James Taylor
James Crichton
Writers:
Mike Gould
Duane Ramsey
David & Margaret Baker
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Advertising - 20th of
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ann arbor area
BUSINESS MONTHLY
P O. Box 460
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734/769-0939 & 810/2313038
website:
www.annarborbusiness
magazine.com
Items for the Business Events
Calendar can be emailed
by the 20th of the month
prior to publication month to:
[email protected]
Business Events Calendar:
May Events
May 21 - Sat.
Visit www.annarborscore.com
to register for any of the SCORE
business workshops, webinars
or events offered each month
in Ann Arbor and surrounding
locations or to schedule a free
meeting with a mentor. Ann
Arbor SCORE provides confidential business counseling
and support for start-ups and
existing businesses at any life
cycle stage.
The American Business Women’s Association (Maia Chapter,
Ann Arbor). Program: Women’s
Leadership Day At Stephen M.
Ross School of Business, U-M,
701 Tappan Ave., Ann Arbor. 9
a.m. to 3 p.m. Admission $65.
Breakout Sessions and keynote
speaker Lisa Montross, ABWA
National President.
Go to
http://abwa-maia.org/regform.
html. for Registrtion Form.
Space is limited, reserve early.
May 19 - Thurs.
New Enterprise Forum: Pitch
Pit Forum. Training entrepreneurs on how to present to
investors is what we do best.
Learn what is important to
communicate and what not to
do. Ask questions, keep pace
with technology and connect
with resources by attending. 5
to 7:30 p.m. Free admission.
At SPARK, 330 E. Liberty, lower
level, Ann Arbor. Details and
reservations at http://New EnterpriseForum.org.
May 26 - Thurs.
Deadline to place your sales
message in the June 2016 issue
of ann arbor area BUSINESS
MONTHLY (BIZ MO). For ad
information for every advertising budget, call 734/769-0939
or 810/231-3038 or email:
[email protected]
A2Y Chamber
Events
Visit www.a2ychamber.org
for all the latest Chamber
news.
May 26 - Thurs.
Institute of Management Accountants, Ann Arbor
Chapter, a regional management accountants as
well as C-level types meeting for food, fellowship,
and career enhancement.
The chapter of 200
members is part of a global accounting association. Speaker: Jeffrey Hengeveld, Plunkett Cooney
- “Accounting and Financial Ethics.” Meeting at
Carlyle Grill, 3660 Jackson Rd., Ann Arbor. 5:30
to 6:45 p.m. Dinner and speaker 6:50-8:30 p.m.
$25 includes both sessions and dinner. RSVP to
[email protected] or call 734/222-6681. (12 CPE’s)
Next meeting Sept. 15
ann arbor area BUSINESS MONTHLY, May 2016 – 3
Toyota Ann Arbor
(From Page 1)
stated Brian Watkins, manager of
External Affairs for the TTC.
U-M
Professors
Ryan
Eustice and Edwin Olson are
joining TRI-ANN as the area
leads for mapping/localization
and perception, respectively.
Both will be based at the Ann
Arbor office, and will retain their
U-M faculty positions, according
to Toyota.
“Sensor
hardware
and
algorithms are improving at a
tremendous pace. TRI researchers
will push the frontier even further,
with the goal of providing safer
vehicles and more helpful robots
in the home,” Olson stated.
“Ann Arbor is a fantastic
location for TRI to expand its
autonomous driving efforts.
We will benefit from Toyota’s
existing team and U-M’s research
talent and facilities where we can
perform extreme-limit testing in
a wide variety of environments,”
Eustice added.
The
Toyota
Research
Institute is an enterprise designed
to bridge the gap between
fundamental research and product
development with initial funding
of $1 billion.
Although the focus of each
of the three strategically located
facilities will be broad, each
will feature a different core
discipline. TRI-ANN will focus
primarily on fully autonomous
(chauffeured) driving.
Beyond the projects it
will engage in with the three
universities (U-M, Stanford and
MIT), TRI is enthusiastically
pursuing collaboration with
other automakers, IT companies,
suppliers, research labs and
universities to jointly develop
autonomous
technologies,
according to Pratt.
Expansion at the TTC in
York Township is well underway,
according to Watkins.
The
addition
to
the
existing building will house
the supplier center as well as
office and workspace for the
purchasing department which is
being relocated from Erlanger,
Kentucky. An additional facility
being constructed to the east of
the main building will house
the
prototype
development
operations.
When completed in late
2016, the two new structures will
provide an additional 390,000
square feet, reported Watkins.
Once completed, the facilities
will be home to a total of
approximately 1,400 employees.
“This region is moving full
speed ahead in staking a strong
leadership position in the future
of automotive technology,” stated
Paul Krutko, president and CEO
of Ann Arbor SPARK. “Toyota’s
longstanding commitment and
support for existing mobility
research in the Ann Arbor region
is foundational to our future
success.”
“Additionally, the approval
by the state to create the
American Center for Mobility
is encouraging companies like
Toyota to make new investment
and create jobs here through
initiatives like the new Toyota
Research Institute. Ann Arbor
SPARK has worked with Toyota
every step of the way along
its growth path, with business
development and site location
support, and will continue to
support
future
expansion.”
Krutko added. ■
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2016
4 – May 2016, ann arbor area BUSINESS MONTHLY
Office Space
(From Page 3)
forecast for Michigan using what
they call the Michigan Model. In
the most recent forecast released
last month, RSQE Director
George A. Fulton highlights
Michigan’s employment growth.
