Crain's Cleveland Business

$1.50/OCTOBER 18 - 24, 2010Vol. 31, No. 410

7148601032

641

Crain’s for the fourth timehonors Northeast Ohio’stop financial officers fortheir fiscal leadership and asset management ■■ Pages 17-33

NEW

SPAP

ER

Execs who choosepolitics find it’s nota day at the office

Candidates with business backgrounds tout abilities to lead acompany, but transition to government not always seamless

By JAY [email protected]

Past performance suggestsfew successful business peoplehave managed to continuetheir winning ways by moving

into politics — think presidentialhopefuls Steve Forbes and Ross Perot from years past.

However, that isn’t stopping localexecutives and business ownersfrom trying to emulate MichaelBloomberg, founder of BloombergLP who has been mayor of NewYork City since his election in 2001.

On Nov. 2, Northeast Ohio voterswill find a handful of business leaderson the ballot running for key offices.Among them are Republican Peter

Corrigan, chief operating officer ofPrestolite Electric Inc., who is chal-lenging longtime incumbent DennisKucinich in the 10th CongressionalDistrict, and Pete Draganic, a Republican and construction con-tractor who wants to represent theFourth District on the new Cuya-hoga County Council.

These candidates and othersmake essentially the same argument:I’ve been a success in business, andI can be successful in government.

However, unless some of themcan pull out victories next month,the number of business people whovoters have given the chance toshow what they can do in govern-ment is small.

MATTBRAKEYCurrent job:energy consultant

Candidate:CuyahogaCounty council

PETE DRAGANICCurrent job: constructioncontractor

Candidate:CuyahogaCounty council

TOM GANLEYCurrent job: auto dealer

Candidate:13th district congressman

KEN LANCI Current job: ConsolitatedGraphics GroupInc. owner

Candidate:Cuyahoga County executive

JACKSCHRON Current job: Jergens Inc.CEO

Candidate:Cuyahoga County Council

JESSE KRAMER

Thomas Perciak says the similarities are few between the nearly 40 years he spentin the banking business and his job since 2004 as mayor of Strongsville.

INSIDEHospitals’ charitabledonations rebound

The recession undercut thefundraising efforts of hospital systems nationwide, but some localhealth care institutions are reportingrising levels of charitable giving.Those hospitals say they are focusing on bolstering relationshipswith individual donors. Read TimMagaw’s story on Page 3.

See POLITICS Page 7

Danaher’s winning bid forKeithley could cost local jobs By CHUCK [email protected]

Employees of Keithley Instru-ments Inc. might not like one of thereasons Danaher Corp. was willingto pay a 74% premium for the Soloncompany, according to two execu-tives from an investment manage-

ment firm in Beachwood.Edward Hemmelgarn and Ray-

mond Rund of Shaker InvestmentsLLC said they expect Danaher to cutat least some sales and administra-tive positions once it completes thedeal to acquire the maker of electricaltesting and measurement equipment,

See KEITHLEY Page 8

SPECIAL SECTION

Business loans make up largershare of credit union portfoliosBy MICHELLE [email protected]

Credit unions, long a bastion ofconsumer lending, have become ahaven for Joe Business Owner, too.

Amid tighter bank lending stan-dards in the wake of the subprimemortgage fiasco, credit unions areaccelerating their issuance of small

business loans. As a result, an areaof business that was a specialty linefor credit unions has become moremainstream, said John Kutchey,deputy director of the examinationand insurance office of the NationalCredit Union Administration, theindustry’s federal supervisor.

Examples of growth abound.See CREDIT Page 35

20101018-NEWS--1-NAT-CCI-CL_-- 10/15/2010 4:44 PM Page 1

© 2010 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP (a Delaware limited liability partnership), which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.

22 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM OCTOBER 18-24, 2010

REGULAR FEATURES

Blog Recap .......39Big Issue ..........10Classified .........38Editorial ...........10

Going Places ....14List: Colleges anduniversities 34,36

The Week .........39

COMING NEXT WEEK

Plenty of planning and work is required to execute majorhome-improvement events,from building a spec house to growing floral gardens. Welook at the logistics behind theprocess in our Meeting andEvent Planner section.

An event’s buildup

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HAVING LESS, SPENDING LESS

Housing $17,109 $16,895 -1.3%

Transportation 8,604 7,658 -11.0

Insurance/pensions 5,605 5,471 -2.4

It took a mammoth recession to do it, but average U.S. household spending fell in 2009 from 2008 —the first year-to-year drop since the Bureau of Labor Statistics began tracking such data in 1984.Spending on housing and transportation — the largest components of consumers’ budgets — fell1.3% and 11% respectively, contributing to an overall drop in spending in 2009. Health care expenditures rose 5%, the only significant increase among the major components of spending. Here’sa breakdown of the numbers:

SOURCE: U.S. BUREAU OF LABOR STATISTICS; WWW.BLS.GOV

Category Avg. 2008 spending Avg. 2009 spending Change

Food at home 3,744 3,753 0.2

Health care 2,976 3,126 5.0

Entertainment 2,835 2,693 -5.0

Food away from home 2,698 2,619 -2.9

Average all expenditures 50,486 49,067 -2.8

20101018-NEWS--2-NAT-CCI-CL_-- 10/15/2010 11:31 AM Page 1

what we’re seeing is that time periods can stretch out a little bitmore because people are cautious,and you can’t blame them for beingcautious,” she said.

The Summa Foundation, thefundraising arm for the Akron-basedSumma Health System, saw dona-tions decline almost 19% to $4.4million in 2009 from $5.4 million in2008. Summa re-tooled its fundraisingefforts and so far this year is ontrack to exceed its 2008 levels, Ms.Taylor said. Summa received two,

$1 million gifts this year that haveallowed it to grow its medical andresearch programs and attract newtalent to the health system.

Ms. Taylor said Summa’sfundraising typically has been drivenby special events such as its annualSapphire Ball, which raises moneyfor women’s health. At this year’sball, for example, Summa receivedan anonymous $1 million gift to establish an endowed chair forwomen’s health.

OCTOBER 18-24, 2010 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 3

INSIGHTTHE WEEK IN QUOTES“There are some reallygood people out therewho aren’t currentlyemployed, but youneed a good screeningprocess in place tofind those people.”— Lori Long, associate professorof human resources, Baldwin-Wallace College. Page 9

“It’s hard to tell a customer about whythey should replacetheir windows (and)look at sustainabilitywhen your own building is a 1969 version of buildingconstruction.”— Craig Nelson, vice president ofconstruction operations for WTI, aTremco Inc. subsidiary. Page 11

Donation vise loosens at area hospitalsInstitutions report higher giving levels ascaution that came with recession wanes By TIMOTHY [email protected]

The crippling recession impairedthe fundraising efforts of hospitalsystems nationwide, but as the economic climate starts to improve,the coffers at Northeast Ohio’shealth care institutions appear to be

on the mend.Charitable giving for U.S. health

care institutions plunged 11% in2009, totaling about $7.64 billion,according to a report issued lastmonth by the Association forHealthcare Philanthropy. But so farthis year, many health care institutionsin the region are reporting gains. See GIVING Page 37

See MESOCOAT Page 36

“What makes Richstand out even morethan his technicalability as a CFO is hiswarm, open and kindpersonality. … Richtakes the human approach when looking at numbersand considers his audience.”— CFO of the Year nominationfor Richard Boyson, TherapyPartners. Page 18

“He has guided usthrough the treacher-ous water of the economic downturnwithout so much as ascratch.”— CFO of the Year nominationfor Brian S. Kenyon, Rock andRoll Hall of Fame and Museum.Page 20

Euclid firmputs pedal tometal withplant planMesoCoat seeks togrow production, sales

JANET CENTURY

Ariella Reback (right), owner of Green Pastures Poultry, chats with customer Jenny Aidlin of Cleveland atthe Blue Pike Farm Market on East 72nd Street in Cleveland.

FEEDING THEECONOMY

Economic development officials’ eyes are opening to potential in larger agricultural base, improved distribution of local food

By KATHY AMES [email protected]

Economic development advo-cates with an interest inagriculture are watering theseeds of emerging business

endeavors that are geared towardbringing more locally producedfood from field to table in NortheastOhio.

The goal is to encourage the development of a broader agricul-tural base and an improved distrib-ution system so that fresh, locallyproduced food from an array of suppliers can substitute for products

shipped into the area that contributelittle to the region’s wealth.

Promoting this effort is the OhioAgricultural Research and Develop-ment Center in Wooster, which isan extension of Ohio State Univer-sity. It’s in the second phase of afour-part initiative financed by theFund for Our Economic Future, anonprofit economic developmentconsortium that is aiming to build aregional agricultural and bioscienceindustry cluster — an area the agricultural center said already is generating $8.2 billion in annualrevenue in Northeast Ohio.

WHAT’S AN AG-BIO CLUSTER?

The Ohio Agricultural Researchand Development Center (OARDC),an extension of Ohio State Universityin Wooster, has identified 12 projects itsees as contributors to a larger foodproduction system in the region, some-thing known as an agriculture-bioscienceindustry cluster.

In addition to Green Pastures Poultry

(pictured above), a proposed wine andculinary incubator in Geneva is amongthe business plans chosen by theOARDC and financed by the Fund forOur Economic Future.

“We want to see a high-potentialcluster turn into high reality,” saidBrad Whitehead, the president ofthe Fund for Our Economic Future.

See FRESH Page 12

Whitehead

By CHUCK [email protected]

The new plant MesoCoat Inc.aims to build is the first step in theEuclid company’s plan to change theway the world coats metals.

MesoCoat is preparing to build a$6.5 million plant that will allow thecompany to start coating and sellingmetal products on a larger scale. Thenew plant also will showcase Meso-Coat’s abilities before the companymoves ahead with plans to buildmore plants, said Robert Miller, CEOof Miami-based Abakan Inc., Meso-Coat’s new majority owner.

“It will be the honey to attract thebees,” Mr. Miller said.

The new plant, which most likelywill be built next to MesoCoat’sheadquarters on Rockwell Drive, willcoat metals with two patented tech-nologies. One of them, the company’sCermaClad process, uses a plasmaarc lamp to bond protective metalcoatings to products such as oil andgas pipelines. The process is farfaster than the current standard —laser cladding — because plasma arclamps cover bigger areas than laserbeams, said MesoCoat CEO AndrewSherman.

“The width of that spot is three tofive millimeters,” he said, pointing toa photo of a laser cladding head atwork. “We’re doing 12 inches.”

The plant also will include severalthermal spray stations where MesoCoatwill apply a material called PComP,which is made of both ceramic andmetal particles, on products used inthe oil and gas and aerospace indus-tries. The material is meant to serveas a stronger, environmentally friendlyalternative to chrome and other toxiccompounds.

An unidentified oil and gas company has committed $2 millionto help finance the new plant, andMesoCoat is in the process of finalizinga $2.8 million investment from Abakan,Mr. Sherman said. The startup aimsto raise another $1.5 million in debtfinancing from the state of Ohio andthe federal government. Mr. Shermansaid the company is looking for

INSIDE: A closer look at NortheastOhio health care institutions’ charitable giving levels. Page 37

Kathy Taylor, system director ofdevelopment at the Summa Founda-tion, said although the environmentfor giving is peering up, it’s by nomeans perfect.

“We still see some hesitation,” Ms.Taylor said. Donating money, shesaid, “is not something that’s a snapdecision.”

“During the economic downturn,


tration’s auto task force in the dealercuts and the processes used by GMand Chrysler to decide which dealersto terminate.

It also looked at the extent towhich dealer cuts would save moneyfor the automakers.

An investigation bores in on possiblyillegal activity, and it can lead ulti-mately to prosecutions and even penal-ties such as fines or imprisonment.

The inspector’s office, headed byformer federal prosecutor NeilBarofsky, had 104 ongoing criminaland civil investigations as of June 30,according to its most recent quarterlyreport to Congress.

The focus of those investigationshas included false statements, obstruction of justice, public corrup-tion and various kinds of fraud, thereport said.

Office investigators can issue sub-poenas, make arrests and refer casesto the U.S. Justice Department forprosecution, according to the report.

U.S. Treasury Department spokes-man Mark Paustenbach declined tosay whether the agency had beencontacted by investigators. GMspokesman Greg Martin also declinedto comment.

Chrysler has not been contactedby investigators, said companyspokesman Michael Palese.

“Chrysler Group’s optimized dealernetwork is already contributing toimproved vehicle sales and will be avital part of the company’s successas we continue to deliver outstandingproducts to our customers,” he said.

The 41-page July audit did notsuggest that any illegal activity hadbeen committed. However, auditorscriticized the administration for accelerating dealership closings lastyear during a severe economicdownturn and for failing to considerthe impact of the cuts on automakers’viability and costs.

Chrysler, in the end, terminatedabout 760 dealerships after a seriesof federally mandated arbitrationcases took place this summer. GMcut another 1,550 dealerships.

The auditors also expressed doubtabout the credibility of GM’s andChrysler’s estimates of savings fromthe dealer cuts, and they faulted GMfor keeping inadequate records of itsdecision-making on terminations.

Dealer advocates have questionedwhether evasive responses to audi-tors’ questions delayed release of thecritical report until July 18 — fourdays after dealer arbitration hearingswere completed. ■

Neil Roland is Washington reporterfor Automotive News, a sister publi-cation of Crain’s Cleveland Business.

“Chrysler Group’s opti-mized dealer network isalready contributing toimproved vehicle sales.” – Michael Palese, spokesman,Chrysler


Volume 31, Number 41 Crain’s Cleveland Busi-ness (ISSN 0197-2375) is published weekly, exceptfor combined issues on the fourth week of May andfifth week of May, the fourth week of June and firstweek of July, the third week of December and fourthweek of December at 700 West St. Clair Ave., Suite310, Cleveland, OH 44113-1230. Copyright © 2010by Crain Communications Inc. Periodicals postagepaid at Cleveland, Ohio, and at additional mailing of-fices. Price per copy: $1.50. POSTMASTER: Sendaddress changes to Crain’s Cleveland Business,Circulation Department, 1155 Gratiot Avenue, Detroit,Michigan 48207-2912. 1-877-824-9373.

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U.S. investigates dealer cutsFederal inspectors launch probe to determine if illegal activity played role in terminations By NEIL ROLANDAutomotive News

The federal inspectors that criti-cized the Obama administration,General Motors and Chrysler for their handling of about 2,300U.S. dealership terminations haveopened a follow-up investigation ofpossibly illegal activity in the effort.

The Office of the Special InspectorGeneral for the Troubled Asset Relief Program, a $700 billion federalbailout effort that included GM andChrysler, won’t disclose the targets

of the investigation or the actionsbeing probed, said Kris Belisle, theoffice’s spokeswoman.

But auditor files used in preparinga July report on dealer terminationsduring the automakers’ bankrupt-cies have been turned over to theoffice’s investigators, Ms. Belislesaid in an e-mail.

“There is an investigation,” Ms.Belisle told Automotive News.“Generically, we can investigate anyoffense.”

The July audit more generally examined the role of the adminis-


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Colliers set to re-establish Northeast Ohio presenceOhio duo’s ability to gain foothold unknownBy STAN [email protected]

A key part of where the ColliersInternational name will land inNortheast Ohio is set, but not enoughto keep the rumor mill among commercial real estate brokers fromstaying in overdrive.

The owners of the Colliers firmsin Cincinnati and Columbus, ShenanMurphy and Richard Schuen, respectively, will own the Colliersflag here.

That’s the word from Dylan Taylor,the U.S. CEO of Colliers Interna-

tional. Colliers issued to Crain’sCleveland Business a statement fromMr. Taylor saying he looked forwardto the leadership and backgroundthe two bring to Northeast Ohio. Hesaid he is excited about giving Colliers clients the ability to dealwith one entity statewide.

The Colliers name in NortheastOhio went into play in August whenColliers Ostendorf-Morris, a regionalbrokerage that was one of the original founders of Colliers as aglobal network of brokerages 25years ago, and the current ColliersInternational terminated their rela-

tionship. Colliers now is part ofpublicly traded FirstService, a diversified real estate services firmbased in Toronto.

Building a local brokerage presence takes time, so speculationabounds about whether the Ohioduo can bring an established localbrokerage into the fold or attractbrokers with enough background toexert a meaningful presence.

Bob Brehmer, president of NAIDaus of Beachwood, said his firm iscontent with its current situationeven though he knows Messrs.Murphy and Schuen from his priorrole as a broker for Grubb & EllisCo., which the downstaters werewith until they joined Colliers earlier

this year.Bob Nosal, managing director of

the Cleveland office of Grubb & Ellis,declined comment on his formercolleagues’ new efforts here.

However,Terry Coyne, a Grubb &Ellis senior vice president, said hefielded a call from a colleague at another firm who asked Mr. Coyneto join him in a new Colliers ven-ture. Mr. Coyne declined, he said,because he is satisfied at Grubb &Ellis. He would not identify theprospecting broker or his firm.

The new Colliers effort alreadyhas some key real estate under control — on the Internet.

Do a Google search for “ColliersInternational” on the web and you’ll

find www.colliers.com/markets/Cleveland. The page for “Colliers Interna-tional Cleveland” lists e-mail addresses and a phone numberthat will be answered by either Mr.Schuen or Mr. Murphy.

Messrs. Murphy and Schuen arenot commenting on their plans, according to Leslie Hobbs, marketingmanager for Colliers in Columbus.The Colliers offices in Columbusand Cincinnati have nearly 15 millionsquare feet of property under management and 576 sale or leasebrokerage assignments.

Geoffrey Coyle, managing part-ner of Ostendorf-Morris, declinedcomment on efforts to re-root theColliers flag here. ■

Liggett tries branding process on new client — itselfBy SCOTT [email protected]

Branding agency Liggett Stashowergot a taste of its own medicine,when, in late spring, it began theprocess of restructuring its man-agement.

“We took our own strategicanalysis process we do with clientsand applied it to ourselves,” saidDavid Moore, the firm’s presidentand, as of last Thursday, Oct. 14,one of its two new managing part-ners. Stephen Veres, Liggett’s chiefoperating officer, also has added

the managing partner title.Mr. Moore said the firm brought

in outside consultants to help devisea structure that would drive growthand enhance the essential nature ofLiggett as “a talent-based agencythat’s in the business of sellingideas.”

To that end, Liggett named MarkNylander, formerly its CEO, aschairman of the board, responsiblefor growth initiatives, new businessdevelopment and what Mr. Moorecalled “long-term strategic visionand partnership.”

In the new structure at Liggett,

no one carries the CEO title.Messrs. Moore and Veres will shareday-to-day executive duties. Mr.Moore will handle the marketingdirection of the agency, such asclient business and creative product,and Mr. Veres will oversee operationssuch as billing and fee structures.

Liggett also promoted three executives to managing directors:Brian Bloom, formerly executivevice president, brand developmentdirector; Mark Cerame, formerlyvice president, brand experience; andSusan Preisler, formerly vice presi-dent, brand strategy and research.

They will report to a reorganizedboard of directors comprising Messrs.Nylander, Moore and Veres as wellas two outside members. Mr. Mooresaid Liggett has not yet namedthose outside directors. It’s lookingfor one person with financial andoperational expertise and anotherwho is “in the business of marketinga branded product.”

Messrs. Bloom and Cerame andMs. Preisler will work with Messrs.Moore and Veres in supervisingagency teams.

The firm has 55 employees atpresent and has had “a very successful

run” in the last year, Mr. Moore said.He said Liggett has added about adozen clients in the last 12 months,including paper giant Boise Inc., theCatholic Diocese of Cleveland Foun-dation, the Gunk brand of cleaners/degreasers and Cleveland law firmUlmer & Berne.

Mr. Nylander, 57, joined Liggett in1994 as executive vice president,general manager, public relations.He became CEO in 2004.

Mr. Moore, 52, joined the agencyin 2001 as executive vice president,creative director and became presi-dent in 2004. Mr. Veres, also age 52,has been with Liggett since 2004,when he was named vice president,finance. He became chief operatingofficer in 2007. ■


“If I’m running a business I can choose to ... discontinuea product line if it’s losing money. But in the public sector,we have less freedom with those kinds of choices.” – Nicholas Zingale, assistant professor of public administration, MaxineGoodman Levin College of Urban Affairs, Cleveland State University

Maybe that’s because the electorateknows intuitively what experienceand academic observation suggest— government is not like a privatebusiness, so success in business is no strong indicator of success ingovernment.

“There are similarities — you dealwith your city council the way yourun things through your board of directors,” said Thomas Perciak,who has been Strongsville’s mayorsince 2004. “But pretty much that’swhere (the similarities) end.”

Mayor Perciak spent nearly 40years in banking, serving as presi-dent of Strongsville Savings Bankand its successor, Emerald FinancialCorp. After the sale of Emerald toFifth Third Bancorp in 1990, he wasan executive vice president of FifthThird Bank until retiring to run formayor of Strongsville.

Mayor Perciak said a governmentleader must be able to win over morethan just a single entity like a boardof directors in order to advance hisagenda. Besides going to city councilfor approval of a policy change or arezoning for a favored project, hemust win the approval of citizens, often through hearings, and perhapsother governmental agencies.

It isn’t Kansas anymoreMr. Draganic, the county council

candidate, likewise acknowledgesthe challenge.

The construction contractor alsois a member of Seven Hills City Council.He said soon after he took his councilseat three years ago, he came to the“quick realization that governmentdoesn’t work like a business.”

The checks and balances that exist in government represent a bigdifference between how businessand government work, according toMr. Draganic, who admits he initiallywas overwhelmed by the budgetingprocess.

“There is a lot more money in-volved than in my business,” he said.

Nicholas Zingale, assistant professorof public administration at the Maxine Goodman Levin College ofUrban Affairs at Cleveland State University, said the issue of diverseand uncontrollable stakeholders whoare involved in setting public policyis “a wicked problem to deal with”for business owners and managersaccustomed to choosing what issues,programs or new products to tackle —and how to tackle them.

“If I’m running a business I canchoose to continue or discontinue aproduct line if it’s losing money,” Dr.Zingale said. “But in the public sector,we have less freedom with thosekinds of choices. I can’t just decide,‘Boy, education’s a losing proposition,so I won’t make an investment in education.’”

Of course, the business people onthe stump for the first time in thiselection cycle believe they can makethe transition.

Not to worryBesides Messrs. Corrigan and Dra-

ganic, they include first-time politi-cal hopefuls Tom Ganley, the autodealer trying to unseat Betty Suttonin the 13th Congressional District, aswell as Ken Lanci and Don Scipione,independent candidates for Cuya-hoga County executive. In addition,Matt Brakey, an energy consultant,and Jack Schron, CEO of toolmakerJergens Inc., are vying for CuyahogaCounty Council seats.


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continued from PAGE 1

Politics: Management capabilities different

Mr. Corrigan, running to unseatRep. Kucinich, said the people skillscommon to business or governmentare important. “I’ve negotiated allover the world,” he said. “That’s acommon element.”

Mr. Lanci, owner of ConsolidatedGraphics Group Inc., a Clevelandprinting and graphics firm, said hebelieves the dynamics of businessand government are the same; theonly difference is that there are

Inc., a nonprofit community devel-opment corporation, and as a memberof the Cleveland Workforce Invest-ment Board, which oversees spend-ing of federal job training money.

“By force of personality, by forceof argument, by leadership, you’ve gotto get the people you need to believein you,” he said. “I’ve had to do thatin all my volunteer activities.”

The last word on the subject maybelong to Dr. Zingale. He said he’samused by the way some businessleaders view their counterparts ingovernment. Business people, he said,often criticize politicians for beingauthoritarian and imposing busi-ness-unfriendly policies unilaterally.

