small business - Crain`s Cleveland Business

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CCLB 06-09-08 A 13 CCLB
6/5/2008
1:36 PM
Page 1
CRAIN’S CLEVELAND BUSINESS
JUNE 9-15, 2008
13
SMALL BUSINESS
INSIDE
16 TAX TIPS: IRS
MAY PROVIDE
MORE GUIDANCE
ON DEDUCTIONS
THE
ART
OF
BARTER
Trading of goods, services alive and well,
though industry experts urge caution
By JENNIFER KEIRN
clbfreelancer@crain.com
I
t should have been a happy ending to a
small-business fairy tale.
A landscaper needed photography for
his upcoming wedding. A photographer
had just built a new home and needed a lawn.
The two small business owners agreed to
barter their services, allowing them both to get
something they needed without a cash outlay.
But they didn’t quite live happily ever after.
“It took three years after the wedding for me to
get my lawn put in, and even then it was terrible,”
said Brad Ronevich, owner of Euclid-based BCR
Studios Inc. and the photographer in this tale. “I
had to call him repeatedly and threaten to hold
his wedding album until it got resolved.”
In his 18 years in business, Mr. Ronevich
has bartered his services for everything from
information technology services and furniture
for his studio to a deck and a furnace for his
home, but he said experiences like this “made
See BARTER Page 15
KRISTEN WILSON ILLUSTRATION
S H O R T TA K E S
SNAPSHOT
■ KEEPING AN EYE OUT:
Demopoulos & Associates, a
private investigation company in
Lakewood, has opened a unit
devoted to the investigation of
mortgage fraud. The company,
owned by Bonnie and Pete
Demopoulos, currently has three
full-time employees. Mr. Demopoulos
said that depending on the workload
in the mortgage fraud unit, two to
three new employees could be hired
by the end of summer. Demopoulos
& Associates specializes in investigations for corporations, insurance
companies and school districts.
■ LOOKIN’ GOOD: Jenniffer & Co.
of Mentor recently expanded and
remodeled to create a new spa area,
which includes five
pedicure stations in a
300-square-foot
private room. The
work at the salon,
completed in May,
transformed what
had been the spa
area into a sitting
area with three
private massage
rooms. Jenniffer & Co. is owned
by Jennifer Pealer and her brother
Joe Sullens.
■ SIT BACK, RELAX: Bay Village
native Pam Heschel now has three
Migun Thermal Bed stores. Migun
Huron and Migun Cleveland at the
Galleria opened for business in
February, offering a thermal
massage system that uses heat and
pressure mechanisms in an effort to
relieve pain, increase circulation and
flexibility. The stores also have an
oxygen bar, foot massage, skin
rejuvenator and beds for sale. Ms.
Heschel previously had taken over
ownership of Migun Westlake in
August.
■ NEW KIDZ ON THE BLOCK: The
Kamp 4 Kidz Child Care Center is
slated to open this summer at the
Heisley Pointe Shopping Center in
Mentor. The center, which is owned
by Trina and Edwin Smith and
Cheryl Smith, will provide drop-in
day care in addition to traditional day
care services. The center will serve
children from infancy to age 12,
Monday through Saturday. Enrichment classes and a summer camp
program also will be offered.
JOB SEARCH ENGINES SPUTTER
Looking online for a job? The pickings
are slimmer than they were a year ago,
information released last week suggests:
3.795
million
2.5
4.98
The number of online advertised
job vacancies in May, a 13.2%
drop from May 2007.
Advertised vacancies posted
online in May for every 100
people in the labor force.
Advertised vacancies per 100 in
Alaska, the nation’s highest rate.
Source: The Conference Board
MY CAUSE IS TO BE HEARD IN WASHINGTON D.C. WITHOUT LEAVING WILLOUGHBY.
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CCLB 06-09-08 A 14 CCLB
6/5/2008
1:38 PM
Page 1
14 CRAIN’S CLEVELAND BUSINESS
WWW.CRAINSCLEVELAND.COM
JUNE 9-15, 2008
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By SHARON SCHNALL
JOHN CARROLL UNIVERSITY
THE JESUIT UNIVERSITY IN CLEVELAND
M
ark Snider wanted to
work in a rapidly growing
real estate market and
eventually expand into
other states. To that end, the owner
of Bainbridge Township-based
Tower Realty/The Winbury Group,
founded in 1992, set up shop last
December in Las Vegas.
“I don’t know that I know the
risks; to some extent we’re going
into the unknown. We can’t
calculate all of the events that will
occur,” said Mr. Snider of his twostate operation. “That’s what it
always is. Entrepreneurship is all
calculated risk.”
In addition to commercial
building construction, Tower
Realty/The Winbury Group manages
about 180,000 square feet of
commercial or residential property
in Northeast Ohio and had 2007
gross sales of $1.75 million.
To handle the work in Northeast
Ohio and the new office, Mr. Snider
now commutes more than 2,000
miles between residences in Ohio
and Nevada and offices in Bainbridge
Township and Las Vegas.
But setting up a two-state operation
means more than a long commute. A
familiarity with the new area, proper
planning and preparation all are
essential, according to those who
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ON THE WEB For tips on
setting up a two-state
operation, visit www.crains
cleveland.com/states
have been involved in similar business
configurations.
For Mr. Snider, it helped that he
has two daughters residing and
working in Las Vegas for other
commercial real estate employers.
Hiring a local real estate broker also
assisted him in becoming familiar
with the area, particularly with
properties under consideration,
and establishing client connections, he said.
Randy Bambrough, a recipient of
an executive doctor of management
from Case Western Reserve University, said if the owner understands
the nuances of how business is
conducted at that intended location,
“then they have a better chance of
understanding the risks, up front.”
Dr. Bambrough helped oversee
new operations, both domestically
and globally, for 14 years as a chief
financial officer and controller with
several Silicon Valley employers.
He recently joined NextG Networks
Inc., a San Jose, Calif., provider of
wireless infrastructure solutions, as
a chief financial officer.
“If (business owners) haven’t
done their homework, they won’t
understand the issues they’re going
to encounter on the other end,” Dr.
Bambrough said. “Some people
think they’ve done their homework
but they haven’t; they’re busy on
the home end.”
Planning ahead
Kris Putnam-Walkerly, president
of Putnam Community Investment
Consulting Inc., oversees offices in
the Cleveland area and San Francisco.
She did her homework before
opening a Northeast Ohio office.
“Spend twice as much time
planning as you would normally
think is required,” she said.
Her company, founded in 1999,
helps philanthropic foundations
research, develop and evaluate
grant-making programs and also
serves corporate, government and
nonprofit clients, she said.
Ms. Putnam-Walkerly researched
the feasibility of a return to her
native Northeast Ohio as early as
2005, first evaluating neighborhoods
and later making informational
interviews with area organizations
to understand market potential.
In 2006, she “re-met” her class-
mate and future husband at a
Wooster High School reunion, and
by January 2007, had officially
opened her local headquarters. A
wedding followed in August that
year.
Additionally, she closed her
Oakland office and since December
2006 has avoided overhead associated with permanent California
office space by using virtual office
space — leased flexibly for specific
days each month — in a downtown
San Francisco high rise. She or one
of her 12 subcontractors can work
and meet with Bay-area clients, in
an allocated space, as needed.
“I was surprised at how much
time it took: communicating the
move, talking and meeting in
person with clients, figuring out
where the San Francisco office
would be located,” she said. “I have
a very vivid recollection of waking
up at 3 or 4 in the morning, every
morning, just to get it done.”
Despite the changes, the business had a good start in Northeast
Ohio, acquiring a local client, The
Cleveland Foundation.
It more than doubled sales to
$807,000 in 2007.
Doubled workload
Setting up a second retail operation required a similar investment
of time, more than originally
anticipated for Anne and John
MacWherter.
In August 2007, the MacWherters
opened Indiana Spirit of Fort
Wayne, Ind., which sells college and
professional sports apparel. Mr.
MacWherter said he budgeted a
20% to 30% time increase for his
additional workload.
Since 2004, their first business,
Uniquely Ohio of Hudson’s First
& Main shopping district, has sold
sports apparel along with art, food
and gift items made by Ohio artisans.
“On the surface, I thought, ‘I’m
not adding new suppliers; it’s not
going to be a big deal,’” Mr.
MacWherter said of the second
business that exclusively concentrates on sports apparel and accessories. “It’s not an incremental
increase. It doubles the work.”
Sales were $600,000 in 2007, with
one-third generated by the second
business. Indianapolis Colts,
Indiana University and Chicago
Bears inventory are the top sellers,
joining best-selling Ohio State
University apparel and accessories
at the Hudson store.
Having empowered and proprietary-minded staff at both locations
enables management from a
distance, the MacWherters said.
And, it helps that three of their four
Hudson employees are original
hires.
One or both of the MacWherters
travel every other week to Fort
Wayne, a city where they previously
lived from 2002 to 2003.
“Be sure you like the city,
because you’ll be spending a lot of
time there,” Ms. MacWherter
advised. “Having some familiarity
with the city is important, but liking
it has really helped us.”
■
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CCLB 06-09-08 A 15 CCLB
6/5/2008
10:09 AM
Page 1
JUNE 9-15, 2008
CRAIN’S CLEVELAND BUSINESS 15
SMALL BUSINESS
Barter: Formality key to successful agreements
continued from PAGE 13
me much more cautious about how
and if I barter.”
That caution is warranted, said
Tom McDowell, executive director of
the Mentor-based National
Association of Trade Exchanges, a
barter industry organization.
“Finding someone who has what
you need and needs what you have
can be a real nightmare,” said Mr.
McDowell, who also owned and
operated ATX The Barter Co., a
Cleveland-based barter network,
for 26 years.
Companies like ATX — which
was acquired by Bellevue, Wash.based trade exchange ITEX Corp.
earlier this year — facilitate trading
communities in which bartered
goods and services earn members
credits they can then spend with
other businesses in the exchange.
Throughout the world, barter is
alive and well. The World Trade
Organization estimates that nearly
$9 billion in international trade is
conducted on a non-cash basis.
Done right and in moderation,
said Mr. McDowell and other experts,
barter can help business owners earn
needed goods and services without
digging into cash reserves, while also
expanding their customer base.
properly claim their income from
barter transactions, said David
Lewis, a tax attorney with Buckingham, Doolittle and Burroughs LLP.
“Whenever there’s an exchange
of value, the parties must recognize income from that exchange,”
Mr. Lewis said. “It’s a common
assumption people make that if
cash doesn’t change hands, it’s not
a taxable transaction.”
The contract should articulate
not only value but timing of the
agreement, Mr. Lewis said, with
each party claiming income based
on the value of the good or service
in the year they received it.
“If you get audited and the value
of the agreement isn’t clearly laid
out, then the IRS gets to decide the
value of your services or goods,”
Mr. Licata said.
Barter transactions uncovered
in an audit often will prompt a
follow-up, said Mr. Lewis, so businesses put themselves at risk by not
properly claiming barter income.
Back at BCR Studios, Mr. Ronevich
still barters, but cautiously since his
lawn-wedding swap. He didn’t use a
contract in that case because the
landscaper was a friend of a friend,
and he’s learned his lesson.
“Be careful, use contracts and be
up front in communicating with
people,” he advised. “If something
sounds too good to be true, it
probably is.”
■
One versus many
When cash flow is tight, that’s
when Louis Licata hears the most
questions about bartering.
“I always tell them what the risks
are,” said Mr. Licata, a small business
attorney and president of Independence-based law firm Licata &
Toerek. “It’s best to be transparent,
have a contract and clearly lay out
what the value of the exchange is.”
Too many treat barter as an informal agreement, “and there’s nothing
informal about a business arrangement,” said Mr. Licata. “Businesses
find themselves in trouble … on
matters of price and value, when one
party thinks they’ve given more or
hasn’t gotten as much as they should.”