“Michigan is in its seventh
year of economic recovery,” says
Fulton, “having created 445,000
jobs from the previous recession’s
low point in the summer of 2009
to the closing quarter of 2015,
averaging 71,200 job additions
per year.” In 2015, Fulton
estimates that almost 70,000 net
new Michigan jobs were added,
with a significant 3% growth
boost coming in the fourth quarter
of 2015.
Fulton and his team see
Michigan employment growth
continuing for at least two more
years, albeit at a slower pace.
While 2016 net new employment
is expected to be 73,200, 2017 is
projected to slip to 56,000 net new
jobs. So we can expect slower
growth, but growth nonetheless.
To better understand these
Ann Arbor vacancy trends,
employment trends, and the
ramifications for Ann Arbor
Area business owners, we sat
down with the team at Oxford
Companies. Our roundtable
discussion included four members
of the Oxford Companies team:
• Jeff Hauptman, CEO
of Oxford Companies, serves
as managing member to several
investment partnerships with
hundreds of investors.
• Nick Zagar, Director
of Oxford Commercial, conducts
all the commercial leasing for
Oxford Commercial.
• Alex
Perlman,
Associate Director, focuses
on brokerage for Oxford
Commercial, Andrew Selinger,
Investment Analyst, performs
market research and financial
analysis to determine business
opportunities.
Oxford Companies is an
Ann Arbor-based, full-service
real estate company with more
than 15 years of experience
investing in the greater Ann
Arbor area. Oxford Companies’
60 professionals offer leasing,
property
management,
construction, and investment
michiginn...
get innto earning
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services to tenants, owners, and
investors. What follows are some
thoughts from the Oxford team
on the commercial office space
market in Ann Arbor.
Q: Where are we today
with commercial office space
demand in the Ann Arbor
area?
Hauptman
We first went into a tenant’s
market back when the bubble
burst in 2001. While the rest of
the country recovered in 2004
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through 2007, this area did not.
The Ann Arbor area remained a
tenant’s market for an extended
period of time, driving rents
down. Even though we are fairly
insulated in Ann Arbor, a lot
of the continued tenant market
stems from the effect of the slow
auto industry. A number of thirdparty
suppliers—technicians,
engineers, other auto supplier
companies, etc.—suffered during
that time and have not really
recovered until now. So, as far as
we know, we’ve had the longest
tenant market in the history of
Ann Arbor.
Today, the vacancy rate for
Ann Arbor is near the best point
at which we’ve ever been. We’re
projecting the vacancy rate to
continue to stay low for the next
few years. The total number of
employed people in Ann Arbor is
soon going to be higher than it’s
ever been, and it’s going to keep
going higher for the foreseeable
future. That’s really the driver
behind office space demand.
Selinger
The Ann Arbor metropolitan
statistical area (MSA) is
Washtenaw County, but most of
the jobs are concentrated in Ann
Arbor. Looking at the RSQE
economic forecasts, we can
expect more than 10,000 new
jobs over the next three years.
What we’ve done is adapt this
employment forecast to our own
planning use by breaking down
the job categories into what we
see as jobs that translate into
a person sitting at a desk. This
gives us a sense of the office
market demand.
What we came up was around
5,000 jobs that would require a
desk. In other words, we expect
roughly half of those 10,000
net new jobs projected over the
next three years are people who
are likely sitting at a desk. Our
brokers use a ratio of 200 square
feet per of office space needed
per job. We can use this ratio to
do some basic calculations to
forecast that we may absorb one
million square feet of office space
if the employment forecasts play
out.
Of course, this doesn’t
include new construction or
businesses
relocating
(e.g.,
Google’s relocation) due to lack
of space and high leasing costs,
which are both real possibilities.
Q: What do these vacancy
rates mean for Ann Arbor area
business owners?
Zagar
If you’re a business owner,
here’s how you translate this data
into insight for your business.
Since the market is getting tighter,
vacancy will continue to decrease
and rent prices will continue to
rise. So, consider getting into a
long-term lease and do it as soon
as you can.
Perlman
The rental rate in the South
Ann Arbor area is at the lower
end of the $22-$26 per square
foot range. As you go outside
the freeway belt, you have rents
that go below $22. If you’re
positioning yourself to build
a new building, it would be
unadvised for you to locate it in
an area where you have a high
competition for lower rents.
There continues to be a good deal
of office space supply down near
the airport and near the Saline
area.
Continued Next Page
ann arbor area BUSINESS MONTHLY, May 2016 – 5
From Previous Page
Perlman
Q: Do you consider South
Ann Arbor an option for new
building construction?
Hauptman
Most of the rents in that area
are $22 to $26 per square foot.
Some are below $18 and some
above $30, but the bulk of them
are in the $22-$26 range. You
really need to see a market at the
$32-$33 per square foot to support
a need for a new building.
Zagar
A lot of the buildings on
the South side were built as
flex buildings. The idea behind
the flex building is you can get
dirty in the back, machine the
parts, and use the back door for
deliveries. Meanwhile, in the
front office you do business and
day-to-day transactions. Some of
that parted garage space has been
consolidated since the need for it
isn’t as strong as it was.
These flex buildings have
also started being converted into
office buildings, turning more of
what’s available to useable space
for companies. A lot of what’s on
the South side are these single
story buildings that had garage
doors and truck wells, and those
that are vacant today will continue
to transition to office space today
as long as they can recover the
build-out to turn it into office
space.
Q.What
growth
or
investment opportunities do you
see for Oxford Companies?
Hauptman
We’re buying office space
for far less that it costs to build
new, so for now we can charge
rents below what we think they
will eventually be. That low cost
includes replacing roofs, fixing
parking lots, and doing other
needed renovations. We expect
this to continue for about another
year. We only have a few more
projects that we’re going after,
and then we’re going to stop.
