TITUSVILLE— Manufacturers in Brevard County are optimistic as they look to the future, and their feelings mirror the national sentiment in their industry.

The National Association of Manufacturers’ Outlook Survey for the fourth quarter of 2017 shows that optimism among manufacturing businesses has “risen to unprecedented heights,” amid the legislative progress made on tax reform.

Locally, Paragon Plastics Inc., a leader in custom–plastic thermoforming, is scaling new heights as a private venture with the investment of a new multimillion–dollar facility.

Paragon Plastics is an example of Titusville’s revitalization momentum that continues to attract businesses to the North Brevard city.

The company’s new 67,000–square–foot manufacturing plant on Armstrong Road in Spaceport Commerce Park, situated on a six– acre parcel, is humming with production activity, turning sheets of plastic into components for a growing customer list. The company works with various materials, including fire–retardant plastics, acrylic, and polycarbonate.

Manufacturer Paragon Plastics is operating from a newly constructed 67,000–square–foot facility in south Titusville. The growing company employs 72 people. The firm was started by entrepreneur David Trout. His business was able to expand to Titusville and build a new facility through an SBA 504 loan, which requires 10 percent down and offers below–market, fixed– rate financing. Florida Business Development Corp. partners with area banks in the program. From left: Trout; Valia Rich, Regions Bank; and Tim Cramer, Florida Business Development Corp.

“Our current customers have gotten stronger and stronger as the economy has rebounded, and we’ve picked up some new customers along the way,” said businessman David Trout — the founder, president, and CEO of Paragon Plastics — whose company employs 72 people and manufactures marine products and industrial products.

Paragon Plastics does not have a product line of its own. It mainly produces products for original equipment manufacturers. Its biggest customer is boat–maker Correct Craft in Orlando. Growth has been strong for Paragon Plastics.

“We have been growing about 20 percent year–over–year, and that’s what we’re forecasting for 2018,” said Trout, who started his business in the early 1990s, after working for Sea Ray Boats Inc. on Merritt Island.

“I met a former NASA employee who had some machinery in his garage. That relationship is what got me started in manufacturing.”

He added, “For the first year or two, I did not have any employees at Paragon Plastics. I ran the business by myself, and it grew in stretches. The first employee I hired is still with the company.”

Paragon Plastics began producing “vacuum–formed flanges” and transition boxes for marine air–conditioning units.” Trout worked out of a small garage.

“Paragon Plastics is a great success story,” said Tim Cramer, the executive vice president for the Central Florida and North Florida Regions for the Florida Business Development Corp.

“I have watched David’s company evolve through the years. It’s incredible seeing the progress it has made and where it is today. He’s creating jobs, and that’s what small businesses can do if they have access to capital to expand their ventures.”

And Cramer’s company, along with Regions Bank, helped play a role in Paragon Plastics’ ability to acquire financing to grow the business and move into a new facility. Paragon Plastics invested about $3 million in its new facility, purchased new equipment, and grew its employee base.

Nearly 30 years old, the Florida Business Development Corp. assists healthy, growing companies like Paragon Plastics secure long–term, below–market, fixed–rate financing for the acquisition and development of fixed assets.

The vehicle to do this is through the U.S. Small Business Administration’s 504 lending program. That program has been helping entrepreneurs fulfill the American dream for more than three decades. With a 504 loan, an entrepreneur can purchase real estate or machinery for his or her company. They get the tax benefits and appreciation on the real estate while locking in occupancy costs for 20 years.

Because of the low down payment and other appealing features, Cramer said the 504–loan program deserves serious consideration when small–business owners are looking for financing to expand current facilities, purchase commercial real estate, or refinance an existing loan.

The 504 loans are available through “Certified Development Companies” like Florida Business Development Corp., which is a SBA community–based partner for the program.

A CDC is a private, nonprofit corporation set up to contribute to the economic development of communities. Cramer’s organization works with the SBA and private– sector lenders to provide financing to small businesses. There are more than 270 Certified Development Companies nationwide.

Florida Business Development Corp. is the largest CDC in Florida and among the top in the nation, based on funding volume.

“Our goal is to be the No. 1 CDC in the nation. We’ve been close in past years. The Florida market for 504 loans has come back strong for us since 2014,” said Cramer, who works closely with a number of area banks as 504 partners.

On the day of this interview, he had just received three 504 loan approvals for different projects by small businesses. “It’s exciting to see small businesses grow.”

His company has offices in Orlando, Tampa, Miami, and Jacksonville, as well as in Georgia and Alabama. Business has been good. Florida Business Development Corp. recently hired another business–development professional. Brock Butler, a vice president, works the Orlando market for Florida Business Development Corp.

Most companies that qualify as small businesses can qualify for a 504 loan.

“The 504 is a really attractive program for small businesses,” said Valia Rich, a business banking relationship manager with Regions Bank in Melbourne. “We partner with Tim’s organization in the 504 program. The 504 entails 50 percent on the first mortgage and 40 percent on the second mortgage through the SBA. The owner’s cash injection is 10 percent. We do a lot of 504s; the 10 percent down really appeals to small–business owners.”

Regions Bank is one of the top SBA lenders nationwide, based on loan volume and dollar volume, according to SBA statistics. “SBA lending is one of our niches,” said Rich. “We have provided a lot of SBA loans over the years for small businesses in Brevard County. The demand right now is strong.”

The 504 has three components: a direct commercial loan from the private sector, like Regions Bank, covering 50 percent of the project, and secured by a second lien; a loan secured with a junior lien from a Certified Development Company, such as Florida Business Development Corp., covering up to 40 percent of the cost and backed by a 100 percent SBA–guaranteed debenture; and a contribution of 10 percent equity from the business.

“When you’re a small business, cash is always king. The 504 program allows you to put 10 percent down versus the typical 20 percent for this type of loan,” said Trout, whose company is projected to do about $8 million in sales this year, based on a business plan forecast. The maximum gross debenture cannot exceed $5 million for regular 504 loans.

In fiscal year 2017, the 504 program grew to $5 billion in loan volume, according to the SBA. Lending to women– owned businesses, which reached $955 million, increased $277 million over the previous fiscal year.

The 504 program can also be used to refinance debt associated with fixed assets, said Cramer. “It’s now a permanent program with the SBA.” Small–business owners now have more options to refinance eligible fixed assets and business expenses through the program. It enables businessowners to obtain long–term fixed rates and potentially tap the liquidity within their commercial real estate.

The “504 Refi” program can help small–business owners increase cash flow and reduce monthly payments, for example. The SBA made the refinance program permanent last year, moving it up from a temporary status. This change will help small–business owners ease their financial burdens and create incentives for potential expansion and further job creation.

On Dec. 18, 2015, Congress passed the “Consolidated Appropriations Act of 2016,” which made the 504 Debt Refinancing Program a permanent part of the 504 initiative. It was originally a temporary program that came out of the Small Business Jobs Act of 2010.

“What’s great about the permanent ‘504 Refi’ program this time around is the banks that have the loans can refinance their own loan. The temporary refinance program didn’t have that feature,” said Cramer.

The commercial real estate has to be owner–occupied. “We do not do investment properties,” he said. In the Orlando area, Cramer’s company recently provided refinancing for three different golf courses. “It was one loan under the 504 Refi program. The bank took advantage of it because it lowered their exposure. It gave the customer a great fixed rate for 20 years. They were on a five–year note that would have kept renewing and the rate would have kept renewing. Golf courses have come back since the recession and many of them are seeing good business.”

Under the regular 504 program, Cramer is doing a loan for a new Burger King in Ocala. “That’s our third one for this particular customer.” In Daytona, Cramer is doing a new self–storage unit for a 504 customer.

“The 504 business has been great for our company. There are a lot of commercial construction projects going on in communities. The commercial real estate market is strong.” Cramer added, “People are now buying existing 504 properties, and that’s a good thing. It shows they believe in the product. And the rates are very attractive.”

Paragon Plastics previously operated in 35,000 square feet of manufacturing and warehouse space on St. Johns Street in Cocoa, not far from Cocoa Village. It had two buildings side–by–side. One building contained 20,000 square feet and the other 15,000 square feet. Also, the company leased a smaller facility in Cocoa to help with the overflow of their existing work.

Years ago, Paragon Plastics took a 504 loan for one of its main buildings in Cocoa, “and it worked out great, so I was familiar with the program,” said Trout.

Trout said the new facility “is a big step up for the company. And we have more things in the works. What we’re looking to do is purchase 4 acres next door to us and perhaps build a 25,000–to–30,000 square–foot warehouse facility. We’re okay with our manufacturing space. We just need more warehouse space.”

As a manufacturer, Paragon Plastics holds ISO 9001 certification. It’s the most widely recognized quality management standard in the world.

The Economic Development Commission of Florida’s Space Coast, the North Brevard Development Zone, the City of Titusville, and Brevard County all helped to make the expansion possible for his company.