According to Mr. McDowell, the
inherent challenges of one-to-one
barter are boosting the popularity
of organized trade exchange
networks like his ATX, now ITEX.
While membership in a trade
exchange is typically free, the
exchange charges a fee based on
the value of any transaction
occurring within the network.
More than 400,000 businesses
belong to one of the 400 North
American trade exchanges, Mr.
McDowell said, generating about
$3.5 billion in annual sales. It’s
common to find printers, restaurants
and tradespeople in these exchanges,
but he’s seen companies barter for
funerals, college tuition, office leases
and even medical procedures.
“Anytime the economy gets
tight, barter picks up,” he said. “It
might increase an exchange’s
membership about 20% and sales
volume 20% to 50%.”
Taxable transactions
Another common mistake small
business owners make is to not
MY CAUSE IS TO KEEP MY GENEROSITY TO MY EMPLOYEES UNRESTRICTED.
Your cause is our cause. To learn more about how the Mandatory Paid Sick Leave issue hurts small business, call (216) 592-2222 or visit smallbizvotes.org.
Join your cause.
CCLB 06-09-08 A 16 CCLB
6/5/2008
10:10 AM
Page 1
JUNE 9-15, 2008
SMALL BUSINESS
GRANDOPENINGS
small conference, creating presentations and proofreading.
Phone 330-686-3185
Fax 810-958-0475
pam@virtualringmaster.com
LEGACY PLASTIC SURGEONS
The first
product for
StreamLink
Software,
founded by
Adam Roth,
is BoardLink,
which provides
web-based
board
management.
300 Locust St., Suite 590
Akron 44302
www.legacyplasticsurgeons.com
RUGGERO FATICA
STREAMLINK SOFTWARE
VIRTUAL RINGMASTER LLC
1900 Superior Ave., Suite 223
Cleveland 44114
www.streamlinksoftware.com
P.O. Box 1884
Stow 44224
www.virtualringmaster.com
Adam Roth, former chief operating
officer at the West Side Ecumenical
Ministry in Cleveland, has founded
StreamLink Software, a provider of
management systems for the nonprofit
sector. StreamLink’s first software
product, BoardLink, is web-based board
management software, which aims to
save staff time and increase communication among leadership volunteers.
Pam Ryan, an administrative professional with over 20 years of experience,
has launched Virtual Ringmaster LLC,
a virtual assistance business. Virtual
Ringmaster specializes in providing
long-term administrative support to
entrepreneurs and small business
owners who want more time to focus
on business and personal priorities.
Services offered include customer
service support, managing e-mail and
postal correspondence, setting up
appointments, making travel arrangements, coordinating a meeting or
Phone 216-346-3902
Fax 216-803-0909
getstreamlinked@streamlink
software.com
Two Akron plastic surgeons, Drs.
James Lehman and Devi Tantri, have
opened a new practice with offices
near Akron Children’s Hospital. Legacy
Plastic Surgeons offers both cosmetic
and reconstructive surgery, with a
focus on pediatric plastic surgery. Dr.
Lehman is a professor of plastic
surgery at the Northeastern Ohio
Universities College of Medicine and
past president of the Ohio Valley
Society of Plastic Surgeons, American
Cleft Palate-Craniofacial Association
and Cleft Palate Foundation. Dr.
Tantri is board-certified in general
surgery and plastic surgery and
fellowship-trained in surgery of the
hand. He serves as clinical assistant
professor in plastic surgery at
NEOUCOM.
Phone 330-374-9100
Fax 330-374-9103
info@legacyplasticsurgeons.com
To submit a new business for Grand
Openings, e-mail sections editor Amy
Ann Stoessel at astoessel@crain.com
or call 216-771-5155.
Proposed regulations clarify
current, future deductions
B
usiness owners like to deduct
business expenses in the year
the expenses are incurred
because current deductions
increase current profitability.
However, certain expenses that
result in improvements to business
property must be capitalized and
may not be deducted immediately.
The tax benefit of this type of
expenditure is deferred to some
point in the future.
Over the years, the line between
currently deductible business
expenses and those expenses that
must be capitalized has been a
frequent point of contention between
the IRS and business owners.
Although the IRS issued proposed
regulations on this issue in 2006, they
were not popular with business
owners and accountants due to their
complexity and the perception they
would lead to more frequent disputes
between taxpayers and the IRS.
The IRS recently has attempted to
provide better guidance in this area
by issuing new proposed regulations
that replace the controversial proposed regulations issued in 2006.
Although the new proposed regulations cannot be relied on until they
are finalized, a review does suggest
some planning opportunities.
The new regulations do not
change the general framework of the
rule that generally a business may
currently deduct all ordinary and
necessary expenses paid or incurred
during the taxable year in carrying on
its trade or business. Typical examples
of currently deductible business
expenses include compensation paid
to employees, travel expenses and
repairs to property.
On the other hand, certain expenditures made by a business are not
currently deductible, but rather must
be capitalized and deducted over the
applicable life of the property. The
business will not realize the tax
benefit of the expenditure until some
point in the future. Typical examples
include the costs of buildings,
improvements and other fixed assets.
The new proposed regulations
provide significant guidance on
several categories of expenditures
typically made by a business,
including costs paid for materials
and supplies and those related to
repairs or improvements to property.
Materials and supplies currently
are deductible as a business expense
only in the amount actually consumed
and used during the year, while
incidental materials and supplies —
those materials and supplies that a
business keeps on hand for which no
record of consumption or inventories
are maintained — may be deducted
during the taxable year in which such
materials or supplies were purchased.
While the proposed regulations
retain these general timing principles, they also provide additional
rules that outline specific situations
in which a business can take a deduction for expenditures related to
CARLGRASSI
TAX TIPS
materials and supplies.
For example, the regulations
provide that a current deduction may
be taken when a business makes an
expenditure for tangible property
that is used or consumed in its
business operations and that either
has an economic useful life of 12
months or less, or has an acquisition
cost or production cost of $100 or less.
In addition to the guidance on
deductions for materials and supplies,
the regulations provide a significant
amount of guidance on expenditures
made for improvements to tangible
property. These costs are generally
categorized as repairs, which are
currently deductible, and improvements, which must be capitalized
and depreciated over time.
Under the proposed regulations,
amounts paid with respect to
property already owned by the
taxpayer must be capitalized if the
expenditures result in the betterment
of the property, restoration of the
property or adaptation of the property
to a new or different use, all of which
are defined in detail, with examples,
in the proposed regulations.
Perhaps most helpful to business
owners, the proposed regulations
provide a statutory safe harbor for
routine maintenance expenditures.
This means that so long as the
business satisfies the safe harbor
requirements, the costs of
performing routine maintenance
can be currently deducted as a
business expense.
Under the safe harbor, routine
maintenance expenditures include
amounts that are necessary to keep
the property in its ordinarily efficient
operating condition.
The proposed regulations also
provide examples of routine maintenance, including inspection,
cleaning and testing of the property,
and the replacement of parts of the
property with comparable and
commercially available and
reasonable replacement parts.
Even with the new guidance, the
distinction between currently
deductible business expenses and
those that must be capitalized will
continue to be debated. Although
these proposed regulations will not
be effective until they are finalized,
now is a good time to evaluate your
federal tax expense/capitalization
policies to determine potential
areas of tax savings.
■
Mr. Grassi is a member and president
of McDonald Hopkins LLC.
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CCLB 06-09-08 A 17 CCLB
6/5/2008
10:10 AM
Page 1
JUNE 9-15, 2008
CRAIN’S CLEVELAND BUSINESS 17
SMALL BUSINESS
WE ARE PLEASED TO ANNOUNCE THAT
If executed properly, moving to
new space can be a re-energizer
I
t’s not every day that you
relocate your business. Though
the task may seem daunting, it
presents a special opportunity
to boost your organization’s functionality by improving the physical
properties of the space you occupy.
The reasons that justify relocation
are varied. Still, most would agree:
You want your new space to reenergize your business, today and
tomorrow; you want your employees
to enjoy time spent within its walls;
and you want that space to help
them do their jobs better and more
efficiently.
Design by itself matters greatly.
But often, it is the details — from
precise cost estimating and accurate
trade scheduling to careful integration of information technology
components — that bring designs
to life and enable your people to
thrive.
Today’s landlords remain
challenged to attract and retain
quality tenants, so opportunities
exist to capitalize on favorable
market conditions.
Still, relocating to a new space is
a complex task that requires vision,
tenacity and a host of different
skills. Sound planning and careful
execution can help you save money,
mitigate business interruptions and
avoid headaches. Without these,
though, the costs can really add up.
Before embarking on a relocation,
step back, take a bird’s-eye view of
things and consider some strategies
to help keep your project hasslefree from inception through
completion.
■ Picture your business through
an architect’s eyes. Take time to
reacquaint yourself with the fundamental nature of your organization
and the role that good design can
play in enhancing it. Think about
how you operate in your current
space. How might you operate
differently in new space?
■ List the pros and cons of
moving. What do you hope to
accomplish? What would you give
up? Ask yourself, what have I been
living without? Does your current
space hinder productivity? How?
Talk to key managers and get their
insights.
■ Bind your vision to your
budget. Building in separate thermostats to control conference room
temperatures could be nice, but the
cost might cut into other priorities.
Likewise, oak paneling and crown
molding may perfectly complement
your company’s image, but the
features do you no good if they
break your budget. Develop a
comprehensive project budget,
plug in actual costs and make tough
decisions when necessary.
The most obvious expenses
include those for construction
beyond the landlord’s tenant
improvement allowance, as well as
costs for furniture, cabling, moving,
ROBERTBAJKO
ADVISER
security and architectural and
engineering services.
That said, buildout costs continue
to rise, costs per square foot vary
based on usable versus rentable
square feet and hidden costs always
will lurk beneath the surface.
Therefore, ask for a full accounting
as part of a strict estimate. Also,
factor in considerations of future
growth, as well as broader market
changes within your business —
spending wisely up front will help
you avoid paying extra down the
road.
■ Establish timelines and hold
all parties responsible. Just as you
shouldn’t be left to wonder how
much your space really costs to
build, there should be no question
as to how long construction will
take or how it will proceed.
Remember: An existing landlord is
by no means obligated to let
tenants stay beyond the terms of a
lease if their new space is not ready.
Make sure then that your architect or space planner develops a
precise planning and construction
schedule that includes timing
requirements for each element, and
check regularly to see that he or she
holds everyone accountable to their
terms throughout the duration of
your project.
■ Consider unique IT requirements. From offices and factories
to government buildings and
schools, IT infrastructures must be
well integrated and entirely reliable.
Plot out your requirements at the
outset of a project, and consult with
experts on ways to enhance IT
functionality with new technologies
and innovative design strategies.
Also, consider your requirements
during the move itself; if it occurs
over more than one weekend,
maintaining a second telephone/
data infrastructure will ensure that
both sites operate during the
transition.
■ Manage your move proactively.
Relocating your employees can be
stressful enough without having to
schedule and track the activities of
multiple contractors. Whether it’s
hiring furniture installers and
telephone/data/cabling contractors
or supervising movers, establishing
a single point of contact keeps the
process running smoothly.
■ Finally, a word about sustainable design. As environmental
awareness deepens within our
culture, businesses have begun
integrating green products and
practices into the fabric of their
daily operations.
Though studies have yet to
determine the long-term effects of
all this, the fact remains: Many
legitimate green products really do
perform equally well, if not better,
and cause less environmental
damage than their non-green
counterparts.
Incorporating these into your
business offers employees a potentially healthier space in which to
perform their jobs, it unites them
and your company through a
collective sense of higher purpose,
and it demonstrates a commitment
to sustainability that grows more
important to more consumers by
the day.