We’re
also looking at
potential
new
construction
projects. One example is at Forest
Cove [near Miller Rd. and M
14]. We think this is an attractive
opportunity for several reasons.
First, from a broad standpoint,
there’s little else in this area in
terms of office space. The office
space at Forest Cove is class A
space, and there is just not much
space like it in that section of Ann
Arbor.
Second, Forest Cove is
100% occupied, so there’s no
vacancy at all. Third, tenants are
already paying a relatively high
price per square foot, so they’re
not far from the price to support
new construction. So, what
we’re looking at is building a
new 30,000 square foot building.
We already have companies
expressing interest, and the
building can be supported.
We’re making a significant
investment in our director-level
positions as well. We brought in
someone who managed for the
largest regional property owners,
we brought in a very talented
controller, and we just hired a
marketing director who oversaw
marketing for a company almost
ten times our size. So, we’re
really growing scale and applying
it to a much more sophisticated
operations team so we can
continue to deliver a better level
of service.
Selinger
We’ve
been
acquiring
properties for 18 years. We
took a bit of a break during the
recession. In 2011, we felt it was
the right time and created the
Ann Arbor Opportunity Fund.
We hadn’t identified any specific
properties, but we realized that
the market was warming up
again and the time was right.
Since then, we have more than
doubled the square footage of
our portfolio. We’re now by far
the biggest commercial property
manager in town. We’ve been
doing acquisitions nonstop since
2011 because we continue to see
the market improve.
We have solid economic
drivers. You have the University
of Michigan, tech and healthcare,
and generally the needed building
blocks of a strong economy. Ann
Arbor unemployment is at 2.9%,
putting it 8th among all 387 MSA’s
in the US. So it’s really playing
out as we thought it would.
Our investors get the Ann Arbor
story. They’re excited by what
we’ve done in the last couple of
years. We are looking at a couple
of acquisitions now and are doing
some fundraising for those. We
are fundraising at a faster rate
than ever before.
Perlman
If you’re a business you’re
realizing that market rent is
going up and space is getting
hard to find. At the same time,
a company like ours is going in
and improving the space. We’re
coming in with the cash to fix
your building and fix the roof.
And, because we’re now by far
the biggest, we have a level of
service and a concentration of
people focused on real estate.
Q: Any final thoughts about
the Ann Arbor area?
Perlman
I’d say that the consequences
for introducing an organization
like
SPARK
has
really
helped develop this growth in
employment. SPARK has done
a phenomenal job making Ann
Arbor, Washtenaw County, and
parts of Livingston Country a
business-friendly environment.
We’re seeing the consequences of
these large employers becoming
magnets for their suppliers or
organizations that are in their
ecosystems. The consequence is
that these companies want to be
near those central hubs, and the
difficulty will be in making it
possible to co-locate near these
central hubs without making it a
huge cost to them.
when buildings are looking
better, when landscaping is being
taken care of, it just brings the
whole town up. This leads to
some of the projects that we’re
going to be undertaking, such
as developing a BIZ zone on the
south side which will improve
all the freeway entrances. These
are the kinds of things we see
happening as the Ann Arbor area
improves.
David A. Baker and Margaret
J. Baker, Ph.D., are partners at
Ann Arbor-based Baker Strategy
Group, a strategy consulting
firm in specializing research and
strategy. ■
Hauptman
With the success of the office
market, you’re seeing landlords
investing more in their spaces,
and it just brings everything up.
When parking lots are repaired,
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6 – May 2016, ann arbor area BUSINESS MONTHLY
Pretzel Bell Is Back In Downtown Ann Arbor
By Duane Ramsey
The Pretzel Bell, a renowned
eatery and gathering place in
years past, apparently has risen
like the phoenix from the ashes
with the opening of the new
establishment with that name in
downtown Ann Arbor April 14.
The new restaurant and sports
bar rings in a new era under the
familiar Pretzel Bell name.
In January, a team of investors
announced plans to open a new
restaurant under the historic
name at the corner of Main and
Liberty, just a short block from
the original Pretzel Bell Building.
The new location was occupied
for many years by The Parthenon
restaurant and more recently by
a Latin-American place called
Lena & Habana.
“This location is at the
epicenter of downtown on the
corner of Main and Liberty,”
said Jon Carlson, one of the
20 partners in the Pretzel Bell
partnership which owns and
operates the business.
“We wanted to respect the
history of the original Pretzel Bell
but didn’t want to copy what they
had. We sat down with the Castor
family, who owned and operated
the original gathering place, and
created a friendship with them,”
Carlson said.
The original Pretzel Bell
was a popular restaurant located
downtown near the U-M campus
owned by Clint Castor and
his family from 1934 until it
closed in 1985. The first floor
of the Pretzel Bell Building at
Liberty and Fourth later housed
the Champion House restaurant
which closed in 2012.
It all started about seven
years ago when the group was
working on a 4-star hotel project
when one of the partners Bruce
Zenkel raised the idea to bring
back the Pretzel Bell, according
to Fritz Seyferth, another member
of the team.
“We knew that was going to
be the next concept and we were
able to pull it off,” Seyferth said.
“We understood and appreciated
the Pretzel Bell and what it meant
to the University and community.
These guys did a great job in
bringing that inspiration to
reality,” said Bruce Elliott, a
local attorney and another partner
in the business.
Seyferth said they didn’t
have to go far to find the right
person to manage the project
since Carlson was his next-door
neighbor and one of the best
restaurateurs in Ann Arbor. A
native of Traverse City and U-M
alum, Carlson has been involved
with the partnership team since
they opened the Grizzly Peak in
1993.