“We were given a grant to build the facility and move into it based on the number of employees we were bringing to Titusville and the amount of growth we going to have,” said Trout. “We received great support from the county commissioners, the city council, and other organizations.”

“Providing Paragon Plastics perks for job creation is a win–win for all parties involved,” said Cramer. “Titusville did a good job bringing Paragon Plastics here,” said Rich.

Paragon Plastics was named the EDC’s 2016 “Manufacturer of the Year.” The award recognizes a Brevard manufacturer that has made or announced a significant investment in the county through job creation or retention, new capital investment and new construction.

“The EDC is a huge asset to this county, speaking from a small–business owner’s standpoint,” said Trout. “We’re thrilled to be manufacturing in Titusville and be part of the community. We see 2018 as another year of growth for Paragon Plastics.”

The post SBA 504 program helps Paragon Plastics expand with new plant in Titusville appeared first on Florida Business Development Corporation.

Web accessibility is more important than you might think. After all, you wouldn't create a retail store without a wheelchair ramp and other accommodations for individuals with special needs. In fact, due to regulations under the Americans with Disabilities Act (ADA), commercial facilities are required by law to provide accessible designs and accommodations for individuals with special needs.

If you want your online store to succeed in the modern world, it needs to be accessible to all consumers. Also, creating an accessible website is the right thing to do. The internet is an amazing tool, and everyone should have an equal opportunity to use it and benefit from its offerings.

There are not enforceable legal standards that dictate web accessibility ... yet. However, many e-commerce stores are currently required to comply with the ADA. Any business with 15 full-time employees or running time of at least 20 weeks a year should be ADA compliant. Businesses that operate for public accommodation, such as a bank or a hotel, are also required to comply with ADA regulations, regardless of the number of employees or weekly operation numbers.

Businesses that have websites inaccessible to the deaf, blind, people who navigate by voice, or anyone who experiences any kind of speech, visual, auditory, cognitive, or physical disability can be sued, even though the regulations defining website accessibility are not yet completely defined.

If you're wondering how websites can be altered to help people with special needs, here are a couple of examples.

• An accessible website might have text that can be resized, respaced or recolored to accommodate viewers with vision impairment.
• A website might provide a button that pauses animations and flashing designs, making it accessible for people with epilepsy.

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You don't have to make all the following changes yourself. Resources, like accessiBe are available, so you can simply and affordably make your e-commerce store accessible with the power of AI.

Another option is to hire a web design agency to build an accessible website. This can be difficult, though, as not all agencies understand what website accessibility is and how an ADA-compliant website must be created and updated.

Or, if you decide to establish an accessible e-commerce store yourself, you can do it quickly and effectively if you have the right information and know-how. Here are three tips to get you started.

1. Consider the special needs of hearing- and visually-impaired individuals.

There are many types of special needs. Although it's important to consider everyone, you need to start somewhere. Begin by making your website accessible to individuals who are hearing or visually impaired.

Also, think about users who navigate the internet through voice and design with their needs in mind. This way of thinking and redesigning might not seem quick and efficient at first, but it is certainly a lot less work than a lawsuit.

Make sure your site's text can be accessed by a reader who's visually impaired. Additionally, build a screen reader into your e-commerce store so the text can be read to an individual who might otherwise use Braille to read.

Other important things to include are text transcripts for visual content. Vision-impaired users need another way to understand the content they can't see.

One simple adjustment that can make a big difference is clearly defining your website's language. Some users utilize text readers to access the internet. If the user knows what language your website is in, he or she will be able to more easily use the text reader effectively.

2. Customer service is key.

When a user on your website seems to be struggling to navigate, it's wise to have your site automatically offer help. No matter if the user has special needs or not, being offered an alternative when something feels difficult can greatly improve customer satisfaction.

Your customers should be able to get in touch with your business through various channels. E-commerce users want to you by email, live chat, phone calls and more.

While accommodating for people with special needs, remember that many individuals have things to teach your customer service department. Here's an example of what I mean. In college, I worked in a call center. The business had a customer who was deaf who emailed the company, asking for someone to call her. Everyone in the call center was nervous. Naively, we wondered how a deaf woman would hear a customer service representative over the phone.

This customer used a service to take calls. When a representative from the company called the number she provided, she was connected to a hearing-impaired communication company. Our customer service representative would talk to a woman from the communication company who would then type messages to the customer.

The customer would type messages back, and the communication company would read the replies to the customer service representative. Essentially, this was a typical conversation.

The above experience was transformative for me. It reminded me how little I know about people with special needs. It also gave me insight into a totally new type of communication that I would otherwise never known about.

What I'm trying to get across is that you can't make assumptions. Many people with special needs have found their own ways to adapt, and it will serve businesses well to meet them on their terms as well as provide services when needed.

3. The finer details of website accessibility.

I've referenced several accessibility design elements above that are important, but if you're like me, you likely want more information. According to Web Content Accessibility Guidelines (WCAG), e-commerce stores specifically need to think about usability, appearance, presentation and user control.

Usability. Make sure every part of your website has more than one point of access. For example, if a person with ALS uses his or her eyes as a cursor, he or she may need an on-screen keyboard to fill out a form. Using a physical keyboard shouldn't be the user's only option for information input.

A search field should also be available so users can look up information quickly and be able to access what they need. It's smart to include a site map that informs users where other information on the site can be found, too.

Appearance. Customers need to be able to zoom in on content. More specifically, they should be able to increase the size of your website by 200% with clear readability. You also need to clearly show what information is hyperlinked. Better yet, you will also tell the user where the link will redirect them. Hyperlinks should be underlined, bolded, in italics, a different color or otherwise look different from normal text.

Also, make sure your design stays consistent. If underlined text detonates a hyperlink, don't also make underlined text signify that something is important. You must be consistent with your layout and meaning so your website is accessible for more users.

Presentation. Descriptive text is written content that clearly outlines meaning and provides information on upcoming information. Nested headings allow users with assistive devices to better understand the outline and structure of content on your website.

Color should be used as a design element and it should not be needed to understand the content. If color conveys meaning, an alternative or explanation should also be present.

Forms need to be easy to fill out and easy to fix. Your form can be simple, in fact, this is a good design principle, but it needs to clearly define what's required, point out errors and help users understand the path to resolution.

Labels allow all images, videos and other visual elements to be useful for individuals, even if they can't clearly see the information. Also, take extra time to make sure your code is free of errors, such as broken links. No consumer will be impressed with a site that's not well-designed.

User control. Automatic popups can be a marketer's dream and a customer's worst nightmare. Avoiding popups in the first place is a best practice for accessible design, but if you must use them, do so carefully. If your site includes popups, make sure they're easy to exit for all your customers.

Also, the more you can avoid automatic elements, the better. You don't want a video to automatically play or the appearance of your site to change without the user's knowledge.

Any portion of your site that's time-dependent should be changeable as well. Some individuals need longer time periods to complete activities. Make sure your site isn't timing out or otherwise hindering someone who needs an extended amount of time to use your site.

Early adopters will benefit from having accessible websites.

Creating an accessible website will help your current customers, future customers and overall business outlook. Sure, making your website accessible might not feel as quick and easy as some of the other tasks on your list, but it is so worth it in the long run. The more accessible your site, the more potential for satisfied customers. Optimizing your site for accessibility is the right business and socially-conscience move to make.

Thanks to the fact that the gig economy has grown explosively in recent years, more freelancers populate the ranks of the modern workforce than ever before. Despite the increased number of freelancers who have made their services available to companies and entrepreneurs alike, many business professionals who aren't familiar with this new style of work aren't always prepared to negotiate with freelancers effectively. Worried that they might spend too much money or hire the wrong freelancer for the job, many business owners refuse to negotiate altogether with freelancers.

Here's how to negotiate with freelancers properly, including how to avoid getting ripped off while keeping your end of the bargain.

The negotiation process

Negotiation isn't something that can always be tidily wrapped up after a single meeting. Sometimes the negotiation process can wear on for a while, and both sides need to be patient and flexible during the process so both sides achieve their goals.

Conflict is natural during negotiations – after all, business owners want to reduce costs, and freelancers want to get paid more – and these opposing aims inevitably conflict with one another. One of the best ways to prepare yourself for negotiating with freelancers is to understand things from their perspective. This will allow you to better navigate the negotiation process. 

Freelancers know their worth. Lowballing a seasoned professional who deserves a higher rate of pay can reflect poorly on your business's reputation and you, and it can send otherwise ideal candidates scurrying for other offers elsewhere.

Besides pay, establish how you'll pay your freelancer early on in the negotiation process. It's an unpleasant surprise for both parties if you both spend a significant amount of time negotiating – and then arriving at an agreeable rate – only to discover that how you planned to pay the freelancer is at odds with him or her.

Now that you're aware of the basics of the negotiating process, you must prepare yourself for the intricacies of the gig economy. This is doubly true for business owners and professionals who have no experience working with the gig economy before they try to hire a freelancer.