“We don’t want politicians whoare dictators,” he said he hears frombusiness people. “But those are theskill sets that make business peoplesuccessful.” ■

different stops along the way to theapproval of a project. Whereas amayor or other public executivemust get a new program or a budgetpast a council, he said, a businessperson must go to a bank andthrough the same process of negoti-ation and approval.

The only difference is the politicalposturing by Democrats and Repub-licans that gums up the works, according to Mr. Lanci.

“As an (independent), I’m not athreat,” Mr. Lanci said.

Learning the ropesUnlike Mr. Lanci, Mr. Scipione

says business and government aredifferent. But Mr. Scipione said he believes business leaders successfullycan cross over if they’ve been involved in community organiza-tions where, because they aren’t theboss, they’ve learned how to winover others to their point of view.

Not surprisingly, Mr. Scipione,president of Acme Express Inc., aCleveland software designer, said hehas that experience. His civic volun-teer activities have included servingas chairman of MidTown Cleveland


which employs more than 550 peo-ple, more than half of whom work inSolon. Some research and develop-ment positions may be at risk as well,they said.

At 4 a.m. on Wednesday, Sept. 29,Danaher struck a deal to buy Keithleyfor $21.60 per share, or about $300million, after engaging in a biddingwar with another company, accordingto a proxy statement Keithley filedOct. 8 with the Securities and ExchangeCommission. The statement did notidentify the other company.


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The ability of Danaher to cutcosts at Keithley may have been onereason the diversified manufacturingand technology company was willingto pay far more than the $12.39 ashare that Keithley stock was tradingfor at the close of business on Sept.28, said Mr. Hemmelgarn, presidentof Shaker Investments, which usedto be an investor in Keithley.

Mr. Hemmelgarn noted that hedoesn’t believe Danaher, which is basedin Washington, D.C., and employs46,000 people worldwide, wouldhave bought the company “to run itinto the ground.” Some researchdone at the two companies mightoverlap, but much of it will not, giventhat Keithley has a strong focus onproducing equipment designed tomeasure low current and voltagelevels, Mr. Hemmelgarn said.

Keithley’s product lineup is agood complement for products soldby Danaher’s Tektronix Inc. andFluke Corp. subsidiaries, said Mr.Rund, head of research for ShakerInvestments. A fuller product lineupmight help the combined company’ssales team sell equipment, but itwon’t necessarily require that teamto be bigger, Mr. Rund said.

“They have the same customers.They would use the same sales force,probably,” said Mr. Rund, who workedin the sales and marketing depart-ments at Keithley from 1985 to 1987.

As part of the plan, Keithley willbe merged into Danaher’s Tektronixunit, based in Beaverton, Ore.

Let the bidding beginKeithley’s deal with Danaher

marks the culmination of a long

effort to find a buyer. The companybegan to look at “strategic alterna-tives” in November 2009, partly because it shrank in size that yearafter dropping one product line andselling another, according to theOct. 8 proxy statement.

The process got a boost whenKeithley, which lost more than $50million in 2009, showed improvedfinancial performance in the fiscalsecond quarter that ended March31, earning $4.1 million. The boardon April 2 decided to interview financial advisers to help it analyzeits alternatives.

Keithley on Sept. 13 receivedthree bids ranging from $13.50 ashare to $16 a share, according tothe proxy statement; Danaher bid$15.50. Keithley soon removed thelow bidder from consideration, notingin the filing that the company didnot appear to have on hand the capital needed for the acquisition.

Starting Sept. 27, Danaher andthe remaining suitor each raisedtheir bids three times, with Danaherfiling the winning bid just before 10p.m. on Tuesday, Sept. 28. The offerexceeded the other company’s lastbid by $1.10, according to the proxystatement.

An official from Danaher did notreturn two phone messages left lastweek. A representative for Keithleysaid the company could not providecomments for this story because atleast one lawsuit has been filedchallenging whether the Danahersale is fair to Keithley shareholders.

Mr. Hemmelgarn suggests it is.“Sometimes the best thing is to

sell,” he said. ■


Keithley: Financial performance drives up bid

E!CLEVELANDEvery Thursday, Crain’s sends to

more than 20,000 readers an arts andleisure e-mail called e!Cleveland.

The e-mail highlights events thatmight be worth your time outsidework. We’re fortunate in NortheastOhio to have a vibrant arts commu-nity, and each edition of the e-mailfeatures a mix of localmusic, theater, dance,film and other activities.

To sign up for thisand all our e-mails, visitwww.CrainsCleveland.com and clickthe “Register for Crain’s alerts” iconat the top left of the home page.

If you have events you’d like us toconsider for inclusion in future editions of the e-mail, send infor-mation to managing editor ScottSuttell at [email protected].

Here’s a taste of what makes itinto the e-mail each week:

“The Kite Runner”Venue: Cleveland Play HouseWhen: Monday, Oct. 18, through

Sunday, Nov. 7

Why you might be interested: Ifyou’re among the millions of peoplewho read and loved the book. “TheKite Runner” spent five years — fiveyears! — on The New York Timesbestseller list, so the theatrical version should have a big built-in fanbase. The novel by Khaled Hosseini,

set against a backdrop of tumult in Afghanistan,tells the story ofAmir, a young boy from

Kabul, who befriends Hassan, theson of his father’s servant. PlayHouse artistic director MichaelBloom calls the play “one of themost exciting and important showswe’ll do this season.” At base, he says,it’s “a great adventure story with anexotic locale, lots of interesting action, and some terrific relation-ships between characters. I thinkaudiences will find that the play iseven more accessible and grippingon stage than it was in the novel.”

On the web: www.ClevelandPlayHouse.com

Author Steve LopezVenue: EJ Thomas Hall, AkronWhen: Wednesday, Oct. 20, at 7:30

p.m. Why you might be interested: If

you’re captivated by a remarkablehuman-interest story. Mr. Lopez, acolumnist at The Los Angeles Times,is the author of “The Soloist: A LostDream, an Unlikely Friendship andthe Redemptive Power of Music.” Onhis way back to the office one day,Mr. Lopez spotted a homeless manplaying a battered two-string violin.That man turns out to be NathanialAyres, a Cleveland native and once apromising Juilliard student whodropped out in large part due to thepressures of his mounting schizo-phrenia. The story was turned into a2009 film starring Robert Downey Jr.and Jamie Foxx. At EJ Thomas Hall,Mr. Lopez will talk about his four-yearodyssey with Mr. Ayers and explainhow a chance encounter turned into a book and a movie. He’ll also explore the nature of friendship andthe power of human connections.

On the web: www.EJThomasHall.com



Recruiting firms expect revenue growth this yearLocal employers may seek staffing services toidentify best talent among bevy of applications

By TIMOTHY [email protected]

As companies look for leaders to guide them from the pits of the recession, recruiting firms in North-east Ohio are seeing an uptick in business despite a still-bleak employment outlook.

The majority of search consultantsexpected to see revenue growth thisyear, according to a May survey conducted by the Association of Exec-utive Search Consultants, a trade grouprepresenting high-end recruitingfirms. The improvement would comeafter a dismal 2009, when the associa-tion reported revenues at executivesearch firms plummeted 32.5% in theaggregate from 2008 before reboundingslightly in the fourth quarter.

Lori Long, an associate professorof human resources at Baldwin-Wallace College, sees the rebound asa positive sign.

“Using a recruiting firm is morecostly than doing a search on yourown,” Ms. Long said. “So, if you havethe budget to do so, that’s a positiveindicator.”

Nikki Bondi, a co-founder andmanaging partner at AdvantagePartners, said the Cleveland-basedfirm has been “swamped” so far thisyear. Ms. Bondi said a large part ofthe market for Advantage Partners,which finds executives for the port-folio companies of private equityfirms, evaporated in September 2008at the peak of the financial crisis.

But after the bloodletting at com-panies over the last couple years, Ms.Bondi said many are looking to rebuild, which has been a factor inAdvantage Partners’ recent boom inbusiness.

“They’re looking at finding newmarkets, finding new verticals, findingnew places to increase business,”she said. “In some cases, companieshave tried to reinvent themselves.”

So far, Ms. Bondi said her firmhasn’t reached its pre-recession levels, but it’s about two-thirds ofthe way there.

Jonathan Graham, a partner at theCleveland office of Heidrick & Struggles,a worldwide recruiting firm focusingon top-tier executive searches, saidthe firm’s revenue is close to its pre-recession levels. Mr. Grahamsaid the company was somewhat prepared for the recession after theeconomy dipped in the early 2000sand allowed Heidrick & Struggles tore-evaluate its areas of focus.

“We’ve rebounded nicely,” Mr.Graham said. “Last year was a toughyear, and I think we’ve come out muchstronger than we were beforehand.”

Finding the ‘right fit’Ms. Long said more companies

might be turning to third-party recruiters this year to find the rightpeople to steer them through thestill-tepid economy.

“In light of the troubled economyand so forth, companies are beingvery cautious with who they fill keypositions with,” Ms. Long said.“They might be more willing to invest in a third-party search firm tohelp fill a key position.”

Mr. Graham, for instance, saidhe’s seen an increase in searches fortop-level marketing professionals,chief executive officers and chief

operating officers over the last ninemonths. He noted that “if you canget the right talent, it can have ahuge impact on the bottom line.”

Ms. Long said companies that mightbe inundated with applications because the job market is so pooralso might be turning to recruitingfirms to help sift through the throngof paperwork and identify applicantswith the skill sets they want.

“There are some really good people out there who aren’t currentlyemployed, but you need a good

screening process in place to findthose people,” Ms. Long said.

It can be difficult to attract appli-cants with the economy still strug-gling, said Shel Myeroff, CEO andfounder of Direct Recruiters Inc., aSolon-based firm that focuses itssearches on mid-level managementand some executives.

“People were very cautious,” Mr.

Myeroff said. “If they had a job andwere making money, they weren’tfalling all over themselves to talk tous if they were doing well.”

Shifting the focusMr. Graham noted that Heidrick

& Struggles has moved beyond justrecruiting, focusing also on leader-ship advising. Mr. Graham said thiswork could include succession plansfor CEOs or boards of directors.

“Recruiting is our lifeblood andalways will be, but the talent we’rebringing in is broader and morestrategic than I would say it was inthe past,” Mr. Graham said.

Meanwhile, Direct Recruiters isreporting a record year, according

to Mr. Myeroff. It started experiencinga drop in revenue in October 2008and its leaders decided to re-evaluatethe business.

Mr. Myeroff said the biggest shifthis company made was figuring outwhich markets weren’t profitablefor recruiting. He said the companythen invested a huge chunk of itsresources into developing talent torecruit professionals for jobs in thehealth care informational technologyfield, which “paid huge dividends.”

“We saw a problem, we acted onthe problem, we fixed the problemand we didn’t settle for any excusesabout the economy being bad,” hesaid. “We had to outperform theeconomy, and I believe we are.” ■

“(Employers) might bemore willing to invest in athird-party search firm tohelp fill a key position.” – Lori Long, associate professorof human resources, Baldwin-Wallace College


You can tell that the governor’srace in Ohio is dreadfully closebecause the ads and debates areso dreadfully nasty. And do we

really know yet what each man woulddo, or do differently if elected?

Ted Strickland, the Democrat incum-bent and former congressman andprison chaplain, seems sincereyet unimaginative. His Republicanchallenger, John Kasich, formercongressman, investment bankerand talk show host, seems fullof energy, but few people areclear exactly what he’ll do withthat energy.

One thing scares me aboutboth candidates, and it’s the future of the Third Frontier pro-gram, arguably the most sweepinggovernment attempt to redirect and re-energize Ohio’s economic future inmodern times. It was fueled by a hugebond issue passed under the leadershipof former Gov. Bob Taft, and since hasbeen renewed by Ohio voters.

Proceeds from the Third Frontier haveinjected millions into Ohio for business

expansion and research, with the resultsreported to be 41,000 new jobs since itsinception. We rarely hear Mr. Kasich talkabout it, and Gov. Strickland hasn’t beentouting it as much as he should.

The General Assembly and whoeverthe next governor is should make a pactthat they’ll do nothing other than support

this worthy endeavor. To doanything else is to invite morelong-term economic decline inour state.

* * * * REGARDLESS OF WHO

OCCUPIES the governor’smansion next January, legalgambling is going to be a biggerpart of the state’s future. Ohiovoters last year approved fournew casinos, one of which will

be in downtown Cleveland, and thehorse track owners are trying to convince federal judges to allow them toinstall new-fangled slot machines intheir clubhouses.

Gov. Strickland, once an opponent ofexpanded gambling in Ohio, reversed hisposition while trying to plug the holes in

the last biennial budget and pushed for theOhio Lottery to install the slot machines atthe tracks. The problem is that there arecasinos everywhere now, and a logical argument can be made that the gamblingoperations simply will attract mostly local,discretionary entertainment dollars.Adding slot machines at race tracks willonly further dilute the same gambling dollars.

* * * * FINALLY, HERE’S A MOUTHFUL of a

quote attributed to Dick Kinzel, chair-man of the company that operates CedarPoint and other amusement parks:“Building on the positive value-creatingmomentum we have cultivated throughthe successful refinancing of our debt,coupled with our strong performancethrough the summer operating season,we have developed a comprehensivefive-year plan to position us for consis-tent, steadily increasing growth goingforward while returning an attractive income stream to our investors througha sustainable distribution policy.”

Anybody really think he actually saidthose words? ■


Sad statsR

esults from the latest Cleveland BusinessPulse Survey by the Deloitte accounting andconsulting firm likely won’t find their wayinto any chamber of commerce promotional

materials. The unsettling self-assessment of North-east Ohio’s economic prospects indicates the region’s movers and shakers still have a long way togo to convince many of their own that the futurehere looks brighter than the present.

The argument can be made that the 133 localbusiness leaders who responded to the survey donot represent a big enough sampling of voices fromwhich to draw conclusions. It nonetheless is hard toignore the negativity in the survey’s findings.

It isn’t surprising to learn that eight out of 10 surveyrespondents are either “not particularly confident”or “not confident at all” in Northeast Ohio’s economyat present. The recession may be officially over, butbusiness conditions remain ragged in these parts.

More startling, though, is their response to thequestion, “How confident are you that NortheastOhio’s economy can strengthen in the next five years?” (Note: not “will strengthen” — canstrengthen.)

Thirty-six percent said they were not particularlyconfident, while 15% said they were not confident atall. That’s more than half the respondents answeringin the negative. And of the respondents that were inthe positive camp, most of those only could say theywere “somewhat confident” that the local economycould strengthen in the next half-decade.

The survey form did not provide a place for respondents to offer comments as to why they do ordon’t have confidence in the local economy’slonger-term prospects. However, those survey respondents who answered “no” to the question,“Do you believe the city of Cleveland is taking theright steps to strengthen its economy?” did not hesi-tate to fire away when asked the open-ended ques-tion, “What should the city be doing differently?”

The 2 ½ pages of comments were as varied as thepeople who made them. However, they revealed ageneral frustration extending beyond Cleveland’sborders with local government, both in terms of itsefficiency and its attentiveness to business.

We can hope the change in the structure of Cuyahoga County government that will take placein January will damp some of those frustrations,which the ongoing federal public corruption inves-tigation no doubt has intensified. And it will help ifthe work of economic development support groupssuch as Team NEO, JumpStart Inc. and BioEnterprisecontinues to bear fruit.

Yet despite these efforts, many business leadersare sending a message that the region is missing the mark in setting a course for future economicsuccess.

We can’t say what all the missing ingredients are.However, in reading survey respondents’ comments,there’s a cry for dynamic leadership that is capableof articulating a vision for the region and leading theway toward it. Programs and initiatives are great,but there is no substitute for a champion. And rightnow, Northeast Ohio doesn’t have one.

FROM THE PUBLISHER

BRIANTUCKER

Where’s the ad touting Third Frontier?

PUBLISHER/EDITORIAL DIRECTOR:Brian D.Tucker ([email protected])

EDITOR:Mark Dodosh ([email protected])

MANAGING EDITOR:Scott Suttell ([email protected])

OPINION

JANET TARPLEYYoungstownI already have made up mymind, so they haven’t helped.As a matter of fact, I have already voted.

THE BIG ISSUE

GEORGE ANSFIELDCleveland HeightsThey’re all the same. Each candidate says the same thingabout the other one. I neverpay attention to the ads. Theads themselves are stupid.

ROBERT TRAVICKClevelandThey help me make a decision.They do help because theypoint out the wrong, what each(candidate) has done.

JESSICA NOETHUniversity HeightsA lot of it’s biased, and it doesn’t really help me figureout who I’m going to vote for.How I fix that is I go and do research online.

Has any of the political advertising you’ve seen helped you decide how to vote, or are the ads just unhelpful political hype?

➤➤➤➤ Watch more people weigh in by visiting the Multimedia section at www.CrainsCleveland.com.



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Beachwood firm takes green building to task

By MICHELLE [email protected]

Though it’s a windy Septemberday for a tour, the wind turbine nearTremco Inc. headquarters in Beach-wood isn’t generating electricity yet.The majority of the 14,000 plantshave yet to take root on what’s becoming the building’s vegetativeroof, and work is under way to retrofitthe structure with a new, energy-efficient façade.

Tremco, a provider of buildingproducts and services, is based in abuilding constructed in 1969. To rebuild would have cost more than$28 million, said Craig Nelson, vicepresident of construction operationsfor WTI, a Tremco subsidiary. So, thecompany went with a $5.5 million alternative that is nearing completion.

Standing on the roof near theplants now growing there, Mr. Nelsoncalls the project a “paramount” casestudy of how decades-old buildingscan be transformed into energy-effi-cient structures. It also is a showcaseof sorts for sustainable building prod-ucts proprietary to Tremco and othercompanies owned by its parent,RPM International Inc. of Medina.

For instance, the roof of Tremco’sresearch and development center iscovered in white, highly reflectivematerial produced by Tremco and isthe future home of a 100-kilowatt solar panel array. Likewise, Tremcooffers vegetative roofing like the systemit’s installing at its headquarters.

The updates don’t stop there.Double-pane windows have replacedsingle-pane glass. Two large cisternsare in the ground where they’ll collect rainwater for irrigating the

property. The old, incorrectly sizedheating, ventilation and air condi-tioning system has been replaced.

The project shows the company’scommitment to reducing its owncarbon footprint, Tremco officials said.

“It’s hard to tell a customer aboutwhy they should replace their windows (and) look at sustainability,when your own building is a 1969version of building construction,”Mr. Nelson said.

Most green industry leadersmake an effort to walk the talk, butwork of this magnitude done all atonce to an existing structure is note-worthy, particularly when the entirebuilding isn’t gutted, said MikeOpitz, vice president of LEED Resource Development for the U.S.Green Building Council. LEED is agreen building certification pro-gram.

“I would call that an uncommonlyambitious energy project,” Mr.Opitz said of Tremco’s initiative.

Tremco intends for its headquar-ters to become a LEED Gold facility,the Green Building Council’s second-highest rating. There currently are56 LEED Gold buildings in Ohio,only seven of which were existingbuildings when certified. Nation-wide, there are 2,322 LEED Gold facilities.

Green projects sproutEven as the new construction

sector has suffered, LEED certifica-tions — particularly those for existingbuildings — have continued togrow, Mr. Opitz said. Notably,growth in LEED certifications alsooccurred four or five years ago, another period when new construc-tion starts nosedived, Mr. Opitzsaid.

Tough times in new construction,he noted, motivate building ownersto refocus attention on improvingassets they already have.

According to the U.S. GreenBuilding Council, the number ofLEED-certified properties in Ohio in2007 was 13. In 2008 — the first fullyear of the recession — it grew to 28,and in 2009, to 55. So far this year,53 certifications have been recorded.The figures include new construc-tion and existing buildings.

Tremco executives note that the$5.5 million figure they use for improvements to the building is anat-cost number, not a price tag, asthe company is buying productsand services from itself. They areconfident the project, which beganin May and should wrap up by lateOctober, will pay off.

“Like many 40-year-old build-ings, it was performing like a 40-year-old building,” said Randall J.Korach, president of RPM BuildingSolutions Group. Tremco’s upgradesshould result in an energy con-sumption drop of more than 60%,Mr. Korach said. ■

PHOTO PROVIDED

This looks like a building surrounded by grass and plants — and technically it is, just not at ground level. Tremco Inc. inBeachwood has designed this vegetative roof, and work is under way to retrofit the company’s decades-old facility with anew, energy-efficient façade.

Tremco looks to set example by updatingHQ using sustainable,less-costly approach

ALREADY BUILT, BUT GOING GREEN

Seven existing buildings in Ohiohave earned Leadership in Energyand Environmental Design certifi-cation, ranging from certified toplatinum.

Certified■ 280 Plaza, Columbus

■ KeyBank — Tiedeman, Brooklyn

■ The Christ Hospital, CincinnatiSilver■ Preterm, Cleveland■ Owens Corning world headquar-ters, Toledo■ Limited Brands, Reynoldsburg

Platinum■ Melink Corp. headquarters, Milford


“We’re not looking to developone business that becomes huge, butrather a bunch of complementarybusinesses that can operate withinthe different counties,” said CaseyHoy, chair of Agricultural Ecosys-tems Management at the researchand development center.

“We hope this model can propela self-sustaining industry,” Mr. Hoysaid.

Proponents of the agriculture-bioscience industry cluster hope toboost Northeast Ohio’s share of the$60 billion specialty crop and live-stock market that exists nationwide,while diversifying the economicbase of the region.

The agricultural center in Woosterso far has identified 12 projects thatit hopes will contribute to a largerfood production system in North-east Ohio. Among them is a farmthat supplies area restaurants withpasture-fed poultry and a companythat hopes to convert farm waste toenergy.

“I see the Ag-Bio cluster as a braintrust that the agriculture industryand community members can tapinto,” said Ariella Reback, owner ofGreen Pastures Poultry in PepperPike, which raises free-range chickens.

The Fund’s motivationThe agricultural center, the Fund

for Our Economic Future and foodindustry leaders in Northeast Ohiobegan working in 2008 and into2009 on the project’s first phase,which included identifying the dozenbusiness plans — such as Ms. Reback’s farm, where she also raisesducks and turkeys — in which to invest. They selected those plansfrom more than 250 submissions.

The Fund in June 2009 issued a$250,000 grant to finance the firstphase, and last June issued another$200,000 to advance the initial projects. The grants are helping facilitate the growth of this clusterby, among other things, supportingbusiness consulting services andpinpointing vacant land that can beconverted into productive use.

“From the Fund’s point of view,this is about making this type of initiative real,” said Brad Whitehead,the fund’s president. “We want tosee a high-potential cluster turninto high reality.”

Ms. Reback’s business — in itssecond year of operation — involvesselling her pasture-raised poultry tolocal restaurants and consumersthrough farmers’ markets and commu-

nity-supported agriculture programs,members of which cover some of theupfront costs of a farm and receive aportion of its output in return.

“My network is made up of mybusiness, growers, processors, restau-rants, customers and retailers,” saidMs. Reback, who formerly was alawyer specializing in estate plan-ning at Hahn Loeser & Parks LLP inCleveland. “I’m part of a hub that’svery integrated.”

Because of her involvement withthe agricultural cluster project, Ms.Reback said she has been able tonetwork with like-minded businessowners, which has increased heroperation’s exposure to potentialbuyers of her poultry. Further, theagricultural center is conductingstudies on land quality, and once itmakes available its data on soil con-ditions, Ms. Reback plans to identifyother pieces of land on which shecan raise more chickens, ducks andturkeys.