Even small steps, such as disposing
or reselling used office furniture
through certified green programs,
yield positive environmental benefits
and strengthen your image as a
business that cares about the world
in which it operates.
■
Robert J. Bajko is a principal with
Cleveland-based Hengst Streff Bajko
Architects + Engineers.
SCOTT S. POLISH
HAS JOINED WACHOVIA SECURITIES
IN CHAGRIN FALLS
Senior Vice President - Investments
scott.polish@wachoviasec.com
440-247-2198
www.spolish.wbsec.com
33 River Street
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800-222-4633
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CCLB 06-09-08 A 18 CCLB
6/5/2008
3:39 PM
Page 1
JUNE 9-15, 2008
SMALL BUSINESS
In slow economic times, Cleveland
auctioneers perform beyond plan
Revenue from Gray’s monthly events up by 800%
By SCOT ALLYN
T
wo entrepreneurs with
backgrounds ranging from
Cleveland’s west side to
Kenya say the recessionary
economy and weak dollar have
worked to their advantage in
taking their business beyond
expectations.
Gray’s Auctioneers, marking a
year in business this month at
10717 Detroit Ave., has seen
revenue from its monthly auctions
of art, antiques and decorative
items grow more than 800% from
its first event last June to its May 17
auction, according to Serena
Harragin, the company’s chief
executive officer.
The revenue growth is well
ahead of the company’s business
plan, Ms. Harragin said. From the
June 2007 auction to last month’s
event, revenue grew from $10,300
to $84,000, she said. Gray’s takes a
percentage of the gavel price (25%
on items below $2,000 ranging up
to 10% on items above $5,000).
Buyers are charged a premium of
18% to 22.5% of the gavel price,
depending on whether they make
the winning bid in person or
online.
“In our 11th month, we have
reached the goal we had for our
19th month,” said Ms. Harragin, 48.
“We thought we were ambitious to
try for that goal in month 19, but to
reach it in month 11 is really
great.”
A fourth full-time employee also
was recently hired to join two
part-time workers who share one
full-time job. On auction day, they
have between 10 and 15 people
working, taking bids over the phone
and Internet, registering bidders,
taking payments and helping
customers carry their newfound
treasures to their vehicles.
A recent report by the National
Auctioneers Association suggests
Gray’s experience is part of a larger
trend. The live auction industry’s
revenue grew 5.3% in 2007 to
$270.7 billion. It was the fifth
straight year of growth, up from
$195.3 billion in 2002, a jump of
38.7%.
“Public perception of auctions is
changing and becoming the first
choice for people who want to sell
and buy real and personal property,”
the report said. In 2007 alone, sales
“There will always be
Sotheby’s and Christie’s,
but they’re going
upmarket. The Internet
allows the smaller houses
to compete with bigger
houses, by getting their
items on search engines.”
– Rod Funston
president, Artfact.com
FILE PHOTO/RUGGERO FATICA
in the segment of art, antiques and
collectibles grew by 20.1%, according
to the report.
Reaching near and far
Ms. Harragin said Gray’s business has boomed thanks to the skill
of her partner Deba Gray, company
president and auctioneer, the low
cost of doing business in Cleveland
and the international reach they
have via the Internet. The pair
decided on Cleveland after
researching upstate New York,
where they were living, and the Fort
Lauderdale area, where they also
own a home.
It was a homecoming for Ms.
Gray, 41, who grew up in Lakewood
and Rocky River, attended Magnificat
High School and still has family in
the area. She attended the Cleveland Institute of Art in the mid1980s, but left before earning a
degree to work on a kibbutz in
Israel.
By the late 1980s, Ms. Gray was a
gallery assistant at the former
Wolf’s Auction Gallery on West
Sixth Street in Cleveland, where she
eventually became gallery manager
and a licensed auctioneer. In 1995,
she moved to Leslie Hindman
Auctioneers in Chicago, where
she worked as an auctioneer and
director of marketplace sales.
Sotheby’s purchased Leslie
Hindman Auctioneers in the late
1990s, and Ms. Gray was soon
promoted to assistant vice president, in charge of general opera-
Serena Harragin (left), chief executive officer of Cleveland-based Gray’s Auctioneers, and Deba Gray, the company’s president and auctioneer, say they’ve
achieved their goal for their 19th month in their 11th month.
tions. In that capacity, she traveled
to New York City, Colorado, Texas
and throughout the Midwest to
handle estates.
“Working in the business, touching
the art and talking to dealers was
my education,” Ms. Gray said.
“Every day I learned something
new, and the hands-on learning
continues.”
In 2006, Ms. Harragin and Ms.
Gray acquired a 13,000-square-foot
building with a 15,000-square-foot
parking lot on Detroit Avenue that
had formerly housed a dealer of
exotic European cars, including Alfa
Romeos and Citroens. The exhibition space can range from 7,000
square feet to 9,000 square feet,
depending on the size of the
auction, Ms. Harragin said.
Gray’s Auctioneers also puts its
events on the Internet through
Artfact.com, an auction database
company used by dealers, auction
houses and collectors of art and
antiques.
Rod Funston, Artfact president,
said the Internet has been a boon to
regional auction houses like Gray’s.
“There will always be Sotheby’s
and Christie’s, but they’re going
upmarket,” Mr. Funston said. “The
Internet allows the smaller houses to
compete with bigger houses, by getting their items on search engines.”
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tionships that smaller auction
houses like Gray’s can offer consignors and buyers is an advantage,
he said.
“As a consignor, you want to trust
the house,” he said. “And the
strength of the regional auction
house is to form relationships with
sellers in their area. But Gray’s can
also attract buyers from everywhere, through the Internet.”
World’s on a shopping spree
Ms. Gray said the slumping
economy and low value of the U.S.
dollar overseas have contributed to
her company’s performance.
“People need to sell stuff, and the
dollar’s in decline,” she said. “The
world’s going on a shopping spree.”
Ms. Harragin, who honed her
business skills as a producer of
commercial ads after a childhood
in Kenya as a third-generation
African, agreed.
“With the low value of the
American dollar, it’s in the interest
of foreign buyers to buy from us,”
she said. “When they factor in the
shipping costs, it’s still cheaper
than buying from the UK, Poland,
Vietnam and other places where
our buyers live.”
Bidders from 24 countries were
registered for the May 17 auction,
according to Ms. Gray. Ms. Harragin
said 10 countries were represented
among the winners, including the
United Kingdom, Spain and Canada.
Winning bids also came from the
U.S., including New York, California
and Texas.
Of course, local collectors also
get into the act at Gray’s. Art
Lauterer of Lakewood, for one,
made the winning bid of $4,400 for
an earthenware figure of Harlequin
about 2 feet high made by Cleveland artist Edris Eckhardt.
Mr. Lauterer said he paid a fair
price for the Eckhardt Harlequin,
which he put in a place of prominence on his mantelpiece. “Eckhardt’s work is appreciating, so I
was willing to pay what I did for it,”
he said.
Consignors from across the
country have sought Gray’s services.
The May 17 auction, for which
more than 400 lots were called,
featured items from Frank Ruddy,
former U.S. ambassador to Equatorial Guinea and now an international lawyer in Rockville, Md.
Mr. Ruddy’s collection included
fine art, antiques, decorative items,
rugs and furniture in his Manhattan
apartment.
■
CCLB 06-09-08 A 19 CCLB
6/5/2008
10:09 AM
Page 1
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CCLB 06-09-08 A 20 CCLB
20
6/5/2008
10:07 AM
Page 1
JUNE 9-15, 2008
LARGEST PRIVATELY HELD COMPANIES
RANKED BY ESTIMATED 2007 REVENUES
Company
Address
Rank Phone/Web site
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
ALERIS INTERNATIONAL INC.
25825 Science Park Drive, Suite 400, Beachwood 44122
(216) 910-3400/www.aleris.com
MEDICAL MUTUAL OF OHIO
2060 E. Ninth St., Cleveland 44115
(216) 687-7000/www.medmutual.com
GREAT LAKES CHEESE CO.
17825 Great Lakes Pkwy., Hiram 44234
(440) 834-2500/www.greatlakescheese.com
WESTFIELD GROUP
One Park Circle, Westfield Center 44251
(330) 887-0101/www.westfieldgrp.com
JONES DAY (1)
North Point, 901 Lakeside Ave., Cleveland 44114
(216) 586-3939/www.jonesday.com
ASSOCIATED MATERIALS (2)
3773 State Road, Cuyahoga Falls 44223
(330) 929-1811/www.associatedmaterials.com
MTD PRODUCTS INC. (2)
5965 Grafton Road, Valley City 44280
(330) 225-2600/www.mtdproducts.com
SWAGELOK CO.
29500 Solon Road, Solon 44139
(440) 248-4600/www.swagelok.com
MARC GLASSMAN INC. (2) (3)
5841 W. 130th St., Parma 44130
(216) 265-7700/www.marcs.com
NESCO INC. (4)
6140 Parkland Blvd., Mayfield Heights 44124
(440) 461-6000/www.nescoresource.com
THE CARTER LUMBER CO.
601 Tallmadge Road, Kent 44240
(330) 673-6100/www.carterlumber.com
DISCOUNT DRUG MART INC.
211 Commerce Drive, Medina 44256
(330) 725-2340/www.discount-drugmart.com
SQUIRE, SANDERS & DEMPSEY LLP
127 Public Square, Suite 4900, Cleveland 44114
(216) 479-8500/www.ssd.com
MAJESTIC STEEL USA INC.
5300 Majestic Pkwy., Cleveland 44146
(440) 786-2666/www.majesticsteel.com
OHIO CAT
3993 E. Royalton Road, Broadview Heights 44147
(440) 526-6200/www.ohiocat.com
DAVEY TREE EXPERT CO.
1500 N. Mantua St., Kent 44240
(330) 673-9511/www.davey.com
WASTEQUIP INC.
25800 Science Park Drive, Suite 140, Beachwood 44122
(216) 292-2554/www.wastequip.com
TRANSTAR INDUSTRIES INC.
7350 Young Drive, Walton Hills 44146
(440) 232-5100/www.transtarindustries.com
EDGEPARK MEDICAL SUPPLIES
1810 Summit Commerce Park, Twinsburg 44087
(330) 963-6996/www.edgepark.com
FRED W. ALBRECHT GROCERY CO.
2700 Gilchrist Road, Akron 44305
(330) 733-2263/www.acmestores.com
DARICE INC. (5)
13000 Darice Pkwy., Park 82, Strongsville 44149
(440) 238-9150/www.darice.com
CLEVELAND CONSTRUCTION INC.
8620 Tyler Blvd., Mentor 44060
(440) 255-8000/www.clevelandconstruction.com
TCP INC.
325 Campus Drive, Aurora 44203
(800) 324-1496/www.tcpi.com
FAIRMOUNT MINERALS (4)
11833 Ravenna Road, Chardon 44024
(440) 285-3132/www.fairmountminerals.com
BAKER HOSTETLER
1900 E. Ninth St., Suite 3200, Cleveland 44114
(216) 621-0200/www.bakerlaw.com
BENDIX COMMERCIAL VEHICLE SYSTEMS LLC (4)
901 Cleveland St., Elyria 44035
(440) 329-9000/www.bendix.com
COMMERCIAL ALLOYS CORP.