Expect the unexpected

Nothing in the gig economy can be taken for granted. The going rates for a freelancer's special services could suddenly spike or decline based on broader market trends, or you may suddenly be introduced to new candidates whereas there were only a few candidates a few months or weeks ago. In other words, remain flexible when negotiating and keep an eye on the future. One of the perils of the gig economy is that it's less than stable by nature and thus prone to wild swings insofar as payment and recruitment are concerned.

The good news about the gig economy is that it's relatively easy to partake in. Freelancers can frequently work from the comfort of their living rooms, or anywhere else they can get a Wi-Fi connection, so a disruption to your freelancer's mode of living isn't necessarily the end of your arrangement. When a freelancer under your employ notifies you of some life changes, weigh your options. Sometimes, it may be better to adjust to their new living arrangement than to find and hire a new worker. Other times, however, you may need to cut them loose and find a more suitable candidate.

The only surefire way to bolster your negotiating savvy to the point where you can confidently navigate the tumultuous freelancer market is to consistently train yourself when it comes to fierce negotiations and tense debates. This skill will also come in handy when you negotiate with others, such as suppliers.

Be wary of offers that are too good to be true

If you're being approached by a freelancer who's offering to take on a massive amount of work for a price that's ludicrously low, you could be exposing yourself to some big risks.

Be aware that there are legal hurdles to jump through. Conducting international business with a freelancer can be alluring, but associated fees or political difficulties may render this arrangement less suitable as time goes on. You must also constantly be on the lookout for fraud, as some freelancers without qualifications pretend to be from elsewhere to bolster their hiring prospects. Never be afraid to ask for credentials and proof of identity if your suspicions are aroused with a potential freelancer.

There's nothing worse than hiring, paying and relying on a freelancer only to discover that they produce lackluster results and can't deliver what they promised. That's why business professionals should be hesitant to embrace gig workers who are willing to take extraordinarily low payments – like those drastically below the minimum wage – as you could end up outsourcing work to shoddy employees when you were really looking for a dedicated, professional freelancer who can produce good results.

It’s never easy to find good freelancers, survey several options before finalizing your decision. Companies like Upwork offer helpful guides and have candidates to choose from, but never be afraid to peruse as many options as possible. If you silo yourself into one community of freelancers, you may miss out on some great talent that could be found elsewhere. Understand that the search for a good freelancer is a job that's never truly finished.

Over the past decade, tech giants have risen to become the biggest companies in the world, all while operating with little formal, structured government oversight. But this lack of oversight has come at a cost. Today’s patchwork of privacy laws and industry self-regulation lack transparency and coherence: The combination drives up the cost of innovation and doesn’t go far enough to encourage healthy competition or to protect the billions of people worldwide who now rely on the products and services tech companies produce.

A growing chorus of businesses, lawmakers, and regulators are now calling for big tech companies to be broken up, while tech executives are asking for closer government regulation.

So, what is the right way to regulate the tech industry?

One way that governments can put tech companies on a level playing field, both with each other and with competitors in regulated industries, would be to introduce a regulator for the tech industry in their country. Having a regulatory regime with nationwide statutes and clearly defined rules of engagement would also cut the cost of innovation while holding companies accountable for mitigating abuses of their inventions, ranging from criminal acts like recruitment of terrorists and child pornography to socially harmful acts like sharing user data and facilitating the spread of fake news.

For a national tech regulator to be effective, it would need to adopt regulations and new supervision methods capable of staying ahead of the potential threats posed by accelerating technological change.

The first country to figure out the best way to regulate the broader tech industry could become the focal point for the next chapter of the world’s digital revolution. Drawing on lessons from other regulated industries, we propose several ideas for how to accomplish this with big tech.

Create an overarching regulatory structure. To regulate tech, governments first need to determine the appropriate regulatory scope for the industry. Defining what is within the regulated perimeter, what is outside, and how new companies and their activities are brought in is crucial in establishing how to engage with both regulated and unregulated areas. It provides clarity for both individuals and companies on what is protected and what is not.

Focus on three overarching objectives. Tackle the most pressing issues facing the industry: safeguarding individuals and society from maltreatment; promoting responsible innovation and robust competition; and establishing understandable and consistent parameters for data privacy and monetization.

These regulatory goals need to be reinforced by metrics that will enable an agency to judge if tech companies are complying with national statutes. If they are not in compliance, the agency should be empowered to carry out a specific range of disciplinary measures to encourage appropriate behaviors such as cease-and-desist orders, comply-or-explain requirements, fines, or legal sanctions.

Develop standards-based regulations. Innovations coming out of tech companies and the risks that accompany them are evolving so rapidly that it’s easy for regulators to fall behind. Standards-based regulatory regimes capable of adapting to technological and social change can help regulators get out in front and stay there.

Standards can be reworked for new risks, but changes to regulations and laws require extensive public consultation. With a standards-based approach, regulators can introduce new guidelines to encourage sensible innovation or, conversely, swiftly hold tech companies accountable when unforeseen risks arise.

Similar to conduct standards in the financial services and energy industries, standards-based regulatory regimes can nimbly adjust to gray areas of regulatory compliance. This is most important in the area of artificial intelligence ethics.

Prioritize activity based on risk. Tech companies constantly introduce new apps, other software, and hardware globally, and there’s a real chance that even if cash-strapped governments implement new regulations, they won’t be able to afford adequate staffing to properly enforce them. So regulators should use a risk-based approach to prioritize the companies and activities that put the most people at risk and rank the spectrum of potential threats.

The degree of supervisory intrusiveness should be commensurate with the size of the potential risks that companies pose. Big companies may require dedicated in-house supervisory teams, while much smaller teams can oversee primarily automated data-driven reports from startups. This ensures startups are not unfairly disadvantaged due to the high costs of regulatory compliance.

Make supervision digital by default. Machine-executable regulations, integrated data platforms, and application programming interfaces for reporting should be part of the standard operating model from day one to reduce the cost of compliance for companies while increasing the efficacy of risk management. By replacing quarterly reports with technology platforms that permit regulators to pull information related to key risk indicators from companies’ systems directly, regulators will be able to monitor companies more proficiently.

These techniques are being piloted in major financial services markets, including the United States, Singapore, and the United Kingdom. There are early signs that automated supervisory technologies are reducing the cost of compliance for tech companies and the cost of supervision for regulators. They are also increasing the effectiveness of risk management by reducing human data entry errors. Initiatives like the Global Financial Innovation Network of regulatory agencies worldwide, which allows companies to test new supervisory technologies and services in the financial services sector across jurisdictions, should be replicated for the tech industry globally.

Collaborate with the private sector. Regulators can play a key role in preventing risks from materializing by forming structured partnerships to work with tech companies to identify and address newly emerging risks with new regulations as quickly and efficiently as possible.

Having a standing body to facilitate engagement that is permanently staffed and capable of doing research and analysis ensures that information is shared and new threats are addressed. Such partnerships already exist in other industries. For example, the Joint Money Laundering Intelligence Taskforce formed by banks, regulators, and the government in the United Kingdom exchanges and analyzes information related to money laundering and wider economic threats.

The actions tech giants take today spur not only global growth but also potential threats. Governments should assist in rebuilding public trust in tech companies by establishing national regulators that can prevent abuses while permitting technological advances, because these companies’ technologies influence the very essence of our lives, and practical action could make a real difference to billions of people. This will require well-organized, national regulatory regimes that can hold tech companies accountable while encouraging innovation and healthier competition.

With new platform, VMware extends hybrid cloud push – SiliconANGLE…

Read the full article at: siliconangle.com

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When a vision of operational excellence becomes reality…

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A certification can be a great asset to a construction worker's resume, and it shows an employer that you're serious about keeping your skills and knowledge current. Beyond the potential career advancement benefits, certifications are required in some instances. Today, many local and national building codes and project owners require certified personnel on job sites.

Let's look at several construction industry certifications – such as those for management, engineering, concrete and safety – that workers often seek and employers prefer.

Construction Manager Certification Institute (CMCI)

The CMCI, a subsidiary of the Construction Management Association of America (CMAA), offers the Certified Construction Manager (CCM) credential. Widely considered the pinnacle certification in construction management, the CCM recognizes construction managers who are experts in all phases of a construction project, from planning and design through construction and completion.

Eligibility requirements are hefty. Candidates must have at least four years of responsible-in-charge (RIC) experience in the domains of knowledge and skills established by CMAA and provide at least two client/owner references. It requires an additional eight years of experience in construction or general design, which may be substituted with an undergraduate or master's degree in construction management, construction science, architecture, or one of several engineering disciplines. CCMs must also recertify every three years by completing qualified training or volunteer work and paying a $200 recertification fee, or by passing the current CCM exam.

The CCM exam features 175 multiple-choice questions and takes up to four hours to complete. CMCI charges a $325 application fee ($425 for non-CMAA members), and the exam itself costs $275.

American Institute of Constructors (AIC)

Another good source of general certifications is the AIC Constructor Certification Program, which administers the Associate Constructor (AC) and Certified Professional Constructor (CPC) certifications.