We’ll drink to thatAnother business plan among

the initial 12 to win the Fund’s support is championed by DonniellaWinchell, executive director of theOhio Wine Producers Association.She is working with city planners in


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Geneva on developing at a cost of atleast $6 million a culinary and winecenter in that city that would serve asan incubator for entrepreneurs whowant to start their own wineries,restaurants or microbreweries.

Ms. Winchell said planners havevisited winery incubators throughoutthe nation to learn how their centersaffect economic development. TheNew York Wine and Culinary Centerthat opened five years ago inCanandaigua, N.Y., for example, nowhas spurred the creation of eightwhite-tablecloth restaurants in down-town Canandaigua that previouslydidn’t exist, she said.

“We plan on this center (in Geneva)being a long-term, sustainable oper-ation that would grow the area intoan international launching point forwines made in the U.S.,” Ms.Winchell said.

The wine center’s planners alsoare working with Kent State Univer-sity to create the state’s first two-yeardegree in wine making and winegrowing.

“And with Kent being a four-yearinstitution, it gives students thechance to build upon that degree byfurthering their education in busi-ness, sustainability or marketing,” Ms.Winchell said.

Waste not, want notOne business plan that doesn’t

involve food production but still is agriculture-related is from QuasarEnergy Group, a company that wantsto convert farm waste to energy bybuilding a biodigester and generatoron an Ashtabula County dairy farm.


Fresh: Grants provide consulting, land guidanceCattle manure would go into the

digester, which would create methanegas that would power the generatorand produce heat. The generatorwould supply power to illuminatehoop houses, or outdoor greenhouses,at the dairy farm in order to help extend the produce growing season.Quasar currently is operating at theagricultural center a pilot biodigesterthat turns plant waste into energy forthe Wooster campus.

Red Basket Farm, a TrumbullCounty vegetable grower, wants togrow more crops using the dairyfarmer’s hoop houses if the waste-to-energy plan transpires. The farmerthen would feed food waste backinto the biodigester so that the processcomes full circle, said Stuart Cordell,chair of the Ag-Bio cluster’s Leader-ship Council, which consists in partof representatives from food and wineproducers and distributors through-out 16 counties in Northeast Ohio.

“It’s very expensive to do this, andwe’re trying to come up with ways togenerate revenue to support thisconcept,” Mr. Cordell said.

Proponents of the agriculture andbioscience industry cluster are in theearly stages of setting up communityinvestment portfolios, through whichinvestors could fund these businessplans, Mr. Cordell said.

These initial 12 projects should beon their way to operating as busi-nesses when the third phase of theinitiative launches next summer, bywhich time the agricultural centerexpects to have identified more business proposals to foster. By thefourth phase, the initial businessproposals should be fully opera-tional, with more startups comingalong, according to the agriculturalcenter’s Mr. Hoy. ■


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Tire tariffs open doors for U.S.

By ED NOGARubber and Plastics News

The heavy tariffs levied by the U.S.government on tire imports fromChina gave the U.S. tire industry athree-year window to get itself competitive — a period that has seenan uptick in investment in domestictire plants but not in employment,according to a retired University ofAkron professor.

The problem for the United Steel-workers — which initiated the tariffaction that measurably cut back U.S.imports of Chinese-made consumertires — is much of the investment innew technology at tire plants is in labor-saving equipment, accordingto Dennis Byrne, University of Akronprofessor emeritus of economics.

“That means we’re still seeingfalling employment in the industry,”Mr. Byrne said during a speech Sept.22 at the International Tire Exhibi-tion & Conference in Cleveland.

It’s no picnic for suppliers to the tiremanufacturers, either, Mr. Byrne said.

“You’re going to see tremendouspressure on suppliers to come upwith better ways to do things” whilereducing costs for their tire manu-facturer customers, he said.

Mr. Byrne said he doesn’t know ifthree years are enough to allow U.S.manufacturers to gain a firm footingin the global market.

“Certainly, it appears the U.S. isplaying one trade game and every-one else is playing another,” he said.

Mr. Byrne said the problem withtires “is that any country can produceone.”

“All you have to do is take it apartand see what (the manufacturer)did. If you’re not worried aboutthings like patents, you can actuallyfind out,” he said.

Any technologically advanced society can produce tires, “so yousee tires made in places you reallywouldn’t expect them, and, by andlarge, pretty good products.”

Tied closely to auto production— which domestically Mr. Byrne expects either will fall or just remainstable — tire production won’t beexperiencing any serious growth.

Meanwhile, Mr. Byrne said oneout of every five vehicles producedin the world is from China.

“They are going to export to theUnited States,” he said. “The firstcouple of years won’t be any goodfor them, then boom, just like theJapanese and Koreans.”

Mr. Byrne said the U.S. tire marketisn’t alone in feeling the impact ofthe rise in production in China andAsia. The difference is that the European Union is moving on thetire trade imbalance more quickly

and decisively than the U.S. did.“The European Union is looking

very heavily into what’s going onwith China,” Mr. Byrne said.

Mr. Byrne said he sees India developing a presence in the tirefield, though that nation has asmaller economy than China. Mr.Byrne also mentioned Brazil as agrowing economy with an expandingtire industry presence.

However, Mr. Byrne doesn’t expectmajor growth in the tire industry inEastern Europe, which he views as ariskier investment. ■

Ed Noga is editor of Rubber & Plas-tics News, a sister publication ofCrain’s Cleveland Business.

Domestic industrycan focus on growingmarket as cost ofChina imports rises

Rock Hall namesboard chairman

The Rock and Roll Hall ofFame and Museum saidWilliam W. Rowley, presi-

dent of Mercury Plastics Inc.,has been named the chairman ofthe museum’s board of trustees.

Mr. Rowley, who owns the Middlefield-based thermoplasticcompany, led the committee thatbrought the Rock Hall’s inductionceremony to Cleveland in 2009and will serve in the same rolewhen the ceremony returns to thecity in 2012. In addition to Mr.Rowley, 11 new members havebeen named to the board.

Mr. Rowley and the board willhelp steer the Rock Hall as itcompletes several key initiativesmade possible by a $35 millioncapital campaign.

ON THE WEB Story from www.CrainsCleveland.com.



GOING PLACESJOB CHANGES

FINANCEHUNTINGTON NATIONAL BANK:William Haid to vice president, seniorbusiness banker.

FINANCIAL SERVICESSS&G: Ketan Solanki and RyanPraschan to senior associates; EllynLefko to manager; Nancy Novarioto accounts payable manager; TracyGates to accounts receivable manager;Micki Hund to billing manager; MaryHenley to billing senior associate;Karyn Riccelli to payroll senior associate; Helen Simmons to operations manager; Mark Elliott toinfrastructure manager; Jane Carrickand Diana Rogers to operations

senior associates.

HEALTH CAREPRIORITY HOME HEALTH CAREINC.: Tiara Brewster to client service representative.

INSURANCEMEDICAL MUTUAL OF OHIO: Lili Radic to director of educationbusiness; Yasmin Reccord to director, labor and national accounts.

LEGALSEELEY, SAVIDGE, EBERT &GOURASH CO.: Joseph P. Dunsonto attorney. THOMPSON HINE LLP: James B.Aronoff to administrative partner.

MANUFACTURINGAPV ENGINEERED COATINGS:Thomas Venarge to president. EATON CORP.: Kelly M. Jasko tosenior manager, communications, industrial sector.

MARKETINGKNOTICE: Ron Cuirle to softwareengineer III; Lisa Roman to accountexecutive; Amanda Frederick to production artist; Mike Jedacek tosenior technical project manager; ErinDiMauro to account coordinator.

NONPROFITCATHOLIC DIOCESE OF CLEVELAND:James P. Gulick to chief financial officer. ELIZA JENNINGS SENIOR CARENETWORK: Elise Hara to vice

president, legal affairs and generalcounsel. RECOVERY RESOURCES: CharlotteRerko to chief operating officer;William Morgan to chief financial officer; Natalie Friedl to developmentdirector; Rachel Baker to grants andcommunications associate.

REAL ESTATEGRUBB & ELLIS CO.: Kevin J. Rileyto vice president, Tenant AdvisoryGroup.

SERVICEACRT: Robert E. Chess to director,human resources. AKRON RUBBER DEVELOPMENTLABORATORY INC.: David Kostyalto senior microbiologist; Nicole Hershberger to technical adviser. INFOCISION MANAGEMENT CORP.:

Ron Pollock to director of client services. SAFEGUARD PROPERTIES:Michael Halpern to director of community initiatives. SKILLSOFT CORP.: Joanne Montzto learning consultant specialist. WINDWARD PARTNERS: DavidPerel to principal.

TECHNOLOGYOECONNECTION: Seth Galvarro toproduct manager; MichaelLawrence to program manager, OEMe-commerce.

BOARDSBECK CENTER FOR THE ARTS:Mary Kim Elkins (Eaton Corp.) tochair; Lucinda B. Einhouse to president, CEO; Margaret G. Weitzelto vice chair; Raymond L. Cushingto treasurer; John J. McGowan Jr.to secretary. INTERNATIONAL ASSOCIATION OFBUSINESS COMMUNICATORS:Sharon Lamcha (PNC Financial Services Group) to president; KavitaSherman to immediate past president;Paula DePasquale to programmingdirector; Jennifer Healy to treasurer;David Korvah to programming co-director; Sean Williams to membershipdirector; Becky Casto to public rela-tions director; Paris Wolfe to mem-bership communications director. SISTERS OF CHARITY FOUNDA-TION OF CLEVELAND: Geoffrey S.Mearns (Cleveland State University)to chairman; Mary Lou Stricklin andJune Taylor to vice chairs; TomPernsteiner to secretary; Alton Tinker to treasurer; Sr. Evelyn Flowersto congregation representative.

AWARDSJOEL’S PLACE FOR CHILDREN:Kathy Stellato received the MonarchVolunteer of the Year Award.

Send information for Going Places [email protected].

GulickReccordRadic

PollockChessHara

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TAX LIENSThe Internal Revenue Service filed taxliens against the following businessesin the Cuyahoga County Recorder’s Office. The IRS files a tax lien to protectthe interests of the federal government.The lien is a public notice to creditorsthat the government has a claim againsta company’s property. Liens reportedhere are $5,000 and higher. Dateslisted are the dates the documentswere filed in the Recorder’s Office.

LIENS FILEDFlexible Staffing Corp.6521 Lorain Ave., ClevelandID: 04-3712760Date filed: Aug. 3, 2010Type: Employer’s withholdingAmount: $11,099

Rade Marich LLC1296 Arlington Road, LakewoodID: 30-0458974Date filed: Aug. 17, 2010Type: Employer’s withholding, unemploymentAmount: $10,691

Robtan Enterprises Inc.1147 E. Miner Road, Mayfield HeightsID: 34-1816896Date filed: Aug. 10, 2010Type: Failure to file complete returnAmount: $10,181

NIC-Sand Enterprises LLC250 Sheldon Road, BereaID: 34-1972637Date filed: Aug. 31, 2010Type: Civil penalty assessmentAmount: $9,887

Baidoun Inc.12807 Larchmere Blvd., Shaker HeightsID: 20-0767794Date filed: Aug. 19, 2010Type: Employer’s withholding, unem-ployment, failure to file complete returnAmount: $9,841

Assad-Crea & Associates Inc. T/A Assad & Crea Realty Group6363 York Road, Suite 101, ClevelandID: 34-1353791Date filed: Aug. 5, 2010Type: Corporate incomeAmount: $9,337

JCW Materials & Supply Inc.9900 York Theta Drive, North RoyaltonID: 34-1969379Date filed: Aug. 12, 2010Type: Employer’s withholding, failureto file complete returnAmount: $9,085

AMJ Construction Inc.4135 E. 142nd St., ClevelandID: 26-2699007Date filed: Aug. 31, 2010Type: Employer’s withholding, corporate incomeAmount: $8,292

Steel Shearing Inc.P.O. Box 603060, ClevelandID: 34-1373143Date filed: Aug. 17, 2010Type: Corporate incomeAmount: $7,990

Don Grande Inc.4279 Mayfield Road, South EuclidID: 34-1842742Date filed: Aug. 31, 2010Type: Civil penalty assessmentAmount: $7,950

OBO Trucking Co.2824 E. 75th St., ClevelandID: 34-1342845Date filed: Aug. 24, 2010Type: Heavy highway vehicle use taxAmount: $6,114

S & S Heating Cooling & SheetMetal Inc.10012 Akins Road, North RoyaltonID: 34-1660484

Date filed: Aug. 27, 2010Type: Employer’s withholding, unemploymentAmount: $5,270

St. Clair Automotive LLC21100 Saint Clair Ave., EuclidID: 34-1910628Date filed: Aug. 17, 2010Type: Employer’s withholdingAmount: $5,026

LIENS RELEASEDAmerican Testing Co.4450 Johnston Parkway, ClevelandID: 34-1778808Date filed: May 2, 2007Date released: Aug. 17, 2010Type: Employer’s withholding, failure to file complete returnAmount: $36,247

Bill-Mar Specialty Co.13405 York Road, North RoyaltonID: 34-1012116Date filed: Sept. 21, 2006Date released: Aug. 10, 2010Type: Employer’s withholdingAmount: $28,032

Charles P. Braman & Co.23300 Chagrin Blvd., Suite 102,BeachwoodID: 34-0877051Date filed: Aug. 18, 2008Date released: Aug. 17, 2010Type: Employer’s withholdingAmount: $6,791

EConsulting Inc.28283 Center Ridge Road, Suite E-22,WestlakeID: 31-1670719Date filed: June 4, 2008Date released: Aug. 17, 2010Type: Employer’s withholding,

unemploymentAmount: $6,876

Greater Abyssinian Housing Corp.540 E. 105th St., Suite 100, ClevelandID: 34-1446519Date filed: Aug. 6, 2008Date released: Aug. 17, 2010Type: Return of organization exemptfrom income taxAmount: $37,540

Hastings Home Health Center Inc.15210 Industrial Parkway, ClevelandID: 34-1344019Date filed: July 1, 2010Date released: Aug. 17, 2010Type: Employer’s withholdingAmount: $11,435

JFS Corp. T/A Anago of Cleveland16600 W. Sprague Road, Suite 190,Middleburg HeightsID: 34-1924428

Date filed: Feb. 5, 2007Date released: Aug. 3, 2010Type: Employer’s withholdingAmount: $30,852

JFS Corp. T/A Anago of Cleveland16600 W. Sprague Road, Suite 190,Middleburg HeightsID: 34-1924428Date filed: July 22, 2010Date released: Aug. 24, 2010Type: Employer’s withholding, unemploymentAmount: $12,085

Paul F. Smith Jr. DDS Inc.20119 Farnsleigh Road, Suite 207,Shaker HeightsID: 34-1337892Date filed: April 29, 2010Date released: Aug. 31, 2010Type: Employer’s withholding, unemploymentAmount: $5,164


Linsalata acquiresswimwear maker

Private equity firm LinsalataCapital Partners of May-field Heights has acquired

Apparel Ventures Inc. through itsportfolio company, ManhattanBeachwear Inc.

The acquisition closed on Oct.5, according to a news releasefrom Linsalata. Terms were notdisclosed.

Manhattan Beachwear and Apparel Ventures both are designers, manufacturers andmarketers of junior, contemporaryand women’s swimwear. ApparelVentures’ swimwear brands include proprietary and licensedbrands distributed to national department stores, luxury bou-tiques and specialty swimwearchains.

Linsalata said the combinedcompany will be headquarteredin Los Angeles, with additional facilities in New York, Mexicoand Portugal, along with partnerrelationships throughout South-east Asia.

Allan Colvin, CEO of ManhattanBeachwear, will lead the com-bined company, which will operateunder the Manhattan Beachwearname.


Worker co-ops gain momentum after one yearBy MICHELLE [email protected]

A year after two worker coopera-tives began operating in Cleveland,one of the companies is turning aprofit ahead of schedule and theother is on pace to break even byyear’s end.

Formed with the goals of buildingwealth and employing residents oflow-income neighborhoods, OhioCooperative Solar and EvergreenCooperative Laundry are set up so that their employees, when promoted to worker-owner status,share in profits and control thebusinesses.

Those involved in the coopera-

tives’ formation and day-to-day operations are deeming their inau-gural year a success.

“At the same time that we’ve hadthe worst economic crisis in thiscountry (in years) , it’s really amazingthat we could launch two businessesin 18 months,” said India PierceLee, program director for neighbor-hoods, housing and communitydevelopment for The ClevelandFoundation.

Both businesses were launchedlast fall in the Glenville EnterpriseCenter on East 105th Street. The for-profit companies were pioneeredby Evergreen Cooperatives, an ini-tiative that is part of a larger effortto revitalize neighborhoods around

Cleveland’s University Circle.

Testing a modelOhio Cooperative Solar, which

installs and maintains solar panelarrays and also weatherizes build-ings, became profitable in fivemonths — four months earlier thanits business plan projected. It employs 23 people, exceeding itsbusiness plan’s projection of 15,CEO Stephen Kiel said.

The company has scored contractswith the Cleveland Clinic, UniversityHospitals and Case Western ReserveUniversity — all so-called anchorinstitutions and partners in theEvergreen Cooperatives initiative.The company has procured munic-

ipal work in Euclid, too.Growth came slower for Ever-

green Cooperative Laundry, Ms.Lee said. However, CEO Bob Harvey notes that the company’slaundry volume has risen 74% sinceJune, bolstered by a deal in Augustwith Parma Community GeneralHospital. The laundry cleans commercial health care linens forhospitals and nursing homes.

Though the business currentlyruns in the red, it is on schedule tobreak even by year’s end just as itsbusiness plan prescribes, Mr. Harveysaid. The laundry started with eightworkers and now has 25, Mr. Harvey said.

The ultimate goal is to launch

over the next decade or two 20 ormore worker cooperatives, whichcollectively would hire up to 5,000local people, Ms. Lee said. Construc-tion of a facility for the third workercooperative — a greenhouse calledGreen City Growers — is slated tobegin in the spring.

Evergreen’s model is attracting national attention, Ms. Lee noted.Leaders from cities including Atlanta,Pittsburgh and Youngstown are exploring how they, too, might improvetheir communities in similar ways.

A focus beyond profitThe worker cooperatives focus on

hiring people who live in a 4.5-square-mile area in and around Uni-versity Circle, an area chosen for itsmedian income of about $18,000 ayear and indicators of risk among itsresidents, including water shut-offsand foreclosures, Ms. Lee said.

A month into the laundry’s opera-tions, management had received 500employment applications, Ms. Leesaid.

“If there’s anything that keeps us upat night, it’s how do we create morebusinesses fast enough,” she said.

“We’re not only creating employ-ment for people … but we’re creatingopportunities where they have a sayin those companies,” Ms. Lee said.“That’s not something you get if youwalk into a regular job.”

Thirteen of the solar and laundryemployees became worker-ownersin late September, meaning they areeligible for profit-sharing. KeithParkham, technical manager of thelaundry, was one of them.

A resident of the University Circleneighborhood, Mr. Parkham sees “alot of boarded-up homes and peoplemoving out because of the job situa-tion.” However, as news has spreadabout the worker cooperatives, peoplehave shown enthusiasm, he said.

“All of these politicians promisejobs,” Mr. Parkham said. “But a fewnonprofit organizations, they’re noton the move promising jobs. Theyare creating jobs.” ■

ON THE WEB Story from www.CrainsCleveland.com.


For the fourth year in a row,Crain’s Cleveland Businessis honoring the area’s topfiscal officers with its CFO

of the Year Awards.The nominees all have led their

organizations through some fairlytough times, to stay the least, eachproviding essential guidance anddirection.

Nearly 40 nominations were submitted for consideration as part ofthis year’s CFO of the Year program.

An independent panel of judgesreviewed the nominees, taking intoaccount the following: candidatebackgrounds; how the nomineecontributed to the company’sgrowth and/or profitability; howthe nominee contributed to otherareas of corporate management;and how the nominee made contributions outside the company(such as social, nonprofit, family,faith-based and community involvement.

This year’s judges were JosephF. Maslowski of Roetzel & An-dress; Joe Roman of the GreaterCleveland Partnership; Marilyn A.Eisele of Five Star Technologies;James Malz of JPMorgan Chase;and Thomas Russ of Morgan Stanley Smith Barney. (For moreon the judges, see Page 29.)

New this year to the CFO of theYear program is the LifetimeAchievement Award, designed torecognize a current or former senior financial executive who hasexhibited exceptional performance,leadership, integrity, strategy andgrowth throughout their careerwhile bettering the finance profes-sion overall. (For more on the Life-time Achievement Award and therecipient, see Page 33.)

MEET THE FINALISTSRRIICCHHAARRDD BBOOYYSSOONNTHERAPY PARTNERSPAGE 18

LLAAUURRIIEE BBRRLLAASSCLIFFS NATURALRESOURCES INC.PAGE 18

MMAARRKK TT.. CCLLAARRKKFIRSTENERGY CORP.PAGE 18

LLOORREEEE WW.. CCOONNNNOORRSSVITAMIX CORP.PAGE 19

PPEETTEERR JJ.. CCRRAAGGEECEDAR FAIRENTERTAINMENTPAGE 19

CCRRAAIIGG FFOOLLTTIINNCUYAHOGA COMMUNITYCOLLEGEPAGE 20

CCHHRRIISS HHYYLLAANNDDHYLAND SOFTWAREPAGE 20

BBRRIIAANN SS.. KKEENNYYOONNROCK AND ROLL HALLOF FAME AND MUSEUMPAGE 20

JJAAMMEESS KKEERRRRJO-ANN FABRICAND CRAFT STORESPAGE 21

RROONNAALLDD RR.. KKOOZZAAKKFOMO PRODUCTS INC.PAGE 21

FFRRAANNKK MMEERRCCUURRIIVOCON INC.PAGE 22

RROOBBEERRTT GG.. OO’’BBRRIIEENNFOREST CITYENTERPRISES INC.PAGE 22

VVIINNCCEENNTT PPEETTRREELLLLAATHE LINCOLN ELECTRIC CO.PAGE 24

MMAARRKK JJ.. PPLLUUSSHHKEITHLEYINSTRUMENTS INC.PAGE 24

GGRREEGGOORRYYRROOBBIINNSSOONNSAFEGUARDPROPERTIES LLCPAGE 30

SSUUSSAANN SSUUVVAAKKMAJESTIC STEEL USA INC.PAGE 30

MMIICCHHAAEELLAA.. SSZZUUBBSSKKIIUNIVERSITY HOSPITALSPAGE 31

AANNDDRREEWW TTAANNNNEERRTHE NRP GROUP LLCPAGE 31

PPEETTEE WWAATTEERRSSDEALER TIRE LLCPAGE 32

MMAARRKK RR.. WWIIDDMMAARRGRAFTECHINTERNATIONAL LTD.PAGE 32

ATTENDTHE EVENT

Crain’s 2010 CFO of the Yearhonorees will be announced at anetworking event on Tuesday, Oct.26, at LaCentre Conference andBanquet Facility in Westlake.

Pre-event networking and regis-tration opens at 5:30 p.m. For moreinformation and to register for theevent, visit www.crainscleveland.com/marketing/cforegister.htmlor call marketing manager ChristianHendricks at (216) 771-5182.

■ A full list of the 2010 CFO ofthe Year nomineesPAGE 25

■ Photos from last year’s CFO ofthe Year awards receptionPAGE 26■ Past winners PAGE 28

■ Lifetime achievement awardPAGE 33

ALSO IN THISSECTION


DID YOU KNOW?

■ FirstEnergy Corp.’s seven electric utility operating companiescomprise the nation’s fifth-largest investor-owned electric system,serving 4.5 million customers.

