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Coffee Talk (Sara/Mana edition)
Star power
Regular viewers of CNN or MSNBC have likely heard the name of a Sarasota company pop up often. In late 2003, Wood Asset Management Inc. accomplished a major coup in the realm of Wall Street that is continuing to pay steady dividends for the investment firm. Well-known stock analyst and commentator Robert Stovall joined the firm as managing director and global strategist.
Stovall has appeared in numerous national business media and industry forums. Since he joined Wood Asset Management, his major media appearances have had the secondary impact of promoting the Sarasota firm.
"Bob has had a tremendous impact," says Mark Troy, executive vice president. "I think he has given us much better national exposure. It is hard to put a price tag on the impact of having him going on television representing the firm."
Stovall was previously with Prudential Securities. When he left that firm, Gary Wood, president and chief investment officer of Wood Asset Management, arranged lunch with Stovall.
"We have quite a few mutual friends," Wood says. "He has been coming down here for years. He was also involved in The Money Show with the Githlers. I thought he might be interested in a job where he wouldn't have to get on a plane every week like he would with one of the bigger investment firms. It is great to have another very seasoned wise head to evaluate things with."
Within the firm, Stovall's biggest contribution has probably been as part of the eight-member investment policy committee.
The "committee makes investment decisions for all our client's portfolio purchases," Troy says. "He has been very helpful in providing a macro-economic forecast of the world and the impact it will have on U.S. companies. As a member of the investment policy committee he is also responsible for stock picking."
Wood Asset Management was not a slouch investment company prior to Stovall. Including its predecessor firm, founded in 1986, the company has seen mostly good years. It has experienced two bad years, while the S&P 500 has recorded four negative terms. The firm has $1.1 billion in assets under management.
Almost ready
It's not a completely done deal, but Tom Hires and his development company Dream Island LLC have crossed a significant legal hurdle. The 2nd District Court of Appeal supported the trial court ruling that allows Dream Island to develop 14 condominium units on the site of the 50-year-old Buccaneer Inn on Longboat Key.
Two Longboat Key residents, whose home sits across the bayou from the Buccaneer, Accursio Sclafani and Doreen Erickson, had challenged a circuit judge's ruling on the number of units allowed on the property. They argued that the Town of Longboat Key should have approved the property for far fewer condominium units.
Hires, who owns the Buccaneer Inn plans to demolish the restaurant this month to make way for a condominium project called the Grand Mariner.
Longboat Key Town Attorney David Persson says the plaintiffs have 10 days to dispute the ruling.
The appeal court also ordered Sclafani and Erikson and their attorney, Tampa lawyer Donald Hemke, to pay Dream Island's legal fees.
Walk of Fame
Sarasota businessman Vernon Buchanan is being added to the Tampa Bay Business Hall of Fame. Buchanan, chairman and CEO of Buchanan Automotive Group, is one of five business leaders to be honored Feb. 17 by the Florida Council on Economic Education at the 18th annual Tampa Bay Business Hall of Fame Induction Ceremony at the Hyatt Regency Downtown Tampa.
The recognition is based on the business leaders commercial success and civic contributions "as well as the lifelong example of integrity and decency they pass on to future generations."
Other Hall of Fame honorees this year include: Andrew E. Barnes, chairman and CEO (retired) of the Times Publishing Co.; Richard A. Beard III, president of R. A. Beard Co.; William Krusen, chairman of General Group Holdings; and James H. Shimberg, partner, Shimberg-Cross Co.
Past honorees of the Tampa Bay Business Hall of Fame: Alfred Austin of Austin Cos. Inc.; Barney Barnett of Publix Super Markets Inc.; James Ferman Jr. of Ferman Motor Car Co.; Dr. James Gills of St. Luke's Cataract & Laser Institute; Thomas James of Raymond James; Governor Bob Martinez, Carlton Fields; Raymond Murray of Sea Corp. of Tampa; George Steinbrenner III of the New York Yankees; Chris Sullivan of Outback Steakhouse; and John Sykes of Sykes Enterprises Inc.
The Florida Council on Economic Education is a nonprofit organization dedicated to improving economic education and financial literacy of Florida students.
Buchanan Automotive Group owns a chain of franchise automobile dealerships and employs about 1,300 people.
Small businesses upbeat
The latest International Profit Associates Small Business Research Board poll indicates that small businesses expect revenues this year to be better than last year. Nearly 25% of the small businesses responding to the national poll said they expect 2005 revenue to be significantly ahead of 2004.
More than four in five small businesses reported they would meet or exceed revenues this year compared to last year. Breaking down their responses, 47% said revenues will increase slightly and 24% indicated revenues will increase significantly. Another 12% said revenues will remain the same.
The study indicates small business owners plan to support this growth with addition hiring. Most of those questioned, about 90%, say they plan to increase their staff this year. Of those, 42% said they would increase hiring in 2005. This represents a 16.5% increase compared to an August 2004 IPA SBRB study when 36% said they would increase hiring for the remainder of last year.
When asked if they would invest more for business improvements this year, 43% said they would, while 40% indicated they would invest the same as 2004. Only 15% said they would invest less.
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