The AC aims at candidates who have completed an accredited four-year construction management degree program or have four years of qualifying experience; AIC also accepts a combination of education and experience. The AC exam has 300 multiple-choice questions, is administered in two four-hour sessions over the course of a day and costs $165.

After achieving the AC certification, constructors who have accrued another four years of experience (with two of those years managing projects) can sit for the CPC exam. Without the AC certification, a candidate needs eight years of experience and/or education. The CPC exam is available only twice per year, has 175 questions, takes up to four hours to complete and costs $575 ($675 for nonmembers).

Green Business Certification Inc. (GBCI)

Green building continues to be a hot area of the construction industry, for both commercial and residential projects. The GBCI's Leadership in Energy and Environmental Design (LEED) professional certification program starts with the Green Associate credential, which validates a person's understanding of current green building principles and practices.

From there, candidates can pursue one or more LEED Accredited Professional (AP) certifications in building design and operations (LEED AP BD+C), operations and maintenance (LEED AP O+M), interior design and construction (LEED AP ID+C), neighborhood development (LEED AP ND) and residential homes (LEED AP Homes).

The Green Associate exam costs $200 ($100 for students, $250 for nonmembers), and each specialty exam is $250 ($350 for nonmembers).

National Institute for Certification in Engineering Technologies (NICET)

NICET has certified more than 148,000 engineering technicians and technologists since the organization was founded in 1961. Its technician certification programs cover civil engineering (construction materials testing and transportation construction) and electrical and mechanical systems engineering (power, fire protection, security systems, etc.).

Each certification has four levels. Level I is for those with minimal experience, and Level IV requires at least 10 years of experience. A candidate must pass a single exam for each desired certification and get a letter from a supervisor that verifies their competency to sit for the exam (at certain levels but not all). Exam prices vary but are typically between $225 and $400.

A technologist certification requires a four-year engineering technology degree; no certification test is required. The Associate Engineering Technologist (AT) certification costs $155. The Certified Engineering Technologist (CT) requires a minimum of five years of related work experience in addition to a degree, as well a detailed work history and endorsements. The cost of the CT is $185.

American Concrete Institute (ACI)

While a layman might view concrete as simply mixing water and cement and then flowing it into a form, those who work in construction know the process involves a certain amount of science to get it right. ACI certifications help to ensure that technicians and inspectors are current on various facets of concrete manufacturing, such as anchoring, proportioning, testing and finishing methods.

ACI offers more than 20 certifications, each with various requirements, which usually include a written exam and a practical or performance-based exam. Exam fees vary, but typical costs are $250 for the written exam only ($300 for nonmembers) and $400 for the full exam ($450 for nonmembers).

National Center for Construction Education and Research (NCCER)

The NCCER is the organization behind the National Craft Assessment and Certification Program (NCACP) and the Pipeline Training and Assessment Program. There are more than 70 craft areas to choose from, including boilermaking, carpentry, construction technology, mobile crane operation and plumbing. Each credential requires the candidate to pass a written exam and agree to performance verification. Visit the NCCER program fees and costs page for details on expected out-of-pocket expenses or training and assessments.

NCCER tracks the credentials for people who have completed NCCER-approved training and received a certificate of completion. In turn, organizations can verify the qualifications of those professionals, whether looking at a new hire or someone already involved with a project.

National Association of Corrosion Engineers (NACE)

NACE is a member-driven organization that advocates for corrosion awareness and action, and offers certifications relevant to corrosion control. More than 36,000 people have earned NACE certifications to date. The organization's certification programs include Cathodic Protection (CP), Coating Inspector (CIP), General Coatings, General Corrosion, Pipeline, and a specialty program that covers certifications for carbon steel, chemical treatments and protective coatings.

For each certification, candidates must complete one or more training courses, meet minimum experience requirements, or both. They must then pass a written exam that costs $265 ($475 for nonmembers), and some certifications require a practical exam as well (which is part of the required training course).

Safety certifications

Construction is often dangerous work, so safety is a major undertaking throughout the industry. In fact, many construction certifications include a component on safety because of its industrywide importance.

The National Association of Safety Professionals (NASP) has several certifications aimed at managers, trainers and other safety professionals. Check out the organization's website to learn about the Licensed Safety Professional (LSP), Certified Safety Manager (CSM) and Certified Safety Director (CSD), as well as some environmental credentials.

The Occupational Safety and Health Administration (OSHA) delivers general training and certificate programs through its education centers. The agency's Construction Outreach Training Program offers 10-hour courses for entry-level workers and 30-hour courses for construction managers. Visit the certificate and degree programs webpage and search for "construction" to see certificate programs relevant to the industry.

The discipline, which used to be relegated to oft boring buys like end-caps and shelving, has gotten a new lease on life, thanks to the growth of Amazon and other online retail.In turn, agencies are now placing more importance than ever on shopper marketing, leading to a change in how “shopper” is…

Read the full article at: digiday.com

Remote Chief Marketing Officer

Being an inclusive leader isn't simply a matter of hiring people from diverse ethnic backgrounds and a range of genders. It's more about mindset: being someone who genuinely cares about inclusion – someone who recognizes that disconnection hurts your people and your company. 

Research shows that manager-led inclusion matters. A Deloitte Insights study indicates that groups led by inclusive managers are 17% more likely to perceive themselves as high-performing, 29% more willing to believe they collaborate, and 20% more likely to feel strongly about their collective decision-making. However, managers need to truly commit to inclusivity – not merely claim to think nice thoughts about diversity.

So what does it mean to become an inclusive leader? It means going beyond hiring across the gender spectrum or recruiting candidates from underrepresented areas, ethnicities and experiences. It's taking the practice of inclusion down from the company or group level to the individual level. Comprehensive inclusion reaches past visible signs of inclusiveness to consider hidden ones such as sexual orientation, ability, socioeconomic background and even extroversion versus introversion. It's only when leaders authentically connect with each individual employee that they can honor those "invisible" traits. In this way, an authentic connection "solves" inclusion by putting the focus on a leader's relationship with the people around her. 

Leaders, then, should put their efforts toward making authentic connections and fostering holistic inclusivity. That means accepting everyone's voice – especially when the voice comes from an unexpected place. 

Inclusion goes beyond skin deep. Leaders are currently training to make space for visible differences, which they absolutely should learn to do. But often, the aspects of a person's life or personality that aren't visible have the biggest impact on who they are and how they want to be treated in a business environment.

Employees will feel safe to speak up if they feel respected and included. And that's what you want: a team that is empowered to share their authentic thoughts, feelings and ideas. Diversity of thinking is the ultimate outcome of an inclusive workplace; it enhances creativity and innovation, reduces risk and facilitates decision implementation. Leveraging that diversity of thought requires encouraging participation from everyone, while also keeping in mind that multiple factors affect how employees work on a team.

Leaders spend a lot of time thinking through the differences between men and women in the workplace, but the gender similarities theory holds that the psychological distinctions between genders are small. Men and women are actually significantly more similar than they are different. Visible categories like gender don't inform "hidden" categories like shyness, so it's unfair to assume that a woman will be more soft-spoken just by virtue of her gender. If leaders know this, they can focus on differences that really do need attention in the workplace rather than make gender-based assumptions. Again, this requires looking beyond visible features and gaining an understanding of each individual's unique traits and talents.

Culture and upbringing, for example, can affect how gregarious or soft-spoken, assertive or retiring an employee may act. Mental health can affect how an employee relates to the workplace. And personality has perhaps the biggest effect on how employees act, want to be treated, prefer to be managed and interact in meetings. 

In reality, leaders can only see "hidden categories" that affect an employee's freedom to share – like shyness or extroversion – when they build those authentic connections with their employees. If they don't work to include employees with all personality types and perspectives, they don’t gain employees' trust, don't hear some of their best ideas and may ultimately lose them.

Taking the time to make individual, authentic connections – rather than attempting to create inclusivity at the group level – is difficult. But leaders who do so can learn their employees' needs, help make them feel included in whatever way works for them and promote an atmosphere where everyone's unique contributions matter.

If the notion of leading a team from a place of inclusivity excites you, take these steps to enhance and inspire your evolving leadership style.

1. Practice self-awareness.

Building self-awareness takes time and thought, but it helps you learn to share more about yourself. Knowing yourself helps you understand and empathize with others around you, too. If you don't know where to start, share with your team members about times you've felt excluded, overwhelmed or unhappy, even if those instances occurred outside of work.

When you share, you create a baseline for vulnerability in the community, and other people feel empowered to share as a result. By modeling honest self-reflection, you give others permission to also authentically share what they feel comfortable with. In my experience, this type of practice can help employees feel psychologically safe at work.

2. Acknowledge employees' feelings and needs.

Have you heard rumors about rising levels of stress or frustration in your company? Don't ignore them. Rather, introduce the topic at an all-hands meeting or invite people to a roundtable to discuss frustrations openly. While you should be mindful of which feelings to discuss at which meetings, dedicating open, respectful space to talk about what's happening is the best way to make sure no one feels excluded or alienated.