■ The utility’s companies havespent more than $7 billion on envi-ronmental protection efforts sincethe Clean Air Act became law in 1970.

■ The company is testing newenvironmental technologies and expects to complete nearly $2 billion in new emission control projects over the next few years.

1188 CRAIN’S CLEVELAND BUSINESS OCTOBER 18-24, 2010

Grounded in experience while focused on the future, Taft is proud to have served our clients and the communities where we live and work through the many milestones that have shaped us all over the years. Find out how our unique perspective, collaborative style and 125 years of serving leading companies in all areas of business has given us something to celebrate.

Celebrating 125 Years of Innovation and Leadership.

Taft Stettinius & Hollister LLPwww.taftlaw.com

125 Years Celebrating

Firm is founded 1885

Elliott Ness becomes Safety Director of Cleveland 1935

Robert A. Taft elected to U.S. Senate 1939

Mack Swigert authors Taft-Hartley Labor Act 1947

Astronauts walk on the moon 1969

Cleveland Cavaliers enter the NBA 1970

Advent of personal computing 1974

Taft celebrates its 125th 2010

Business and Finance Litigation Labor and Employment Business Restructuring, Bankruptcy and Creditor Rights Tax Private Client Environmental Law Real Estate

1501 Euclid Avenue, Cleveland, OH 44115216-623-6606 PlayhouseSquareRealEstate.com

PlayhouseSquare Real Estate Servicesis pleased to have

renew its lease in the Hanna Building

Thank you for your continuingcommitment to our neighborhood.

REAL ESTATE SERVICES

RRIICCHHAARRDD BBOOYYSSOONNTHERAPY PARTNERSMiddleburg HeightsNUMBER OF EMPLOYEES: 4752009 REVENUE: $18.4 million

Richard Boyson has been animportant asset in helpingTherapy Partners reduce itsexpenses and become more

profitable and efficient since January 2008 when he joined theoperation as CFO.

“The ability to manage our finances in a very turbulent year,with significant growth, and cashflow challenges, has been amazingto watch,” the nomination said. “Richpaid for himself four times over.”

Further, what makes the CFO of

the therapy services providereven more valuable is hisapproach as a team playerwith more than a decade ofoperational and financialexperience in long-term care.

As CFO, Mr. Boyson is responsible for all financialoperations for TherapyPartners, which provides physical,occupational and speech therapyto long-term care organizations.He also serves on the company’s se-nior management team.

He plays a key role in the salesprocess by conducting financialanalyses, which helps the opera-tion market itself to new clients,providing both a six-month and12-month outlook for all new customers.

Mr. Boyson also hashelped Therapy Partnerscut unnecessary spendingby reducing its reliance oncontract therapists, whotypically command higherhourly wages than full-time employees.

Last year, he also assist-ed in making Therapy Partnersself-funded for workers compen-sation, short-term disability andhealth insurance, which saves thecompany about $400,000 annually.

Mr. Boyson also served for fiveyears as CFO and director offacility services at Laurel Lake Retirement Community in Hudson,and he was director of financialoperations for the Eliza JenningsSenior Care Network in Lakewood

from 1996 to 2002.He received his bachelor’s

degree in business administration,with a concentration in accounting,in 1992 from Kent State University.

Mr. Boyson serves as a boardmember on the Humility of MaryHousing Foundation, which pro-motes and strengthens the self-sufficiency of individuals and theirfamilies, especially the poor,through services and housing.

“What makes Rich stand outeven more than his technical abilityas a CFO is his warm, open andkind personality,” the nominationsaid. “He is extremely approachableand a strong team player. Richtakes the human approach whenlooking at numbers and considershis audience.”

LLAAUURRIIEE BBRRLLAASSCLIFFS NATURALRESOURCES INC.ClevelandNUMBER OF EMPLOYEES: 200 local/5,404 global2009 REVENUE: $2.3 billion

Laurie Brlas not only is theCFO of a public company,she’s helping to manage oneof the superstars of the

Cleveland business arena, CliffsNatural Resources.

A lot of people don’t know thatthe company is a world leader whenit comes to the iron ore and metal-lurgical coal businesses. They’remore familiar with its old name,Cleveland-Cliffs, which hearkensback to when the company washeavily involved in Great Lakesshipping.

Today, Cliffs sells more than $2.3billion of iron ore, coal and steelmak-ing materials such as chromite in the

MMAARRKK TT.. CCLLAARRKKFIRSTENERGY CORP.AkronNUMBER OF EMPLOYEES: 5,967 local/13,379 global2009 REVENUE: $13 billion

If Mark Clark stays on as CFO,there’s no telling how largeAkron-based FirstEnergy Corp.might become.

The CFO is credited with playingkey roles in two acquisitions that

already have dou-bled the size ofthe company —its 1997 acquisi-tion of CenteriorEnergy and thenagain with its2001 acquisitionof New Jersey’sGPU Inc.

“As a result of these mergers, revenues increased from $5 billionannually in 1997 to $13 billion lastyear,” the nomination said. “He alsoled the efforts to negotiate terms ofthe pending merger with Greens-burg, Pa.-based Allegheny Energy.With the completion of this merger,FirstEnergy is expected to generateannual revenues of more than $16billion.”

An Akron native, Mr. Clark hasbeen with the company since 1976,when he joined its predecessor,Ohio Edison. In addition to playinga key role in its mergers and acqui-sitions, Mr. Clark oversees the typical CFO functions of investorrelations, accounting, risk manage-

United States, China, India,Brazil and other nations.Ms. Brlas is charged withtracking and managing thefinances for that empire,not to mention helping tostrategize the company’sgrowth and success.

“In addition to perform-ing the customary duties of a compa-ny CFO, Laurie Brlas has played aninstrumental role in Cliffs’ strategicdecision-making, building a world-class finance department to supportCliffs’ transformation into an interna-tional mining and natural resourcesentity,” the nomination said.

That work has paid off, too. Sincetaking over as CFO and companytreasurer in 2006, Ms. Brlas hasramped up the company’s investorrelations function with a program,according to the nomination, that“helped reposition Cliffs from acompany under-followed by WallStreet to a ‘must-own’ stock dis-cussed by Bloomberg and CNBC.”

Since Ms. Brlas joined Cliffs, ithas entered the Fortune 1000 and

become a component of the S&P500 Index. Earlier this year, Cliffswas named the ninth-best per-forming company in the S&P 500based on stock performance overfive years.

Prior to coming to Cliffs, she already had 20 years of experiencein finance, including six years asCFO of sterilization equipmentmaker Steris Corp. in Mentor, justprior to joining Cliffs in 2006.

DID YOU KNOW?

■ Cliffs Natural Resources hasbeen a part of Cleveland for 163years. To emphasize that historyand the company’s continued commitment to the area, the mininggiant launched on Aug. 30 a “Witness” advertising campaign thatplays off the departure of LeBronJames.

■ Cliffs Natural Resources’ wasfounded in 1847 as the ClevelandIron Co. Its first stock was issuedon Nov. 27, 1847.

DID YOU KNOW?

■ The Middleburg Heights-basedfirm provides rehabilitation servicesto a variety of clients, includinglong-term care communities.

■ In 2006, The Eliza Jennings Senior Care Network sold its controlling interest in Therapy Partners to private investmentgroup TDK Management LLC.

■ In addition to vice president offinance Mr. Boyson, other membersof Therapy Partners’ leadershipteam include James W. Rogerson,president; Lisa Stumpf, vice presidentof operations; and Shelly Grisik, vicepresident of community relations.

SOURCES: THERAPYPARTNERSOHIO.COM;CRAIN’S RESEARCH

ment — and then some. “Additionally, Mark is responsible

for business development, integratedbusiness planning, informationtechnology, security, strategic planning and supply chain” management, the nomination said.

Mr. Clark became CFO in 2009.But, according to the nomination, hehas always been a key contributor.Before being named to the top financial post, Mr. Clark already wasin charge of strategic planning, in-cluding acquisitions and divestitures.

Mr. Clark also is credited withmanaging FirstEnergy’s financesand balance sheet through the recent economic downturn and positioning it for future growth.

“As a result of his actions tostrengthen the company’s balancesheet, FirstEnergy was in the position to capitalize on the $8.5billion merger with Allegheny Energy,” the nomination said.


water parks, in addition tothe indoor park and thehotels. The expansion hasled to an estimated 61%jump in revenue.

Mr. Crage led the financialdue diligence process inthe Paramount deal, secured its financing andcommunicated the long-termstrategy to investors and customers.

The acquisition also has createdthe need for efficiency, and Mr.Crage also has led that charge:Among other things, he’s consoli-dated payroll systems and intro-duced “new operational and finan-cial reporting systems that allowfor more efficient and effectiveconsolidation and comparisons” ofthe company’s 17 properties.

“He has used his experience tobuild on the company’s successesand drive our business strategy

forward,” the nominationsaid.

Additionally, Mr. Cragehas led the company’sdebt refinancing throughcredit facilities of $1.8 billion, and has reducedthe company’s debt loadby $120 million.

“One of Peter’s most valuablequalities as a CFO is his ability tocommunicate with others,” thenomination said. “Throughout hiscareer, Peter has concentrated ingaining experience in all aspects of the business, including operations. This experience has allowed him to work closely withother departments and successfullyintroduce new processes to improve operational and financialreporting requirements, both at anindividual park level and at thecorporate level.”

LLOORREEEE WW.. CCOONNNNOORRSSVITAMIX CORP.Olmsted FallsNUMBER OF EMPLOYEES: 2372009 REVENUE: $122 million

As CFO of Vitamix Corp.,Loree W. Connors overseesthe finance, accounting, legal and information

technology departments.But her work — and commitment

— goes well beyond thoseduties, fromsoftware imple-mentation to internal commu-nications to eventhe employeeentertainment committee.

“Loree Connors loves what shedoes at Vitamix,” the nominationsaid. “She loves the company, theproduct, the people and the possi-bilities. She is keenly involved inour strategic planning process, notjust as the expert in the financial aspect, but as a keeper of our legacyand driver of our vision.”

Ms. Connors came to Vitamix in2005, and since that time the com-pany’s profitability has doubled.

Prior to joining Vitamix, Ms. Connors’ previous experience includes time as principal at HillowGetsay & Connors Ltd. in Westlakeand as a senior tax accountant withKPMG Peat Marwick. She receivedher master’s degree in 2008 fromthe Case Western Reserve UniversityWeatherhead School of Manage-ment, and her undergraduate degree from Indiana University.

In 2008, Ms. Connors spearheadeda 12-month process to identify thefirm’s strategic framework, and thefollowing year she facilitated a project to refine the firm’s visionand mission.

In addition to being CFO, Ms.Connors is called a “life-long learner,”bringing her expertise to the joband creating an in-office library forstaff members to borrow books.

“She comes in on Saturday andduring our third shift to get to knowthe employees that are working atall hours,” the nomination said.“She cares for our employees, suppliers, vendors and customersin a very personal way, and takesthe time to get to know them, theirfamily, their dreams and ambi-tions.”

DID YOU KNOW?

■ In 1937, founder W.G. Barnardintroduced the first Vitamix machine.

■ The first infomercial for thecompany was filmed in 1949 atWEWS-TV in Cleveland, featuring Mr.Barnard and his product.

■ Vitamix in May launched a newlogo and rebranded itself to reflectthe essence of its vision. Under the new tagline, “Plug Into the Movement,” the company aims to“liberate the world from conventionalfood and beverage preparationboundaries.”

■ McDonald’s uses the Vitamixfrozen dessert blender to makeMcFlurrys. Other commercial clientshave included Applebee’s, Star-bucks and Baskin-Robbins.

■ In 1998, the Vita-Prep was introduced to the Culinary Instituteof America in New York and quicklybecame the tool of choice forgourmet chefs worldwide.

SOURCE: VITAMIX.COM

DID YOU KNOW?

■ Cedar Fair went public on April29, 1987, and it trades on the NewYork Stock Exchange under theticker symbol “FUN.”

■ Cedar Fair is structured as aMaster Limited Partnership, as opposed to a corporation. MLPsare taxed at the unitholder level andgenerally not subject to federal orstate income tax.

■ The company in Septemberearned top honors at AmusementToday’s 2010 Golden TicketAwards celebration, including the“Best Amusement Park in theWorld” for its flagship, Cedar Point.This marks the 13th consecutiveyear that Cedar Point has earnedthat title.

SOURCE: CEDARFAIR.COM

OCTOBER 18-24, 2010 CRAIN’S CLEVELAND BUSINESS 19

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PPEETTEERR JJ.. CCRRAAGGEECEDAR FAIRENTERTAINMENT CO.SanduskyNUMBER OF EMPLOYEES: 1,700full time/34,600 seasonal and part time2009 REVENUE: $916.1 million

A$1.4 billion acquisition cankeep a CFO busy.

Cedar Fair EntertainmentCo. did exactly that in June

2006 by buying Paramount Parks,which included Kings Island inCincinnati.

When Peter J. Crage took on thecompany’s CFO role in July 2005,Cedar Fair operated seven amuse-ment parks, five outdoor waterparks, one indoor water park andsix hotels. After the Paramount dealand others, Cedar Fair now controls11 amusement parks and six outdoor



The faculty and staff of Cuyahoga Community College

congratulate Dr. Craig Foltin,

our Executive Vice President of Finance and Administration,

for being nominated as one of Northeast Ohio’s

Top CFOs of the Year!

CONGRATULATIONS TO ALL HONOREES ON BEING NOMINATED FOR YOUR

OUTSTANDING ACCOMPLISHMENTS.

www.tri-c.edu | 800-954-8742

Where futures beginSM

DID YOU KNOW?

■ Cleveland was chosen as thehost city for the Rock Hall in May1986, with groundbreaking in 1993and the hall’s doors opening in 1995.

■ Since opening in 1995, the museum has welcomed more than7.5 million visitors and driven morethan $1.5 billion in economic impactto the regional economy. Annually,the Rock Hall generates more than$107 million in economic impact.

■ In August, the New York City-based Rock and Roll Hall of FameFoundation made a $5 million gift tothe Rock Hall, allowing the latter toestablish its first endowment.

SOURCES: ROCKHALL.COM; CRAIN’S RESEARCH

DID YOU KNOW?

■ By far Northeast Ohio’s largestsoftware company, Hyland — whichproduces document managementsoftware — employs more than1,000 people.

■ Its CEO, A.J. Hyland, assumedthat role when he was 29. Previously,his older brother, Packy Hyland Jr.had been CEO.

■ In mid-2007, private equity firmThoma Bravo LLC bought a majoritystake in the company for $265 million.

■ Hyland has offices across thecountry and world, including in Irvine,Calif.; Reading, Mass.; Lincoln, Neb.;and Brazil, England and Japan.

SOURCES: HYLAND.COM; CRAIN’S RESEARCH

DID YOU KNOW?

■ Opened in 1963, the college isOhio’s oldest and largest publiccommunity college.

■ The college set its second consecutive enrollment record thisfall, expecting 35,000 students.That’s an increase of nearly 15%from last fall.

■ More than 85% of Tri-C graduates find jobs in NortheastOhio.

■ Eighty-seven percent of gradu-ates would recommend or stronglyrecommend Tri-C to someone seeking the same kind of programthey studied.

■ Serving 55,000 credit and non-credit students annually, Tri-Coffers 1,000 credit courses in morethan 140 programs and liberal artscurricula.

■ Focusing on sustainability, thecollege cut energy use by an estimated 29% from 2000-2009.

■ President Barack Obama inSeptember visited Tri-C’s WestCampus in Parma; he also appeared at Tri-C in 2007, when hewas an Illinois senator and prior tohis presidential run.

■ Student ages range from 15 to75-plus.

SOURCES: TRI-C.EDU; CRAIN’S RESEARCH

CCRRAAIIGG FFOOLLTTIINNCUYAHOGA COMMUNITYCOLLEGEClevelandNUMBER OF EMPLOYEES: 3,0002009 REVENUE: $277 million

Taking the financial reins atOhio’s largest communitycollege at a time when statefinancing was slashed and

tax support was dwindling due toplummeting property values seems

like a lofty task.But for CraigFoltin, it was nosweat.

Dr. Foltinjoined Cuyahoga Community College after almost 15 yearsas an elected

official, making him no stranger tofinances. He first was elected as Lorain city auditor in 1993 and asthe city’s mayor in 2000. Resigningin July 2008 to work for Tri-C, Dr.Foltin left behind a list of accom-plishments, including the develop-ment of the city’s first long-rangecapital plan.

Since arriving at Tri-C, Dr. Foltinhas been tasked with maintainingor increasing student service levelswhile cutting costs throughout the

institution.Dr. Foltin, for example, assessed

the college’s telecommunicationspartnerships and identified about$100,000 in annual savings. He alsoformed a partnership with Barnes &Noble to operate the college’sbookstores, which yielded a netprofit of almost $1.1 million in fiscalyear 2010.

In addition, he guided the imple-mentation of a bulk electric servicepurchase program, which saved thecollege more than $400,000 in energy costs during the last fiscalyear.

Under Dr. Foltin’s watch, Tri-Calso has taken on several green initiatives. Under his leadership, forexample, the college has reducedenergy use by about 29%. Dr.Foltin’s division negotiated a partnership with Xerox to manage aprint service program that wouldreduce post-consumer waste ofnearly 150 network printers.

“All of these sustainable initiativesshow that Dr. Foltin’s leadership isconcerned with more than the college’s bottom line,” the nomina-tion said.

“His commitment encompassesthe long-term health and sustain-ability of the college, ensuring itsability to provide much needed education to Cuyahoga County foryears to come.”

CCHHRRIISS HHYYLLAANNDDHYLAND SOFTWAREWestlakeNUMBER OF EMPLOYEES: 1,000global2009 REVENUE: $133 million

It’s easy to see the fruits of ChrisHyland’s efforts at Hyland Software — partly because Mr.Hyland makes it that way. The

older brother of CEO A.J. Hyland has gone out of his way to

make sure employees arefamiliar with thedocument man-agement soft-ware company’sfinances.

The privatelyheld companydoesn’t have to

follow Sarbanes-Oxley accountingregulations, but it does so anyway.And at the CFO’s suggestion, thecompany holds quarterly meetingswith all its employees to discuss itsperformance.

Those meetings proved particu-larly important in 2009, giving Mr.Hyland a forum to explain the recession’s impact on the companyand to encourage every employeeto help the firm get through it. Bythe end of the year, the companyhad increased sales and avoidedlayoffs.

“He’s successfully led the companythrough dozens of consecutiveprofitable quarters, a recapitalization,four acquisitions and a challenging2009 — which ended with an almost 9% year-over-year growth,”

the nomination said. “But as impressive as these statistics maybe, Chris’ recognition is much deserved because for him, his jobisn’t just about numbers.”

His push for transparency is visibleat the company’s headquarters:Pages from annual reports areframed on the walls, the cubiclesare low and the walls of offices andmeeting rooms are made of glass.

Mr. Hyland has made broadercontributions as well. For instance,he led a team that worked with theChicago-based private equity firmthat bought a majority stake in thesoftware company in 2008.

Mr. Hyland also promotes volunteerism among Hyland Soft-ware employees and sits on severallocal boards.

BBRRIIAANN SS.. KKEENNYYOONNTHE ROCK AND ROLLHALL OF FAME ANDMUSEUMClevelandNUMBER OF EMPLOYEES: 1052009 REVENUE: $35 million

“Astute, efficient and cautious” aren’t wordsyou typically associatewith rock ’n’ roll, but

they’re exactly the qualities youwant in a CFO.

Welcome tothe bifurcatedworld of Brian S.Kenyon, who in1999 left the for-profit sector— his corporatecareer includedstints at Coopers& Lybrand,

Nacco Industries Inc. and SignatureBrands — to become vice presidentfor finance and administration atthe nonprofit Rock Hall.

Mr. Kenyon “possesses a degreeof financial savvy that is unusual in any situation but is especially remarkable given the economy ofthe last few years,” according tonomination, which also referred tohim as astute, efficient and cautious.

“He has guided us through thetreacherous water of the economicdownturn without so much as ascratch,” the nomination said.

Indeed, the Rock Hall in 2009ended its fiscal year in the black forthe 10th consecutive year — not coincidentally, the 10th anniversaryof Mr. Kenyon’s tenure as CFO.

That kind of financial stabilitybrings major benefits that visitorsto the Rock Hall are sure to notice.

In 2004, for instance, the RockHall’s strong financial standing

enabled the Cleveland-CuyahogaCounty Port Authority to issue$18.6 million in bonds secured bythe county bed tax, “an act that hada direct impact of $4.5 million inthe museum’s general operationsand capital improvements.” In2009, the county issued another $10million in bonds, also secured bythe bed tax, to benefit the museum’s$35 million capital campaign.

That campaign has led to theconstruction of a Rock Hall libraryand archives on the campus ofCuyahoga Community College andis funding a major redesign of themuseum.

The nomination said Mr. Kenyon“takes an active role in initiatingpolicy changes and designing work-able solutions to financial issues.”He’s also a fun guy to have around.

Mr. Kenyon “brings to his job anunusual combination of financialand management know-how, a loveof the art form we celebrate and asense of humor that is all too rare inthe world of finance.”



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JJAAMMEESS KKEERRRRJO-ANN FABRIC ANDCRAFT STORESHudsonNUMBER OF EMPLOYEES: 1,671local/22,420 global2009 REVENUE: $1.99 billion

James Kerr brings his own craftof fiscal stewardship to a fabricand specialty crafts retailer thatcontinues to generate growth

in an industry that has seen muchretraction throughout the recession.

Since Mr. Kerr was promotedfour years ago to CFO of the 746-

store operation, the retailer’smarket cap has quadrupled.

“Jim is a key member ofthe executive team thathas led a remarkable turn-around in performance atJo-Ann Fabric and CraftStores over the past fouryears,” the nominationsaid. “Jim Kerr’s financial leader-ship helped the company toachieve all-time record financialresults for sales, margin, EBIDTA(earnings before interest, taxes,depreciation and amortization),net income and earnings per sharein fiscal 2010.

“Jim is the primary reason Jo-Ann Stores wasrecently recognized byForbes as one of the 100Most Trustworthy Com-panies in America,” in2010, the nominationsaid.

Mr. Kerr and his leader-ship team since 2006 have hiredand developed the company’s finance team. Mr. Kerr during thistime has purchased, created andrefined dozens of analytical andreporting tools to help Jo-AnnStores manage business more effectively and profitably, the

nomination said.Some of his newer initiatives

include: updated weekly corporateprofit-and-loss forecasts, profit-and-loss reports for merchandisingteams and sales forecasting modelsfor new stores.

Therefore, the organization cancontinue to focus on its opera-tional priorities such as new storegrowth and remodels, gross margin expansion and better management training.

Mr. Kerr also plays a key role indetermining the best locations fornew stores while forecasting theirprofitability and performance

DID YOU KNOW?

■ Fomo was founded in 1975and now is a member of the FLMGroup of Companies, which holds130 patents worldwide in foam, adhesive and delivery systemtechnologies.

■ The company participates onvarious building code developmentcommittees, task groups and associations. That experience provides it perspective on how itsfoam insulation, sealants, adhesivesand spray foam systems are used.

SOURCE: FOMO.COM

DID YOU KNOW?

■ Jo-Ann Fabric and Craft Storesranked No. 23 on Crain’s 2010Largest Public Companies list, witha market value of $1.28 billion — a184% jump over last year.

■ The nation’s largest specialtyretailer of fabrics and one of thelargest specialty retailers of craftsas of January operates 746 storesin 48 states. Net sales at thosestores were approximately $1.7 million in fiscal 2010.