1831 E. Highland Road, Twinsburg 44087
(330) 405-5440/www.commercialalloys.com
SAFEGUARD PROPERTIES LLC
650 Safeguard Plaza, Brooklyn Heights 44131
(216) 739-2900/www.safeguardproperties.com
DAVE'S SUPERMARKETS
5300 Richmond Road, Bedford Heights 44146
(216) 763-3200/www.davesmarkets.com
AUSTIN POWDER CO. (5)
25800 Science Park Drive, Suite 300, Cleveland 44122
(216) 464-2400/www.austinpowder2.com
Estimated revenue
(millions)
2007
2006
Number of
local
employees
Year
founded
Type of business
Top executive
$5,989.9
$4,748.8
240
2004
Aluminum rolled products and extrusions,
aluminum recycling and specification alloy
production
Steven J. Demetriou
chairman, CEO
$2,000.0
$2,000.0
1,900
1934
Health insurance
Kent W. Clapp
chairman, president, CEO
$1,775.0
$1,350.0
550
1958
Manufactures, packages, distributes natural
and processed cheese
Gary Vanic
president, CEO
$1,594.0
$1,510.0
1,556
1848
Insurance, banking and related financial
services
Robert J. Joyce
chairman, CEO
$1,441.0
$1,310.0
463
1893
Legal services
Stephen J. Brogan, managing partner
Lyle G. Ganske, partner-in-charge, Cleveland
$1,250.0
$1,170.0
525
1947
Manufactures exterior residential building
products
Thomas N. Chieffe
president, CEO
$1,190.0
$1,130.0
NA
1932
Manufactures outdoor power equipment
Curtis E. Moll
chairman, CEO
$1,100.0
$1,100.0
3,300
1947
Designer and manufacturer of industrial fluid
system components
Arthur F. Anton
president, CEO
$1,060.0
$954.0
NA
1978
Deep discount general merchandise stores
Marc Glassman
chairman
$760.0
$1,065.0
NA
1956
Holding company; engineering and
manufacturing companies, technical staffing
employment agency
Robert Tomsich
chairman, CEO
$642.0
$689.0
630
1932
Building materials retailer
Neil Sackett
president, CEO
$620.4
$602.5
2,950
1968
Retail drugstore, mail-order pharmacy
Parviz Boodjeh
CEO
$530.0
$460.0
NA
1890
Global legal service provider
David Goodman
Cleveland managing partner
$524.0
$518.0
200
1979
National distributor of prime galvanized steel Dennis Leebow
coils and sheets
president, CEO
$519.0
$516.0
265
1945
Caterpillar engine and equipment distributor,
Ohio, Northern Kentucky and Southeastern
Indiana
Kenneth E. Taylor
president
$506.1
$467.5
7,000
1880
Tree, shrub, lawn care, utility vegetation,
grounds management, golf course
maintenance, consulting services
Karl J. Warnke
president, CEO
$487.0
$427.0
25
1989
Manufacturer of waste handling equipment
Robert C. Rasmussen
president and CEO
$420.0
$257.0
200
1975
Manufactures, distributes automotive
transmissions, transmission replacement
parts, refinishing products, coatings
Monte Ahuja
chairman
$411.7
$348.7
742
1928
Home delivery of medical supplies
Ron M. Harrington
president, CEO
$385.0
$380.0
2,000
1891
Retail grocery and pharmacy stores
Steve Albrecht
president
$365.0
$365.0
NA
1949
Wholesale and retail arts and crafts supplies
Mike Catan
president
$320.3
$406.1
800
1980
Commercial building contractor
Jon P. Small
president
$319.0
$154.0
220
1993
Manufactures, distributes compact
fluorescent light bulbs, cold cathode, LED,
linear lighting solutions
Ellis Yan
chairman, CEO
$316.7
$316.7
NA
1986
Mining and processing of industrial minerals
to various industries
William E. Conway, chairman
Charles D. Fowler, president, CEO
$315.0
$300.0
425
1916
Legal services
R. Steven Kestner, executive partner
Alec Wightman, executive partner
Hewitt B. Shaw, managing partner, Cleveland
$269.6
NA
438
1930
Develop, supply active-safety technologies,
air brake charging, control systems and
components for commercial vehicles
Joseph J. McAleese
president, CEO
$253.0
$201.0
101
1982
Handle specialty metals, provide logistics for Larry Musarra
scrap removal as well as ingots, billets, deox president, COO
cone and sows for conversion
$222.4
$176.0
490
1990
Mortage field services company
Robert Klein
CEO
$216.6
$136.6
1,450
1935
Supermarkets
Daniel Saltzman
president
$208.0
--
70
1833
Manufactures, distributes industrial
explosives and blasting services
David M. Gleason
president, CEO
See LIST Page 22
CCLB 06-09-08 A 21 CCLB
6/6/2008
3:45 PM
Page 1
JUNE 9-15, 2008
Convention: Hotels make up
Tax: Politics, 2011 end are chief concerns
lost traffic with changed focus
If that approach means spending
less time looking for conventions a
few years off that involve 10 or 12
hotels, Mr. Brewer said, so be it.
“We need to focus on what we
can offer,” Mr. Brewer said, not on
what the city might be able to offer.
Positively Cleveland booked
125,000 convention room nights in
2007. That total was down 24% from
165,000 in 2006 and well off its stated
goal of 225,000, which bureau
spokeswoman Samantha Fryberger
concedes was “ambitious” and
reflected a longstanding priority
that has since shifted.
“We were continuing to follow an
old business model of trying to get
those big meetings to come here,”
Ms. Fryberger said, noting that the
bureau is about halfway toward
reaching this year’s more modest
goal of 200,000 convention room
nights booked.
The change plays in part to this reality: Only one-fourth of Positively
Cleveland’s convention bookings involve the downtown convention center, while competing cities such as
Columbus, Indianapolis, and Pittsburgh see their convention centers
used in 60% to 70% of their bookings.
Though many groups haven’t
publicly announced their future
events, Ms. Fryberger offered two
examples of how the new approach
is manifesting itself: A maintenance
professional group will have its
annual conference here in October,
resulting in about 700 room nights,
and a distributors’ group has booked
250 room nights for a trade show in
November 2009.
Positively Cleveland hasn’t discounted large groups completely. The
bureau still works with large industrial
shows at the I-X Center and offers the
current downtown convention center
to groups such as last month’s 2,000attendee Society of Tribologists and
Lubrication Engineers.
Hotel as convention venue
With the local convention bureau
altering its focus, some downtown
hotels are taking matters into their
own hands when it comes to lining
up meeting business.
“Because of (our) size and our
footage, we have basically become
our own convention center,” said
Gary McGauley, general manager of
the 491-room Renaissance Cleveland Hotel, which boasts the city’s
biggest ballroom.
Instead of being one piece of a
multiple-hotel gathering that might
have brought the Renaissance 200
room nights, the hotel is aiming to
attract many smaller meetings that
each might book 50 to 400 room nights.
Mr. McGauley said the hotel’s
own sales force and the national
sales office of parent Marriott International Inc. more aggressively have
sold not only the Renaissance’s
facilities, but also its proximity to
a sister property, the 400-room
Marriott at Key Center, which
boosts the size of the events it can
target. The recent gatherings of the
International Bridge, Tunnel and
Turnpike Association and of drug
company Sanofi-aventis, which
each involved 1,000 rooms — the
overflow of which went to other
downtown hotels — are examples
of successful bids for such business,
Mr. McGauley said.
Candice Kelly Casey, director of
sales and marketing at the Embassy
Suites Cleveland, said the hotel on
East 12th Street is taking similar
measures, though it typically isn’t
identified as a convention property.
Ms. Casey said the hotel has seen
its occupancy decrease 11% in 2008,
“which is attributed to fewer room
nights needed for citywide conventions compared to last year.” As a
result, there’s a new sales focus on
finding “alternative markets that
maybe we hadn’t strategically targeted
before, like more diverse markets or
youth groups,” Ms. Casey said.
Missed opportunities
Positively Cleveland’s latest annual
report estimates the city in 2007 lost
270,000 convention room nights of
potential meeting business that came
to the table but opted not to come to
Cleveland. About half those misses
are related to the uncertain status of
the proposed convention center, Mr.
Brewer said.
The lack of a new meeting hall is
creating a roadblock to doing business with some potential clients.
Take the 10,000-attendee American Wind Energy Association’s Wind
Power convention in Houston last
week. With more than 40 Northeast
Ohio manufacturers with ties to the
wind turbine industry, according to
Positively Cleveland, the city would
make an ideal host for the gathering,
were it not for the ceiling limitations
of the current convention center.
“We know all about them and
they know all about us,” Mr. Brewer
said of groups the bureau is pursuing, “but until we get (the new center) done, they’ve said, ‘We we can’t
pay attention too closely.’”
■
on the 2000 block of Euclid Avenue.
The Strickland administration on
March 22 halted a two-year test that
began last July of the credits after
approving just 37 of them; that’s
because developers already had
won OKs for enough projects to
exhaust the $120 million the state
believed the program would cost.
All the projects that had filed for the
credits would have cost the state
$200 million in lost revenue.
Rather than leave the developers
in the lurch, the Strickland jobs bill
restores the program. It gives developers with pending applications
first crack at up to $90 million
in credits and provides another
$30 million for new ones if they are
approved by 2011.
David Kaufman said the brothers
still are interested in pursuing the
tax credit. “Absolutely, we’re going
to try for it again,” he said. “We had
given up on it.”
Mr. Kaufman said the state credit
for 25% of qualifying expenses on
historic renovation projects goes far
toward closing a $750,000 financing
gap that kept the Kaufmans from
starting construction. The state
approved $5.4 million in building
renovations at 2020 Euclid for the
credits, but the brothers still were
trying to win state approval for
credits on a $2 million renovation
of 2010 Euclid when, as David
Kaufman put it, the “state pulled
the rug out from us.”
While the jobs bill recognizes the
plight of developers who bought
buildings and readied projects
thinking the state would approve
200 credits through 2008, the outcome disappoints preservation architect Jonathan Sandvick of Cleveland, vice chair of the Heritage Ohio
preservation group and chairman of
Cleveland’s Historic Warehouse District Development Corp. He worries
the state is missing a chance to become the leader in historic renovation and for rehabs to improve its
dismal economy.
“We will never go through the pilot
program we envisioned,” Mr. Sandvick said. “If you look at the destiny of
the state now, it stands to continue
losing jobs and people. This has the
opportunity to change the destiny
of the state. We’re talking about
economic revitalization in downtowns and inner cities throughout
Ohio — where you need it.”
Cleveland-based developer Michael
Chesler, one of three developers
suing the state for aborting the
program and leaving him without
the aid of the credit to renovate a
condemned Civil War-era Akron
house, said he’d drop the suit if
his Cincinnati developer-colleagues
agree to do so upon the governor
signing the jobs bill.
However, fundamental disputes
over details of the program remain.
Developers and preservationists
wanted the state to make the credit
permanent; it now ends in 2011 and
would need a new state law to
continue. They also wanted the
state to stick with setting a number
of projects that would be eligible for
the credits and not impose a dollar
cap on them, but got the cap instead.
They also worry the state will
allow more politics into the process
by ending the first-come, firstserved approach that led developers
and their minions to camp out last
July in Columbus to gain a place in
line for the credits. Lt. Gov. Lee
Fisher, who also serves as Ohio’s
development director, said he
and his staff expect to prepare
guidelines for the program after the
governor signs the bill into law.
Mr. Fisher likes the control he
gained under the bill to consider
the potential economic impact and
regional balance of the credits.
“I don’t want to have my hands
tied by whether projects were first
■
in line or 10th,” he said.
“Our passion for client service
can lift your spirits, too.”
Mark Stutman
Managing Partner -Tax
CFA Society of Cleveland Year-End Dinner
The CFASC is pleased to welcome a very distinguished speaker to Cleveland...
Jason Trennert is co-founder, managing partner, and chief investment strategist of
New York-based Strategas Research Partners. Trennert’s presentation provides an
overview of the forces shaping the economy and the financial markets and will include discussion on economic growth, inflation, valuation, investor sentiment,
growth vs. value, large vs. small, and sector selection.