U-M alums and athletes
Seyferth, Elliott, Zenkel, Matt
Grabowski, Dugan Fife and Andy
Mignery, approached fellow U-M
alum and restaurateurs Carlson,
Greg Lobdell and Chet Czaplicka
to work together and reinstate
a legendary establishment for
present and future generations
to enjoy and begin traditions of
their own there.
“We wanted the classic
feel to be authentic working
with the community to obtain
the reclaimed wood from area
basketball courts and stadium
bleachers with memorabilia and
photos from the U-M archives,”
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said Brent Stevens, general
manager of the Pretzel Bell.
Stevens said 140 photos of
campus life taken by university
photographers are displayed in the
restaurant and downstairs lounge.
Renovating the existing interior
took three months of non-stop
planning, design and construction
to bring it to fruition.
They simultaneously worked
on development of the menu
and hiring of staff. Including
management, the Pretzel Bell will
have 80 employees to operate the
business.
The
8,000
square-foot
bar and restaurant will seat
approximately 100 patrons on
the main level and feature a
bar downstairs with seating for
an additional 100. Both floors
invoke a modern feel with a retro
twist and a sports culture theme,
as described by the partners.
The dining room features
comfortable seating for large
and small parties at tables and
cozy booths with a service bar
and open-face kitchen. No matter
where patrons look, they will
have a clear view of sports relics
and large-screen TVs to insure no
one misses the game.
Downstairs features a long,
central bar with plenty of TVs,
seating at low and high-top
tables, a VIP section and private
dining space for up to 15 people.
“The layout allows us to
accommodate a large variety of
patrons at once. Guests seeking
to grab dinner with family
can eat upstairs, while those
looking to enjoy a couple beers
and appetizers can hang out
downstairs,” said Stevens. “Either
way you’ll want to try something
off the food menu. All of our food
is prepared from scratch on-site
Continued Next Page
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ann arbor area BUSINESS MONTHLY, May 2016 – 7
Tax Cuts Beat Selective Favors In
Boosting Economic Growth
From Previous Page
including our homemade breads,
desserts and pastries. We buy our
cheeses, meats and ingredients
from local sources.”
“When it came to the menu,
we focused on quality over
quantity to offer modern comfort
with classic items brought up to
today’s standards,” said Stevens
who has worked in the food and
restaurant business for 20-plus
years.
Executive Chef Neal Diebold
and his staff developed a delicious
assortment of traditional fare
with modern flare and nostalgic
touches. The menu includes eight
sandwiches and eight entrees, four
salads and eight to ten appetizers
to insure the quality they desired.
“Traditions were a huge part
of the original Pretzel Bell and
we wanted to make sure they
were incorporated into the new
restaurant,” said Lobdell, a coowner and partner. “But, rather
than following old traditions,
we’re making our own.”
For example, guests will
receive a commemorative bell
on their birthday. A special for
twenty-first birthdays, the guest’s
first beer is on us and he or she
will take home the pint glass it’s
served in, Lobdell explained.
The Pretzel Bell core
identity includes their purpose
“to create dining experiences that
unite and embrace all corners of
our community to build lasting
relationships and to bring honor
to the tradition of the University
of Michigan.”
Their vision for what they
will become is ‘The Corner
that celebrates and defines The
Michigan experience.” ■
By James M. Hohman
People expect the impossible
from state politicians on
economic matters: “Create Jobs.”
The demand on politicians to
create jobs leads them to throw
taxpayer money at business
projects, though the effort is
counterproductive.
To show that they’ve listened
to the call to create more jobs,
politicians need examples of
businesses that have opened or
hired more people. But business
owners and managers are not
required to report every change
in employment to their local
politicians, let alone tell them
whether the politician’s favored
policies have anything to do with
it.
For the people who hold
office, giving favors to select
businesses is the logical political
response to the call for more
jobs. They can say, “Thanks to
this or that program or law, here
are how many jobs exist in our
community.” So, for example, the
press releases from the Michigan
Economic
Development
Corporation––the administrator
of the state’s benefits to selected
companies––can announce that
in the second quarter of 2015,
projects receiving state assistance
proposed to “create or retain”
4,240 jobs. The announcement
heralding these jobs is valuable
publicity.
But if a project
receiving selective help fizzles
out without the jobs showing up,
that rarely makes the news.
More
importantly,
an
economy doesn’t grow through
press releases, and publicity–
–driven efforts to help it grow
impede what actually works. For
as large as government may seem,
its ability to move the economy
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is actually rather small. It is the
unheralded business gains and
loses that drive the economy.
Across the state, businesses are
constantly adding and shedding
jobs. While the MEDC was
announcing 4,420 jobs, Michigan
gained 222,000 jobs and lost
187,000, according to the latest
data.
So even if the happy
announcements were in fact
fully materialized––which is
not likely to happen––the jobs
would account for 1.9 percent of
jobs recently created. (And the
announcements are not likely to
address any of the reasons for the
187,000 jobs lost.)
Moreover, there is a cost
to those favors that also has an
economic impact. Those jobs
created through the assistance
of the state cost taxpayer dollars
that could have been used for
other purposes or returned to the
taxpayers.
Instead of distributing money
from other taxpayers or bending
the rules for select businesses,
the better strategy is to change
the rules to encourage more
expansions and fewer layoffs.
For instance, taxing the incomes
of Michigan residents––including
business owners––less would
encourage both more expansions
and discourage job loss.
The state has tried both
approving select favors and
improving the overall business
climate. But only broad-based
improvements will improve the
state’s economic prospects.