SOURCES: JOANN.COM; CRAIN’S RESEARCH

RROONNAALLDD RR.. KKOOZZAAKKFOMO PRODUCTS INC.NortonNUMBER OF EMPLOYEES: 752009 REVENUE: $30.9 million

The construction industrydownturn didn’t catch FomoProducts Inc. by surprise.And CFO and executive vice

president Ronald R. Kozak gets alarge share of the credit for the firm’s

ability to weatherthat storm.

According tothe nomination,Mr. Kozak begana cost-cuttingprogram long before the reces-sion hit, helpingthe company fin-

ish the 2009 fiscal year with record-setting profitability and beginning achange in company culture thatemphasizes a careful eye on costs.

“Kozak’s implementation of hisunique cost-cutting and strategicspending model is a direct transla-tion to the return on investmentFomo Products is able to realize,”the nomination said. “From$600,000 cost savings in 2009 to aprojected $1,000,000 cost savings in2011, Kozak’s devotion to smartspending is leading Fomo Productson a steady, profitable path.”

The cost cutting started with thevertical integration of Fomo Products’ business, bringing the assembly of a key product componentin-house and an energy-efficientretrofit of company headquarters inNorton. The integration strategybrought the bulk of the 2009 savings, and the energy-efficientheadquarters is cutting energy consumption by 15% annually.

Mr. Kozak, who also manages thefirm’s human resources department,is described as a mentor.

“Kozak is a strong believer in thephilosophy of ‘achieving is doing,’”the nomination said. “(H)e feels suc-cess comes through meticulous plan-ning, actionable results and exten-sive, proactive industry involvementfrom company figure-heads, such ashimself.”



Congratulations, Susan!

The associates of Majestic Steel USAare proud to congratulateSusan Suvakfor being named a finalist for Crain’s CFO of the Year.

We thank the following tenants for signing new leases at

Aerotek AJ Gallagher & Co.

BI Cleveland Clinic Foundation Crohn’s & Colitis Foundation Debra Booher & AssociatesEdward Luttner Associates

Ed Zierold & Associates LLC EntryPoint Consulting

Focus Groups of Cleveland, Inc.

The Legend Group Lincoln Financial - Group Protection

Linkmedia 360 Mistras Group Inc.

Modis, Inc. Mutual of Omaha Insurance Company

National Marrow Donor Program O’Rourke & Associates, Co., LPA.

Pat Henry Group Paul J. Miller, CPA

Rampant, Inc. Rao K. Garuda, CLU, ChFC

Reddy Baran & Kral Co. The User-Friendly Phone Book

For more information, contact:

216.687.1800

DID YOU KNOW?

■ The real estate developmentcompany was founded in 1920 after the Ratowczer (later changedto Ratner) family emigrated to theUnited States from Poland. ForestCity’s web site includes images ofinspection cards filled out whenfamily members arrived at Ellis Island.

■ In 1925, Forest City began selling garages as homeowners realized they needed a place tostore their newly purchased auto-mobiles.

■ Forest City built prefabricatedgovernment housing during WorldWar II and entered the land develop-ment business with some of its firststrip shopping malls.

■ The company went public in1960. Two years later, it opened itsfirst enclosed regional mall, Boule-vard Mall in Amherst, N.Y.

■ In 1990, Forest City helpedlead a renaissance in downtownCleveland by completing the renovation of Tower City Center, anart deco train station built in the1920s.

SOURCE: FORESTCITY.NET

DID YOU KNOW?

■ Vocon was founded in 1987. Itsemployees work in a vintage 1920sbuilding at 3142 Prospect Ave. inCleveland’s Midtown Corridor neighborhood. It’s no surprise, givenwhat Vocon does, that the buildinghas been renovated with a moderninterior and open-space environment.Vocon also has an office in NewYork City.

■ The firm is led by the sister-brother team of Deborah Donley andPaul Voinovich.

■ Vocon’s web site, www.vocon.com, includes a “people wall” withhead shots of all of its more than 60employees.

■ One of the firm’s many high-profile assignments in recent years

was for the Cleveland Cavaliers. Vocon’s redesign project for the basketball team’s offices at QuickenLoans Arena “started with completelygutting the space and starting fromscratch,” according to the designfirm’s web site. Strategic use ofglass, light colors and wide corridors“provide an inviting feel to this openspace,” Vocon says. One of thecoolest features is a “basketball”wall with the texture of a ball.

■ The Weather Channel’s nifty,12,500-square-foot HD broadcaststudio in Atlanta was Vocon’s work.The studio was the first of its kind toattain LEED-New Construction Goldcertification.

SOURCE: VOCON.COM

FFRRAANNKK MMEERRCCUURRIIVOCONClevelandNUMBER OF EMPLOYEES: 652009 REVENUE: $13.8 million

Since Frank Mercuri joinedthe Vocon architecture firmin 2006, owners DeborahDonley and Paul Voinovich

credit him with modernizing thefirm’s financial operation so that it

provides timelyfinancial data.

They say Mr.Mercuri trans-formed thefirm’s financialfunctions so theyprovide informa-tion that em-powers employ-

ees at the firm so they can see howtheir job contributes to the firm’s finances. Mr. Mercuri also empha-sizes open communication and formal financial processes as ameans of allowing the firm’s designers and architects to focus onclient service and design work.

Before Mr. Mercuri joined Vocon,its accounting, human resourcesand information technology unitsoperated independently. Under hiswatch the units were recast so theycould share resources and gain synergy.

The firm shifted its IT servicesfrom an outside consultant and twopart-timers to two full-time, in-houseIT staffers. That means IT is availableto deal with crises and respond to

the needs of Vocon’s designers andbusiness staff. Mr. Mercuri’s staffimproved the filing of stafftimesheets, added job sheets totrack staff investments in individualjobs, and led the investment innew software that allows the firmto document client conversationsand decisions throughout a projectso it can effectively manage costsand protect its position should discrepancies arise.

During his tenure, the firm formalized accounting processesso that it slashed its billing cycle to20 days or less from 30 to 40 days.After the recession crippled muchof the architecture business, Mr.Mercuri helped the firm cut expenses 30% in 2009. However,

by providing staffers a greatersense of their roles in shaping thefirm’s future, Vocon’s principalscredit him with helping it grow to$16 million in revenue in 2008from $7 million two years earlier.

When Ms. Donley and Mr.Voinovich hired Mr. Mercuri, theysought to add a smart, strategicCFO to their team. His backgroundsuited the job, as he joined it witha professional services backgroundfrom a job as controller at the interactive marketing firm BrulantInc., now Rosetta, and experiencewith Cap Gemini Ernst & YoungLLP in Cleveland and other corpora-tions.

At Vocon, Mr. Mercuri also runsthe firm’s charitable initiatives.

RROOBBEERRTT GG.. OO’’BBRRIIEENNFOREST CITYENTERPRISES INC.ClevelandNUMBER OF EMPLOYEES: 850

local/2,800 global2009 REVENUE: $1.26 billion

Robert G. O’Brien becameCFO of Forest City Enter-prises Inc. on April 1, 2008,after 20 years in roles

planning investment strategy, crucial for a real estate development

concern, as wellas financial reporting.

No one knewit then, but itwas like getting amilitary com-mand on theway to war. Aglobal banking

crisis struck that October thatwould severely challenge companiesof all types, especially those indebt-dependent realty businesses.

Insiders credit Mr. O’Brien withhelping to formulate, adopt and implement a five-point strategyfrom cutting expenses to trimmingthe company’s debt load. Designedto sustain and transform the company during the recent reces-sion, the plan bore fruit when thecompany returned to profitabilitythis year. Charles Ratner, ForestCity CEO, in 2008 put the task instark terms: ensuring the firm survived the turmoil.

In 2009, Mr. O’Brien captainedthe most active year in the debtmarkets in Forest City’s history. Thecompany did $965 million in capitalfinance deals, managed $1.4 billionof nonrecourse mortgage maturitiesand put in place a $500 million lineof credit with a group of 15 banks.

Mr. Ratner publicly praised Mr.O’Brien and his team, saying he is“a superior leader and executiveand is proving it over and over.”

Meanwhile, Mr. O’Brien serves aschange-maker at Forest City. Notonly was he instrumental in its implementing a new enterprise

resource planning software — an eight-figure investment for the firm — heembraced its green efforts early.

Jon Ratner, Forest City vice president of sustainability initiatives,counts Mr. O’Brien as “one of theprimary voices saying how sustain-ability has the ability to transformand grow our business,” accordingto the nomination.

Mr. O’Brien also serves on boardsat Cleveland Development Advisors,a group that supports investment inrealty projects capable of changingthe local economy, Cleveland Pub-lic Art and St. Martin de PorresHigh School in Cleveland. He andhis wife, Ann, have three children.


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Lincoln in August wasnamed one of Forbes’ MostTrustworthy Companies, ameasure of “true quality ofcorporate accounting andmanagement practices.”

“The conservative butsolid balance sheet, withminimal debt leverage —that Mr. Petrella has managed —coupled with strong cash flow,provides the financial capability toimplement Lincoln’s strategicplans,” the nomination said.

To accommodate the company’srapid growth, Mr. Petrella has appointed regional financial directors, appointed assistants forsuccession planning and “addedkey functions to bolster the organi-zation worldwide,” the nominationsaid.

Additionally, Mr. Petrella haspushed the company’s investor

relations program to bemore professional andproactive, and the com-pany’s stock has outper-formed major indices overthe last five years. Popularfinancial analyst JimCramer has called Lincolnone of the nation’s

premier industrial companies, thenomination said.

“Under his direction, Lincolnhas achieved a high level of profes-sionalism, transparency and sophistication in its financial affairs,” the nomination said.

Mr. Petrella, a graduate of Baldwin-Wallace College, also ledthe company’s move to definedcontribution plans. He has beeninvolved with fundraising efforts ofthe Juvenile Diabetes ResearchFoundation and the AmericanLung Association.


DID YOU KNOW?

■ The company’s precision electronic test and measurementproducts are sold in more than 80countries. Keithley Instruments hassubsidiaries or sales offices in 15countries, including China, India,Japan and Korea.

■ Joseph F. Keithley founded thecompany in 1946. The company’searliest electronic measuring devices, such as electrometers andpicoammeters, were designed formeasuring low-level electrical signals precisely and were sold toscientists and physicists in laborato-ries worldwide.

SOURCE: KEITHLEY.COM

DID YOU KNOW?

■ John C. Lincoln founded LincolnElectric Co. in 1895 with a capitalinvestment of … $200. The product:an electric motor of his own design.

■ Mr. Lincoln’s younger brother,James F. Lincoln, joined the company as a salesman in 1907, atwhich time the product line hadbeen expanded to include batterychargers for electric automobiles.The Lincoln brothers made theirfirst welding set in 1909. In 1911,Lincoln Electric introduced theworld’s first variable-voltage, single-operator, portable welding machine.

■ World War II brought a dramaticexpansion of Lincoln Electric’s business, with welded ship hulls creating a big new market.

SOURCE: LINCOLNELECTRIC.COM

VVIINNCCEENNTT KK.. PPEETTRREELLLLAATHE LINCOLNELECTRIC CO.ClevelandNUMBER OF EMPLOYEES: 2,700local/9,000 global 2009 REVENUE: $1.72 billion

Elected Lincoln Electric’schief financial officer in2004 after joining the company in 1995, Vincent

Petrella has played a major role inthe company’s recent expansionand acquisition activity.

Over the past four years, Lincolnhas expanded or constructed 10plants worldwide, and over the pastdecade, the company has made 10acquisitions. Those moves don’thappen with shaky finances.

MMAARRKK JJ.. PPLLUUSSHHKEITHLEYINSTRUMENTS INC.SolonNUMBER OF EMPLOYEES: About500 globally2009 REVENUE: $103 million

When the recessionforced change, Mark J.Plush took the wheeland helped navigate a

year of strategic redirection forKeithley Instruments Inc. in Solon.

Working alongside other execu-tives, Mr. Plushbecame a “driver”for reducingcosts, discontin-uing one productline and sellinganother that wasunprofitable, thenomination stated. In addi-

tion, he was involved in establish-ing a new cost structure that reduced the company’s break-evenpoint and improved its profitability.

Keithley, a maker of electronictest and measurement instruments,showed dramatic financial improve-ment during the six months thatended March 31, 2010. Sales wereup 6% over the like period in fiscal2009, and cash and short-term investments of as March 31 rose$14.4 million, or a healthy 56%,from $25.4 million on Sept. 30,2009. Meanwhile, it went from anoperating loss of $12.4 million to anoperating profit of $11.6 million.

In September, Danaher Corp., adiversified manufacturing andtechnology company based inWashington, D.C., entered into adefinitive agreement to acquireKeithley in a cash-for-stock deal estimated at $300 million.

Mr. Plush joined the company in1982 and became chief financial officer in 1998. He is involved in theprofessional advancement of hisstaff through weekly meetings and anopen-door policy, and also serves asfull-time investor relations officer.

Keithley’s strong balance sheet —despite disruptions to the industryand the economy as a whole — arethanks in significant part to Mr. Plush’sefforts, the nomination stated.

Prior to Keithley, Mr. Plushserved as controller for the mobilehydraulics division of Parker Hannifin Corp., where he worked ina variety of roles for 14 years. He received a master’s degree with anemphasis in accounting from CaseWestern Reserve University and abachelor’s in marketing from JohnCarroll University.

Outside the office, Mr. Plush is a University Hospitals boardmember and a regular speaker and business resource for JuniorAchievement.


Weiss


PROOF that good l eadersh i p

counts.

We’re proud to recognize our own Executive Vice President & Chief Financial Officer, Mark T. Clark, as a finalist for CFO of the Year.

Congratulations Mark T. Clark

to Lincoln Electric CFO Vincent K. Petrella and all of the 2010 CFO of the Year finalists

www.lincolnelectric.com

Congratulations

OTHER CFO OF THE YEAR NOMINEES

BlahaBellanteBeatrez DeAngelisChorbaCalsin

JankuraDickDeMarco McComasMaruschak

Community Development Organization■ Richard (Duke) Jankura Jr., JumpStart Inc.■ Debbie Kistner, WRIS Web Services ■ Bill Maruschak, Guild International Inc. ■ Kevin McComas, Remington Products Co.■ Nick Stallard, The Reserves Network■ Scott A. Swiecicki, Retirement Solutions (not pictured)■ Michael Trivisonno, Swiger CoilSystems LLC■ John M. Veres, City of Independence■ Mark Weiss, Montefiore

Kistner

Stallard Trivisonno Veres

■ Hilary Frank Beatrez, ClevelandHearing & Speech Center ■ Cathy Bellante, Eighth Day SoundSystems Inc.■ Joseph J. Blaha, Marcus ThomasLLC■ Robert A. Calsin, WVIZ/PBS & 90.3WCPN Ideastream■ Bill Chorba, NineSigma Inc.■ Gene DeAngelis, Louis StokesCleveland VA Medical Center■ Antony DeMarco, International Excess Alliance LLC■ Rebecca Dick, Detroit Shoreway



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2009 CFO OF THE YEAR AWARDS IN PICTURESNearly 375 people attended

the third annual CFO of theYear Awards ceremony, heldlast October at LaCentre Conference and Banquet Facility in Westlake.

For a list of the winnersfrom each of the awards’ firstthree years, see Page 28.

ABOVE: Crain’s account executive Dirk Kruger (left) and Ed Samuel of event spon-sor IBM. BELOW: Crain’s publisher and editorial director Brian Tucker (left) andBill Paul of event title sponsor Marsh congratulate C. Michael Rutherford of SummaHealth System.

ABOVE: Matt and Jeannine Ramer ofShearer’s Foods. BELOW: Nancy Hatgas,an award nominee from Brouse Mc-Dowell LLP, with husband, Edward.

ABOVE: Ten awards were handed out toCFOs of nonprofits and public and pri-vate companies. ABOVE RIGHT: A group ofwinners, finalists and nominees gatherafter the evening’s ceremony. RIGHT:Donna Dolezal of event sponsor Key-Bank and Julie Loecht of KPMG.

FILE PHOTOS/JASON MILLER


Pete WatersChief Financial Offi cer,Dealer Tire, LLC.

Congratulations to Pete Waters, nominee for Crain’s 2010 CFO of the Year Award! Pete’s fi nancial and strategic leadership has played an integral part in shaping Dealer Tire, LLC into a world-class organization. He has used insight grounded in extensive experience to structure the company for success and restructure it for continued growth. As CFO he conducts himself ethically and compassionately, inspiring entrepreneurial spirit in associates throughout the organization.

w w w . d e a l e r t i r e . c o m



University Hospitals is proud to congratulate Michael A. Szubski as a finalist for the 2010 CFO of the Year Award.

As Chief Financial Officer, Mike Szubski’s foresight and leadership have helped University Hospitals to thrive.

We salute and admire Mike Szubski for his wealth of contributions.

© 2010 University Hospitals COM 00105

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Congratulationsto our clientsand those beinghonored ...

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Proud to work withthe following nominees:

Frank Mercuri | Vocon

Robert G. O’Brien | Forest City Enterprises Inc.

Mark J. Plush | Keithley Instruments Inc.

Gregory Robinson | Safeguard Properties LLC

Susan Suvak | Majestic Steel USA Inc.

Andrew Tanner | The NRP Group

Michael Trivisonno | Swiger Coil Systems LLC

Mark Weiss | Montefiore

PAST WINNERS2009 winners■ Richard C. Ebner, Liberty Bank,N.A. (Small private company) ■ Rick Coan, Garick LLC (Mediumprivate company) ■ Steven C. Glass, Cleveland Clinic (Nonprofit global hospital) ■ John D. Grampa, Brush Engi-neered Materials Inc. (Mediumpublic company) ■ Yvette M. Ittu, Greater Cleve-land Partnership (Nonprofit civicand community)■ Fredric “Fritz” Kohmann, Shearer’s Foods Inc. (Large privatecompany) ■ Julie McGraw, National Inter-state Corp. (Small public company)■ C. Michael Rutherford, SummaHealth System (Nonprofit regionalhospital) ■ John P. Sesek, Positive Educa-tion Program (Nonprofit humanservices) ■ Stephen J. Smith, AmericanGreetings Corp. (Large publiccompany)

2008 winners■ Bonnie Barrett, Cleveland Foodbank (nonprofit, human services)■ Tom Browne, Bellefaire/Wingspan Care Group (nonprofit,health care)■ Jenniffer Deckard, FairmountMinerals (large private company)■ Mark Eisele, Applied IndustrialTechnologies (medium publiccompany)

■ John Flanagan, Howley Bread(small private company)■ Patricia Gaul, PlayhouseSquareFoundation (nonprofit, arts andculture)■ Ware H. Grove, CBiz (small public company)■ Michael Headen, United Way ofGreater Cleveland (nonprofit,community service)■ Karen D. Melton, Kaufman Container Co. (medium privatecompany)■ Tim Pistell, Parker-HannifinCorp. (large public company)

2007 winners■ David K. Creamer, Kent StateUniversity (nonprofit, educational)■ Glenn A. Eisenberg, The TimkenCo. (medium public company)■ Richard H. Fearon, Eaton Corp.(large public company)■ Richard L. Garcia, WastequipInc. (medium private company)■ Craig Kaiser, YMCA of GreaterCleveland (nonprofit, social services)■ J.T. Mullen, The ClevelandFoundation (nonprofit, charitable)■ Frank Roddy, Swagelok Co.(large private company)■ Kevin V. Roberts, UniversityHospitals Health System (nonprofit,medical)■ Carole Sanderson, HerschmanArchitects Inc. (small private company)■ Thomas G. Smith, Forest CityEnterprises Inc. (small public company)



Thank you for your leadership and skill in guiding the financial strategy of Northeast Ohio business.

Congratulationsto Bob O’Brien and all the finalistsfor the 2010 Cleveland CFO of the Year Awards.

www.forestcity.net

MEET THE JUDGESMMAARRIILLYYNN EEIISSEELLEE

■■ Marilyn Eisele is the CFO of FiveStar Technologies Inc., an advanced materials company and

supplier of proprietary elec-tronic materialsto the mobiledisplays, photo-voltaics and microelectronicpackaging markets.

Prior to joiningFive Star, Ms. Eisele was the CFO toseveral information-based technologystartup companies contributing tothe development and execution ofevolving business models, strategicdirections, financing, and businessprocesses. Ms. Eisele also hasserved as a CFO to two public companies.

After obtaining her undergraduatedegree from Bowling Green StateUniversity, Ms. Eisele was withPricewaterhouseCoopers for 15years serving public and privatecompanies with a specialization inmergers and acquisitions and high-growth businesses.

Ms. Eisele has participated inraising more than $100 million inprivate equity placements, multipleinitial public offerings and sec-ondary offerings and more than 30acquisitions.

Ms. Eisele, and her husband,Mark, reside in Shaker Heights andhave three children. She is active inShaker public schools, LaurelSchool, Fairmount PresbyterianChurch, First Baptist Church andthe United Way Women’s LeadershipCouncil.

JJAAMMEESS MM.. MMAALLZZ

■■ James M. Malz, president of theNortheast Ohio region of JPMorganChase, is a veteran commercial

banker who heldmanagementpositions withKeyCorp prior tojoining BankOne Corp. as division managerin September2001.

In October2003, Mr. Malz was named to hiscurrent position, and he continuedin the capacity for JPMorgan ChaseBank following its merger withBank One in 2004.

A native of Andover, Mr. Malzearned his bachelor of arts degreein economics in June 1987 at Hiram College. He also attendedJohn Carroll University, completing certain graduate courses in finance.

Mr. Malz serves on the boards ofThe MetroHealth Foundation, theHiram College Board of Visitors,Ohio Foundation of IndependentColleges, the Cleveland ZoologicalSociety, The Cleveland Institute ofMusic, the Cuyahoga CommunityCollege Foundation Board of Directors, Cleveland DevelopmentAdvisors Board of Trustees and as amember of Leadership Cleveland,Class of 2005.

Mr. Malz and his wife, Sonia, live in Brecksville with their daughter, Gabriella, and son, JamesDavid.

JJOOSSEEPPHH FF..MMAASSLLOOWWSSKKII■■ Joseph F. Maslowski is chief

financial officer of Roetzeland Andress, a law firmwith more than 230 attor-neys and 10 offices.

Mr. Maslowski is responsible for the strate-gic financial planning andmanagement of all finan-cial operations for the firm.He is an experienced financial man-ager in both privately held as wellas publicly traded organizations.

A graduate of Baldwin-WallaceCollege and Cleveland State University, he began his career asan auditor for Ernst & Young, laterjoining Leaseway Transportationas director of corporate develop-ment. Just prior to Roetzel, he was with The Millcraft Group asthe firm’s CFO/executive vice

president. Mr. Maslowski’s

specialty is service-basedbusinesses as well as lightmanufacturing, and hehas a spent considerableamount of time performingcorporate developmentand restructuring work as

well as on day-to-day operations. Additionally, he has been

directly involved in the negotiationof multimillion-dollar acquisitions,divestitures and financings. Healso serves on a number of com-munity, professional and privatelyheld boards.

JJOOEE RROOMMAANN■■ Joe Roman is president and CEO

of the GreaterCleveland Partnership,previously having servedas executive director ofCleveland Tomorrow, an

organization that merged with theGreater Cleveland Growth Associa-tion and the Greater ClevelandRoundtable to form the GreaterCleveland Partnership.

Before joining Cleveland Tomor-row, Mr. Roman worked on CapitolHill as both a congressional staffperson and as a lobbyist for manu-facturing trade associations.

He has a bachelor’s degree fromthe State University of New York anda master’s degree in public adminis-tration from Harvard University.