Date & Time:
1
Location:
1
Cost:
1
1
1
Contact:
Tuesday, June 24, 2008
6 p.m. Cocktails; 6:45-9 p.m. Dinner & Program
Cleveland Metroparks Zoo (Primate, Cat & Aquatics building)
3900 Wildlife Way, Cleveland, OH 44109
Members/Candidates/Students - $55
(Each member may bring one guest at the member rate)
Non-members/Non-candidates/Non-students - $65
Tables of 8 - $475
CFA Society of Cleveland
3637 Medina Road, Suite 110, Medina, OH 44256
216-696-8066 (phone) ~ 866-882-1193 (fax)
cfa@cleveland.cfasociety.org (e-mail)
Please respond by Monday, June 16
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and partner involvement have been the hallmark of
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21
Audit • Tax • Advisory
www.GrantThornton.com
CCLB 06-09-08 A 22 CCLB
22
6/5/2008
10:08 AM
Page 1
JUNE 9-15, 2008
LARGEST PRIVATELY HELD COMPANIES
RANKED BY ESTIMATED 2007 REVENUES
Company
Address
Rank Phone/Web site
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
CLEVELAND BROWNS (6)
76 Lou Groza Blvd., Berea 44017
(440) 891-5000/www.clevelandbrowns.com
FAMOUS ENTERPRISES INC.
109 N. Union St., Akron 44304
(330) 762-9621/www.famous-supply.com
OATEY CO.
4700 W. 160th St., Cleveland 44135
(216) 267-7100/www.oatey.com
THE MILLCRAFT PAPER CO.
6800 Grant Ave., Cleveland 44105
(216) 441-5500/www.millcraft.com
THOMPSON HINE LLP
127 Public Square, Suite 3900, Cleveland 44114
(216) 566-5500/www.thompsonhine.com
GARLAND INDUSTRIES INC.
3800 E. 91st St., Cleveland 44105
(216) 641-7500/www.garlandco.com
MCPC INC.
21555 Drake Road, Cleveland 44149
(440) 268-4000/www.mcpc.com
CLEVELAND INDIANS BASEBALL CO. (6)
2401 Ontario St., Cleveland 44115
(216) 420-4200/www.cleveland.indians.mlb.com
ANTHONY & SYLVAN POOLS CORP. (5)
6690 Beta Drive, Mayfield Village 44143
(440) 720-3301/www.anthonysylvan.com
ALFRED NICKLES BAKERY INC. (5)
26 N. Main St., Navarre 44662
(330) 879-5635/www.nicklesbakery.com
INFOCISION MANAGEMENT CORP.
325 Springside Drive, Akron 44333
(330) 668-1400/www.infocision.com
DONLEY'S INC.
5430 Warner Road, Cleveland 44125
(216) 524-6800/www.donleyinc.com
THE RUHLIN CO.
6931 Ridge Road, Sharon Center 44274
(330) 239-2800/www.ruhlin.com
STEP2 CO. LLC (5)
10010 Aurora-Hudson Road, Streetsboro 44241
(330) 656-0440/www.step2.com
FORTNEY & WEYGANDT INC.
31269 Bradley Road, North Olmsted 44070
(440) 716-4000/www.fortneyweygandt.com
CAVALIERS OPERATING CO. LLC (6)
46
1 Center Court, Cleveland 44115
(216) 420-2000/www.nba.com/cavaliers
47
HILITE INDUSTRIES INC. (4)
127 Public Square, #4100, Cleveland 44114
(216) 771-6700/www.hilite.com
48
49
50
51
52
53
54
55
56
57
58
59
60
DOTS INC. (4)
30801 Carter St., Solon 44139
(440) 349-7000/www.dots.com
FAMILY HERITAGE LIFE INSURANCE CO. OF AMERICA
6001 E. Royalton Road, Suite 200, Broadview Heights 44147
(440) 922-5200/www.familyheritagelife.com
APPLE AMERICAN GROUP (4)
6200 Oak Tree Blvd., Suite 250, Cleveland 44131
(216) 525-2775/www.appleamerican.com
COMDOC INC.
3458 Massillon Road, Uniontown 44685
(330) 899-8000/www. comdocinc.com
ATLANTIC TOOL & DIE CO.
19963 Progress Drive, Strongsville 44149
(440) 238-6931/www.atlantictool.com
STATE INDUSTRIAL PRODUCTS CORP. (4)
3100 Hamilton Ave., Cleveland 44114
(216) 861-7114/www.stateindustrial.com
COUNTRY PURE FOODS INC. (5)
681 W. Waterloo Road, Akron 44314
(330) 753-2293/www.countrypurefoods.com
WOLFF BROS. SUPPLY INC.
6078 Wolff Road, Medina 44256
(330) 725-3451/www.wolffbros.com
NACSCORP
528 E. Lorain St., Oberlin 44074
(440) 775-7777/www.nacscorp.com
WACO SCAFFOLDING & EQUIPMENT
4545 Spring Road, Cleveland 44131
(216) 749-8900/www.wacoscaf.com
GOJO INDUSTRIES INC. (5)
1 GoJo Plaza, Suite 500, Akron 44311
(330) 255-6000/www.gojo.com
PANZICA CONSTRUCTION CO. (5)
739 Beta Drive, Mayfield Village 44143
(440) 442-4300/www.panzica.com
R.W. SIDLEY INC. (4)
436 Casement Ave., Painesville 44077
440-352-9343/www.rwsidley.com
Estimated revenue
(millions)
2007
2006
Number of
local
employees
Year
founded Type of business
Top executive
$206.0
$206.0
NA
1946
Professional football team
Randolph P. Lerner
owner
$205.0
$208.0
316
1933
Distributor of HVAC, plumbing, PVF,
industrial, building products and training
Marc Blaushild
president, CEO
$200.0
$200.0
500
1916
Manufactures plumbing products
Gary A. Oatey
chairman
$196.0
$185.0
85
1920
Wholesale distribution and conversion of fine Katherine M. Mlakar
paper and paper board
chairman of the board
$188.1
$171.9
386
1911
Legal services
David J. Hooker, managing partner
Michael L. Hardy, partner-in-charge,
Cleveland
$185.3
$171.4
92
1895
Manufactures roofing, flooring, coatings,
sealants and maintenance systems for
commercial, industrial, institutional buildings
David Sokol
president, COO
$185.0
$172.0
320
2002
National value-added reseller and direct
Michael Trebilcock
marketer of information technology solutions CEO
$181.0
$158.0
NA
1901
Professional baseball team
$180.0
$180.0
NA
1992
D. Neidus
Residential and commercial swimming pools Stuart
chairman, CEO
$176.2
NA
NA
1909
Manufactures fresh and frozen bread
David Gardner
president
$173.0
$154.0
2,082
1982
Teleservices company specializing in sales,
customer care and nonprofit fundraising
Gary Taylor, chairman
Carl Albright, president, CEO
$169.0
$108.0
225
1892
Design/builder, construction manager and
general contractor, self-performs concrete
construction
Malcolm M. Donley
president, CEO
$163.5
$142.0
210
1915
Building, industrial and heavy civil
construction and construction management
James L. Ruhlin
president, CEO
$161.7
NA
534
1990
Manufactures plastic toys, lawn and garden
products
Scott Levin
president, CEO
$153.6
$122.9
210
1978
National account general contractor, serving Robert L. Fortney
commercial, retail, hospitality, institutional
president
and multi-family markets
$152.0
$115.0
NA
1970
Professional basketball team
Daniel Gilbert
owner
$145.4
$145.4
267
1986
Manufactures precision automotive
components
Joseph W. Carreras
chairman, CEO
$136.7
$136.7
NA
1983
Women's clothing stores
Robert A. Glick
president, CEO
$120.6
$102.5
97
1989
Provider of life and supplemental health
insurance
Howard L. Lewis
president, CEO
$119.3
$119.3
NA
2001
Casual dining
Jim Gamelin
senior vice president
$116.0
$113.0
375
1955
Sales and service of document management
systems, including copiers, printers,
W. Riley Lochridge
scanners, facsimile and multifunction
chairman, CEO
machines.
$110.0
$100.0
NA
1937
Metal stampings
Frank Mehwald
chairman, CEO
$104.2
$105.0
243
1911
Manufactures, distributes specialty
chemicals, cleaning solutions, equipment,
maintenance products
Harold Uhrman
CEO
$104.0
NA
NA
1995
Manufactures fruit drinks
Raymond Lee
CEO
$103.0
$107.8
179
1965
Wholesale electrical, plumbing, HVAC,
lighting and cabinetry
Howard E. Wolff
president, CEO
$87.1
$83.1
84
1963
Distributor of books and general
Kurt Schoen
merchandise products to collegiate retailers president, COO
$87.0
$93.0
90
1954
Sales, rental and erection of scaffolding
Marty Coughlin
president, CEO
$83.3
$83.3
NA
1946
Inventor of Purell Instant Hand Sanitizer;
manufactures skin care products
Joseph Kanfer
president, CEO
$82.0
$82.0
NA
1956
General contractor, construction
management, design/build
Anthony M. Panzica
president, CEO
$81.4
$88.0
NA
1933
Construction materials
Robert Buesher
CEO, president
Lawrence J. Dolan
owner, CEO
CCLB 06-09-08 A 23 CCLB
6/5/2008
10:08 AM
Page 1
JUNE 9-15, 2008
Company
Address
Rank Phone/Web site
61
62
63
64
65
66
PATIO ENCLOSURES INC.
700 E. Highland Road, Macedonia 44056
(330) 468-0700/www.patioenclosuresinc.com
EAST MANUFACTURING CORP.
1871 State Route 44, Randolph 44265
(330) 325-9921/www.eastmfg.com
ADVIZEX TECHNOLOGIES LLC (4)
6480 Rockside Woods Blvd. S., Suite. 190, Independence 44131
(216) 901-1818/www.advizex.com
COLUMBIA NATIONAL GROUP INC. (4)
6600 Grant Ave., Cleveland 44105
(216) 883-4972
JERGENS INC. (5)
15700 S. Waterloo Road, Cleveland 44110
(216) 486-2100/www.jergensinc.com
VALLEY FORD TRUCK SALES INC. (5)
5715 Canal Road, Cleveland 44125
(216) 524-2400/www.valleyfordtruck.com
Estimated revenue
(millions)
2007
2006
Number of
local
employees
Year
founded
Type of business
Top executive
$80.0
$84.0
220
1966
Manufacturer, installer of sunrooms, solariums, Kenneth Sekley
conservatories
president, CEO
$79.0
$115.0
330
1968
Manufactures trailer bodies; wholesale truck
parts and accessories
David J. Tate
president
$73.0
NA
75
1975
Information technology provider of e-services,
mission critical, enterprise management
solutions
Alfred A. Traversi
president, CEO
$63.0
$63.0
NA
1926
Scrap and waste materials
David Miller
president
$56.2
$49.5
120
1942
Special dies, tools, fixtures
Jack H. Schron, Jr.
president
$52.0
--
NA
1964
New and used truck sales, leasing, service and Brian E. O'Donnell
parts
COO
67
YODER BROS. INC. (4)
115 Third St. S.E., Barberton 44203
(330) 745-2143/www.yoder.com
$48.7
$48.7
NA
1920
Nursery and floriculture production
William G. Rasbach
president, CEO
68
AMERICAN SPRING WIRE CORP. (5)
26300 Miles Road, Bedford Heights 44146
(216) 292-4620/www.americanspringwire.com
$47.1
--
NA
1968
Manufactures spring wire and strand cable
Timothy W. Selhorst
president, CEO
$38.0
$110.0
78
1878
Consulting, architecture, engineering and
B. Flanagan
construction services for industrial, commercial Patrick
president
and government clients
$35.0
NA
NA
1952
Electrical construction
Peter J. Corogin
president, CEO
$28.7
--
60
1938
Contract chemical manufacturing, cleaning
services to food processing industry
Daniel N. Zelman
CEO
$27.9
$7.0
48
1956
General contractor, construction management, Dominic L. Ozanne
project management
president, CEO
$23.6
NA
215
2003
Full-service law firm
Curtiss L. Isler
managing partner
$15.7
$14.7
100
1983
Manufactures firefighting apparel
Bill Burke
president
$15.0
NA
73
1995
Creators of Virtual Hold software
Mark Williams
president
69
70
71
72
73
74
75
THE AUSTIN CO.