James M. Hohman is the
assistant director of fiscal policy
at the Mackinac Center for Public
Policy, a research and educational
institute
headquartered
in
■
Midland.
8 – May 2016, ann arbor area BUSINESS MONTHLY
Small Business and the Internet:
by Mike Gould
Crowd Funding
I’m in with the in crowd…
Written by Billy Page,
performed by Dobie Gray 1964
I read with delight that my
buddy Donald Harrison received
funding via KickStarter for his
upcoming documentary film
about Ann Arbor’s Community
High School (Commie High:
The Film). Donald and I have
worked on a couple of videos
together and it is great to see him
making progress on producing
this project. A link to his nowcompleted Kickstarter effort is
below. He raised $53,694 over
the course of a 30-day campaign,
attracting 452 backers.
Two’s Company,
Many’s a Crowd
Crowd funding (CF) is a
means of raising capital for a
project by public investment.
Instead of going to a bank
and borrowing, say, $50K for
a business startup, you go to
Kickstarter (KS) and say: “Look,
folks, I need backers for my
project. If you help me out I
will give you things related to
the project”. The things, called
“rewards”, can consist of tangibles
like postcards, tchotchkes, or
copies of the thing being made,
such as a DVD of a movie,
music album, book, or whatever.
Or a backer can be thanked in a
movie credit roll, CD liner notes,
or a plaque on the wall of a new
business.
The nice thing about this
is that many, many, people can
contribute small sums and if there
are enough backers, these all add
up to enough front money to do
the deal/deed/doohickey.
Everybody takes part, and
everybody
shares
in
the
satisfaction when the project is
funded. If there is not sufficient
interest in raising the project’s
financial goals, maybe the project
needs to be reconsidered, or
maybe a better effort needs to be
made to publicize the fundraising
campaign.
Kickin’ It
Kickstarter (KS) is what
everyone thinks of when you say
“Crowd Funding”.
April 2016 is Kickstarter’s
5th anniversary, and as five years
is about a century in internet
time, we’re talking about a
serious, solid, and established
company here. There are now
others offering similar services:
Patreon, ZipCap (used by one
of the businesswomen below),
Patronicity, and the like. All have
advantages and disadvantages
over KS.
My wife, for instance, is
assisting a disabled friend in the
UK to raise funds via gofundme.
com. This site is aimed more at
the non-profit/scholarship/social
services end of the spectrum,
while KS is business-oriented.
Here there are no deadlines or
limits – if you don’t make your
goal, you can still collect the
money you have raised.
One advantage/disadvantage
of KS is its all-or-nothing
approach: if you don’t make your
goal, you get nothing. According
to Donald, this is an advantage
in that it forces you to be really,
really focused on your campaign.
Theater of Operations
And by campaign, think
military
campaign:
tactics,
strategy, logistics. You can’t just
hang out your KS welcome mat
and expect the internet to beat
a path to your door. Expect an
intensive, other-things-on-hold
sort of operation. You have to do
all the other things involved in
raising money: hit up friends and
relatives, spend hours on email,
go and talk to people, and above
all, leverage your other social
media.
Advertise your ask on the
front page of your website,
Facebook page, twitter feed, and
any other media you have access
to. If you don’t have the above,
create it NOW, well in advance
of your crowd funding. Several
of those I spoke to advised hiring
a student intern from a college
communications class, if you
are not super web-savvy. Even if
you are, a recent grad or senior
probably knows way more than
you do about these missioncritical matters.
Donald also recommended
hiring a KS expert to advise and
guide your efforts. He found one
by word of mouth and said it
made all the difference. Several
others echoed this.
The Fund Print
Which brings us to some
of the nitty-gritty details that
one must consider before taking
this route. In researching this, I
attended a seminar at Washtenaw
Community
College’s
Entrepreneurship Center called
“Investment Crowdfunding for
Entrepreneurs”. There three
businesswomen described their
experience with raising funding
via CF. The projects included
capital improvements to a café,
a startup theater group, and a
community coffeehouse. All
reached their goals, which
enabled their business plans to go
forward.
In their talks, the above
speakers
shared
common
experiences, which were echoed
in my interview with Donald.
Here are some highlights and
lowlights:
Tilt-a-Whirl
It’s an emotional roller
coaster. Expect (in the case of
KS) thirty days or whatever of
bipolar behaviors. You have
your big open, backers pour
in for a week or so, then things
taper off. A another week goes
by – no response. You fight off
Crippling Self Doubt and utter
despair, pick up your phone,
and hit up everyone you know.
Things pick up, you float around
for a couple of days, then another
dip. You email everyone you’ve
ever corresponded with, and
start finding the addresses of
third cousins. You go door to
door around your neighborhood.
Lather, rinse, repeat. Remember
that you are only asking for a few
bucks here and there. Everybody
can spare $5 for a good cause,
right?
Timing is critical. You don’t
want to be contacting people in
August; everyone is on vacation.
Ditto the holidays, everybody’s
too busy. Spring and early Fall
are recommended.
KS gets a cut; they aren’t in
this for their health. The usual cut
is between 5 – 8%, I’m told.
Taxes and legal matters
are to be considered. This is
income, it has to be reported.
And there are a bunch of other
legal issues: a lawyer buddy of
mine recommends talking to an
attorney before getting in too
deep.
Video is crucial: you need
to have a coherent, cogent, and
compelling story to tell in print,
but you need to back it up with
a video that features you telling
your tale, accompanied by
product shots, video or music
clips, etc.. Everyone I spoke to
stressed this. And you need to do
it right: hire a pro.
And be aware that there is a
lot of help out there from local
agencies like SPARK, the Small
Business Development Center,
and WCC’s Entrepreneurship
Center, URLs below.