During his tenure, Cleveland Tomorrow was recognized by theHarvard Business School as one ofthe most innovative and successfulregional business organizations inthe country. Mr. Roman wasnamed the first CEO of the GreaterCleveland Partnership in 2004.

Also participating in the judgingprocess was Tom Russ, first vicepresident of Morgan Stanley SmithBarney.

Judges evaluated nearly 40 nominations that included the candidate’s career history, profes-sional achievements and contribu-tions to their organizations.

The panel was assembled withthe assistance of the Clevelandchapters of Financial ExecutivesInternational and the Associationfor Corporate Growth.


Gregory Robinson has beenchief financial officer forSafeguard Properties LLCfor less than half a decade,

and that’s been time enough fordramatic change.

Hired in 2006when the ValleyView mortgagefield servicescompany was onthe verge of significantgrowth, Mr.Robinson hasbeen at the helm

as the company’s revenues nearlyquadrupled, increasing to $602 million in 2009 from $159 million in2005.

Additionally, Mr. Robinson hasimplemented operating efficienciesto reduce costs, and the company’sprofit margins are up: 30.23% in2009 from 29.5% in 2008.

Mr. Robinson oversees not onlythe financial management of thecompany, but its support servicesand human resources. The company’semployment has increased duringhis tenure, doubling to more than800 from 411 in 2006.

This year, Mr. Robinson played akey role in “the most significantstep” in the company’s 20-year history: structuring the transition of

DID YOU KNOW?

■ Founded in 1979, MajesticSteel calls itself the nation’s largestdistributor of prime galvanized steel.

■ Majestic Steel has in the pastpartnered with the Cleveland Cavaliers, Magnet, Cuyahoga Community College, Lakeland Community College and LorainCommunity College to award scholarships to students intendingto pursue a career in manufacturing.

■ The firm stocks in excess of250 million pounds of prime coatedproducts in its 450,000-square-foottemperature and humidity controlledfacility.

■ Majestic Steel ranked No. 16on Crain’s 2010 list of largest pri-vately held companies, ranked by2009 revenues.

SOURCES: MAJESTICSTEEL.COM; CRAIN’S RESEARCH

DID YOU KNOW?

■ Safeguard Properties, foundedin 1990 by Robert Klein, bills itselfas the largest privately held mort-gage field services company in thecountry. It inspects and maintainsdefaulted and foreclosed propertiesfor clients in the mortgage industry.

■ The company has grown froma regional firm with a few employeesand a handful of contractors performing services in the Midwestto a national company with morethan 800 employees that providesservices in 50 states, the Virgin Islands and Puerto Rico.

SOURCE: SAFEGUARDPROPERTIES.COM

GGRREEGGOORRYYRROOBBIINNSSOONNSAFEGUARDPROPERTIES LLCValley ViewNUMBER OF EMPLOYEES: Morethan 8002009 REVENUE: $602 million


You can’t teach an old dog new tricks. Which is good, because the IRS doesn’t really like tricks.

> Congratulations Joe Blaha, on being nominated for CFO of the year, from your friends at Marcus Thomas.

Marcus Thomas :: Contact Mark Bachmann, partner216.292.4700 marcusthomasllc.com

mt

SSUUSSAANN SSUUVVAAKKMAJESTIC STEEL USA INC.Pepper PikeNUMBER OF EMPLOYEES: 2152009 REVENUE: $354 million

Susan Suvak does a lot for Majestic Steel.

In addition to managingthe steel distribution firm’s

finances through two recessions,Ms. Suvak manages the company’s

hiring functionsand oversaw theexpansion of thefirm’s executiveteam to 10 members fromjust two. Shealso directs Majestic Steel’s administrative

functions, leads the company’sphilanthropic and communicationscommittees and even gives adviceto customers with financial prob-lems.

The nomination form highlightedMs. Suvak’s analytical skills, herjudgment and her “ability to staycomposed in pressure-packed situ-ations.” It also lauded her integrity:Ms. Suvak “personifies trustworthi-ness via her personable and ap-proachable style, and by honoringcommitments to ownership, associates, and external businesspartners,” the nomination said.

Ms. Suvak, who joined the firm asaccounting manager in 1998, nego-tiated Majestic Steel’s transition toits current lending agreement, playeda key role in the company receivingISO 9001:2008 quality certificationand has greatly improved the firm’shiring procedures, resulting in decreased turnover.

She also collaborates often with

the company’s sales departmentand leads a credit team that worksto build relationships with MajesticSteel’s suppliers and customers.

Outside of work, Ms. Suvak is active at her church and supportsarea wildlife and wetlands preser-vation groups.

“Throughout her career at Majestic Steel, Susan has led the financial area and company as awhole through myriad market cycles and fluctuations, wheretimely and prudent purchasing andselling decisions are of utmost importance to the organization’s financial health,” the nominationsaid. “Once again, Susan’s soundjudgment, fact-based approach andability to stay composed in pressure-packed situations allows for prudent decision-making relativeto success-critical issues.”

ownership and leadership fromcompany founder and CEO RobertKlein to family member Alan Jaffawhile balancing the interests of all,the nomination stated.

Mr. Robinson supports and encourages employee participationin community and civic efforts. Under his leadership, the humanresources department organizesmonthly fundraisers for variouscharities selected by employees.

Before he joined Safeguard, Mr.Robinson was director of govern-ment solutions for CGI Inc. He alsopreviously was chief financial officer and senior vice president of the court solutions division forNetGov Inc.

Mr. Robinson, a Baldwin-WallaceCollege graduate, has coached football, baseball and basketball forseveral local leagues. He also participates in many cancer-relatedfundraisers in honor of relativeswho have received the diagnosis.


AANNDDRREEWW TTAANNNNEERRTHE NRP GROUP LLCGarfield HeightsNUMBER OF EMPLOYEES: 3002009 REVENUE: $104.4 million

Job One for a residential realestate developer in the face ofthe housing crisis is gettingthe financing to build new

housing. But NRP Group LLC inGarfield Heights is doing it andCFO Andrew Tanner is playing amajor role.

Since 2000, when Mr. Tannerjoined the developer, general contractor and property manager,NRP has grown from $50 millionin annual sales to $104 million.

Founded in Cleveland in 1995,NRP had a five-person financialstaff and 48 employees when Mr.Tanner came on board. Since

then, he has developed financial systems thathave allowed the 300-person company, includinga financial staff of 20, togrow to where NRP nowmanages a portfolio ofmore than 8,000 units in74 properties, with another1,975 planned in 2010.

NRP builds multifamily afford-able housing, senior housing and infill single-family homes across thecountry, usually in partnership withlocal governments, financial institu-tions and neighborhood groups.

Mr. Tanner plays a critical rolein structuring complex financingthat includes low-income housingtax credits and tax-exempt bonds.He also leads NRP’s strategic planning initiatives, including allannual operating plans.

“Mr. Tanner led the NRP Group

to double-digit profits forthe past few years whilebranding the NRP Groupas one of, if not, the number one developer ofaffordable housing in thecountry,” the nominationsaid.

Mr. Tanner also is credited with securing a $17 millioncredit line at a time when real estatefinancing was scarce.

He came to NRP fromMedimetrix Consulting, a Cleveland-based management consultingfirm. Before that he served in various financial- and accounting-related capacities with Ernst &Young, Arthur Andersen LLP andJohn O. Butler Co., a maker oftoothbrushes that now is a part ofSunstar Inc.

Mr. Tanner earned a bachelor’sdegree in business administration

MMIICCHHAAEELL AA.. SSZZUUBBSSKKIIUNIVERSITY HOSPITALSCleveland NUMBER OF EMPLOYEES: 13,624employees/3,592 physicians2009 REVENUE: $1.9 billion

Michael Szubski had anuphill battle ahead whenhe joined UniversityHospitals’ financial team

in 2003. The hospital system hadstruggled financially over the years,mounting tens of millions of

dollars in lossesand delaying anypossible upgradesor expansions.

But since Mr.Szubski came onboard, he andhis team haveguided the hos-

pital system to six consecutive yearsof positive operating margins. He has held anumber of executive roles at thehospital system, which serves patients at 250 locations throughoutNortheast Ohio, and he now servesas its chief financial officer.

Notably, Mr. Szubski shored up$280 million in two tax-exempt, fixed-rate bond issues to help financeUniversity Hospitals’ ambitious$1.2 billion Vision 2010 constructionand renovations project. He’s alsoled or participated in several initia-tives to cut down on costs, includingmore than $10 million in cost reductions in both 2009 and 2010.

Mr. Szubski’s colleagues say he’sa team player who leads by example.Sonia Salvino, vice president for finance at University Hospitals’Case Medical Center, said in thenomination that Mr. Szubski wasmore than just a number cruncher.

“It’s not enough to be good withnumbers,” Ms. Salvino said. “Whenyou have a sound person withsound integrity, you gain trust intheir financial advice and counsel.”

Prior to joining University Hospi-tals, Mr. Szubski served as executivevice president and CFO at EMH Regional Healthcare System. He’salso served as vice president of operations at United Healthcare ofOhio Inc. as well as assistant vicepresident and controller at MountSinai Medical Center.

Mr. Szubski, who grew up in Parma,lives with his wife and four childrenin Brecksville, where he also coachesfor his son’s youth football team.

DID YOU KNOW?

■ University Hospitals performsmore than 4.5 million outpatientprocedures and completes nearly63,000 inpatient discharges annually.

■ The University Hospitals systemincludes University Hospitals CaseMedical Center, a 1,000 bed acade-mic medical center.

■ The health system owns andoperates six wholly-owned suburban medical centers and 10ambulatory health care centers.

■ UH Case Medical Centerranked prominently among the tophospitals in the country in sevenspecialties in U.S. News & WorldReport’s latest hospital rankings.UH Case Medical Center ranked intop 50 hospitals in the following categories: orthopaedics (No. 21);gastroenterology (No. 28); geriatrics(No. 28); cancer (No. 34); ear, noseand throat (No. 37); pulmonology(No. 42); and gynecology (No. 48).

SOURCES: UHHOSPITALS.ORG; CRAIN’S RESEARCH


2010 CFO OF THE YEAR AWARD

“Jim is the primary reason Jo-Ann Stores was

recently recognized by Forbes as one of the 100

Most Trustworthy Companies in America.”

-Darrell Webb, CEO

We congratulate Jo-Ann Fabric and Craft Stores® CFO Jim Kerr and all of this year’s CFO of the Year fi nalists for their vision and fortitude in challenging economic times.

Jim KerrChief Financial Offi cerJo-Ann Fabric and Craft Stores®

©2010 Jo-Ann Stores, Inc. All rights reserved. 371-938

DID YOU KNOW?■ Founded in 1995 as a full-ser-

vice developer, general contractorand property manager, The NRPGroup has offices in Cleveland, SanAntonio, Phoenix and Raleigh, N.C.

■ It has built more than 13,500multi-family and single-family housingunits, and more than 2,275 wereplanned for this year.

■ In 2003, the owners formedNRP Management, which by year’send will manage nearly 70 propertiesencompassing more than 7,500market-rate and tax-credit familyand senior apartment properties.SOURCES: NRPGROUP.COM; CRAIN’S RESEARCH

from Bowling Green State Universi-ty and a master’s degree in busi-ness administration from the Uni-versity of Chicago.


MMAARRKK RR.. WWIIDDMMAARRGRAFTECH INTERNATIONAL LTD.ParmaNUMBER OF EMPLOYEES: 298 local/2,320 global2009 REVENUE: $659 million

Mark R. Widmar’s arrival atGrafTech InternationalLtd. has meant the deathof debt at the maker of

carbon and graphite products.Shortly before Mr. Widmar

joined GrafTechin May 2006, thecompany’s netdebt level stoodat $689 million.By December2009, thanks towhat the companyin its nomina-tion of Mr.

Widmar called a “relentless” focuson debt reduction and cash flowimprovement, that net debt figurehad been cut to zero. (Yep, $0.)

Meantime, GrafTech’s operatingcash flow increased from $8 millionthe year before Mr. Widmar joinedthe company to a high of $249 million in 2008. Over the course of2009, GrafTech said it was “prof-itable and cash-flow positive inevery quarter in the midst of theworst global recession in decades,”which is a testament to Mr. Widmar’sfinancial stewardship.

Keeping the fiscal house in goodorder positioned GrafTech in July2008 to make its first acquisition inmore than a decade with the purchase of an 18.9% share in Seadrift Coke L.P. Seadrift is locatedin Texas and makes premium needlecoke, a key raw material forGrafTech and its single highest-costitem. That successful deal posi-tioned GrafTech last April to conclude


CONGRATULATIONS TO LAURIE BRLAS, FINALIST FOR THE 2010

CFO OF THE YEAR AWARDS

We’re Cliffs Natural Resources Inc., a 163-year-old international mining and natural resources company. We are NYSE Euronext-listed, a member of the Fortune 1000 and S&P 500, and one of the largest and fastest-growing companies in Cleveland.

cliffsnaturalresources.com

LAURIE BRLAS Executive Vice President – Finance and Administration & CFO

We are honored that Vitamix® CFO Loree W. Connorsis nominated for the Crain’s 2010 CFO of the Year Award. Vitamix is proud to be a part of the Northeast Ohio business community for over 80 years.

DID YOU KNOW?

■ GrafTech’s history goes back tosupplying arc carbons to the City ofCleveland in the late 1800s, allowingthe city to become the first in theworld with electric street lamps.

■ The company this year receiveda $1.15 million grant from the U.S.Department of Energy to constructa high-efficiency thermal storagesystem for solar power plants.

SOURCES: GRAFTECH.COM; CRAIN’S RESEARCH

DID YOU KNOW?

■ Walter J. Mueller in 1918 started Walter J. Mueller Inc., a family-owned tire business, in Cleve-land. In the late 1980s, the companyunderwent a name change toMueller Tire and Brake, and expandedthroughout Northeast Ohio and intothe Columbus area. In the early1990s, the Muellers formed DealerTire, a mail-order business, to address the tire needs of automo-tive dealers.

■ Dealer Tire claims to be theonly national firm exclusively dedi-cated to helping original equipmentautomobile manufacturers design,implement and manage tire pro-grams for their dealerships.

SOURCES: DEALERTIRE.COM; CRAIN’S RESEARCH

PPEETTEE WWAATTEERRSSDEALER TIRE LLCClevelandNUMBER OF EMPLOYEES: 500 to6002009 REVENUE: More than $700million

For the past 10 years, PeteWaters has played a key rolein the rapid growth of DealerTire LLC.

“With double-digit growth on an annual basis and significant

investments ininformationtechnology as anenabler of thecompany’sstrategies, Pete’sknowledge of thebusiness and hisability to developstrong relation-

ships within the financial commu-nity has been critical to securingthe credit necessary to support thebusiness,” the nomination said.

Mr. Waters, along with building a“best-in-class” finance group, iscredited with helping to establishthe appropriate capital and creditstructure for Dealer Tire, whichhelps automobile manufacturersdesign, implement and manage tireprograms for their dealerships.

Additionally, he was a lead negotiator in 2009 as the companycompleted a capital restructuring,including a minority investment bya private equity firm.

Mr. Waters’ background includestime at Iams as vice president and

treasurer; Kraft Foods as director ofcorporate sales development; Entenmann’s Inc. as vice president;and KPMG as a CPA. He has a bach-elor’s of science degree in accounting,and he earned his CPA in 1975.

Mr. Waters is active in several or-ganizations including E City, a non-profit that teaches students entre-preneurial, business and life skills,the Shaker Heights Country Cluband First Tee.

“Pete’s engaging leadership styleinspires entrepreneurial spirit in associates throughout the organiza-tion,” the nomination said. “Hisopen-book reporting policy and par-ticipation in local charitable organi-zations show he conducts himselfethically and compassionately.”

a $692 million deal to take full ownership of Seadrift and its sistercompany, C/G Electrodes LLC of St.Marys, Pa.

Mr. Widmar is driven by atten-tion to detail. For instance, changeshe implemented in the company’smonthly and quarterly financialclosing processes have reduced theclosing cycle to four days from seven and has helped to reduce annual audit expenses to $1.9 millionin 2009 from $3 million in 2006.

The company said Mr. Widmar is“much more than a financial numbercruncher.”

He sees “the big picture” and“finds opportunities for continuousimprovement that go beyond thewalls of the financial suite and contribute to the overall success ofthe global organization,” GrafTechsaid. In 2008, Mr. Widmar took personal leadership responsibility todevelop a “Human Capital Council”to improve work-life balance.

Mr. Widmar gets good reviewsinside and outside the company.One investor told GrafTech’s investor relations manager that Mr.Widmar is “the best-kept secret onWall Street.” Internally, the nomi-nation noted that employees describe him as “insanely intelli-gent” and even “a snappy dresser.”



Marsh salutes the CFO of the Year nominees, finalists and winners. We realize that it is no small accomplishment to be considered for this award. We congratulate you on your outstanding performance as a corporate financial leader.

Marsh – the world’s leading insurance broker, intermediary and risk advisor. Providing innovative solutions to help clients meet the extraordinary challenges of our times.

Leadership,Knowledge,Solutions...Worldwide.

200 Public Square | Cleveland, OH 44114 | 216.937.1700 | www.marsh.com

The first Crain’sCFO LifetimeAchievementAward has beenawarded toJames Abel,most recentlythe CFO at Lamson & Sessions. Here,he is photo-graphed at hishome in Cleve-land Heights.RUGGERO FATICA

LIFETIME ACHIEVEMENT AWARDJJAAMMEESS AABBEELL

By SCOTT [email protected]

Long before he ever carried achief financial officer title,James Abel worked in thecomputer systems group of

RCA Corp. in the late 1960s and early 1970s, a time, he says, “whenthe computer industry was prettymuch IBM and the seven dwarfs.”

Mr. Abel’s work as an operationsresearch and financial planning analyst for RCA proved valuable. Hemoved around a lot — to New Jersey, New York and Indianapolis,working in environments includingmanufacturing plants and subsidiaryheadquarters. And every assignmentinvolved different areas of accountingand finance in different environ-ments.

“It gave me a very good backgroundinto how the central nervous systemof a company worked,” Mr. Abelsaid.

Mr. Abel, 64, turned that experi-ence into a long corporate careerthat took him to five companies after RCA, culminating with his retirement on Dec. 31, 2007, as executive vice president, secretary,treasurer and CFO of Lamson &Sessions Co. of Beachwood.

He began working at Lamson in1990. Mr. Abel first carried a CFO title in 1985, when he worked atGibson-Homans Co. of Twinsburg,a maker of caulks, sealants, wall-cover adhesives and roof and drive-way coatings.

From May 2008 to February 2009,he also served as president andCEO of Financial Executives Inter-national, the preeminent organiza-tion representing senior financialexecutives in dealing with the regulatory agencies involved withcorporate financial reporting andinternal controls.

In recognition of that distin-guished career, judges of this year’sCFO of the Year awards have madeMr. Abel the first recipient of a Lifetime Achievement Award. Theaward recognizes a current or former CFO “who honorably repre-sents their company/organizationby exemplifying performance, leadership, integrity, strategy andgrowth throughout their careerwhile bettering the finance profes-sion overall.”

The judges identified three primary areas in bestowing theaward on Mr. Abel:

■ He was instrumental in thegrowth and expansion of Lamson &Sessions, which was acquired in2007 by Thomas & Betts Corp. ofMemphis, Tenn. Lamson was a makerand distributor of thermoplasticelectrical, consumer, telecommuni-cations and engineered sewer products.

“Jim was the visionary in his roleas (Lamson) CFO to execute newstrategies for market penetration, aR&D unit that did applied research,

creative financing to grow the company through both organicgrowth and acquisitions,” thejudges wrote.

■ He was active in the financialprofession outside his job responsi-bilities, primarily through FinancialExecutives International. With thatorganization, Mr. Abel held positionsincluding Cleveland chapter presi-dent and national chairman — ahighly prestigious appointment inthe profession — prior to his 2008-2009 stint as CEO of the organiza-tion.

■ He has been involved in thecommunity, including service onboards of groups such as theGreater Cleveland Growth Associa-tion and Junior Achievement. Mr.Abel said he’s particularly proud ofhis involvement with JuniorAchievement, which helps educatechildren about economic systems,“something we need now morethan ever.”

(Another accomplishment, notmentioned by the judges but surelyimpressive: He and his wife raisedfive children.)

In the corporate sphere, Mr. Abelremains active as a board memberof St. Louis-based CPI Corp., a portrait studio operator that offersphotography services in about3,100 locations in North America,primarily in Sears and Walmartstores. Mr. Able chairs CPI’s auditcommittee and is a member of thenominating and governance committee.

Mr. Abel said he has seen the roleof the CFO change markedly duringthe last 40 years, the result of significantly improved information technology and more complicatedregulatory issues. Where CFOs onceconcentrated primarily on internalcontrols, they’re now more engagedin “evaluating corporate risk andhelping set long-term businessstrategies,” Mr. Abel said.

The severe economic downturnof the last two years puts even morepressure on CFOs to take leadershiproles in providing financial stabilityto their companies, he said. Mr.Abel sees the economy “headed upward at a very slow, very modestpace,” though it’s not yet strongenough to produce sustained improvements in employment opportunities.

“That’s the most crucial issuethat has to be fixed,” he said.

Leaders in Washington, D.C., todate have not “done enough to restore the confidence we had before this recession took place,”Mr. Abel said. One of the main obstacles to confidence, he said, isthe confusion corporate executivesfeel due to a lack of clarity on majorchanges from Washington on taxrules, health care reform andchanges to the financial regulatorysystem.

But he’s an optimist in the longterm.

“We Americans have an insatiabledesire to go after things and createopportunities,” Mr. Abel said.

UPCOMING EVENTSIn addition to the CFO of the Year

Awards event being held Oct. 26 inWestlake, Crain’s has a bevy of busi-ness breakfasts in the coming weeks,part of our Ideas at Dawn businessbreakfast series.

Each event is held at the Ritz-Carl-ton in downtown Cleveland, and startsat 8 a.m.

■■ Thursday: "Customer value pricing — re-defining your pricingstructure in a changing economy"

■■ Nov. 2: “Investing in distressedreal estate — keys to profitable buying and selling”

■■ Nov. 18: “Selling your businesswith confidence — plan a strategicand profitable exit”



Register for a free webinar. http://higheredwebinar.plantemoran.comRESPONDING TO DATA SECURITY INCIDENTS.

continued on PAGE 36

LARGEST COLLEGES AND UNIVERSITIESRANKED BY FALL 2010 FULL-TIME EQUIVALENT ENROLLMENT

Full-time equivalentenrollment

Rank

Name of college or universityAddressPhone/Web site Fall 2010 Fall 2009

%change

Student/faculty ratio

Annual tuitionRoom & board

% of enrollmentundergraduate

graduate

Type ofinstitutionAffiliation

Operating budget(millions)

Year foundedEndowment($ millions) President

1Kent State UniversityP.O. Box 5190, Kent 44242(330) 672-3000/www.kent.edu

29,371 27,617 6.3% 20:1 $9,030.0$8,416.0

85.0%15.0%

4 yearpublic

$544.21910 85.8 Lester A. Lefton

2University of Akron302 Buchtel Common, Akron 44325(330) 972-7111/www.uakron.edu

22,875 21,742 5.2% 19:1 $9,247.0$9,160.0

84.0%16.0%

4 yearpublic

$388.61870 156.0 Luis M. Proenza

3Cuyahoga Community College700 Carnegie Ave., Cleveland 44115(800) 954-8742/www.tri-c.edu

18,903 17,925 5.5% 19:1 $2,536.8NA

100.0%NA

2 yearpublic

$186.71963 NA Jerry Sue Thornton

4Youngstown State UniversityOne University Plaza, Youngstown 44555(330) 941-3000/www.ysu.edu

15,194 14,682 3.5% 20:1 $5,802.0$7,600.0

91.0%9.0%

4 yearpublic

$158.81908 156.0 Cynthia E.