Start by listening to the issues employees indicate need the most attention. After hearing employees' concerns, evaluate their perceptions against objective data points. You may uncover challenges you wouldn't have otherwise known about, which will give you the chance to correct what's going wrong. You'll also help them feel trusted and respected by hearing them out. Thoughtfully making space for authentic emotion is one of the biggest steps you can take toward fostering an inclusive culture at your company, small or large. 

3. Engage willingly to form connections.

Give your employees some one-on-one time with you so they feel included and involved. Ask them questions – about their passions, their rhythms, their tendencies, their preferences, their personality quirks – to learn what makes them feel connected as individuals.

These touchpoints will also help you learn about employees’ personalities and how to understand their behavior. In meetings and brainstorming sessions, for example, you'll remember that although the extrovert thinks aloud, the introvert may be silently coming to conclusions. Consequently, you can give the introverted employees time to process their solutions, rather than supporting extroverts' concepts without hearing from everyone in the room. By adjusting for those personality differences, you ensure that each voice is included.

4. Avoid assumptions based on cultural affiliations.

Before making assumptions about someone based on their visible diversity (race, religion, gender, sexuality, ability, age), get to know each person as an individual and learn what really cranks his or her inclusion engine.

It's about learning what they need to do their best work according to who they are, not in which demographic they fit. For example, do they feel like they have to hide their culture or preferred lifestyle? Are they engaging in uncomfortable code-switching – changing their language to better fit in – throughout the day? Once you've pinpointed these difficulties, you can work with the individual and your team to fight them, but you often can't find them unless you know your employees on a personal level.

5. Foster an open, vulnerable culture.

You never want your employees to feel like they have to lead separate work and personal lives because of who they are. Whether it’s socioeconomic status, race, sexual orientation, or something else, create a space for emotional connection. Foster an open culture that welcomes people regardless of their identity and invites employees to share their feelings. This gives employees permission to be vulnerable even as professionals, and it creates a wider space for everyone to learn and grow. If you allow your employees to share how they're feeling, you're creating space for connection that they might never have had elsewhere and making sure they're included emotionally.

A positive effect of including all employees through these practices is the high degree of trust that it creates among employees. By treating everyone fairly at our company, we allow individuals to bring their ideas and energy to the table without fear of repercussions and create trust that boosts morale and enables change. One study of workplace performance concluded that workers who felt trusted by management performed better than those who lacked employee-employer loyalty bonds.

Finally, our employees exhibit a deeper connection with our goals and objectives because we've built real relationships with them. That connection means that when hard times come, they rally instead of leaving. Creating real inclusion from the top keeps talented employees engaged and employed longer-term.

It's time for business leaders to stop thinking of inclusion in terms of recruiting and hiring a team that appears diverse and making employees just comfortable enough that they're willing to stick around. Instead, leaders should start modeling authentic leadership and inclusivity on the individual level. By staying attuned to each employee's individuality, leaders can view all employees from a place of reverence and acceptance and can create real inclusion.

Great leaders build amazing communities. They do so in a variety of ways and over an extended period of time. One of the most effective tools to accomplish that is to shape and articulate powerful narratives of what’s possible. Effective leaders share stories about what great leadership looks and feels like when individuals come together as teams, and teams come together as communities, with a unifying sense of purpose and collective ambition.

This insight has emerged from both survey data and dozens of C-suite-level interviews as part of a major global study, Future of Leadership in the Digital Economy, that MIT Sloan Management Review is conducting with Cognizant. In this new world of work, where being connected and resilient are of paramount importance, 82% of our global survey respondents and virtually all of those interviewed indicated that an individual in the digital world would need a certain level of digital savviness to be an effective leader. Yet, when asked what skill or behavior was the most important to leadership effectiveness, the answer was being able to articulate a clear sense of purpose, vision, and strategy. What at first seems old is new again: Clarity of communication in a hyper-speed world is a key difference maker in the eyes of current managers and leaders from around the world.

To gain a better feeling of the texture that forms the fabric of this insight, consider this comment from Susan Sobbott, former president of American Express Global Commercial Services: “In the digital economy, physical presence can’t be mandatory to be an effective leader. You have to be able to lead people from many different cultures, in many different locations, and often with imperfect information because things are moving so fast,” she says. Her simple and elegant solution to this decades-old challenge reflects the power of a clear leadership narrative. “You have to be able to see a story emerging and to articulate that story in a way that has meaning and inspiration for a wide range of people. You have to convey your passion and beliefs through a powerful narrative.”

Why Finding Your Leadership Narrative Is Important

We analyzed our survey responses from more than 120 countries and conducted a sentiment analysis and heat-mapping exercise to identify the most important leadership behaviors in this new economy. The traits that emerged were authenticity, transparency, trust, inspiration, the ability to connect and invest in others, analytical capability, curiosity, and courage, among others. Few would argue that these behaviors and attributes are necessary, yet by themselves, standing independently, without the context needed to create meaning or catalyze change, they run the risk of being considered buzzwords. Stories help prevent that from happening, and that’s where the power of creating your leadership narrative comes into play. Developing a powerful narrative demands that you, the leader, take a stand on what you believe in, what you are about, and what impact you hope to create as you set out to form teams and build communities. The leader behaviors and attributes listed earlier become your means of communicating to others who you are, as well as your expectations for others concerning how you will lead together in your organization. It’s about finding and sharing your voice.

In a recent interview with CNN’s Anderson Cooper, late-night comedian Stephen Colbert talked about his search to “find his show.” For months his show struggled in the ratings, not because it lacked comedic appeal or impact, but because it had no thesis or arc that held it together. Once he and his writing team took a stand on what they believed in and followed through on those beliefs transparently, authentically, and courageously, Colbert believes they found their show, and since then he has commanded the No. 1 slot in the ratings. To find your personal leadership narrative, you need to figure out what great leadership means to you. David Schmittlein, dean of MIT’s Sloan School of Management, made a similar point while being interviewed for this study. “A great leader must be willing and able to display the courage it sometimes takes to stand by well-founded convictions — to take a stand on a decision that may be unpopular,” Schmittlein states. “It is about finding your narrative — what you believe in — and not being a willow in the wind. A well-thought-out leadership narrative helps create meaning and motivation for others.”

Getting Started: Finding Your Leadership Narrative

I spend a good deal of my time coaching senior executives to shape and tell their leadership stories in leader-led development initiatives around the world. When crafted well, and integrated with important conceptual content, engaging senior leaders to share their perspectives can be a powerful learning experience. Years ago, I was coaching a vice-chairman of a large global financial services company to share his story on what it meant to be a great leader in a changing world. He looked at me, almost with a sense of embarrassment, and said, “I’ve been in leadership roles for 35 years, and this is the first time I have ever been asked to share what I actually believe to be the essential ingredients of great leadership.” My response: “Well then, let’s get started!”

Follow these simple steps to find your leadership narrative:

1. No matter how busy you are, how many deadlines you are facing, or how many people are vying for your time, give yourself permission to reflect on what being a great leader means to you. Don’t think about it for five minutes and consider the job done. Take a day or chunks of several days away from the office to seriously reflect on this. After you do that, write those thoughts down as a draft narrative. It might start out as a series of bullet points, and that’s completely fine to get you started. But make sure it begins to take shape as a story.
2. Share your draft narrative with one person, or several people, you trust. By trust, I mean that you trust that they will be honest with you concerning how authentic your narrative feels. Does the narrative describe you? Have they seen you behave this way over time? Have they witnessed you trying to cultivate those behaviors in others? You are trying to discover whether you are an authentic role model for your own narrative.
3. When your narrative is refined enough, try it out. Tell your story transparently and with authenticity. Your leadership narrative should not be seen as a war story, simply recounting something you did. Work on it so that others can learn from it. At the right time and with the right people, seek feedback on the impact your narrative is having and ask how your story can have greater impact.

How we work is changing, but why we work and what we hope to achieve through our work remain largely the same. We want to be part of something larger, something special, something that helps make this world we live in a better place. Your leadership narrative can motivate others in important ways. Finding your narrative — one that expresses authentically, transparently, and courageously what you believe in as a leader, what you are about, and indeed what you are willing to fight for — will let you begin to unite individuals into teams, and teams into amazing communities.

A University of Washington researcher cited by the White House expects COVID-19 deaths in Florida to peak at around 136 deaths per day in the first week of May.

Dr. Christopher Murray, director of the Institute for Health Metrics and Evaluation at the University of Washington’s School of Medicine, expects Florida will have enough regular hospital beds to meet a peak demand of 13,232 beds, but will fall short by 297 beds for intensive care units. He expects the state will need 1,992 ICU beds at the peak, but will have 1,695 available. (See chart at end of story.)

Projection of total deaths in Florida

The institute  projects that the total number of deaths would continue to climb in Florida throughout May.