Kickstarter:
https://www.kickstarter.com
h t t p s : / / w w w. k i c k s t a r t e r. c o m /
projects/2049159625/commie-highthe-film
http://www.nytimes.
com/2016/02/03/arts/music/
kickstarter-as-a-path-to-grammynominations-far-beyond-the-indiescene.html
gofundme:
https://www.gofundme.com
h t t p s : / / w w w. g o f u n d m e . c o m /
pxx33n59
Zipcap:
https://www.zipcap.com
Patreon:
https://www.patreon.com
Patronicity:
https://www.patronicity.com
WCC’s Entrepreneurship Center
http://ec.wccnet.edu
SPARK:
http://www.annarborusa.org
Small
Business
Development
Center:
http://sbdcmichigan.org
Mike Gould did a lot of research
for this article, was a mouse wrangler
for the U of M for 20 years, runs the
MondoDyne Web Works/Macintosh
Training/Digital Photography megamall, is a laser artist, performs with
the Illuminatus 3.0 Laser Lightshow,
and welcomes comments addressed
to [email protected]. ■
Website Directory:
Tribble Painting Company
www.tribblepainting.com
Interior/Exterior – 734-668-1586
Inn Style Salon - Inside Holiday Inn!
www.instylesalon.com
Appointment Desk 734-929-0700
Tree City Painting Company
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Ann Arbor 734-998-5555
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Call 734/769-0939 or 810/231-3038
ann arbor area BUSINESS MONTHLY, May 2016 – 9
Briefs:
Watts
The
Water
Quality
Association (WQA) recently
presented
Darwin
Watts,
president of SEAS Capital
Partners in Plymouth, Michigan,
with its highest honor—induction
into the WQA Hall of Fame.
The Hall of Fame Award
is given for lifetime dedication
and service to the water
quality improvement industry,
and
extensive
participation
and unfailing support for the
betterment of the association. The
award was presented to Watts on
March 15.
Watts is a long-time leader
in the water quality improvement
industry. He served on WQA’s
board of governors from 2007 to
2014, and was the association’s
president from 2012 to 2013.
Most recently he played a
prominent role in the Water
Quality Research Foundation’s
2015 Capital Campaign with an
initial gift and as a member of
its National Steering Committee.
He has more than 35 years of
industry experience. At SEAS
Capital Partners, he focuses
on strategic, investment, and
financial initiatives for industry
corporations. ■
Clare Jagenow, RLA,
ASLA, a landscape architect
at SmithGroupJJR, has been
elected 2016 President of
the Michigan Chapter of the
American Society of Landscape
Architects (ASLA). An active
member of ASLA Michigan for
over 10 years, Jagenow served
six years concurrently as the
editor of SITES and as a member
of the executive committee. As
president, Jagenow looks forward
to her involvement in several
state-wide awareness campaigns
about the valuable role landscape
architects play in society’s health,
safety and welfare, as well as a
large push to advocate for state
licensure protection.
She joined SmithGroupJJR
in 2006 and served as landscape
architect for several of the firm’s
significant university and urban
planning projects.
Founded in 1899, the
American Society of Landscape
Architects is the national
professional association for
landscape architects, representing
more than 15,000 members in
49 professional chapters and 72
student chapters. ■
Zingerman’s businesses. In the
past 5 years, Maurer has expanded
his duties from overseeing the
Zingerman’s Service Network
to a larger role in helping cofounding partners. Paul Saginaw
and Ari Weinzweig, lead the
nine (and growing) Zingerman’s
businesses.
Zingerman’s
Community
of Businesses is a family of
nine independently operated
businesses all located in the Ann
Arbor area. ■
After nearly 16 years in an
ever-expanding role, Zingerman’s
Vice President of Administration,
Ron Maurer, has taken his place
among the managing partners
of Zingerman’s Community of
Businesses.
Maurer, who joined the
organization in December of
2000, was recruited for the thennew VPA position based on his
extensive background in finance
and planning, as well as general
businesses administration. He
took the reins of the growing
Zingerman’s Service Network, a
business that provides a suite of
shared essential services, such
as finance, IT, Department 4
People (human resources), and
marketing & graphics, for all the
Michigan Business Connection (MBC) in Ann Arbor, has
welcomed Kirk Albert to their
team as Senior Vice President of
Commercial Banking.
Albert joined MBC in March,
2016 as Senior Vice President of
Commercial Banking. He is a
Certified Wealth Strategist and
has most recently served as the
market president for KeyBank after holding several leadership and
strategic positions throughout his
25 year banking career. As Senior Vice President of Commercial Banking, he is responsible
for new business development
and the loan origination process
activities at MBC.
Bill Beardsley, President/
CEO mae the announcement.
Since 2004, Michigan Business Connection has supported
the State of Michigan’s smalland medium-sized businesses and
real estate investors by underwriting and servicing commercial
loans for financial institutions
statewide. They primarily serve
Michigan credit unions and their
members. MBC is a credit union
service organization leveraging
a collaborative effort of more
than two dozen affiliated credit
unions. They now help manage
a portfolio of nearly one half billion dollars in business loans for
these financial institutions.
Partnering with MBC enables Michigan credit unions to
share the costs and spread the risk
of commercial lending while providing needed capital for small
business reinvestment throughout the state. ■
Send your press releases to
ann arbor area
BUSINESS MONTHLY
by the 20th of every
month to appear in
the next issue.