Anderson

5Cleveland State University2121 Euclid Ave., Cleveland 44115(216) 687-2000/www.csuohio.edu

11,931 11,652 2.4% 17:1 $8,466.0$10,285.0

66.0%34.0%

4 yearpublic

$214.61964 43.7 Ronald Berkman

6Case Western Reserve University10900 Euclid Ave., Cleveland 44106(216) 368-2000/www.case.edu

8,939 8,883 0.6% 10:1 $37,300.0$11,400.0

43.0%57.0%

4 yearprivate

$940.31826 1,469.4 Barbara R. Snyder

7Lorain County Community College1005 N. Abbe Road, Elyria 44035(800) 995-5222/www.lorainccc.edu

8,375 7,936 5.5% 20:1 $2,568.8$0.0

100.0%0.0%

2 yearpublic

$68.11963 23.0 Roy Church

8University of Phoenix, Cleveland Campus5005 Rockside Road, Suite 130, Independence 44131(216) 447-8807/www.phoenix.edu/cleveland

7,900 6,000 31.7% NA NANA

NANA

4 yearprivate

NA2000 NA Bill Pepicello

9Lakeland Community College7700 Clocktower Drive, Kirtland 44094(440) 525-7000/www.lakelandcc.edu

6,059 5,837 3.8% 20:1 $2,916.0NA

100.0%0.0%

2 yearpublic

$58.71967 2.1 Morris W.

Beverage Jr.

10Stark State College6200 Frank Ave. NW, Canton 44720(330) 494-6170/www.starkstate.edu

4,576 3,934 16.3% 20:1 $3,258.0NA

100.0%0.0%

2 yearpublic

NA1960 NA John O'Donnell

11Baldwin-Wallace College275 Eastland Road, Berea 44017(440) 826-2900/www.bw.edu

3,834 3,883 -1.3% 15:1 $25,260.0$7,028.0

84.0%16.0%

4 yearprivate

$109.41845 103.9 Richard W Durst

12John Carroll University20700 North Park Blvd., University Heights 44118(216) 397-1886/www.jcu.edu

3,572 3,604 -0.9% 14:1 $29,250.0$8,750.0

80.0%20.0%

4 yearprivate

$76.01886 147.0 Rev. Robert L.

Niehoff, S.J.

13Walsh University2020 E. Maple St. NW, North Canton 44720(330) 490-7090/www.walsh.edu

3,000 2,935 2.2% 15:1 $21,380.0$9,260.0

82.0%18.0%

4 yearprivate

$59.51960 8.8 Richard Jusseaume

14Oberlin College101 N. Professor St., Oberlin 44074(440) 775-8400/www.oberlin.edu

2,974 2,919 1.9% 9:1 $41,234.0$11,340.0

99.0%1.0%

4 yearprivate

NA1833 614.9 Marvin Krislov

15Bryant and Stratton College3121 Euclid Ave., Cleveland 44114(216) 771-1700/www.bryantstratton.edu

2,871 2,650 8.3% 15:1 $15,120.0NA

100.0%0.0%

4 yearprivate

NA1854 NA John Staschak

16Ashland University401 College Ave., Ashland 44805(419) 289-4142/www.ashland.edu

2,450 2,239 9.4% 16:1 $26,566.0$9,352.0

43.0%57.0%

4 yearprivate

NA1878 NA Frederick Finks

17Malone University2600 Cleveland Ave. NW, Canton 44709(330) 471-8100/www.malone.edu

2,279 2,315 -1.6% 14:1 $21,954.0$7,548.0

83.0%17.0%

4 yearprivate

$41.61892 19.1 Will J. Friesen

18University of Mount Union(1)1972 Clark Ave., Alliance 44601(330) 821-5320/www.mountunion.edu

2,226 2,163 2.9% 14:1 $24,800.0$7,780.0

98.0%2.0%

4 yearprivate

$69.61846 115.1 Richard Giese

19The College of Wooster1189 Beall Ave., Wooster 44691(330) 263-2000/www.wooster.edu

1,951 1,821 7.1% 11:1 $36,320.0$9,070.0

100.0%0.0%

4 yearprivate

$67.01866 232.0 Grant H. Cornwell

20Notre Dame College4545 College Road, South Euclid 44121(216) 381-1680/http://notredamecollege.edu

1,676 1,582 5.9% 14:1 $23,200.0$7,800.0

85.0%15.0%

4 yearprivate

NA1922 NA Andrew P. Roth

21Ohio Technical College1324 E. 51st St., Cleveland 44103(216) 881-1700/www.ohiotechnicalcollege.com

1,492 1,136 31.3% 13:1 NANA

100.0%0.0%

2 yearprivate

NA1969 NA Marc Brenner

22Hiram CollegeP.O. Box 67, Hiram 44234(330) 569-3211/www.hiram.edu

1,396 1,360 2.6% 13:1 $26,435.0$10,273.0

97.0%3.0%

4 yearprivate

NA1850 NA Thomas V. Chema

23Lake Erie College391 W. Washington St., Painesville 44077(440) 296-1856/www.lec.edu

1,216 1,027 18.4% 14:1 $25,674.0$7,918.0

83.0%17.0%

4 yearprivate

$22.01856 27.0 Michael T. Victor

24Ursuline College2550 Lander Road, Pepper Pike 44124(440) 449-4200/www.ursuline.edu

1,183 1,195 -1.0% 8:1 $23,700.0$7,970.0

69.0%31.0%

4 yearprivate

$28.71871 18.7 Diana Stano,

O.S.U.


Business lending by Akron-basedBuckeye State Credit Union hasmore than doubled since 2007, theyear the recession began, saidMichael Baughman, senior vicepresident and chief lending officer.The credit union began businesslending about a decade ago andnow has business loans totaling$7.8 million, which accounts for17% of its total loan portfolio.

It took Taleris Credit Union Inc.in Cleveland only a year or so tobuild a business lending portfoliothat comprises roughly 14% of itstotal loan portfolio, president andCEO Robin Thomas said. Taleris hasissued about $5.5 million in commercial loans — all throughCooperative Business Services, acredit union service organizationthat spreads those loans among itsmembers to keep one member fromfooting the entirety of a large loan.Other local credit unions also lendthrough the organization.

Vacationland Federal CreditUnion, with branches in Sanduskyand Vermilion, has boosted its busi-ness loan portfolio to more than $10million from $700,000 in late 2007,said Bryan Myers, executive vicepresident and chief credit officer.Business lending is Vacationland’sfastest-growing product, followedby mortgage refinances, he noted.

Though business lending accountsfor only 3% of credit union loans inOhio, it’s been the fastest-growingloan type for several quarters, andits volume grew 13.3% over the last12 months to $371.4 million as ofJune 30, said Patrick Harris,spokesman for the Ohio CreditUnion League.

Nationwide, from June 2009 toJune 2010, credit unions’ businessloans rose 8.8% by dollar volume,according to the National CreditUnion Administration. Since June2007, that volume has climbed 46%.

By contrast, banks’ small businessloans by dollar volume droppedmore than 4% from June 2009 toJune 2010 and by more than 5% inthe three years from June 2007 to June 2010, according to FederalDeposit Insurance Corp. data.

Small business lending remainsbanks’ stronghold, however. Bothbanking and credit union industryinsiders say banks command morethan 95% of the market.

Rising tideSome credit unions have lent to

small businesses since they werefounded; others are new to the game.

Nationwide, the number of creditunions that offer business loans totals 2,300 this year, whichamounts to 30% of all credit unions,said Mike Schenk, senior economistfor the trade group, Credit UnionNational Association. In 2008, thepercentage that offered businessloans was 24%.

In Ohio, nearly 100 of the state’s390 credit unions — or about aquarter — reported in June to theOhio Credit Union League that theydo small business lending, Mr. Harris said. That number is upslightly from 22.6% in June 2009.

Chartered in 1957, PEF FederalCredit Union in Highland Heightsbegan member business lendingthis April after decades of focusingon consumer services, CEO RussFisher said. In the intervening sixmonths, PEF has issued $1.5 millionin business loans, an amount that

includes lines of credit for businessesand the refinancing of commercialreal estate.

Benefits of serving “Joe BusinessOwner,” said Mr. Myers of Vaca-tionland, include higher yields anda diversification of an institution’sloan portfolio.

The biggest reason for creditunions’ business lending growth,most agree, is the constriction ofbank business lending.

“We have the opportunity to stepup to the plate where I think thebanks have said, ‘We’ve had enoughof this, we’re going to shut thefaucet off,’” Mr. Myers said, notingsome of his clients have reportedbanks changing terms on them.

“We’re kind of picking up wherethe banks left off,” he said.

PEF Federal expanded into busi-ness lending this year because it’ssomething members have askedfor, Mr. Fisher said. He has heard ofsome clients who had lines of cred-it closed by banks.

“We’re seeing a lot of small busi-nesses who are within our footprintcoming to us for help,” he said.

Growth in contextThough the changes in credit

union business lending appear sizable, it should be noted that creditunions started with a smaller base,both banking and credit union offi-cials say.

Bob Seiwert, who heads theAmerican Bankers Association’sCenter for Commercial Lending andBusiness Banking, said becausecredit unions are “new to the game”in business lending, they have fewer loans being paid down. Banksestimate that 20% of their commer-cial loan balances are paid down annually, so to demonstrate any increase, they’d need their smallbusiness lending to rise enough tocover what’s being paid off and thensome, Mr. Seiwert said.

It’s true that banks tightenedtheir lending requirements duringthe turbulent period from 2007through 2009, said Carol Kaplan,American Bankers Association spokes-woman. But, she noted, for the firsttime since late 2006, the Federal Deposit Insurance Corp.’s SeniorLoan Officer Opinion Survey in Julyshowed an easing of bank lendingstandards for small companies.

A rivalry intensifiesThe rivalry between banks and

not-for-profit credit unions is nothingnew, nor is the banking industry’slament that untaxed credit unionsenjoy an unfair business advantage.Specific to this increasing rivalry,though, is the banking industry’sassertion that credit unions don’thave the expertise necessary to dobusiness lending.

“Healthy competition is alwaysgood,” said Mr. Seiwert of thebankers association. “But healthycompetition implies that your competitors fully understand whatthey’re doing in terms of appropri-ately analyzing the business risks,and they don’t have unfair cost advantages.”

“The art of lending to small busi-nesses” is not something acquiredovernight, Mr. Seiwert said. Creditunions’ lack of expertise, he asserted,could make the ramping up of theirbusiness lending dangerous.

Most credit unions acknowledgebusiness lending tends to carry ahigher risk, but that’s where due


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Credit: Restrictions limit growthdiligence comes in.

“Let me just say this: If it’s doneproperly and credit unions look tothe right people who understand theunderwriting process … the banksdon’t have a lot of leg to stand on,”said Mr. Myers of Vacationland, whohas 22 years of banking experience.

Nonetheless, there will be losses,Mr. Fisher of PEF Federal predictedmatter-of-factly.

“There’s risk involved in everythingwe do,” he said. “It all boils down toyour due diligence, and then luck always plays a part in it as well. Thereare always unknowns and intangiblesthat come out of left field.”

Dealing with the ceilingIn response to the growth in credit

union business lending, the NationalCredit Union Administration hasadded “a fair number” of specializedexaminers to examine the safety andsoundness of credit unions’ under-writing, Mr. Kutchey said. In addition,the agency has undertaken a review ofits business lending regulation.

One challenge to growth, creditunion executives say, is a federal restriction that limits the businesslending credit unions can do to 12.25%of their total assets. The credit unionindustry is lobbying to have the percentage increased to allow formore, while the banking industryopposes such expansion.

“If it remains the same, my concern is we will reach the cap andwe will no longer be able to offer aservice that our members want andneed,” said Mr. Fisher, who notedthat his credit union has lent $1.5million in just six months — onlyabout $2 million below its cap.

Bankers counter that only a smallpercentage of credit unions are at ornear their limit. ■


assistance from other states thatcould be potential sites of the coatingsplant, but noted that MesoCoat is “avery good fit here.”

Impressive CEOMesoCoat has close ties to the

area: It was spun off from materialstechnology company PowdermetInc. in 2008 and still shares its head-quarters with the company. Thatsame year it received a $350,000 investment from the JumpStart Inc.economic development group.

Abakan has confidence in Meso-Coat. The publicly traded company,formed to invest in coatings tech-nology companies, in 2009 bought aminority stake in the startup and recently boosted its percentage to amajority stake by buying 41% of Powdermet, which owns MesoCoatstock. Abakan will own 71% of Meso-Coat after its latest investment is finalized.

Abakan decided to invest in Powdermet because it is developingmore materials that have “big potential” and to boost its owner-ship in MesoCoat, Mr. Miller said.Abakan’s CEO also has a lot of faithin Mr. Sherman, who is CEO ofPowdermet as well as MesoCoat.

“I’ve interviewed a lot of scien-tists, and Andy has impressed me alot,” Mr. Miller said.

Great expectationsAbakan expects MesoCoat to

pass $100 million in annual revenueby 2013. As the company grows itwill need to build more plants, Mr.Miller said, noting that it is consid-ering locations in Houston, SaudiArabia and Brazil.

There is potential for additionalproduction in the Midwest, too, because there are so many potentialmarkets for MesoCoat’s technology,Mr. Miller said. For instance, itcould be used to coat car parts or reinforcing steel bars commonlyused in construction, he said.

Abakan, as a public company, willbe able to help MesoCoat access largecapital markets, Mr. Sherman said.He also noted that MesoCoat shouldbenefit from the connections ofAbakan’s executive team and fromMr. Miller’s experience helping startand finance more than 40 compa-nies over the past 25 years.

Don’t bet against MesoCoat, saidPeg Hunt, who followed the companyuntil retiring from her position aseditor of Advanced Materials &Processes, a magazine produced byASM International, a materials-focused trade association based inGeauga County.

Ms. Hunt wasn’t familiar withMesoCoat’s CermaClad process,but she described PComP as a“breakthrough technology” thatseems like the perfect replacementfor chrome, which is used to protectvarious metals.

“It looks to me like a technologythat’s going to solve problems in almost any industry you can imag-ine,” Ms. Hunt said. ■

“(MesoCoat’s PComP)looks to me like a tech-nology that’s going tosolve problems in almostany industry.” – Peg Hunt, former editor, Advanced Materials & Processes


from all of us at Fomo Products!

2010Crain’s Cleveland Business

CFO of the YearFinalist

Executive Vice President & CFO, Fomo Products

LARGEST COLLEGES AND UNIVERSITIESRANKED BY FALL 2010 FULL-TIME EQUIVALENT ENROLLMENT

Full-time equivalentenrollment

Rank

Name of college or universityAddressPhone/Web site Fall 2010 Fall 2009

%change

Student/faculty ratio

Annual tuitionRoom & board

% of enrollmentundergraduate

graduate

Type ofinstitutionAffiliation

Operating budget(millions)

Year foundedEndowment($ millions) President

25Remington College-Cleveland Campus26350 Brookpark Road, North Olmsted 44070(440) 777-2560/www.remingtoncollege.edu

1,170 1,100 6.4% 15:1 $19,600.0NA

100.0%NA

2 yearprivate

NA1986 NA Gary A. Azotea

Patrick Resetar

26Northeastern Ohio Universities Colleges of Medicineand Pharmacy4209 State Route 44, Rootstown 44272(330) 325-2511/www.neoucom.edu

767 690 11.2% NA $30,559.0NA

0.0%100.0%

4 yearpublic

$42.51973 NA Jay Alan Gershen

27The Ohio State University Agricultural TechnicalInstitute1328 Dover Road, Wooster 44691(330) 287-1331/www.ati.osu.edu

700 720 -2.8% 16:1 $6,300.0$5,865.0

100.0%0.0%

2 yearpublic

$8.01969 NA Stephen Nameth

28Chancellor University3921 Chester Ave., Cleveland 44114(216) 391-6937/www.chancelloru.edu

571 475 20.2% 12:1 NANA

NANA

4 yearprivate

NA1848 NA Robert C.

Daugherty

29Cleveland Campuses of Indiana Wesleyan University4100 Rockside Road, Independence 44131(216) 525-6160/http://cleveland.indwes.edu

550 500 10.0% 14:1 NANA

NANA

NAprivate

NA2002 NA Henry Smith

30The Cleveland Institute of Art11141 East Blvd., Cleveland 44106(216) 421-7000/www.cia.edu

534 508 5.1% 9:1 $30,840.0$10,950.0

100.0%0.0%

4 yearprivate

NA1882 NA Grafton J. Nunes

31Ohio College of Podiatric Medicine6000 Rockside Woods Blvd., Independence 44131(216) 231-3300/www.ocpm.edu

455 435 4.6% 20:1 $27,250.0NA

NA100.0%

4 yearprivate

$14.21916 6.8 Thomas V. Melillo

32Cleveland Institute of Music(2)11021 East Blvd., Cleveland 44106(216) 791-5000/www.cim.edu

450 457 -1.5% 4:1 $36,000.0$11,104.0

55.0%45.0%

4 yearprivate

NA1920 NA Joel Smirnoff

33Virginia Marti College11724 Detroit Ave., Lakewood 44107(216) 221-8584/www.vmcad.edu

300 300 0.0% 12:1 $13,320.0NA

100.0%0.0%

2 yearprivate

NA1966 NA Virginia Marti Veith

34DeVry University(3)6000 Lombardo Center, Suite 200, Seven Hills 44131(216) 328-8754/www.devry.edu

287 193 48.7% NA $14,766.0$10,422.0

72.0%28.0%

4 yearprivate

NA1931 NA Scarlett Howery

RESEARCHED BY Deborah W. Hillyer

Source: Information is supplied by the companies unless footnoted. Crain's Cleveland Business does not independently ver-ify the information and there is no guarantee these listings are complete or accurate. We welcome all responses to our listsand will include omitted information or clarifications in coming issues. Individual lists and The Book of Lists are available topurchase at www.crainscleveland.com.(1) Previously Mount Union College. (2) Information is from www.cim.edu. (3) Enrollment numbers are for 2009 and 2008.DeVry's fall semester starts in late October. continued from PAGE 3

MesoCoat: Company’s‘big potential’ intriguing


However, Ms. Taylor said Summanow is looking at fundraising as astrategic initiative focused on indi-vidual donors rather than just a series of one-day events, becausethe latter can be labor-intensive andoffer little return.

“Every donation from $1 to millions of dollars is important,”Ms. Taylor said in explaining theimportance of cultivating donors.

The MetroHealth System’s 2009dip in fundraising closely mirroredthe national trend, but so far thisyear, the health system has shat-tered its fundraising total for the lastthree years, according to Kate Brown,vice president for development atthe county-subsidized hospital system.

In 2008, MetroHealth raisedabout $6.3 million and about $5.6million in 2009. So far this year, ithas raised more than $8 million.

Ms. Brown said MetroHealth hasadded staff to solicit major dona-tions, sent more direct-mail piecesappealing for contributions andplaced more people in the commu-nity to share the hospital’s story invenues such as churches, seniorcenters and Kiwanis and Rotaryclubs.

“We’re really just making surewe’re sharing with the communitywhat we’re doing and continuing tobuild those relationships,” she said.

Weathering the stormThe Cleveland Clinic managed to

fend off a major decline in 2009, reporting only a modest $600,000dip in total gifts, to $179.5 million.This year, the clinic’s fundraising is$15 million ahead of where it was atthis time last year.

Armando Chardiet, institutionalrelations chair for the ClevelandClinic, wouldn’t speculate aboutwhether the clinic would surpass itsfundraising levels of the past fewyears. He said his team is workingon closing several large gifts, butthose could come at the end of theyear or even into the next.

University Hospitals saw a 23%fundraising drop in 2009, but thatwas because in 2008 the hospitalsystem received a $22.6 million donation, one the largest in its history, that brought total fundraisingfor that year to $97.9 million. Its

total for 2009 was more on par withits 2007 numbers, though slightlylower.

Sherri Bishop, University Hospi-tals’ chief development officer, saidgiving has remained steady despitethe challenging economy. AlthoughUniversity Hospitals’ year-to-datetotals weren’t yet available, the systemhas received several gifts of $1 million or more over the last severalmonths.

Ms. Bishop noted that UniversityHospitals’ donors have been sup-portive of the system’s $1.2 billionVision 2010 renovations and construc-tion program, which brought the region’s first freestanding cancerhospital to Case Medical Center and is creating the 144-bed Ahuja Medical Center in Beachwood.

An exception to the comebacktrend to this point is Akron GeneralHealth System, which has seen asteady decline in fundraising since2007. However, Jim Gosky, aspokesman for Akron General, saidin an e-mail that as the stock marketcontinues to stabilize, “We feel optimistic that we will see a reboundin our dollars raised in 2011.”

A focus on the individualMs. Brown said MetroHealth is a

bit unusual among medical centersbecause the bulk of its contributorsare from corporations and founda-tions, though the number of individual contributors is steadily growing. Nationwide, businesses andfoundations make up only about12% of all donors, according to theAssociation for Healthcare Philan-thropy.

Mr. Chardiet noted that theCleveland Clinic also is building onits base of individual donors.

“The reasons why individualstend to give to places like the Cleve-land Clinic are often based on veryemotional reasons like experiencesbased on the health care they received,” Mr. Chardiet said. “So tosome degree, (health care institu-tions) are less affected by economicfactors because their donors aremuch more emotional.”

For example, a former ClevelandClinic patient and his wife recentlydonated $10 million to establish aleadership academy for health careexecutives. The donor, Eric Samson,came to the Clinic 10 years ago for

“(Health care institutions) are less affected by economicfactors because their donors are much more emotional.”– Armando Chardiet, institutional relations chair, Cleveland Clinic


Member FDIC. ©2010, U.S. Bancorp, U.S. Bank National Association. *The U.S. Small Business Administration (SBA) estimates that it will be able to eliminate upfront Guarantyfees on loans approved through 12/31/2010 or until funding expires. Financing maximums and terms are determined by borrower qualification and use of funds.

Romona Davis440-717-1226

usbank.com

Increased loan limitsAs America’s premier SBA lender, U.S. Bank is pleased to announce our full commitment to recentlyenacted Federal legislation affecting small businesses. As a result of this legislation, the SBA 7(a) loanprogram has permanently increased from $2 million to $5 million; and the 504 program loan limits havebeen increased to accommodate transactions up to $12.5 million. As a result, small businesses nowhave more opportunities for expansion, acquisition and refinance.

Limited time loan fee waiverThis new legislation allows for the waiver of SBA fees on both 7(a) and 504 loans until December 31,2010*. This temporary SBA fee waiver could save small businesses as much as $166,250 on new SBA loans – this is a limited time opportunity, so time is of the essence!

We invite you to discover what more than 30,000 small businesses already know – that U.S. Bank isvery much in the SBA business and ready to lend. Contact a U.S. Bank SBA Division loan expert todayfor a no-obligation consultation.