“Our estimated trajectory of COVID-19 deaths assumes continued and uninterrupted vigilance by the general public, hospital and health workers, and government agencies,” Murray said in a press release. “The trajectory of the pandemic will change—and dramatically for the worse—if people ease up on social distancing or relax with other precautions. We encourage everyone to adhere to those precautions to help save lives.”

The Miami Herald reports that Ali Mokdad, a professor at the institute, told Florida officials they should shut down everything. Until now, though, Gov. Ron DeSantis has taken a measured approach with strong restrictions in South Florida, but less so in the rest of the state.

On Monday, the governor initially said he wanted a stay at home policy in South Florida until mid-May, but then said he misspoke and meant mid-April.

IHME’s analysis, based on observed death rates, estimates that over the next four months in the US, approximately 81,000 people will die from the virus. Estimates range between 38,000 and 162,000 US deaths.

Projection for Florida hospital usage during the pandemic

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By James D. Silver and Andrew Kamensky

These are unprecedented times.  Several nations are on lockdown, social distancing is the norm, and the financial markets are in turmoil as both individuals and businesses deal with the impacts of the coronavirus pandemic.

Andrew Kamensky is a partner at Kelley Kronenberg

The stark reality is that precarious financial conditions have worsened significantly for many industries, including hospitality, travel and retail.  Government mandated closures of businesses and schools, coupled with major travel restrictions, makes the long-term economic consequences unclear.  Indeed, nobody knows how long this predicament will last.

As economic conditions worsen with supply chain disruptions, businesses can expect lower demand for goods and services.  This economic chaos will lead to reduced profits, less capital investment and layoffs.  What options are available to businesses to help them survive? The answer may surprise you.

Bankruptcy.

Although a bankruptcy filing has a negative stigma, for decades numerous public and private companies across many industries experiencing financial problems have successfully reorganized their businesses in Chapter 11 cases during difficult economic times.  In a Chapter 11 case, a debtor may be able to restructure its business by reducing debt, obtaining financing, resolving expensive and time-consuming litigation, and rejecting burdensome contracts and leases.  Yes, a Chapter 11 bankruptcy filing could be an opportunity to save a company, preserve jobs, and provide a return to equity.

Jim Silver is a partner at Kelley Kronenberg

Bankruptcy is not a magic wand that can save each and every business.  Rather, it is a well-recognized legal tool that can tip the scales in favor of a struggling business and afford it an opportunity to be successful.  A successful Chapter 11 case that provides a debtor with a fresh start requires careful preparation.  Working with experienced bankruptcy counsel, a client can evaluate the financial needs of its business while being cognizant of market conditions.

One of the primary concerns in most Chapter 11 bankruptcy cases is cash flow.  A bankruptcy professional can help a business review its income and debts to develop a budget.  If there is a cash shortfall, which is common in bankruptcy, the debtor may need to obtain debtor-in-possession financing.  You might ask yourself, who would make a loan to a company in bankruptcy?  Such financing is often attractive to lenders who are granted special protections.  Experienced Chapter 11 bankruptcy attorneys can assist clients in communications and negotiations with all key stakeholders, including customers, vendors and employees.

Some of the advantages of filing for Chapter 11 bankruptcy include, but are not limited to, the following:

• Business can continue to operate while formulating a plan to pay off debts.  This means that the business name, goodwill, and customer base are not lost—referred to as “preservation of going-concern value.”
• Chapter 11 plan can discharge a debtor’s debts and allows the debtor to partially pay back unsecured debts rather than in full.
• An automatic stay allows a debtor to take a deep breath, prohibiting creditors from collecting on debts.  This injunction immediately stops all lawsuits, foreclosures, repossessions, bank levies, wage garnishments and other collection activities.
• Freedom to restructure secured debts where payments can be lower and spread out over a longer period of time.
• Ability to reject unprofitable leases and contracts and cancel the debtor’s obligation to perform thereunder.
• Ability to avoid and recover certain bank levies, lien notices, and transfers of estate property that occurred prior to the bankruptcy filing.
• Temporary deferral of making certain rent or debt installment payments.
• Sell property free and clear of liens and interests.
• Extended payment of unsecured tax debts for up to five years.

Finally, the Small Business Reorganization Act of 2019 (SBRA), which took effect on February 19, has added a new subsection to Chapter 11 of the Bankruptcy Code, creating a faster and less expensive reorganization path for small business debtors.  To be eligible, a debtor’s total debts must be less than $2,725,625, with at least one-half of the debt coming from business activity.  Only the small business debtor may file a Chapter 11 plan, with the debtor filing its plan within 90 days from the date it files its bankruptcy petition.  A standing trustee similar to those appointed in Chapter 13 cases is appointed to oversee each small business case.  A creditors committee will not be formed.

The court can confirm a plan without creditor support as long as the plan does not discriminate unfairly and is deemed to be fair and equitable with respect to each class of claims.  The SBRA contains other provisions that differ from a traditional Chapter 11.  If you are a small business debtor experiencing financial turmoil due to COVID-19, contact a bankruptcy attorney to see if the SBRA is right for you.

James D. Silver and Andrew Kamensky are Partners at Kelley Kronenberg, P.A. in Fort Lauderdale, and handle matters related to business bankruptcy and commercial litigation.  If you have questions, text James Silver at 954-281-7970.

The post Businesses in a cash crunch could consider Chapter 11 appeared first on SFBW.

Iconic retailer Macy’s was already struggling before the pandemic and now it’s going to be removed from the Standard & Poor’s 500, S&P Dow Jones Indices announced in a press release.

The lobby of Carrier in Palm Beach Gardens.

Carrier Global Corp. (NYSE: CARR), a Palm Beach Gardens company that is being spun off from United Technologies Corp. (NYSE: UTX)  will replace Macy’s and join the S&P 500 prior to trading on Friday. Macy’s will be removed prior to the open of trading on Monday and join the S&P Small Cap 600.

Carrier is a provider of HVAC, refrigeration, fire and security solutions and will be added to the S&P 500 GICS Building Products Sub-Industry index.

Being included in the S&P 500 carries the prestige of being known as one of the nation’s largest companies and leads to inclusion in many mutual funds and ETFs. However, companies in the S&P 500 and other indexes can be subject to the sometimes volatile programmatic trading of indexes and futures.

According to Enterprise Florida, South Florida companies in the S&P 500 are ADT Corp. (NYSE: ADT) of Boca Raton, AutoNation (NYSE: AN) of Fort Lauderdale, Carnival Corp. (NYSE: AN) of Fort Lauderdale, Citrix Systems of Fort Lauderdale (NASDAQ: CTXS), Lennar Corp. (NYSE: LEN) of Miami and Ryder System (NYSE: R) of Miami.

Carrier and Otis Worldwide are being spun off by United Technologies Corp., which is then merging with Raytheon in transactions expected to be completed on Friday. United Technologies will remain in the S&P 500 & 100 indices, but change its name to Raytheon Technologies Corp. and its ticker symbol to RTX.

United Technologies will distribute one common share of Carrier and half a common share of Otis to shareholders of record as of March 19.

The Macy’s at Rosemary Square in West Palm Beach has been torn down with plans for a 21-story apartment building

Macy’s has closed all of its U.S. stores, furloughed almost all its workforce, drawn down its credit line, suspended its dividend, canceled some orders and withdrawn its financial guidance for this year. Macy’s has 20 locations in South Florida and is a key anchor tenant for many shopping centers.

On Wednesday, Fitch Ratings cut Macy’s long-term issuer default rating from BB+ from BBB-, which is Fitch’s lowest investment grade rating. Macy’s shares hit a 52-week low of $4.41 on Wednesday. Its 52-week high was $26.33 on April 5, 2019.

There hasn’t been any sign that department stores, who fall into the non-essential retail category, will get major assistance from federal stimulus measures.

The post South Florida company replacing Macy’s in S&P 500 appeared first on SFBW.

Florida Gov. Ron DeSantis had resisted issuing a statewide stay-at-home order, but finally gave in on Wednesday.

He announced he would be issuing an order later in the day, just a day after once again expressing reluctance despite being urged to do so by Democratic legislators, newspaper editorial boards and pandemic experts. On Monday, the governor initially said he wanted a stay-at-home order in South Florida through mid-May, but later said he misspoke and meant mid-April.

Now, the new 30-day statewide order will take effect Thursday night at midnight.

“It makes sense to make this move now,” DeSantis said on Wednesday, adding that he had talked with President Donald Trump. The list of essential services will follow guidelines set by the Department of Homeland Security and be similar to those ordered in Miami-Dade County.

Newsweek noted that Florida had been the only state with more than 5,000 confirmed cases of coronavirus that had not issued a statewide stay-at-home order.

A University of Washington researcher cited by the White House expects COVID-19 deaths in Florida to peak at around 136 deaths per day in the first week of May, SFBW reported on Tuesday. That was predicated on “continued and uninterrupted vigilance by the general public, hospital and health workers, and government agencies.”

A chart on the Florida Department of Health website shows the acceleration of COVID-19 cases in the past week

The Florida Department of Health’s update just before noon on Wednesday reported 6,693 case in the state and 87 deaths.