6095 Parkland Blvd., Cleveland 44124
(440) 544-2600/www.theaustin.com
LAKE ERIE ELECTRIC INC. (5)
25730 First St., Westlake 44145
(440) 835-5565/www.leeinc.com
PARO SERVICES CORP. (5)
8679 Freeway Drive, Macedonia 44056
(330) 467-1300/www.royalchemical.com
OZANNE CONSTRUCTION CO.
1635 E 25th St., Cleveland 44114
(216) 696-2876/www.ozanne.com
TUCKER ELLIS & WEST LLP (4)
925 Euclid Ave., Suite 1150, Cleveland 44115
(216) 592-5000/www.tuckerellis.com
FIRE-DEX LLC
780 S. Progress Drive, Medina 44256
(330) 723-0000/www.fire-dex.com
VIRTUAL HOLD TECHNOLOGY LLC (4)
137 Heritage Woods Drive, Akron 44321
(800) 854-1815/www.virtualhold.com
23
Source: Information is supplied by the companies unless footnoted. Crain’s Cleveland Business does not independently verify the information and there is no guarantee
these listings are complete or accurate. Information provided by outside sources may contain 2006 data. We welcome all responses to our lists and will include omitted
information or clarifications in coming issues. Business lists and The Book of Lists are available to purchase at www.crainscleveland.com. (1) The Am Law 100, The American
Lawyer, May, 2008. (2) From Forbes, The Largest Private Cos. List, 11-08-07. (3) From Chain Drug Review, May, 2006. (4) From Hoover’s Online. (5) From Business &
Company Resource Center, Gale Cengage Learning. (6) From Forbes.com.
RESEARCHED BY Deborah W. Hillyer and
Kim Ratliff-Null
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Look to Roetzel & Andress for the legal
guidance you need.
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PA R T N E R I N G F O R S U C C E S S
222 South Main Street l Akron, OH 44308 l 330.376.2700
One Cleveland Center, Ninth Floor l 1375 East Ninth St. l Cleveland, OH 44114 l 216.623.0150
A K RO N C I N C I N N AT I C L E V E L A N D CO LU M B U S F O R T M Y E R S
N A P L E S O R L A N D O TA L L A H A S S E E TO L E D O WA S H I N G TO N , D .C .
CCLB 06-09-08 A 24 CCLB
24
6/5/2008
1:31 PM
Page 1
Don Schwaller - Classified Manager
Phone:
(216) 771-5172
Fax:
(216) 694-4264
E-mail: dschwaller@crain.com
JUNE 9-15, 2008
REAL ESTATE
Copy Deadline: Wednesdays @ 2:00 p.m.
All Ads Pre-Paid: Check or Credit Card
INDUSTRIAL SPACE
CRESCO real estate
216.520.1200 •
www.crescorealestate.com
INDUSTRIAL
87,441 SF - SE - sale/lease - power - sprinklered - 8 docks - upgraded office - parking - near
Rt. 422 - I-271 - Armand Aghajanian
HOPKINS AIRPORT AREA - 26,250 square feet divisible - great highway access to I-480
and I-71 - Below $4.00/sf gross - Kevin Kelly
STREETSBORO - pristine condition industrial building - 20,510 sf on 5.18 acres - 2 docks - 1
drive-in - expandable - many upgrades - must see - Simon Caplan, SIOR or Eliot Kijewski
IDEAL OPPORTUNITY - 20,000 sf on 3.16 acres for lease or sale - divisible to 10,000 sf
tenant could remain - 1985 construction - oversize DI’s - 8” floors - heavy power - rubber
roof - secured yard - suburban location - Joe Barna, SIOR
14,000 SF OFFICE/WAREHOUSE - great visibility & access - owner just lowered asking
price and will provide free rent as incentive - Matt Beesley, SIOR or Bob Garber, SIOR
I-71/W. 150th STREET - 10,700 sf with 3,000 sf office - 1 dock & 1 drive-in - Fred Christie, SIOR
USER/INVESTOR OPPORTUNITY - highly visible commercial building - 4,331 sf on .64 acres
- 1,831 sf former medical office available - 2,500 sf leased for 4 years - Bob Garber, SIOR
STRONGSVILLE CONDO FOR SALE - 2,205 sf warehouse with 400 sf office - 1 drive-in
door - 14’ clear - Pamela Bertovich
OFFICE SPACE
FOR SALE OR LEASE
440-934-0013 Brokers Welcome
Avon location – near Interchange Rt. 2 & Rt. 611
Office 1,270SF, Manufacturing 10,300SF, Dock, Grade Door, 480V
Fire Sprinkler, Concrete Parking, Masonry/Steel Construction
$5.90/SF NNN Blended Rate; Sale $870,000
List your Industrial,
commercial or
Retail Space Here!
Crain’s Cleveland Business’ classifieds will
help you fill that space..
Contact Don Schwaller at
216.771-5172
DSchwaller@Crain.com
$5
Sq.
Ft.
1st Floor Office Space*
Located at interchange of
Route 18 and I-71:
5164 Normandy Parkway
Medina, OH
INDEPENDENCE
Developer selling its remaining
interest in newly-constructed,
age-restricted luxury residential
condo complex, 19 units out of
34 total, selling in bulk, located
in Canton, next to medical, shops,
golfing and entertainment.
Call: Mark Abood
Available Immediately
www.
independencecorporatecenter
.com
24865 Detroit Rd.
Westlake
HQ Concept-Professionally
Furnished Office Suites
One/Two person suites, Secretarial/
Receptionist Service (Optional).
Cleveland/ Akron Markets.
330 342 1006
INVESTMENT
PROPERTY
1,300 sq. ft.
First Floor Location
3,500 sq. ft.
Third Floor Location
* For 1st year on multi-year contract
Hudson/Fairlawn, Ohio
OWNERSHIP OPPORTUNITY - Cleveland/I-90 eastern suburbs - 3 buildings totaling
90,000 sf - visible at I-90 - office/education/redevelopment - Rico Pietro
THE UPSIDE OF ROCKSIDE - new office construction - spaces now available - 20,000 to
132,000 sf - fast, four way Transportation Blvd access to I-480 - Tom West, SIOR
SUBLEASE OPPORTUNITY - Rockside Road Office Market - 2nd floor of Park Center III 11,143 sf service and training space - term runs through July 2010 - Patrick Reardon, SIOR
OFFICE BUILDING CUYAHOGA FALLS - owner/investor opportunity - clean, updated
space in excellent location near Route 8 - Tyler Newman, CCIM
INVESTMENT
OPPORTUNITY
216-674-0525
Troy@SellingMedinaCounty.com
(Broker/Owner)
OFFICE
7100 E. Pleasant Valley Rd.
Award Winning Building
Offering Class A Office Space
2,300 sq. ft. - 5,000 sq. ft.
available!
Call Troy at Gerspacher
Real Estate Group
330.722.5002
WESTSIDE LEASE - office/warehouse or all office from 150 to 3,200 sf on I-90 in Westlake
- Ken Anderson
FOR SALE SANDUSKY, OHIO - car and truck wash 101 - located on SR 101 - just south
of the Rt. 2 exit ramp - 3 truck bays, 3 car bays (2 self serve, I automatic) - Joe Solkiewicz
102 RESIDENTIAL BUILDING LOTS IN SHEFFIELD LAKE - 26 developed (Elm St.) and
76 undeveloped (Oak St. and Parkview Dr.) - George Pofok, CCIM or Joe Barna, SIOR
For sale $650,000 or lease
up to 5,700 square feet.
Includes 18 private offices,
2 conference rooms,
5 restrooms, large private
reception area, 5 separate
entrances including ramped
entryway, large atrium area,
full kitchen, 23 parking spaces
incl. handicap + storage.
Call Carolyn @
440-759-9903
PRICE REDUCED!
Chartwell Group/TCN Worldwide
Tel: 216-839-2027
www.chartwellgroup.com
Apartments / Condos
Nursing Facilities
Existing 14.8 acreage only,
Zoned seniors use, 222 units
Broadview Hts. (Cleve)
Child care location near school
Cleveland /Garfield
440-582-3009
LAND
Industrial Sites
Sell / Build to suit
2-20 acres, Avon
6 Acres, Sheffield
75 Acres, Sheffield
Gerent’s Realty
440.949.2505
Luxury Property
List your high-end real estate
here for great high-end exposure.
Discount rates available.
Contact Don Schwaller
(216) 771-5172
OFFICE/RETAIL
SPACE
EUCLID
East 200th Street
For daily on-line
updates, sign up @
CrainsCleveland.com/Daily
Commercial/Office/Retail. Remodeled
2,400 sq. ft. building. Newer Windows,
Door, Heat, A/C, Parking lot, Garage.
$147,500.No Brokers
216-738-4444
CLASSIFIED
BUSINESS SERVICES
SPORTS & ENTERTAINMENT
BE PART OF THE BROWNS
EXCITEMENT THIS FALL
First level Founder's Suite location between the 30-35 yard lines. 20 tickets, 4 parking passes and 6 suite guest passes, per game. Food and beverage service is available.
Available games:
8/7 @ 7:30 p.m. - New York Jets
11/2 @ 1:00 p.m. - Baltimore Ravens
9/14 @ 8:15 p.m. - Pittsburgh Steelers
11/23 @ 1:00 p.m. - Houston Texans
10/13 @ 8:30 p.m. - New York Giants
12/21 @ 1:00 p.m. - Cincinnati Bengals
For more information contact Noreen at 440-519-8182
Cleveland-based firm with Suites
INTERNET
MARKETING SOLUTION
Promote your business online.
$600-$1000 monthly.
Call BHP marketing, and
start earning more online!
216 287 7062
FINANCIAL SERVICES
CAPITAL AVAILABLE
If you have an opportunity that requires funding but does not
fit traditional banking parameters - contact us. We do not fund
senior/mezzanine debt or working capital. We focus on special situations with investment size ranging from $500k to $10
million. Total committed capital of $100 million. We have an
in-house legal team, can think "outside of the box" and act
quickly. Please refer to www.etccapital.com or call 248560-0203 ext. 101 for more information.
Indians/Browns/Cavs
Lake Erie Monsters
Arena Football
Looking for partner(s) to share
throughout the seasons.
Interested parties should send
contact info to:
Attn: Suites, P.O. Box 451100,
Westlake, Ohio 44145.
Classified Ads
WORK!
DON’T
FORGET:
Crain’s Cleveland Business
on-line @
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news...online
CCLB 06-09-08 A 25 CCLB
6/6/2008
3:46 PM
Page 1
JUNE 9-15, 2008
Centers: Portfolio split could be beneficial
likely takers for such a substantial portfolio.
However, he said individual buyers might be
attracted to individual properties if Edens &
Avant will sell any of them singly.
Although the exit of Tops from Northeast
Ohio means investors will scrutinize the
centers more closely than in the past, Mr.
Wiles said, “the appetite is still there for
grocery-anchored centers.”
Vacancy in the properties ranges from as
little as 2% at Buckeye Plaza in Cleveland to 15%
at both Shaker Towne Centre, a 74,000-squarefoot center in Shaker Heights, and Broadway
Shoppes, a 129,000-square-foot shopping center
in Cleveland’s Slavic Village neighborhood.