Email to either:
[email protected]
or
[email protected]
Business Card Connection:
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10 – May 2016, ann arbor area BUSINESS MONTHLY
Briefs:
Kanji
UIF, a subsidiary of
University Bank, announced
the hiring of Komail Kanji as
a Commercial Finance Officer
based in Ann Arbor. He will work
with individuals, businesses and
communities that utilize financing
structures that avoid the use of
interest for ethical reasons.
Kanji joins a UIF commercial
team that provides commercial
real estate financing in nine
states and will concentrate on the
Michigan portion of the portfolio.
Prior to joining UIF, he worked
for First Place Bank (now known
as Talmer Bank and Trust) and
University Bank.
UIF, founded in 2005, is a
faith-based banking firm that
provides commercial financing
in nine states and residential
financing in fourteen states. UIF
is a subsidiary of Ann Arbor-based
University Bank. University Bank
is a wholly owned subsidiary of
University Bancorp. Founded
in 1890, University Bank has
been selected as the “Community
Bankers of the Year” by both
American Banker magazine
and the American Bankers
Association. ■
Regner
Toth Team REALTORS®
welcomed Shari Regner to the
Ann Arbor area real estate experts
team as a buyers’ agent.
Regner recently moved back
to the U.S. from Europe. She has
a background in public relations
and international relocation. She
also is a dance fitness instructor.
Regner is the Membership Chair
of the Saline Newcomers and
Neighborhood group.
The Toth Team, Worldwide
Network has been serving
Washtenaw, Livingston, Oakland,
Lenawee, Jackson and Wayne
Counties for over 20 years. They
are among the top one percent
of REALTORS® nationally and
have been featured twice on
House Hunters HGTV. ■
The Washtenaw County
Water Resources Commissioners
Office and the Board of Public
Works announced the recipients
of the 19th Annual Environmental
Excellence Awards. The awards
recognize those in Washtenaw
County who provide leadership
in environmental protection and
who practice environmentally
sound behavior.
The
Environmental
Excellence Awards are presented
to businesses and non-profit
organizations
with
positive
environmental
management
practices in three important areas:
waste reduction and recycling;
water quality protection; and
pollution prevention initiatives
and compliance.
The 2016 Environmental
Excellence Award recipients are:
Business Card Connection:
Waste Reduction and Recycling
– Recycle Ann Arbor; Water
Quality Protection – Lawton
Elementary School; Pollution
Prevention – RheTech.
Evan Pratt, Washtenaw
County
Water
Resources
Commissioner,
praised
the
award recipients, “I’m always
impressed at how much our
community cares about the world
we leave for future generations.
We have many, many individuals
and corporations making a real
commitment to being cleaner—
and to going above and beyond
to protect our environment.”
The awards were presented
at the Washtenaw County
Environmental
Excellence
ceremony on April 14. ■
Ann Arbor artisan tile
company Motawi Tileworks
has been selected to design and
create the custom one-of-a-kind
winner’s trophy for the inaugural
LPGA Volvik Championship,
which will debut May 23-29 at
Travis Pointe Country Club in
Ann Arbor.
The trophy, designed by
Nawal Motawi, founder and
owner of Motawi Tileworks is
the first of its kind for the tile
company. The 12x12 inch trophy
tile will be pressed on a 60-ton
RAM press with a custom mold
that weighs over 100 pounds.
After nearly a week in the drying
and kiln-firing process, the tile
will be hand glazed using bulb
syringes, then re-fired, creating
a colorful and unique finished
piece that will be presented to the
tournament champion on May
29.
The golf tournament will
support the University of
Michigan’s location for the
National Network of Depression
Centers that houses the Military
Support Programs and Networks.
The MSPN provides pre- and
post-deployment mental health
support and treatment for military
members, veterans, and their
families. ■
The City of Ann Arbor has
published its annual water quality
report, entitled “From Source To
Tap.” The 2015 report is available online at a2gov.org/A2H2O
while printed versions are available at the Larcom City Hall
Customer Service Center, Ann
Arbor District Library branches,
the Water Treatment Plant or by
request by calling 734/794-6426.
The 2015 report, a requirement of the Safe Drinking Water
Act, provides an in-depth look at
sources of drinking water, levels
of contaminants and important
information on the issue of lead
in water. The report reflects Ann
Arbor’s rigorous testing and
demonstrates how Ann Arbor
drinking water continues to meet
or exceed state and federal regulations. ■
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ann arbor area BUSINESS MONTHLY, May 2016 –11
Briefs:
Local real estate broker,
Charles Reinhart Company,
Realtors welcomed six agents.
Joining the firm are Ray Abraham,
Courtney Lynn Thomas, Lauren
Monk, Nina Weina, Maggie
Woodcock and Steve Wright.
Ray Abraham began his real
estate career over a year ago as
an associate in Adrian. He works
out the Charles Reinhart Chelsea
office.
Courtney Lynn Thomas has
worked for the last 8 years at a real
estate company as a marketing
professional. She specializes in
social media marketing and real
estate consultation. She works
out of the West office on W.
Stadium Blvd.
Lauren Monk worked for
the past year in food service in
downtown Ann Arbor after living
in Alabama and Missouri. She
works out of the North office on
Green Road.
Nina Weina joins Charles
Reinhart after relocating here
from Chicago. She has 17 years
experience in the real estate
market.
Most recently she
worked as an assistant builder for
Johnson Building Group, and has
worked in new construction and
property management. Weina
is located in the North office on
Green Road.
Maggie Woodcock has
pursued many interests through
education and travel.
After
college, she traveled to Ankara,
Turkey where she lived and
worked as a Fulbright Scholar,
and is a graduate of the University
of Michigan Law School. She is
located in the South office on E.
Eisenhower Parkway.