Miami-Dade County leads the state with 2,202 cases. It is followed by Broward at 1,232 cases and Palm Beach with 567 cases.

Palm Beach County, however, has 16 deaths compared with 12 in Broward and seven in Miami-Dade.

The state has 67,734 tests with 6.955 (10.3 percent) of them being positive.

The post Governor issuing statewide stay-at-home order appeared first on SFBW.

Automotive dealers and repair shops can stay open as essential businesses during the pandemic, but it’s far from business as usual.

While job loss or job insecurity may keep some buyers out of the market, low interest rates and deals abound. There’s also an increasing array of concierge and virtual services, so you don’t have to go to a dealership to buy a car or get it serviced. That business model could continue long after the pandemic is in the rear view mirror.

Rick Case, CEO of Rick Case Automotive, said he’s able to offer the best factory incentives he has ever seen.

Raquel and Ryan Case of Rick Case Automotive Group present a $50,000 donation to Feeding South Florida for coronavirus relief efforts

“You can get a new vehicle now with no money down, 0 percent financing for 84 months and pay nothing for six months. Hyundai and Genesis will even make six monthly payments if you lose your job between now and the end of the year, he says.

Rick Case Automotive has changed its new and used car sales efforts from sales in showrooms to online sales, Case says. Buyers go to rickcase.com, chose the brand they are interested in, search the inventory, pick out their vehicle, get the value of their trade, get approved for credit and chose the payment.

“Then we will deliver the vehicle to them safe and secure anywhere in South Florida within 24 hours,” he says.

Case and his family are known for their philanthropic efforts and have donated $50,000 to Feeding South Florida for its coronavirus relief efforts.

Teddy Morse of Ed Morse Automotive Group records a reassuring TV spot

The concierge service at Ed Morse Automotive Group can deliver paperwork and come to customers’ doors for routine maintenance and repair needs, the company says. It’s also offering to defer payments.

Morse has changed its TV ads to short reassuring messages delivered by CEO Teddy Morse. Ed Morse “has your back” is the main message instead of touting the latest model.

The Experience Auto Group, the owner of Ferrari, Maserati and Alpha Romeo of Fort Lauderdale, has launched a virtual suite of services:

• Virtual walkthroughs of each dealership/car lots showing current inventory
• Virtual service appointments/assessments
• Valet pick-up/delivery for service appointments and new or trade vehicle delivery
• Virtual trade-in appraisal
• Virtual consignment consultation
• Virtual sales consultation

The Experience Auto Group dealership on North Federal Highway in Fort Lauderdale

“During these uncertain times, we need to be adaptive and evolve our offerings to not only give our customers and associates a health-conscience alternative to traditional dealership services, but to continue to deliver the steady and committed service EAG is known for,” says Garret Hayim, president of Experience Auto Group. “It’s an added benefit that this online solution keeps our EAG family of associates working to support themselves and their families.”

EAG is adhering to diligent cleaning and disinfecting services, but customers can still get a cup of coffee if they come in for a test drive or a service appointment, EAG says. Cars are cleaned after each test drive or service.

“We’re here to support our customers and associates in any way possible. For customers who may be approaching the end of their lease or are in need safety services for their vehicle, this is a great alternative,” Hayim says. “And while we look forward to the return of ‘business as usual’ we are excited at the opportunity to render virtual services, that may ultimately become a permanent feature of our service model.”

The post Automotive dealers go virtual appeared first on SFBW.

By Jason Domark

At the time of writing, reports show coronavirus cases have topped 216,000 in the U.S. and are nearing 1 million worldwide. The highest percentage of those worst affected are seniors. Many patients require hospitalization and life-saving ventilators, which are in short supply.

Jason Domark is a member at Cozen O’Connor’s Miami office

With these numbers, many people may have to step-up as trustees for the first time. Seniors are more likely to have estate plans with trust structures already in place. The sheer number of people likely to become incapacitated, even temporarily, will also create many new trustees.

There is a lot to know and understand as a new trustee. But you can do it. You were chosen for a reason. And to help you along the way, here are four things to consider at the start.

Study the Trust Agreement

The trust agreement governs the majority of your rights and responsibilities. This document should describe what actions you can, or cannot, take.  Study the trust agreement in detail. Do not assume that you know what to do or that you know what the settlor wanted. Each trust agreement is unique, there is always some nuance, and sometimes that can make a world of difference.

Make Sure You are Really a Trustee

First, make sure the person appointing you has the power to do so. A settlor, an existing trustee, a trust protector, or a court may have appointed you. Each may have varying rights as to when or how they may appoint a new trustee.

The incapacitation of a settlor or trustee may have also made you a new trustee. If so, was the trust agreement’s incapacitation provision followed? These come in all forms, but a common provision requires obtaining doctors’ opinions. In these days of quarantines and limited access to patients, you may need to think ahead about these issues.

Second, make sure the person appointing you did it in the right way. Trust agreements have various requirements for how a trustee is appointed, and some do not say anything at all.  Were there notice requirements? Writing requirements? Consent requirements? Whatever the case, make sure the person appointing you followed each step.

Finally, make sure you properly accept. If the trust agreement provides a manner of acceptance, substantial compliance is generally sufficient. But the better practice is to follow the designated manner exactly as written. If the trust agreement is silent, a trustee may generally accept by taking delivery of trust property, performing as a trustee, or otherwise indicating acceptance. If you are still deciding whether to act as trustee, be careful you do not inadvertently accept in one of these ways.

Identify Your Beneficiaries and Know Your Fiduciary Duties

As trustee, your primary job is to look out for the trust beneficiaries. The trust may have current beneficiaries who are actively receiving distributions. It may also have contingent or remainder beneficiaries who only have an interest once a future event occurs. These different beneficiaries may have competing interests, and it is important to understand each.

Generally, trustees owe all beneficiaries duties of care and loyalty. The duty of care requires a trustee to be actively involved, exercise independent judgment, and use the same skill and care as any similar prudent person. If you have special skills, such as an investment background, you may be held to a higher standard. Importantly, you may delegate certain responsibilities to a professional, so long as you use care in selecting and supervising the professional.

As to the duty of loyalty, a trustee must always administer the trust in the beneficiaries’ best interests, and not with regard to the trustee’s own interests.

Work With Your Co-Trustees

You may find you have several co-trustees. You must all cooperate to administer the trust together. However, if there is a disagreement, the majority generally rules. If there is no majority, you may have to ask a court for instructions.

A trust agreement may delegate certain powers to a specific co-trustee. Otherwise, co-trustees generally cannot delegate to each other actions that the settlor would expect all of the co-trustees to take together.

Finally, while co-trustees are not generally liable for actions of their co-trustees, you do have an obligation to prevent a breach of trust and to fix a breach of trust of which you are aware. Thus, you must speak up if you believe your co-trustees are acting improperly.

Unfortunately, in the coming days and weeks, there are likely to be many people called for the first time to act as a trustee. The good news is you will not be alone. And, as with so much these days, we will all learn to navigate this together.

Jason Domark is a member at Cozen O’Connor’s Miami office. He focuses his practice on complex commercial litigation, with an emphasis on international litigation, fiduciary litigation, and real estate related litigation. Jason may be reached at jdomark@cozen.com. 

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Miami International Airport’s E, F and G concourses have been temporarily closed amid the slump in airline traffic, the Miami-Dade Aviation Department said on Thursday.

While the U.S. government has limited entry to the U.S. from some countries, domestic air travel and some international travel is still permitted. As part of the federal aviation system, MIA and airports across the nation remain open for essential travel and trade, such as medical personnel, equipment and supplies, farming and agriculture cargo, and industrial machinery and parts.

Here are some additional updates:

Departures

• All passengers traveling for essential reasons are encouraged to contact their airline to confirm their flight status, because domestic and international flight schedules continue to change.
• The Transportation Security Administration is now allowing passengers to pack hand sanitizer bottles up to 12 oz. in their carry-on bag. Bottles more than 3.4 oz. in size may require additional screening, so passengers should allow for extra time.

Arrivals

• As directed by an executive order from Florida Gov. Ron DeSantis, Florida Department of Health staff is asking each passenger arriving on direct flights from New York Tri-State area airports (Connecticut, New Jersey and New York) a series of travel questions and notifying them about the executive order’s direction for them to self-quarantine for 14 days.
• MIA continues to be one of 13 U.S. airports approved by the U.S. Department of Homeland Security (DHS) to receive flights from the Schengen area of 26 European countries, the United Kingdom and the Republic of Ireland, under a presidential proclamation that permits entry to the U.S. from those countries for U.S. citizens and legal permanent residents only.
• The travel restriction affects a total of 20 routes served by airlines at MIA, which are: Amsterdam, Barcelona, Copenhagen, Dublin, Dusseldorf, Frankfurt, Helsinki, Lisbon, London Heathrow, London Gatwick, Madrid, Milan, Munich, Oslo, Paris (CDG), Paris (Orly), Rome, Stockholm, Warsaw and Zurich.
• Medical personnel contracted by the Department of Homeland Security is asking each passenger from these Level 3 European countries a series of health questions and performing random temperature checks before they enter the passport control area.
• The Centers for Disease Control and Prevention (CDC) continues to provide additional screening to passengers showing symptoms of a contagious disease, or to any passenger who has traveled to the Level 3 countries of China, Iran or South Korea in the last 14 days.
• The Concourse E federal inspection facility is closed until further notice, so international passengers will exit Customs at either the Concourse D or Concourse J greeter’s lobby.
• MIA’s automated passport control and Global Entry kiosks each have anti-microbial surfaces and are being cleaned by MIA staff after every other use.