Cleveland Councilman Tony Brancatelli,
whose Ward 12 includes Slavic Village, said he
believes the neighborhood’s oft-reported high
number of foreclosed properties is less an
issue for the center than worsening economic
times. He said Edens & Avant dramatically
improved the center during its ownership.
Joyce Braverman, Shaker Heights planning
director, attributed part of Shaker Town Center’s
vacancy to the company dropping regionally
based representation two years ago and leasing
the center from Washington, D.C., as other
centers nearby in the suburb are landing new
tenants.
■
25
EDENS & AVANT NORTHEAST OHIO PROPERTIES
Center name
Address
Anchors
Fairlawn Town Centre
2855 W. Market St., Fairlawn
Target, Giant Eagle, Marc’s
Shaker Towne Centre
16601 Chagrin Blvd., Shaker Heights
Heinen’s, CVS
10604 Lorain Ave., Cleveland
Giant Eagle, A.J. Wright
11301 Buckeye Road, Cleveland
Giant Eagle, Family Dollar
1795 Snow Road, Parma
Giant Eagle
Columbia-Detroit Center
1502 Columbia Road, Westlake
Rego’s Fresh Market, KeyBank
Broadway Shoppes
6801 Broadway Ave., Cleveland
Aldi
8555 Market St., Mentor
Tops Market (empty)
1585 Mentor Ave., Painesville
Tops Market (empty)
Westown Square
Buckeye Plaza
Snow View Plaza
Mentor Center
Painesville Center
SOURCE: EDENS & AVANT
CLASSIFIED
Crain’s Executive Recruiter
SALES EXECUTIVES NEEDED
An international company in Solon seeks four sales
account executives to sell in a fast-paced environment.
See the job description below.
ACCOUNT EXECUTIVES
Brokers & Financial Planners
Cedar Brook Financial Partners LLC, one of Cleveland’s largest
and fastest growing independent comprehensive financial planning
and wealth management firms, seeks to add a few experienced
professionals who have enjoyed a successful track record of building client relationships.
We offer our wealth advisors the complete support of both a
financial planning department and an insurance services division,
ready access to our chief investment officer, an on-site compliance
officer, a group benefits division, a retirement plans division and
on-site MIS support. By providing these critical support services
and cutting out the middle man, we free our wealth advisors to
focus on gathering new clients and building deeper relationships
with existing clients, thereby providing you more opportunities to
enhance your compensation by keeping more of the revenue you
earn.
One of the driving factors of our success to date has been our
culture of collaboration among advisors, as contrasted with the
traditional silo approach prevalent in the industry. Our clients
benefit as do advisors. If you are an independent financial advisor
and feel overwhelmed by the increasing complexities of running
your practice, or if you are part of a large corporate environment
and feel that your entrepreneurial spirit is being stifled by
corporate mandates, please contact Jeffrey Biggar, Chief Operating Officer, for a confidential exploratory discussion that could
change your lifestyle and/or your clients’. Please call 440-6839310 or e-mail at jbiggar@cedarbrookfinancial.com. Our website is www:cedarbrookfinancial.com.
Securities offered through Securities America, Inc., member
FINRA/SIPC, www.finra.org/www.sipc.org. Advisory services
offered through Securities America Advisors, Inc., an SEC Registered Investment Advisor. Cedar Brook Financial Partners LLC
and Securities America are unaffiliated.
Candidates must have at least 5 years of outstanding sales performance experience. Documentation proving candidate was in the
top 5-10% of their company’s sales force is required. Must be an
aggressive and polished deal maker, and have a bachelor’s
degree. We are looking for the “best of the best.” Excellent earnings, benefits and potential for growth. Some travel required. First
year potential of $120K; second year potential of $250K.
CONTROLLER NEEDED
A controller is needed to oversee the finances of an independently held company in Solon. See the job description
below.
CONTROLLER
Candidate directs the financial affairs of the organization and
prepares financial analyses of operations, including interim and
final financial statements with supporting schedules, for the
guidance of management. The Controller is responsible for the
company's financial plans and policies, its accounting practices,
the conduct of its relationships with lending institutions and the
financial community, the maintenance of its fiscal records, and
the preparation of financial reports. The position involves supervision over general accounting, property accounting, internal
auditing, cost accounting, and budgetary controls.
Qualified candidates are invited to send their
cover letter and resume to:
Cleveclassifieds@Crain.com
(Postion title MUST apprear in the subject line of your
e mail in order to be submitted)
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Waste News is seeking an Associate Editor for its Akron office.
Primary responsibilities for this position include editing stories as
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Communications. Crain Communications is an Equal Opportunity Employer.
POSITION WANTED
CFO POSITION WANTED
President
and CEO
The Arthritis Foundation seeks
a forward-thinking executive to
lead its Cleveland Chapter. This
exciting opportunity will give a
proven professional with diversified fundraising skills the chance
to build on the Chapter’s financial, program and organizational
strengths. In this position, you’ll
be responsible for major development priorities including corporate
relations, annual giving program,
special events and cultivating
and soliciting major gifts. We’ll
count on you to use your excellent
communication skills to recruit
and work with top-level corporate and community leaders and
to lead and motivate staff teams.
To qualify, you must have a bachelor’s degree with at least 7 years’
experience. Operational, management, budgeting and strategic
planning skills required. We offer
competitive salary and benefits.
To apply, send a cover letter with
salary requirements and resume
by e-mail to:
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arthritis.org
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Recruit
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Due to growth, a Cleveland-based, commercial real estate development company with a diverse portfolio that includes
lifestyle and mixed use developments located throughout the
Midwest has two immediate opportunities:
DEVELOPMENT MANAGER - The successful candidate will
report directly to the senior officers of the company and will
lead all aspects of site planning, zoning, permitting, entitlements and construction document preparation. Minimum of
five years experience with proven ability to manage third party contractors, meet deadlines, budgets and work independently. Educational background in Architecture, Engineering
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LEASING MANAGER – The successful candidate will report
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(Position title MUST be in the subject line)
CCLB 06-09-08 A 26 CCLB
26
6/6/2008
4:50 PM
Page 1
JUNE 9-15, 2008
THEINSIDER
THEWEEK
JUNE 2 - 8
The big story: Continental Airlines Inc. told
employees that it plans to cut its work force by
3,000 workers and trim its flights by 8.3% by the
end of this year to reduce expenses in the face of
rising fuel costs. The company would not be
more specific about the cuts until it has talked to
its employees over the next week. Cleveland
airports director Ricky Smith said city-run
Cleveland Hopkins International Airport will
examine operations to reduce costs in light of
the Continental announcement. Continental, as
the largest carrier at Hopkins, ultimately pays a
large portion of the airport’s operating costs. The
Houston-based airline has more than 5,000
employees in the Cleveland area.
Intel inside: TOA Technologies Inc., a logistics
software company in Beachwood, received a $13
million investment from investors led by Intel
Capital, the global investment arm of computer
chip maker Intel Corp. of Santa Clara, Calif. The
investment includes money from existing TOA
investors Draper Triangle Ventures of Pittsburgh
and Early Stage Partners of Cleveland, as well as
private investors. TOA develops software that
gives customers a more precise estimate of when
technicians or delivery people will show up
at their homes. Proceeds from the investment
will be used “to accelerate business growth in
new geographies and vertical markets and fuel
continued technological innovation,” said Yuval
Brisker, president and CEO of TOA.
Shifting gears: The Lordstown plant of
General Motors Corp. is emerging as a winner as
the big automaker realigns its production operations to adjust to consumer demands for more
fuel-efficient vehicles. GM plans to add a third
shift in September to its plants in Lordstown and
Orion, Mich., which are building what the
automaker called “hot-selling Chevy and Pontiac
cars.” However, it will be closing four plants that
produce medium-duty trucks. Those plants
include the operation in Moraine, Ohio, near
Cincinnati. Production in Moraine will conclude
at the end of the 2010 model run, if not sooner.
This deal has to be good: J.M. Smucker Co.
struck another deal with Procter & Gamble Co.,
this time exchanging a big piece of the jellymaker
for P&G’s Folgers coffee business. Orrville-based
Smucker signed a definitive agreement to
acquire Folgers in
an all-stock transaction valued at $3.3
billion,
including
the assumption of
an estimated $350
million of Folgers
debt. As part of the
ISTOCKPHOTO transaction, Smucker
will issue a one-time special dividend of $5 a
share to Smucker shareholders prior to the
merger, calling the payout “a clear indication of
the strength of the combined business.” Smucker’s
previous deal with P&G involved the 2002 acquisition by Smucker of P&G’s Jif peanut butter and
Crisco shortening businesses.
Less-great expectations: Hit by what it
called “the unprecedented downturn in the U.S.
housing market and rapidly rising raw material
cost increases,” Sherwin-Williams Co. revised
sharply downward its earnings expectations
for all of 2008. The paintmaker says it now anticipates diluted earnings per share for 2008 will be
in the range of $3.60 to $4.10 per share. That’s
down markedly from its previous range of $4.70
to $4.85 per share. Sherwin-Williams earned
$4.70 a share in 2007. The company expects sales
for all of 2008 will be slightly lower than in 2007.
To keep up with local business news as it
happens, visit www.crainscleveland.com.
REPORTERS’ NOTEBOOK
BEHIND THE NEWS WITH CRAIN’S WRITERS
You, too, can buy this stock
cheap, just like the big guys
■ Longtime shareholders of National City
Corp. who were upset that they didn’t get to
buy the company’s stock for $5 a share when
the
troubled
financial
concern
received its $7 billion capital infusion a few
weeks back had their chance to do so last
Friday, June 6.
The stock of National City was trading
below $5 a share that morning after The Wall
Street Journal reported that the company’s
banking unit, beset by a rising number of
bad loans, had entered into a “memorandum
of understanding” with federal regulators,
effectively putting the bank on probation.
The confidential agreement with the
Office of the Comptroller of the Currency
was entered into over the past month, The
Journal reported. The newspaper said such
agreements give banks an opportunity to
work with federal regulators “to address
serious financial problems without triggering
alarm among depositors.”
The report caused the price of National
City’s stock to open last Friday at $5.01,
down from its Thursday close of $5.35. It
would trade for good parts of the day below
the $5 mark and closed at $4.95.
Investors led by private equity firm
Corsair Capital agreed in April to put $7
billion into National City; in exchange, they
were able to buy National City’s stock at $5
a share. The inability of individual shareholders who had owned the stock for
decades to get in on that deal caused grumbling at the company’s annual meeting April
29, and forced National City CEO Peter
WHAT’S NEW
Raskind to explain, “It was simply a matter
of speed.”
Now the market has taken care of that
issue. — Mark Dodosh
transmission and axle oil, Mr. Pirozzola said.
“Our sales people were blown away,” he
said. — Chuck Soder
It takes a village
to build a company
Can you get a version
that plays on Wii?
■ Lubrizol Corp.’s newest sales tool looks
like it belongs in an arcade.
The Wickliffe specialty chemical company’s
Driveline division for the past eight months
has been using a customized driving
simulator to help its sales force and
its customers feel exactly what
kind of automobile problems its
oil additives are meant to solve.
Those who sit in the driver
seat use a steering wheel to
maneuver their on-screen car
around a three-dimensional
race track that looks like it was
lifted from a PlayStation game —
except for the Lubrizol name on walls
and banners all over the course.
The seat, meanwhile, shakes drivers in
different ways depending on what setting
they choose. One setting causes the seat to
rock when the automatic transmission
changes gears, and another makes it feel like
the imaginary vehicle is going over rumble
strips once it passes 40 mph.
Arizona-based InMotion Simulation LLC
built the simulator with Lubrizol’s help for
less than $50,000, said project marketing
manager Paul Pirozzola. It has been popular
among both customers and the sales team,
who now are quicker to understand and get
excited about the additives they sell for
■ Tyler Village is huge, but its tenants don’t
have to be.