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Institution 2010 YTD 2009 2008 2007

CHARITABLE GIVING AT AREA HEALTH CARE INSTITUTIONS

Cleveland Clinic $80.6M $179.5M $180.1M $165.7M

MetroHealth 8.0 5.6 6.3 7.6

Summa N/A 4.4 5.4 7.4

University Hospitals* N/A 75.2 97.9 79.6

Akron General N/A 2.6 4.7 6.6

United States N/A 7.64B 8.59B 8.35B

* — UH RECEIVED IN 2008 A $22.6 MILLION DONATION, ONE OF THE LARGEST IN ITS HISTORY.SOURCES: CRAIN’S RESEARCH, ASSOCIATION FOR HEALTHCARE PHILANTHROPY

Giving: Shift to individual donors helps hospitals’ fundraisingcontinued from PAGE 3 heart surgery, which was performed

by Dr. Delos “Toby” Cosgrove, theClinic’s president and CEO.

“There’s an art and science to mybusiness,” Mr. Chardiet said aboutfundraising. “And it’s still some-what skewed toward the art side.”

Parma Community General, anindependent community hospital,

has seen a 20% boost in itsfundraising totals so far this year.Marcia Ferguson, executive directorfor the hospital’s foundation, saidthe increase also can be attributedto focusing more on individualdonors.

“It’s not just the general economygetting better,” she said. “You have

to do things very differently.”Although a delicate process, Ms.

Ferguson said the foundation’s volunteers and staff members havebeen soliciting donations from former patients because “they’rethe most philanthropically inclined”due to their connections to the hospital. ■

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HIGH TRAFFIC AREA • 1 Mile Off I-75Located on Heavy Haul Route • 52 Miles from Detroit/Metro

Truck/Trailer Storage Area• Security Fencing & Guard House

Steel Beam • Block Exterior • Steel Siding • Concrete FloorsBuilt 1989 • Renovated 1998

Great Location • Multi-Use Building

OFFERING #2Location: 5570 Enterprise Blvd., Toledo, OH 43612

Adjacent to Offering #138,236 SqFt Industrial/Warehouse

On 6.73+/- Acres • Built 1989Great Location • Multi-Use Building

In Co-op w/CB Richard Ellis/Reichle KleinMarty Gallagher, SIOR / 419-794-3956

Jerry Malek, CCIM, SIOR / 419-794-3964

The Skutch Company, Ltd. - Receiver

For More Info., Terms & Bidding Procedures go to Our Websitewww.wilsonauctionltd.com

Or, contact any of the following for more detailed information,Due Diligence Packets & to Register for a Bidders Packet

Auctioneers: Wayne M. Wilson, CAIBrent J. Wilson, CAI

www.WilsonAuctionLtd.com

REAL ESTATE AUCTION

www.midwestprops.com 330-225-2822

Includes Restaurant Furniture, Fixtures & Equipment

Formerly TGI Friday’s

Restaurant Use OnlyWednesday, November 10th, 1 pm – on site2040 Midway Boulevard, Elyria, OH (Midway Mall)6,770 sq. ft. Commercial Building/FF&E10% Buyers PremiumSee Website for Details

Midwest Properties Auctioneers, LLC - Robert Nieto – Auctioneer / CB Richard Ellis, Inc., Broker

CRESCO real estate

Available Office SpaceROCKSIDE CORRIDOR- office/medical suites available from 1,200 to 132,000 sf - excellentfreeway access - No Rockside Traffic! - Tom West15,000 SF - professional office building for immediate disposition - $400,000 - Rico Pietro,SIOR or Eliot KijewskiWESTLAKE OFFICE BUILDING FOR SALE - investor/user opportunity - attractive medical/general office - 9,436 sf - convenient to I-90 - John Glasstetter, SIORSUBLEASE OPPORTUNITY - close to Belden Village Mall - great space - Patrick Reardon, SIORAvailable Industrial SpaceGREAT SUBLEASE OPPORTUNITY- or possible sale - 170,000 sf - high ceiling - 8 docks - rail -sprinkler - office - Armand AghajanianFREMONT - 143,400 sf on 9 acres - 28’ to 31’ clear - 10 DKs - 1 DI - air rotation - yard for 32 trail-ers - highway access - Joe Barna, SIOR or George Pofok, SIOREASTLAKE - Route 2 visible - excellent mfg. facility - 113,285 sf with 13,000 sf ofoffice/training rooms on 8.86 acres - cranes - heavy power - buss duct - air lines - 22’-26’ clear- highway visible - expandable - many other amenities - Eliot Kijewski, Joe Barna, SIOR orSimon Caplan, SIOR

www.crescorealestate.com • 216.520.1200Don’t See The Perfect Fit Here? Visit NEW Website...

FOR SALE OR LEASE IN ORRVILLE, OH - 69,235 sf building situated on 5.73 acres -excellent light mfg./whse. building - 20’-26’ clear - 100% sprinklered - great condition - Matt Beesley, SIOR or Fred Christie, SIORFOR SALE OR LEASE - 22,183 sf high end campus style office building with warehouse component - building comes furnished with cubicles, desks, chairs etc. - Bob Garber, SIOR orMatt Beesley, SIORLIBERTY BUSINESS PARK - 2,700 to 21,600 sf in Avon - high image construction - officesto suit - sprinklered - 18’ ceilings - DKs & DIs - excellent highway access - Joe Barna, SIORBEREA USER/INVESTOR OPPORTUNITY - multiple uses including auto/bus repair -20,320 sf available - 11,405 sf leased brings in revenue - Kevin KellyI-480 & RIDGE ROAD - freestanding 8,760 sf retail/whse building for sale - can be split oras one - abundant parking - Fred Christie, SIORUSER/INVESTOR OPPORTUNITY IN LAKEWOOD - 5,200 sf office/retail & apt bldg. onMadison - 4/1 bedroom apts. plus 2 1st floor office/retail units (1,700 sf total) with parkinggarage for residents - Ken Anderson or Ryan BurrowsFAIRVIEW PARK - 1,854 sf retail building for sale - well maintained - excellent location over-looking the Rocky River Metropark - Pamela Bertovich

Brooklyn, Ohio7000 sq. ft., 12x14 Overhead Door

110-220 3 Phase PowerExcellent for Garage/Warehouse/

Light Manufacturing $2000/monthContact Frank at Trans Properties

216-631-6842

CANYON FALLSTWINSBURG

PROFESSIONAL SPACEAVAILABLE FOR LEASE

BUILD TO SUIT2000-6000 s.f.

Call Carolyn 216-593-7146

FOR LEASERocky River Beachcliff

Area. From $14.75Single office $500

Call 440-333-0000ext. 777

CLASSIFIED

CCrraaiinn’’ss EExxeeccuuttiivvee RReeccrruuiitteerr

WEALTH MANAGEMENTFairway Wealth Management LLC is an independent firm deliveringintegrated wealth management and family office services to fortunateprivate client families and fiduciaries.

We are seeking candidates for an Associate position and aManager position to support our Partners in delivering our full rangeof advisory services. The Associate position requires one to five yearsof experience while the Manager position requires at least five to ten.Candidates must have an undergraduate business degree andrelated experience in an accounting firm, family office, or wealthmanagement firm. Preferred candidates will already have or beworking toward the CPA and/or CFP license. Both positions requireextensive income tax, financial planning, and investment advisoryanalytical skills, along with the ability to develop trusted relationshipswith clients.

Resumes are being accepted by email [email protected].

Garden Center plus House2 acres. 12,000 sq. ft. shade area.

Bulk material bins.4 car garage.

Remodeled retail w/ office space.Email:

[email protected]

CAV’S TICKETSAll Regular Season games.

Center Court.½ season $16k.

Sec 109, row 4, 1-4.Incl. parking pass.

Call 216-409-8055

WINTER CAR STORAGE

DOWNTOWN * LOW MONTHLY RATE

440-243-5500

LanderhavenCelebrating

You440.449.0700

ExecutiveCaterers.com

JAY BOCCorporate Comic

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Meetings, Trade Shows, Holi-day Parties, ‘Faux Pro’ & More

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COMMERCIAL LOANSDiscover the benefits of working with bankers who build

strong relationships and deliver one-stop solutions.

LYNDA NOWAKVice President Commercial Team Manager(216) 529-2734 [email protected]

Attn:General / Plant /

Facility ManagersSave 50-70% on

your lighting energycosts & get better

lighting

330-931-3905www.ROI-Energy.com

• Over 50K sq. ft?• Run multiple shifts?• Payback 12-24 months• N/C Analysis

FLYNNENVIRONMENTAL

For Assessments(800) 690-9409

www.flynnenvironmental.com

For daily on-line

updates, sign up @

CrainsCleveland.com/DailyE-MAIL US YOUR [email protected]

DON’T FORGET:Crain’s Cleveland Business on-line @ CrainsCleveland.com

For all the latest business news...online


COMPANY: AkzoNobel Paints LLC,StrongsvillePRODUCT: Sikkens Cetol Water-borne SRD wood finish

Sikkens Wood Finishes, manufactured byAkzoNobel Paints, now is offering its popularCetol product in a new waterborne formula.

The company says the translucent exteriorwood finish “provides an easy-to-use, one-coat application” thatresults in a distinc-tive look.

The waterborneproduct is formu-lated for siding,rails and decking,in addition to otherexterior wood sur-faces, and featuresa hybrid alkyd/acrylic formula thatoffers “superiorpenetration, colorretention, reliable adhesionand easy soap-and-water cleanup,” AkzoNobelsays. It’s also safe for use on exterior hard-woods such as mahogany and teak.

The product includes a transoxide pigmentsystem, which can be mixed in-store fromone base, allowing less inventory to bestocked and conserving shelf space. It’s avail-able in eight wood-tone colors: natural, natural oak, cedar, teak, butternut, redwood,mahogany and dark oak.

For information, visit www.nam.sikkens.com.

Send information about new products to managing editor Scott Suttell [email protected].

No time to slack off thanks to this work■ It’s decades-old news that the U.S. Army’swomen’s dress slacks are made here — butnow all of the U.S. Navy’s will be, too.

Vocational Guidance Services, a Clevelandnonprofit employing people with barriers tothe job market that include disabilities andprevious incarceration, on Oct. 1 began pro-duction as the exclusive provider of the Navy’swomen’s dress slacks.

The new work and achange by the Army hasled to the hiring of 15workers and will increaseproduction at the nonprofit’ssewing operation by roughly35%, said Adam Ross, director of development. He noted that theArmy switched to blue slacks from green.

“I think it’s an amazing thing for us andfor the community,” Mr. Ross said.

The sewing operation on East 55th Streetnow staffs 65 who produce more than 500pairs of slacks a day using machinery, Mr.Ross said.

Vocational Guidance Services has made100% of the U.S. Army’s women’s dressslacks since 1991.

It secured the Navy work after a nonprofitwith a similar mission, KCARC in Indiana,decided it wanted to end its production ofNavy slacks, Mr. Ross said. KCARC recom-mended Vocational Guidance Services —presumably because the local nonprofit hadassisted KCARC about a decade ago when itwas running behind in production andneeded help, he said. — Michelle Park

New medical helicopter standards? No problem■ The Federal Aviation Administration recently recommended stricter safety guide-lines for medical helicopters, but much of the fleet flying in Northeast Ohio’s skiesalready is meeting or exceeding the pro-posed standards.

Under the proposal, helicopter operatorswould need to use the latest on-board tech-

nology and equipment toavoid obstacles and terrain.Also, the FAA proposalcontains measures requiringoperators to use enhancedprocedures for flying inchallenging weather orwhen landing in remote

locations.The proposal came in response to a high

number of fatal crashes involving air ambu-lances throughout the country. From 1992through 2009, 135 medical helicopter accidentsclaimed 126 lives, according to the FAA.

Dr. Craig Bates, chief medical officer forMetro Life Flight, said the proposals are astep in the right direction, but the recom-mendations fall short of what they could include.

“If you’re not going to do your missionright, you shouldn’t be doing it at all,” saidDr. Bates, adding that Metro’s fleet of threehelicopters already meets or exceeds theproposed standards.

Dr. Bates said he would have liked theFAA to follow an earlier recommendation bythe National Transportation Safety Board torequire night-vision technology as well as

autopilot controls.One of University Hospitals’ Medevac

helicopters does not meet the proposed requirements, but a new aircraft has beenordered that will meet the recommenda-tions, said Wayne Fleck, business managerfor University Hospitals Medevac. Theroughly $4.2 million aircraft is expected toarrive at the end of next year.

Akron Children’s Hospital’s Air Bear heli-copter, the only transport helicopter in thestate dedicated to pediatrics, also meets theproposed standards, according to nursingdirector Helen Raub, who initiated the AirBear program. — Timothy Magaw

Tremco employees color their world■ The extensive energy-efficiency renova-tions at its headquarters are “green,” but thenew façade for Tremco Inc. in Beachwoodlooks like pink granite — exactly the colormost employees preferred.

Leading a tour of the renovations, CraigNelson said Tremco executives, in an effort toinvolve people in the project, held a colorselection contest during its design phase lastspring. Mr. Nelson, vice president of con-struction operations for WTI, a Tremco unitthat is the project’s general contractor, saidhis preference — brown — didn’t win, butadded, “That’s OK. This looks good, too.”

Ever the salesman, Mr. Nelson noted thatTremco’s sister company, Dryvit SystemsInc., produces the “outsulation” and canmake “whatever color” someone wants.

Dryvit’s web site showcases more than280 colors. — Michelle Park

WHAT’S NEW

REPORTERS’ NOTEBOOKBEHIND THE NEWS WITH CRAIN’S WRITERS

THEINSIDER

THEWEEK OCTOBER 11 - 17

The big story: Shaker Heights investment adviser Robert Pinkas was ordered to pay nearly $1million in a settlement of fraud charges broughtagainst him by the Securities and ExchangeCommission. Mr. Pinkas did not admit or denythe allegations, but he agreed to pay $325,000 ina civil penalty, $482,561 earned as a result of thealleged violations and prejudgment interest of$150,168. The final judgment — entered byJudge James S. Gwin in U.S. District Court inCleveland — also bars Mr. Pinkas from acting asan officer or director of a publicly traded companyfor five years.

Now that’s a deal: Lenox Mortgage XIIILLC, an affiliate of Boston-based apartmentowner Aspen Management Inc., paid just $8.4million, or 41% of the value of the original $20million mortgage, for the loan on the Quay 55apartments in a Sept. 9 auction of defaultedloans backed by the U.S. Department of Housingand Urban Development. Buying the loans positions Lenox to become the owner of thelakeshore apartments at 5455 North MarginalRoad in Cleveland if it fails to strike an agree-ment to restructure the loan with the Quay 55Limited Partnership that developed and ownsthe complex.

Southern exposure: Associated Estates Realty Corp. continues to enter new marketsoutside Ohio with its acquisition of San Raphael,a Class A apartment community located in Dallas.The real estate investment trust based in Rich-mond Heights said the 222-unit property wasbuilt in 1999 and is located in the Addison/Galleria area, 11 miles north of downtown Dallas. The average monthly rent per unit is $1,003,and the property is currently 95% occupied.

An early holiday gift: Thanks to what it called “positive sales trends and expectationsfor holiday traffic in its stores,” fabric and craft

retailer Jo-Ann StoresInc. announcedplans to increaseits work force by15% for the holidayseason. Travis Smith,president and chief

operating officer forJo-Ann, said the com-

pany is in the process of recruiting for the holidays and anticipates hiring more than 3,000 seasonal employees. Mr. Smith expects the growing trend in hand-made gifts will continue to boost business at thestores.

New in the Neighborhood: Joel Ratner, currently president of the Raymond John WeanFoundation of Warren, was named the new president and CEO of the NeighborhoodProgress Inc. nonprofit development group. Mr.Ratner starts Jan. 3 at Neighborhood Progress.He will succeed Eric Hoddersen, who retiredearlier this year after 16 years as the organiza-tion’s president and CEO.

Making a difference downtown: Cleve-land Cavaliers owner Dan Gilbert is the 2010winner of the prestigious Ruth Ratner MillerAward, which is presented by the DowntownCleveland Alliance to an individual for careerachievement in the advancement and enhance-ment of downtown Cleveland. DowntownCleveland Alliance, a nonprofit dedicated tobuilding a dynamic downtown, will present Mr.Gilbert the award at its annual award luncheonOct. 28.

To keep up with local business news as it happens, visit www.CrainsCleveland.com.


Excerpts from blog entries on CrainsCleveland.com.

BEST OF THE BLOGS

Now he just needs to getvoters this enthusiastic■ You might not look at Cincinnati Repub-lican Rob Portman and see a political star inthe making, but Washington Post columnistDavid Broder sure does.

The Washington press corps sage gushedover the likely-to-win Senate candidate —Mr. Broder even referred to Mr. Portman’s“startlingly good looks” — in a piece thatcompared him favorably with of-the-momentGOP star Mitch Daniels, the budget-conscious governor of Indiana.

“Now 54 and a fitness fanatic, Portmanhas achieved his status by being smart, disciplined and a team player. Businesspeople know he does his homework, andDemocrats find him approachable,” Mr.Broder wrote. “Except for Daniels, there arefew Republicans who have delved as deeplyinto fiscal and budgetary policy, trade andhealth care as has Portman, who notablyexpanded the Office of Manage-ment and Budget’s focus onMedicare and Medicaid, even when(former President George W.) Bushshowed little interest in the issue.”

The Post columnist concluded,“This year’s election will undoubt-edly produce many new Republi-can faces. One of them to watchwill be the man from Cincinnati.”

In emerging markets, Eatonhas a growth story to tell■ Eaton Corp. rated a mention in a Finan-cial Times piece about U.S. industrial com-panies’ dependence on foreign markets forgrowth.

Analysts expect industrial companieswith more than 50% of revenues coming

from overseas to increase sales by an averageof 10% in the third quarter, according to estimates compiled by Thomson Reuters,compared with 4% growth for companieswith mostly domestic revenue, the Finan-cial Times said.

The paper said Eaton plans further expansion in emerging economies to keepup with new orders.

“In China we are expanding several facil-ities because we are simply out of capacity,”Rick Fearon, chief financial officer of Eaton,told the Financial Times. “We are theworld’s largest producer of valves for carengines. Temporarily we shipped in fromelsewhere, but you can’t do that long term.”

People may dislike LeBron,but they’ll pay to see him■ Say what you will about him, but LeBronJames is good for the bottom line of the NBA.

The Wall Street Journal reported that theaverage sale price for a Cleveland Cavaliersticket on the secondhand market this sea-son is $127.34, 12th-highest in the league, ac-

cording to ticket-price forecasterSeatGeek.com.

“But strip away the two gameswhen Mr. James and his MiamiHeat come to Cleveland (Dec. 2 andMarch 29, average price $240 a tick-et) and the average Cavs ticket forthe season sells for $74.51,” TheJournal noted.

“That 71% markup when you in-clude the Heat games is more than

double the average markup for the rest ofthe teams.”

The LeBron boost isn’t exclusive toCleveland, The Journal said. Secondhand-ticket prices for every team in the league increase when the Heat are in town, includinga 38% jump from the New York Knicks’overall average and a league-high 72% increase for the Boston Celtics.

James


6135 Kruse Dr. • Solon • (440) 542-0600 • www.DavisAutomotive.com

davis automotive group inc.

11-17maseratiAAA.indd 1 1/14/09 2:21:56 PM

BMW Cleveland • 6135 Kruse Dr. • Solon • 1-866-210-6710www.BMWCleveland.com

For full details on BMW Ultimate Service™ visit bmwusa.com/ultimate service. 2011 BMW 328i xDrive based on MSRP of $40,050, 2011 BMW 128i Convertible based on MSRPof $39,000, both including destination and handling, excluding license, registration, taxes, title and options through 10/31/10. **36-month lease on well-equipped 2011 BMW328i xDrive at $459 per month with nothing due at signing except your first payment. 36-month lease on well-equipped 2011 BMW 128i Convertible at $449 per month with noth-ing due at signing except your first payment. Taxes and license fees are extra. 10,000 miles per year. Rates along with the $0 down payment and $0 security deposit program arefor Super Elite/Elite/Standard credit tier level only. As low as 0.9% APR for up to 60 month term on all new 2011 BMW 328i xDrive and 2011 BMW128i Convertible models. $42.06per $1,000 borrowed on 2011 BMW 328i xDrive and $28.16 per $1,000 borrowed on 2011 BMW 128i Convertible. Through participating dealers and BMW Financial Servicesfor qualified clients. For full leasing terms contact BMW Cleveland. The BMW name, model names and logo are registered trademarks.

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2010 GranTurismo Convertible Grigio Touring

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The UltimateDriving Machine®

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NO TIME, OR OFFER, LIKE THE PRESENT

Right now, get a 1 Series or a 3 Series with No Down Payment Required. No Security Deposit Either.Just pay your first payment, and drive away in The Ultimate Driving Machine®. Hurry now to BMW Clevelandto take advantage of this special offer as it is good through October 31st.

Early lease termination assistance up to $2,000 for lease or purchase. * Includes mounting, balancing and storage for two years. 3.9% APR Offer excludes XFR model. JaguarPlatinum Coverage includes all factory recommended scheduled maintenance for five years of 50,000miles, whichever occurs first. Expires 9/30/2010. Wear and tear items arelimited to brake pads, brake dics, brake fluid changes and wiper blade inserts based on factory specified wear limits or intervals. All work must be performed by an authorizedJaguar dealer. For complete details on Jaguar Platinum Coverage, including warranty and maintenance coverage and exclusions, please visit your local Jaguar dealer orJaguarUSA.com. ©2010 JAGUAR LAND ROVER NORTH AMERICA LLC

3.9% APR up to 60 months

WINTER SNOW TIRESINCLUDED!*

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2011 BMW 128i ConvertibleLease for: Financing as low as$0 Down$449/mo. lease payment**

0.9% APRor

2011 BMW 328i xDriveLease for: Financing as low as$0 Down$459/mo. lease payment**

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* With approved credit. 36 month lease. Total due at signing $2,995. Includes down payment, acquisition fee plus tax, title and registration fees extra. Customerresponsible for excess wear and tear. 10,000 miles per year. 30¢ per mile over. Other LR4’s available at similar savings. Expires 10/31/10.

LEASES STARTING AT$699* 36 MOS.MSRP $54,250

Finance Rates as low as2.9% for 36 Months.

The stunning resultof taking a very different road.WITH AN AEROSPACE-INSPIRED ALUMINUM BODY SHELL THAT IS LIGHT,STRONG, AND STUNNINGLY BEAUTIFUL.

MORE POWERFUL AND EFFICIENT ENGINE.

AN INNOVATIVE INTERIOR THAT EXCEEDS EVEN THE PROMISE OF THESTREAMLINED EXTERIOR.

INTUITIVE TECHNOLOGY, GLOVE-SOFT LEATHER, A PANORAMIC GLASS ROOF,AND A BOWERS & WILKINS® SURROUND SOUND SYSTEM FOUND INNO OTHER CAR ON EARTH.

Leases Starting at $999 mo.*, 39 mos. $72,850 MSRP

• Paddle shift.• Smoked quartz interior highlights w/rosewood

trim, fabric headliner.• HomeLink system.• Power adjustable heated front seats w/high

lateral support, memory.• Pwr open-assist doors & trunk.

• Center console -inc: mounted clock w/chrome-plated trim.

• Tone on tone stitching.• Multimedia system -inc: 7" screen, navigation

w/30GB hard drive, CD player, voice control,MP3 player input, RDS tuner.

• Bose (11) speaker surround-sound system.

The All-New 2011 XJStandard Wheel Base

JAGUAR CLEVELAND6137 KRUSE DR., SOLON • (440) 542-0601

www.jaguarcleveland.com* With approved credit. 39 month lease. Total due at signing $1,995. Includes down payment, acquisition fee plus tax, title and registration fees extra. Customerresponsible for excess wear and tear. 12,000 miles per year. 18¢ per mile over. Other XJ’s at similar savings. Expires 10/31/10.

Stock #M00077


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