Concessions

• Some shops and restaurants have modified their hours of operation or have temporarily closed, but concession services remain available for all scheduled flights.
• Dining locations and airline lounges are restricted to 50 percent capacity, and social distancing measures have been implemented.
• Standalone bars have been closed until further notice.
• For a directory of shops and restaurants, hours of operation and closures, visit www.shopmiamiairport.com or follow @ShopsatMIA on Twitter.

Ground Transportation

• As of March 18, Super Shuttle is no longer operating at MIA.
• The following ground transportation options remain available to passengers:

• • Ride app pickup zones are located on the Arrivals Level (1) at the middle median outside of doors 1, 2, 3, 4, 5, 7, 11, 15, 20 and 23.

• • Taxicabs and Hotel shuttle bus pick-up zones are also located on the Arrivals Level outside of the baggage claim areas.

• • For car rental service or public transportation, follow the purple signs to the MIA Mover, for a two-minute people mover ride.
• Valet parking service at MIA’s Dolphin and Flamingo garages is suspended indefinitely.

Services and Amenities

• The American Airlines Admirals Club (near Gate D15), American Airlines Flagship Lounge (near Gate D30), Centurion Lounge by American Express (near Gate D12), Delta Sky Club (Concourse H) and LATAM Airlines VIP Lounge (Concourse J) are temporarily closed.
• MIA’s Multi-Sensory Room (Concourse D), Plane Fun Children’s Area (Concourse E), Non-denominational Chapel (Central Terminal), Military Hospitality Lounge (Concourse E) and Yoga Room (South Terminal are temporarily closed.
• CBP’s Global Entry office (Concourse J) is temporarily closed.
• MIA’s Volunteer Ambassador Program has been suspended indefinitely.

Preventive Measures

• To keep passengers healthy while traveling, frequently touched areas are being cleaned and sanitized more often by MIA’s cleaning contractor.
• Additional hand sanitizer dispensers have been deployed throughout the airport, and the routine replenishment of hand-sanitizing solution has been increased.
• MDAD staff is assisting the airlines and federal agencies with urging passengers to practice social distancing (at least six feet) if they are waiting in a queue line.

Visit MIA’s online newsroom at https://news.miami-airport.com or follow the airport on Twitter (@iflymia) for the latest updates, as well as tips on how to remain safe and healthy when traveling.

For information about how Miami-Dade County continues to respond to COVID-19, visit Miami-Dade County’s website.

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The good news is that Carnival Corp. and plc has raised $6.25 billion by issuing new debt and shares. The bad news is the steep price it paid for doing so.

The world’s largest cruise company said it issued $4 billion in bonds with a yield at par of 11.5 percent, maturing in 2023.  Last October it only paid 1 percent in a 600 million euro offering.

The company raised $500 million by issuing 62.5 million shares (NYSE: CCL) at $8 a share. Shares were trading at $8.16 at noon on Thursday. The company shares traded at $51 as recently as Jan. 17.

Meanwhile, Carnival remained in the coronavirus headlines over the fate of two of its Holland America ships.

An 11:45 a.m. advisory from Port Everglades said the  Zaandam and Rotterdam are listed on the Port Everglades ship schedule Thursday to hold the berths open. Details for the conditions of arrival were still being finalized.

A ship tracker showed both ships off Pompano Beach at noon.

A final deal was being worked out to handle 10 critically ill patients on the Zaandaam at Broward Health system hospitals while 45 who have a mild illness are expected to stay on the ship, the Sun-Sentinel reported.  There have been four deaths aboard the Zaandam.

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The Holland America ship Zaandam arrived at Port Everglades late Thursday afternoon, ending an agonizing voyage that left four passengers dead with COVID-19.

The ship has 10 passengers that will require immediate hospitalization, but other sick passengers will be treated on the ship. The Rotterdam, which was also headed towards the port, will have three more passengers requiring immediate hospitalization.

A joint press release from multiple agencies outlined what’s happening.

The two ships each have 13 passengers that were listed as having symptoms, who will likely be treated on board. Some may be deemed fit to travel, though.

The two ships combined have 50 crew members exhibiting influenza-like symptoms, but only one will need immediate hospitalization. Other than that crew member, the plan is to keep crew aboard both ships.

More than 1,200 passengers are expected to be fit to travel home, which will include charter flights.

Passenger health will be evaluated per CDC guidelines, the news release says: Passenger health screening will be conducted by ship’s medical personnel and four third party paramedics. All passengers will be placed in one of 2 categories: (1) Fit for Travel and (2) Not Fit for Travel. Fit for Travel means that the passenger answered ‘no’ to the questions in the screening questionnaire and does not have an elevated temperature. All other passengers will be considered Not Fit for Travel.

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By Jaime Rich Vining

Many businesses are realizing the tangible value of their intangible intellectual property in the face of a downswing economy and economic hardships caused by the pandemic.

Jaime Rich Vining of Miami’s Friedland and Vining is a Florida Bar-certified Intellectual Property attorney.

The trademarks, copyrights and patents registered by a business may indeed be among some of its most valuable corporate assets. The World Intellectual Property Office (WIPO) has estimated that intangible assets now represent 80 percent of corporate value. Famous trademarks—such as Google, Apple, Samsung and Apple—are valued in the billions of dollars. Even current accounting practices require intellectual property to be listed on balance sheet at valuation. As one court put it, “theoretically and perhaps practically as well, this hard-earned [trademark] right is as important as money in the bank.”

But, when forced between paying rent or maintenance fees to the U.S. Patent & Trademark Office (USPTO), the question remains why businesses should renew their trademark registrations now.

One primary consideration, particularly for those companies seeking financing to cover cash flow shortfalls for operating expenses, is that these intellectual property assets can serve as security for debt to access capital and to enhance credit. Lending institutions around the world are largely extending their business to offer loans on the basis of intellectual property. In cases where a borrower pledges its patents, trademarks or copyrights, both the collateral pool and the likelihood of a successful loan increase.

For example, in 2006, Ford Motor Company pledged its famous Ford blue logo design, along with various other assets (which it reclaimed in 2012), as part of a financial bailout. Ford Chairman William C. Ford Jr. was quoted in the New York Times as saying, “Getting the blue oval back was both a relief and a validation of the comeback. …We were pledging our heritage.”

The main challenge in using intellectual property as collateral is risk. After applying for a loan, a borrower may be required to produce a detailed schedule of its intellectual property assets as part of the due diligence process. A prudent lender will likely also carry out an independent audit to verify the assets owned and/or licensed by the borrower and to mitigate risks. All relevant registrations will be evaluated to ensure that they are current and the borrower may remain responsible for maintaining the leveraged IP registrations. Trademarks and patent registrations will lapse permanently if not timely renewed. Similarly, a failure to defend valuable IP assets by taking legal action against infringers may lead to the same outcome.

Obtaining a security interest in any collateral is governed by the Uniform Commercial Code (UCC), which has been adopted with minor differences in all states and the District of Columbia. The security interest “attaches” to the pledged assets upon execution of a lending agreement between a creditor and a debtor, and the security interest must be “perfected” to grant the creditor priority over competing creditors concerning the same asset.

The USPTO will also accept the recording of any instrument affecting title to a registered trademark. Such documents may be recorded “in the public interest in order to give third parties notification of equitable interest or other matters relevant to the ownership of the mark.”

Filing with the USPTO, however, does not preempt UCC filing requirements for the perfection of a security interest in a trademark, but it is a best practice for a lender to record a security interest with the USPTO in any registered trademark or pending trademark application. With respect to copyrights, Section 205 of the Copyright Act governs the recordation of transfers of copyright ownership and provides that any transfer of copyright ownership may be recorded in the Copyright Office. The Copyright Act defines a transfer of copyright ownership broadly as an “assignment, mortgage, exclusive license, or any other conveyance, alienation, or hypothecation of a copyright.”

Thus, even in times of economic uncertainty, maintenance of these corporate assets remains critical. When considering leveraging intellectual property assets as a source of financing and working capital, businesses should consult with a qualified and experienced IP attorney for guidance on issues related to registration and maintenance.

Jaime Rich Vining of Miami’s Friedland and Vining is a Florida Bar-certified Intellectual Property attorney. She practices law at the intersection of IP, the internet and entertainment. Contact her at jrv@friedlandvining.com

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