Graystone Properties Inc. is remodeling
21,000 square feet within the former home
of Tyler Elevator Products to provide offices
for startup technology companies,
said David Fleming, leasing agent
for the Cleveland developer.
The space will be on the
second, third and fourth floors
of building 31, which had been
the elevator company’s administrative offices. The first
floor eventually will have a
coffee bar, a conference room,
a fax machine and a copier.
The offices, which should be finished within three months, are better suited
to startups than most space within the 1.2
million-square-foot industrial complex,
which is filled mainly by large, open spaces.
“You start off with us, and you’re going to
have room to grow once your business
grows,” Mr. Fleming said.
Graystone has been working to attract
tech companies to the Superior Avenue
plant for about two years. The developer
hopes the startups benefit from the presence
of more established businesses and a
group of entrepreneurs called the Founders
Café that meets monthly on the first floor.
— Chuck Soder
STOCKS
10 BEST PERFORMERS
COMPANY: Diversified Fall
Protection Inc., Cleveland
PRODUCT: Quick-Safe Truck
Tarping System
Diversified Fall Protection says its new
system allows truck drivers to tarp loads
without getting on top of the truck or load
itself, reducing the chance of an injury.
The remote controlled operation “allows
the driver to stay safely on the ground while
the tarping system does all the work,” Diversified Fall Protection says. “There is no heavy
lifting to get the tarps on top of the load or
straining to get the tarp pulled over the load.”
Diversified Fall Protection says the system
cuts tarping time in half and gets drivers back
on the road quicker, saving them time and
money.
The company, founded in 1994, makes
fall-arrest and fall-restraint systems, as well
as personal protective equipment, for a variety
of industries.
For information, visit www.fallprotect.com.
Send new product information to managing
editor Scott Suttell at ssuttell@crain.com.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
COMPANY
CLOSE
6/6
WEEK’S
% CHANGE
52-WK
HIGH
52-WK
LOW
Associated Estates Realty (AEC)
Steris Corp. (STE)
Chart Industries Inc. (GTLS)
Jo-Ann Stores Inc. (JAS)
Invacare Corp. (IVC)
Olympic Steel Inc. (ZEUS)
Ferro Corp. (FOE)
Omnova Solutions Inc. (OMN)
Nordson Corp. (NDSN)
American Greetings Corp. (AM)
13.02
32.84
45.25
23.97
18.92
66.76
19.86
3.68
73.07
18.88
11.09
8.56
8.02
6.49
4.07
2.74
2.58
1.94
1.70
1.18
16.20
33.09
45.58
32.09
27.75
68.76
999.99
6.50
74.96
29.10
8.05
20.71
21.71
9.03
16.13
21.79
13.52
2.84
42.30
16.95
COMPANY
CLOSE
6/6
WEEK’S
% CHANGE
52-WK
HIGH
52-WK
LOW
DataTrak International (DATA)
National City Corp. (NCC)
TransDigm Group (TDG)
Sifco Industries Inc. (SIF)
KeyCorp (KEY)
Sherwin-Williams Co. (SHW)
Goodyear Tire & Rubber (GT)
Brush Engineered Materials (BW)
Parker Hannifin Corp. (PH)
LNB Bancorp Inc. (LNBB)
0.50
4.95
37.23
11.00
17.30
50.19
23.11
30.58
78.17
10.27
-18.76
-15.24
-14.61
-13.45
-11.15
-10.61
-9.05
-8.47
-7.68
-6.64
5.07
34.62
51.60
26.26
37.09
73.96
36.90
58.74
86.91
15.84
0.26
4.75
33.74
9.80
17.24
49.91
22.27
23.77
58.10
9.65
CLOSE
6/6
WK’S VOL.
(in thousands)
52-WK
HIGH
52-WK
LOW
34.62
37.09
25.16
36.90
32.09
73.96
999.99
104.12
86.91
60.20
4.75
17.24
15.00
22.27
9.03
49.91
56.39
66.27
58.10
32.20
10 WEAKEST PERFORMERS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
10 MOST ACTIVE
COMPANY
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
National City Corp. (NCC)
KeyCorp (KEY)
Progressive Corp. (PGR)
Goodyear Tire & Rubber (GT)
Jo-Ann Stores Inc. (JAS)
Sherwin-Williams Co. (SHW)
Cleveland-Cliffs Inc. (CLF)
Eaton Corp. (ETN)
Parker Hannifin Corp. (PH)
Developers Diversified (DDR)
Source: FinancialContent Inc.
4.95
17.30
20.08
23.11
23.97
50.19
104.35
93.37
78.17
39.38
77,626
25,060
21,981
19,626
17,692
16,498
12,133
9,908
9,193
4,987
CCLB 06-09-08 A 27 CCLB
6/5/2008
10:08 AM
Page 1
CCLB 06-09-08 A 28 CCLB
6/5/2008
10:20 AM
Page 1
BMW 2008
328xi Sedan
bmwusa.com
1-800-334-4BMW
A Lease As Attractive As the Quattroporte Itself.
The Ultimate
Driving Machine®
Horsepower and fuel efficiency,
married at last.
• xDrive, intelligent
all-wheel-drive
• 25 mpg hwy**
SPECIAL LEASE AND FINANCE OPPORTUNITIES ON ALL REMAINING 2008 QUATTROPORTES
Only one automobile can truly lay claim to what Car and Driver calls “The enthusiast’s luxury
NOW THROUGH 6/15/08
sedan” — the 2008 Quattroporte. It’s the only sedan in the world with a Ferrari-engineered 400 hp
ing what evo magazine describes as “the best handling super-sedan on the planet.” And, now
$1,499
through June 15, all of the Quattroporte’s world-beating performance, style and exclusivity can be
QUATTROPORTE
yours for as little as $1,499.26 per month. Visit your local authorized Maserati dealer today to learn
39-Month Lease / 10,000 Miles Per Year
$9,894.26 Due at Lease Signing
V8 engine, supercar braking that bests all other luxury sedans, and a rearward weight bias deliver-
*
It may seem counterintuitive, but BMW developed an engine that improved both. A magnesium and aluminum
engine block reduces weight, while Valvetronic technology manages valve timing and lift, allowing the engine to
breathe more easily. In the 328xi, this means the inline six-cylinder, 230-HP engine provides a blissful union of
fuel efficiency and performance.
399*/month for 36 months
$
ON A NEW 2008
why the Maserati Quattroporte is the ultimate performance sedan. maseratiamerica.com/lease
Special Leasing or 3.9% Financing Available from BMW Financial Services, LLC
BMW Ultimate Service™
*ON APPROVED CREDIT. Available only at participating authorized Maserati Dealers through June 15, 2008 to qualified lessees with approved credit through Maserati Financial Services. Delivery by
June 15, 2008 required. Subject to availability, quantities are limited. Required dealer contribution could affect price. Dealer prices will vary and affect lessee cost. Actual lease price determined by your
authorized Maserati Dealer. Payments will also vary based on length of lease and options selected. Payment shown based on a 39-month closed-end lease for a new 2008 model year Quattroporte
Automatic with MSRP of $126,310.00 (shown in picture with optional wheels). Total cash due at signing is $9,894.26, including capitalized cost reduction of $7,500.00, first month’s payment of $1,499.26
and $895.00 acquisition fee. No security deposit required. Total amount of monthly payments is $58,471.14. Purchase option at lease end for $58,593.00 plus taxes. Lessee is responsible for insurance,
maintenance, repairs, $.60 per mile over 10,000 miles per year, excess wear and a $495.00 termination fee. Title, taxes, registration and dealer fees are extra. See your participating local authorized
Maserati Dealer for details. ©2008 Maserati North America. All rights reserved. Maserati and the Trident logo are registered trademarks of Maserati SpA. Maserati urges you to obey all posted speed limits.
MASERATI OF CLEVELAND
Pay nothing. 4 years/50,000 miles. The most comprehensive maintenance plan (including wear and tear items) in its class.***
Brake Pads: $0
Brake Rotors: $0
Engine Belts: $0
Oil Changes: $0
Wiper Blade Inserts: $0
Scheduled Inspection: $0
BMW CLEVELAND • 6135 KRUSE DR. • SOLON • 1-866-210-6710
www.BMWCleveland.com
* Lessee resp. for maint. and excess wear & tear. Total inception due at signing includes $400 ref. sec. dep. 36 mo. closed end lease with 10,000 mi/yr; 20 cents, thereafter.
$399 1st pymt. + $400 ref. sec. dep. + $2,500 down payment = $3,299 due at lease signing. Ttl pymts. $14,364. Ttl. cost $16,684. ELPO: $21,741.50. Offer ends 6/30/08.
Price includes all costs to be paid by the consumer, except for licensing, reg. fees & taxes. Not resp. for typos. Pictures are for illustrative purposes only. **EPA-estimated figures only. Your actual mileage will vary. *** All BMWs come with BMW Maintenance and Warranty standard for 4 years or 50,000 miles, whichever occurs first. Roadside Assistance comes standard for 4 years. BMW Assist comes standard for 4 years on every MY 2008 5 Series, MY 2007 6 Series and 7 Series vehicle and is available as part of
the premium package on every MY 2007 3 Series, Z4, X3 and X5. ©2007 BMW of North America, LLC. The BMW name, model names and logo are registered trademarks.
6137 KRUSE DR. • SOLON • 1-866-210-6707
www.maseratiofcleveland.com
Even motionless,
it promises.
S17A_QP_8x10.875.indd 1
6/4/08 2:45:01 PM
2008 RANGE ROVER SPORT
2007 Jaguar XK Convertible
The grand-touring vehicles of the past cast a legendary romance over long-distance trips.
With a unique combination of high-performance driving dynamics, refined styling and Land
Rover capabilities. A grand tour of your own begins with a test drive at Land Rover Solon.
575
LEASES STARTING AT
$
24
MOS.
Complimentary Scheduled Maintenance
Included!
4 Years/50,000 Miles!
LAND ROVER SOLON
6137 KRUSE DR.• SOLON • 1-866-210-6707
www.landroversolon.com
* 24 month lease. Total due at signing $5,870 (Customer loyalty $2,000) includes 1st payment, $4,995 in Cap reduction, $595 acquisition fee. Tax, title and
registration fees extra. Customer responsible for excess wear and tear. 10,500 miles per year. 20¢ per mile over. M.S.R.P. $60,700. Other Range Rover
Sport’s available at similar savings. Stock # L01532. Expires 6/15/08.
Introducing the breathtaking XK convertible, Jaguar´s latest, most muscled athletes.
Shouldered and powerful as always, but sleeker now with aluminum bodyshell drawn
taut across the chassis, these dramatic sports machines are purposefully trimmed and
tuned for heart-pounding performance. Exhaust song, power, control and comfort
await notice with bold assurance. Inside or out, coupe or convertible, there´s not an
ounce of excess. But there is anticipation...because on the road, the XK commands.
999
LEASES
$
STARTING AT
36
MOS.
JAGUAR CLEVELAND
6137 KRUSE DR., SOLON • (440) 542-0601
www.jaguarcleveland.com
DESIGNED FOR THE EXTRAORDINARY
* 36 month lease. Total due at signing $6,294 includes 1st payment, $4,495 in Cap reduction, $695 acquisition fee. Tax, title and registration fees extra. Includes all rebates and incentives. Customer responsible for excess wear and tear. 12,000 miles per year. 18¢ per mile over. M.S.R.P. $83,375.
Others available at similar savings. Picture for illustration purpose only. Stock # J01586. Expires 6/15/08.
davis automotive group inc.
6135 Kruse Dr. • Solon • (440) 542-0600 • www.DavisAutomotive.com

small business - Crain`s Cleveland Business

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