Steve Wright previously
worked at Accredited Property
Services for four years, where he
gained first-hand knowledge of
property management. Wright
has also built two homes of his
own. He has over 20 years as a
sales professional and works out
of the Charles Reinhart Green
Road office.
The
Charles
Reinhart
Company was founded in Ann
Arbor in 1971. With over 200
associates in six offices, the
company closed $983 million
in residential and commercial
transactions in 2015. ■
Jeff Osborne, President and
CEO of Accumen, a healthcare
transformation
company,
has
announced
Accumen’s
acquisition of Ann Arbor-based
Chi Solutions, Inc. (Chi), joining
two laboratory service companies
to transform patient care for
hospitals and health systems.
Accumen, one of the largest
companies in the industry is
focused on improving the speed,
accuracy and efficiency of
laboratories across the U.S. that is
challenged by today’s healthcare
climate.
Dr. Kathleen Murphy, CEO
of Chi, which was founded in
1983, has held leadership roles
in Chi for more than 22 years.
Chi will continue to focus on the
untapped value in hospital and
health system laboratories.
Accumen is a healthcare
transformation company. Using
a proven blueprint, innovative
customized
approach
and
proprietary technology, Accumen
partners with health systems to
set new standards of performance
in the clinical lab driving higher
quality, better service and value.
Chi Solutions, Inc. is a
nationally recognized clinical
laboratory
consulting
and
management firm focused on
delivering revenue growth, cost
savings, and optimized operations
for hospitals, health systems,
and hospital-owned independent
laboratories. ■
Krafft-Bellsky
Yeo & Yeo CPAs & Business
Consultants, a leading Michigan
accounting firm, announced that
Kristi Krafft-Bellsky, CPA, has
been promoted to Director of
Quality Control.
Krafft-Bellsky is responsible
for internal quality control
throughout Yeo & Yeo’s nine
She oversees the
offices.
development and implementation
of policies and processes to comply
with professional standards and
regulatory requirements. She
also assists in the standardization
of work papers and financial
statements across the firm to
ensure technical compliance
and efficient processes. With
the assistance of the Yeo & Yeo
Quality Assurance Committee,
she will oversee the peer review
process and conduct the internal
inspections of files to guarantee
that Yeo & Yeo continues to
provide quality series for clients.
Krafft-Bellsky joined Yeo &
Yeo in 2003, most recently holding
the position of Senior Manager in
the firm’s audit group. In 2013,
she led the development of the
firm’s LEAN Audit Process that
continues to benefit the firm, the
professional staff and the firm’s
clients. She is a member of the
firm’s Audit Services Group and
Education Services Group. ■
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12 – May 2016, ann arbor area BUSINESS MONTHLY
TD Ameritrade To Invest $5.75 Million, Create 75 Jobs In Ann Arbor
ThinkTech, Inc., a technology
subsidiary of TD Ameritrade
Holding Corporation is expanding
in Ann Arbor with support from
the Michigan Strategic Fund, Ann
Arbor SPARK, and the Michigan
Economic
Development
Corporation. The project will
generate a total capital investment
of $5.75 million and create 75
new jobs.
“TD Ameritrade’s investment
means Michigan residents will
find good job opportunities that
could well have gone to other
states,” MEDC chief executive
officer Steve Arwood said.
“The company’s decision to
expand here demonstrates that
our business climate and our
state’s world-class talent make
Michigan a top destination for
tech companies to locate, expand
and grow new jobs.”
ThinkTech, Inc. is a
technology subsidiary of TD
Ameritrade Holding Corporation.
Headquartered
in
Omaha,
Nebraska, the financial services
firm is growing the technology
infrastructure behind its business
and will open a new high-tech
financial services operation to
develop stock trading software
in the city of Ann Arbor. TD
Ameritrade’s technology office
will occupy The McKinley
Towne Centre in a space formerly
occupied by Google, which is
moving to a new faculty in Ann
Arbor. The project will generate
up to $5.75 million in total
capital investment and create 75
new jobs, resulting in a $500,000
Michigan Business Development
program
performance-based
grant. Michigan was chosen over
competing sites in New Jersey,
Nebraska and Illinois.
“We are thrilled to be
expanding our presence in the city
of Ann Arbor,” said Marv Adams,
executive vice president and chief
operating officer, TD Ameritrade
Holding Corporation. “The city
has a flourishing technology and
business community that we want
to continue benefiting from and
contributing to. We’re looking
forward to our planned expansion
and bringing on additional talent
to our team.”
Ann Arbor SPARK, which
has provided assistance to the
company since it began to expand
in this region, is currently helping
the company recruit new hires.
“TD Ameritrade’s new
technology location in downtown
Ann Arbor is exciting: It means
more people working, shopping,
and dining in Ann Arbor, which
adds to the vibrancy of our
community and our economy,”
said Paul Krutko, president and
CEO of Ann Arbor SPARK.
“What’s more, with its move to
a new location, there’s now great
space on the real estate market
that’s ideal for another tech
company. This cycle of moving
in and moving up is a sign of a
healthy economy.”
Ann Arbor SPARK is a
public-private partnership of
business,
government,
and
academic institutions working to
create economic prosperity in the
Ann Arbor area for innovation.
It identifies and meets the needs
of business at every stage, from
startups to large organizations.
■
I recently opened eve at the Bell Tower Hotel
across from Hill Auditorium with the help of a
construction loan from the very kind people at
Ann Arbor State Bank.
"They offered the ideal combination of personable, down-to-earth
service, along with being exceptionally competent and efficient. The
whole process of working with Ann Arbor State Bank could not have
gone better and I am overjoyed with our banking and the new
friendships that have developed throughout the process."
Eve Aronoff
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